Krka

Krka's Cash & Cash Equivalents rose 51.9% yoy to EUR 35.8 mil in 2015

By Helgi Analytics - April 2, 2020

Krka's total assets reached EUR 1,809 mil at the end of 2015, up 0.75% compared to the previous year. Current asse...

Profit Statement 2013 2014 2015
Sales EUR mil 1,201 1,192 1,165
Gross Profit EUR mil 712 721 675
EBITDA EUR mil 322 375 307
EBIT EUR mil 228 277 199
Financing Cost EUR mil 26.2 102 18.7
Pre-Tax Profit EUR mil 190 175 181
Net Profit EUR mil 173 166 158
Dividends EUR mil 68.7 81.2 ...
Balance Sheet 2013 2014 2015
Total Assets EUR mil 1,760 1,796 1,809
Non-Current Assets EUR mil 974 1,009 987
Current Assets EUR mil 786 787 823
Working Capital EUR mil 535 599 602
Shareholders' Equity EUR mil 1,333 1,352 1,406
Liabilities EUR mil 427 444 403
Total Debt EUR mil 0 38.0 0
Net Debt EUR mil -67.3 14.4 -35.8
Ratios 2013 2014 2015
ROE % 13.4 12.4 11.5
ROCE % 11.7 10.7 9.90
Gross Margin % 59.3 60.5 58.0
EBITDA Margin % 26.8 31.4 26.3
EBIT Margin % 19.0 23.2 17.1
Net Margin % 14.4 13.9 13.6
Net Debt/EBITDA -0.209 0.039 -0.117
Net Debt/Equity -0.050 0.011 -0.025
Cost of Financing % 200 535 98.5
Valuation 2013 2014 2015
Market Capitalisation USD mil 2,930 2,366 2,588
Enterprise Value (EV) USD mil 2,837 2,383 2,545
Number Of Shares mil 35.4 32.8 32.8
Share Price EUR 60.0 59.6 65.2
EV/EBITDA 6.65 4.94 6.44
EV/Sales 1.78 1.55 1.70
Price/Earnings (P/E) 12.3 11.8 13.5
Price/Book Value (P/BV) 1.60 1.45 1.52
Dividend Yield % 3.23 4.15 ...

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summary Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                
Sales EUR mil                   953 1,010 1,076 1,143 1,201    
Gross Profit EUR mil                   583 625 659 676 712    
EBIT EUR mil                   155 211 213 190 228    
Net Profit EUR mil                   174 171 163 160 173    
ROE %                   20.4 17.3 14.8 13.4 13.4    
EBIT Margin %                   16.3 20.9 19.8 16.7 19.0    
Net Margin %                   18.2 16.9 15.1 14.0 14.4    
Employees ... ... ...             7,816 8,328 8,789 9,197 9,783    
balance sheet                                
Total Assets EUR mil                   1,341 1,488 1,534 1,627 1,760    
Non-Current Assets EUR mil                   808 847 859 926 974    
Current Assets EUR mil                   533 642 675 701 786    
Shareholders' Equity EUR mil                   920 1,053 1,140 1,241 1,333    
Liabilities EUR mil                   421 435 394 386 427    
Non-Current Liabilities EUR mil                   238 203 155 145 129    
Current Liabilities EUR mil                   183 232 239 241 298    
Net Debt/EBITDA                   0.615 0.401 0.165 0.012 -0.209    
Net Debt/Equity                   0.155 0.111 0.043 0.003 -0.050    
Cost of Financing % ...                 3.02 2.55 3.04 3.77 200    
cash flow                                
Total Cash From Operations EUR mil ...                 160 178 244 278 303    
Total Cash From Investing EUR mil ...                 -92.0 -113 -108 -167 -164    
Total Cash From Financing EUR mil ...                 -61.8 -69.7 -124 -108 -93.7    
Net Change In Cash EUR mil ...                 5.81 -5.09 12.4 3.41 45.0    
valuation                                
Market Capitalisation USD mil                   3,098 2,823 2,294 2,216 2,930    
Number Of Shares mil                   33.8 33.8 33.6 33.6 35.4    
Share Price EUR                   64.0 63.0 52.7 50.0 60.0    
Earnings Per Share (EPS) EUR                   5.14 5.06 4.85 4.76 4.88    
Book Value Per Share EUR                   27.2 31.2 33.9 36.9 37.6    
Dividend Per Share EUR                   1.10 1.39 1.48 1.58 1.94   ...
Price/Earnings (P/E)                   12.4 12.4 10.9 10.5 12.3    
Price/Book Value (P/BV)                   2.35 2.02 1.55 1.35 1.60    
Dividend Yield %                   1.72 2.20 2.81 3.16 3.23   ...
Earnings Per Share Growth % ...                 11.4 -1.57 -4.20 -1.77 2.46    
Book Value Per Share Growth % ...                 17.5 14.5 8.90 8.84 1.83    
income statement Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                
Sales EUR mil                   953 1,010 1,076 1,143 1,201    
Cost of Goods & Services EUR mil                   370 385 417 468 489    
Gross Profit EUR mil                   583 625 659 676 712    
Staff Cost EUR mil ...                 239 258 269 228 241    
Other Cost EUR mil ...                 111 74.0 89.9 168 149    
EBITDA EUR mil                   232 292 300 280 322    
Depreciation EUR mil                   76.7 81.7 87.2 90.0 94.0    
EBIT EUR mil                   155 211 213 190 228    
Financing Cost EUR mil                   5.14 3.59 2.96 1.81 26.2    
Extraordinary Cost EUR mil                   -74.1 -4.26 9.78 -1.83 10.8    
Pre-Tax Profit EUR mil                   224 211 200 190 190    
Tax EUR mil                   50.6 40.5 37.2 30.7 28.6    
Minorities EUR mil                   -0.081 -0.107 -0.066 -0.076 -0.070    
Net Profit EUR mil                   174 171 163 160 173    
Dividends EUR mil                   37.1 46.9 49.8 53.0 68.7   ...
growth rates                                
Total Revenue Growth % ...                 0.328 5.98 6.50 6.29 5.03    
Operating Cost Growth % ... ...               13.6 -5.29 8.08 10.1 -1.35    
EBITDA Growth % ...                 -26.6 26.0 2.56 -6.49 14.7    
EBIT Growth % ...                 -36.5 35.6 0.957 -10.5 19.5    
Pre-Tax Profit Growth % ...                 9.09 -5.77 -5.39 -4.74 0    
Net Profit Growth % ...                 11.4 -1.58 -4.81 -1.77 8.08    
ratios                                
ROE %                   20.4 17.3 14.8 13.4 13.4    
ROCE % ...                 14.2 13.0 11.6 11.1 11.7    
Gross Margin %                   61.2 61.8 61.3 59.1 59.3    
EBITDA Margin %                   24.3 29.0 27.9 24.5 26.8    
EBIT Margin %                   16.3 20.9 19.8 16.7 19.0    
Net Margin %                   18.2 16.9 15.1 14.0 14.4    
Payout Ratio %                   21.3 27.4 30.6 33.1 39.8   ...
Cost of Financing % ...                 3.02 2.55 3.04 3.77 200    
Net Debt/EBITDA                   0.615 0.401 0.165 0.012 -0.209    
balance sheet Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                                
Non-Current Assets EUR mil                   808 847 859 926 974    
Property, Plant & Equipment EUR mil                   649 686 703 772 824    
Intangible Assets EUR mil                   127 123 119 119 116    
Current Assets EUR mil                   533 642 675 701 786    
Inventories EUR mil                   182 229 253 250 236    
Receivables EUR mil                   335 403 400 372 430    
Cash & Cash Equivalents EUR mil                   13.4 7.79 20.2 23.0 67.3    
Total Assets EUR mil                   1,341 1,488 1,534 1,627 1,760    
Shareholders' Equity EUR mil                   920 1,053 1,140 1,241 1,333    
Of Which Minority Interest EUR mil                   1.68 1.58 1.51 1.44 1.37    
Liabilities EUR mil                   421 435 394 386 427    
Non-Current Liabilities EUR mil                   238 203 155 145 129    
Long-Term Debt EUR mil                   105 67.2 25.5 12.9 0    
Deferred Tax Liabilities EUR mil ... ... ... ... ... ... ... ... ... ... 19.5 18.1 15.3 12.9    
Current Liabilities EUR mil                   183 232 239 241 298    
Short-Term Debt EUR mil                   51.1 57.9 44.1 13.4 0    
Trade Payables EUR mil                   72.0 90.9 86.6 100 131    
Provisions EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Equity And Liabilities EUR mil                   1,341 1,488 1,534 1,627 1,760    
growth rates                                
Total Asset Growth % ...                 5.51 11.0 3.08 6.04 8.18    
Shareholders' Equity Growth % ...                 17.5 14.4 8.21 8.84 7.42    
Net Debt Growth % ...                 -19.0 -17.8 -57.9 -93.4 -2,163    
Total Debt Growth % ...                 -15.0 -19.9 -44.4 -62.3 -100 ...  
ratios                                
Total Debt EUR mil                   156 125 69.6 26.3 0    
Net Debt EUR mil                   143 117 49.4 3.26 -67.3    
Working Capital EUR mil                   445 541 566 522 535    
Capital Employed EUR mil                   1,253 1,388 1,426 1,448 1,509    
Net Debt/Equity                   0.155 0.111 0.043 0.003 -0.050    
Cost of Financing % ...                 3.02 2.55 3.04 3.77 200    
cash flow Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                                
Net Profit EUR mil                   174 171 163 160 173    
Depreciation EUR mil                   76.7 81.7 87.2 90.0 94.0    
Non-Cash Items EUR mil ...                 -25.5 21.9 19.1 -15.9 49.1    
Change in Working Capital EUR mil ...                 -65.4 -96.6 -25.0 44.3 -13.2    
Total Cash From Operations EUR mil ...                 160 178 244 278 303    
Capital Expenditures EUR mil ...                 -83.4 -108 -100 -145 -152    
Other Investments EUR mil ...                 -8.54 -5.51 -7.80 -21.8 -12.4    
Total Cash From Investing EUR mil ...                 -92.0 -113 -108 -167 -164    
Dividends Paid EUR mil ...                 -37.1 -46.9 -49.8 -53.0 -68.7   ...
Issuance Of Debt EUR mil ...                 -27.6 -31.1 -55.5 -43.3 -26.3    
Total Cash From Financing EUR mil ...                 -61.8 -69.7 -124 -108 -93.7    
Net Change In Cash EUR mil ...                 5.81 -5.09 12.4 3.41 45.0    
ratios                                
Days Sales Outstanding days                   128 146 136 119 131    
Days Sales Of Inventory days                   179 217 222 195 176    
Days Payable Outstanding days                   71.0 86.1 75.8 78.1 97.9    
Cash Conversion Cycle days                   236 277 282 236 209    
Cash Earnings EUR mil                   250 253 250 250 267    
Cash Earnings Per Share EUR                   7.41 7.48 7.44 7.44 7.53    
Price/Cash Earnings (P/CE)                   8.63 8.42 7.08 6.72 7.97    
Free Cash Flow EUR mil ...                 67.6 64.6 136 111 139    
Free Cash Flow Yield % ...                 3.03 3.03 8.26 6.46 6.28    
other data Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                                
ROA %                   13.3 12.1 10.8 10.1 10.2    
Gross Margin %                   61.2 61.8 61.3 59.1 59.3    
Employees ... ... ...             7,816 8,328 8,789 9,197 9,783    
Cost Per Employee USD per month ... ... ...             3,550 3,419 3,548 2,649 2,721    
Cost Per Employee (Local Currency) EUR per month ... ... ...             2,552 2,584 2,552 2,064 2,049    
Staff Cost (As % Of Total Cost) % ...                 30.0 32.3 31.2 23.9 24.7    
Effective Tax Rate %                   22.6 19.1 18.6 16.1 15.0    
Enterprise Value (EV) USD mil                   3,303 2,979 2,358 2,220 2,837    
EV/EBITDA                   10.2 7.70 5.65 6.17 6.65    
EV/Capital Employed                   1.84 1.62 1.28 1.16 1.36    
EV/Sales                   2.49 2.23 1.58 1.51 1.78    
EV/EBIT                   15.3 10.7 7.97 9.08 9.39    
Domestic Sales EUR mil ... ... ... ... ... ... ... ...   106 105 102 91.0 86.6    
Capital Expenditures (As % of Sales) % ...                 8.75 10.7 9.30 12.7 12.6    
Revenues From Abroad EUR mil ... ... ... ... ... ... ... ...   847 905 974 1,052 1,114    
Revenues From Abroad (As % Of Total) % ... ... ... ... ... ... ... ...   88.9 89.6 90.5 92.0 92.8    
Sales in Slovenia EUR mil ... ...               106 105 102 91.0 86.6    
Sales in South-East Europe EUR mil ... ...               128 138 146 148 146    
Sales in Eastern Europe EUR mil ... ...               226 265 285 354 428    
Sales in Central Europe EUR mil ... ...               268 294 288 282 283    
Sales in Western Europe & Overseas Markets EUR mil ... ...               225 209 254 268 258    
Sales from Human Health Products EUR mil ... ...               883 948 1,001 1,068 1,126    
Sales from Human Health Products (Prescription Pharmaceuticals) EUR mil ... ...               794 830 887 945 981    
Sales from Human Health Products (Non-Prescription Products) EUR mil ... ...               89.6 117 114 123 145    
Sales from Cosmetics EUR mil ... ...               7.33 ... ... ... ... ... ...
Sales from Animal Health Products EUR mil ... ...               27.8 30.5 38.1 42.8 42.6    
Sales from Health Resort & Tourist Services EUR mil ... ...               33.2 30.8 34.8 31.9 30.5    
Sales from Products EUR mil ... ... ... ... ... ... ... ... ... ... 920 972 1,045 1,105    
Sales From Services EUR mil ... ... ... ... ... ... ... ... ... ... 34.4 40.9 32.9 33.0    
Sales from Material & Merchandise EUR mil ... ... ... ... ... ... ... ... ... ... 55.7 62.7 65.7 63.3    
Prescription Pharmaceuticals - Cardiovascular System (As % of Sales) % ... ... ... ... ... ... ... ...   44.0 45.0 45.0 46.0 48.7    
Prescription Pharmaceuticals - Alimentary Tract & Metabolism (As % of Sales) % ... ... ... ... ... ... ... ...   17.0 19.0 19.0 19.0 16.6    
Prescription Pharmaceuticals - Central Nervous System (As % of Sales) % ... ... ... ... ... ... ... ...   14.0 14.0 17.0 17.0 15.4    
Prescription Pharmaceuticals - Anti-Infectives (As % of Sales) % ... ... ... ... ... ... ... ...   11.0 9.00 8.00 7.00 6.90    
Prescription Pharmaceuticals - Blood & Blood-Forming Organs (As % of Sales) % ... ... ... ... ... ... ... ...   9.00 7.00 5.00 5.00 5.20    
Prescription Pharmaceuticals - Genito-Urinary System & Sex Hormones (As % of Sales) % ... ... ... ... ... ... ... ...   2.00 3.00 2.00 2.00 2.10    
Non-Prescription Pharmaceuticals - Vitamins & Minerals (As % of Sales) % ... ... ... ... ... ... ... ...   30.0 29.0 23.0 22.0 24.1    
Non-Prescription Pharmaceuticals - Improvements Cerebral & Peripheral Circulation (As % of Sales) % ... ... ... ... ... ... ... ... ... ... ... 19.0 19.0 19.6    
Non-Prescription Pharmaceuticals - Cough & Cold Products (As % of Sales) % ... ... ... ... ... ... ... ...   19.0 18.0 15.0 14.0 13.2    
Non-Prescription Pharmaceuticals - Sore Throat Products (As % of Sales) % ... ... ... ... ... ... ... ... ... ... ... 14.0 13.0 12.9    
Non-Prescription Pharmaceuticals - Alimentary Tract & Metabolism (As % of Sales) % ... ... ... ... ... ... ... ...   10.0 9.00 12.0 12.0 12.3    
Non-Prescription Pharmaceuticals - Analgetics (As % of Sales) % ... ... ... ... ... ... ... ...   7.00 5.00 8.00 12.0 12.2    
Non-Prescription Pharmaceuticals - Hari & Scalp Treatment (As % of Sales) % ... ... ... ... ... ... ... ... ... ... ... 3.00 3.00 2.30   ...
Non-Prescription Pharmaceuticals - Herbals (As % of Sales) % ... ... ... ... ... ... ... ...   ... ... ... ... ... ... ...
Animal Health Pharmaceuticals - General Anti-Infectives For Good Producing Animals (As % of Sales) % ... ... ... ... ... ... ... ...   69.0 67.0 60.0 56.0 54.5    
Animal Health Pharmaceuticals - Antiparasitics For Good Producing Animals (As % of Sales) % ... ... ... ... ... ... ... ...   17.0 19.0 25.0 29.0 33.5    
Animal Health Pharmaceuticals - Other Products For Good Producing Animals (As % of Sales) % ... ... ... ... ... ... ... ...   14.0 14.0 15.0 15.0 12.0    

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May 2016
Statistical Dossier
Jun 2014
Statistical Dossier
Jun 2014
Company Report

Krka dd Novo Mesto is a Slovenia-based company involved in the production and sale of prescription pharmaceuticals, non-prescription products and animal health products. The Company operates through four segments: Prescription Pharmaceuticals that includes medicines for the treatment of cardiovascular diseases, alimentary tract and metabolism and drugs for diseases of the central nervous system, among others; Non-prescription Products, providing vitamins and minerals, cough and cold products, analgesics, sore throat products, among others; Animal Health Products, which offers general anti-infectives and antiparasitics for animals; Health Resort and Tourist Services. Krka sells approximately 92% of its products in more than 70 countries worldwide, mainly in Central and Eastern Europe

Finance

Krka has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 0.96% a year during that time to total of EUR 307 mil in 2015, or 26.3% of sales. That’s compared to 27.4% average margin seen in last five years.

The company netted EUR 158 mil in 2015 implying ROE of 11.5% and ROCE of 9.90%. Again, the average figures were 13.1% and 11.0%, respectively when looking at the previous 5 years.

Krka’s net debt amounted to EUR -35.8 mil at the end of 2015, or -0.025 of equity. When compared to EBITDA, net debt was -0.117x, down when compared to average of -0.022x seen in the last 5 years.

Valuation

Krka stock traded at EUR 65.2 per share at the end of 2015 resulting in a market capitalization of USD 2,588 mil. Over the previous five years, stock price grew by 3.57% or 0.705% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 6.44x and price to earnings (PE) of 13.5x as of 2015.