Laufen Czech Republic

Profit Statement 2013 2014 2015
Sales CZK mil 2,066 2,464 2,794
Gross Profit CZK mil 452 474 454
EBITDA CZK mil 122 103 17.6
EBIT CZK mil 6.78 1.02 -81.0
Financing Cost CZK mil -32.7 -6.98 3.74
Pre-Tax Profit CZK mil 39.6 8.01 -84.7
Net Profit CZK mil 30.3 6.09 -70.3
Balance Sheet 2013 2014 2015
Total Assets CZK mil 2,122 2,281 2,286
Non-Current Assets CZK mil 792 878 1,000
Current Assets CZK mil 1,330 1,400 1,285
Working Capital CZK mil 485 383 387
Shareholders' Equity CZK mil 1,654 1,680 1,590
Liabilities CZK mil 468 601 696
Total Debt CZK mil 30.4 9.53 17.4
Net Debt CZK mil -186 -32.8 -12.7
Ratios 2013 2014 2015
ROE % 1.85 0.366 -4.30
ROCE % 2.36 0.480 -5.31
Gross Margin % 21.9 19.2 16.3
EBITDA Margin % 5.92 4.19 0.629
EBIT Margin % 0.328 0.042 -2.90
Net Margin % 1.46 0.247 -2.52
Net Debt/EBITDA -1.52 -0.318 -0.722
Net Debt/Equity -0.112 -0.020 -0.008
Cost of Financing % -215 -35.0 27.8
Cash Flow 2013 2014 2015
Total Cash From Operations CZK mil ... ... ...
Total Cash From Investing CZK mil ... ... ...
Total Cash From Financing CZK mil ... ... ...
Net Change In Cash CZK mil ... ... ...
Cash Conversion Cycle days 89.5 56.7 48.6
Cash Earnings CZK mil 146 108 28.2
Free Cash Flow CZK mil ... ... ...

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summary Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                          
Sales CZK mil             1,576 1,537 1,745 1,912 2,066    
Gross Profit CZK mil             447 406 522 520 452    
EBIT CZK mil             48.0 33.8 110 69.0 6.78    
Net Profit CZK mil             26.4 21.9 101 59.9 30.3    
ROE %             1.85 1.51 6.68 3.76 1.85    
EBIT Margin %             3.05 2.20 6.29 3.61 0.328    
Net Margin %             1.67 1.43 5.79 3.13 1.46    
Employees ... ...         624 601 625 681 708    
balance sheet                          
Total Assets CZK mil             1,753 1,859 2,003 2,007 2,122    
Non-Current Assets CZK mil             1,060 995 978 884 792    
Current Assets CZK mil             692 865 1,024 1,122 1,330    
Shareholders' Equity CZK mil             1,441 1,463 1,564 1,624 1,654    
Liabilities CZK mil             312 396 439 383 468    
Non-Current Liabilities CZK mil             41.1 42.4 42.5 36.2 31.5    
Current Liabilities CZK mil             270 347 368 334 426    
Net Debt/EBITDA             -0.247 -0.649 -0.954 -0.829 -1.52    
Net Debt/Equity             -0.032 -0.074 -0.143 -0.101 -0.112    
Cost of Financing % ...           ... ... ... ... -215    
cash flow                          
Total Cash From Operations CZK mil ...           137 273 223 ... ... ... ...
Total Cash From Investing CZK mil ...           -131 -211 -107 ... ... ... ...
Total Cash From Financing CZK mil ...           0 0 0 ... ... ... ...
Net Change In Cash CZK mil ...           5.41 62.6 116 ... ... ... ...
income statement Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                          
Sales CZK mil             1,576 1,537 1,745 1,912 2,066    
Cost of Goods & Services CZK mil             1,129 1,131 1,222 1,392 1,614    
Gross Profit CZK mil             447 406 522 520 452    
Staff Cost CZK mil             310 290 307 341 339    
Other Cost CZK mil             -48.2 -51.5 -19.0 -18.1 -9.74    
EBITDA CZK mil             185 167 235 198 122    
Depreciation CZK mil             137 133 125 129 116    
EBIT CZK mil             48.0 33.8 110 69.0 6.78    
Financing Cost CZK mil             13.7 4.30 -18.4 -1.52 -32.7    
Extraordinary Cost CZK mil             0 0 0 0 -0.200    
Pre-Tax Profit CZK mil             34.3 29.5 128 70.5 39.6    
Tax CZK mil             7.95 7.56 27.2 10.6 9.38    
Minorities CZK mil             0 0 0 0 0    
Net Profit CZK mil             26.4 21.9 101 59.9 30.3    
growth rates                          
Total Revenue Growth % ...           -24.5 -2.44 13.5 9.59 8.04    
Operating Cost Growth % ...           -3.45 -8.83 20.5 12.0 2.15    
EBITDA Growth % ...           -43.3 -9.86 40.7 -15.6 -38.2    
EBIT Growth % ...           -72.7 -29.6 225 -37.2 -90.2    
Pre-Tax Profit Growth % ...           -80.3 -14.1 335 -45.0 -43.7    
Net Profit Growth % ...           -79.9 -16.8 361 -40.7 -49.5    
ratios                          
ROE %             1.85 1.51 6.68 3.76 1.85    
ROCE % ...           1.85 1.66 8.07 4.72 2.36    
Gross Margin %             28.4 26.4 29.9 27.2 21.9    
EBITDA Margin %             11.7 10.8 13.4 10.3 5.92    
EBIT Margin %             3.05 2.20 6.29 3.61 0.328    
Net Margin %             1.67 1.43 5.79 3.13 1.46    
Cost of Financing % ...           ... ... ... ... -215    
Net Debt/EBITDA             -0.247 -0.649 -0.954 -0.829 -1.52    
balance sheet Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                          
Non-Current Assets CZK mil             1,060 995 978 884 792    
Property, Plant & Equipment CZK mil             1,006 919 888 804 721    
Intangible Assets CZK mil             50.9 71.9 85.9 76.6 68.3    
Current Assets CZK mil             692 865 1,024 1,122 1,330    
Inventories CZK mil             318 297 307 386 415    
Receivables CZK mil             179 187 218 286 410    
Cash & Cash Equivalents CZK mil             45.6 108 224 164 217    
Total Assets CZK mil             1,753 1,859 2,003 2,007 2,122    
Shareholders' Equity CZK mil             1,441 1,463 1,564 1,624 1,654    
Of Which Minority Interest CZK mil             0 0 0 0 0    
Liabilities CZK mil             312 396 439 383 468    
Non-Current Liabilities CZK mil             41.1 42.4 42.5 36.2 31.5    
Long-Term Debt CZK mil             0 0 0 0 0    
Deferred Tax Liabilities CZK mil             41.1 42.4 42.5 36.2 31.5    
Current Liabilities CZK mil             270 347 368 334 426    
Short-Term Debt CZK mil             0 0 0 0 30.4    
Trade Payables CZK mil             167 220 258 265 340    
Provisions CZK mil             0.780 7.02 22.6 4.82 5.80    
Equity And Liabilities CZK mil             1,753 1,859 2,003 2,007 2,122    
growth rates                          
Total Asset Growth % ...           -6.05 6.05 7.73 0.191 5.75    
Shareholders' Equity Growth % ...           1.86 1.52 6.91 3.83 1.86    
Net Debt Growth % ...           13.4 137 107 -26.7 13.5    
Total Debt Growth % ...           ... ... ... ... ...    
ratios                          
Total Debt CZK mil             0 0 0 0 30.4    
Net Debt CZK mil             -45.6 -108 -224 -164 -186    
Working Capital CZK mil             331 264 267 407 485    
Capital Employed CZK mil             1,391 1,258 1,245 1,291 1,278    
Net Debt/Equity             -0.032 -0.074 -0.143 -0.101 -0.112    
Cost of Financing % ...           ... ... ... ... -215    
cash flow Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                          
Net Profit CZK mil             26.4 21.9 101 59.9 30.3    
Depreciation CZK mil             137 133 125 129 116    
Non-Cash Items CZK mil ...           6.05 51.7 0.340 ... ... ... ...
Change in Working Capital CZK mil ...           -32.6 66.9 -3.11 ... ... ... ...
Total Cash From Operations CZK mil ...           137 273 223 ... ... ... ...
Capital Expenditures CZK mil ...           -35.1 -70.0 -116 ... ... ... ...
Other Investments CZK mil ...           -96.3 -141 8.21 ... ... ... ...
Total Cash From Investing CZK mil ...           -131 -211 -107 ... ... ... ...
Issuance Of Debt CZK mil ...           0 0 0 ... ... ... ...
Total Cash From Financing CZK mil ...           0 0 0 ... ... ... ...
Net Change In Cash CZK mil ...           5.41 62.6 116 ... ... ... ...
ratios                          
Days Sales Outstanding days             41.5 44.5 45.6 54.5 72.5    
Days Sales Of Inventory days             103 95.7 91.7 101 93.9    
Days Payable Outstanding days             54.0 71.1 77.1 69.5 77.0    
Cash Conversion Cycle days             90.5 69.2 60.2 86.3 89.5    
Cash Earnings CZK mil             163 155 226 189 146    
Free Cash Flow CZK mil ...           5.41 62.6 116 ... ... ... ...
other data Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                          
ROA %             1.46 1.21 5.23 2.99 1.47    
Gross Margin %             28.4 26.4 29.9 27.2 21.9    
Employees ... ...         624 601 625 681 708    
Cost Per Employee USD per month ... ...         2,173 2,107 2,313 2,131 2,040    
Cost Per Employee (Local Currency) CZK per month ... ...         41,418 40,265 40,906 41,678 39,917    
Staff Cost (As % Of Total Cost) %             20.3 19.3 18.8 18.5 16.5    
Effective Tax Rate %             23.2 25.6 21.2 15.0 23.7    
Domestic Sales CZK mil ... ...         662 545 549 502 481    
Capital Expenditures (As % of Sales) % ...           2.23 4.55 6.63 ... ... ... ...
Revenues From Abroad CZK mil ... ...         978 994 1,199 1,378 1,587    
Revenues From Abroad (As % Of Total) % ... ...         62.1 64.7 68.7 72.1 76.8    

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Feb 2014
Statistical Dossier

Laufen CZ is a Czech Republic-based subsidiary of Swiss company Laufen. The Company manufactures, distributes, and markets a wide portfolio of sanitary ware, bathtubs, furniture and accessories. Laufen has been operating in the Czech Republic since 1991 when it privatised ceramics factories in Bechyne, southern Bohemia and Znojmo, southern Moravia. In 1999, Laufen was taken over by Spanish company Roca. Besides its own production of sanitary ceramics in both plants, Laufen CZ is also a distributor of Laufen and Jika brands in Central Europe and of Roca brand in the Czech Republic and Slovak Republic. The Swiss company was founded in Switzerland in 1892