Madeta

Profit Statement 2014 2015 2016
Sales CZK mil 6,250 5,625 5,330
Gross Profit CZK mil 817 871 1,220
EBITDA CZK mil 283 297 514
EBIT CZK mil 197 209 457
Financing Cost CZK mil 7.93 6.42 3.19
Pre-Tax Profit CZK mil 189 203 453
Net Profit CZK mil 158 168 367
Dividends CZK mil 0 0 ...
Balance Sheet 2014 2015 2016
Total Assets CZK mil 2,212 2,221 2,462
Non-Current Assets CZK mil 1,192 1,292 1,441
Current Assets CZK mil 1,012 897 998
Working Capital CZK mil 350 138 267
Shareholders' Equity CZK mil 1,102 1,269 1,640
Liabilities CZK mil 1,111 952 822
Total Debt CZK mil 203 188 70.9
Net Debt CZK mil 102 9.42 -166
Ratios 2014 2015 2016
ROE % 15.4 14.2 25.2
ROCE % 10.6 11.3 23.4
Gross Margin % 13.1 15.5 22.9
EBITDA Margin % 4.52 5.28 9.64
EBIT Margin % 3.14 3.72 8.57
Net Margin % 2.52 2.99 6.88
Net Debt/EBITDA 0.362 0.032 -0.323
Net Debt/Equity % 9.30 0.742 -10.1
Cost of Financing % 4.05 3.29 2.47
Cash Flow 2014 2015 2016
Total Cash From Operations CZK mil ... 265 424
Total Cash From Investing CZK mil ... -172 -245
Total Cash From Financing CZK mil ... -14.9 -121
Net Change In Cash CZK mil ... 78.4 58.4
Cash Conversion Cycle days 19.1 6.31 14.0
Cash Earnings CZK mil 244 256 424
Free Cash Flow CZK mil ... 93.3 180

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summary Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
income statement                                  
Sales CZK mil                     4,958 5,115 5,093 5,298 6,250    
Gross Profit CZK mil                     751 711 742 868 817    
EBIT CZK mil                     143 85.8 125 260 197    
Net Profit CZK mil                     87.5 60.8 79.0 204 158    
ROE %                     15.7 9.65 11.3 24.2 15.4    
EBIT Margin %                     2.88 1.68 2.46 4.92 3.14    
Net Margin %                     1.76 1.19 1.55 3.85 2.52    
Employees ... ... ... ...             1,682 1,774 1,667 1,605 1,630    
balance sheet                                  
Total Assets CZK mil                     1,959 1,991 1,987 2,047 2,212    
Non-Current Assets CZK mil                     1,062 1,120 1,096 1,114 1,192    
Current Assets CZK mil                     885 863 882 927 1,012    
Shareholders' Equity CZK mil                     600 661 740 944 1,102    
Liabilities CZK mil                     1,359 1,330 1,247 1,102 1,111    
Non-Current Liabilities CZK mil                     52.1 52.3 38.8 26.4 28.1    
Current Liabilities CZK mil                     508 520 511 634 641    
Net Debt/EBITDA                     2.19 2.47 1.49 0.309 0.362    
Net Debt/Equity %                     79.5 63.8 43.1 11.6 9.30    
Cost of Financing % ... ... ...               5.20 3.04 6.24 6.00 4.05    
cash flow                                  
Total Cash From Operations CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Total Cash From Investing CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Total Cash From Financing CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Net Change In Cash CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
income statement Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
income statement                                  
Sales CZK mil                     4,958 5,115 5,093 5,298 6,250    
Cost of Goods & Services CZK mil                     4,207 4,404 4,351 4,430 5,434    
Gross Profit CZK mil                     751 711 742 868 817    
Staff Cost CZK mil                     568 566 559 547 554    
Other Cost CZK mil                     -34.3 -24.8 -31.6 -33.9 -20.2    
EBITDA CZK mil                     218 170 214 355 283    
Depreciation CZK mil                     75.2 84.7 88.4 94.9 86.3    
EBIT CZK mil                     143 85.8 125 260 197    
Financing Cost CZK mil                     30.9 16.0 28.8 18.2 7.93    
Extraordinary Cost CZK mil                     0 0 0 0 0    
Pre-Tax Profit CZK mil                     112 69.8 96.7 242 189    
Tax CZK mil                     24.3 8.95 17.8 38.4 30.9    
Minorities CZK mil                     0.044 0.004 0.011 0.047 0.069    
Net Profit CZK mil                     87.5 60.8 79.0 204 158    
Dividends CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... 0   ...
growth rates                                  
Total Revenue Growth % ...                   -3.31 3.18 -0.448 4.03 18.0    
Operating Cost Growth % ...                   -14.9 1.44 -2.44 -2.84 4.10    
EBITDA Growth % ...                   10.6 -21.8 25.5 66.1 -20.4    
EBIT Growth % ...                   15.8 -39.9 46.3 108 -24.5    
Pre-Tax Profit Growth % ...                   68.0 -37.6 38.6 150 -22.1    
Net Profit Growth % ...                   90.9 -30.4 29.8 158 -22.6    
ratios                                  
ROE %                     15.7 9.65 11.3 24.2 15.4    
ROCE % ... ... ... ...             6.73 4.49 5.64 14.4 10.6    
Gross Margin %                     15.1 13.9 14.6 16.4 13.1    
EBITDA Margin %                     4.39 3.33 4.20 6.71 4.52    
EBIT Margin %                     2.88 1.68 2.46 4.92 3.14    
Net Margin %                     1.76 1.19 1.55 3.85 2.52    
Payout Ratio % ... ... ... ... ... ... ... ... ... ... ... ... ... ... 0   ...
Cost of Financing % ... ... ...               5.20 3.04 6.24 6.00 4.05    
Net Debt/EBITDA                     2.19 2.47 1.49 0.309 0.362    
balance sheet Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
balance sheet                                  
Non-Current Assets CZK mil                     1,062 1,120 1,096 1,114 1,192    
Property, Plant & Equipment CZK mil                     1,045 1,106 1,088 1,110 1,188    
Intangible Assets CZK mil                     17.2 13.1 7.59 4.00 3.60    
Current Assets CZK mil                     885 863 882 927 1,012    
Inventories CZK mil                     278 299 263 291 380    
Receivables CZK mil ... ... ...               436 427 487 524 503    
Cash & Cash Equivalents CZK mil                     69.3 81.3 99.6 78.9 100    
Total Assets CZK mil                     1,959 1,991 1,987 2,047 2,212    
Shareholders' Equity CZK mil                     600 661 740 944 1,102    
Of Which Minority Interest CZK mil                   ... 0.300 0.304 0.315 0.362 0.356    
Liabilities CZK mil                     1,359 1,330 1,247 1,102 1,111    
Non-Current Liabilities CZK mil                     52.1 52.3 38.8 26.4 28.1    
Long-Term Debt CZK mil                     229 6.67 189 139 151    
Deferred Tax Liabilities CZK mil                     27.0 29.1 26.1 26.4 28.1    
Current Liabilities CZK mil                     508 520 511 634 641    
Short-Term Debt CZK mil                     318 496 230 50.0 51.4    
Trade Payables CZK mil                     456 455 434 509 533    
Provisions CZK mil                     241 223 200 164 130    
Equity And Liabilities CZK mil                     1,959 1,991 1,987 2,047 2,212    
growth rates                                  
Total Asset Growth % ...                   -3.44 1.64 -0.237 3.02 8.10    
Shareholders' Equity Growth % ...                   16.8 10.1 11.9 27.6 16.7    
Net Debt Growth % ...                   -4.65 -11.7 -24.3 -65.6 -6.62    
Total Debt Growth % ... ... ... ...             -14.6 -8.01 -16.8 -54.9 7.40    
ratios                                  
Total Debt CZK mil                     547 503 419 189 203    
Net Debt CZK mil                     477 422 319 110 102    
Working Capital CZK mil ... ... ...               259 271 315 306 350    
Capital Employed CZK mil ... ... ...               1,321 1,391 1,411 1,420 1,541    
Net Debt/Equity %                     79.5 63.8 43.1 11.6 9.30    
Cost of Financing % ... ... ...               5.20 3.04 6.24 6.00 4.05    
cash flow Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
cash flow                                  
Net Profit CZK mil                     87.5 60.8 79.0 204 158    
Depreciation CZK mil                     75.2 84.7 88.4 94.9 86.3    
Non-Cash Items CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Change in Working Capital CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Total Cash From Operations CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Capital Expenditures CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Other Investments CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Total Cash From Investing CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Dividends Paid CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Issuance Of Shares CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Issuance Of Debt CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Total Cash From Financing CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Net Change In Cash CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
ratios                                  
Days Sales Outstanding days ... ... ...               32.1 30.4 34.9 36.1 29.4    
Days Sales Of Inventory days                     24.2 24.8 22.1 24.0 25.5    
Days Payable Outstanding days                     39.5 37.7 36.4 41.9 35.8    
Cash Conversion Cycle days ... ... ...               16.7 17.6 20.5 18.2 19.1    
Cash Earnings CZK mil                     163 146 167 299 244    
Free Cash Flow CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
other data Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
other data                                  
ROA %                     4.39 3.08 3.97 10.1 7.40    
Gross Margin %                     15.1 13.9 14.6 16.4 13.1    
Employees ... ... ... ...             1,682 1,774 1,667 1,605 1,630    
Cost Per Employee USD per month ... ... ... ...             1,471 1,502 1,429 1,451 1,325    
Cost Per Employee (Local Currency) CZK per month ... ... ... ...             28,117 26,573 27,956 28,379 28,318    
Staff Cost (As % Of Total Cost) %                     11.8 11.2 11.3 10.9 9.15    
Effective Tax Rate %                     21.7 12.8 18.4 15.9 16.4    
Domestic Sales CZK mil ... ... ... ... ...           3,663 3,827 3,853 4,035 4,758    
Capital Expenditures (As % of Sales) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Revenues From Abroad CZK mil ... ... ... ... ...           699 804 828 805 975    
Revenues From Abroad (As % Of Total) % ... ... ... ... ...           14.1 15.7 16.3 15.2 15.6    

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Feb 2014
Statistical Dossier
Feb 2014
Company Report

Madeta, a.s. is a Czech Republic-based milk producer and one of the largest food processors in the country. The Company processes more than 500 mil litres of milk a year in its six plants, or a fifth of the Czech Republic's total production. Its portfolio includes 239 kinds of products, but the decisive production programme is cheese production, dry milk and butter. MADETA exports around 25% of its production to more than 15 countries in Europe, North and South America, Asia and Africa.