Mercator

Mercator's Cash & Cash Equivalents rose 84.9% yoy to EUR 34.2 mil in 2014

By Helgi Analytics - April 2, 2020

Mercator's total assets reached EUR 2,237 mil at the end of 2014, down 2.89% compared to the previous year. Curren...

Profit Statement 2012 2013 2014
Sales EUR mil 2,873 2,766 2,654
Gross Profit EUR mil 607 467 444
EBITDA EUR mil 99.5 112 101
EBIT EUR mil 17.7 36.0 12.4
Financing Cost EUR mil 50.9 52.9 61.0
Pre-Tax Profit EUR mil -110 -16.9 -48.6
Net Profit EUR mil -105 -16.9 -44.5
Dividends EUR mil 0.011 0.003 ...
Balance Sheet 2012 2013 2014
Total Assets EUR mil 2,523 2,304 2,237
Non-Current Assets EUR mil 1,968 1,775 1,688
Current Assets EUR mil 555 529 550
Working Capital EUR mil -180 -187 -196
Shareholders' Equity EUR mil 663 514 622
Liabilities EUR mil 1,860 1,790 1,616
Total Debt EUR mil 1,095 1,038 850
Net Debt EUR mil 1,057 1,019 815
Ratios 2012 2013 2014
ROE % -14.4 -2.87 -7.83
ROCE % -5.50 -1.00 -2.89
Gross Margin % 21.1 16.9 16.7
EBITDA Margin % 3.46 4.03 3.79
EBIT Margin % 0.616 1.30 0.467
Net Margin % -3.64 -0.611 -1.68
Net Debt/EBITDA 10.6 9.14 8.10
Net Debt/Equity 1.59 1.98 1.31
Cost of Financing % 4.47 4.96 6.46
Valuation 2012 2013 2014
Market Capitalisation USD mil 560 517 557
Enterprise Value (EV) USD mil 1,955 1,922 1,544
Number Of Shares mil 3.72 3.72 6.09
Share Price EUR 114 101 75.5
EV/EBITDA 15.3 13.0 11.9
EV/Sales 0.530 0.523 0.451
Price/Earnings (P/E) -4.06 -22.2 -10.3
Price/Book Value (P/BV) 0.640 0.729 0.740
Dividend Yield % 0.003 < 0.001 ...

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summary Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
income statement                                
Sales EUR mil                   2,709 2,643 2,782 2,871 2,873    
Gross Profit EUR mil                   551 534 541 586 607    
EBIT EUR mil                   90.2 73.5 91.5 88.8 17.7    
Net Profit EUR mil                   40.8 21.2 30.4 23.6 -105    
ROE %                   5.44 2.62 3.79 2.97 -14.4    
EBIT Margin %                   3.33 2.78 3.29 3.09 0.616    
Net Margin %                   1.51 0.803 1.09 0.821 -3.64    
Employees ... ... ... ... ... ... ... ... ... ... 20,266 21,632 22,602 22,769    
balance sheet                                
Total Assets EUR mil                   2,540 2,476 2,609 2,648 2,523    
Non-Current Assets EUR mil                   1,873 1,933 2,017 2,035 1,968    
Current Assets EUR mil                   667 543 592 612 555    
Shareholders' Equity EUR mil                   814 805 798 789 663    
Liabilities EUR mil                   1,726 1,671 1,811 1,859 1,860    
Non-Current Liabilities EUR mil                   709 773 764 907 680    
Current Liabilities EUR mil                   1,017 898 1,047 952 1,179    
Net Debt/EBITDA                   5.37 6.10 6.17 6.80 10.6    
Net Debt/Equity                   1.22 1.28 1.31 1.47 1.59    
Cost of Financing % ...                 7.97 4.46 4.24 4.78 4.47    
cash flow                                
Total Cash From Operations EUR mil ...       ... ... ...     137 120 193 1.98 169    
Total Cash From Investing EUR mil ...                 -304 -150 -178 -69.2 -43.8    
Total Cash From Financing EUR mil ...                 191 0.954 -11.2 74.0 -114    
Net Change In Cash EUR mil ...       ... ... ...     22.8 -29.0 3.92 6.77 10.5    
valuation                                
Market Capitalisation USD mil                   820 817 779 709 560    
Number Of Shares mil                   3.72 3.72 3.72 3.72 3.72    
Share Price EUR                   158 153 158 147 114    
Earnings Per Share (EPS) EUR                   11.0 5.70 8.16 6.33 -28.1    
Book Value Per Share EUR                   219 216 214 212 178    
Dividend Per Share EUR ... ... ... ... ... ... ... ... ... ... ... ... ... 0.003   ...
Price/Earnings (P/E)                   14.4 26.9 19.3 23.2 -4.06    
Price/Book Value (P/BV)                   0.723 0.708 0.736 0.694 0.640    
Dividend Yield % ... ... ... ... ... ... ... ... ... ... ... ... ... 0.003   ...
Earnings Per Share Growth % ...                 -6.95 -48.0 43.2 -22.5 -544    
Book Value Per Share Growth % ...                 17.9 -1.08 -0.897 -1.15 -15.9    
income statement Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
income statement                                
Sales EUR mil                   2,709 2,643 2,782 2,871 2,873    
Cost of Goods & Services EUR mil                   2,157 2,110 2,240 2,285 2,266    
Gross Profit EUR mil                   551 534 541 586 607    
Staff Cost EUR mil ... ... ... ... ... ... ... ...   290 278 292 296 297    
Other Cost EUR mil ... ... ... ... ... ... ... ...   76.9 85.8 79.4 120 210    
EBITDA EUR mil                   184 170 170 170 99.5    
Depreciation EUR mil                   94.1 96.0 78.7 81.3 81.8    
EBIT EUR mil                   90.2 73.5 91.5 88.8 17.7    
Financing Cost EUR mil                   72.2 46.6 44.9 53.9 50.9    
Extraordinary Cost EUR mil                   -32.1 1.75 6.17 3.02 77.0    
Pre-Tax Profit EUR mil                   50.0 25.2 40.3 31.9 -110    
Tax EUR mil                   9.23 4.08 9.96 8.40 -5.66    
Minorities EUR mil                   -0.085 -0.113 -0.009 -0.017 -0.065    
Net Profit EUR mil                   40.8 21.2 30.4 23.6 -105    
Dividends EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... 0.011   ...
growth rates                                
Total Revenue Growth % ...                 10.8 -2.41 5.23 3.21 0.077    
Operating Cost Growth % ... ... ... ... ... ... ... ... ... -1.81 -0.808 2.00 11.9 22.1    
EBITDA Growth % ...                 22.3 -7.99 0.378 -0.004 -41.5    
EBIT Growth % ...                 29.6 -18.5 24.4 -2.86 -80.1    
Pre-Tax Profit Growth % ...                 -8.23 -49.6 60.1 -20.8 -445    
Net Profit Growth % ...                 -6.65 -48.0 43.2 -22.5 -544    
ratios                                
ROE %                   5.44 2.62 3.79 2.97 -14.4    
ROCE % ...                 2.31 1.09 1.53 1.17 -5.50    
Gross Margin %                   20.4 20.2 19.5 20.4 21.1    
EBITDA Margin %                   6.80 6.41 6.12 5.93 3.46    
EBIT Margin %                   3.33 2.78 3.29 3.09 0.616    
Net Margin %                   1.51 0.803 1.09 0.821 -3.64    
Payout Ratio % ... ... ... ... ... ... ... ... ... ... ... ... ... -0.011   ...
Cost of Financing % ...                 7.97 4.46 4.24 4.78 4.47    
Net Debt/EBITDA                   5.37 6.10 6.17 6.80 10.6    
balance sheet Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
balance sheet                                
Non-Current Assets EUR mil                   1,873 1,933 2,017 2,035 1,968    
Property, Plant & Equipment EUR mil                   1,772 1,863 1,870 1,906 1,875    
Intangible Assets EUR mil                   78.2 52.0 52.6 47.6 18.4    
Current Assets EUR mil                   667 543 592 612 555    
Inventories EUR mil                   272 292 322 335 268    
Receivables EUR mil                   306 203 225 227 225    
Cash & Cash Equivalents EUR mil                   45.9 16.8 20.8 27.5 38.0    
Total Assets EUR mil                   2,540 2,476 2,609 2,648 2,523    
Shareholders' Equity EUR mil                   814 805 798 789 663    
Of Which Minority Interest EUR mil                   2.01 0.254 0.246 0.224 0.162    
Liabilities EUR mil                   1,726 1,671 1,811 1,859 1,860    
Non-Current Liabilities EUR mil                   709 773 764 907 680    
Long-Term Debt EUR mil                   622 683 674 822 594    
Deferred Tax Liabilities EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Current Liabilities EUR mil                   1,017 898 1,047 952 1,179    
Short-Term Debt EUR mil                   413 368 396 363 501    
Trade Payables EUR mil                   523 469 559 584 673    
Provisions EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Equity And Liabilities EUR mil                   2,540 2,476 2,609 2,648 2,523    
growth rates                                
Total Asset Growth % ...                 22.7 -2.51 5.35 1.49 -4.72    
Shareholders' Equity Growth % ...                 18.3 -1.07 -0.897 -1.15 -15.9    
Net Debt Growth % ...                 30.9 4.51 1.52 10.3 -8.68    
Total Debt Growth % ...                 32.9 1.50 1.87 10.7 -7.60    
ratios                                
Total Debt EUR mil                   1,035 1,051 1,070 1,185 1,095    
Net Debt EUR mil                   989 1,034 1,049 1,157 1,057    
Working Capital EUR mil                   55.5 25.9 -11.2 -21.8 -180    
Capital Employed EUR mil                   1,929 1,959 2,005 2,014 1,787    
Net Debt/Equity                   1.22 1.28 1.31 1.47 1.59    
Cost of Financing % ...                 7.97 4.46 4.24 4.78 4.47    
cash flow Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
cash flow                                
Net Profit EUR mil                   40.8 21.2 30.4 23.6 -105    
Depreciation EUR mil                   94.1 96.0 78.7 81.3 81.8    
Non-Cash Items EUR mil ...       ... ... ...     -4.48 -27.0 47.0 -113 32.7    
Change in Working Capital EUR mil ...                 6.23 29.6 37.1 10.6 159    
Total Cash From Operations EUR mil ...       ... ... ...     137 120 193 1.98 169    
Capital Expenditures EUR mil ...                 -289 -150 -91.9 -111 -62.9    
Other Investments EUR mil ...                 -15.9 -0.088 -86.1 41.8 19.2    
Total Cash From Investing EUR mil ...                 -304 -150 -178 -69.2 -43.8    
Dividends Paid EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... -0.011   ...
Issuance Of Debt EUR mil ...                 256 15.6 19.6 115 -90.0    
Total Cash From Financing EUR mil ...                 191 0.954 -11.2 74.0 -114    
Net Change In Cash EUR mil ...       ... ... ...     22.8 -29.0 3.92 6.77 10.5    
ratios                                
Days Sales Outstanding days                   41.2 28.0 29.6 28.8 28.5    
Days Sales Of Inventory days                   46.1 50.5 52.5 53.5 43.1    
Days Payable Outstanding days                   88.4 81.1 91.0 93.3 108    
Cash Conversion Cycle days                   -1.14 -2.61 -8.98 -10.9 -36.7    
Cash Earnings EUR mil                   135 117 109 105 -22.8    
Cash Earnings Per Share EUR                   36.2 31.5 29.3 28.2 -6.11    
Price/Cash Earnings (P/CE)                   4.37 4.86 5.38 5.22 -18.6    
Free Cash Flow EUR mil ...       ... ... ...     -168 -30.0 15.1 -67.2 125    
Free Cash Flow Yield % ...       ... ... ...     -30.0 -5.10 2.57 -13.2 28.6    
other data Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
other data                                
ROA %                   1.77 0.846 1.20 0.896 -4.04    
Gross Margin %                   20.4 20.2 19.5 20.4 21.1    
Employees ... ... ... ... ... ... ... ... ... ... 20,266 21,632 22,602 22,769    
Cost Per Employee USD per month ... ... ... ... ... ... ... ... ... ... 1,592 1,488 1,516 1,396    
Cost Per Employee (Local Currency) EUR per month ... ... ... ... ... ... ... ... ... ... 1,144 1,125 1,090 1,087    
Staff Cost (As % Of Total Cost) % ... ... ... ... ... ... ... ...   11.1 10.8 10.9 10.6 10.4    
Effective Tax Rate %                   18.5 16.2 24.7 26.3 5.13    
Enterprise Value (EV) USD mil                   2,197 2,299 2,172 2,209 1,955    
EV/EBITDA                   8.15 9.75 9.65 9.34 15.3    
EV/Capital Employed                   0.818 0.819 0.816 0.847 0.829    
EV/Sales                   0.554 0.625 0.590 0.553 0.530    
EV/EBIT                   16.6 22.5 17.9 17.9 86.0    
Domestic Sales EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Capital Expenditures (As % of Sales) % ...                 10.7 5.67 3.30 3.87 2.19    
Revenues From Abroad EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Revenues From Abroad (As % Of Total) % ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Sales in Slovenia EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Sales in Serbia EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Sales in Croatia EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Sales in Bosnia and Herzegovina EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Sales in Montenegro EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Sales from Retail Sale EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Sales from Wholesale and Other EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Number of Sales Units Total ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...  
Number of Sales Units - Hypermarkets ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...  
Number of Sales Units - Supermarkets ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...  
Number of Sales Units - Neighbour Stores ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...  

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Jun 2014
Statistical Dossier
Jun 2014
Company Report

Poslovni Sistem Mercator (or Mercator) is a Slovenia-based retail and wholesaler of consumer goods. The Company's operations are focused on distributing of consumer goods such as food and beverages as well as appliances and electronics under the brand M Tehnika, construction materials under the brand M Grandja and furniture under the brand M Pohistvo. In addition, the Company is involved in food processing, such as the production of bread and pastry, fruit, vegetables, coffee and cocoa products, as well as hospitality and other services. The Company was founded in 1949 under the name Živila Ljubljana. Today, Mercator is the biggest Slovenian and southeastern retail chain, operating hypermarkets, supermarkets and grocery stores in Slovenia, Croatia, Bosnia and Herzegovina, Serbia, Montenegro, Bulgaria and Albania.

Finance

Mercator has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 9.9% a year during that time to total of EUR 101 mil in 2014, or 3.79% of sales. That’s compared to 4.67% average margin seen in last five years.

The company netted EUR -44.5 mil in 2014 implying ROE of -7.83% and ROCE of -2.89%. Again, the average figures were -3.67% and -1.34%, respectively when looking at the previous 5 years.

Mercator’s net debt amounted to EUR 815 mil at the end of 2014, or 1.31 of equity. When compared to EBITDA, net debt was 8.10x, down when compared to average of 8.17x seen in the last 5 years.

Valuation

Mercator stock traded at EUR 75.5 per share at the end of 2014 resulting in a market capitalization of USD 557 mil. Over the previous five years, stock price fell by 50.7% or -13.2% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 11.9x and price to earnings (PE) of -10.3x as of 2014.