Merck Czech Republic

Merck CR's Cash & Cash Equivalents fell 7.29% yoy to CZK 25.1 mil in 2017

By Helgi Analytics - April 2, 2020

Merck Czech Republic's total assets reached CZK 774 mil at the end of 2017, up 6.64% compared to the previous year. ...

Profit Statement 2015 2016 2017
Sales CZK mil 1,850 1,821 1,818
Gross Profit CZK mil 263 228 251
EBITDA CZK mil 95.9 60.9 72.8
EBIT CZK mil 94.7 59.5 71.3
Financing Cost CZK mil 7.49 5.63 6.77
Pre-Tax Profit CZK mil 87.2 53.9 64.5
Net Profit CZK mil 68.6 41.5 50.5
Dividends CZK mil ... ... ...
Balance Sheet 2015 2016 2017
Total Assets CZK mil 530 725 774
Non-Current Assets CZK mil 6.32 168 168
Current Assets CZK mil 523 556 604
Working Capital CZK mil 434 510 562
Shareholders' Equity CZK mil 419 623 674
Liabilities CZK mil 111 102 99.9
Total Debt CZK mil 0 0 0
Net Debt CZK mil -2.47 -27.1 -25.1
Ratios 2015 2016 2017
ROE % 17.8 7.97 7.79
ROCE % 15.7 7.43 7.18
Gross Margin % 14.2 12.5 13.8
EBITDA Margin % 5.18 3.34 4.00
EBIT Margin % 5.12 3.27 3.92
Net Margin % 3.71 2.28 2.78
Net Debt/EBITDA -0.026 -0.445 -0.345
Net Debt/Equity % -0.588 -4.35 -3.73
Cost of Financing % 68.8 ... ...
Cash Flow 2015 2016 2017
Total Cash From Operations CZK mil ... 5.72 57.0
Total Cash From Investing CZK mil ... 18.9 -59.0
Total Cash From Financing CZK mil ... 0 0
Net Change In Cash CZK mil ... 24.6 -1.98
Cash Conversion Cycle days 93.1 109 121
Cash Earnings CZK mil 69.8 42.9 52.0
Free Cash Flow CZK mil ... 24.6 -1.98

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summary Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                  
Sales CZK mil ...                   1,622 1,755 1,726 1,798 1,850    
Gross Profit CZK mil ...                   232 230 184 201 263    
EBIT CZK mil ...                   65.9 82.5 48.2 52.6 94.7    
Net Profit CZK mil ...                   49.3 63.4 27.4 34.9 68.6    
ROE % ...                   24.6 24.7 9.05 10.5 17.8    
EBIT Margin % ...                   4.06 4.70 2.79 2.93 5.12    
Net Margin % ...                   3.04 3.62 1.59 1.94 3.71    
Employees                     131 119 113 112 107    
balance sheet                                  
Total Assets CZK mil ...                   445 500 544 476 530    
Non-Current Assets CZK mil ...                   10.1 9.11 8.11 5.62 6.32    
Current Assets CZK mil ...                   432 488 534 469 523    
Shareholders' Equity CZK mil ...                   225 289 316 351 419    
Liabilities CZK mil ...                   219 211 228 125 111    
Non-Current Liabilities CZK mil ...                   0 0 0 0 0    
Current Liabilities CZK mil ...                   196 187 200 91.9 78.7    
Net Debt/EBITDA ...                   1.87 1.39 2.80 0.353 -0.026    
Net Debt/Equity % ...                   55.8 40.2 43.6 5.40 -0.588    
Cost of Financing % ... ...                 4.81 8.10 4.56 7.78 68.8 ... ...
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 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                  
Sales CZK mil ...                   1,622 1,755 1,726 1,798 1,850    
Cost of Goods & Services CZK mil ...                   1,389 1,525 1,542 1,597 1,587    
Gross Profit CZK mil ...                   232 230 184 201 263    
Staff Cost CZK mil ...                   132 150 130 138 156    
Other Cost CZK mil ...                   33.5 -3.66 5.39 8.86 11.1    
EBITDA CZK mil ...                   67.1 83.8 49.2 53.6 95.9    
Depreciation CZK mil ...                   1.22 1.23 0.998 1.03 1.17    
EBIT CZK mil ...                   65.9 82.5 48.2 52.6 94.7    
Financing Cost CZK mil ...                   6.13 10.7 6.12 6.50 7.49    
Extraordinary Cost CZK mil ...                   0 0 0 0 0    
Pre-Tax Profit CZK mil ...                   59.7 71.8 42.1 46.1 87.2    
Tax CZK mil ...                   10.5 8.39 14.7 11.2 18.6    
Minorities CZK mil ...                   0 0 0 0 0    
Net Profit CZK mil ...                   49.3 63.4 27.4 34.9 68.6    
Dividends CZK mil     ...   ...   ... ... ... ... ... ... ... ... ... ... ...
growth rates                                  
Total Revenue Growth % ... ...                 17.9 8.18 -1.61 4.15 2.88    
Operating Cost Growth % ... ...                 147 -11.7 -7.57 9.06 13.5    
EBITDA Growth % ... ...                 170 24.9 -41.2 8.97 78.8    
EBIT Growth % ... ...                 182 25.3 -41.6 9.10 80.1    
Pre-Tax Profit Growth % ... ...                 208 20.3 -41.4 9.51 89.2    
Net Profit Growth % ... ...                 321 28.7 -56.9 27.5 96.7    
ratios                                  
ROE % ...                   24.6 24.7 9.05 10.5 17.8    
ROCE % ... ...                 13.7 14.8 5.72 7.46 15.7    
Gross Margin % ...                   14.3 13.1 10.7 11.2 14.2    
EBITDA Margin % ...                   4.14 4.77 2.85 2.98 5.18    
EBIT Margin % ...                   4.06 4.70 2.79 2.93 5.12    
Net Margin % ...                   3.04 3.62 1.59 1.94 3.71    
Payout Ratio % ...   ...   ...   ... ... ... ... ... ... ... ... ... ... ...
Cost of Financing % ... ...                 4.81 8.10 4.56 7.78 68.8 ... ...
Net Debt/EBITDA ...                   1.87 1.39 2.80 0.353 -0.026    
balance sheet Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
balance sheet                                  
Non-Current Assets CZK mil ...                   10.1 9.11 8.11 5.62 6.32    
Property, Plant & Equipment CZK mil ...                   9.25 8.45 7.65 5.36 6.06    
Intangible Assets CZK mil ...                   0.851 0.659 0.459 0.258 0.261    
Current Assets CZK mil ...                   432 488 534 469 523    
Inventories CZK mil ...                   189 219 246 244 240    
Receivables CZK mil ...                   213 252 266 204 210    
Cash & Cash Equivalents CZK mil ...                   15.6 6.95 7.67 2.83 2.47    
Total Assets CZK mil ...                   445 500 544 476 530    
Shareholders' Equity CZK mil ...                   225 289 316 351 419    
Of Which Minority Interest CZK mil ...                   0 0 0 0 0    
Liabilities CZK mil ...                   219 211 228 125 111    
Non-Current Liabilities CZK mil ...                   0 0 0 0 0    
Long-Term Debt CZK mil ...                   0 0 0 0 0    
Deferred Tax Liabilities CZK mil ...                   0 0 0 0 0    
Current Liabilities CZK mil ...                   196 187 200 91.9 78.7    
Short-Term Debt CZK mil ...                   141 123 145 21.8 0    
Trade Payables CZK mil ...                   12.6 22.5 20.1 17.8 15.8    
Provisions CZK mil ...                   23.1 23.9 28.4 33.3 31.8    
Equity And Liabilities CZK mil ...                   445 500 544 476 530    
growth rates                                  
Total Asset Growth % ... ...                 25.8 12.5 8.86 -12.5 11.3    
Shareholders' Equity Growth % ... ...                 28.0 28.2 9.48 11.0 19.6    
Net Debt Growth % ... ...                 13.5 -7.53 18.5 -86.2 -113    
Total Debt Growth % ... ...                 24.2 -12.8 18.1 -85.0 -100 ... ...
ratios                                  
Total Debt CZK mil ...                   141 123 145 21.8 0    
Net Debt CZK mil ...                   126 116 138 18.9 -2.47    
Working Capital CZK mil ...                   389 449 491 430 434    
Capital Employed CZK mil ...                   399 458 499 436 441    
Net Debt/Equity % ...                   55.8 40.2 43.6 5.40 -0.588    
Cost of Financing % ... ...                 4.81 8.10 4.56 7.78 68.8 ... ...
cash flow Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
cash flow                                  
Net Profit CZK mil ...                   49.3 63.4 27.4 34.9 68.6    
Depreciation CZK mil ...                   1.22 1.23 0.998 1.03 1.17    
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 ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Issuance Of Debt CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Total Cash From Financing CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Net Change In Cash CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
ratios                                  
Days Sales Outstanding days ...                   47.8 52.4 56.1 41.3 41.4    
Days Sales Of Inventory days ...                   49.6 52.5 58.2 55.8 55.3    
Days Payable Outstanding days ...                   3.30 5.39 4.75 4.07 3.63    
Cash Conversion Cycle days ...                   94.1 99.5 110 93.1 93.1    
Cash Earnings CZK mil ...                   50.5 64.7 28.4 35.9 69.8    
Free Cash Flow CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
other data Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                                  
ROA % ...                   12.4 13.4 5.24 6.84 13.6    
Gross Margin % ...                   14.3 13.1 10.7 11.2 14.2    
Employees                     131 119 113 112 107    
Cost Per Employee USD per month ...                   4,745 5,361 4,886 4,818 5,091    
Cost Per Employee (Local Currency) CZK per month ...                   83,921 104,854 95,599 102,967 121,529    
Staff Cost (As % Of Total Cost) % ...                   8.48 8.96 7.72 7.93 8.89    
Effective Tax Rate % ...                   17.5 11.7 35.0 24.4 21.3    
Capital Expenditures (As % of Sales) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Sales from Chemistry CZK mil                     303 384 346 373 391    
Sales from Pharmacy CZK mil                     1,038 1,115 1,145 1,186 1,228    
Sales From Services CZK mil                     271 247 222 225 223    

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Merck spol. s r.o. (or Merck Czech Republic) is a Czech Republic-based subsidiary of Merck & Co. The Czech subsidiary was founded in 1991 and is involved in marketing , sale and distribution of pharmaceutical and chemical products. Merck & Co is the oldest pharmaceutical and chemical company in the world. Its roots date back to the year 1668. Now, the Company is a global health care player that delivers health solutions through its prescription medicines, vaccines, biologic therapies, animal health, and consumer care products. The Company consists of four operating segments, which are the Pharmaceutical, Animal Health, Consumer Care and Alliances segments, and one reportable segment, which is the Pharmaceutical segment. The Pharmaceutical segment includes human health pharmaceutical and vaccine products marketed either directly by the Company or through joint ventures

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Finance

Merck Czech Republic has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 2.77% a year during that time to total of CZK 72.8 mil in 2017, or 4.00% of sales. That’s compared to 3.67% average margin seen in last five years.

The company netted CZK 50.5 mil in 2017 implying ROE of 7.79% and ROCE of 7.18%. Again, the average figures were 10.6% and 8.69%, respectively when looking at the previous 5 years.

Merck Czech Republic’s net debt amounted to CZK -25.1 mil at the end of 2017, or -3.73% of equity. When compared to EBITDA, net debt was -0.345x, down when compared to average of 0.467x seen in the last 5 years.