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Moracell

Moracell's net profit rose 129% yoy to CZK 29.1 mil in 2019

By Helgi Analytics - December 3, 2020

Moracell made a net profit of CZK 29.1 mil with revenues of CZK 573 mil in 2019, up by 129% and up by 31.8%, respec...

Moracell's employees rose 19.7% yoy to 85.0 in 2019

By Helgi Analytics - December 3, 2020

Moracell employed 85.0 employees in 2019, up 19.7% compared to the previous year. Historically, between 2011 and 2019, ...

Moracell's ROCE rose 106% yoy to 8.63% in 2019

By Helgi Analytics - December 3, 2020

Moracell made a net profit of CZK 29.1 mil in 2019, up 129% compared to the previous year. Historically, between 2009 and 20...

Profit Statement 2017 2018 2019
Sales CZK mil 440 435 573
Gross Profit CZK mil 79.8 66.2 103
EBITDA CZK mil 44.0 33.9 59.0
EBIT CZK mil 34.9 20.6 43.0
Financing Cost CZK mil 2.38 3.64 5.79
Pre-Tax Profit CZK mil 33.6 16.1 36.2
Net Profit CZK mil 27.0 12.7 29.1
Dividends CZK mil 0 0 ...
Balance Sheet 2017 2018 2019
Total Assets CZK mil 404 535 519
Non-Current Assets CZK mil 192 311 305
Current Assets CZK mil 211 224 214
Working Capital CZK mil 84.6 20.5 36.8
Shareholders' Equity CZK mil 126 139 168
Liabilities CZK mil 278 396 351
Total Debt CZK mil 127 205 159
Net Debt CZK mil 114 171 136
Ratios 2017 2018 2019
ROE % 23.4 9.58 18.9
ROCE % 10.5 4.18 8.63
Gross Margin % 18.2 15.2 17.9
EBITDA Margin % 10.0 7.80 10.3
EBIT Margin % 7.95 4.75 7.50
Net Margin % 6.15 2.92 5.07
Net Debt/EBITDA 2.59 5.05 2.30
Net Debt/Equity % 90.2 123 80.6
Cost of Financing % 2.07 2.19 3.18
Cash Flow 2017 2018 2019
Total Cash From Operations CZK mil 44.3 58.7 52.6
Total Cash From Investing CZK mil -43.0 -97.7 -41.9
Total Cash From Financing CZK mil 9.50 59.9 -20.6
Net Change In Cash CZK mil 10.8 20.9 -9.88
Cash Conversion Cycle days 67.0 6.24 14.6
Cash Earnings CZK mil 36.1 26.0 45.1
Free Cash Flow CZK mil 1.33 -39.0 10.8

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overview Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                      
Sales CZK mil         459 513 492 461 440    
Gross Profit CZK mil         53.0 55.4 45.7 63.6 79.8    
EBIT CZK mil         16.4 18.7 8.20 21.5 34.9    
Net Profit CZK mil         3.53 8.95 4.27 14.0 27.0    
                         
ROE %         4.28 10.3 4.72 14.3 23.4    
EBIT Margin %         3.57 3.65 1.67 4.66 7.95    
Net Margin %         0.767 1.75 0.867 3.03 6.15    
Employees ... ...     62.0 63.0 62.0 65.0 68.0    
balance sheet                      
Total Assets CZK mil         371 349 347 345 404    
Non-Current Assets CZK mil         163 157 151 175 192    
Current Assets CZK mil         207 192 196 170 211    
                         
Shareholders' Equity CZK mil         84.1 89.8 90.9 105 126    
Liabilities CZK mil         287 260 256 240 278    
Non-Current Liabilities CZK mil         60.7 53.2 44.1 39.7 56.0    
Current Liabilities CZK mil         235 206 212 200 221    
                         
Net Debt/EBITDA         5.76 4.00 6.66 3.56 2.59    
Net Debt/Equity %         159 113 116 97.9 90.2    
Cost of Financing % ...       2.93 3.27 2.72 2.46 2.07    
cash flow                      
Total Cash From Operations CZK mil         23.8 19.7 9.55 18.0 44.3    
Total Cash From Investing CZK mil         -0.462 -1.21 -1.22 -15.0 -43.0    
Total Cash From Financing CZK mil         -20.5 -13.3 -13.3 -5.87 9.50    
Net Change In Cash CZK mil         2.85 5.22 -4.95 -2.87 10.8    
income statement Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                      
Sales CZK mil         459 513 492 461 440    
Cost of Goods & Services CZK mil         406 457 446 397 360    
Gross Profit CZK mil         53.0 55.4 45.7 63.6 79.8    
Staff Cost CZK mil         31.4 29.7 29.5 31.5 36.8    
Other Operating Cost (Income) CZK mil         -1.67 0.158 0.288 3.27 -0.879    
EBITDA CZK mil         23.2 25.5 15.9 28.8 44.0    
Depreciation CZK mil         6.84 6.72 7.66 7.36 9.03    
EBIT CZK mil         16.4 18.7 8.20 21.5 34.9    
Net Financing Cost CZK mil         12.1 7.31 2.90 4.11 1.33    
Financing Cost CZK mil         4.32 4.04 2.99 2.63 2.38    
Extraordinary Cost CZK mil         -0.001 0 0 0 0    
Pre-Tax Profit CZK mil         4.34 11.4 5.31 17.3 33.6    
Tax CZK mil         0.810 2.48 1.04 3.38 6.56    
Net Profit CZK mil         3.53 8.95 4.27 14.0 27.0    
Net Profit Avail. to Common CZK mil         3.53 8.95 4.27 14.0 27.0    
Dividends CZK mil         3.23 3.22 0 5.59 0   ...
growth rates                      
Total Revenue Growth % ...       41.3 11.6 -4.06 -6.37 -4.58    
Staff Cost Growth % ...       10.9 -5.29 -0.662 6.59 16.7    
EBITDA Growth % ...       13.9 9.54 -37.7 81.6 52.6    
EBIT Growth % ...       20.8 14.3 -56.2 161 62.9    
Pre-Tax Profit Growth % ...       -54.2 164 -53.6 227 93.8    
Net Profit Growth % ...       -52.7 154 -52.4 227 93.7    
ratios                      
ROE %         4.28 10.3 4.72 14.3 23.4    
ROA %         0.986 2.49 1.22 4.03 7.22    
ROCE % ...       1.50 3.82 1.85 6.02 10.5    
Gross Margin %         11.5 10.8 9.29 13.8 18.2    
EBITDA Margin %         5.06 4.96 3.22 6.25 10.0    
EBIT Margin %         3.57 3.65 1.67 4.66 7.95    
Net Margin %         0.767 1.75 0.867 3.03 6.15    
Payout Ratio %         91.7 36.0 0 40.0 0   ...
Cost of Financing % ...       2.93 3.27 2.72 2.46 2.07    
Net Debt/EBITDA         5.76 4.00 6.66 3.56 2.59    
balance sheet Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
balance sheet                      
Cash & Cash Equivalents CZK mil         3.28 8.50 4.15 1.33 12.8    
Receivables CZK mil         109 103 112 91.8 102    
Inventories CZK mil         95.0 79.8 80.3 77.0 96.7    
Other ST Assets CZK mil         < -0.001 < -0.001 0 < -0.001 < 0.001    
Current Assets CZK mil         207 192 196 170 211    
Property, Plant & Equipment CZK mil         163 157 151 175 192    
LT Investments & Receivables CZK mil         < -0.001 0 0 0 0    
Intangible Assets CZK mil         0.068 0 0 0 0    
Goodwill CZK mil         0 0 0 0 0    
Non-Current Assets CZK mil         163 157 151 175 192    
Total Assets CZK mil         371 349 347 345 404    
                         
Trade Payables CZK mil         133 106 117 106 114    
Short-Term Debt CZK mil         80.9 64.2 73.7 73.8 81.4    
Other ST Liabilities CZK mil         21.2 36.0 21.4 20.0 25.5    
Current Liabilities CZK mil         235 206 212 200 221    
Long-Term Debt CZK mil         56.2 46.2 36.1 30.2 45.3    
Other LT Liabilities CZK mil         4.52 7.00 8.04 9.46 10.7    
Non-Current Liabilities CZK mil         60.7 53.2 44.1 39.7 56.0    
Liabilities CZK mil         287 260 256 240 278    
Equity Before Minority Interest CZK mil         84.1 89.8 90.9 105 126    
Minority Interest CZK mil         0 0 0 0 0    
Equity CZK mil         84.1 89.8 90.9 105 126    
growth rates                      
Total Asset Growth % ...       8.03 -5.85 -0.644 -0.611 17.1    
Shareholders' Equity Growth % ...       4.38 6.80 1.16 15.4 20.5    
Net Debt Growth % ...       -14.9 -23.9 3.78 -2.84 10.9    
Total Debt Growth % ...       -13.0 -19.5 -0.454 -5.30 21.8    
ratios                      
Total Debt CZK mil         137 110 110 104 127    
Net Debt CZK mil         134 102 106 103 114    
Working Capital CZK mil         71.4 77.5 75.3 62.8 84.6    
Capital Employed CZK mil         234 235 226 237 277    
Net Debt/Equity %         159 113 116 97.9 90.2    
Current Ratio         0.883 0.931 0.926 0.852 0.957    
Quick Ratio         0.478 0.544 0.547 0.466 0.519    
cash flow Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
cash flow                      
Net Profit CZK mil         3.53 8.95 4.27 14.0 27.0    
Depreciation CZK mil         6.84 6.72 7.66 7.36 9.03    
Non-Cash Items CZK mil         16.8 10.2 -4.58 -15.8 29.9    
Change in Working Capital CZK mil         -3.39 -6.17 2.20 12.5 -21.7    
Total Cash From Operations CZK mil         23.8 19.7 9.55 18.0 44.3    
                         
Capital Expenditures CZK mil         -0.462 -1.35 -1.22 -15.0 -43.0    
Other Investing Activities CZK mil         0 0.139 0 0 0    
Total Cash From Investing CZK mil         -0.462 -1.21 -1.22 -15.0 -43.0    
                         
Dividends Paid CZK mil         0 -3.23 -3.22 0 -5.59    
Issuance Of Shares CZK mil         0 0 0 0 0    
Issuance Of Debt CZK mil ...       -20.6 -10.1 -10.1 -5.83 22.7    
Other Financing Activities CZK mil ...       0.552 1.21 1.22 15.0 35.3    
Total Cash From Financing CZK mil         -20.5 -13.3 -13.3 -5.87 9.50    
Net Change In Cash CZK mil         2.85 5.22 -4.95 -2.87 10.8    
ratios                      
Days Sales Outstanding days         86.5 73.7 82.8 72.7 84.7    
Days Sales Of Inventory days         85.3 63.7 65.7 70.8 98.1    
Days Payable Outstanding days         119 84.4 95.3 97.4 116    
Cash Conversion Cycle days         52.8 53.0 53.2 46.1 67.0    
Cash Earnings CZK mil         10.4 15.7 11.9 21.3 36.1    
Free Cash Flow CZK mil         23.3 18.5 8.33 3.00 1.33    
Capital Expenditures (As % of Sales) %         0.101 0.264 0.248 3.26 9.78    
other ratios Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
                       
Employees ... ...     62.0 63.0 62.0 65.0 68.0    
Cost Per Employee USD per month ... ...     2,158 1,841 1,664 1,600 1,919    
Cost Per Employee (Local Currency) CZK per month ... ...     42,215 39,347 39,716 40,381 45,037    
Material & Energy (As % of Sales) %         69.6 70.6 72.3 65.3 60.8    
Services (As % of Sales) %         18.9 18.6 18.4 20.9 21.0    
Staff Cost (As % of Sales) %         6.84 5.80 6.01 6.84 8.36    
Effective Tax Rate %         18.7 21.7 19.6 19.5 19.5    
Total Revenue Growth (5-year average) % ... ... ... ... ... 45.7 45.2 25.4 6.23    
Total Revenue Growth (10-year average) % ... ... ... ... ... ... ... ... ... ...  

Get all company financials in excel:

Download Sample   $19.99

Moracell's Net Debt/EBITDA fell 54.5% yoy to 2.30 in 2019

By Helgi Analytics - December 3, 2020

Moracell's net debt stood at CZK 136 mil and accounted for 80.6% of equity at the end of 2019. The ratio is down 42.7 pp compared to the previous year. Historically, the firm’s net debt to equity reached a high of 195% in 2012 and a low of 62...

Moracell's Net Margin rose 73.4% yoy to 5.07% in 2019

By Helgi Analytics - December 3, 2020

Moracell made a net profit of CZK 29.1 mil with revenues of CZK 573 mil in 2019, up by 129% and up by 31.8%, respectively, compared to the previous year. This translates into a net margin of 5.07%. Historically, between 2009 and 2019, the firm’s n...

Moracell's Capital Expenditures rose 57.1% yoy to CZK 41.9 mil in 2019

By Helgi Analytics - December 3, 2020

Moracell invested a total of CZK 41.9 mil in 2019, down 57.1% compared to the previous year. Historically, between 2009 - 2019, the company's investments stood at a high of CZK 97.6 mil in 2018 and a low of CZK 0.462 mil in 2013. As a...

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MORACELL is the largest manufacturer of paper hygiene products in the Czech Republic. The company's product portfolio includes toilet paper, kitchen towels, napkins and tissues.

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Finance

Moracell has been growing its sales by 2.26% a year on average in the last 5 years. EBITDA has grown on average by 18.3% a year during that time to total of CZK 59.0 mil in 2019, or 10.3% of sales. That’s compared to 7.51% average margin seen in last five years.

The company netted CZK 29.1 mil in 2019 implying ROE of 18.9% and ROCE of 8.63%. Again, the average figures were 14.2% and 6.24%, respectively when looking at the previous 5 years.

Moracell’s net debt amounted to CZK 136 mil at the end of 2019, or 80.6% of equity. When compared to EBITDA, net debt was 2.30x, down when compared to average of 4.03x seen in the last 5 years.