NORMA Czech Republic

NORMA CR's Cash & Cash Equivalents rose 24.1% yoy to CZK 392 mil in 2017

By Helgi Analytics - April 2, 2020

NORMA Czech Republic's total assets reached CZK 688 mil at the end of 2017, up 12% compared to the previous year. ...

Profit Statement 2015 2016 2017
Sales CZK mil 1,673 1,744 1,933
Gross Profit CZK mil 207 227 294
EBITDA CZK mil 56.1 66.7 109
EBIT CZK mil 39.6 48.8 87.5
Financing Cost CZK mil 2.89 2.64 0.615
Pre-Tax Profit CZK mil 36.7 46.2 86.8
Net Profit CZK mil 29.4 37.0 70.2
Dividends CZK mil 0.100 0.100 ...
Balance Sheet 2015 2016 2017
Total Assets CZK mil 571 614 688
Non-Current Assets CZK mil 122 121 125
Current Assets CZK mil 444 487 558
Working Capital CZK mil -12.6 -32.6 -21.2
Shareholders' Equity CZK mil 301 338 408
Liabilities CZK mil 270 276 280
Total Debt CZK mil 0 0 0
Net Debt CZK mil -279 -316 -392
Ratios 2015 2016 2017
ROE % 10.3 11.6 18.8
ROCE % 36.8 37.4 72.8
Gross Margin % 12.4 13.0 15.2
EBITDA Margin % 3.36 3.82 5.63
EBIT Margin % 2.37 2.80 4.52
Net Margin % 1.76 2.12 3.63
Net Debt/EBITDA -4.97 -4.74 -3.60
Net Debt/Equity % -92.7 -93.6 -96.2
Cost of Financing % 524 ... ...
Cash Flow 2015 2016 2017
Total Cash From Operations CZK mil 5.74 53.4 101
Total Cash From Investing CZK mil -16.7 -16.1 -25.3
Total Cash From Financing CZK mil -0.100 -0.100 -0.100
Net Change In Cash CZK mil -11.0 37.2 75.7
Cash Conversion Cycle days -4.16 -8.87 -5.80
Cash Earnings CZK mil 46.0 54.9 91.6
Free Cash Flow CZK mil -10.9 37.3 75.8

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summary Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                  
Sales CZK mil     1,659 1,596 1,596 1,626 1,673    
Gross Profit CZK mil     169 169 182 201 207    
EBIT CZK mil     15.5 7.79 22.3 37.6 39.6    
Net Profit CZK mil     14.1 8.13 13.4 26.6 29.4    
ROE %     6.49 3.57 5.61 10.3 10.3    
EBIT Margin %     0.931 0.488 1.40 2.31 2.37    
Net Margin %     0.847 0.509 0.838 1.63 1.76    
Employees     347 347 339 321 332    
balance sheet                  
Total Assets CZK mil     471 468 525 591 571    
Non-Current Assets CZK mil     98.1 90.1 120 122 122    
Current Assets CZK mil     368 372 401 464 444    
Shareholders' Equity CZK mil     223 232 245 271 301    
Liabilities CZK mil     247 237 280 319 270    
Non-Current Liabilities CZK mil     0.135 0.143 0.059 1.11 1.15    
Current Liabilities CZK mil     235 220 260 291 246    
Net Debt/EBITDA     -5.82 -8.83 -6.42 -5.24 -4.97    
Net Debt/Equity %     -94.6 -97.4 -95.6 -106 -92.7    
Cost of Financing % ...   -2,138 -3,147 5,765 713 524 ... ...
cash flow                  
Total Cash From Operations CZK mil ... ... ... ... ... ... 5.74    
Total Cash From Investing CZK mil ... ... ... ... ... ... -16.7    
Total Cash From Financing CZK mil ... ... ... ... ... ... -0.100    
Net Change In Cash CZK mil ... ... ... ... ... ... -11.0    
income statement Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                  
Sales CZK mil     1,659 1,596 1,596 1,626 1,673    
Cost of Goods & Services CZK mil     1,490 1,427 1,414 1,426 1,466    
Gross Profit CZK mil     169 169 182 201 207    
Staff Cost CZK mil     137 138 141 150 155    
Other Cost CZK mil     -3.65 5.23 4.19 -4.24 -4.24    
EBITDA CZK mil     36.3 25.5 36.4 55.1 56.1    
Depreciation CZK mil     20.9 17.7 14.2 17.5 16.5    
EBIT CZK mil     15.5 7.79 22.3 37.6 39.6    
Financing Cost CZK mil     -2.74 -4.38 5.82 4.15 2.89    
Extraordinary Cost CZK mil     0 0 0 0 0    
Pre-Tax Profit CZK mil     18.2 12.2 16.5 33.4 36.7    
Tax CZK mil     4.04 3.93 2.99 6.78 7.18    
Minorities CZK mil     0 0 0 0 0    
Net Profit CZK mil     14.1 8.13 13.4 26.6 29.4    
Dividends CZK mil ... ... ... ... ... 0.100 0.100   ...
growth rates                  
Total Revenue Growth % ...   0.200 -3.82 0.019 1.91 2.87    
Operating Cost Growth % ...   -4.35 7.52 1.69 0.193 3.34    
EBITDA Growth % ...   235 -29.7 42.8 51.1 1.91    
EBIT Growth % ...   -250 -49.6 186 68.7 5.35    
Pre-Tax Profit Growth % ...   468 -33.1 35.3 103 9.77    
Net Profit Growth % ...   800 -42.2 64.5 98.6 10.8    
ratios                  
ROE %     6.49 3.57 5.61 10.3 10.3    
ROCE % ...   56.5 19.1 32.6 55.5 36.8    
Gross Margin %     10.2 10.6 11.4 12.4 12.4    
EBITDA Margin %     2.19 1.60 2.28 3.39 3.36    
EBIT Margin %     0.931 0.488 1.40 2.31 2.37    
Net Margin %     0.847 0.509 0.838 1.63 1.76    
Payout Ratio % ... ... ... ... ... 0.377 0.340   ...
Cost of Financing % ...   -2,138 -3,147 5,765 713 524 ... ...
Net Debt/EBITDA     -5.82 -8.83 -6.42 -5.24 -4.97    
balance sheet Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017
balance sheet                  
Non-Current Assets CZK mil     98.1 90.1 120 122 122    
Property, Plant & Equipment CZK mil     96.0 89.4 119 121 121    
Intangible Assets CZK mil     2.06 0.684 0.250 0.871 1.01    
Current Assets CZK mil     368 372 401 464 444    
Inventories CZK mil     122 117 127 135 132    
Receivables CZK mil     14.5 9.78 11.3 9.55 33.0    
Cash & Cash Equivalents CZK mil     211 226 234 290 279    
Total Assets CZK mil     471 468 525 591 571    
Shareholders' Equity CZK mil     223 232 245 271 301    
Of Which Minority Interest CZK mil     0 0 0 0 0    
Liabilities CZK mil     247 237 280 319 270    
Non-Current Liabilities CZK mil     0.135 0.143 0.059 1.11 1.15    
Long-Term Debt CZK mil     0.135 0.143 0.059 1.11 0    
Deferred Tax Liabilities CZK mil     0 0 0 0 0    
Current Liabilities CZK mil     235 220 260 291 246    
Short-Term Debt CZK mil     0 0 0 0 0    
Trade Payables CZK mil     186 180 213 216 178    
Provisions CZK mil     8.68 14.7 18.7 22.8 22.2    
Equity And Liabilities CZK mil     471 468 525 591 571    
growth rates                  
Total Asset Growth % ...   -7.70 -0.524 12.2 12.4 -3.39    
Shareholders' Equity Growth % ...   6.71 3.64 5.77 10.8 10.8    
Net Debt Growth % ...   -7.62 6.73 3.84 23.4 -3.44    
Total Debt Growth % ...   11.6 5.93 -58.7 1,773 -100 ... ...
ratios                  
Total Debt CZK mil     0.135 0.143 0.059 1.11 0    
Net Debt CZK mil     -211 -225 -234 -289 -279    
Working Capital CZK mil     -49.8 -53.4 -74.4 -71.4 -12.6    
Capital Employed CZK mil     48.3 36.7 45.2 50.5 110    
Net Debt/Equity %     -94.6 -97.4 -95.6 -106 -92.7    
Cost of Financing % ...   -2,138 -3,147 5,765 713 524 ... ...
cash flow Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017
cash flow                  
Net Profit CZK mil     14.1 8.13 13.4 26.6 29.4    
Depreciation CZK mil     20.9 17.7 14.2 17.5 16.5    
Non-Cash Items CZK mil ... ... ... ... ... ... 18.6    
Change in Working Capital CZK mil ... ... ... ... ... ... -58.8    
Total Cash From Operations CZK mil ... ... ... ... ... ... 5.74    
Capital Expenditures CZK mil ... ... ... ... ... ... -17.8    
Other Investments CZK mil ... ... ... ... ... ... 1.09    
Total Cash From Investing CZK mil ... ... ... ... ... ... -16.7    
Dividends Paid CZK mil ... ... ... ... ... ... -0.100    
Issuance Of Shares CZK mil ... ... ... ... ... ... 0    
Issuance Of Debt CZK mil ... ... ... ... ... ... -1.11    
Total Cash From Financing CZK mil ... ... ... ... ... ... -0.100    
Net Change In Cash CZK mil ... ... ... ... ... ... -11.0    
ratios                  
Days Sales Outstanding days     3.19 2.24 2.57 2.14 7.21    
Days Sales Of Inventory days     29.8 30.0 32.8 34.7 32.8    
Days Payable Outstanding days     45.6 46.1 54.9 55.4 44.2    
Cash Conversion Cycle days     -12.6 -13.9 -19.5 -18.6 -4.16    
Cash Earnings CZK mil     34.9 25.9 27.5 44.1 46.0    
Free Cash Flow CZK mil ... ... ... ... ... ... -10.9    
other data Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                  
ROA %     2.87 1.73 2.69 4.76 5.07    
Gross Margin %     10.2 10.6 11.4 12.4 12.4    
Employees     347 347 339 321 332    
Cost Per Employee USD per month     1,857 1,693 1,776 1,823 1,629    
Cost Per Employee (Local Currency) CZK per month     32,842 33,112 34,746 38,956 38,886    
Staff Cost (As % Of Total Cost) %     8.32 8.68 8.98 9.44 9.48    
Effective Tax Rate %     22.2 32.3 18.1 20.3 19.6    
Domestic Sales CZK mil     1,557 1,537 1,548 1,584 ... ... ...
Capital Expenditures (As % of Sales) % ... ... ... ... ... ... 1.06    
Revenues From Abroad CZK mil     104 60.7 49.7 44.7 ... ... ...
Revenues From Abroad (As % Of Total) %     6.29 3.80 3.11 2.75 ... ... ...

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NORMA, k.s. is a Czech Republic-based retailer of food, dairy products, meat products, frozen food, wine, fish, alcoholic, and non-alcoholic beverages through grocery stores. The Company was incorporated in 1992 and is based in Prague, Czech Republic.

NORMA Czech Republic Logo

Finance

NORMA Czech Republic has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 33.7% a year during that time to total of CZK 109 mil in 2017, or 5.63% of sales. That’s compared to 3.70% average margin seen in last five years.

The company netted CZK 70.2 mil in 2017 implying ROE of 18.8% and ROCE of 72.8%. Again, the average figures were 11.3% and 47.0%, respectively when looking at the previous 5 years.

NORMA Czech Republic’s net debt amounted to CZK -392 mil at the end of 2017, or -96.2% of equity. When compared to EBITDA, net debt was -3.60x, up when compared to average of -5.00x seen in the last 5 years.