PHOENIX Lekarensky Velkoobchod

PHOENIX's Cash & Cash Equivalents rose 9.61% yoy to CZK 78.7 mil in 2017

By Helgi Analytics - April 2, 2020

PHOENIX Lekarensky Velkoobchod's total assets reached CZK 10,401 mil at the end of 2017, up 6.87% compared to the previous year....

Profit Statement 2015 2016 2017
Sales CZK mil 22,946 24,133 23,446
Gross Profit CZK mil 702 748 743
EBITDA CZK mil 333 360 332
EBIT CZK mil 295 315 282
Financing Cost CZK mil 121 7.90 -35.4
Pre-Tax Profit CZK mil 174 307 318
Net Profit CZK mil 139 259 273
Dividends CZK mil 216 224 ...
Balance Sheet 2015 2016 2017
Total Assets CZK mil 8,990 9,733 10,401
Non-Current Assets CZK mil 2,605 2,608 2,656
Current Assets CZK mil 6,381 7,122 7,740
Working Capital CZK mil 800 2,135 1,982
Shareholders' Equity CZK mil 2,134 2,177 2,228
Liabilities CZK mil 6,856 7,556 8,173
Total Debt CZK mil 1,200 1,834 1,833
Net Debt CZK mil 1,112 1,762 1,754
Ratios 2015 2016 2017
ROE % 6.37 12.0 12.4
ROCE % 4.30 6.35 5.81
Gross Margin % 3.06 3.10 3.17
EBITDA Margin % 1.45 1.49 1.42
EBIT Margin % 1.28 1.30 1.20
Net Margin % 0.607 1.07 1.16
Net Debt/EBITDA 3.34 4.89 5.29
Net Debt/Equity % 52.1 80.9 78.7
Cost of Financing % 11.3 0.521 -1.93
Cash Flow 2015 2016 2017
Total Cash From Operations CZK mil ... 143 252
Total Cash From Investing CZK mil ... -568 -20.8
Total Cash From Financing CZK mil ... 409 -224
Net Change In Cash CZK mil ... -15.8 6.90
Cash Conversion Cycle days 11.3 30.9 29.2
Cash Earnings CZK mil 178 304 322
Free Cash Flow CZK mil ... -425 231

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summary Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                  
Sales CZK mil     25,001 23,934 22,866 23,289 22,946    
Gross Profit CZK mil     745 728 715 725 702    
EBIT CZK mil     365 359 364 351 295    
Net Profit CZK mil     209 216 220 185 139    
ROE %     8.85 9.84 9.70 8.13 6.37    
EBIT Margin %     1.46 1.50 1.59 1.51 1.28    
Net Margin %     0.836 0.901 0.961 0.793 0.607    
Employees     666 668 675 709 ...    
balance sheet                  
Total Assets CZK mil     9,041 8,501 9,525 8,884 8,990    
Non-Current Assets CZK mil     2,542 2,504 2,522 2,537 2,605    
Current Assets CZK mil     6,495 5,991 7,004 6,343 6,381    
Shareholders' Equity CZK mil     2,156 2,229 2,301 2,241 2,134    
Liabilities CZK mil     6,885 6,272 7,224 6,642 6,856    
Non-Current Liabilities CZK mil     1,529 17.8 19.9 27.4 27.6    
Current Liabilities CZK mil     5,343 6,244 7,186 6,561 6,798    
Net Debt/EBITDA     5.16 1.58 2.85 2.23 3.34    
Net Debt/Equity %     99.4 29.2 49.5 38.5 52.1    
Cost of Financing % ...   4.64 5.76 9.27 11.0 11.3    
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 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                  
Sales CZK mil     25,001 23,934 22,866 23,289 22,946    
Cost of Goods & Services CZK mil     24,256 23,206 22,151 22,564 22,244    
Gross Profit CZK mil     745 728 715 725 702    
Staff Cost CZK mil     293 292 294 321 339    
Other Cost CZK mil     37.0 25.7 21.4 18.4 30.2    
EBITDA CZK mil     415 411 400 386 333    
Depreciation CZK mil     50.6 51.2 35.5 35.0 38.4    
EBIT CZK mil     365 359 364 351 295    
Financing Cost CZK mil     93.4 82.8 89.0 117 121    
Extraordinary Cost CZK mil     0 0 -0.351 -0.012 0    
Pre-Tax Profit CZK mil     271 277 275 234 174    
Tax CZK mil     62.4 60.9 55.8 49.1 34.8    
Minorities CZK mil     0 0 0 0 0    
Net Profit CZK mil     209 216 220 185 139    
Dividends CZK mil ... ... ... ... ... ... 216   ...
growth rates                  
Total Revenue Growth % ...   -2.29 -4.27 -4.46 1.85 -1.47    
Operating Cost Growth % ...   -1.20 -3.69 -0.617 7.45 8.79    
EBITDA Growth % ...   -0.568 -1.16 -2.66 -3.39 -13.7    
EBIT Growth % ...   0.214 -1.49 1.34 -3.59 -16.0    
Pre-Tax Profit Growth % ...   -1.42 1.90 -0.376 -15.1 -25.5    
Net Profit Growth % ...   -0.320 3.18 1.89 -15.9 -24.5    
ratios                  
ROE %     8.85 9.84 9.70 8.13 6.37    
ROCE % ...   5.04 6.47 8.12 6.27 4.30    
Gross Margin %     2.98 3.04 3.13 3.11 3.06    
EBITDA Margin %     1.66 1.72 1.75 1.66 1.45    
EBIT Margin %     1.46 1.50 1.59 1.51 1.28    
Net Margin %     0.836 0.901 0.961 0.793 0.607    
Payout Ratio % ... ... ... ... ... ... 155   ...
Cost of Financing % ...   4.64 5.76 9.27 11.0 11.3    
Net Debt/EBITDA     5.16 1.58 2.85 2.23 3.34    
balance sheet Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017
balance sheet                  
Non-Current Assets CZK mil     2,542 2,504 2,522 2,537 2,605    
Property, Plant & Equipment CZK mil     810 791 810 825 894    
Intangible Assets CZK mil     2.96 1.03 1.66 2.28 2.70    
Current Assets CZK mil     6,495 5,991 7,004 6,343 6,381    
Inventories CZK mil     1,912 1,817 2,080 1,973 2,096    
Receivables CZK mil     4,140 3,682 3,575 3,705 3,738    
Cash & Cash Equivalents CZK mil     25.1 59.3 73.3 65.1 87.6    
Total Assets CZK mil     9,041 8,501 9,525 8,884 8,990    
Shareholders' Equity CZK mil     2,156 2,229 2,301 2,241 2,134    
Of Which Minority Interest CZK mil     0 0 0 0 0    
Liabilities CZK mil     6,885 6,272 7,224 6,642 6,856    
Non-Current Liabilities CZK mil     1,529 17.8 19.9 27.4 27.6    
Long-Term Debt CZK mil     1,517 1.81 4.07 6.19 0    
Deferred Tax Liabilities CZK mil     11.8 16.0 15.8 21.2 22.8    
Current Liabilities CZK mil     5,343 6,244 7,186 6,561 6,798    
Short-Term Debt CZK mil     650 708 1,207 922 1,200    
Trade Payables CZK mil     4,516 5,411 5,356 5,144 5,034    
Provisions CZK mil     10.2 9.21 7.05 13.6 15.9    
Equity And Liabilities CZK mil     9,041 8,501 9,525 8,884 8,990    
growth rates                  
Total Asset Growth % ...   -0.015 -5.97 12.0 -6.74 1.19    
Shareholders' Equity Growth % ...   -16.1 3.42 3.23 -2.60 -4.79    
Net Debt Growth % ...   26.1 -69.6 75.0 -24.2 29.0    
Total Debt Growth % ...   16.6 -67.3 70.7 -23.4 29.4    
ratios                  
Total Debt CZK mil     2,167 710 1,211 928 1,200    
Net Debt CZK mil     2,142 650 1,138 863 1,112    
Working Capital CZK mil     1,536 87.3 299 534 800    
Capital Employed CZK mil     4,078 2,591 2,821 3,070 3,406    
Net Debt/Equity %     99.4 29.2 49.5 38.5 52.1    
Cost of Financing % ...   4.64 5.76 9.27 11.0 11.3    
cash flow Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017
cash flow                  
Net Profit CZK mil     209 216 220 185 139    
Depreciation CZK mil     50.6 51.2 35.5 35.0 38.4    
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     60.4 56.1 57.1 58.1 59.5    
Days Sales Of Inventory days     28.8 28.6 34.3 31.9 34.4    
Days Payable Outstanding days     68.0 85.1 88.3 83.2 82.6    
Cash Conversion Cycle days     21.3 -0.388 3.08 6.77 11.3    
Cash Earnings CZK mil     260 267 255 220 178    
Free Cash Flow CZK mil ... ... ... ... ... ... ...    
other data Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                  
ROA %     2.31 2.46 2.44 2.01 1.56    
Gross Margin %     2.98 3.04 3.13 3.11 3.06    
Employees     666 668 675 709 ...    
Cost Per Employee USD per month     2,071 1,861 1,856 1,764 ...    
Cost Per Employee (Local Currency) CZK per month     36,632 36,408 36,320 37,703 ...    
Staff Cost (As % Of Total Cost) %     1.19 1.24 1.31 1.40 1.50    
Effective Tax Rate %     23.0 22.0 20.2 21.0 20.0    
Domestic Sales CZK mil ... ... 24,903 23,806 22,746 23,159 ... ... ...
Capital Expenditures (As % of Sales) % ... ... ... ... ... ... ...    
Revenues From Abroad CZK mil ... ... 97.9 129 121 130 ... ... ...
Revenues From Abroad (As % Of Total) % ... ... 0.392 0.537 0.528 0.559 ... ... ...

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Phoenix Lekárenský Velkoobchod, a.s. is a Czech Republic-based pharmaceutical distributor. With a market share of nearly 40%, the Company is clearly the leader on the Czech wholesale pharmaceutical market. The Company operates six warehouses throughout the Czech Republic (Praha, Brno, Ostrava, Plzeň, Vysoké Mýto, Ševětín). The Company supplies pharmacies and hospitals with pharmaceutical products, offers warehouse services to pharmaceutical producers and runs a network of its own pharmacies through its subsidiary BENU Česká republika. Phoenix Lekarensky Velkoobchod operates as a subsidiary of PHOENIX Pharmahandel Aktiengesellschaft & Co. KG.

PHOENIX Lekarensky Velkoobchod Logo

Finance

PHOENIX Lekarensky Velkoobchod has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 4.17% a year during that time to total of CZK 332 mil in 2017, or 1.42% of sales. That’s compared to 1.55% average margin seen in last five years.

The company netted CZK 273 mil in 2017 implying ROE of 12.4% and ROCE of 5.81%. Again, the average figures were 9.72% and 6.17%, respectively when looking at the previous 5 years.

PHOENIX Lekarensky Velkoobchod’s net debt amounted to CZK 1,754 mil at the end of 2017, or 78.7% of equity. When compared to EBITDA, net debt was 5.29x, up when compared to average of 3.72x seen in the last 5 years.