Pivovar Svijany

Svijany's Cash & Cash Equivalents rose 173% yoy to CZK 55.5 mil in 2016

By Helgi Analytics - April 2, 2020

Pivovar Svijany's total assets reached CZK 963 mil at the end of 2016, up 6.74% compared to the previous year. Cur...

Svijany's Cash & Cash Equivalents rose 173% yoy to CZK 55.5 mil in 2016

By Helgi Analytics - April 2, 2020

Pivovar Svijany's total assets reached CZK 963 mil at the end of 2016, up 6.74% compared to the previous year. Cur...

Profit Statement 2014 2015 2016
Sales CZK mil 1,014 1,101 1,100
Gross Profit CZK mil 326 321 301
EBITDA CZK mil 261 248 228
EBIT CZK mil 216 197 170
Financing Cost CZK mil 4.88 -101 -101
Pre-Tax Profit CZK mil 212 297 270
Net Profit CZK mil 171 258 236
Dividends CZK mil ... 150 ...
Balance Sheet 2014 2015 2016
Total Assets CZK mil 732 902 963
Non-Current Assets CZK mil 528 692 707
Current Assets CZK mil 179 181 220
Working Capital CZK mil 70.6 100 121
Shareholders' Equity CZK mil 572 730 819
Liabilities CZK mil 160 172 143
Total Debt CZK mil 35.0 16.4 8.14
Net Debt CZK mil 21.9 -3.93 -47.3
Ratios 2014 2015 2016
ROE % 35.1 39.7 30.5
ROCE % 30.7 37.1 29.2
Gross Margin % 32.2 29.1 27.4
EBITDA Margin % 25.8 22.6 20.7
EBIT Margin % 21.4 17.9 15.4
Net Margin % 16.8 23.4 21.5
Net Debt/EBITDA 0.084 -0.016 -0.207
Net Debt/Equity % 3.82 -0.539 -5.77
Cost of Financing % 4.36 -392 -822
Cash Flow 2014 2015 2016
Total Cash From Operations CZK mil 248 344 267
Total Cash From Investing CZK mil -113 -217 -72.7
Total Cash From Financing CZK mil -156 -119 -159
Net Change In Cash CZK mil -20.4 7.20 35.1
Cash Conversion Cycle days 27.7 33.2 44.9
Cash Earnings CZK mil 216 310 295
Free Cash Flow CZK mil 135 127 194

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summary Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
income statement                                    
Sales CZK mil ... ... ...                 708 857 1,074 1,086 1,014    
Gross Profit CZK mil ... ... ...                 254 304 361 334 326    
EBIT CZK mil ... ... ...                 196 255 280 233 216    
Net Profit CZK mil ... ... ...                 261 246 211 179 171    
ROE % ... ... ...                 88.6 152 181 57.5 35.1    
EBIT Margin % ... ... ...                 27.7 29.8 26.1 21.5 21.4    
Net Margin % ... ... ...                 36.9 28.8 19.6 16.5 16.8    
Employees                       78.0 104 113 126 123    
balance sheet                                    
Total Assets CZK mil ...                     510 571 733 691 732    
Non-Current Assets CZK mil ...                     297 291 378 460 528    
Current Assets CZK mil ...                     178 237 294 165 179    
Shareholders' Equity CZK mil ...                     313 10.9 222 401 572    
Liabilities CZK mil ...                     197 560 511 290 160    
Non-Current Liabilities CZK mil ...                     9.63 115 83.1 56.7 25.5    
Current Liabilities CZK mil ...                     120 74.7 130 74.7 95.8    
Net Debt/EBITDA ... ... ...                 0.074 1.49 0.766 0.570 0.084    
Net Debt/Equity % ...                     5.27 3,926 107 38.7 3.82    
Cost of Financing % ... ... ...                 -257 -15.9 4.46 4.39 4.36    
cash flow                                    
Total Cash From Operations CZK mil ... ... ... ... ... ... ... ... ... ... ... 196 197 308 207 248    
Total Cash From Investing CZK mil ... ... ... ... ... ... ... ... ... ... ... -51.2 -21.9 -116 -121 -113    
Total Cash From Financing CZK mil ... ... ... ... ... ... ... ... ... ... ... -182 -165 -113 -162 -156    
Net Change In Cash CZK mil ... ... ... ... ... ... ... ... ... ... ... -37.3 10.4 78.9 -75.7 -20.4    
income statement Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
income statement                                    
Sales CZK mil ... ... ...                 708 857 1,074 1,086 1,014    
Cost of Goods & Services CZK mil ... ... ...                 454 552 712 752 688    
Gross Profit CZK mil ... ... ...                 254 304 361 334 326    
Staff Cost CZK mil ... ... ...                 46.0 57.1 71.2 64.7 62.7    
Other Cost CZK mil ... ... ...                 -15.0 -38.7 -20.8 -3.73 1.95    
EBITDA CZK mil ... ... ...                 223 286 311 273 261    
Depreciation CZK mil ... ... ...                 27.2 30.8 31.3 39.3 44.9    
EBIT CZK mil ... ... ...                 196 255 280 233 216    
Financing Cost CZK mil ... ... ...                 -102 -39.0 18.0 11.8 4.88    
Extraordinary Cost CZK mil ... ... ...                 0 -0.001 0 0 0    
Pre-Tax Profit CZK mil ... ... ...                 298 294 262 222 212    
Tax CZK mil ... ... ...                 37.1 47.8 50.9 42.6 40.8    
Minorities CZK mil ... ... ...                 0 0 0 0 0    
Net Profit CZK mil ... ... ...                 261 246 211 179 171    
Dividends CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...   ...
growth rates                                    
Total Revenue Growth % ... ... ... ...               10.4 21.0 25.3 1.14 -6.63    
Operating Cost Growth % ... ... ... ...               -659 -40.7 174 20.9 6.00    
EBITDA Growth % ... ... ... ...               -5.26 28.2 8.76 -12.4 -4.11    
EBIT Growth % ... ... ... ...               -6.82 30.3 9.63 -16.6 -7.20    
Pre-Tax Profit Growth % ... ... ... ...               42.5 -1.31 -11.0 -15.4 -4.47    
Net Profit Growth % ... ... ... ...               55.9 -5.59 -14.4 -15.2 -4.57    
ratios                                    
ROE % ... ... ...                 88.6 152 181 57.5 35.1    
ROCE % ... ... ...                 83.2 67.5 49.9 37.3 30.7    
Gross Margin % ... ... ...                 35.9 35.5 33.7 30.7 32.2    
EBITDA Margin % ... ... ...                 31.5 33.4 29.0 25.1 25.8    
EBIT Margin % ... ... ...                 27.7 29.8 26.1 21.5 21.4    
Net Margin % ... ... ...                 36.9 28.8 19.6 16.5 16.8    
Payout Ratio % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...   ...
Cost of Financing % ... ... ...                 -257 -15.9 4.46 4.39 4.36    
Net Debt/EBITDA ... ... ...                 0.074 1.49 0.766 0.570 0.084    
balance sheet Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
balance sheet                                    
Non-Current Assets CZK mil ...                     297 291 378 460 528    
Property, Plant & Equipment CZK mil ...                     241 239 352 433 480    
Intangible Assets CZK mil ...                     1.28 -0.857 1.03 2.43 2.12    
Current Assets CZK mil ...                     178 237 294 165 179    
Inventories CZK mil ...                     51.7 56.9 72.7 59.4 51.4    
Receivables CZK mil ...                     20.5 71.1 45.7 18.9 57.4    
Cash & Cash Equivalents CZK mil ...                     17.1 30.4 109 33.5 13.1    
Total Assets CZK mil ...                     510 571 733 691 732    
Shareholders' Equity CZK mil ...                     313 10.9 222 401 572    
Of Which Minority Interest CZK mil ...                     0 0 0 0 0    
Liabilities CZK mil ...                     197 560 511 290 160    
Non-Current Liabilities CZK mil ...                     9.63 115 83.1 56.7 25.5    
Long-Term Debt CZK mil ...                     33.6 458 338 136 25.8    
Deferred Tax Liabilities CZK mil ...                     9.60 11.4 16.0 22.1 25.5    
Current Liabilities CZK mil ...                     120 74.7 130 74.7 95.8    
Short-Term Debt CZK mil ...                     0 0 9.15 53.4 9.24    
Trade Payables CZK mil ...                     38.0 19.5 50.1 24.7 38.2    
Provisions CZK mil ...                     31.6 0 0 0 0    
Equity And Liabilities CZK mil ...                     510 571 733 691 732    
growth rates                                    
Total Asset Growth % ... ...                   14.6 12.1 28.3 -5.71 5.87    
Shareholders' Equity Growth % ... ...                   13.4 -96.5 1,937 80.8 42.6    
Net Debt Growth % ... ...                   -291 2,492 -44.3 -34.7 -85.9    
Total Debt Growth % ... ...     ...             -26.7 1,263 -24.1 -45.6 -81.5    
ratios                                    
Total Debt CZK mil ...                     33.6 458 347 189 35.0    
Net Debt CZK mil ...                     16.5 427 238 155 21.9    
Working Capital CZK mil ...                     34.2 109 68.3 53.5 70.6    
Capital Employed CZK mil ...                     331 399 446 513 599    
Net Debt/Equity % ...                     5.27 3,926 107 38.7 3.82    
Cost of Financing % ... ... ...                 -257 -15.9 4.46 4.39 4.36    
cash flow Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
cash flow                                    
Net Profit CZK mil ... ... ...                 261 246 211 179 171    
Depreciation CZK mil ... ... ...                 27.2 30.8 31.3 39.3 44.9    
Non-Cash Items CZK mil ... ... ... ... ... ... ... ... ... ... ... -84.7 -5.42 25.3 -26.1 49.4    
Change in Working Capital CZK mil ... ... ... ... ... ... ... ... ... ... ... -7.21 -74.3 40.2 14.8 -17.2    
Total Cash From Operations CZK mil ... ... ... ... ... ... ... ... ... ... ... 196 197 308 207 248    
Capital Expenditures CZK mil ... ... ... ... ... ... ... ... ... ... ... -65.4 -22.0 -116 -121 -113    
Other Investments CZK mil ... ... ... ... ... ... ... ... ... ... ... 14.2 0.088 0.030 0.049 0.302    
Total Cash From Investing CZK mil ... ... ... ... ... ... ... ... ... ... ... -51.2 -21.9 -116 -121 -113    
Dividends Paid CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...  
Issuance Of Debt CZK mil ... ... ... ... ... ... ... ... ... ... ... -12.2 424 -110 -159 -154    
Total Cash From Financing CZK mil ... ... ... ... ... ... ... ... ... ... ... -182 -165 -113 -162 -156    
Net Change In Cash CZK mil ... ... ... ... ... ... ... ... ... ... ... -37.3 10.4 78.9 -75.7 -20.4    
ratios                                    
Days Sales Outstanding days ... ... ...                 10.6 30.3 15.5 6.34 20.7    
Days Sales Of Inventory days ... ... ...                 41.6 37.6 37.2 28.8 27.3    
Days Payable Outstanding days ... ... ...                 30.6 12.9 25.7 12.0 20.2    
Cash Conversion Cycle days ... ... ...                 21.6 55.0 27.1 23.1 27.7    
Cash Earnings CZK mil ... ... ...                 288 277 242 218 216    
Free Cash Flow CZK mil ... ... ... ... ... ... ... ... ... ... ... 145 175 192 85.8 135    
other data Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
other data                                    
ROA % ... ... ...                 54.7 45.6 32.3 25.1 24.0    
Gross Margin % ... ... ...                 35.9 35.5 33.7 30.7 32.2    
Employees                       78.0 104 113 126 123    
Cost Per Employee USD per month ... ... ...                 2,571 2,585 2,686 2,187 1,987    
Cost Per Employee (Local Currency) CZK per month ... ... ...                 49,143 45,720 52,530 42,786 42,461    
Staff Cost (As % Of Total Cost) % ... ... ...                 8.99 9.49 8.97 7.59 7.86    
Effective Tax Rate % ... ... ...                 12.5 16.3 19.4 19.2 19.3    
Domestic Sales CZK mil ... ... ... ... ...             868 936 1,101 1,085 995   ...
Capital Expenditures (As % of Sales) % ... ... ... ... ... ... ... ... ... ... ... 9.24 2.57 10.8 11.2 11.2    
Revenues From Abroad CZK mil ... ... ... ... ... ... ... ... ... ...   ... ... 1.00 20.6 18.5   ...
Revenues From Abroad (As % Of Total) % ... ... ... ... ... ... ... ... ... ...   ... ... 0.093 1.90 1.83   ...

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Pivovar Svijany is a Czech Republic-based company engaged in the manufacture of beer. With total output of 385,000 hl of beer in 2009, it was the sixth largest brewery in the Czech Republic. The main brands of the brewery are light Kníže and dark Kněžna (13 %), strong Baron (15%) and unfiltered Kvasničák (13%). The portfolio contains also Svijanské Desítka (10%), Svijany Mazu (11%), Rytíř (12%) and non-alcoholic teamster Fitness or beer with reduced sugar content. The brewery is located in a town Svijany, north of Prague

Finance

Pivovar Svijany has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 4.42% a year during that time to total of CZK 228 mil in 2016, or 20.7% of sales. That’s compared to 24.6% average margin seen in last five years.

The company netted CZK 236 mil in 2016 implying ROE of 30.5% and ROCE of 29.2%. Again, the average figures were 68.8% and 36.8%, respectively when looking at the previous 5 years.

Pivovar Svijany’s net debt amounted to CZK -47.3 mil at the end of 2016, or -5.77% of equity. When compared to EBITDA, net debt was -0.207x, down when compared to average of 0.239x seen in the last 5 years.