Pivovar Zubr

Pivovar Zubr's Cash & Cash Equivalents rose 3.42% yoy to CZK 23.9 mil in 2016

By Helgi Analytics - April 2, 2020

Pivovar Zubr's total assets reached CZK 631 mil at the end of 2016, up 1.54% compared to the previous year. Curren...

Profit Statement 2014 2015 2016
Sales CZK mil 486 553 612
Gross Profit CZK mil 85.1 102 105
EBITDA CZK mil 21.6 37.7 41.8
EBIT CZK mil -11.8 2.83 4.73
Financing Cost CZK mil -1.09 1.67 1.77
Pre-Tax Profit CZK mil -10.7 1.15 2.95
Net Profit CZK mil -9.21 0.210 -1.17
Dividends CZK mil 0 0 ...
Balance Sheet 2014 2015 2016
Total Assets CZK mil 645 622 631
Non-Current Assets CZK mil 335 324 326
Current Assets CZK mil 248 236 239
Working Capital CZK mil 113 131 126
Shareholders' Equity CZK mil 422 423 363
Liabilities CZK mil 223 199 268
Total Debt CZK mil 77.7 69.4 73.5
Net Debt CZK mil 61.2 46.3 49.5
Ratios 2014 2015 2016
ROE % -2.15 0.050 -0.299
ROCE % -1.99 0.047 -0.259
Gross Margin % 17.5 18.4 17.2
EBITDA Margin % 4.45 6.82 6.83
EBIT Margin % -2.43 0.511 0.772
Net Margin % -1.90 0.038 -0.192
Net Debt/EBITDA 2.83 1.23 1.19
Net Debt/Equity % 14.5 10.9 13.7
Cost of Financing % -1.53 2.28 2.48
Cash Flow 2014 2015 2016
Total Cash From Operations CZK mil ... 33.3 103
Total Cash From Investing CZK mil ... -24.1 -39.9
Total Cash From Financing CZK mil ... -2.96 -62.5
Net Change In Cash CZK mil ... 6.26 0.792
Cash Conversion Cycle days 71.2 79.7 68.7
Cash Earnings CZK mil 24.2 35.1 35.9
Free Cash Flow CZK mil ... 9.22 63.3

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summary Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
income statement                    
Sales CZK mil       448 404 450 520 486    
Gross Profit CZK mil       114 99.9 111 111 85.1    
EBIT CZK mil       14.3 6.32 17.5 17.7 -11.8    
Net Profit CZK mil       11.1 -1.13 15.2 17.7 -9.21    
ROE %       2.87 -0.287 3.76 4.17 -2.15    
EBIT Margin %       3.20 1.56 3.89 3.41 -2.43    
Net Margin %       2.46 -0.280 3.38 3.40 -1.90    
Employees       168 158 145 139 136    
balance sheet                    
Total Assets CZK mil       598 594 586 593 645    
Non-Current Assets CZK mil       386 415 369 371 335    
Current Assets CZK mil       153 133 174 192 248    
Shareholders' Equity CZK mil       390 397 412 435 422    
Liabilities CZK mil       208 197 174 158 223    
Non-Current Liabilities CZK mil       73.5 71.0 38.2 16.8 17.9    
Current Liabilities CZK mil       167 155 62.6 106 183    
Net Debt/EBITDA       1.86 1.39 0.123 0.321 2.83    
Net Debt/Equity %       22.4 13.2 1.57 3.73 14.5    
Cost of Financing % ...     4.66 1.27 4.58 -10.2 -1.53    
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 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
income statement                    
Sales CZK mil       448 404 450 520 486    
Cost of Goods & Services CZK mil       334 304 338 409 401    
Gross Profit CZK mil       114 99.9 111 111 85.1    
Staff Cost CZK mil       59.6 55.8 55.7 53.8 55.9    
Other Cost CZK mil       7.59 6.48 3.33 6.68 7.60    
EBITDA CZK mil       46.8 37.6 52.4 50.5 21.6    
Depreciation CZK mil       32.5 31.3 35.0 32.8 33.4    
EBIT CZK mil       14.3 6.32 17.5 17.7 -11.8    
Financing Cost CZK mil       3.49 1.18 2.28 -4.77 -1.09    
Extraordinary Cost CZK mil       0 0 0 0 0    
Pre-Tax Profit CZK mil       10.8 5.15 15.2 22.5 -10.7    
Tax CZK mil       -0.205 6.28 0 4.82 -1.53    
Minorities CZK mil       0 0 0 0 0    
Net Profit CZK mil       11.1 -1.13 15.2 17.7 -9.21    
Dividends CZK mil ... ... ... ... ... ... ... 0   ...
growth rates                    
Total Revenue Growth % ...     9.59 -9.87 11.3 15.7 -6.68    
Operating Cost Growth % ...     47.8 -7.28 -5.26 2.51 4.86    
EBITDA Growth % ...     -7.22 -19.7 39.5 -3.65 -57.2    
EBIT Growth % ...     -8.39 -55.9 177 1.31 -167    
Pre-Tax Profit Growth % ...     -26.0 -52.6 196 47.9 -148    
Net Profit Growth % ...     -2.16 -110 -1,446 16.2 -152    
ratios                    
ROE %       2.87 -0.287 3.76 4.17 -2.15    
ROCE % ...     2.63 -0.240 3.17 3.72 -1.99    
Gross Margin %       25.4 24.7 24.8 21.3 17.5    
EBITDA Margin %       10.4 9.31 11.7 9.71 4.45    
EBIT Margin %       3.20 1.56 3.89 3.41 -2.43    
Net Margin %       2.46 -0.280 3.38 3.40 -1.90    
Payout Ratio % ... ... ... ... ... ... ... 0   ...
Cost of Financing % ...     4.66 1.27 4.58 -10.2 -1.53    
Net Debt/EBITDA       1.86 1.39 0.123 0.321 2.83    
balance sheet Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
balance sheet                    
Non-Current Assets CZK mil       386 415 369 371 335    
Property, Plant & Equipment CZK mil       332 367 328 320 313    
Intangible Assets CZK mil       0.069 0.877 0.695 0.528 0.372    
Current Assets CZK mil       153 133 174 192 248    
Inventories CZK mil       23.3 23.2 27.8 29.1 25.9    
Receivables CZK mil       99.8 88.5 120 110 201    
Cash & Cash Equivalents CZK mil       27.1 18.1 22.8 48.2 16.6    
Total Assets CZK mil       598 594 586 593 645    
Shareholders' Equity CZK mil       390 397 412 435 422    
Of Which Minority Interest CZK mil       0 0 0 0 0    
Liabilities CZK mil       208 197 174 158 223    
Non-Current Liabilities CZK mil       73.5 71.0 38.2 16.8 17.9    
Long-Term Debt CZK mil       60.0 52.0 19.2 6.90 9.00    
Deferred Tax Liabilities CZK mil       13.5 19.0 19.0 16.8 15.2    
Current Liabilities CZK mil       167 155 62.6 106 183    
Short-Term Debt CZK mil       54.3 18.5 10.0 57.5 68.7    
Trade Payables CZK mil       54.1 41.8 41.9 34.8 113    
Provisions CZK mil       0 0 0 0 0    
Equity And Liabilities CZK mil       598 594 586 593 645    
growth rates                    
Total Asset Growth % ...     19.8 -0.681 -1.41 1.28 8.63    
Shareholders' Equity Growth % ...     2.91 1.75 3.76 5.64 -3.00    
Net Debt Growth % ...     250 -39.9 -87.7 151 277    
Total Debt Growth % ...     221 -38.3 -58.5 120 20.7    
ratios                    
Total Debt CZK mil       114 70.5 29.2 64.4 77.7    
Net Debt CZK mil       87.2 52.4 6.47 16.2 61.2    
Working Capital CZK mil       69.1 70.0 106 105 113    
Capital Employed CZK mil       455 485 475 476 448    
Net Debt/Equity %       22.4 13.2 1.57 3.73 14.5    
Cost of Financing % ...     4.66 1.27 4.58 -10.2 -1.53    
cash flow Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
cash flow                    
Net Profit CZK mil       11.1 -1.13 15.2 17.7 -9.21    
Depreciation CZK mil       32.5 31.3 35.0 32.8 33.4    
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       81.3 80.0 97.7 77.3 151    
Days Sales Of Inventory days       25.5 27.9 30.0 25.9 23.6    
Days Payable Outstanding days       59.1 50.1 45.2 31.0 103    
Cash Conversion Cycle days       47.7 57.8 82.5 72.2 71.2    
Cash Earnings CZK mil       43.6 30.2 50.2 50.5 24.2    
Free Cash Flow CZK mil ... ... ... ... ... ... ... ...    
other data Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
other data                    
ROA %       2.01 -0.189 2.58 3.00 -1.49    
Gross Margin %       25.4 24.7 24.8 21.3 17.5    
Employees       168 158 145 139 136    
Cost Per Employee USD per month       1,547 1,665 1,637 1,650 1,601    
Cost Per Employee (Local Currency) CZK per month       29,568 29,446 32,013 32,273 34,227    
Staff Cost (As % Of Total Cost) %       13.7 14.0 12.9 10.7 11.2    
Effective Tax Rate %       -1.89 122 0 21.4 14.2    
Capital Expenditures (As % of Sales) % ... ... ... ... ... ... ... ...    

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Finance

Pivovar Zubr has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 2.13% a year during that time to total of CZK 41.8 mil in 2016, or 6.83% of sales. That’s compared to 7.89% average margin seen in last five years.

The company netted CZK -1.17 mil in 2016 implying ROE of -0.299% and ROCE of -0.259%. Again, the average figures were 1.11% and 0.936%, respectively when looking at the previous 5 years.

Pivovar Zubr’s net debt amounted to CZK 49.5 mil at the end of 2016, or 13.7% of equity. When compared to EBITDA, net debt was 1.19x, up when compared to average of 1.14x seen in the last 5 years.