Pivovary Lobkowicz

Pivovary Lobkowicz's Cash & Cash Equivalents fell 64.3% yoy to CZK 19.5 mil in 2016

By Helgi Analytics - April 2, 2020

Pivovary Lobkowicz's total assets reached CZK 2,095 mil at the end of 2016, up 27.7% compared to the previous year. ...

Profit Statement 2014 2015 2016
Sales CZK mil 1,157 1,148 1,176
Gross Profit CZK mil 460 470 164
EBITDA CZK mil 145 115 -20.9
EBIT CZK mil 18.5 -9.14 -96.7
Financing Cost CZK mil 10.1 4.46 9.78
Pre-Tax Profit CZK mil 8.37 -13.6 -106
Net Profit CZK mil -3.66 -21.5 -106
Balance Sheet 2014 2015 2016
Total Assets CZK mil 1,714 1,640 2,095
Non-Current Assets CZK mil 1,235 1,205 1,546
Current Assets CZK mil 479 435 483
Working Capital CZK mil 99.7 106 114
Shareholders' Equity CZK mil 1,130 1,108 1,050
Liabilities CZK mil 584 532 1,044
Total Debt CZK mil 243 239 476
Net Debt CZK mil 198 185 457
Ratios 2014 2015 2016
ROE % -3.72 -1.92 -9.86
ROCE % -0.278 -1.63 -7.17
Gross Margin % 39.8 40.9 13.9
EBITDA Margin % 12.6 10.1 -1.78
EBIT Margin % 1.60 -0.796 -8.22
Net Margin % -0.317 -1.87 -9.05
Net Debt/EBITDA 1.36 1.60 -21.8
Net Debt/Equity % 17.5 16.7 43.5
Cost of Financing % 0.868 1.85 2.73
Cash Flow 2014 2015 2016
Total Cash From Operations CZK mil -13.6 148 11.0
Total Cash From Investing CZK mil 176 -135 82.2
Total Cash From Financing CZK mil -154 -3.36 -126
Net Change In Cash CZK mil 8.40 9.96 -33.2
Cash Conversion Cycle days 3.56 8.94 20.3
Cash Earnings CZK mil 123 103 -30.7
Free Cash Flow CZK mil 163 13.3 93.1

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summary Unit 2010 2011 2012 2013 2014 2015 2016
income statement              
Sales CZK mil ... 1,154 1,208 1,318 1,157    
Gross Profit CZK mil ... 540 554 639 460    
EBIT CZK mil ... -60.2 -0.162 40.8 18.5    
Net Profit CZK mil ... -155 -62.7 -73.8 -3.66    
ROE % ... 51.9 15.2 10.8 -3.72    
EBIT Margin % ... -5.22 -0.013 3.09 1.60    
Net Margin % ... -13.5 -5.19 -5.60 -0.317    
Employees ... ... ... 673 633    
balance sheet              
Total Assets CZK mil 2,203 2,063 1,972 1,868 1,714    
Non-Current Assets CZK mil 1,457 1,380 1,335 1,267 1,235    
Current Assets CZK mil 746 682 637 601 479    
Shareholders' Equity CZK mil -214 -385 -439 -933 1,130    
Liabilities CZK mil 2,417 2,447 2,411 2,801 584    
Non-Current Liabilities CZK mil 1,392 1,502 1,911 206 163    
Current Liabilities CZK mil 1,025 945 500 2,595 421    
Net Debt/EBITDA ... 9.26 8.19 8.81 1.36    
Net Debt/Equity % -669 -399 -449 -220 17.5    
Cost of Financing % ... -5.24 2.35 4.63 0.868    
cash flow              
Total Cash From Operations CZK mil ... 5.55 -335 246 -13.6    
Total Cash From Investing CZK mil ... -120 -108 -319 176    
Total Cash From Financing CZK mil ... 116 453 69.2 -154    
Net Change In Cash CZK mil ... 1.81 11.2 -3.75 8.40    
income statement Unit 2010 2011 2012 2013 2014 2015 2016
income statement              
Sales CZK mil ... 1,154 1,208 1,318 1,157    
Cost of Goods & Services CZK mil ... 614 654 679 697    
Gross Profit CZK mil ... 540 554 639 460    
Staff Cost CZK mil ... 292 278 285 278    
Other Cost CZK mil ... 81.9 35.2 120 36.8    
EBITDA CZK mil ... 166 241 233 145    
Depreciation CZK mil ... 226 241 193 127    
EBIT CZK mil ... -60.2 -0.162 40.8 18.5    
Financing Cost CZK mil ... -80.1 42.4 95.4 10.1    
Extraordinary Cost CZK mil ... 160 0 0.001 0    
Pre-Tax Profit CZK mil ... -140 -42.6 -54.7 8.37    
Tax CZK mil ... 8.74 12.2 15.0 10.3    
Minorities CZK mil ... 6.31 7.91 4.06 1.78    
Net Profit CZK mil ... -155 -62.7 -73.8 -3.66    
growth rates              
Total Revenue Growth % ... ... 4.72 9.12 -12.2    
Operating Cost Growth % ... ... -16.3 29.5 -22.4    
EBITDA Growth % ... ... 45.4 -3.08 -37.7    
EBIT Growth % ... ... -99.7 -25,264 -54.6    
Pre-Tax Profit Growth % ... ... -69.6 28.4 -115    
Net Profit Growth % ... ... -59.6 17.6 -95.0    
ratios              
ROE % ... 51.9 15.2 10.8 -3.72    
ROCE % ... -13.2 -4.58 -5.09 -0.278    
Gross Margin % ... 46.8 45.9 48.5 39.8    
EBITDA Margin % ... 14.4 19.9 17.7 12.6    
EBIT Margin % ... -5.22 -0.013 3.09 1.60    
Net Margin % ... -13.5 -5.19 -5.60 -0.317    
Cost of Financing % ... -5.24 2.35 4.63 0.868    
Net Debt/EBITDA ... 9.26 8.19 8.81 1.36    
balance sheet Unit 2010 2011 2012 2013 2014 2015 2016
balance sheet              
Non-Current Assets CZK mil 1,457 1,380 1,335 1,267 1,235    
Property, Plant & Equipment CZK mil 999 951 907 936 885    
Intangible Assets CZK mil 426 388 338 267 268    
Goodwill CZK mil 426 388 338 249 249    
Current Assets CZK mil 746 682 637 601 479    
Inventories CZK mil 184 182 174 128 124    
Receivables CZK mil 362 339 311 230 234    
Cash & Cash Equivalents CZK mil 44.9 46.7 57.9 36.4 44.8    
Total Assets CZK mil 2,203 2,063 1,972 1,868 1,714    
Shareholders' Equity CZK mil -214 -385 -439 -933 1,130    
Of Which Minority Interest CZK mil 130 113 121 41.4 0    
Liabilities CZK mil 2,417 2,447 2,411 2,801 584    
Non-Current Liabilities CZK mil 1,392 1,502 1,911 206 163    
Long-Term Debt CZK mil 1,361 1,463 1,876 170 126    
Deferred Tax Liabilities CZK mil 29.1 32.4 33.3 28.4 29.6    
Current Liabilities CZK mil 1,025 945 500 2,595 421    
Short-Term Debt CZK mil 115 119 155 1,924 117    
Trade Payables CZK mil 801 754 229 320 258    
Provisions CZK mil 5.48 15.7 12.0 3.67 4.30    
Equity And Liabilities CZK mil 2,203 2,063 1,972 1,868 1,714    
growth rates              
Total Asset Growth % ... -6.39 -4.39 -5.29 -8.21    
Shareholders' Equity Growth % ... 79.9 14.3 112 -221    
Net Debt Growth % ... 7.25 28.5 4.31 -90.4    
Total Debt Growth % ... 7.16 28.4 3.13 -88.4    
ratios              
Total Debt CZK mil 1,476 1,582 2,030 2,094 243    
Net Debt CZK mil 1,431 1,535 1,973 2,058 198    
Working Capital CZK mil -255 -233 257 37.8 99.7    
Capital Employed CZK mil 1,203 1,147 1,592 1,305 1,335    
Net Debt/Equity % -669 -399 -449 -220 17.5    
Cost of Financing % ... -5.24 2.35 4.63 0.868    
cash flow Unit 2010 2011 2012 2013 2014 2015 2016
cash flow              
Net Profit CZK mil ... -155 -62.7 -73.8 -3.66    
Depreciation CZK mil ... 226 241 193 127    
Non-Cash Items CZK mil ... -43.5 -22.6 -92.3 -75.0    
Change in Working Capital CZK mil ... -21.5 -490 219 -61.9    
Total Cash From Operations CZK mil ... 5.55 -335 246 -13.6    
Capital Expenditures CZK mil ... -104 -91.1 -389 -165    
Other Investments CZK mil ... -15.7 -16.5 69.9 341    
Total Cash From Investing CZK mil ... -120 -108 -319 176    
Issuance Of Debt CZK mil ... 106 449 63.5 -1,851    
Total Cash From Financing CZK mil ... 116 453 69.2 -154    
Net Change In Cash CZK mil ... 1.81 11.2 -3.75 8.40    
ratios              
Days Sales Outstanding days ... 107 94.1 63.7 73.7    
Days Sales Of Inventory days ... 108 97.3 68.7 64.8    
Days Payable Outstanding days ... 448 128 172 135    
Cash Conversion Cycle days ... -233 63.7 -39.6 3.56    
Cash Earnings CZK mil ... 70.6 178 119 123    
Free Cash Flow CZK mil ... -114 -442 -72.9 163    
other data Unit 2010 2011 2012 2013 2014 2015 2016
other data              
ROA % ... -7.28 -3.11 -3.84 -0.205    
Gross Margin % ... 46.8 45.9 48.5 39.8    
Employees ... ... ... 673 633    
Cost Per Employee USD per month ... ... ... 1,803 1,712    
Cost Per Employee (Local Currency) CZK per month ... ... ... 35,274 36,594    
Staff Cost (As % Of Total Cost) % ... 24.1 23.0 22.3 24.4    
Effective Tax Rate % ... -6.23 -28.7 -27.5 123    
Capital Expenditures (As % of Sales) % ... 9.02 7.54 29.5 14.3    

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Finance

Pivovary Lobkowicz has been growing its sales by a year on average in the last 5 years. EBITDA has fallen by 113% during that time to total of CZK -20.9 mil in 2016, or -1.78% of sales. That’s compared to 11.7% average margin seen in last five years.

The company netted CZK -106 mil in 2016 implying ROE of -9.86% and ROCE of -7.17%. Again, the average figures were 2.09% and -3.75%, respectively when looking at the previous 5 years.

Pivovary Lobkowicz’s net debt amounted to CZK 457 mil at the end of 2016, or 43.5% of equity. When compared to EBITDA, net debt was -21.8x, down when compared to average of -0.368x seen in the last 5 years.