Plzensky Prazdroj

Prazdroj's Cash & Cash Equivalents fell 86.8% yoy to CZK 43.0 mil in 2017

By Helgi Analytics - April 2, 2020

Plzensky Prazdroj's total assets reached CZK 15,052 mil at the end of 2017, down 4.53% compared to the previous year. ...

Profit Statement 2015 2016 2017
Sales CZK mil 14,586 14,890 12,193
Gross Profit CZK mil 6,834 7,254 6,187
EBITDA CZK mil 5,196 6,628 4,726
EBIT CZK mil 3,694 4,917 3,364
Financing Cost CZK mil 5.00 93.0 97.0
Pre-Tax Profit CZK mil 3,689 4,824 3,267
Net Profit CZK mil 2,957 3,867 2,619
Dividends CZK mil 2,956 3,875 ...
Balance Sheet 2015 2016 2017
Total Assets CZK mil 14,850 15,766 15,052
Non-Current Assets CZK mil 11,297 10,778 10,367
Current Assets CZK mil 2,572 3,982 3,705
Working Capital CZK mil 745 1,791 1,687
Shareholders' Equity CZK mil 4,959 5,881 4,615
Liabilities CZK mil 9,891 9,885 10,437
Total Debt CZK mil 4,003 5,199 5,134
Net Debt CZK mil 3,954 4,873 5,091
Ratios 2015 2016 2017
ROE % 56.5 71.3 49.9
ROCE % 24.0 31.4 21.3
Gross Margin % 46.9 48.7 50.7
EBITDA Margin % 35.6 44.5 38.8
EBIT Margin % 25.3 33.0 27.6
Net Margin % 20.3 26.0 21.5
Net Debt/EBITDA 0.761 0.735 1.08
Net Debt/Equity % 79.7 82.9 110
Cost of Financing % 0.124 2.02 1.88
Cash Flow 2015 2016 2017
Total Cash From Operations CZK mil 4,305 5,930 4,706
Total Cash From Investing CZK mil -1,107 -1,233 -865
Total Cash From Financing CZK mil -3,280 -3,156 -3,875
Net Change In Cash CZK mil -82.0 1,541 -34.0
Cash Conversion Cycle days 7.77 26.9 23.3
Cash Earnings CZK mil 4,459 5,578 3,981
Free Cash Flow CZK mil 3,198 4,697 3,841

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summary Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                    
Sales CZK mil                       14,029 13,869 13,577 14,285 14,586    
Gross Profit CZK mil                       6,861 6,589 6,449 6,447 6,834    
EBIT CZK mil                       4,113 3,590 3,685 3,542 3,694    
Net Profit CZK mil                       1,804 2,816 2,906 2,864 2,957    
ROE %                       17.4 35.4 52.4 52.0 56.5    
EBIT Margin %                       29.3 25.9 27.1 24.8 25.3    
Net Margin %                       12.9 20.3 21.4 20.0 20.3    
Employees                       2,170 2,044 1,984 1,968 1,959    
balance sheet                                    
Total Assets CZK mil                       17,075 16,360 14,938 15,312 14,850    
Non-Current Assets CZK mil                       13,036 12,387 11,940 11,590 11,297    
Current Assets CZK mil                       2,906 2,934 2,043 2,740 2,572    
Shareholders' Equity CZK mil                       10,344 5,575 5,515 5,503 4,959    
Liabilities CZK mil                       6,731 10,785 9,423 9,809 9,891    
Non-Current Liabilities CZK mil                       1,309 1,219 5,005 4,939 4,866    
Current Liabilities CZK mil                       2,833 9,291 4,015 4,533 4,764    
Net Debt/EBITDA                       0.504 1.47 0.769 0.789 0.761    
Net Debt/Equity %                       26.8 130 71.9 72.3 79.7    
Cost of Financing % ...                     2.41 2.15 1.72 0.622 0.124    
cash flow                                    
Total Cash From Operations CZK mil                       4,931 4,454 4,751 4,696 4,305    
Total Cash From Investing CZK mil                       -901 -735 -782 -1,007 -1,107    
Total Cash From Financing CZK mil                       -4,500 -1,300 -4,490 -3,520 -3,280    
Net Change In Cash CZK mil                       -471 2,419 -521 169 -82.0    
income statement Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                    
Sales CZK mil                       14,029 13,869 13,577 14,285 14,586    
Cost of Goods & Services CZK mil                       7,168 7,280 7,128 7,838 7,752    
Gross Profit CZK mil                       6,861 6,589 6,449 6,447 6,834    
Staff Cost CZK mil                       1,493 1,392 1,317 1,487 1,592    
Other Cost CZK mil                       -128 275 -28.0 -77.0 46.0    
EBITDA CZK mil                       5,496 4,922 5,160 5,037 5,196    
Depreciation CZK mil                       1,383 1,332 1,475 1,495 1,502    
EBIT CZK mil                       4,113 3,590 3,685 3,542 3,694    
Financing Cost CZK mil                       68.5 109 97.0 25.0 5.00    
Extraordinary Cost CZK mil                       0 0 0 0 0    
Pre-Tax Profit CZK mil                       4,044 3,481 3,588 3,517 3,689    
Tax CZK mil                       436 656 682 653 732    
Minorities CZK mil                       0 0 0 0 0    
Net Profit CZK mil                       1,804 2,816 2,906 2,864 2,957    
Dividends CZK mil                       7,600 2,840 2,970 3,380 2,956   ...
growth rates                                    
Total Revenue Growth % ...                     0 -1.14 -2.11 5.21 2.11    
Operating Cost Growth % ...                     0 22.1 -22.7 9.39 16.2    
EBITDA Growth % ...                     0 -10.4 4.84 -2.38 3.16    
EBIT Growth % ...                     0 -12.7 2.65 -3.88 4.29    
Pre-Tax Profit Growth % ...                     0 -13.9 3.07 -1.98 4.89    
Net Profit Growth % ...                     0 56.1 3.20 -1.45 3.25    
ratios                                    
ROE %                       17.4 35.4 52.4 52.0 56.5    
ROCE % ...                     12.3 19.6 21.6 22.5 24.0    
Gross Margin %                       48.9 47.5 47.5 45.1 46.9    
EBITDA Margin %                       39.2 35.5 38.0 35.3 35.6    
EBIT Margin %                       29.3 25.9 27.1 24.8 25.3    
Net Margin %                       12.9 20.3 21.4 20.0 20.3    
Payout Ratio %                       421 101 102 118 100.0   ...
Cost of Financing % ...                     2.41 2.15 1.72 0.622 0.124    
Net Debt/EBITDA                       0.504 1.47 0.769 0.789 0.761    
balance sheet Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
balance sheet                                    
Non-Current Assets CZK mil                       13,036 12,387 11,940 11,590 11,297    
Property, Plant & Equipment CZK mil                       12,030 11,369 11,009 10,411 10,059    
Intangible Assets CZK mil                       995 1,007 920 1,168 1,227    
Current Assets CZK mil                       2,906 2,934 2,043 2,740 2,572    
Inventories CZK mil                       1,724 1,621 1,164 1,047 1,115    
Receivables CZK mil                       822 1,000 652 1,252 1,238    
Cash & Cash Equivalents CZK mil                       80.0 44.0 32.0 59.0 49.0    
Total Assets CZK mil                       17,075 16,360 14,938 15,312 14,850    
Shareholders' Equity CZK mil                       10,344 5,575 5,515 5,503 4,959    
Of Which Minority Interest CZK mil                       0 0 0 0 0    
Liabilities CZK mil                       6,731 10,785 9,423 9,809 9,891    
Non-Current Liabilities CZK mil                       1,309 1,219 5,005 4,939 4,866    
Long-Term Debt CZK mil                       92.0 155 4,000 4,000 4,000    
Deferred Tax Liabilities CZK mil                       1,126 1,064 1,005 939 866    
Current Liabilities CZK mil                       2,833 9,291 4,015 4,533 4,764    
Short-Term Debt CZK mil                       2,756 7,134 0 35.0 3.00    
Trade Payables CZK mil                       888 995 883 1,338 1,608    
Provisions CZK mil                       214 260 402 301 256    
Equity And Liabilities CZK mil                       17,075 16,360 14,938 15,312 14,850    
growth rates                                    
Total Asset Growth % ...                     0 -4.19 -8.69 2.50 -3.02    
Shareholders' Equity Growth % ...                     0 -46.1 -1.08 -0.218 -9.89    
Net Debt Growth % ...                     0 162 -45.2 0.202 -0.553    
Total Debt Growth % ...                     0 156 -45.1 0.875 -0.793    
ratios                                    
Total Debt CZK mil                       2,848 7,289 4,000 4,035 4,003    
Net Debt CZK mil                       2,768 7,245 3,968 3,976 3,954    
Working Capital CZK mil                       1,658 1,626 933 961 745    
Capital Employed CZK mil                       14,694 14,013 12,873 12,551 12,042    
Net Debt/Equity %                       26.8 130 71.9 72.3 79.7    
Cost of Financing % ...                     2.41 2.15 1.72 0.622 0.124    
cash flow Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
cash flow                                    
Net Profit CZK mil                       1,804 2,816 2,906 2,864 2,957    
Depreciation CZK mil                       1,383 1,332 1,475 1,495 1,502    
Non-Cash Items CZK mil ...                     1,744 274 -323 365 -370    
Change in Working Capital CZK mil ...                     0 32.0 693 -28.0 216    
Total Cash From Operations CZK mil                       4,931 4,454 4,751 4,696 4,305    
Capital Expenditures CZK mil                       -946 -750 -807 -1,077 -1,151    
Other Investments CZK mil                       44.5 15.0 25.0 70.0 44.0    
Total Cash From Investing CZK mil                       -901 -735 -782 -1,007 -1,107    
Dividends Paid CZK mil ...                     -4,500 -7,600 -2,840 -2,970 -3,380    
Issuance Of Shares CZK mil ... ... ... ... ... ... ... ... ...     0 0 0 0 0    
Issuance Of Debt CZK mil ...                     0 4,441 -3,289 35.0 -32.0    
Total Cash From Financing CZK mil                       -4,500 -1,300 -4,490 -3,520 -3,280    
Net Change In Cash CZK mil                       -471 2,419 -521 169 -82.0    
ratios                                    
Days Sales Outstanding days                       21.4 26.3 17.5 32.0 31.0    
Days Sales Of Inventory days                       87.8 81.3 59.6 48.8 52.5    
Days Payable Outstanding days                       45.2 49.9 45.2 62.3 75.7    
Cash Conversion Cycle days                       64.0 57.7 31.9 18.4 7.77    
Cash Earnings CZK mil                       3,187 4,148 4,381 4,359 4,459    
Free Cash Flow CZK mil                       4,030 3,719 3,969 3,689 3,198    
other data Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                                    
ROA %                       10.6 16.8 18.6 18.9 19.6    
Gross Margin %                       48.9 47.5 47.5 45.1 46.9    
Employees                       2,170 2,044 1,984 1,968 1,959    
Cost Per Employee USD per month                       3,242 2,901 2,827 2,946 2,837    
Cost Per Employee (Local Currency) CZK per month                       57,335 56,752 55,318 62,966 67,722    
Staff Cost (As % Of Total Cost) %                       15.1 13.5 13.3 13.8 14.6    
Effective Tax Rate %                       10.8 18.8 19.0 18.6 19.8    
Domestic Sales CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... 11,590 12,157 12,931    
Capital Expenditures (As % of Sales) %                       6.74 5.41 5.94 7.54 7.89    
Revenues From Abroad CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... 942 1,033 1,655    
Revenues From Abroad (As % Of Total) % ... ... ... ... ... ... ... ... ... ... ... ... ... 6.94 7.23 11.3    
Sales from Beer CZK mil                       12,983 12,945 12,532 13,190 13,752 ... ...
Other Sales CZK mil                       32.0 38.0 717 748 691 ... ...

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Plzeňský Prazdroj (Pilsner Urquell Brewery) is a brewery in Plzeň, the Bohemian city which is known as the birthplace of the Pilsener beer style in general. Plzeňský Prazdroj exports beer to more than fifty countries all over the world. The history Plzensky Prazdroj brewery and its beer begins in 1839, when the licensed brewers of the city of Pilsen decided to establish new brewery. The first brew and the introduction of new fermentation method were entrusted to brewer Josef Groll. On the fifth of October 1842 the first Pilsen bottom-fermented pale lager was brewed. This became the prototype for all other beers of the Pils type. The Company is a member of the SABMiller plc

Finance

Plzensky Prazdroj has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 0.8090000000000001% a year during that time to total of CZK 4,726 mil in 2017, or 38.8% of sales. That’s compared to 38.4% average margin seen in last five years.

The company netted CZK 2,619 mil in 2017 implying ROE of 49.9% and ROCE of 21.3%. Again, the average figures were 56.4% and 24.2%, respectively when looking at the previous 5 years.

Plzensky Prazdroj’s net debt amounted to CZK 5,091 mil at the end of 2017, or 110% of equity. When compared to EBITDA, net debt was 1.08x, up when compared to average of 0.826x seen in the last 5 years.