Podravka

Profit Statement 2013 2014 2015
Sales HRK mil 3,501 3,412 3,986
Gross Profit HRK mil 1,477 1,444 1,517
EBITDA HRK mil 349 314 457
EBIT HRK mil 187 179 308
Financing Cost HRK mil 61.2 51.3 58.2
Pre-Tax Profit HRK mil 126 128 242
Net Profit HRK mil 123 116 398
Dividends HRK mil 0 0 ...
Balance Sheet 2013 2014 2015
Total Assets HRK mil 3,458 3,509 4,946
Non-Current Assets HRK mil 1,518 1,531 2,498
Current Assets HRK mil 1,940 1,978 2,447
Working Capital HRK mil 1,121 1,095 1,354
Shareholders' Equity HRK mil 1,657 1,749 2,751
Liabilities HRK mil 1,801 1,760 2,195
Total Debt HRK mil 1,066 1,077 1,219
Net Debt HRK mil 887 857 926
Ratios 2013 2014 2015
ROE % 7.53 6.79 17.7
ROCE % 4.39 4.39 12.3
Gross Margin % 42.2 42.3 38.1
EBITDA Margin % 9.96 9.19 11.5
EBIT Margin % 5.34 5.24 7.74
Net Margin % 3.50 3.39 9.99
Net Debt/EBITDA 2.54 2.73 2.03
Net Debt/Equity 0.535 0.490 0.337
Cost of Financing % 5.41 4.79 5.07
Valuation 2013 2014 2015
Market Capitalisation USD mil 244 242 281
Enterprise Value (EV) USD mil 404 377 428
Number Of Shares mil 5.29 5.25 5.29
Share Price HRK 255 292 337
EV/EBITDA 6.62 7.13 5.55
EV/Sales 0.659 0.656 0.636
Price/Earnings (P/E) 11.0 13.3 4.48
Price/Book Value (P/BV) 0.813 0.877 0.648
Dividend Yield % 0 0 ...

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summary Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                
Sales HRK mil                   3,587 3,522 3,625 3,483 3,501    
Gross Profit HRK mil                   1,445 1,447 1,429 1,381 1,477    
EBIT HRK mil                   165 243 200 137 187    
Net Profit HRK mil                   -288 84.2 69.3 19.1 123    
ROE %                   -16.0 5.16 4.16 1.16 7.53    
EBIT Margin %                   4.61 6.89 5.53 3.92 5.34    
Net Margin %                   -8.03 2.39 1.91 0.550 3.50    
balance sheet                                
Total Assets HRK mil                   4,137 4,008 3,855 3,618 3,458    
Non-Current Assets HRK mil                   2,135 2,065 1,950 1,786 1,518    
Current Assets HRK mil                   2,001 1,943 1,905 1,897 1,940    
Shareholders' Equity HRK mil                   1,632 1,635 1,696 1,596 1,657    
Liabilities HRK mil                   2,505 2,373 2,159 2,022 1,801    
Non-Current Liabilities HRK mil                   826 967 939 780 662    
Current Liabilities HRK mil                   1,679 1,406 1,220 1,210 1,139    
Net Debt/EBITDA                   4.50 3.42 3.46 3.72 2.54    
Net Debt/Equity                   0.888 0.832 0.730 0.677 0.535    
Cost of Financing % ...                 5.82 6.15 6.91 5.67 5.41    
cash flow                                
Total Cash From Operations HRK mil ...                 183 206 163 248 292    
Total Cash From Investing HRK mil ...                 54.1 -71.0 -13.6 -84.3 -95.6    
Total Cash From Financing HRK mil ...                 -511 -128 -155 -192 -135    
Net Change In Cash HRK mil ...                 -274 7.09 -6.40 -27.8 61.3    
valuation                                
Market Capitalisation USD mil ... ... ... ... ... ... ... ... ... ... ... 214 220 244    
Number Of Shares mil                   5.42 5.42 5.42 5.24 5.29    
Share Price HRK ... ... ... ... ... ... ... ... ... ... ... 230 240 255    
Earnings Per Share (EPS) HRK                   -53.1 15.5 12.8 3.65 23.2    
Book Value Per Share HRK                   301 302 313 304 313    
Dividend Per Share HRK ... ... ...             0 0 0.265 0 0   ...
Price/Earnings (P/E) ... ... ... ... ... ... ... ... ... ... ... 18.0 65.7 11.0    
Price/Book Value (P/BV) ... ... ... ... ... ... ... ... ... ... ... 0.736 0.789 0.813    
Dividend Yield % ... ... ... ... ... ... ... ... ... ... ... 0.115 0 0   ...
Earnings Per Share Growth % ...                 -732 -129 -17.8 -71.4 534    
Book Value Per Share Growth % ...                 -18.4 0.171 3.73 -2.71 2.93    
income statement Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                
Sales HRK mil                   3,587 3,522 3,625 3,483 3,501    
Cost of Goods & Services HRK mil                   2,142 2,075 2,197 2,102 2,024    
Gross Profit HRK mil                   1,445 1,447 1,429 1,381 1,477    
EBITDA HRK mil                   322 398 358 290 349    
Depreciation HRK mil                   157 155 157 154 162    
EBIT HRK mil                   165 243 200 137 187    
Financing Cost HRK mil                   98.0 95.5 100 73.2 61.2    
Extraordinary Cost HRK mil                   340 37.8 7.13 0 0    
Pre-Tax Profit HRK mil                   -272 109 93.2 63.4 126    
Tax HRK mil                   15.5 25.3 23.7 45.6 1.45    
Minorities HRK mil                   0.184 -0.161 0.148 -1.35 1.78    
Net Profit HRK mil                   -288 84.2 69.3 19.1 123    
Dividends HRK mil ... ... ...             0 0 1.44 0 0   ...
growth rates                                
Total Revenue Growth % ...                 -1.99 -1.81 2.92 -3.93 0.529    
EBITDA Growth % ...                 16.4 23.7 -10.1 -18.9 20.2    
EBIT Growth % ...                 42.0 46.8 -17.5 -31.8 36.9    
Pre-Tax Profit Growth % ...                 -601 -140 -14.8 -32.0 98.5    
Net Profit Growth % ...                 -744 -129 -17.8 -72.4 540    
ratios                                
ROE %                   -16.0 5.16 4.16 1.16 7.53    
ROCE % ...                 -8.53 2.71 2.38 0.654 4.39    
Gross Margin %                   40.3 41.1 39.4 39.6 42.2    
EBITDA Margin %                   8.97 11.3 9.87 8.33 9.96    
EBIT Margin %                   4.61 6.89 5.53 3.92 5.34    
Net Margin %                   -8.03 2.39 1.91 0.550 3.50    
Payout Ratio % ... ... ...             0 0 2.07 0 0   ...
Cost of Financing % ...                 5.82 6.15 6.91 5.67 5.41    
Net Debt/EBITDA                   4.50 3.42 3.46 3.72 2.54    
balance sheet Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                                
Non-Current Assets HRK mil                   2,135 2,065 1,950 1,786 1,518    
Property, Plant & Equipment HRK mil                   1,712 1,643 1,520 1,401 1,218    
Intangible Assets HRK mil                   42.9 352 271 280 244    
Current Assets HRK mil                   2,001 1,943 1,905 1,897 1,940    
Inventories HRK mil                   647 692 701 631 573    
Receivables HRK mil                   1,064 946 973 1,067 1,016    
Cash & Cash Equivalents HRK mil                   145 152 146 118 179    
Total Assets HRK mil                   4,137 4,008 3,855 3,618 3,458    
Shareholders' Equity HRK mil                   1,632 1,635 1,696 1,596 1,657    
Of Which Minority Interest HRK mil                   34.4 34.3 34.8 32.0 34.0    
Liabilities HRK mil                   2,505 2,373 2,159 2,022 1,801    
Non-Current Liabilities HRK mil                   826 967 939 780 662    
Long-Term Debt HRK mil                   789 930 898 727 573    
Deferred Tax Liabilities HRK mil ... ... ... ... ... ... ... ... ... ... ... ... 6.30 5.58    
Current Liabilities HRK mil                   1,679 1,406 1,220 1,210 1,139    
Short-Term Debt HRK mil                   805 582 486 471 493    
Trade Payables HRK mil                   534 801 711 546 468    
Equity And Liabilities HRK mil                   4,137 4,008 3,855 3,618 3,458    
growth rates                                
Total Asset Growth % ...                 -10.8 -3.11 -3.83 -6.15 -4.41    
Shareholders' Equity Growth % ...                 -16.9 0.171 3.73 -5.90 3.86    
Net Debt Growth % ...                 -3.67 -6.18 -8.97 -12.7 -17.9    
Total Debt Growth % ...                 -10.2 -5.18 -8.49 -13.4 -11.0    
ratios                                
Total Debt HRK mil                   1,594 1,512 1,383 1,198 1,066    
Net Debt HRK mil                   1,449 1,359 1,237 1,080 887    
Working Capital HRK mil                   1,177 838 963 1,152 1,121    
Capital Employed HRK mil                   3,312 2,903 2,912 2,938 2,639    
Net Debt/Equity                   0.888 0.832 0.730 0.677 0.535    
Cost of Financing % ...                 5.82 6.15 6.91 5.67 5.41    
cash flow Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                                
Net Profit HRK mil                   -288 84.2 69.3 19.1 123    
Depreciation HRK mil                   157 155 157 154 162    
Non-Cash Items HRK mil ...                 326 -372 60.8 265 -23.3    
Change in Working Capital HRK mil ...                 -11.4 339 -125 -189 30.7    
Total Cash From Operations HRK mil ...                 183 206 163 248 292    
Capital Expenditures HRK mil ...                 -142 -91.1 -102 -94.7 -96.4    
Other Investments HRK mil ...                 196 20.1 88.6 10.4 0.860    
Total Cash From Investing HRK mil ...                 54.1 -71.0 -13.6 -84.3 -95.6    
Dividends Paid HRK mil ... ... ...             0 0 -1.44 0 0   ...
Issuance Of Debt HRK mil ...                 -181 -82.5 -128 -185 -132    
Total Cash From Financing HRK mil ...                 -511 -128 -155 -192 -135    
Net Change In Cash HRK mil ...                 -274 7.09 -6.40 -27.8 61.3    
ratios                                
Days Sales Outstanding days                   108 98.1 98.0 112 106    
Days Sales Of Inventory days                   110 122 116 110 103    
Days Payable Outstanding days                   91.0 141 118 94.9 84.3    
Cash Conversion Cycle days                   127 79.0 96.3 127 125    
Cash Earnings HRK mil                   -132 240 227 173 284    
Cash Earnings Per Share HRK                   -24.3 44.2 41.8 33.0 53.8    
Price/Cash Earnings (P/CE) ... ... ... ... ... ... ... ... ... ... ... 5.50 7.28 4.74    
Free Cash Flow HRK mil ...                 237 135 149 164 196    
Free Cash Flow Yield % ... ... ... ... ... ... ... ... ... ... ... 13.0 12.8 14.1    
other data Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                                
ROA %                   -6.57 2.07 1.76 0.512 3.46    
Gross Margin %                   40.3 41.1 39.4 39.6 42.2    
Effective Tax Rate %                   -5.68 23.1 25.5 71.9 1.15    
Enterprise Value (EV) USD mil ... ... ... ... ... ... ... ... ... ... ... 427 408 404    
EV/EBITDA ... ... ... ... ... ... ... ... ... ... ... 6.39 8.22 6.62    
EV/Capital Employed ... ... ... ... ... ... ... ... ... ... ... 0.853 0.796 0.847    
EV/Sales ... ... ... ... ... ... ... ... ... ... ... 0.630 0.685 0.659    
EV/EBIT ... ... ... ... ... ... ... ... ... ... ... 11.4 17.5 12.3    
Capital Expenditures (As % of Sales) % ...                 3.95 2.59 2.82 2.72 2.75    

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May 2016
Statistical Dossier
Jun 2014
Statistical Dossier
Jun 2014
Company Report

Podravka dd is a Croatia-based food company known for its product Vegeta. The Company is structured in three segments: food, beverages and pharmaceuticals. It's offer includes the production of universal food seasoning products under the Vegeta and Podravka brands, as well as products under such brands as Lino (dehydrated baby food), Dolcela (sweets), Kviki (snacks), Cokolino (chocolate cereals and spread), Studena (spring water), Lero (multivitamin drink), Eva (tinned fish and fish products), Talianetta, Fini-Mini, Lero, Warzywko, Coolinarika and others. Podravka dd also produces and markets fruit and vegetable products, as well as tea and condiments. The Company is based in Koprivnica, Croatia.