Rodinny pivovar BERNARD

Profit Statement 2015 2016 2017
Sales CZK mil 635 642 672
Gross Profit CZK mil 313 317 335
EBITDA CZK mil 182 200 204
EBIT CZK mil 122 135 130
Financing Cost CZK mil 0.418 -0.171 0.052
Pre-Tax Profit CZK mil 121 136 130
Net Profit CZK mil 95.1 109 104
Dividends CZK mil 0 43.4 ...
Balance Sheet 2015 2016 2017
Total Assets CZK mil 818 918 1,014
Non-Current Assets CZK mil 518 604 662
Current Assets CZK mil 275 293 331
Working Capital CZK mil 98.9 117 126
Shareholders' Equity CZK mil 568 676 742
Liabilities CZK mil 250 242 271
Total Debt CZK mil 0.283 113 133
Net Debt CZK mil -83.3 -18.9 -22.7
Ratios 2015 2016 2017
ROE % 18.4 17.5 14.7
ROCE % 16.7 16.3 13.8
Gross Margin % 49.3 49.3 49.9
EBITDA Margin % 28.7 31.1 30.4
EBIT Margin % 19.2 21.1 19.4
Net Margin % 15.0 17.0 15.5
Net Debt/EBITDA -0.457 -0.095 -0.111
Net Debt/Equity % -14.7 -2.79 -3.06
Cost of Financing % 295 -0.301 0.042
Cash Flow 2015 2016 2017
Total Cash From Operations CZK mil 134 170 194
Total Cash From Investing CZK mil -155 -112 -126
Total Cash From Financing CZK mil 4.75 -9.58 -44.3
Net Change In Cash CZK mil -15.8 48.4 23.3
Cash Conversion Cycle days 69.4 87.3 88.7
Cash Earnings CZK mil 156 173 178
Free Cash Flow CZK mil -20.5 58.0 67.6

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summary Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                  
Sales CZK mil                     399 418 451 546 635    
Gross Profit CZK mil                     197 203 217 243 313    
EBIT CZK mil                     61.8 68.6 75.8 84.1 122    
Net Profit CZK mil                     46.3 52.5 61.2 65.2 95.1    
ROE %                     12.7 13.2 14.8 14.9 18.4    
EBIT Margin %                     15.5 16.4 16.8 15.4 19.2    
Net Margin %                     11.6 12.6 13.6 11.9 15.0    
Employees ... ... ... ... ... ... ... ... ... ... ... ... ... 171 183    
balance sheet                                  
Total Assets CZK mil                     548 577 594 690 818    
Non-Current Assets CZK mil                     254 249 336 418 518    
Current Assets CZK mil                     256 294 227 245 275    
Shareholders' Equity CZK mil                     380 418 408 468 568    
Liabilities CZK mil                     168 159 185 222 250    
Non-Current Liabilities CZK mil ... ... ... ...             6.53 5.95 5.02 10.3 15.0    
Current Liabilities CZK mil                     110 118 142 169 197    
Net Debt/EBITDA                     -0.716 -1.21 -0.951 -0.743 -0.457    
Net Debt/Equity %                     -21.9 -34.6 -29.2 -21.2 -14.7    
Cost of Financing % ...                   3.48 0.844 -8.48 ... 295    
cash flow                                  
Total Cash From Operations CZK mil ...                   -3.68 67.2 282 112 134    
Total Cash From Investing CZK mil ...                   -34.5 -40.0 -128 -127 -155    
Total Cash From Financing CZK mil ...                   -15.4 -20.0 -80.0 -4.76 4.75    
Net Change In Cash CZK mil ...                   -53.5 7.22 73.8 -19.8 -15.8    
income statement Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                  
Sales CZK mil                     399 418 451 546 635    
Cost of Goods & Services CZK mil                     202 215 234 303 322    
Gross Profit CZK mil                     197 203 217 243 313    
Staff Cost CZK mil                     72.3 75.3 80.6 94.5 107    
Other Cost CZK mil                     8.25 8.26 11.2 14.9 23.3    
EBITDA CZK mil                     116 119 125 134 182    
Depreciation CZK mil                     54.3 50.5 49.6 49.7 60.7    
EBIT CZK mil                     61.8 68.6 75.8 84.1 122    
Financing Cost CZK mil                     1.93 0.489 -2.58 0.277 0.418    
Extraordinary Cost CZK mil                     0 0 0 0 0    
Pre-Tax Profit CZK mil                     59.8 68.1 78.3 83.8 121    
Tax CZK mil                     13.6 15.5 17.1 18.6 26.2    
Minorities CZK mil                     0 0 0 0 0    
Net Profit CZK mil                     46.3 52.5 61.2 65.2 95.1    
Dividends CZK mil ... ... ... ... ...   ...       20.0 80.0 10.0 ... 0   ...
growth rates                                  
Total Revenue Growth % ...                   4.31 4.69 8.04 21.0 16.2    
Operating Cost Growth % ...                   7.12 3.69 9.88 19.2 19.5    
EBITDA Growth % ...                   3.95 2.55 5.26 6.75 36.4    
EBIT Growth % ...                   3.35 11.0 10.5 11.0 44.8    
Pre-Tax Profit Growth % ...                   -1.60 13.7 15.1 6.97 44.8    
Net Profit Growth % ...                   0.677 13.6 16.5 6.57 45.8    
ratios                                  
ROE %                     12.7 13.2 14.8 14.9 18.4    
ROCE % ...                   14.2 16.8 17.2 14.0 16.7    
Gross Margin %                     49.3 48.5 48.1 44.5 49.3    
EBITDA Margin %                     29.1 28.5 27.8 24.5 28.7    
EBIT Margin %                     15.5 16.4 16.8 15.4 19.2    
Net Margin %                     11.6 12.6 13.6 11.9 15.0    
Payout Ratio % ... ... ... ... ...   ...       43.2 152 16.3 ... 0   ...
Cost of Financing % ...                   3.48 0.844 -8.48 ... 295    
Net Debt/EBITDA                     -0.716 -1.21 -0.951 -0.743 -0.457    
balance sheet Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
balance sheet                                  
Non-Current Assets CZK mil                     254 249 336 418 518    
Property, Plant & Equipment CZK mil                     226 216 294 372 466    
Intangible Assets CZK mil ... ...                 1.38 1.46 1.61 1.55 1.97    
Current Assets CZK mil                     256 294 227 245 275    
Inventories CZK mil                     44.6 42.9 48.8 57.5 72.5    
Receivables CZK mil                     47.7 37.3 59.1 87.9 76.3    
Cash & Cash Equivalents CZK mil                     138 205 119 99.4 83.6    
Total Assets CZK mil                     548 577 594 690 818    
Shareholders' Equity CZK mil                     380 418 408 468 568    
Of Which Minority Interest CZK mil                     0 0 0 0 0    
Liabilities CZK mil                     168 159 185 222 250    
Non-Current Liabilities CZK mil ... ... ... ...             6.53 5.95 5.02 10.3 15.0    
Long-Term Debt CZK mil                     0 0 0 0 0.283    
Deferred Tax Liabilities CZK mil ... ... ... ...             6.53 5.95 5.02 10.3 14.7    
Current Liabilities CZK mil                     110 118 142 169 197    
Short-Term Debt CZK mil                     55.0 60.8 0 0 0    
Trade Payables CZK mil                     25.9 25.4 36.9 40.1 49.9    
Provisions CZK mil                     16.2 1.65 4.37 0.418 5.94    
Equity And Liabilities CZK mil                     548 577 594 690 818    
growth rates                                  
Total Asset Growth % ...                   5.55 5.39 2.86 16.3 18.6    
Shareholders' Equity Growth % ...                   8.96 10.0 -2.36 14.6 21.4    
Net Debt Growth % ...                   133 74.0 -17.6 -16.6 -16.1    
Total Debt Growth % ...   ...               -1.73 10.4 -100 ... ...    
ratios                                  
Total Debt CZK mil                     55.0 60.8 0 0 0.283    
Net Debt CZK mil                     -83.1 -145 -119 -99.4 -83.3    
Working Capital CZK mil                     66.4 54.8 71.0 105 98.9    
Capital Employed CZK mil                     320 304 407 524 617    
Net Debt/Equity %                     -21.9 -34.6 -29.2 -21.2 -14.7    
Cost of Financing % ...                   3.48 0.844 -8.48 ... 295    
cash flow Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
cash flow                                  
Net Profit CZK mil                     46.3 52.5 61.2 65.2 95.1    
Depreciation CZK mil                     54.3 50.5 49.6 49.7 60.7    
Non-Cash Items CZK mil ...                   -99.2 -47.4 187 30.9 -28.0    
Change in Working Capital CZK mil ...                   -5.08 11.6 -16.2 -34.3 6.41    
Total Cash From Operations CZK mil ...                   -3.68 67.2 282 112 134    
Capital Expenditures CZK mil ...                   -36.4 -40.9 -128 -128 -155    
Other Investments CZK mil ...                   1.97 0.874 0.663 1.30 0.659    
Total Cash From Investing CZK mil ...                   -34.5 -40.0 -128 -127 -155    
Dividends Paid CZK mil ... ... ... ... ... ...   ...     -20.0 -20.0 -80.0 -10.0 ...    
Issuance Of Shares CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Issuance Of Debt CZK mil ...                   -0.967 5.74 -60.8 0 0.283    
Total Cash From Financing CZK mil ...                   -15.4 -20.0 -80.0 -4.76 4.75    
Net Change In Cash CZK mil ...                   -53.5 7.22 73.8 -19.8 -15.8    
ratios                                  
Days Sales Outstanding days                     43.6 32.6 47.8 58.7 43.8    
Days Sales Of Inventory days                     80.5 72.7 76.1 69.2 82.2    
Days Payable Outstanding days                     46.7 43.0 57.5 48.3 56.6    
Cash Conversion Cycle days                     77.4 62.3 66.3 79.6 69.4    
Cash Earnings CZK mil                     101 103 111 115 156    
Free Cash Flow CZK mil ...                   -38.1 27.2 154 -15.1 -20.5    
other data Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                                  
ROA %                     8.67 9.34 10.5 10.2 12.6    
Gross Margin %                     49.3 48.5 48.1 44.5 49.3    
Employees ... ... ... ... ... ... ... ... ... ... ... ... ... 171 183    
Cost Per Employee USD per month ... ... ... ... ... ... ... ... ... ... ... ... ... 2,154 2,050    
Cost Per Employee (Local Currency) CZK per month ... ... ... ... ... ... ... ... ... ... ... ... ... 46,046 48,939    
Staff Cost (As % Of Total Cost) %                     21.4 21.6 21.4 20.4 20.9    
Effective Tax Rate %                     22.7 22.8 21.9 22.2 21.6    
Capital Expenditures (As % of Sales) % ...                   9.12 9.78 28.4 23.4 24.5    
Revenues From Abroad CZK mil ... ... ...               62.3 75.2 87.8 119 141 ... ...
Revenues From Abroad (As % Of Total) % ... ... ...               15.6 18.0 19.4 21.9 22.1 ... ...

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Rodinný pivovar BERNARD is a Czech Republic-based family brewery based in Humpolec with a history dating back to the 16th Century. In 1991, Stanislav Bernard, Josef Vávra and Rudolf Šmejkal won an auction for the small privatization of the bankrupt brewery in Humpolec. Since then, the Company has gone a long way to become a family brewery producing a premium beer. In 2009, the Company produced more than 200,000 hl of alcoholic and non-alcoholic beer and exported its products to 26 countries. Since 2000, the brewery has been part of a join-stock company and in July of 2001, it increased its registered capital with the entry of strategic partners Duvel Moortgat from the Kingdom of Belgium.

Finance

Rodinny pivovar BERNARD has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 11.4% a year during that time to total of CZK 204 mil in 2017, or 30.4% of sales. That’s compared to 28.5% average margin seen in last five years.

The company netted CZK 104 mil in 2017 implying ROE of 14.7% and ROCE of 13.8%. Again, the average figures were 16.1% and 15.6%, respectively when looking at the previous 5 years.

Rodinny pivovar BERNARD’s net debt amounted to CZK -22.7 mil at the end of 2017, or -3.06% of equity. When compared to EBITDA, net debt was -0.111x, up when compared to average of -0.471x seen in the last 5 years.