Servier Czech Republic

Servier Czech Republic's Cash & Cash Equivalents rose 15.1% yoy to CZK 44.9 mil in 2017

By Helgi Analytics - April 2, 2020

Servier Czech Republic's total assets reached CZK 442 mil at the end of 2017, up 35.7% compared to the previous year. ...

Profit Statement 2015 2016 2017
Sales CZK mil 658 1,014 2,056
Gross Profit CZK mil 199 211 219
EBITDA CZK mil 23.8 27.3 31.6
EBIT CZK mil 20.4 23.5 28.3
Financing Cost CZK mil 0.791 0.766 0.955
Pre-Tax Profit CZK mil 19.6 22.8 27.5
Net Profit CZK mil 15.9 16.9 20.7
Dividends CZK mil 0 30.0 ...
Balance Sheet 2015 2016 2017
Total Assets CZK mil 284 326 442
Non-Current Assets CZK mil 7.98 6.75 5.72
Current Assets CZK mil 251 306 422
Working Capital CZK mil 77.3 87.0 69.7
Shareholders' Equity CZK mil 75.2 93.2 83.9
Liabilities CZK mil 209 233 358
Total Debt CZK mil 0 0 0
Net Debt CZK mil -20.0 -39.0 -44.9
Ratios 2015 2016 2017
ROE % 23.4 20.1 23.4
ROCE % 21.3 18.9 24.5
Gross Margin % 30.2 20.8 10.6
EBITDA Margin % 3.61 2.69 1.54
EBIT Margin % 3.09 2.32 1.37
Net Margin % 2.41 1.67 1.01
Net Debt/EBITDA -0.839 -1.43 -1.42
Net Debt/Equity % -26.5 -41.9 -53.6
Cash Flow 2015 2016 2017
Total Cash From Operations CZK mil -11.7 21.6 38.2
Total Cash From Investing CZK mil -4.39 -2.51 -2.28
Total Cash From Financing CZK mil 0 0 -30.0
Net Change In Cash CZK mil -16.1 19.1 5.89
Cash Conversion Cycle days 40.5 27.7 9.90
Cash Earnings CZK mil 19.3 20.7 24.1
Free Cash Flow CZK mil -16.1 19.1 35.9

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summary Unit 2011 2012 2013 2014 2015 2016 2017
income statement              
Sales CZK mil ... 333 345 440 658    
Gross Profit CZK mil ... 183 164 190 199    
EBIT CZK mil ... 17.4 18.1 18.3 20.4    
Net Profit CZK mil ... 12.8 13.6 13.6 15.9    
ROE % ... 38.6 33.9 25.4 23.4    
EBIT Margin % ... 5.21 5.25 4.15 3.09    
Net Margin % ... 3.85 3.94 3.09 2.41    
Employees ... 117 117 117 122    
balance sheet              
Total Assets CZK mil ... 95.4 110 251 284    
Non-Current Assets CZK mil ... 3.08 4.16 6.95 7.98    
Current Assets CZK mil ... 88.1 92.3 234 251    
Shareholders' Equity CZK mil ... 33.2 46.8 60.4 75.2    
Liabilities CZK mil ... 62.2 62.9 191 209    
Non-Current Liabilities CZK mil ... 0 0 0 0    
Current Liabilities CZK mil ... 48.2 59.1 186 203    
Net Debt/EBITDA ... -1.54 -2.09 -1.74 -0.839    
Net Debt/Equity % ... -89.2 -89.7 -59.8 -26.5    
cash flow              
Total Cash From Operations CZK mil ... 15.4 15.4 -0.624 -11.7    
Total Cash From Investing CZK mil ... -1.14 -3.08 -5.23 -4.39    
Total Cash From Financing CZK mil ... -25.0 0 0 0    
Net Change In Cash CZK mil ... -10.8 12.3 -5.85 -16.1    
income statement Unit 2011 2012 2013 2014 2015 2016 2017
income statement              
Sales CZK mil ... 333 345 440 658    
Cost of Goods & Services CZK mil ... 150 180 250 459    
Gross Profit CZK mil ... 183 164 190 199    
Staff Cost CZK mil ... 158 160 163 170    
Other Cost CZK mil ... 6.21 -15.2 6.49 5.34    
EBITDA CZK mil ... 19.2 20.1 20.8 23.8    
Depreciation CZK mil ... 1.81 1.99 2.51 3.43    
EBIT CZK mil ... 17.4 18.1 18.3 20.4    
Financing Cost CZK mil ... 1.17 0.917 0.848 0.791    
Extraordinary Cost CZK mil ... 0 0 0 -0.020    
Pre-Tax Profit CZK mil ... 16.2 17.2 17.4 19.6    
Tax CZK mil ... 3.39 3.81 3.82 3.71    
Minorities CZK mil ... 0 0 0 0    
Net Profit CZK mil ... 12.8 13.6 13.6 15.9    
Dividends CZK mil 25.0 0 0 0 0   ...
growth rates              
Total Revenue Growth % ... ... 3.49 27.6 49.6    
Operating Cost Growth % ... ... -12.0 17.6 3.26    
EBITDA Growth % ... ... 4.70 3.39 14.6    
EBIT Growth % ... ... 4.17 0.879 11.5    
Pre-Tax Profit Growth % ... ... 6.02 1.33 12.5    
Net Profit Growth % ... ... 5.92 0.125 16.7    
ratios              
ROE % ... 38.6 33.9 25.4 23.4    
ROCE % ... ... 31.4 27.0 21.3    
Gross Margin % ... 55.0 47.7 43.3 30.2    
EBITDA Margin % ... 5.76 5.82 4.72 3.61    
EBIT Margin % ... 5.21 5.25 4.15 3.09    
Net Margin % ... 3.85 3.94 3.09 2.41    
Payout Ratio % ... 0 0 0 0   ...
Net Debt/EBITDA ... -1.54 -2.09 -1.74 -0.839    
balance sheet Unit 2011 2012 2013 2014 2015 2016 2017
balance sheet              
Non-Current Assets CZK mil ... 3.08 4.16 6.95 7.98    
Property, Plant & Equipment CZK mil ... 2.91 3.98 6.72 7.91    
Intangible Assets CZK mil ... 0.169 0.178 0.238 0.078    
Current Assets CZK mil ... 88.1 92.3 234 251    
Inventories CZK mil ... 0 0 117 151    
Receivables CZK mil ... 56.5 48.4 78.4 87.0    
Cash & Cash Equivalents CZK mil ... 29.6 41.9 36.1 20.0    
Total Assets CZK mil ... 95.4 110 251 284    
Shareholders' Equity CZK mil ... 33.2 46.8 60.4 75.2    
Of Which Minority Interest CZK mil ... 0 0 0 0    
Liabilities CZK mil ... 62.2 62.9 191 209    
Non-Current Liabilities CZK mil ... 0 0 0 0    
Long-Term Debt CZK mil ... 0 0 0 0    
Deferred Tax Liabilities CZK mil ... 0 0 0 0    
Current Liabilities CZK mil ... 48.2 59.1 186 203    
Short-Term Debt CZK mil ... 0 0 0 0    
Trade Payables CZK mil ... 10.2 15.6 139 161    
Provisions CZK mil ... 2.31 2.17 2.53 2.83    
Equity And Liabilities CZK mil ... 95.4 110 251 284    
growth rates              
Total Asset Growth % ... ... 15.0 129 13.3    
Shareholders' Equity Growth % ... ... 40.9 29.1 24.6    
Net Debt Growth % ... ... 41.6 -14.0 -44.7    
ratios              
Total Debt CZK mil ... 0 0 0 0    
Net Debt CZK mil ... -29.6 -41.9 -36.1 -20.0    
Working Capital CZK mil ... 46.3 32.7 56.7 77.3    
Capital Employed CZK mil ... 49.4 36.9 63.7 85.3    
Net Debt/Equity % ... -89.2 -89.7 -59.8 -26.5    
cash flow Unit 2011 2012 2013 2014 2015 2016 2017
cash flow              
Net Profit CZK mil ... 12.8 13.6 13.6 15.9    
Depreciation CZK mil ... 1.81 1.99 2.51 3.43    
Non-Cash Items CZK mil ... ... -13.8 7.26 -10.4    
Change in Working Capital CZK mil ... ... 13.6 -24.0 -20.6    
Total Cash From Operations CZK mil ... 15.4 15.4 -0.624 -11.7    
Capital Expenditures CZK mil ... -1.18 -3.15 -5.44 -4.45    
Other Investments CZK mil ... 0.040 0.068 0.206 0.060    
Total Cash From Investing CZK mil ... -1.14 -3.08 -5.23 -4.39    
Dividends Paid CZK mil ... -25.0 0 0 0    
Issuance Of Shares CZK mil ... ... ... 0 0    
Issuance Of Debt CZK mil ... ... 0 0 0    
Total Cash From Financing CZK mil ... -25.0 0 0 0    
Net Change In Cash CZK mil ... -10.8 12.3 -5.85 -16.1    
ratios              
Days Sales Outstanding days ... 61.9 51.2 65.0 48.3    
Days Sales Of Inventory days ... 0 0 172 120    
Days Payable Outstanding days ... 24.7 31.6 203 128    
Cash Conversion Cycle days ... 37.2 19.6 33.3 40.5    
Cash Earnings CZK mil ... 14.6 15.6 16.1 19.3    
Free Cash Flow CZK mil ... 14.2 12.3 -5.85 -16.1    
other data Unit 2011 2012 2013 2014 2015 2016 2017
other data              
ROA % ... 13.4 13.2 7.53 5.92    
Gross Margin % ... 55.0 47.7 43.3 30.2    
Employees ... 117 117 117 122    
Cost Per Employee USD per month ... 5,743 5,807 5,440 4,862    
Cost Per Employee (Local Currency) CZK per month ... 112,334 113,624 116,256 116,064    
Staff Cost (As % Of Total Cost) % ... 49.9 48.8 38.7 26.6    
Effective Tax Rate % ... 20.9 22.2 21.9 18.9    
Capital Expenditures (As % of Sales) % ... 0.354 0.912 1.24 0.676    

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Finance

Servier Czech Republic has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 10.5% a year during that time to total of CZK 31.6 mil in 2017, or 1.54% of sales. That’s compared to 3.68% average margin seen in last five years.

The company netted CZK 20.7 mil in 2017 implying ROE of 23.4% and ROCE of 24.5%. Again, the average figures were 25.2% and 24.6%, respectively when looking at the previous 5 years.

Servier Czech Republic’s net debt amounted to CZK -44.9 mil at the end of 2017, or -53.6% of equity. When compared to EBITDA, net debt was -1.42x, up when compared to average of -1.50x seen in the last 5 years.