SIKO Koupelny

SIKO's Cash & Cash Equivalents rose 19.6% yoy to CZK 55.3 mil in 2017

By Helgi Analytics - April 2, 2020

SIKO Koupelny's total assets reached CZK 1,440 mil at the end of 2017, up 5.55% compared to the previous year. Cur...

Profit Statement 2015 2016 2017
Sales CZK mil 2,733 2,984 3,023
Gross Profit CZK mil 283 342 357
EBITDA CZK mil 103 156 145
EBIT CZK mil 71.9 123 113
Financing Cost CZK mil 59.6 59.6 87.1
Pre-Tax Profit CZK mil 12.3 63.6 25.8
Net Profit CZK mil 7.82 43.6 22.2
Balance Sheet 2015 2016 2017
Total Assets CZK mil 1,301 1,364 1,440
Non-Current Assets CZK mil 80.7 82.9 90.4
Current Assets CZK mil 1,170 1,254 1,306
Working Capital CZK mil 932 1,149 1,157
Shareholders' Equity CZK mil 373 418 440
Liabilities CZK mil 927 947 1,000
Total Debt CZK mil 730 770 817
Net Debt CZK mil 672 724 762
Ratios 2015 2016 2017
ROE % 2.12 11.0 5.17
ROCE % 0.822 3.88 1.79
Gross Margin % 10.4 11.5 11.8
EBITDA Margin % 3.78 5.23 4.81
EBIT Margin % 2.63 4.13 3.74
Net Margin % 0.286 1.46 0.733
Net Debt/EBITDA 6.51 4.63 5.24
Net Debt/Equity % 180 173 173
Cost of Financing % 8.20 7.94 11.0
Cash Flow 2015 2016 2017
Total Cash From Operations CZK mil -17.3 -52.3 46.6
Total Cash From Investing CZK mil -32.8 -34.6 -36.8
Total Cash From Financing CZK mil -0.436 2.06 -0.673
Net Change In Cash CZK mil -50.5 -84.9 9.05
Cash Conversion Cycle days 133 152 151
Cash Earnings CZK mil 39.2 76.6 54.7
Free Cash Flow CZK mil -50.1 -86.9 9.72

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summary Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                            
Sales CZK mil               2,319 2,221 2,250 2,425 2,733    
Gross Profit CZK mil               329 270 255 247 283    
EBIT CZK mil               122 62.6 88.7 72.1 71.9    
Net Profit CZK mil               105 33.4 17.6 8.53 7.82    
ROE %               9.12 4.30 4.99 2.36 2.12    
EBIT Margin %               5.26 2.82 3.94 2.97 2.63    
Net Margin %               4.54 1.50 0.782 0.352 0.286    
Employees ...             416 435 457 449 509    
balance sheet                            
Total Assets CZK mil               1,359 1,152 1,189 1,238 1,301    
Non-Current Assets CZK mil               101 92.9 86.1 78.6 80.7    
Current Assets CZK mil               1,157 1,031 1,051 1,121 1,170    
Shareholders' Equity CZK mil               1,207 348 357 366 373    
Liabilities CZK mil               152 804 831 873 927    
Non-Current Liabilities CZK mil               2.30 703 703 702 702    
Current Liabilities CZK mil               134 92.9 109 150 197    
Net Debt/EBITDA               -2.11 5.82 4.20 5.37 6.51    
Net Debt/Equity %               -25.1 143 134 148 180    
Cost of Financing % ...         ... ... ... 5.81 9.36 8.21 8.20    
cash flow                            
Total Cash From Operations CZK mil ...             -52.1 115 68.2 -33.8 -17.3    
Total Cash From Investing CZK mil ...             99.7 -15.5 -33.3 -20.4 -32.8    
Total Cash From Financing CZK mil ...             0.363 -200 -0.461 -0.447 -0.436    
Net Change In Cash CZK mil ...             47.9 -99.9 34.4 -54.7 -50.5    
income statement Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                            
Sales CZK mil               2,319 2,221 2,250 2,425 2,733    
Cost of Goods & Services CZK mil               1,990 1,951 1,995 2,179 2,450    
Gross Profit CZK mil               329 270 255 247 283    
Staff Cost CZK mil               251 226 217 226 257    
Other Cost CZK mil               -64.3 -40.8 -76.4 -80.0 -76.5    
EBITDA CZK mil               143 85.5 114 101 103    
Depreciation CZK mil               21.2 22.9 25.6 29.0 31.4    
EBIT CZK mil               122 62.6 88.7 72.1 71.9    
Financing Cost CZK mil               -9.28 20.3 66.3 59.2 59.6    
Extraordinary Cost CZK mil               0 0 0 0 0    
Pre-Tax Profit CZK mil               131 42.2 22.4 12.9 12.3    
Tax CZK mil               26.0 8.83 4.78 4.32 4.44    
Minorities CZK mil               0 0 0 0 0    
Net Profit CZK mil               105 33.4 17.6 8.53 7.82    
growth rates                            
Total Revenue Growth % ...             14.7 -4.21 1.29 7.78 12.7    
Operating Cost Growth % ...             33.5 -0.731 -23.8 3.36 23.8    
EBITDA Growth % ...             1.60 -40.3 33.6 -11.6 2.21    
EBIT Growth % ...             2.08 -48.7 41.7 -18.8 -0.243    
Pre-Tax Profit Growth % ...             8.61 -67.8 -47.0 -42.6 -4.62    
Net Profit Growth % ...             7.53 -68.3 -47.4 -51.5 -8.33    
ratios                            
ROE %               9.12 4.30 4.99 2.36 2.12    
ROCE % ...             12.7 3.91 2.18 1.02 0.822    
Gross Margin %               14.2 12.2 11.3 10.2 10.4    
EBITDA Margin %               6.18 3.85 5.08 4.17 3.78    
EBIT Margin %               5.26 2.82 3.94 2.97 2.63    
Net Margin %               4.54 1.50 0.782 0.352 0.286    
Cost of Financing % ...         ... ... ... 5.81 9.36 8.21 8.20    
Net Debt/EBITDA               -2.11 5.82 4.20 5.37 6.51    
balance sheet Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
balance sheet                            
Non-Current Assets CZK mil               101 92.9 86.1 78.6 80.7    
Property, Plant & Equipment CZK mil               77.4 67.4 67.0 57.7 66.0    
Intangible Assets CZK mil               7.58 7.00 19.0 20.8 14.7    
Current Assets CZK mil               1,157 1,031 1,051 1,121 1,170    
Inventories CZK mil               536 510 533 624 659    
Receivables CZK mil               275 269 214 269 380    
Cash & Cash Equivalents CZK mil               302 202 237 182 58.2    
Total Assets CZK mil               1,359 1,152 1,189 1,238 1,301    
Shareholders' Equity CZK mil               1,207 348 357 366 373    
Of Which Minority Interest CZK mil               0 0 0 0 0    
Liabilities CZK mil               152 804 831 873 927    
Non-Current Liabilities CZK mil               2.30 703 703 702 702    
Long-Term Debt CZK mil               0 700 700 700 700    
Deferred Tax Liabilities CZK mil               2.30 2.64 2.53 2.19 1.91    
Current Liabilities CZK mil               134 92.9 109 150 197    
Short-Term Debt CZK mil               0 0 17.0 24.3 30.5    
Trade Payables CZK mil               35.8 41.0 49.9 80.2 106    
Provisions CZK mil               0 0 0 0 0    
Equity And Liabilities CZK mil               1,359 1,152 1,189 1,238 1,301    
growth rates                            
Total Asset Growth % ...             14.7 -15.2 3.21 4.18 5.04    
Shareholders' Equity Growth % ...             9.56 -71.2 2.66 2.36 2.10    
Net Debt Growth % ...             18.8 -265 -3.51 12.9 24.0    
Total Debt Growth % ...         ... ... ... ... 2.43 1.03 0.847    
ratios                            
Total Debt CZK mil               0 700 717 724 730    
Net Debt CZK mil               -302 498 480 542 672    
Working Capital CZK mil               775 739 698 813 932    
Capital Employed CZK mil               877 832 784 891 1,013    
Net Debt/Equity %               -25.1 143 134 148 180    
Cost of Financing % ...         ... ... ... 5.81 9.36 8.21 8.20    
cash flow Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
cash flow                            
Net Profit CZK mil               105 33.4 17.6 8.53 7.82    
Depreciation CZK mil               21.2 22.9 25.6 29.0 31.4    
Non-Cash Items CZK mil ...             36.6 22.6 -16.2 43.9 62.7    
Change in Working Capital CZK mil ...             -215 36.3 41.3 -115 -119    
Total Cash From Operations CZK mil ...             -52.1 115 68.2 -33.8 -17.3    
Capital Expenditures CZK mil ...             100 -14.5 -32.6 -21.4 -33.6    
Other Investments CZK mil ...             -0.523 -1.01 -0.705 0.996 0.767    
Total Cash From Investing CZK mil ...             99.7 -15.5 -33.3 -20.4 -32.8    
Issuance Of Shares CZK mil ... ... ... ... ... ... ... ... ... ... ... 0    
Issuance Of Debt CZK mil ...             0 700 17.0 7.36 6.14    
Total Cash From Financing CZK mil ...             0.363 -200 -0.461 -0.447 -0.436    
Net Change In Cash CZK mil ...             47.9 -99.9 34.4 -54.7 -50.5    
ratios                            
Days Sales Outstanding days               43.3 44.3 34.8 40.5 50.7    
Days Sales Of Inventory days               98.3 95.5 97.6 105 98.1    
Days Payable Outstanding days               6.56 7.66 9.14 13.4 15.8    
Cash Conversion Cycle days               135 132 123 132 133    
Cash Earnings CZK mil               127 56.3 43.2 37.5 39.2    
Free Cash Flow CZK mil ...             47.6 99.7 34.9 -54.3 -50.1    
other data Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                            
ROA %               8.28 2.66 1.50 0.703 0.616    
Gross Margin %               14.2 12.2 11.3 10.2 10.4    
Employees ...             416 435 457 449 509    
Cost Per Employee USD per month ...             2,839 2,211 2,024 1,959 1,761    
Cost Per Employee (Local Currency) CZK per month ...             50,204 43,241 39,609 41,862 42,030    
Staff Cost (As % Of Total Cost) %               11.4 10.5 10.0 9.58 9.65    
Effective Tax Rate %               19.8 20.9 21.4 33.6 36.2    
Domestic Sales CZK mil ...             2,186 2,145 2,145 2,248 2,362    
Capital Expenditures (As % of Sales) % ...             -4.32 0.653 1.45 0.884 1.23    
Revenues From Abroad CZK mil ...             248 193 193 306 371    
Revenues From Abroad (As % Of Total) % ...             10.7 8.69 8.60 12.6 13.6    

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SIKO Koupelny (which translates into English as "SIKO Bathrooms") was founded in 1991 as a privately-owned Czech company for the wholesale and retail sale of bathrooms of all kinds. The Company is now the Czech Republic's largest specialized chain of stores offering a full range of bathroom equipment and accessories such as tiles, sanitary ceramics, bathroom furniture, or showers. SIKO currently operates 45 retail showrooms across the whole Czech Republic including 8 showrooms in Slovakia. The Company is the main customer in the Czech Republic for the manufacturers Lasselsberger / Rako, Ravak, Jika, Laufen, Roca, Grohe, Hansgrohe, Geberit, Kale, Vitra, and Venus. Apart from retail, SIKO offers its products to wholesale clients in the Czech republic as well as abroad, such as to Slovakia, Poland, or Russia, for example. Exports account for nearly 10% of total sales. The Company employs some 500 persons

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Finance

SIKO Koupelny has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 11.2% a year during that time to total of CZK 145 mil in 2017, or 4.81% of sales. That’s compared to 4.61% average margin seen in last five years.

The company netted CZK 22.2 mil in 2017 implying ROE of 5.17% and ROCE of 1.79%. Again, the average figures were 5.13% and 1.94%, respectively when looking at the previous 5 years.

SIKO Koupelny’s net debt amounted to CZK 762 mil at the end of 2017, or 173% of equity. When compared to EBITDA, net debt was 5.24x, up when compared to average of 5.19x seen in the last 5 years.