Tesco Stores Czech Republic

Tesco Stores CR's Cash & Cash Equivalents rose 11.2% yoy to CZK 2,384 mil in 2017

By Helgi Analytics - April 2, 2020

Tesco Stores Czech Republic's total assets reached CZK 27,763 mil at the end of 2017, down 1.08% compared to the previous year. ...

Profit Statement 2015 2016 2017
Sales CZK mil 43,589 44,159 45,440
Gross Profit CZK mil 6,258 5,778 7,490
EBITDA CZK mil 6,469 868 3,713
EBIT CZK mil 3,807 -995 1,962
Financing Cost CZK mil 536 315 396
Pre-Tax Profit CZK mil 3,271 -1,310 1,566
Net Profit CZK mil 3,323 -1,096 1,278
Dividends CZK mil ... ... ...
Balance Sheet 2015 2016 2017
Total Assets CZK mil 30,516 28,067 27,763
Non-Current Assets CZK mil 23,490 20,028 19,903
Current Assets CZK mil 6,446 6,920 6,814
Working Capital CZK mil 2,260 1,708 1,778
Shareholders' Equity CZK mil 10,515 12,747 14,375
Liabilities CZK mil 20,001 15,320 13,388
Total Debt CZK mil 13,573 8,000 5,870
Net Debt CZK mil 11,746 5,856 3,486
Ratios 2015 2016 2017
ROE % 37.5 -9.42 9.42
ROCE % 13.8 -4.62 5.89
Gross Margin % 14.4 13.1 16.5
EBITDA Margin % 14.8 1.97 8.17
EBIT Margin % 8.73 -2.25 4.32
Net Margin % 7.62 -2.48 2.81
Net Debt/EBITDA 1.82 6.75 0.939
Net Debt/Equity % 112 45.9 24.3
Cost of Financing % 3.84 2.92 5.71
Cash Flow 2015 2016 2017
Total Cash From Operations CZK mil 1,462 893 3,051
Total Cash From Investing CZK mil -764 -564 -1,336
Total Cash From Financing CZK mil -585 -126 -1,456
Net Change In Cash CZK mil 113 203 259
Cash Conversion Cycle days 19.5 13.9 13.8
Cash Earnings CZK mil 5,985 767 3,029
Free Cash Flow CZK mil 698 329 1,715

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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                       45,603 44,192 39,010 39,273 43,589    
Gross Profit CZK mil                       7,320 6,527 9,833 9,762 6,258    
EBIT CZK mil                       643 -802 -4,338 -3,412 3,807    
Net Profit CZK mil                       204 -1,123 -3,958 -3,921 3,323    
ROE %                       1.43 -8.21 -32.7 -42.9 37.5    
EBIT Margin %                       1.41 -1.81 -11.1 -8.69 8.73    
Net Margin %                       0.447 -2.54 -10.1 -9.98 7.62    
Employees                       11,931 12,001 10,806 10,967 11,198    
balance sheet                                    
Total Assets CZK mil                       36,932 36,470 32,168 28,227 30,516    
Non-Current Assets CZK mil                       28,897 29,137 24,907 21,365 23,490    
Current Assets CZK mil                       7,625 6,921 6,779 6,262 6,446    
Shareholders' Equity CZK mil                       14,244 13,121 11,077 7,192 10,515    
Liabilities CZK mil                       22,688 23,349 21,091 21,035 20,001    
Non-Current Liabilities CZK mil                       6,429 11,287 3,090 129 527    
Current Liabilities CZK mil                       15,889 11,628 17,273 19,784 18,298    
Net Debt/EBITDA                       4.60 11.5 -3.07 -9.29 1.82    
Net Debt/Equity %                       85.7 107 114 171 112    
Cost of Financing % ...                     2.70 3.48 2.96 2.97 3.84    
cash flow                                    
Total Cash From Operations CZK mil                       1,115 63.0 3,347 1,617 1,462    
Total Cash From Investing CZK mil                       -3,657 -3,097 -1,583 -1,248 -764    
Total Cash From Financing CZK mil                       2,726 3,010 -1,150 -480 -585    
Net Change In Cash CZK mil                       184 -24.0 614 -111 113    
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                       45,603 44,192 39,010 39,273 43,589    
Cost of Goods & Services CZK mil                       38,283 37,665 29,177 29,511 37,331    
Gross Profit CZK mil                       7,320 6,527 9,833 9,762 6,258    
Staff Cost CZK mil                       4,714 4,704 4,434 4,481 4,646    
Other Cost CZK mil                       -47.0 597 9,515 6,606 -4,857    
EBITDA CZK mil                       2,653 1,226 -4,116 -1,325 6,469    
Depreciation CZK mil                       2,010 2,028 222 2,087 2,662    
EBIT CZK mil                       643 -802 -4,338 -3,412 3,807    
Financing Cost CZK mil                       338 518 456 431 536    
Extraordinary Cost CZK mil                       0 0 56.0 0 0    
Pre-Tax Profit CZK mil                       305 -1,320 -4,850 -3,843 3,271    
Tax CZK mil                       101 -197 -892 78.0 -52.0    
Minorities CZK mil                       0 0 0 0 0    
Net Profit CZK mil                       204 -1,123 -3,958 -3,921 3,323    
Dividends CZK mil ... ... ... ... ... ...   ... ... ... ... ... ... ... ... ... ... ...
growth rates                                    
Total Revenue Growth % ...                     7.78 -3.09 -11.7 0.674 11.0    
Operating Cost Growth % ...                     14.2 13.6 163 -20.5 -102    
EBITDA Growth % ...                     1.80 -53.8 -436 -67.8 -588    
EBIT Growth % ...                     -6.68 -225 441 -21.3 -212    
Pre-Tax Profit Growth % ...                     -2.87 -533 267 -20.8 -185    
Net Profit Growth % ...                     -10.1 -650 252 -0.935 -185    
ratios                                    
ROE %                       1.43 -8.21 -32.7 -42.9 37.5    
ROCE % ...                     0.731 -3.78 -14.0 -16.1 13.8    
Gross Margin %                       16.1 14.8 25.2 24.9 14.4    
EBITDA Margin %                       5.82 2.77 -10.6 -3.37 14.8    
EBIT Margin %                       1.41 -1.81 -11.1 -8.69 8.73    
Net Margin %                       0.447 -2.54 -10.1 -9.98 7.62    
Payout Ratio % ... ... ... ... ... ...   ... ... ... ... ... ... ... ... ... ... ...
Cost of Financing % ...                     2.70 3.48 2.96 2.97 3.84    
Net Debt/EBITDA                       4.60 11.5 -3.07 -9.29 1.82    
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                       28,897 29,137 24,907 21,365 23,490    
Property, Plant & Equipment CZK mil                       23,834 23,758 23,304 19,772 22,317    
Intangible Assets CZK mil                       1,199 1,425 1,544 1,534 1,114    
Goodwill CZK mil ... ... ... ... ... ...           ... ... ... ... ... ... ...
Current Assets CZK mil                       7,625 6,921 6,779 6,262 6,446    
Inventories CZK mil                       3,963 3,595 3,388 3,041 2,761    
Receivables CZK mil                       1,088 1,016 1,041 1,060 1,858    
Cash & Cash Equivalents CZK mil                       1,533 1,942 2,123 2,012 1,827    
Total Assets CZK mil                       36,932 36,470 32,168 28,227 30,516    
Shareholders' Equity CZK mil                       14,244 13,121 11,077 7,192 10,515    
Of Which Minority Interest CZK mil                       0 0 0 0 0    
Liabilities CZK mil                       22,688 23,349 21,091 21,035 20,001    
Non-Current Liabilities CZK mil                       6,429 11,287 3,090 129 527    
Long-Term Debt CZK mil                       6,019 10,608 2,900 0 527    
Deferred Tax Liabilities CZK mil                       369 194 ... ... ... ... ...
Current Liabilities CZK mil                       15,889 11,628 17,273 19,784 18,298    
Short-Term Debt CZK mil                       7,723 5,422 11,842 14,324 13,046    
Trade Payables CZK mil                       4,938 3,410 3,092 3,055 2,359    
Provisions CZK mil         ...             251 252 411 766 988    
Equity And Liabilities CZK mil                       36,932 36,470 32,168 28,227 30,516    
growth rates                                    
Total Asset Growth % ...                     13.5 -1.25 -11.8 -12.3 8.11    
Shareholders' Equity Growth % ...                     -0.105 -7.88 -15.6 -35.1 46.2    
Net Debt Growth % ...                     22.3 15.4 -10.4 -2.43 -4.60    
Total Debt Growth % ... ...                   21.3 16.6 -8.03 -2.84 -5.24    
ratios                                    
Total Debt CZK mil                       13,742 16,030 14,742 14,324 13,573    
Net Debt CZK mil                       12,209 14,088 12,619 12,312 11,746    
Working Capital CZK mil                       113 1,201 1,337 1,046 2,260    
Capital Employed CZK mil                       29,010 30,338 26,244 22,411 25,750    
Net Debt/Equity %                       85.7 107 114 171 112    
Cost of Financing % ...                     2.70 3.48 2.96 2.97 3.84    
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                       204 -1,123 -3,958 -3,921 3,323    
Depreciation CZK mil                       2,010 2,028 222 2,087 2,662    
Non-Cash Items CZK mil ...                     -1,060 246 7,219 3,160 -3,309    
Change in Working Capital CZK mil ...                     -39.0 -1,088 -136 291 -1,214    
Total Cash From Operations CZK mil                       1,115 63.0 3,347 1,617 1,462    
Capital Expenditures CZK mil                       -3,647 -3,045 -1,648 -1,336 -822    
Other Investments CZK mil                       -10.0 -52.0 65.0 88.0 58.0    
Total Cash From Investing CZK mil                       -3,657 -3,097 -1,583 -1,248 -764    
Dividends Paid CZK mil ... ... ... ... ... ...   ... ... ... ... ... ... ... ... ... ... ...
Issuance Of Shares CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... 0 0    
Issuance Of Debt CZK mil ...                     2,410 2,288 -1,288 -418 -751    
Total Cash From Financing CZK mil                       2,726 3,010 -1,150 -480 -585    
Net Change In Cash CZK mil                       184 -24.0 614 -111 113    
ratios                                    
Days Sales Outstanding days                       8.71 8.39 9.74 9.85 15.6    
Days Sales Of Inventory days                       37.8 34.8 42.4 37.6 27.0    
Days Payable Outstanding days                       47.1 33.0 38.7 37.8 23.1    
Cash Conversion Cycle days                       -0.588 10.2 13.4 9.68 19.5    
Cash Earnings CZK mil                       2,214 905 -3,736 -1,834 5,985    
Free Cash Flow CZK mil                       -2,542 -3,034 1,764 369 698    
other data Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                                    
ROA %                       0.587 -3.06 -11.5 -13.0 11.3    
Gross Margin %                       16.1 14.8 25.2 24.9 14.4    
Employees                       11,931 12,001 10,806 10,967 11,198    
Cost Per Employee USD per month                       1,862 1,670 1,748 1,593 1,449    
Cost Per Employee (Local Currency) CZK per month                       32,925 32,664 34,194 34,049 34,575    
Staff Cost (As % Of Total Cost) %                       10.5 10.5 10.2 10.5 11.7    
Effective Tax Rate %                       33.1 14.9 18.4 -2.03 -1.59    
Capital Expenditures (As % of Sales) %                       8.00 6.89 4.22 3.40 1.89    

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Tesco Stores Czech Republic is a Czech subsidiary of a British multinational grocery and general merchandise retailer Tesco Plc. Tesco entered the Czech market in 1996. In 2006, it took over all the hypermarkets operated by Carrefour. Similar to other countries, Czech Republic's Tesco offers a wide range of both food and non-food goods - fresh and long-life food to family fashions, sporting equipment, electronics, furniture and toys. Globally, Tesco is now the second-largest retailer in the world measured by profits (after Wal-Mart) and third-largest retailer in the world measured by revenues (after Walmart and Carrefour). The company was founded in 1919 by Jack Cohen as a group of market stalls. The Tesco name first appeared in 1924, after Cohen purchased a shipment of tea from T. E. Stockwell and combined those initials with the first two letters of his surname

Tesco Stores Czech Republic Logo

Finance

Tesco Stores Czech Republic has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 24.8% a year during that time to total of CZK 3,713 mil in 2017, or 8.17% of sales. That’s compared to 2.21% average margin seen in last five years.

The company netted CZK 1,278 mil in 2017 implying ROE of 9.42% and ROCE of 5.89%. Again, the average figures were -7.62% and -3.01%, respectively when looking at the previous 5 years.

Tesco Stores Czech Republic’s net debt amounted to CZK 3,486 mil at the end of 2017, or 24.3% of equity. When compared to EBITDA, net debt was 0.939x, up when compared to average of -0.571x seen in the last 5 years.