United Bakeries

UB's Cash & Cash Equivalents rose 660% yoy to CZK 27.0 mil in 2017

By Helgi Analytics - April 2, 2020

United Bakeries's total assets reached CZK 1,787 mil at the end of 2017, up 1.74% compared to the previous year. C...

Profit Statement 2015 2016 2017
Sales CZK mil 65.4 272 2,207
Gross Profit CZK mil 31.9 80.1 519
EBITDA CZK mil 44.6 49.0 85.6
EBIT CZK mil 23.1 25.6 26.2
Financing Cost CZK mil -0.820 1.91 30.8
Pre-Tax Profit CZK mil 23.9 23.7 -4.60
Net Profit CZK mil 19.2 19.1 -4.54
Dividends CZK mil 0 0 0
Balance Sheet 2015 2016 2017
Total Assets CZK mil 649 1,757 1,787
Non-Current Assets CZK mil 391 715 706
Current Assets CZK mil 256 1,010 1,050
Working Capital CZK mil 249 562 483
Shareholders' Equity CZK mil 601 620 616
Liabilities CZK mil 47.8 1,136 1,171
Total Debt CZK mil 0 487 460
Net Debt CZK mil -0.559 483 433
Ratios 2015 2016 2017
ROE % 3.25 3.13 -0.734
ROCE % 3.06 2.00 -0.368
Gross Margin % 48.8 29.5 23.5
EBITDA Margin % 68.3 18.0 3.88
EBIT Margin % 35.3 9.44 1.19
Net Margin % 29.4 7.04 -0.206
Net Debt/EBITDA -0.013 9.86 5.06
Net Debt/Equity % -0.093 77.9 70.3
Cost of Financing % ... 0.783 6.50
Cash Flow 2015 2016 2017
Total Cash From Operations CZK mil 2.04 -148 103
Total Cash From Investing CZK mil -3.31 -332 -25.0
Total Cash From Financing CZK mil 0 482 -55.5
Net Change In Cash CZK mil -1.27 3.00 22.7
Cash Conversion Cycle days 1,354 530 55.0
Cash Earnings CZK mil 40.8 42.5 54.9
Free Cash Flow CZK mil -1.27 -479 78.2

Get all company financials in excel:

Download Sample   $19.99

summary Unit 2010 2011 2012 2013 2014 2015 2016 2017
income statement                
Sales CZK mil   ... 3,769 2,188 75.7 65.4    
Gross Profit CZK mil   ... 944 413 43.4 31.9    
EBIT CZK mil   ... -87.2 -288 36.0 23.1    
Net Profit CZK mil   ... -423 -259 29.7 19.2    
ROE %   ... -34.6 -23.2 3.61 3.25    
EBIT Margin %   ... -2.31 -13.2 47.5 35.3    
Net Margin %   ... -11.2 -11.9 39.2 29.4    
Employees   ... 1,502 1,317 0 0    
balance sheet                
Total Assets CZK mil   3,536 3,009 2,850 641 649    
Non-Current Assets CZK mil   2,946 2,504 2,320 407 391    
Current Assets CZK mil   536 449 453 233 256    
Shareholders' Equity CZK mil   1,269 1,174 1,066 582 601    
Liabilities CZK mil   2,267 1,835 1,785 59.0 47.8    
Non-Current Liabilities CZK mil   426 375 504 0 0    
Current Liabilities CZK mil   1,073 790 744 56.7 44.3    
Net Debt/EBITDA   ... 3.36 -10.4 -0.032 -0.013    
Net Debt/Equity %   85.3 61.0 66.8 -0.315 -0.093    
Cost of Financing % ... ... 38.3 4.30 -0.202 ...    
cash flow                
Total Cash From Operations CZK mil   ... 97.7 -85.5 6.61 2.04    
Total Cash From Investing CZK mil   ... -66.4 2.75 -4.79 -3.31    
Total Cash From Financing CZK mil   ... -89.3 111 0 0    
Net Change In Cash CZK mil   ... -58.0 28.6 1.82 -1.27    
income statement Unit 2010 2011 2012 2013 2014 2015 2016 2017
income statement                
Sales CZK mil   ... 3,769 2,188 75.7 65.4    
Cost of Goods & Services CZK mil   ... 2,825 1,774 32.4 33.5    
Gross Profit CZK mil   ... 944 413 43.4 31.9    
Staff Cost CZK mil   ... 722 483 0 0    
Other Cost CZK mil   ... 8.55 -1.26 -14.1 -12.8    
EBITDA CZK mil   ... 213 -68.8 57.5 44.6    
Depreciation CZK mil   ... 300 219 21.5 21.6    
EBIT CZK mil   ... -87.2 -288 36.0 23.1    
Financing Cost CZK mil   ... 360 31.8 -0.760 -0.820    
Extraordinary Cost CZK mil   ... 0 0 10.0 0    
Pre-Tax Profit CZK mil   ... -447 -320 26.7 23.9    
Tax CZK mil   ... -24.4 -60.3 7.02 4.64    
Minorities CZK mil   ... 0 0 0 0    
Net Profit CZK mil   ... -423 -259 29.7 19.2    
Dividends CZK mil   ... 0 0 0 0    
growth rates                
Total Revenue Growth % ... ... ... -42.0 -96.5 -13.7    
Operating Cost Growth % ... ... ... -34.0 -103 -9.80    
EBITDA Growth % ... ... ... -132 -184 -22.4    
EBIT Growth % ... ... ... 230 -112 -35.9    
Pre-Tax Profit Growth % ... ... ... -28.5 -108 -10.7    
Net Profit Growth % ... ... ... -38.7 -111 -35.3    
ratios                
ROE %   ... -34.6 -23.2 3.61 3.25    
ROCE % ... ... -16.1 -11.8 2.25 3.06    
Gross Margin %   ... 25.0 18.9 57.3 48.8    
EBITDA Margin %   ... 5.66 -3.14 75.9 68.3    
EBIT Margin %   ... -2.31 -13.2 47.5 35.3    
Net Margin %   ... -11.2 -11.9 39.2 29.4    
Payout Ratio %   ... 0 0 0 0    
Cost of Financing % ... ... 38.3 4.30 -0.202 ...    
Net Debt/EBITDA   ... 3.36 -10.4 -0.032 -0.013    
balance sheet Unit 2010 2011 2012 2013 2014 2015 2016 2017
balance sheet                
Non-Current Assets CZK mil   2,946 2,504 2,320 407 391    
Property, Plant & Equipment CZK mil   2,206 1,939 1,743 392 391    
Intangible Assets CZK mil   77.5 51.3 29.8 0 0    
Current Assets CZK mil   536 449 453 233 256    
Inventories CZK mil   49.1 42.3 49.1 0 0    
Receivables CZK mil   369 374 304 231 256    
Cash & Cash Equivalents CZK mil   69.6 11.6 40.2 1.83 0.559    
Total Assets CZK mil   3,536 3,009 2,850 641 649    
Shareholders' Equity CZK mil   1,269 1,174 1,066 582 601    
Of Which Minority Interest CZK mil   0 0 0 0 0    
Liabilities CZK mil   2,267 1,835 1,785 59.0 47.8    
Non-Current Liabilities CZK mil   426 375 504 0 0    
Long-Term Debt CZK mil   12.4 2.41 509 0 0    
Deferred Tax Liabilities CZK mil   425 373 313 0 0    
Current Liabilities CZK mil   1,073 790 744 56.7 44.3    
Short-Term Debt CZK mil   1,140 725 243 0 0    
Trade Payables CZK mil   492 552 651 22.4 6.67    
Provisions CZK mil   35.9 28.7 4.81 2.36 3.53    
Equity And Liabilities CZK mil   3,536 3,009 2,850 641 649    
growth rates                
Total Asset Growth % ... 8.65 -14.9 -5.28 -77.5 1.26    
Shareholders' Equity Growth % ... 11.8 -7.44 -9.24 -45.4 3.31    
Net Debt Growth % ... 16.2 -33.9 -0.535 -100 -69.5    
Total Debt Growth % ... 20.1 -36.9 3.40 -100 ... ...  
ratios                
Total Debt CZK mil   1,152 727 752 0 0    
Net Debt CZK mil   1,082 716 712 -1.83 -0.559    
Working Capital CZK mil   -73.9 -136 -299 209 249    
Capital Employed CZK mil   2,872 2,368 2,021 616 640    
Net Debt/Equity %   85.3 61.0 66.8 -0.315 -0.093    
Cost of Financing % ... ... 38.3 4.30 -0.202 ...    
cash flow Unit 2010 2011 2012 2013 2014 2015 2016 2017
cash flow                
Net Profit CZK mil   ... -423 -259 29.7 19.2    
Depreciation CZK mil   ... 300 219 21.5 21.6    
Non-Cash Items CZK mil ... ... 158 -208 463 1.39    
Change in Working Capital CZK mil ... ... 62.1 163 -507 -40.2    
Total Cash From Operations CZK mil   ... 97.7 -85.5 6.61 2.04    
Capital Expenditures CZK mil   ... -67.2 -1.82 -4.79 -3.31    
Other Investments CZK mil   ... 0.749 4.57 0 0    
Total Cash From Investing CZK mil   ... -66.4 2.75 -4.79 -3.31    
Dividends Paid CZK mil   ... 0 0 0 0    
Issuance Of Shares CZK mil ... ... ... ... 0 0    
Issuance Of Debt CZK mil ... ... -425 24.7 -752 0    
Total Cash From Financing CZK mil   ... -89.3 111 0 0    
Net Change In Cash CZK mil   ... -58.0 28.6 1.82 -1.27    
ratios                
Days Sales Outstanding days   ... 36.2 50.6 1,114 1,427    
Days Sales Of Inventory days   ... 5.47 10.1 0 0    
Days Payable Outstanding days   ... 71.3 134 252 72.7    
Cash Conversion Cycle days   ... -29.7 -73.2 862 1,354    
Cash Earnings CZK mil   ... -122 -40.2 51.2 40.8    
Free Cash Flow CZK mil   ... 31.3 -82.7 1.82 -1.27    
other data Unit 2010 2011 2012 2013 2014 2015 2016 2017
other data                
ROA %   ... -12.9 -8.85 1.70 2.98    
Gross Margin %   ... 25.0 18.9 57.3 48.8    
Employees   ... 1,502 1,317 0 0    
Cost Per Employee USD per month   ... 2,047 1,563 ... ...    
Cost Per Employee (Local Currency) CZK per month   ... 40,045 30,578 ... ...    
Staff Cost (As % Of Total Cost) %   ... 18.7 19.5 0 0    
Effective Tax Rate %   ... 5.45 18.9 26.2 19.4    
Domestic Sales CZK mil ... ... ... ... ... ...    
Capital Expenditures (As % of Sales) %   ... 1.78 0.083 6.32 5.06    
Revenues From Abroad CZK mil ... ... ... ... ... ...    
Revenues From Abroad (As % Of Total) % ... ... ... ... ... ...    

Get all company financials in excel:

Download Sample   $19.99

United Bakeries a.s. is a Czech Republic-based manufacturer of bakery products. The Company offers breads, rolls, buns, and French breads, among others. The Company is based in Prague, but has an additional production plants in a number of other Czech towns such as Plzen, Strakonice, Žatec, Znojmo, Brno, Uherský Brod, Unicov, or Brandýs nad Labem, for example. The Company also operates in Slovakia. The Company was incorporated in 2009, is based in Prague, the Czech Republic and operates as a subsidiary of European United Bakeries S.A.

Finance

United Bakeries has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 16.7% a year during that time to total of CZK 85.6 mil in 2017, or 3.88% of sales. That’s compared to 32.6% average margin seen in last five years.

The company netted CZK -4.54 mil in 2017 implying ROE of -0.734% and ROCE of -0.368%. Again, the average figures were -2.78% and -0.974%, respectively when looking at the previous 5 years.

United Bakeries’s net debt amounted to CZK 433 mil at the end of 2017, or 70.3% of equity. When compared to EBITDA, net debt was 5.06x, up when compared to average of 0.906x seen in the last 5 years.