Walmark

Profit Statement 2015 2016 2017
Sales CZK mil 1,234 1,257 1,444
Gross Profit CZK mil 196 214 374
EBITDA CZK mil -241 -33.7 146
EBIT CZK mil -328 -113 82.4
Financing Cost CZK mil 397 45.0 -41.7
Pre-Tax Profit CZK mil -725 -158 124
Net Profit CZK mil -716 -158 124
Dividends CZK mil 0 0 ...
Balance Sheet 2015 2016 2017
Total Assets CZK mil 1,607 1,540 1,714
Non-Current Assets CZK mil 1,156 1,056 1,009
Current Assets CZK mil 442 467 700
Working Capital CZK mil 212 90.5 126
Shareholders' Equity CZK mil -85.0 -225 -141
Liabilities CZK mil 1,692 1,765 1,855
Total Debt CZK mil 1,413 1,352 1,394
Net Debt CZK mil 1,297 1,195 1,089
Ratios 2015 2016 2017
ROE % -246 102 -67.9
ROCE % -56.9 -12.6 10.9
Gross Margin % 15.8 17.0 25.9
EBITDA Margin % -19.6 -2.68 10.1
EBIT Margin % -26.6 -8.99 5.71
Net Margin % -58.0 -12.6 8.59
Net Debt/EBITDA -5.37 -35.5 7.44
Net Debt/Equity % -1,526 -531 -773
Cost of Financing % 34.6 3.25 -3.04
Cash Flow 2015 2016 2017
Total Cash From Operations CZK mil -349 77.2 29.1
Total Cash From Investing CZK mil -441 29.0 -4.72
Total Cash From Financing CZK mil 641 -65.5 124
Net Change In Cash CZK mil -150 40.7 149
Cash Conversion Cycle days 66.0 21.9 22.5
Cash Earnings CZK mil -629 -78.9 188
Free Cash Flow CZK mil -791 106 24.4

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summary Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                              
Sales CZK mil                 2,176 2,144 1,941 2,294 1,234    
Gross Profit CZK mil                 1,550 1,503 1,335 1,665 196    
EBIT CZK mil                 252 57.0 34.1 105 -328    
Net Profit CZK mil                 214 -3.00 -8.61 41.8 -716    
ROE %                 18.8 -0.377 -1.71 6.40 -246    
EBIT Margin %                 11.6 2.66 1.76 4.56 -26.6    
Net Margin %                 9.83 -0.140 -0.444 1.82 -58.0    
Employees       ...         629 673 626 634 355    
balance sheet                              
Total Assets CZK mil                 1,719 1,596 1,964 2,096 1,607    
Non-Current Assets CZK mil                 700 621 794 747 1,156    
Current Assets CZK mil                 1,019 975 1,171 1,349 442    
Shareholders' Equity CZK mil                 1,223 368 637 667 -85.0    
Liabilities CZK mil                 496 1,228 1,327 1,429 1,692    
Non-Current Liabilities CZK mil                 37.0 833 768 693 0    
Current Liabilities CZK mil                 558 395 559 735 1,629    
Net Debt/EBITDA                 0.471 4.81 4.37 2.26 -5.37    
Net Debt/Equity %                 13.3 195 86.8 73.0 -1,526    
Cost of Financing % ...               6.80 7.39 4.30 5.04 34.6    
cash flow                              
Total Cash From Operations CZK mil                 200 150 167 154 -349    
Total Cash From Investing CZK mil                 -67.0 -39.0 -244 -71.2 -441    
Total Cash From Financing CZK mil                 -126 -24.0 136 132 641    
Net Change In Cash CZK mil                 7.00 87.0 59.8 215 -150    
income statement Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                              
Sales CZK mil                 2,176 2,144 1,941 2,294 1,234    
Cost of Goods & Services CZK mil                 626 641 606 629 1,038    
Gross Profit CZK mil                 1,550 1,503 1,335 1,665 196    
Staff Cost CZK mil                 346 373 367 428 230    
Other Cost CZK mil                 858 981 841 1,022 207    
EBITDA CZK mil                 346 149 126 215 -241    
Depreciation CZK mil                 94.0 92.0 92.4 111 86.4    
EBIT CZK mil                 252 57.0 34.1 105 -328    
Financing Cost CZK mil                 17.0 38.0 35.6 42.8 397    
Extraordinary Cost CZK mil                 0 0 0 0 0    
Pre-Tax Profit CZK mil                 235 19.0 -1.46 61.8 -725    
Tax CZK mil                 21.0 22.0 7.15 20.0 -8.90    
Minorities CZK mil                 0 0 0 0 0    
Net Profit CZK mil                 214 -3.00 -8.61 41.8 -716    
Dividends CZK mil                 660 ... 8.08 5.70 0   ...
growth rates                              
Total Revenue Growth % ...               -8.22 -1.47 -9.47 18.2 -46.2    
Operating Cost Growth % ...               -8.72 12.5 -10.8 20.0 -69.9    
EBITDA Growth % ...               14.2 -56.9 -15.1 70.2 -212    
EBIT Growth % ...               34.0 -77.4 -40.2 207 -413    
Pre-Tax Profit Growth % ...               44.2 -91.9 -108 -4,319 -1,273    
Net Profit Growth % ...               63.4 -101 187 -585 -1,813    
ratios                              
ROE %                 18.8 -0.377 -1.71 6.40 -246    
ROCE % ...               16.0 -0.246 -0.742 3.56 -56.9    
Gross Margin %                 71.2 70.1 68.8 72.6 15.8    
EBITDA Margin %                 15.9 6.95 6.52 9.38 -19.6    
EBIT Margin %                 11.6 2.66 1.76 4.56 -26.6    
Net Margin %                 9.83 -0.140 -0.444 1.82 -58.0    
Payout Ratio %                 308 ... -93.7 13.6 0   ...
Cost of Financing % ...               6.80 7.39 4.30 5.04 34.6    
Net Debt/EBITDA                 0.471 4.81 4.37 2.26 -5.37    
balance sheet Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
balance sheet                              
Non-Current Assets CZK mil                 700 621 794 747 1,156    
Property, Plant & Equipment CZK mil                 601 547 528 503 487    
Intangible Assets CZK mil                 88.0 69.0 259 235 307    
Goodwill CZK mil ... ...       ... ... ... ... ... ... ... ... ... ...
Current Assets CZK mil                 1,019 975 1,171 1,349 442    
Inventories CZK mil                 377 290 305 316 171    
Receivables CZK mil                 598 553 516 539 154    
Cash & Cash Equivalents CZK mil                 32.0 116 267 391 116    
Total Assets CZK mil                 1,719 1,596 1,964 2,096 1,607    
Shareholders' Equity CZK mil                 1,223 368 637 667 -85.0    
Of Which Minority Interest CZK mil                 0 0 0 0 0    
Liabilities CZK mil                 496 1,228 1,327 1,429 1,692    
Non-Current Liabilities CZK mil                 37.0 833 768 693 0    
Long-Term Debt CZK mil                 0 802 758 684 0    
Deferred Tax Liabilities CZK mil                 29.0 24.0 4.11 3.95 0    
Current Liabilities CZK mil                 558 395 559 735 1,629    
Short-Term Debt CZK mil                 195 31.0 62.4 194 1,413    
Trade Payables CZK mil                 354 343 414 454 113    
Provisions CZK mil                 4.00 14.0 2.04 1.42 60.9    
Equity And Liabilities CZK mil                 1,719 1,596 1,964 2,096 1,607    
growth rates                              
Total Asset Growth % ...               -2.00 -7.16 23.1 6.71 -23.3    
Shareholders' Equity Growth % ...               15.5 -69.9 73.1 4.72 -113    
Net Debt Growth % ...               -41.2 340 -22.8 -12.0 166    
Total Debt Growth % ...               -36.1 327 -1.50 7.02 61.0    
ratios                              
Total Debt CZK mil                 195 833 821 878 1,413    
Net Debt CZK mil                 163 717 553 487 1,297    
Working Capital CZK mil                 621 500 406 401 212    
Capital Employed CZK mil                 1,321 1,121 1,200 1,148 1,368    
Net Debt/Equity %                 13.3 195 86.8 73.0 -1,526    
Cost of Financing % ...               6.80 7.39 4.30 5.04 34.6    
cash flow Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
cash flow                              
Net Profit CZK mil                 214 -3.00 -8.61 41.8 -716    
Depreciation CZK mil                 94.0 92.0 92.4 111 86.4    
Non-Cash Items CZK mil ...               -93.0 -60.0 -10.2 -4.06 91.0    
Change in Working Capital CZK mil ...               -15.0 121 93.6 5.38 189    
Total Cash From Operations CZK mil                 200 150 167 154 -349    
Capital Expenditures CZK mil                 -73.0 -40.0 -246 -75.5 -197    
Other Investments CZK mil                 6.00 1.00 2.83 4.27 -244    
Total Cash From Investing CZK mil                 -67.0 -39.0 -244 -71.2 -441    
Dividends Paid CZK mil                 -660 ... -8.08 -5.70 0   ...
Issuance Of Shares CZK mil ... ... ... ... ... ... ... ... ... ... ... -8.08 -5.70    
Issuance Of Debt CZK mil ...               -110 638 -12.5 57.6 535    
Total Cash From Financing CZK mil                 -126 -24.0 136 132 641    
Net Change In Cash CZK mil                 7.00 87.0 59.8 215 -150    
ratios                              
Days Sales Outstanding days                 100 94.1 97.0 85.8 45.6    
Days Sales Of Inventory days                 220 165 184 183 60.2    
Days Payable Outstanding days                 206 195 249 264 39.8    
Cash Conversion Cycle days                 114 64.0 31.2 5.58 66.0    
Cash Earnings CZK mil                 308 89.0 83.7 152 -629    
Free Cash Flow CZK mil                 133 111 -76.5 82.6 -791    
other data Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                              
ROA %                 12.3 -0.181 -0.484 2.06 -38.7    
Gross Margin %                 71.2 70.1 68.8 72.6 15.8    
Employees       ...         629 673 626 634 355    
Cost Per Employee USD per month       ...         2,592 2,361 2,499 2,630 2,261    
Cost Per Employee (Local Currency) CZK per month       ...         45,840 46,186 48,900 56,213 53,966    
Staff Cost (As % Of Total Cost) %                 18.0 17.9 19.3 19.5 14.7    
Effective Tax Rate %                 8.94 116 -488 32.4 1.23    
Capital Expenditures (As % of Sales) %                 3.35 1.87 12.7 3.29 16.0    
Revenues From Abroad CZK mil ... ... ... ... ... ... ... ... ... ... ... ... 782    
Revenues From Abroad (As % Of Total) % ... ... ... ... ... ... ... ... ... ... ... ... 63.4    

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Jan 2014
Statistical Dossier
Feb 2014
Company Report

Walmark is a Czech Republic-based producer of food supplements. The Company has been created at the beginning of 1990's as a greenfield investment. Nowadays, Walmark maintains its strong position in the Czech Republic, set up subsidiaries in seven other CEE markets and exports to further 30 countries in the world. Walmark's portfolio includes products such as Martians (multivitamins and multiminerals for childern), Spektrum (multivitamins and multiminerals for adults of all ages), ArthroStop (preparations for joint nutrition), GinkoPrim (herbal extract for better blood circulation), Prostenal, Urinal, or Dialevel, for example. In 2012, the Company achieved total sales of over CZK 2.1 bil and employed nearly 900 people