This report analyses the financial performance of Moracell for the 2019. You will find all the necessary details regarding company's profitability, volume growth, indebtedness and a comparison with selected peers.
Moracell announced a net profit of CZK 29.1 mil in 2019, up 129% when compared to the last year. Sales increased 31.8% yoy to CZK 573 mil, EBITDA rose 73.9% to CZK 59.0 mil and net margin amounted to 5.07%. In the last three years, the Company grew its revenues by 7.57% a year, and produced an average return on capital of 7.78% and return on equity of 17.3%.
The key highlights are:
Sales increased 31.8% yoy to CZK 573 mil in 2019. That’s compared to average growth of 7.57% in the last three years and 46.2% more when compared to the average annual increase in the last decade.
EBITDA amounted to CZK 59.0 mil and grew 73.9% when compared to last year. EBITDA margin reached 10.3%, down 0.286%pp when compared to a 5-year average.
Company’s indebtedness fell when measured by Net Debt/Equity and reached 80.6% at the end of 2019. When compared to EBITDA, net debt fell to 2.30x at the end of 2019.
Moracell netted CZK 29.1 mil to its shareholders in the last year, up 67.0% when compared to the average seen in the last five years. The company produced a return on capital of 8.63% and return on equity of 18.9% in the last year. Since 2014, Moracell’s average ROCE amounted to 6.24% and ROE 14.2%.
When compared to selected peers, Moracell has grown 3.43 pp faster in sales in the last five years. It was also 14.4 pp less profitable in terms of ROCE, and achieved 20.7 pp lower EBITDA margin based on a last year's results.
In terms of indebtedness, the company operated with 95.1 pp higher net debt to equity at the end of 2019 when compared to its peers (80.6% at Moracell vs. -14.5% of its peers).
Helgi Library 
