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EMCO

EMCO's Cash & Cash Equivalents fell 36.7% yoy to CZK 25.3 mil in 2017

By Helgi Library - April 2, 2020

EMCO's total assets reached CZK 592 mil at the end of 2017, up 2.96% compared to the previous year. Current assets...

EMCO's Cash & Cash Equivalents fell 36.7% yoy to CZK 25.3 mil in 2017

By Helgi Library - April 2, 2020

EMCO's total assets reached CZK 592 mil at the end of 2017, up 2.96% compared to the previous year. Current assets...

Annual Quarterly
Profit Statement 2015 2016 2017
Sales CZK mil 1,001 930 996
Gross Profit CZK mil 543 202 207
EBITDA CZK mil 49.2 72.1 72.6
EBIT CZK mil 15.5 38.4 39.2
Financing Cost CZK mil 8.75 6.57 12.0
Pre-Tax Profit CZK mil 6.77 31.8 27.2
Net Profit CZK mil 5.98 24.5 21.7
Dividends CZK mil 26.0 0 ...
Balance Sheet 2015 2016 2017
Total Assets CZK mil 607 575 592
Non-Current Assets CZK mil 252 241 263
Current Assets CZK mil 350 332 326
Working Capital CZK mil 192 176 183
Shareholders' Equity CZK mil 110 111 112
Liabilities CZK mil 497 464 480
Total Debt CZK mil 339 301 306
Net Debt CZK mil 294 261 281
Ratios 2015 2016 2017
ROE % 5.55 22.1 19.4
ROCE % 1.36 5.69 5.03
Gross Margin % 54.2 21.8 20.7
EBITDA Margin % 4.91 7.76 7.29
EBIT Margin % 1.55 4.13 3.94
Net Margin % 0.598 2.63 2.18
Net Debt/EBITDA 5.98 3.62 3.87
Net Debt/Equity % 266 235 250
Cost of Financing % 2.60 2.05 3.96
Cash Flow 2015 2016 2017
Total Cash From Operations CZK mil 19.2 41.4 60.4
Total Cash From Investing CZK mil -27.3 -22.2 -52.3
Total Cash From Financing CZK mil 9.74 -14.4 -22.8
Net Change In Cash CZK mil 1.68 4.75 -14.6
Cash Conversion Cycle days 72.4 68.3 66.9
Cash Earnings CZK mil 39.6 58.2 55.1
Free Cash Flow CZK mil -8.07 19.2 8.13

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summary Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                          
Sales CZK mil             944 1,008 1,032 1,148 1,001    
Gross Profit CZK mil             194 205 218 690 543    
EBIT CZK mil             24.8 26.9 40.5 41.3 15.5    
Net Profit CZK mil             24.1 20.9 25.1 12.8 5.98    
ROE %             12.4 15.6 27.8 12.4 5.55    
EBIT Margin %             2.62 2.67 3.92 3.60 1.55    
Net Margin %             2.55 2.08 2.43 1.11 0.598    
Employees ... ... ... ...     150 148 159 165 196    
balance sheet                          
Total Assets CZK mil             404 419 565 628 607    
Non-Current Assets CZK mil             106 114 205 259 252    
Current Assets CZK mil             296 297 350 363 350    
Shareholders' Equity CZK mil             190 79.2 101 105 110    
Liabilities CZK mil             214 340 464 523 497    
Non-Current Liabilities CZK mil             1.11 121 120 207 216    
Current Liabilities CZK mil             209 208 248 306 276    
Net Debt/EBITDA             0.597 3.47 3.98 4.47 5.98    
Net Debt/Equity %             12.2 184 217 275 266    
Cost of Financing % ...           -3.71 0.191 3.26 8.77 2.60    
cash flow                          
Total Cash From Operations CZK mil ...           30.0 32.6 134 81.4 19.2    
Total Cash From Investing CZK mil ...           -7.65 -0.135 -102 -82.2 -27.3    
Total Cash From Financing CZK mil ...           -6.00 -12.0 -6.00 -10.5 9.74    
Net Change In Cash CZK mil ...           16.4 20.5 25.5 -11.3 1.68    
income statement Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                          
Sales CZK mil             944 1,008 1,032 1,148 1,001    
Cost of Goods & Services CZK mil             750 803 814 458 458    
Gross Profit CZK mil             194 205 218 690 543    
Staff Cost CZK mil             75.5 76.5 80.2 87.4 92.9    
Other Cost CZK mil             80.2 86.0 82.7 538 401    
EBITDA CZK mil             38.7 42.1 55.2 64.7 49.2    
Depreciation CZK mil             13.9 15.2 14.7 23.4 33.7    
EBIT CZK mil             24.8 26.9 40.5 41.3 15.5    
Financing Cost CZK mil             -2.04 0.220 7.33 26.6 8.75    
Extraordinary Cost CZK mil             0.040 0 0 -0.438 0    
Pre-Tax Profit CZK mil             26.8 26.7 33.1 15.1 6.77    
Tax CZK mil             2.69 5.77 8.03 2.34 0.783    
Minorities CZK mil             0 0 0 0 0    
Net Profit CZK mil             24.1 20.9 25.1 12.8 5.98    
Dividends CZK mil             132 6.00 10.5 0 26.0   ...
growth rates                          
Total Revenue Growth % ...           7.10 6.75 2.37 11.3 -12.8    
Operating Cost Growth % ...           1.02 4.30 0.253 284 -21.0    
EBITDA Growth % ...           14.9 8.74 31.0 17.3 -24.0    
EBIT Growth % ...           8.31 8.72 50.2 2.03 -62.4    
Pre-Tax Profit Growth % ...           -10.5 -0.235 24.1 -54.4 -55.2    
Net Profit Growth % ...           -3.60 -13.0 19.9 -49.1 -53.2    
ratios                          
ROE %             12.4 15.6 27.8 12.4 5.55    
ROCE % ...           11.4 9.59 9.23 3.41 1.36    
Gross Margin %             20.6 20.3 21.1 60.1 54.2    
EBITDA Margin %             4.10 4.18 5.34 5.63 4.91    
EBIT Margin %             2.62 2.67 3.92 3.60 1.55    
Net Margin %             2.55 2.08 2.43 1.11 0.598    
Payout Ratio %             548 28.6 41.8 0 434   ...
Cost of Financing % ...           -3.71 0.191 3.26 8.77 2.60    
Net Debt/EBITDA             0.597 3.47 3.98 4.47 5.98    
balance sheet Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
balance sheet                          
Non-Current Assets CZK mil             106 114 205 259 252    
Property, Plant & Equipment CZK mil             94.7 98.5 180 237 230    
Intangible Assets CZK mil             0.455 4.85 7.86 8.78 9.81    
Goodwill CZK mil             0 0 0 0 0    
Current Assets CZK mil             296 297 350 363 350    
Inventories CZK mil             89.3 103 115 122 118    
Receivables CZK mil             123 120 123 197 186    
Cash & Cash Equivalents CZK mil             31.9 29.3 54.9 43.6 45.2    
Total Assets CZK mil             404 419 565 628 607    
Shareholders' Equity CZK mil             190 79.2 101 105 110    
Of Which Minority Interest CZK mil             0 0 0 0 0    
Liabilities CZK mil             214 340 464 523 497    
Non-Current Liabilities CZK mil             1.11 121 120 207 216    
Long-Term Debt CZK mil             0 120 147 206 215    
Deferred Tax Liabilities CZK mil             1.11 0.567 0.431 1.49 0.921    
Current Liabilities CZK mil             209 208 248 306 276    
Short-Term Debt CZK mil             55.0 55.3 127 127 124    
Trade Payables CZK mil             111 107 129 142 113    
Provisions CZK mil             0.779 3.32 2.74 3.62 1.82    
Equity And Liabilities CZK mil             404 419 565 628 607    
growth rates                          
Total Asset Growth % ...           -2.26 3.73 34.9 11.2 -3.28    
Shareholders' Equity Growth % ...           -4.80 -58.3 27.7 4.00 4.90    
Net Debt Growth % ...           200 531 50.2 31.9 1.66    
Total Debt Growth % ...           0 219 56.4 21.4 1.95    
ratios                          
Total Debt CZK mil             55.0 175 274 333 339    
Net Debt CZK mil             23.1 146 219 289 294    
Working Capital CZK mil             101 116 109 177 192    
Capital Employed CZK mil             207 230 314 436 444    
Net Debt/Equity %             12.2 184 217 275 266    
Cost of Financing % ...           -3.71 0.191 3.26 8.77 2.60    
cash flow Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
cash flow                          
Net Profit CZK mil             24.1 20.9 25.1 12.8 5.98    
Depreciation CZK mil             13.9 15.2 14.7 23.4 33.7    
Non-Cash Items CZK mil ...           -15.1 11.7 86.8 113 -5.27    
Change in Working Capital CZK mil ...           7.12 -15.2 7.28 -67.6 -15.1    
Total Cash From Operations CZK mil ...           30.0 32.6 134 81.4 19.2    
Capital Expenditures CZK mil ...           -23.8 -23.2 -106 -88.2 -30.5    
Other Investments CZK mil ...           16.2 23.1 3.97 5.99 3.25    
Total Cash From Investing CZK mil ...           -7.65 -0.135 -102 -82.2 -27.3    
Dividends Paid CZK mil ...           0 -132 -6.00 -10.5 0    
Issuance Of Shares CZK mil ... ... ... ... ... ... ... 0 0 0 0    
Issuance Of Debt CZK mil ...           47.6 120 98.8 58.5 6.48    
Total Cash From Financing CZK mil ...           -6.00 -12.0 -6.00 -10.5 9.74    
Net Change In Cash CZK mil ...           16.4 20.5 25.5 -11.3 1.68    
ratios                          
Days Sales Outstanding days             47.4 43.5 43.7 62.7 67.9    
Days Sales Of Inventory days             43.5 47.0 51.6 97.0 94.3    
Days Payable Outstanding days             53.9 48.8 58.0 113 89.8    
Cash Conversion Cycle days             37.0 41.8 37.2 46.3 72.4    
Cash Earnings CZK mil             38.0 36.1 39.8 36.2 39.6    
Free Cash Flow CZK mil ...           22.4 32.5 31.5 -0.799 -8.07    
other data Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                          
ROA %             5.90 5.09 5.11 2.14 0.969    
Gross Margin %             20.6 20.3 21.1 60.1 54.2    
Employees ... ... ... ...     150 148 159 165 196    
Cost Per Employee USD per month ... ... ... ...     2,373 2,201 2,147 2,065 1,656    
Cost Per Employee (Local Currency) CZK per month ... ... ... ...     41,968 43,059 42,014 44,142 39,517    
Staff Cost (As % Of Total Cost) %             8.22 7.79 8.09 7.90 9.43    
Effective Tax Rate %             10.1 21.6 24.2 15.5 11.6    
Domestic Sales CZK mil ... ... ... ... ... ... ... 1,000 1,028 776 685    
Capital Expenditures (As % of Sales) % ...           2.52 2.30 10.3 7.68 3.05    
Revenues From Abroad CZK mil ... ... ... ... ... ... ... 223 319 372 316    
Revenues From Abroad (As % Of Total) % ... ... ... ... ... ... ... 22.1 30.9 32.4 31.5    
Sales of Goods CZK mil ... ... ... ...     549 557 577 638 467    
Sales of Own Products CZK mil ... ... ... ...     341 389 391 425 476    
Sales Of Services CZK mil ... ... ... ...     51.0 53.0 60.4 71.1 62.0    

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EMCO in Numbers
Annual (2005 - 2017)
Nov 2018
Statistical Dossier
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EMCO at a Glance
Feb 2014
Company Report
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EMCO in Numbers
Feb 2014
Statistical Dossier
$199.00

Emco is Czech Republic-based food company engaged in the manufacture and distribution of cereal products, muesli, cornflakes and porridge Express brands and distribution of Panzani, Carbonell Katjes. The Company was founded by Mr. Zdeněk Jahoda in 1990. Emco focuses on the production and distribution of high quality and healthy lifestyle food products. These include crunchy and traditional müsli, müsli biscuits, corn and wholemeal cereals, oatmeal’s and children’s cereal products. Emco has long dominated the müsli market in the Czech Republic with a 53 % share. The Company exports into more than 40 countries with the most important foreign markets currently being Croatia, Poland, Egypt and Venezuela. Since 2008, Emco has a subsidiary in Russia

Finance

EMCO has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 11.5% a year during that time to total of CZK 72.6 mil in 2017, or 7.29% of sales. That’s compared to 6.19% average margin seen in last five years.

The company netted CZK 21.7 mil in 2017 implying ROE of 19.4% and ROCE of 5.03%. Again, the average figures were 17.5% and 4.95%, respectively when looking at the previous 5 years.

EMCO’s net debt amounted to CZK 281 mil at the end of 2017, or 250% of equity. When compared to EBITDA, net debt was 3.87x, down when compared to average of 4.38x seen in the last 5 years.

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