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Makovec

Makovec's employees rose 10.6% yoy to 855 in 2023

By Helgi Library - November 2, 2024

Makovec employed 855 employees in 2023, up 10.6% compared to the previous year. Historically, between 2013 and 2023, ...

Makovec's net profit rose 37.6% yoy to CZK 17.4 mil in 2023

By Helgi Library - November 2, 2024

Makovec made a net profit of CZK 17.4 mil in 2023, up 37.6% compared to the previous year. Total sales reached CZK 1,993 mil, wh...

Makovec's Net Margin rose 23.5% yoy to 0.874% in 2023

By Helgi Library - November 2, 2024

Makovec made a net profit of CZK 17.4 mil with revenues of CZK 1,993 mil in 2023, up by 37.6% and up by 11.4%, respectively,...

Profit Statement 2021 2022 2023
Sales CZK mil 1,553 1,789 1,993
Gross Profit CZK mil 538 506 603
EBITDA CZK mil 134 52.2 98.4
EBIT CZK mil 90.4 22.5 37.2
Financing Cost CZK mil 0.307 1.40 1.67
Pre-Tax Profit CZK mil 83.3 19.2 28.2
Net Profit CZK mil 65.1 12.7 17.4
Dividends CZK mil 7.11 0.437 ...
Balance Sheet 2021 2022 2023
Total Assets CZK mil 650 788 833
Non-Current Assets CZK mil 482 548 566
Current Assets CZK mil 166 234 254
Working Capital CZK mil 6.53 -13.8 -6.60
Shareholders' Equity CZK mil 411 416 433
Liabilities CZK mil 479 567 567
Total Debt CZK mil 67.4 139 174
Net Debt CZK mil -30.0 5.52 14.1
Ratios 2021 2022 2023
ROE % 16.9 3.06 4.10
ROCE % 16.6 2.48 3.18
Gross Margin % 34.6 28.3 30.3
EBITDA Margin % 8.60 2.92 4.94
EBIT Margin % 5.82 1.26 1.87
Net Margin % 4.19 0.708 0.874
Net Debt/EBITDA -0.224 0.106 0.143
Net Debt/Equity % -7.30 1.33 3.26
Cost of Financing % 0.740 1.36 1.07
Cash Flow 2021 2022 2023
Total Cash From Operations CZK mil 1.64 63.4 104
Total Cash From Investing CZK mil -155 -84.8 -109
Total Cash From Financing CZK mil 39.2 62.1 34.4
Net Change In Cash CZK mil -114 40.7 29.2
Cash Conversion Cycle days -4.99 -10.1 -6.78
Cash Earnings CZK mil 108 42.4 78.6
Free Cash Flow CZK mil -153 -21.4 -5.21

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overview Unit 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
income statement                      
Sales CZK mil         1,330 1,324 1,534 1,583 1,553    
Gross Profit CZK mil         363 410 420 570 538    
EBIT CZK mil         47.4 63.7 26.7 138 90.4    
Net Profit CZK mil ...       30.9 51.6 16.3 110 65.1    
                         
ROE %         15.3 22.2 6.42 35.6 16.9    
EBIT Margin %         3.57 4.81 1.74 8.73 5.82    
Net Margin %         2.32 3.90 1.06 6.92 4.19    
Employees         575 610 669 702 738    
balance sheet                      
Total Assets CZK mil         414 454 463 549 650    
Non-Current Assets CZK mil         269 270 277 285 482    
Current Assets CZK mil         144 182 184 263 166    
                         
Shareholders' Equity CZK mil         214 250 257 358 411    
Liabilities CZK mil         200 204 206 831 479    
Non-Current Liabilities CZK mil         45.0 51.5 35.6 19.2 75.7    
Current Liabilities CZK mil         146 133 148 148 141    
                         
Net Debt/EBITDA         -0.342 -0.821 -1.23 -1.04 -0.224    
Net Debt/Equity %         -13.8 -32.7 -32.0 -52.0 -7.30    
Cost of Financing % ...       1.38 1.41 2.77 1.80 0.740    
cash flow                      
Total Cash From Operations CZK mil ...       -19.8 35.5 -20.5 75.3 1.64    
Total Cash From Investing CZK mil ...       48.3 35.5 33.2 33.4 -155    
Total Cash From Financing CZK mil ...       -32.6 -42.0 -25.5 -21.1 39.2    
Net Change In Cash CZK mil ...       -4.09 29.0 -12.8 87.6 -114    
income statement Unit 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
income statement                      
Sales CZK mil         1,330 1,324 1,534 1,583 1,553    
Cost of Goods & Services CZK mil         966 914 1,113 1,013 1,015    
Cost of Material & Energy CZK mil         874 816 1,007 910 912    
Gross Profit CZK mil         363 410 420 570 538    
Staff Cost CZK mil         274 305 349 384 401    
Other Operating Cost (Income) CZK mil         3.42 6.22 4.51 7.17 2.95    
EBITDA CZK mil         86.1 99.5 67.0 180 134    
Depreciation CZK mil ...       38.7 35.8 40.3 41.4 43.2    
EBIT CZK mil         47.4 63.7 26.7 138 90.4    
Net Financing Cost CZK mil         9.50 2.17 4.27 0.127 7.11    
Financing Cost CZK mil         1.16 0.815 1.01 0.397 0.307    
Financing Income CZK mil         0.197 0.197 0.566 0.341 0.314    
Extraordinary Cost CZK mil         0 0 0 0 0    
Pre-Tax Profit CZK mil         37.9 61.5 22.4 138 83.3    
Tax CZK mil         7.05 9.93 6.13 28.6 18.2    
Minorities CZK mil         0 0 0 0 0    
Net Profit CZK mil ...       30.9 51.6 16.3 110 65.1    
Net Profit Avail. to Common CZK mil         30.9 51.6 16.3 110 65.1    
Dividends CZK mil         15.7 9.33 8.32 12.5 7.11   ...
growth rates                      
Total Revenue Growth % ...       7.62 -0.398 15.8 3.24 -1.90    
Staff Cost Growth % ...       12.1 11.3 14.5 10.0 4.60    
EBITDA Growth % ...       35.4 15.5 -32.7 168 -25.6    
EBIT Growth % ...       113 34.3 -58.1 419 -34.6    
Pre-Tax Profit Growth % ...       139 62.2 -63.6 517 -39.7    
Net Profit Growth % ...       123 67.1 -68.5 573 -40.6    
ratios                      
ROE %         15.3 22.2 6.42 35.6 16.9    
ROA %         7.21 11.9 3.55 21.6 10.9    
ROCE % ...       12.1 20.0 6.31 39.4 16.6    
Gross Margin %         27.3 31.0 27.4 36.0 34.6    
EBITDA Margin %         6.48 7.51 4.37 11.3 8.60    
EBIT Margin %         3.57 4.81 1.74 8.73 5.82    
Net Margin %         2.32 3.90 1.06 6.92 4.19    
Payout Ratio %         51.0 18.1 51.2 11.4 10.9   ...
Cost of Financing % ...       1.38 1.41 2.77 1.80 0.740    
Net Debt/EBITDA         -0.342 -0.821 -1.23 -1.04 -0.224    
balance sheet Unit 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
balance sheet                      
Cash & Cash Equivalents CZK mil         75.0 104 91.1 179 65.1    
Receivables CZK mil         34.9 40.2 53.0 46.8 59.0    
Inventories CZK mil         33.7 37.5 40.3 37.6 41.7    
Other ST Assets CZK mil         0 0 0 0 0    
Current Assets CZK mil         144 182 184 263 166    
Property, Plant & Equipment CZK mil         243 246 257 261 449    
LT Investments & Receivables CZK mil         25.4 22.4 19.5 23.2 32.3    
Intangible Assets CZK mil         0.455 0.793 0.583 0.786 0.966    
Goodwill CZK mil         0 0 0 0 0    
Non-Current Assets CZK mil         269 270 277 285 482    
Total Assets CZK mil         414 454 463 549 650    
                         
Trade Payables CZK mil         77.2 90.7 111 72.3 94.2    
Short-Term Debt CZK mil         35.9 1.33 0.895 4.52 2.41    
Other ST Liabilities CZK mil         33.1 40.9 36.2 70.9 44.7    
Current Liabilities CZK mil         146 133 148 148 141    
Long-Term Debt CZK mil         35.0 43.3 27.5 11.1 65.0    
Other LT Liabilities CZK mil         10.0 8.22 8.03 8.04 10.7    
Non-Current Liabilities CZK mil         45.0 51.5 35.6 19.2 75.7    
Liabilities CZK mil         200 204 206 831 479    
Equity Before Minority Interest CZK mil         214 250 257 358 411    
Minority Interest CZK mil         0 0 0 0 0    
Equity CZK mil         214 250 257 358 411    
growth rates                      
Total Asset Growth % ...       -6.12 9.47 2.13 18.6 18.3    
Shareholders' Equity Growth % ...       13.6 16.7 2.77 39.4 14.7    
Net Debt Growth % ...       330 177 0.593 127 -83.9    
Total Debt Growth % ...       -27.9 -37.0 -36.3 -45.0 331    
ratios                      
Total Debt CZK mil         70.9 44.6 28.4 15.6 67.4    
Net Debt CZK mil         -29.5 -81.7 -82.1 -186 -30.0    
Working Capital CZK mil         -8.59 -12.9 -17.9 12.0 6.53    
Capital Employed CZK mil         261 257 259 297 489    
Net Debt/Equity %         -13.8 -32.7 -32.0 -52.0 -7.30    
Current Ratio         0.982 1.37 1.24 1.78 1.17    
Quick Ratio         0.752 1.08 0.972 1.53 0.878    
cash flow Unit 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
cash flow                      
Net Profit CZK mil ...       30.9 51.6 16.3 110 65.1    
Depreciation CZK mil ...       38.7 35.8 40.3 41.4 43.2    
Non-Cash Items CZK mil ...       -69.2 -56.3 -82.0 -45.7 -112    
Change in Working Capital CZK mil ...       -20.2 4.36 4.93 -29.9 5.49    
Total Cash From Operations CZK mil ...       -19.8 35.5 -20.5 75.3 1.64    
                         
Capital Expenditures CZK mil ...       48.3 35.5 33.2 33.4 -155    
Total Cash From Investing CZK mil ...       48.3 35.5 33.2 33.4 -155    
                         
Dividends Paid CZK mil ...       -5.24 -15.7 -9.33 -8.32 -12.5    
Issuance Of Shares CZK mil ...       0 0 0 0 0    
Issuance Of Debt CZK mil ...       -27.4 -26.3 -16.2 -12.8 51.7    
Total Cash From Financing CZK mil ...       -32.6 -42.0 -25.5 -21.1 39.2    
Net Change In Cash CZK mil ...       -4.09 29.0 -12.8 87.6 -114    
ratios                      
Days Sales Outstanding days         9.59 11.1 12.6 10.8 13.9    
Days Sales Of Inventory days         12.7 15.0 13.2 13.6 15.0    
Days Payable Outstanding days         29.2 36.2 36.5 26.1 33.9    
Cash Conversion Cycle days         -6.85 -10.1 -10.6 -1.74 -4.99    
Cash Earnings CZK mil         69.6 87.4 56.6 151 108    
Free Cash Flow CZK mil ...       28.5 71.0 12.7 109 -153    
Capital Expenditures (As % of Sales) % ...       -3.63 -2.68 -2.17 -2.11 9.95    
other ratios Unit 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
                       
Employees         575 610 669 702 738    
Cost Per Employee USD per month         1,691 1,902 1,927 2,070 2,091    
Cost Per Employee (Local Currency) CZK per month         39,670 41,622 43,436 45,538 45,307    
Material & Energy (As % of Sales) %         65.7 61.6 65.7 57.5 58.7    
Services (As % of Sales) %         5.90 6.16 5.90 5.45 5.65    
Staff Cost (As % of Sales) %         20.6 23.0 22.7 24.2 25.8    
Effective Tax Rate %         18.6 16.1 27.4 20.7 21.9    
Total Revenue Growth (5-year average) % ... ... ... ... ... 1.76 3.87 5.45 4.68    
Total Revenue Growth (10-year average) % ... ... ... ... ... ... ... ... ... ...  

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Makovec's Capital Expenditures fell 30.6% yoy to CZK 119 mil in 2023

By Helgi Library - November 2, 2024

Makovec invested a total of CZK 119 mil in 2023, up 30.6% compared to the previous year. Historically, between 2014 - 2023, the company's investments stood at a high of CZK 155 mil in 2021 and a low of CZK -58.0 mil in 2015. As a perc...

Makovec's ROCE rose 28.6% yoy to 3.18% in 2023

By Helgi Library - November 2, 2024

Makovec made a net profit of CZK 17.4 mil in 2023, up 37.6% compared to the previous year. Historically, between 2014 and 2023, the company's net profit reached a high of CZK 110 mil in 2020 and a low of CZK 12.7 mil in 2022. The result implies a return o...

Makovec's Net Debt/EBITDA rose 35.4% yoy to 0.143 in 2023

By Helgi Library - November 2, 2024

Makovec's net debt stood at CZK 14.1 mil and accounted for 3.26% of equity at the end of 2023. The ratio is up 1.93 pp compared to the previous year. Historically, the firm’s net debt to equity reached a high of 50.7% in 2013 and a low of -52...

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Finance

Makovec has been growing its sales by 8.51% a year on average in the last 5 years. EBITDA has fallen on average by 0.219% a year during that time to total of CZK 98.4 mil in 2023, or 4.94% of sales. That’s compared to 6.44% average margin seen in last five years.

The company netted CZK 17.4 mil in 2023 implying ROE of 4.10% and ROCE of 3.18%. Again, the average figures were 13.2% and 13.6%, respectively when looking at the previous 5 years.

Makovec’s net debt amounted to CZK 14.1 mil at the end of 2023, or 3.26% of equity. When compared to EBITDA, net debt was 0.143x, up when compared to average of -0.448x seen in the last 5 years.

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