Centropol Energy

Centropol's Cash & Cash Equivalents rose 244% yoy to CZK 482 mil in 2015

By Helgi Analytics - April 2, 2020

Centropol Energy's total assets reached CZK 3,984 mil at the end of 2015, down 2.46% compared to the previous year. ...

Profit Statement 2013 2014 2015
Sales CZK mil 8,168 7,714 7,934
Gross Profit CZK mil 472 206 369
EBITDA CZK mil 287 89.6 301
EBIT CZK mil 285 86.9 292
Financing Cost CZK mil -25.4 -19.8 17.7
Pre-Tax Profit CZK mil 310 109 275
Net Profit CZK mil 243 81.7 234
Dividends CZK mil 200 162 ...
Balance Sheet 2013 2014 2015
Total Assets CZK mil 4,802 4,084 3,984
Non-Current Assets CZK mil 52.7 11.4 12.8
Current Assets CZK mil 3,694 3,866 3,837
Working Capital CZK mil 217 153 449
Shareholders' Equity CZK mil 362 245 276
Liabilities CZK mil 4,440 3,839 3,708
Total Debt CZK mil 2,805 2,498 2,401
Net Debt CZK mil 2,397 2,358 1,919
Ratios 2013 2014 2015
ROE % 83.7 26.9 89.6
ROCE % 180 37.7 74.7
Gross Margin % 5.78 2.67 4.65
EBITDA Margin % 3.51 1.16 3.79
EBIT Margin % 3.49 1.13 3.68
Net Margin % 2.98 1.06 2.95
Net Debt/EBITDA 8.35 26.3 6.38
Net Debt/Equity 6.63 9.61 6.95
Cost of Financing % -0.979 -0.748 0.721
Cash Flow 2013 2014 2015
Total Cash From Operations CZK mil -240 1.57 504
Total Cash From Investing CZK mil -61.6 -69.2 -1.36
Total Cash From Financing CZK mil -100 -200 -162
Net Change In Cash CZK mil -401 -268 340
Cash Conversion Cycle days 9.51 6.85 20.8
Cash Earnings CZK mil 246 84.5 242
Free Cash Flow CZK mil -301 -67.7 502

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summary Unit 2009 2010 2011 2012 2013 2014 2015
income statement              
Sales CZK mil 182 2,127 6,009 6,008 8,168    
Gross Profit CZK mil -8.51 52.6 -79.1 697 472    
EBIT CZK mil -8.90 26.9 -260 544 285    
Net Profit CZK mil -9.21 24.1 -254 457 243    
ROE % 145 423 232 -5,672 83.7    
EBIT Margin % -4.88 1.26 -4.32 9.06 3.49    
Net Margin % -5.05 1.13 -4.23 7.60 2.98    
Employees ... 31.0 66.0 128 181    
balance sheet              
Total Assets CZK mil 160 1,055 3,730 4,077 4,802    
Non-Current Assets CZK mil 0.328 1.23 1.79 41.1 52.7    
Current Assets CZK mil 159 991 2,888 2,998 3,694    
Shareholders' Equity CZK mil -6.35 17.7 -236 220 362    
Liabilities CZK mil 166 1,037 3,966 3,857 4,440    
Non-Current Liabilities CZK mil 0 0.344 0.417 0.354 0.142    
Current Liabilities CZK mil 166 1,023 3,961 3,755 4,411    
Net Debt/EBITDA -7.85 15.1 -5.69 2.88 8.35    
Net Debt/Equity -11.0 23.7 -6.21 7.14 6.63    
Cost of Financing % ... -0.685 -0.424 -0.110 -0.979    
cash flow              
Total Cash From Operations CZK mil ... ... 587 214 -240    
Total Cash From Investing CZK mil ... ... -1.67 -40.4 -61.6    
Total Cash From Financing CZK mil ... ... 0.196 -0.122 -100    
Net Change In Cash CZK mil ... ... 586 173 -401    
income statement Unit 2009 2010 2011 2012 2013 2014 2015
income statement              
Sales CZK mil 182 2,127 6,009 6,008 8,168    
Cost of Goods & Services CZK mil 191 2,075 6,088 5,311 7,696    
Gross Profit CZK mil -8.51 52.6 -79.1 697 472    
Staff Cost CZK mil 0.110 21.1 54.7 64.5 117    
Other Cost CZK mil 0.257 3.66 124 86.8 67.8    
EBITDA CZK mil -8.88 27.9 -258 545 287    
Depreciation CZK mil 0.023 0.956 1.36 1.20 2.22    
EBIT CZK mil -8.90 26.9 -260 544 285    
Financing Cost CZK mil -0.345 -1.90 -5.46 -2.46 -25.4    
Extraordinary Cost CZK mil 0.659 0 0.018 0 0    
Pre-Tax Profit CZK mil -9.21 28.8 -254 547 310    
Tax CZK mil 0 4.72 -0.010 90.0 66.6    
Minorities CZK mil 0 0 0 0 0    
Net Profit CZK mil -9.21 24.1 -254 457 243    
Dividends CZK mil ... 0 0 100 200   ...
growth rates              
Total Revenue Growth % ... 1,067 182 -0.018 35.9    
Operating Cost Growth % ... 6,645 624 -15.5 22.3    
EBITDA Growth % ... -414 -1,027 -311 -47.4    
EBIT Growth % ... -402 -1,065 -310 -47.7    
Pre-Tax Profit Growth % ... -413 -982 -315 -43.3    
Net Profit Growth % ... -361 -1,155 -280 -46.7    
ratios              
ROE % 145 423 232 -5,672 83.7    
ROCE % ... -721 141 -252 180    
Gross Margin % -4.67 2.47 -1.32 11.6 5.78    
EBITDA Margin % -4.87 1.31 -4.30 9.08 3.51    
EBIT Margin % -4.88 1.26 -4.32 9.06 3.49    
Net Margin % -5.05 1.13 -4.23 7.60 2.98    
Payout Ratio % ... 0 0 21.9 82.1   ...
Cost of Financing % ... -0.685 -0.424 -0.110 -0.979    
Net Debt/EBITDA -7.85 15.1 -5.69 2.88 8.35    
balance sheet Unit 2009 2010 2011 2012 2013 2014 2015
balance sheet              
Non-Current Assets CZK mil 0.328 1.23 1.79 41.1 52.7    
Property, Plant & Equipment CZK mil 0.044 0.011 1.23 6.08 6.72    
Intangible Assets CZK mil 0.284 1.22 0.555 0.778 0.344    
Current Assets CZK mil 159 991 2,888 2,998 3,694    
Inventories CZK mil 0 0 0 0 180    
Receivables CZK mil 6.23 154 172 232 283    
Cash & Cash Equivalents CZK mil 14.8 50.2 636 809 408    
Total Assets CZK mil 160 1,055 3,730 4,077 4,802    
Shareholders' Equity CZK mil -6.35 17.7 -236 220 362    
Of Which Minority Interest CZK mil 0 0 0 0 0    
Liabilities CZK mil 166 1,037 3,966 3,857 4,440    
Non-Current Liabilities CZK mil 0 0.344 0.417 0.354 0.142    
Long-Term Debt CZK mil 0 0 0.417 0.295 0.142    
Deferred Tax Liabilities CZK mil 0 0 0 0.059 0    
Current Liabilities CZK mil 166 1,023 3,961 3,755 4,411    
Short-Term Debt CZK mil 84.5 471 2,105 2,382 2,804    
Trade Payables CZK mil 14.9 153 537 272 246    
Provisions CZK mil 0 4.72 0 90.0 0    
Equity And Liabilities CZK mil 160 1,055 3,730 4,077 4,802    
growth rates              
Total Asset Growth % ... 560 254 9.32 17.8    
Shareholders' Equity Growth % ... -380 -1,433 -193 64.2    
Net Debt Growth % ... 503 249 7.08 52.4    
Total Debt Growth % ... 457 347 13.2 17.7    
ratios              
Total Debt CZK mil 84.5 471 2,105 2,382 2,805    
Net Debt CZK mil 69.7 420 1,469 1,573 2,397    
Working Capital CZK mil -8.63 0.393 -365 -40.2 217    
Capital Employed CZK mil -8.31 1.62 -363 0.923 270    
Net Debt/Equity -11.0 23.7 -6.21 7.14 6.63    
Cost of Financing % ... -0.685 -0.424 -0.110 -0.979    
cash flow Unit 2009 2010 2011 2012 2013 2014 2015
cash flow              
Net Profit CZK mil -9.21 24.1 -254 457 243    
Depreciation CZK mil 0.023 0.956 1.36 1.20 2.22    
Non-Cash Items CZK mil ... ... 475 80.8 -228    
Change in Working Capital CZK mil ... ... 365 -325 -257    
Total Cash From Operations CZK mil ... ... 587 214 -240    
Capital Expenditures CZK mil ... ... -1.92 -40.6 -14.1    
Other Investments CZK mil ... ... 0.244 0.109 -47.5    
Total Cash From Investing CZK mil ... ... -1.67 -40.4 -61.6    
Dividends Paid CZK mil ... ... 0 0 -100    
Issuance Of Debt CZK mil ... ... 1,634 277 422    
Total Cash From Financing CZK mil ... ... 0.196 -0.122 -100    
Net Change In Cash CZK mil ... ... 586 173 -401    
ratios              
Days Sales Outstanding days 12.5 26.4 10.4 14.1 12.7    
Days Sales Of Inventory days 0 0 0 0 8.54    
Days Payable Outstanding days 28.4 27.0 32.2 18.7 11.7    
Cash Conversion Cycle days -16.0 -0.600 -21.7 -4.61 9.51    
Cash Earnings CZK mil -9.19 25.0 -253 458 246    
Free Cash Flow CZK mil ... ... 586 173 -301    
other data Unit 2009 2010 2011 2012 2013 2014 2015
other data              
ROA % -5.76 3.97 -10.6 11.7 5.48    
Gross Margin % -4.67 2.47 -1.32 11.6 5.78    
Cost Per Employee USD per month ... 2,967 3,902 2,148 2,762    
Cost Per Employee (Local Currency) CZK per month ... 56,710 69,015 42,023 54,035    
Staff Cost (As % Of Total Cost) % 0.058 1.00 0.872 1.18 1.49    
Effective Tax Rate % 0 16.4 0.004 16.5 21.5    
Employees ... 31.0 66.0 128 181    
Revenues From Abroad CZK mil ... ... 228 ... ...    
Revenues From Abroad (As % Of Total) % ... ... 3.79 ... ...    
Capital Expenditures (As % of Sales) % ... ... 0.032 0.675 0.173    

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Centropol Energy, a.s. is a Czech Republic-based producer and supplier of electricity and natural gas to companies and households. Centropol Energy entered the broader electricity market in 2007, where it focused primarily on small and midsized business customers. Then, in 2009, it broadened its focus to include households, now its largest customer group. The Company is now one of the largest alternative suppliers of electricity in the country. The Company also operates a thermal power station in southern Bohemia. Centropol Energy, a.s. was founded in 2002 and is based in Usti nad Labem, Czech Republic.

Finance

Centropol Energy has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 60.9% a year during that time to total of CZK 301 mil in 2015, or 3.79% of sales. That’s compared to 2.65% average margin seen in last five years.

The company netted CZK 234 mil in 2015 implying ROE of 89.6% and ROCE of 74.7%. Again, the average figures were -1,048% and 36.2%, respectively when looking at the previous 5 years.

Centropol Energy’s net debt amounted to CZK 1,919 mil at the end of 2015, or 6.95 of equity. When compared to EBITDA, net debt was 6.38x, down when compared to average of 7.65x seen in the last 5 years.