CEPS

CEPS's Cash & Cash Equivalents rose 23.2% yoy to CZK 2,522 mil in 2015

By Helgi Analytics - April 2, 2020

CEPS's total assets reached CZK 34,987 mil at the end of 2015, up 14.2% compared to the previous year. Current ass...

Profit Statement 2013 2014 2015
Sales CZK mil 17,397 16,259 17,336
Gross Profit CZK mil 4,647 3,785 4,350
EBITDA CZK mil 4,105 3,212 3,700
EBIT CZK mil 2,230 1,309 1,805
Financing Cost CZK mil -41.4 -25.5 -211
Pre-Tax Profit CZK mil 2,271 1,335 2,016
Net Profit CZK mil 1,822 1,079 1,658
Dividends CZK mil 20.0 910 ...
Balance Sheet 2013 2014 2015
Total Assets CZK mil 29,432 30,630 34,987
Non-Current Assets CZK mil 24,719 27,516 31,282
Current Assets CZK mil 4,702 3,096 3,689
Working Capital CZK mil -983 -837 -1,216
Shareholders' Equity CZK mil 21,939 22,979 23,706
Liabilities CZK mil 7,493 7,651 11,281
Total Debt CZK mil 3,657 3,914 7,147
Net Debt CZK mil -57.9 1,866 4,625
Ratios 2013 2014 2015
ROE % 8.65 4.80 7.10
ROCE % 7.72 4.28 5.84
Gross Margin % 26.7 23.3 25.1
EBITDA Margin % 23.6 19.8 21.3
EBIT Margin % 12.8 8.05 10.4
Net Margin % 10.5 6.63 9.56
Net Debt/EBITDA -0.014 0.581 1.25
Net Debt/Equity -0.003 0.081 0.195
Cost of Financing % -1.18 -0.673 -3.81
Cash Flow 2013 2014 2015
Total Cash From Operations CZK mil 3,682 3,012 3,176
Total Cash From Investing CZK mil -1,960 -4,887 -5,034
Total Cash From Financing CZK mil 209 203 2,332
Net Change In Cash CZK mil 1,930 -1,671 474
Cash Conversion Cycle days -32.0 -27.7 -37.2
Cash Earnings CZK mil 3,697 2,981 3,552
Free Cash Flow CZK mil 1,722 -1,874 -1,858

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summary Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                    
Sales CZK mil ...     14,088 15,257 15,217 16,236 17,397    
Gross Profit CZK mil ...     3,295 4,551 5,388 4,636 4,647    
EBIT CZK mil ...     992 2,151 2,986 2,388 2,230    
Net Profit CZK mil       778 1,702 2,433 1,969 1,822    
ROE %       5.16 11.2 14.3 10.3 8.65    
EBIT Margin % ...     7.04 14.1 19.6 14.7 12.8    
Net Margin % ...     5.52 11.2 16.0 12.1 10.5    
Employees       492 501 501 469 495    
balance sheet                    
Total Assets CZK mil ...     20,164 22,174 24,399 27,156 29,432    
Non-Current Assets CZK mil       18,285 18,971 20,921 24,422 24,719    
Current Assets CZK mil       1,866 3,182 3,456 2,708 4,702    
Shareholders' Equity CZK mil       14,568 15,813 18,223 20,158 21,939    
Liabilities CZK mil ...     5,597 6,361 6,176 6,998 7,493    
Non-Current Liabilities CZK mil ...     1,944 2,028 2,016 1,872 1,685    
Current Liabilities CZK mil ...     1,113 1,394 1,624 1,790 2,050    
Net Debt/EBITDA ...     0.626 0.264 0.079 0.377 -0.014    
Net Debt/Equity ...     0.122 0.067 0.021 0.077 -0.003    
Cost of Financing % ... ...   1.09 1.14 -1.08 -1.15 -1.18    
cash flow                    
Total Cash From Operations CZK mil ...     2,829 3,371 4,443 3,925 3,682    
Total Cash From Investing CZK mil ...     -2,069 -2,278 -3,627 -4,989 -1,960    
Total Cash From Financing CZK mil ...     -134 105 -486 144 209    
Net Change In Cash CZK mil ...     626 1,198 330 -920 1,930    
income statement Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                    
Sales CZK mil ...     14,088 15,257 15,217 16,236 17,397    
Cost of Goods & Services CZK mil ...     10,793 10,706 9,828 11,599 12,750    
Gross Profit CZK mil ...     3,295 4,551 5,388 4,636 4,647    
Staff Cost CZK mil ...     480 505 509 510 497    
Other Cost CZK mil ...     -12.6 4.55 88.1 -0.071 45.2    
EBITDA CZK mil ...     2,828 4,042 4,791 4,127 4,105    
Depreciation CZK mil       1,835 1,890 1,805 1,739 1,875    
EBIT CZK mil ...     992 2,151 2,986 2,388 2,230    
Financing Cost CZK mil ...     23.5 36.5 -35.2 -37.1 -41.4    
Extraordinary Cost CZK mil ...     -0.015 0.038 -0.036 -0.016 0.068    
Pre-Tax Profit CZK mil       969 2,115 3,022 2,425 2,271    
Tax CZK mil       191 413 588 456 450    
Minorities CZK mil ...     0 0 0 0 0    
Net Profit CZK mil       778 1,702 2,433 1,969 1,822    
Dividends CZK mil       442 10.0 20.0 20.0 20.0   ...
growth rates                    
Total Revenue Growth % ... ...   -2.95 8.30 -0.265 6.70 7.15    
Operating Cost Growth % ... ...   4.38 8.85 17.2 -14.6 6.39    
EBITDA Growth % ... ...   -21.3 42.9 18.6 -13.9 -0.524    
EBIT Growth % ... ...   -43.1 117 38.8 -20.0 -6.63    
Pre-Tax Profit Growth % ...     -45.4 118 42.9 -19.7 -6.35    
Net Profit Growth % ...     -43.9 119 43.0 -19.1 -7.51    
ratios                    
ROE %       5.16 11.2 14.3 10.3 8.65    
ROCE % ... ...   4.32 9.25 12.5 8.97 7.72    
Gross Margin % ...     23.4 29.8 35.4 28.6 26.7    
EBITDA Margin % ...     20.1 26.5 31.5 25.4 23.6    
EBIT Margin % ...     7.04 14.1 19.6 14.7 12.8    
Net Margin % ...     5.52 11.2 16.0 12.1 10.5    
Payout Ratio %       56.8 0.588 0.822 1.02 1.10   ...
Cost of Financing % ... ...   1.09 1.14 -1.08 -1.15 -1.18    
Net Debt/EBITDA ...     0.626 0.264 0.079 0.377 -0.014    
balance sheet Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                    
Non-Current Assets CZK mil       18,285 18,971 20,921 24,422 24,719    
Property, Plant & Equipment CZK mil ...     18,016 18,660 20,549 22,490 24,232    
Intangible Assets CZK mil ...     267 308 347 409 464    
Current Assets CZK mil       1,866 3,182 3,456 2,708 4,702    
Inventories CZK mil ...     91.2 84.0 83.7 79.8 84.0    
Receivables CZK mil ...     502 657 495 434 507    
Cash & Cash Equivalents CZK mil       1,177 2,376 2,705 1,785 3,715    
Total Assets CZK mil ...     20,164 22,174 24,399 27,156 29,432    
Shareholders' Equity CZK mil       14,568 15,813 18,223 20,158 21,939    
Of Which Minority Interest CZK mil ...     0 0 0 0 0    
Liabilities CZK mil ...     5,597 6,361 6,176 6,998 7,493    
Non-Current Liabilities CZK mil ...     1,944 2,028 2,016 1,872 1,685    
Long-Term Debt CZK mil ...     2,123 2,684 2,081 1,431 2,515    
Deferred Tax Liabilities CZK mil ...     1,564 1,463 1,388 1,389 1,408    
Current Liabilities CZK mil ...     1,113 1,394 1,624 1,790 2,050    
Short-Term Debt CZK mil ...     825 759 1,002 1,909 1,143    
Trade Payables CZK mil ...     729 1,061 1,070 1,455 1,575    
Provisions CZK mil ...     14.3 13.9 39.1 18.9 93.6    
Equity And Liabilities CZK mil ...     20,164 22,174 24,399 27,156 29,432    
growth rates                    
Total Asset Growth % ... ...   3.13 9.97 10.0 11.3 8.38    
Shareholders' Equity Growth % ...     -6.38 8.55 15.2 10.6 8.84    
Net Debt Growth % ... ...   119 -39.7 -64.6 311 -104    
Total Debt Growth % ... ...   117 16.8 -10.4 8.32 9.50    
ratios                    
Total Debt CZK mil ...     2,948 3,443 3,083 3,340 3,657    
Net Debt CZK mil ...     1,771 1,067 378 1,555 -57.9    
Working Capital CZK mil ...     -136 -320 -491 -941 -983    
Capital Employed CZK mil ...     18,149 18,652 20,429 23,481 23,736    
Net Debt/Equity ...     0.122 0.067 0.021 0.077 -0.003    
Cost of Financing % ... ...   1.09 1.14 -1.08 -1.15 -1.18    
cash flow Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                    
Net Profit CZK mil       778 1,702 2,433 1,969 1,822    
Depreciation CZK mil       1,835 1,890 1,805 1,739 1,875    
Non-Cash Items CZK mil ... ...   164 -404 32.6 -233 -57.5    
Change in Working Capital CZK mil ... ...   51.0 183 172 450 42.2    
Total Cash From Operations CZK mil ...     2,829 3,371 4,443 3,925 3,682    
Capital Expenditures CZK mil ...     -2,096 -2,334 -3,639 -5,041 -1,960    
Other Investments CZK mil ...     27.0 56.7 12.3 51.8 0    
Total Cash From Investing CZK mil ...     -2,069 -2,278 -3,627 -4,989 -1,960    
Dividends Paid CZK mil       -442 -10.0 -20.0 -20.0 -20.0   ...
Issuance Of Debt CZK mil ... ...   1,588 495 -359 256 317    
Total Cash From Financing CZK mil ...     -134 105 -486 144 209    
Net Change In Cash CZK mil ...     626 1,198 330 -920 1,930    
ratios                    
Days Sales Outstanding days ...     13.0 15.7 11.9 9.77 10.6    
Days Sales Of Inventory days ...     3.09 2.86 3.11 2.51 2.40    
Days Payable Outstanding days ...     24.7 36.2 39.8 45.8 45.1    
Cash Conversion Cycle days ...     -8.58 -17.6 -24.8 -33.5 -32.0    
Cash Earnings CZK mil       2,613 3,592 4,238 3,708 3,697    
Free Cash Flow CZK mil ...     759 1,093 815 -1,064 1,722    
other data Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                    
ROA % ...     3.92 8.04 10.4 7.64 6.44    
Gross Margin % ...     23.4 29.8 35.4 28.6 26.7    
Employees       492 501 501 469 495    
Cost Per Employee USD per month ...     4,270 4,392 4,787 4,630 4,276    
Cost Per Employee (Local Currency) CZK per month ...     81,379 83,944 84,654 90,567 83,667    
Staff Cost (As % Of Total Cost) % ...     3.67 3.85 4.16 3.68 3.28    
Effective Tax Rate %       19.7 19.5 19.5 18.8 19.8    
Capital Expenditures (As % of Sales) % ...     14.9 15.3 23.9 31.0 11.3    
Sales from Own Products and Services CZK mil       14,086 15,256 15,215 16,232 17,396    
Electricity Transferred Across The Transmission System (GWh) GWh       58,480 58,164 62,254 63,572 62,462    
Transmission Losses (GWh) GWh       699 672 784 833 791    
Total Installed Transformer Capacity MVA       18,630 18,830 19,980 20,180 20,380    
Total Route Of Power Lines km       4,406 4,395 4,402 4,402 4,402    
Total Length of Power Lines km       5,483 5,472 5,501 5,501 5,503    
Number of 400/220kV Transformers       4.00 4.00 4.00 4.00 4.00    
Number of 400/110kV Transformers       44.0 44.0 46.0 46.0 46.0    
Number of 220/110kV Transformers       20.0 20.0 21.0 21.0 21.0    
Number of 400kV Substations       24.0 24.0 26.0 26.0 26.0    
Number of 220kV Substations       14.0 14.0 14.0 14.0 14.0    
Number of 110kV Substations       1.00 1.00 1.00 1.00 1.00    

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ČEPS, a.s. is a Czech Republic-based sole Transmission System Operator, which holds an exclusive licence to that effect granted by the Energy Regulatory Office under the Energy Act. The Company is responsible for the maintenance and upgrading of 41 substations comprising 71 transformers, which allow electricity to be supplied from the transmission system to the distribution network, as well as 400kV lines with a total length of 3508km and 220kV lines with a total length of 1910km. ČEPS is responsible for maintaining the balance of electricity supply and demand within the Czech power system in real time (system services) and for organising cross-border power exchanges including transits.

Finance

CEPS has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 1.75% a year during that time to total of CZK 3,700 mil in 2015, or 21.3% of sales. That’s compared to 24.3% average margin seen in last five years.

The company netted CZK 1,658 mil in 2015 implying ROE of 7.10% and ROCE of 5.84%. Again, the average figures were 9.02% and 7.85%, respectively when looking at the previous 5 years.

CEPS’s net debt amounted to CZK 4,625 mil at the end of 2015, or 0.195 of equity. When compared to EBITDA, net debt was 1.25x, up when compared to average of 0.455x seen in the last 5 years.