ENEA

ENEA's Cash & Cash Equivalents remain unchanged yoy at PLN mil in 1Q2016

By Helgi Analytics - October 12, 2020

ENEA's total assets reached PLN 22,778 mil at the end of 1Q2016, up 18.1% compared to the previous year. Current a...

ENEA's Cash & Cash Equivalents rose 61.1% yoy to PLN 2,045 mil in 2015

By Helgi Analytics - April 2, 2020

ENEA's total assets reached PLN 22,989 mil at the end of 2015, up 27% compared to the previous year. Current asset...

Profit Statement 2013 2014 2015
Sales PLN mil 9,151 9,855 9,848
Gross Profit PLN mil 4,024 4,198 4,774
EBITDA PLN mil 1,668 1,912 377
EBIT PLN mil 906 1,183 -414
Financing Cost PLN mil -58.1 40.1 -13.2
Pre-Tax Profit PLN mil 954 1,143 -409
Net Profit PLN mil 723 908 -435
Dividends PLN mil 252 208 ...
Balance Sheet 2013 2014 2015
Total Assets PLN mil 16,329 18,108 22,989
Non-Current Assets PLN mil 12,372 14,344 18,203
Current Assets PLN mil 3,957 3,764 4,786
Working Capital PLN mil 719 1,137 1,356
Shareholders' Equity PLN mil 11,489 12,064 12,123
Liabilities PLN mil 4,840 6,044 10,866
Total Debt PLN mil 848 2,222 5,979
Net Debt PLN mil -1,022 953 3,934
Ratios 2013 2014 2015
ROE % 6.45 7.71 -3.60
ROCE % 5.67 6.36 -2.48
Gross Margin % 44.0 42.6 48.5
EBITDA Margin % 18.2 19.4 3.83
EBIT Margin % 9.90 12.0 -4.20
Net Margin % 7.90 9.22 -4.42
Net Debt/EBITDA -0.613 0.498 10.4
Net Debt/Equity -0.089 0.079 0.325
Cost of Financing % -12.5 2.61 -0.322
Valuation 2013 2014 2015
Market Capitalisation USD mil 1,992 1,895 1,279
Enterprise Value (EV) USD mil 1,653 2,164 2,287
Number Of Shares mil 441 441 441
Share Price EUR 13.6 15.2 11.3
EV/EBITDA 3.13 3.71 22.6
EV/Sales 0.571 0.720 0.864
Price/Earnings (P/E) 8.31 7.39 -11.5
Price/Book Value (P/BV) 0.523 0.556 0.411
Dividend Yield % 4.19 3.10 ...

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summary Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                  
Sales PLN mil ...   7,154 7,837 9,709 10,091 9,151    
Gross Profit PLN mil ...   4,803 5,147 5,592 6,016 4,024    
EBIT PLN mil ...   533 764 788 952 906    
Net Profit PLN mil ...   514 639 795 717 723    
ROE % ...   5.58 6.64 7.81 6.70 6.45    
EBIT Margin % ...   7.45 9.75 8.12 9.43 9.90    
Net Margin % ...   7.18 8.16 8.19 7.11 7.90    
Employees ... ... ... ... ... ... ... ...  
balance sheet                  
Total Assets PLN mil ...   12,230 12,837 14,162 14,681 16,329    
Non-Current Assets PLN mil ...   8,375 8,738 9,831 11,012 12,372    
Current Assets PLN mil ...   3,855 4,099 4,331 3,699 3,957    
Shareholders' Equity PLN mil ...   9,373 9,876 10,480 10,914 11,489    
Liabilities PLN mil ...   2,857 2,960 3,682 3,766 4,840    
Non-Current Liabilities PLN mil ...   1,406 1,374 1,659 1,749 2,582    
Current Liabilities PLN mil ...   1,451 1,586 2,023 2,024 2,277    
Net Debt/EBITDA ...   -0.621 -0.551 -0.744 -0.846 -0.613    
Net Debt/Equity ...   -0.079 -0.079 -0.104 -0.132 -0.089    
Cost of Financing % ... ... 6.01 7.64 8.17 14.7 -12.5    
cash flow                  
Total Cash From Operations PLN mil ...   861 1,292 1,146 1,245 1,644    
Total Cash From Investing PLN mil ...   -2,343 -1,084 -593 -1,112 -1,771    
Total Cash From Financing PLN mil ...   -236 -211 -235 -256 605    
Net Change In Cash PLN mil ...   -1,718 -2.92 318 -123 478    
valuation                  
Market Capitalisation USD mil ...   3,298 3,536 2,308 2,244 1,992    
Number Of Shares mil ...   441 441 441 441 441    
Share Price EUR ...   21.4 23.7 18.0 15.7 13.6    
Earnings Per Share (EPS) PLN ...   1.16 1.45 1.80 1.62 1.64    
Book Value Per Share PLN ...   21.2 22.4 23.7 24.7 26.0    
Dividend Per Share PLN ...   0.380 0.440 0.480 0.360 0.570   ...
Price/Earnings (P/E) ...   18.4 16.4 10.00 9.68 8.31    
Price/Book Value (P/BV) ...   1.01 1.06 0.758 0.636 0.523    
Dividend Yield % ...   1.78 1.86 2.67 2.29 4.19   ...
Earnings Per Share Growth % ... ... 93.9 24.5 24.3 -9.75 0.740    
Book Value Per Share Growth % ... ... -15.5 5.38 6.11 4.14 5.27    
income statement Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                  
Sales PLN mil ...   7,154 7,837 9,709 10,091 9,151    
Cost of Goods & Services PLN mil ...   2,350 2,690 4,116 4,076 5,126    
Gross Profit PLN mil ...   4,803 5,147 5,592 6,016 4,024    
Staff Cost PLN mil ...   824 924 1,011 1,009 1,036    
Other Cost PLN mil ...   2,785 2,806 3,111 3,304 1,320    
EBITDA PLN mil ...   1,195 1,417 1,471 1,702 1,668    
Depreciation PLN mil ...   661 653 683 750 762    
EBIT PLN mil ...   533 764 788 952 906    
Financing Cost PLN mil ...   11.1 10.7 9.90 15.1 -58.1    
Extraordinary Cost PLN mil ...   -131 -60.0 -211 28.8 9.87    
Pre-Tax Profit PLN mil ...   653 813 989 908 954    
Tax PLN mil ...   139 174 195 197 232    
Minorities PLN mil ...   0.021 0.119 -0.771 -5.61 0    
Net Profit PLN mil ...   514 639 795 717 723    
Dividends PLN mil     168 194 212 159 252   ...
growth rates                  
Total Revenue Growth % ... ... 16.2 9.55 23.9 3.94 -9.32    
Operating Cost Growth % ... ... 7.53 3.39 10.5 4.67 -45.4    
EBITDA Growth % ... ... 31.5 18.6 3.84 15.7 -2.01    
EBIT Growth % ... ... 92.7 43.3 3.18 20.8 -4.86    
Pre-Tax Profit Growth % ... ... 123 24.5 21.6 -8.18 5.05    
Net Profit Growth % ... ... 138 24.5 24.3 -9.75 0.740    
ratios                  
ROE % ...   5.58 6.64 7.81 6.70 6.45    
ROCE % ... ... 5.96 7.17 8.00 6.19 5.67    
Gross Margin % ...   67.1 65.7 57.6 59.6 44.0    
EBITDA Margin % ...   16.7 18.1 15.2 16.9 18.2    
EBIT Margin % ...   7.45 9.75 8.12 9.43 9.90    
Net Margin % ...   7.18 8.16 8.19 7.11 7.90    
Payout Ratio % ...   32.7 30.4 26.7 22.2 34.8   ...
Cost of Financing % ... ... 6.01 7.64 8.17 14.7 -12.5    
Net Debt/EBITDA ...   -0.621 -0.551 -0.744 -0.846 -0.613    
balance sheet Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                  
Non-Current Assets PLN mil ...   8,375 8,738 9,831 11,012 12,372    
Property, Plant & Equipment PLN mil ...   8,061 8,309 9,077 10,459 11,880    
Intangible Assets PLN mil ...   48.0 145 102 201 207    
Goodwill PLN mil ... ... ... ... ... 127 127    
Current Assets PLN mil ...   3,855 4,099 4,331 3,699 3,957    
Inventories PLN mil ...   301 242 483 503 522    
Receivables PLN mil ...   742 761 1,092 1,449 1,351    
Cash & Cash Equivalents PLN mil ...   903 900 1,218 1,523 1,870    
Total Assets PLN mil ...   12,230 12,837 14,162 14,681 16,329    
Shareholders' Equity PLN mil ...   9,373 9,876 10,480 10,914 11,489    
Of Which Minority Interest PLN mil ...   23.8 23.9 29.1 22.7 19.3    
Liabilities PLN mil ...   2,857 2,960 3,682 3,766 4,840    
Non-Current Liabilities PLN mil ...   1,406 1,374 1,659 1,749 2,582    
Long-Term Debt PLN mil ...   109 74.1 75.7 55.0 822    
Deferred Tax Liabilities PLN mil ...   112 80.5 105 244 219    
Current Liabilities PLN mil ...   1,451 1,586 2,023 2,024 2,277    
Short-Term Debt PLN mil ...   51.1 44.5 47.9 27.5 25.6    
Trade Payables PLN mil ...   659 668 603 579 1,153    
Provisions PLN mil ...   161 167 314 624 216    
Equity And Liabilities PLN mil ...   12,230 12,837 14,162 14,681 16,329    
growth rates                  
Total Asset Growth % ... ... 2.03 4.96 10.3 3.66 11.2    
Shareholders' Equity Growth % ... ... 3.86 5.38 6.11 4.14 5.27    
Net Debt Growth % ... ... -69.2 5.25 40.2 31.6 -29.0    
Total Debt Growth % ... ... -22.8 -26.1 4.18 -33.2 926    
ratios                  
Total Debt PLN mil ...   160 119 124 82.6 848    
Net Debt PLN mil ...   -742 -781 -1,095 -1,440 -1,022    
Working Capital PLN mil ...   384 335 972 1,373 719    
Capital Employed PLN mil ...   8,758 9,073 10,803 12,385 13,091    
Net Debt/Equity ...   -0.079 -0.079 -0.104 -0.132 -0.089    
Cost of Financing % ... ... 6.01 7.64 8.17 14.7 -12.5    
cash flow Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                  
Net Profit PLN mil ...   514 639 795 717 723    
Depreciation PLN mil ...   661 653 683 750 762    
Non-Cash Items PLN mil ... ... -191 -49.1 306 179 -495    
Change in Working Capital PLN mil ... ... -123 49.0 -637 -401 654    
Total Cash From Operations PLN mil ...   861 1,292 1,146 1,245 1,644    
Capital Expenditures PLN mil ...   -764 -852 -905 -1,789 -1,949    
Other Investments PLN mil ...   -1,579 -232 312 677 178    
Total Cash From Investing PLN mil ...   -2,343 -1,084 -593 -1,112 -1,771    
Dividends Paid PLN mil     -168 -194 -212 -159 -252   ...
Issuance Of Debt PLN mil ... ... -47.3 -41.8 4.96 -41.0 765    
Total Cash From Financing PLN mil ...   -236 -211 -235 -256 605    
Net Change In Cash PLN mil ...   -1,718 -2.92 318 -123 478    
ratios                  
Days Sales Outstanding days ...   37.9 35.4 41.0 52.4 53.9    
Days Sales Of Inventory days ...   46.7 32.9 42.8 45.0 37.1    
Days Payable Outstanding days ...   102 90.6 53.4 51.8 82.1    
Cash Conversion Cycle days ...   -17.8 -22.4 30.4 45.6 8.88    
Cash Earnings PLN mil ...   1,175 1,292 1,478 1,467 1,484    
Cash Earnings Per Share PLN ...   2.66 2.93 3.35 3.32 3.36    
Price/Cash Earnings (P/CE) ...   8.04 8.10 5.38 4.73 4.04    
Free Cash Flow PLN mil ...   -1,482 208 553 133 -127    
Free Cash Flow Yield % ...   -14.4 1.95 8.08 1.82 -2.01    
other data Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                  
ROA % ...   4.24 5.10 5.89 4.97 4.66    
Gross Margin % ...   67.1 65.7 57.6 59.6 44.0    
Employees ... ... ... ... ... ... ... ...  
Cost Per Employee USD per month ... ... ... ... ... ... ... ...  
Cost Per Employee (Local Currency) PLN per month ... ... ... ... ... ... ... ...  
Staff Cost (As % Of Total Cost) % ...   12.4 13.1 11.3 11.0 12.6    
Effective Tax Rate % ...   21.4 21.4 19.7 21.6 24.3    
Enterprise Value (EV) USD mil ...   3,039 3,272 1,990 1,779 1,653    
EV/EBITDA ...   7.93 6.97 4.01 3.40 3.13    
EV/Capital Employed ...   0.994 1.07 0.634 0.444 0.381    
EV/Sales ...   1.32 1.26 0.608 0.574 0.571    
EV/EBIT ...   17.8 12.9 7.48 6.08 5.77    
Capital Expenditures (As % of Sales) % ...   10.7 10.9 9.32 17.7 21.3    
Sales from Trade of Electricity PLN mil ...   4,875 4,354 4,069 4,257 3,617    
Sales from Distribution of Electricity PLN mil ...   2,301 2,528 2,641 2,812 2,979    
Sales from Generation of Electricity PLN mil ...   2,378 2,529 3,187 3,263 3,118    
Sales from Mining PLN mil ... ... ... ... ... ... ... ...  
Sales from Other Activities PLN mil ...   767 771 800 666 311    
EBITDA from Trade of Electricity PLN mil ...   236 210 157 221 208    
EBITDA from Distribution of Electricity PLN mil ...   486 624 678 789 934    
EBITDA from Generation of Electricity PLN mil ...   462 566 772 649 559    
EBITDA from Mining PLN mil ... ... ... ... ... ... ... ...  
EBITDA from Other Activities PLN mil ...   90.0 75.0 77.0 77.0 32.6    
Total Generation of Electricity (GWh) GWh ... ... ... ... 11,441 11,482 11,854    
Generation of Electricity from Renewable Sources (GWh) GWh ... ... ... ... 672 902 964    
Heat Generation (TJ) TJ ... ... ... ... 2,948 4,968 4,922    
Sales of Distribution Services (GWh) GWh ... ... ... ... 17,102 17,204 17,273    
Sales Of Electricity to End Users (GWh) GWh ... ... ... ... 14,747 14,935 13,216    
Number of Clients mil ... ... ... ... ... 2.42 2.44    
Mining Output (kt) kt ... ... ... ... ... ... ... ...  

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Jan 2014
Statistical Dossier

Enea Group is a Poland-based company active in energy business. The Company's operations involve generating, distributing and trading in electricity. The Company produces 8% of domestically produced electricity and distributes around 16% of electricity in the country. ENEA Group produces energy from fossil fuels and renewable sources, including biomass co-combustion and hydroelectric stations. Total capacity amounted to 3,185 MW in 2013. The distribution covers 20% of the country and the Company supplies energy to 2.4 mil clients, mainly in the western and northwestern part of the country. In addition, the Company is involved in the construction, extension, modernization and renovation of power grids and installations. With 51.5% stake, Polish State remains the majority shareholder in the Company.

Finance

ENEA has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 23.3% a year during that time to total of PLN 377 mil in 2015, or 3.83% of sales. That’s compared to 14.7% average margin seen in last five years.

The company netted PLN -435 mil in 2015 implying ROE of -3.60% and ROCE of -2.48%. Again, the average figures were 5.02% and 4.75%, respectively when looking at the previous 5 years.

ENEA’s net debt amounted to PLN 3,934 mil at the end of 2015, or 0.325 of equity. When compared to EBITDA, net debt was 10.4x, up when compared to average of 1.75x seen in the last 5 years.

Valuation

ENEA stock traded at EUR 11.3 per share at the end of 2015 resulting in a market capitalization of USD 1,279 mil. Over the previous five years, stock price fell by 52.3% or -13.8% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 22.6x and price to earnings (PE) of -11.5x as of 2015.

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