Energeticky a prumyslovy holding

EPH's Cash & Cash Equivalents rose 60.9% yoy to CZK 30,695 mil in 2016

By Helgi Analytics - April 2, 2020

Energeticky a prumyslovy holding's total assets reached CZK 323,564 mil at the end of 2016, up 5.86% compared to the previous ye...

Profit Statement 2014 2015 2016
Sales CZK mil 100,905 124,711 133,300
Gross Profit CZK mil 53,629 66,107 67,366
EBITDA CZK mil 38,394 52,438 41,090
EBIT CZK mil 23,294 37,705 26,114
Financing Cost CZK mil 6,393 7,585 8,975
Pre-Tax Profit CZK mil 19,800 30,230 27,006
Net Profit CZK mil 5,150 13,478 11,651
Balance Sheet 2014 2015 2016
Total Assets CZK mil 284,368 305,653 323,564
Non-Current Assets CZK mil 235,061 240,604 251,718
Current Assets CZK mil 49,307 65,049 71,846
Working Capital CZK mil -256 -27.0 -838
Shareholders' Equity CZK mil 70,426 75,373 83,600
Liabilities CZK mil 213,941 230,280 239,965
Total Debt CZK mil 142,488 141,260 149,718
Net Debt CZK mil 117,256 122,180 119,023
Ratios 2014 2015 2016
ROE % 5.50 18.5 14.7
ROCE % 2.15 5.67 4.74
Gross Margin % 53.1 53.0 50.5
EBITDA Margin % 38.0 42.0 30.8
EBIT Margin % 23.1 30.2 19.6
Net Margin % 5.10 10.8 8.74
Net Debt/EBITDA 3.05 2.33 2.90
Net Debt/Equity % 166 162 142
Cost of Financing % 4.82 5.35 6.17
Cash Flow 2014 2015 2016
Total Cash From Operations CZK mil 20,721 21,663 41,198
Total Cash From Investing CZK mil -15,860 -21,254 -20,004
Total Cash From Financing CZK mil -6,927 -6,548 -10,002
Net Change In Cash CZK mil -2,066 -6,139 11,192
Cash Conversion Cycle days -53.1 -52.6 -51.4
Cash Earnings CZK mil 20,250 28,211 26,628
Free Cash Flow CZK mil 4,861 409 21,194

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summary Unit 2009 2010 2011 2012 2013 2014 2015 2016
income statement                
Sales CZK mil   25,049 25,412 35,750 82,876 100,905    
Gross Profit CZK mil   5,236 4,012 11,379 54,742 53,629    
EBIT CZK mil   3,817 923 6,510 24,866 23,294    
Net Profit CZK mil   8,805 4,886 9,597 7,104 5,150    
ROE %   72.8 31.0 39.6 9.44 5.50    
EBIT Margin %   15.2 3.63 18.2 30.0 23.1    
Net Margin %   35.2 19.2 26.8 8.57 5.10    
Employees ... ... ... 4,166 11,947 10,860    
balance sheet                
Total Assets CZK mil   51,596 49,010 81,204 341,039 284,368    
Non-Current Assets CZK mil   42,092 39,661 58,768 246,944 235,061    
Current Assets CZK mil   9,504 9,349 24,436 94,095 49,307    
Shareholders' Equity CZK mil   16,758 14,742 33,690 116,868 70,426    
Liabilities CZK mil   34,838 34,268 47,514 224,171 213,941    
Non-Current Liabilities CZK mil   13,092 10,184 35,014 153,156 167,798    
Current Liabilities CZK mil   21,747 24,084 12,500 71,015 46,143    
Net Debt/EBITDA   2.73 4.47 1.11 2.53 3.05    
Net Debt/Equity %   79.2 86.1 36.5 82.0 166    
Cost of Financing % ... 1.73 7.98 9.38 4.39 4.82    
cash flow                
Total Cash From Operations CZK mil   4,111 3,983 -14,523 15,633 20,721    
Total Cash From Investing CZK mil   8,609 -2,295 16,618 -27,995 -15,860    
Total Cash From Financing CZK mil   -13,456 -1,698 7,484 29,143 -6,927    
Net Change In Cash CZK mil   -735 -10.0 9,579 16,781 -2,066    
income statement Unit 2009 2010 2011 2012 2013 2014 2015 2016
income statement                
Sales CZK mil   25,049 25,412 35,750 82,876 100,905    
Cost of Goods & Services CZK mil   19,812 21,400 24,371 28,134 47,275    
Gross Profit CZK mil   5,236 4,012 11,379 54,742 53,629    
Staff Cost CZK mil   1,543 1,368 3,770 8,923 10,949    
Other Cost CZK mil   -1,173 -197 -3,440 7,928 4,286    
EBITDA CZK mil   4,866 2,841 11,049 37,891 38,394    
Depreciation CZK mil   1,049 1,918 4,539 13,025 15,100    
EBIT CZK mil   3,817 923 6,510 24,866 23,294    
Financing Cost CZK mil   240 1,149 1,754 3,211 6,393    
Extraordinary Cost CZK mil   -5,736 -4,695 -5,379 105 -2,899    
Pre-Tax Profit CZK mil   9,312 4,469 10,135 21,550 19,800    
Tax CZK mil   447 301 678 5,586 6,193    
Minorities CZK mil   42.5 68.0 -21.0 10,014 7,830    
Net Profit CZK mil   8,805 4,886 9,597 7,104 5,150    
growth rates                
Total Revenue Growth % ... 247 1.45 40.7 132 21.8    
Operating Cost Growth % ... -40.9 216 -71.8 5,006 -9.59    
EBITDA Growth % ... 329 -41.6 289 243 1.33    
EBIT Growth % ... 433 -75.8 605 282 -6.32    
Pre-Tax Profit Growth % ... 1,324 -52.0 127 113 -8.12    
Net Profit Growth % ... 1,612 -44.5 96.4 -26.0 -27.5    
ratios                
ROE %   72.8 31.0 39.6 9.44 5.50    
ROCE % ... 38.2 16.9 23.0 4.72 2.15    
Gross Margin %   20.9 15.8 31.8 66.1 53.1    
EBITDA Margin %   19.4 11.2 30.9 45.7 38.0    
EBIT Margin %   15.2 3.63 18.2 30.0 23.1    
Net Margin %   35.2 19.2 26.8 8.57 5.10    
Cost of Financing % ... 1.73 7.98 9.38 4.39 4.82    
Net Debt/EBITDA   2.73 4.47 1.11 2.53 3.05    
balance sheet Unit 2009 2010 2011 2012 2013 2014 2015 2016
balance sheet                
Non-Current Assets CZK mil   42,092 39,661 58,768 246,944 235,061    
Property, Plant & Equipment CZK mil   15,275 14,499 45,077 225,121 213,644    
Intangible Assets CZK mil   5,091 541 4,624 8,975 7,466    
Goodwill CZK mil   0 2,622 2,695 2,612 2,743    
Current Assets CZK mil   9,504 9,349 24,436 94,095 49,307    
Inventories CZK mil   1,211 406 1,252 2,625 2,545    
Receivables CZK mil   5,587 3,641 6,500 11,563 12,458    
Cash & Cash Equivalents CZK mil   1,412 1,400 10,992 27,279 25,232    
Total Assets CZK mil   51,596 49,010 81,204 341,039 284,368    
Shareholders' Equity CZK mil   16,758 14,742 33,690 116,868 70,426    
Of Which Minority Interest CZK mil   105 -6.00 7,137 83,427 62,145    
Liabilities CZK mil   34,838 34,268 47,514 224,171 213,941    
Non-Current Liabilities CZK mil   13,092 10,184 35,014 153,156 167,798    
Long-Term Debt CZK mil   10,184 8,180 22,673 104,244 117,771    
Deferred Tax Liabilities CZK mil   2,003 1,597 4,881 32,933 31,230    
Current Liabilities CZK mil   21,747 24,084 12,500 71,015 46,143    
Short-Term Debt CZK mil   4,498 5,918 626 18,816 24,717    
Trade Payables CZK mil   16,850 17,873 8,808 17,883 15,259    
Provisions CZK mil   632 436 8,019 16,244 16,527    
Equity And Liabilities CZK mil   51,596 49,010 81,204 341,039 284,368    
growth rates                
Total Asset Growth % ... 69.3 -5.01 65.7 320 -16.6    
Shareholders' Equity Growth % ... 125 -12.0 129 247 -39.7    
Net Debt Growth % ... 21.3 -4.31 -3.08 678 22.4    
Total Debt Growth % ... 11.9 -3.98 65.3 428 15.8    
ratios                
Total Debt CZK mil   14,683 14,098 23,299 123,060 142,488    
Net Debt CZK mil   13,270 12,698 12,307 95,781 117,256    
Working Capital CZK mil   -10,052 -13,826 -1,056 -3,695 -256    
Capital Employed CZK mil   32,040 25,835 57,712 243,249 234,805    
Net Debt/Equity %   79.2 86.1 36.5 82.0 166    
Cost of Financing % ... 1.73 7.98 9.38 4.39 4.82    
cash flow Unit 2009 2010 2011 2012 2013 2014 2015 2016
cash flow                
Net Profit CZK mil   8,805 4,886 9,597 7,104 5,150    
Depreciation CZK mil   1,049 1,918 4,539 13,025 15,100    
Non-Cash Items CZK mil ... -11,412 -6,595 -15,889 -7,135 3,911    
Change in Working Capital CZK mil ... 5,669 3,774 -12,770 2,639 -3,439    
Total Cash From Operations CZK mil   4,111 3,983 -14,523 15,633 20,721    
Capital Expenditures CZK mil   -502 -2,690 -3,076 -7,051 -6,530    
Other Investments CZK mil   9,111 395 19,694 -20,944 -9,330    
Total Cash From Investing CZK mil   8,609 -2,295 16,618 -27,995 -15,860    
Issuance Of Debt CZK mil ... 1,567 -585 9,201 99,761 19,428    
Total Cash From Financing CZK mil   -13,456 -1,698 7,484 29,143 -6,927    
Net Change In Cash CZK mil   -735 -10.0 9,579 16,781 -2,066    
ratios                
Days Sales Outstanding days   81.4 52.3 66.4 50.9 45.1    
Days Sales Of Inventory days   22.3 6.92 18.8 34.1 19.6    
Days Payable Outstanding days   310 305 132 232 118    
Cash Conversion Cycle days   -207 -246 -46.8 -147 -53.1    
Cash Earnings CZK mil   9,854 6,804 14,136 20,129 20,250    
Free Cash Flow CZK mil   12,721 1,688 2,095 -12,362 4,861    
other data Unit 2009 2010 2011 2012 2013 2014 2015 2016
other data                
ROA %   21.5 9.71 14.7 3.36 1.65    
Gross Margin %   20.9 15.8 31.8 66.1 53.1    
Cost Per Employee USD per month ... ... ... 3,855 3,181 3,931    
Cost Per Employee (Local Currency) CZK per month ... ... ... 75,412 62,240 84,019    
Staff Cost (As % Of Total Cost) %   7.27 5.59 12.9 15.4 14.1    
Effective Tax Rate %   4.80 6.74 6.69 25.9 31.3    
Capital Expenditures (As % of Sales) %   2.00 10.6 8.60 8.51 6.47    

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Energetický a průmyslový holding, a.s. (EPH) is a Czech Republic based company currently investing mainly in the energy sector in Central Europe. The group's business lines include coal mining, gas, electricity and heat production and their distribution and sale to customers. PPF Group owns more than 44.4% of EPH, while 37% is held by J&T and 18.5% is owned by Daniel Křetínský. Among the largest assets held in the Czech Republic are Opatovice Power Station, United Energy, Plzeňská energetika, or Pražská teplárenská. In Slovakia, EPH bought Slovenský plynárenský priemysel and Slovenska Energetika. In Germany, EPH bought coal mining company Mibrag

Finance

Energeticky a prumyslovy holding has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 70.59999999999999% a year during that time to total of CZK 41,090 mil in 2016, or 30.8% of sales. That’s compared to 37.5% average margin seen in last five years.

The company netted CZK 11,651 mil in 2016 implying ROE of 14.7% and ROCE of 4.74%. Again, the average figures were 17.5% and 8.05%, respectively when looking at the previous 5 years.

Energeticky a prumyslovy holding’s net debt amounted to CZK 119,023 mil at the end of 2016, or 142% of equity. When compared to EBITDA, net debt was 2.90x, up when compared to average of 2.38x seen in the last 5 years.