E.ON Energie Czech Republic

E.ON Energie's Cash & Cash Equivalents fell 18.0% yoy to CZK 2.79 mil in 2015

By Helgi Analytics - April 2, 2020

E.ON Energie Czech Republic's total assets reached CZK 28,721 mil at the end of 2015, up 5.13% compared to the previous year. ...

Profit Statement 2013 2014 2015
Sales CZK mil 51,378 48,761 53,366
Gross Profit CZK mil 678 1,231 1,836
EBITDA CZK mil 769 968 1,325
EBIT CZK mil 762 959 1,291
Financing Cost CZK mil -577 -54.0 213
Pre-Tax Profit CZK mil 1,339 1,013 1,078
Net Profit CZK mil 1,070 862 874
Dividends CZK mil 163 254 ...
Balance Sheet 2013 2014 2015
Total Assets CZK mil 27,530 27,319 28,721
Non-Current Assets CZK mil 111 122 1,422
Current Assets CZK mil 27,407 27,184 27,292
Working Capital CZK mil 2,420 2,297 2,088
Shareholders' Equity CZK mil 3,210 3,930 4,546
Liabilities CZK mil 24,319 23,389 24,174
Total Debt CZK mil 13,769 13,913 14,169
Net Debt CZK mil 13,765 13,909 14,166
Ratios 2013 2014 2015
ROE % 38.2 24.1 20.6
ROCE % 50.7 34.8 29.5
Gross Margin % 1.32 2.52 3.44
EBITDA Margin % 1.50 1.99 2.48
EBIT Margin % 1.48 1.97 2.42
Net Margin % 2.08 1.77 1.64
Net Debt/EBITDA 17.9 14.4 10.7
Net Debt/Equity 4.29 3.54 3.12
Cost of Financing % -4.43 -0.390 1.51
Cash Flow 2013 2014 2015
Total Cash From Operations CZK mil 161 1,607 1,311
Total Cash From Investing CZK mil 252 -136 -1,333
Total Cash From Financing CZK mil -4.85 -166 -241
Net Change In Cash CZK mil 408 1,305 -263
Cash Conversion Cycle days 17.3 17.3 14.4
Cash Earnings CZK mil 1,077 871 909
Free Cash Flow CZK mil 413 1,471 -21.7

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summary Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                        
Sales CZK mil ...         42,062 47,509 38,361 41,184 51,378    
Gross Profit CZK mil ...         594 1,897 2,170 1,733 678    
EBIT CZK mil ...         -579 1,681 1,543 -682 762    
Net Profit CZK mil ...         -588 1,395 1,257 -691 1,070    
ROE % ...         -30.8 69.8 42.4 -23.9 38.2    
EBIT Margin % ...         -1.38 3.54 4.02 -1.66 1.48    
Net Margin % ...         -1.40 2.94 3.28 -1.68 2.08    
Employees ...         144 152 156 161 162    
balance sheet                        
Total Assets CZK mil ...         23,715 29,253 27,451 24,253 27,530    
Non-Current Assets CZK mil ...         61.1 57.3 65.1 99.2 111    
Current Assets CZK mil ...         23,581 29,185 27,379 24,146 27,407    
Shareholders' Equity CZK mil ...         1,452 2,546 3,388 2,389 3,210    
Liabilities CZK mil ...         22,263 26,707 24,062 21,864 24,319    
Non-Current Liabilities CZK mil ...         15.9 49.3 8.77 8.25 6.00    
Current Liabilities CZK mil ...         21,888 26,261 23,494 21,228 24,038    
Net Debt/EBITDA ...         89.1 8.27 8.72 -18.1 17.9    
Net Debt/Equity ...         8.54 5.48 3.98 5.12 4.29    
Cost of Financing % ... ...       -0.370 -0.480 -0.104 -0.015 -4.43    
cash flow                        
Total Cash From Operations CZK mil ...         -122 2,031 447 -1,373 161    
Total Cash From Investing CZK mil ...         2,036 -22.5 79.2 7.17 252    
Total Cash From Financing CZK mil ...         0.443 37.7 -457 -307 -4.85    
Net Change In Cash CZK mil ...         1,915 2,046 68.8 -1,673 408    
income statement Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                        
Sales CZK mil ...         42,062 47,509 38,361 41,184 51,378    
Cost of Goods & Services CZK mil ...         41,468 45,612 36,191 39,451 50,700    
Gross Profit CZK mil ...         594 1,897 2,170 1,733 678    
Staff Cost CZK mil ...         138 152 157 181 176    
Other Cost CZK mil ...         316 59.7 467 2,229 -267    
EBITDA CZK mil ...         139 1,685 1,546 -678 769    
Depreciation CZK mil ...         718 3.83 3.78 4.09 7.00    
EBIT CZK mil ...         -579 1,681 1,543 -682 762    
Financing Cost CZK mil ...         -44.9 -63.5 -14.3 -1.89 -577    
Extraordinary Cost CZK mil ...         0 0 0 0.200 0    
Pre-Tax Profit CZK mil ...         -534 1,745 1,557 -680 1,339    
Tax CZK mil ...         54.1 350 300 10.5 269    
Minorities CZK mil ...         0 0 0 0 0    
Net Profit CZK mil ...         -588 1,395 1,257 -691 1,070    
Dividends CZK mil           0 457 304 0 163   ...
growth rates                        
Total Revenue Growth % ... ...       8.58 13.0 -19.3 7.36 24.8    
Operating Cost Growth % ... ...       2,163 -53.4 195 286 -104    
EBITDA Growth % ... ...       -63.4 1,111 -8.24 -144 -213    
EBIT Growth % ... ...       71.3 -390 -8.25 -144 -212    
Pre-Tax Profit Growth % ... ...       46.2 -427 -10.8 -144 -297    
Net Profit Growth % ... ...       28.0 -337 -9.89 -155 -255    
ratios                        
ROE % ...         -30.8 69.8 42.4 -23.9 38.2    
ROCE % ... ...       -24.8 195 128 -44.8 50.7    
Gross Margin % ...         1.41 3.99 5.66 4.21 1.32    
EBITDA Margin % ...         0.331 3.55 4.03 -1.65 1.50    
EBIT Margin % ...         -1.38 3.54 4.02 -1.66 1.48    
Net Margin % ...         -1.40 2.94 3.28 -1.68 2.08    
Payout Ratio % ...         0 32.8 24.2 0 15.3   ...
Cost of Financing % ... ...       -0.370 -0.480 -0.104 -0.015 -4.43    
Net Debt/EBITDA ...         89.1 8.27 8.72 -18.1 17.9    
balance sheet Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                        
Non-Current Assets CZK mil ...         61.1 57.3 65.1 99.2 111    
Property, Plant & Equipment CZK mil ...         45.0 41.3 37.5 45.7 103    
Intangible Assets CZK mil ...         0 0 0 26.9 7.92    
Goodwill CZK mil ...         0 0 0 0 0    
Current Assets CZK mil ...         23,581 29,185 27,379 24,146 27,407    
Inventories CZK mil ...         8.18 225 525 451 1,034    
Receivables CZK mil ...         915 1,027 901 1,257 1,522    
Cash & Cash Equivalents CZK mil ...         57.7 39.0 4.23 25.1 3.74    
Total Assets CZK mil ...         23,715 29,253 27,451 24,253 27,530    
Shareholders' Equity CZK mil ...         1,452 2,546 3,388 2,389 3,210    
Of Which Minority Interest CZK mil ...         0 0 0 0 0    
Liabilities CZK mil ...         22,263 26,707 24,062 21,864 24,319    
Non-Current Liabilities CZK mil ...         15.9 49.3 8.77 8.25 6.00    
Long-Term Debt CZK mil ...         0 0 0 0 6.00    
Deferred Tax Liabilities CZK mil ...         6.60 0 0 0 0    
Current Liabilities CZK mil ...         21,888 26,261 23,494 21,228 24,038    
Short-Term Debt CZK mil ...         12,451 13,981 13,495 12,269 13,763    
Trade Payables CZK mil ...         121 744 98.6 115 136    
Provisions CZK mil ...         359 396 557 628 153    
Equity And Liabilities CZK mil ...         23,715 29,253 27,451 24,253 27,530    
growth rates                        
Total Asset Growth % ... ...       0.435 23.4 -6.16 -11.6 13.5    
Shareholders' Equity Growth % ... ...       -38.8 75.3 33.1 -29.5 34.4    
Net Debt Growth % ... ...       5.51 12.5 -3.24 -9.24 12.4    
Total Debt Growth % ... ...       5.86 12.3 -3.48 -9.08 12.2    
ratios                        
Total Debt CZK mil ...         12,451 13,981 13,495 12,269 13,769    
Net Debt CZK mil ...         12,393 13,942 13,490 12,244 13,765    
Working Capital CZK mil ...         802 508 1,327 1,593 2,420    
Capital Employed CZK mil ...         863 565 1,392 1,692 2,531    
Net Debt/Equity ...         8.54 5.48 3.98 5.12 4.29    
Cost of Financing % ... ...       -0.370 -0.480 -0.104 -0.015 -4.43    
cash flow Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                        
Net Profit CZK mil ...         -588 1,395 1,257 -691 1,070    
Depreciation CZK mil ...         718 3.83 3.78 4.09 7.00    
Non-Cash Items CZK mil ... ...       -2,527 337 5.62 -421 -89.4    
Change in Working Capital CZK mil ... ...       2,276 295 -820 -266 -827    
Total Cash From Operations CZK mil ...         -122 2,031 447 -1,373 161    
Capital Expenditures CZK mil ...         -3,326 -1,277 -191 -248 -64.6    
Other Investments CZK mil ...         5,363 1,254 270 255 317    
Total Cash From Investing CZK mil ...         2,036 -22.5 79.2 7.17 252    
Dividends Paid CZK mil ...         0 0 -457 -304 0    
Issuance Of Debt CZK mil ... ... ... ...   689 1,530 -486 -1,226 1,500    
Total Cash From Financing CZK mil ...         0.443 37.7 -457 -307 -4.85    
Net Change In Cash CZK mil ...         1,915 2,046 68.8 -1,673 408    
ratios                        
Days Sales Outstanding days ...         7.94 7.89 8.57 11.1 10.8    
Days Sales Of Inventory days ...         0.072 1.80 5.30 4.17 7.44    
Days Payable Outstanding days ...         1.07 5.96 0.994 1.06 0.979    
Cash Conversion Cycle days ...         6.95 3.73 12.9 14.3 17.3    
Cash Earnings CZK mil ...         130 1,399 1,261 -686 1,077    
Free Cash Flow CZK mil ...         1,915 2,008 526 -1,366 413    
other data Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                        
ROA % ...         -2.49 5.27 4.43 -2.67 4.13    
Gross Margin % ...         1.41 3.99 5.66 4.21 1.32    
Cost Per Employee USD per month ...         4,196 4,358 4,737 4,785 4,619    
Cost Per Employee (Local Currency) CZK per month ...         79,957 83,295 83,776 93,604 90,370    
Staff Cost (As % Of Total Cost) % ...         0.324 0.332 0.426 0.432 0.347    
Effective Tax Rate % ...         -10.1 20.0 19.2 -1.55 20.1    
Sales Of Electricity CZK mil ...         25,673 25,770 21,209 22,357 20,421    
Sales of Electricity (At Home) CZK mil ...         24,966 25,283 18,076 18,273 16,910    
Sales of Electricity (Export) CZK mil ...         707 487 3,133 4,084 3,511    
Sales of Natural Gas CZK mil ... ... ...     3,074 3,369 3,716 5,447 7,099    
Sales of Heat CZK mil ...     ... ... ... ... ... ... ... ... ...
Sales of Other Products & Services CZK mil ...         13,315 18,370 13,436 13,380 23,858    
Capital Expenditures (As % of Sales) % ...         7.91 2.69 0.497 0.603 0.126    

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E.ON Energie is a Czech Republic-based subsidiary of E.ON Group. The Company is responsible for trading with electric energy and gas on the Czech market. The company coordinates and manages the activities of the Group in the Czech Republic. E.ON Group is a European holding company based in Düsseldorf, North Rhine-Westphalia, Germany. It runs one of the world's largest investor-owned electric utility service providers. The name comes from the Greek word aeon which means eternity. The Company operates in over 30 countries and serves over 26 mil customers. As result of mergers, E.ON inherited the subsidiaries of VEBA, VIAG and Ruhrgas in Central and Eastern Europe. It is also present in Russia, where it has a stake in the natural gas company Gazprom and control of the generation company OGK-4

Finance

E.ON Energie Czech Republic has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 4.69% a year during that time to total of CZK 1,325 mil in 2015, or 2.48% of sales. That’s compared to 1.67% average margin seen in last five years.

The company netted CZK 874 mil in 2015 implying ROE of 20.6% and ROCE of 29.5%. Again, the average figures were 20.3% and 39.7%, respectively when looking at the previous 5 years.

E.ON Energie Czech Republic’s net debt amounted to CZK 14,166 mil at the end of 2015, or 3.12 of equity. When compared to EBITDA, net debt was 10.7x, up when compared to average of 6.72x seen in the last 5 years.