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Grupa Lotos

Lotos's Cash & Cash Equivalents fell 4.78% yoy to PLN 1,532 mil in 2015

By Helgi Library - April 2, 2020

Grupa Lotos's total assets reached PLN 19,169 mil at the end of 2015, up 1.17% compared to the previous year. Curr...

Profit Statement 2013 2014 2015
Sales PLN mil 28,559 28,502 22,709
Gross Profit PLN mil 3,085 2,526 3,860
EBITDA PLN mil 809 -584 1,138
EBIT PLN mil 167 -1,393 423
Financing Cost PLN mil 229 732 619
Pre-Tax Profit PLN mil -58.7 -2,124 -195
Net Profit PLN mil 39.4 -1,466 -263
Dividends PLN mil 0 0 ...
Balance Sheet 2013 2014 2015
Total Assets PLN mil 20,285 18,947 19,169
Non-Current Assets PLN mil 11,981 11,792 12,446
Current Assets PLN mil 8,304 7,155 6,723
Working Capital PLN mil 4,925 3,631 3,554
Shareholders' Equity PLN mil 9,190 8,258 7,712
Liabilities PLN mil 11,095 10,689 11,457
Total Debt PLN mil 6,211 6,664 6,999
Net Debt PLN mil 5,518 5,055 5,467
Ratios 2013 2014 2015
ROE % 0.432 -16.8 -3.30
ROCE % 0.233 -9.07 -1.68
Gross Margin % 10.8 8.86 17.0
EBITDA Margin % 2.83 -2.05 5.01
EBIT Margin % 0.583 -4.89 1.86
Net Margin % 0.138 -5.14 -1.16
Net Debt/EBITDA 6.82 -8.65 4.80
Net Debt/Equity 0.600 0.612 0.709
Cost of Financing % 3.59 11.4 9.06
Valuation 2013 2014 2015
Market Capitalisation USD mil 1,507 1,045 1,280
Enterprise Value (EV) USD mil 3,338 2,472 2,681
Number Of Shares mil 143 145 185
Share Price EUR 31.8 25.5 27.0
EV/EBITDA 13.0 -13.9 8.77
EV/Sales 0.369 0.284 0.439
Price/Earnings (P/E) 115 -2.52 -19.0
Price/Book Value (P/BV) 0.494 0.448 0.647
Dividend Yield % 0 0 ...

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summary Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                            
Sales PLN mil               14,321 19,663 29,260 33,111 28,559    
Gross Profit PLN mil               1,830 2,783 3,296 3,438 3,085    
EBIT PLN mil               482 1,151 1,387 314 167    
Net Profit PLN mil               901 679 649 928 39.4    
ROE %               14.3 9.46 8.49 11.0 0.432    
EBIT Margin %               3.37 5.85 4.74 0.950 0.583    
Net Margin %               6.29 3.45 2.22 2.80 0.138    
Employees ... ... ... ... ... ...   4,949 5,010 5,168 5,015 4,983    
balance sheet                            
Total Assets PLN mil               15,226 17,727 20,423 20,005 20,285    
Non-Current Assets PLN mil               10,107 10,872 11,582 11,454 11,981    
Current Assets PLN mil               5,119 6,856 8,841 8,551 8,304    
Shareholders' Equity PLN mil               6,846 7,513 7,782 9,066 9,190    
Liabilities PLN mil               8,380 10,214 12,641 10,939 11,095    
Non-Current Liabilities PLN mil               5,661 5,055 5,848 5,400 5,682    
Current Liabilities PLN mil               2,719 5,159 6,793 5,539 5,413    
Net Debt/EBITDA               6.97 3.89 3.61 6.41 6.82    
Net Debt/Equity               0.781 0.798 0.926 0.694 0.600    
Cost of Financing % ...             3.81 3.06 2.97 -0.731 3.59    
cash flow                            
Total Cash From Operations PLN mil               1,356 1,292 1,561 1,347 1,416    
Total Cash From Investing PLN mil               -3,340 -1,067 -851 -838 -931    
Total Cash From Financing PLN mil               2,284 555 125 -911 -245    
Net Change In Cash PLN mil               300 779 836 -402 240    
valuation                            
Market Capitalisation USD mil ... ... ...         1,345 1,595 879 1,927 1,507    
Number Of Shares mil               121 130 130 145 143    
Share Price EUR ... ... ...         31.8 36.4 23.3 41.2 31.8    
Earnings Per Share (EPS) PLN               7.44 5.23 5.00 6.41 0.276    
Book Value Per Share PLN               56.5 57.9 59.9 62.7 64.4    
Dividend Per Share PLN               0 0 0 0 0   ...
Price/Earnings (P/E) ... ... ...         4.28 6.95 4.66 6.42 115    
Price/Book Value (P/BV) ... ... ...         0.563 0.628 0.389 0.658 0.494    
Dividend Yield % ... ... ...         0 0 0 0 0   ...
Earnings Per Share Growth % ...             -299 -29.7 -4.44 28.3 -95.7    
Book Value Per Share Growth % ...             18.3 2.37 3.58 4.57 2.76    
income statement Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                            
Sales PLN mil               14,321 19,663 29,260 33,111 28,559    
Cost of Goods & Services PLN mil               12,491 16,879 25,964 29,674 25,475    
Gross Profit PLN mil               1,830 2,783 3,296 3,438 3,085    
Staff Cost PLN mil ... ... ... ... ... ... ... ... ... ... ... 671    
Other Cost PLN mil ... ... ... ... ... ... ... ... ... ... ... 1,605    
EBITDA PLN mil               767 1,541 1,996 981 809    
Depreciation PLN mil               285 390 609 666 642    
EBIT PLN mil               482 1,151 1,387 314 167    
Financing Cost PLN mil               183 185 208 -51.7 229    
Extraordinary Cost PLN mil               -811 245 628 4.97 -4.10    
Pre-Tax Profit PLN mil               1,110 722 551 361 -58.7    
Tax PLN mil               198 40.6 -97.9 -562 -98.1    
Minorities PLN mil               11.1 2.17 0.328 0.027 -0.010    
Net Profit PLN mil               901 679 649 928 39.4    
Dividends PLN mil               0 0 0 0 0   ...
growth rates                            
Total Revenue Growth % ...             -12.1 37.3 48.8 13.2 -13.7    
Operating Cost Growth % ... ... ... ... ... ... ... ... ... ... ... ...    
EBITDA Growth % ...             236 101 29.5 -50.8 -17.5    
EBIT Growth % ...             -655 139 20.5 -77.3 -47.0    
Pre-Tax Profit Growth % ...             -320 -34.9 -23.6 -34.5 -116    
Net Profit Growth % ...             -299 -24.6 -4.44 43.0 -95.8    
ratios                            
ROE %               14.3 9.46 8.49 11.0 0.432    
ROCE % ...             8.35 4.85 4.06 5.53 0.233    
Gross Margin %               12.8 14.2 11.3 10.4 10.8    
EBITDA Margin %               5.36 7.84 6.82 2.96 2.83    
EBIT Margin %               3.37 5.85 4.74 0.950 0.583    
Net Margin %               6.29 3.45 2.22 2.80 0.138    
Payout Ratio %               0 0 0 0 0   ...
Cost of Financing % ...             3.81 3.06 2.97 -0.731 3.59    
Net Debt/EBITDA               6.97 3.89 3.61 6.41 6.82    
balance sheet Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                            
Non-Current Assets PLN mil               10,107 10,872 11,582 11,454 11,981    
Property, Plant & Equipment PLN mil               9,679 10,388 10,524 9,645 10,009    
Intangible Assets PLN mil               89.2 142 522 543 705    
Goodwill PLN mil ... ... ... ... ... ... ... ... ... ... 46.7 46.7    
Current Assets PLN mil               5,119 6,856 8,841 8,551 8,304    
Inventories PLN mil               3,023 4,507 5,856 5,963 5,729    
Receivables PLN mil               1,461 1,741 2,076 1,626 1,592    
Cash & Cash Equivalents PLN mil               355 383 384 266 693    
Total Assets PLN mil               15,226 17,727 20,423 20,005 20,285    
Shareholders' Equity PLN mil               6,846 7,513 7,782 9,066 9,190    
Of Which Minority Interest PLN mil               36.8 14.7 0.947 0.700 0.290    
Liabilities PLN mil               8,380 10,214 12,641 10,939 11,095    
Non-Current Liabilities PLN mil               5,661 5,055 5,848 5,400 5,682    
Long-Term Debt PLN mil               4,943 4,396 5,161 4,462 4,496    
Deferred Tax Liabilities PLN mil ... ... ... ... ... ... ... ... ... ... 314 276    
Current Liabilities PLN mil               2,719 5,159 6,793 5,539 5,413    
Short-Term Debt PLN mil               758 1,984 2,427 2,095 1,715    
Trade Payables PLN mil               1,891 1,833 2,822 2,169 2,395    
Equity And Liabilities PLN mil               15,226 17,727 20,423 20,005 20,285    
growth rates                            
Total Asset Growth % ...             24.9 16.4 15.2 -2.05 1.40    
Shareholders' Equity Growth % ...             18.3 9.75 3.58 16.5 1.36    
Net Debt Growth % ...             66.6 12.2 20.1 -12.7 -12.3    
Total Debt Growth % ...             45.4 11.9 19.0 -13.6 -5.27    
ratios                            
Total Debt PLN mil               5,701 6,379 7,589 6,557 6,211    
Net Debt PLN mil               5,346 5,997 7,205 6,291 5,518    
Working Capital PLN mil               2,593 4,415 5,110 5,419 4,925    
Capital Employed PLN mil               12,700 15,287 16,692 16,874 16,906    
Net Debt/Equity               0.781 0.798 0.926 0.694 0.600    
Cost of Financing % ...             3.81 3.06 2.97 -0.731 3.59    
cash flow Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                            
Net Profit PLN mil               901 679 649 928 39.4    
Depreciation PLN mil               285 390 609 666 642    
Non-Cash Items PLN mil ...             987 2,044 998 62.4 240    
Change in Working Capital PLN mil ...             -816 -1,822 -695 -310 494    
Total Cash From Operations PLN mil               1,356 1,292 1,561 1,347 1,416    
Capital Expenditures PLN mil               -3,073 -1,027 -678 -804 -976    
Other Investments PLN mil               -267 -40.2 -173 -34.4 44.7    
Total Cash From Investing PLN mil               -3,340 -1,067 -851 -838 -931    
Dividends Paid PLN mil               0 0 0 0 0   ...
Issuance Of Debt PLN mil ...             1,780 678 1,209 -1,032 -345    
Total Cash From Financing PLN mil               2,284 555 125 -911 -245    
Net Change In Cash PLN mil               300 779 836 -402 240    
ratios                            
Days Sales Outstanding days               37.2 32.3 25.9 17.9 20.3    
Days Sales Of Inventory days               88.3 97.5 82.3 73.3 82.1    
Days Payable Outstanding days               55.2 39.6 39.7 26.7 34.3    
Cash Conversion Cycle days               70.3 90.1 68.5 64.6 68.1    
Cash Earnings PLN mil               1,186 1,069 1,258 1,594 682    
Cash Earnings Per Share PLN               9.79 8.23 9.68 11.0 4.78    
Price/Cash Earnings (P/CE) ... ... ...         3.25 4.42 2.41 3.74 6.66    
Free Cash Flow PLN mil               -1,984 224 711 509 485    
Free Cash Flow Yield % ... ... ...         -47.3 4.66 27.3 8.12 10.2    
other data Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                            
ROA %               6.57 4.12 3.40 4.59 0.196    
Gross Margin %               12.8 14.2 11.3 10.4 10.8    
Employees ... ... ... ... ... ...   4,949 5,010 5,168 5,015 4,983    
Cost Per Employee USD per month ... ... ... ... ... ... ... ... ... ... ... 3,550    
Cost Per Employee (Local Currency) PLN per month ... ... ... ... ... ... ... ... ... ... ... 11,218    
Staff Cost (As % Of Total Cost) % ... ... ... ... ... ... ... ... ... ... ... 2.36    
Effective Tax Rate %               17.8 5.62 -17.8 -156 167    
Enterprise Value (EV) USD mil ... ... ...         3,211 3,622 2,971 3,960 3,338    
EV/EBITDA ... ... ...         13.0 7.09 4.41 13.1 13.0    
EV/Capital Employed ... ... ...         0.724 0.701 0.613 0.726 0.595    
EV/Sales ... ... ...         0.699 0.556 0.301 0.389 0.369    
EV/EBIT ... ... ...         20.8 9.49 6.35 41.0 63.3    
Capital Expenditures (As % of Sales) %               21.5 5.22 2.32 2.43 3.42    
Crude Oil Throughput kt ... ... ... ... ... ...   5,462 8,096 9,165 9,674 8,703    
Utilization Ratio % ... ... ... ... ... ...   99.9 88.4 91.8 93.4 93.1    
LNG Production (mil m3) mil m3 ... ... ... ... ... ...   19.6 20.7 16.1 20.9 16.8    
Crude Oil Production (kt) kt ... ... ... ...       176 187 227 262 219    
Sales Volume of Gasoline (kt) kt ... ... ... ... ... ...   1,312 1,453 1,446 1,508 1,514    
Sales Volume of Naphtha (kt) kt ... ... ... ... ... ... ... ... 106 175 356 286    
Sales Volume of Reformat (kt) kt ... ... ... ... ... ...   112 154 164 130 0    
Sales Volume of Diesel (kt) kt ... ... ... ... ... ...   3,746 4,107 4,745 4,592 4,371    
Sales Volume of Bunker Fuel (kt) kt ... ... ... ... ... ...   63.3 34.6 42.7 33.8 40.1    
Sales Volume of Light Heating Oil (kt) kt ... ... ... ... ... ...   330 388 403 338 293    
Sales Volume of Jet Fuel (kt) kt ... ... ... ... ... ...   365 251 457 543 450    
Sales Volume of Lubricants (kt) kt ... ... ... ... ... ...   68.2 62.7 64.6 69.3 72.2    
Sales Volume of Base Oils (kt) kt ... ... ... ... ... ...   106 122 148 152 152    
Sales Volume of Heavy Products (kt) kt ... ... ... ... ... ...   1,228 1,829 1,901 1,828 1,696    
Sales Volume of LPG (kt) kt ... ... ... ... ... ...   144 93.2 92.8 173 220    
Sales Volume of Crude Oil (kt) kt ... ... ... ... ... ... ... ... ... 91.2 77.0 ...    
Sales Volume of Crude Oil as Goods (kt) kt ... ... ... ... ... ... ... ... ... ... ... ... ...  
Sales Volume of Natural Gas (kt) kt ... ... ... ... ... ... ... ... ... ... ... ...    
Sales Volume of Other Refining Goods, Products and Materials (kt) kt ... ... ... ... ... ...   124 161 292 344 234    
Sales from Gasoline PLN mil ... ... ... ... ... ...   5,079 5,979 6,851 7,654 7,169    
Sales from Naphtha PLN mil ... ... ... ... ... ... ... ... 240 480 1,097 824    
Sales from Reformat PLN mil ... ... ... ... ... ...   212 348 477 459 0    
Sales from Diesel (ULSD) PLN mil ... ... ... ... ... ...   11,744 15,557 21,950 23,577 21,114    
Sales from Bunker Fuel PLN mil ... ... ... ... ... ...   107 74.5 116 111 125    
Sales from Light Heating Oil PLN mil ... ... ... ... ... ...   681 972 1,330 1,240 1,023    
Sales from Jet fuel PLN mil ... ... ... ... ... ...   652 568 1,401 1,860 1,477    
Sales from Lubricants PLN mil ... ... ... ... ... ...   316 330 351 391 404    
Sales from Base Oils PLN mil ... ... ... ... ... ...   220 353 552 569 486    
Sales from Heavy Products PLN mil ... ... ... ... ... ...   1,533 2,610 3,515 3,958 3,285    
Sales from LPG PLN mil ... ... ... ... ... ...   299 271 320 562 621    
Sales from Crude Oil PLN mil ... ... ... ... ... ... ... ... ... 224 202 ...    
Sales from Crude Oil as Goods PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ...  
Sales from Natural Gas PLN mil ... ... ... ... ... ... ... ... ... ... ... ...    
Sales from Other Refining Goods, Products and Materials PLN mil ... ... ... ... ... ...   219 291 598 768 519    
Sales from Upstream PLN mil ... ... ... ... ... ...   235 327 582 723 586    
Sales from Downstream (Excl. Retail) PLN mil ... ... ... ... ... ...   14,434 19,685 29,062 32,900 28,587    
Sales from Retail PLN mil ... ... ... ... ... ...   3,534 4,247 5,345 5,879 5,806    
Sales From Others PLN mil ... ... ... ... ... ...   2.10 21.1 23.3 27.2 24.5    
Sales from Consolidation items PLN mil ... ... ... ... ... ...   -351 -370 -408 -576 -638    
EBIT from Upstream PLN mil ... ... ... ... ... ...   -6.70 24.7 21.7 -680 174    
EBIT from Downstream (Excl. Retail) PLN mil ... ... ... ... ... ...   476 1,003 1,061 984 13.9    
EBIT from Retail PLN mil ... ... ... ... ... ...   55.6 13.9 -38.4 -11.8 -24.1    
EBIT from Others PLN mil ... ... ... ... ... ...   -0.400 -1.40 3.10 5.40 13.9    
EBIT from Consolidation items PLN mil ... ... ... ... ... ...   -18.0 34.8 -0.600 -1.50 -35.2    
EBITDA from Upstream PLN mil ... ... ... ... ... ...   46.7 84.8 142 -551 308    
EBITDA from Downstream (Excl. Retail) PLN mil ... ... ... ... ... ...   707 1,325 1,542 1,504 515    
EBITDA from Retail PLN mil ... ... ... ... ... ...   104 63.4 9.50 39.0 32.2    
EBITDA from Others PLN mil ... ... ... ... ... ...   0.500 8.60 12.8 15.7 23.8    
EBITDA from Consolidation items PLN mil ... ... ... ... ... ...   -18.6 33.4 -2.00 -3.30 -37.0    
Filling Stations Total ... ... ... ... ... ...   304 324 369 405 439    
Filling Stations - CODO ... ... ... ... ... ...   144 154 190 223 256    
Filling Stations - DOFO ... ... ... ... ... ...   98.0 109 136 154 166    
Filling Stations - DODO ... ... ... ... ... ...   62.0 61.0 43.0 28.0 17.0 ... ...
Volume of Retail Sales (kt) kt ... ... ... ... ... ...   953 994 1,039 1,012 1,017    

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Jan 2014
Company Report

Grupa Lotos (Lotos) is a vertically integrated oil company based in Gdańsk, Poland. The Company's business consists in the extraction and processing of crude oil, as well as wholesale and retail sale of petroleum products. The Company produces and markets products such as unleaded gasoline, diesel oil, diesel oil for heating purposes, aviation fuel and heavy fuel oil, but also in the production of lubricant oils and bitumens. Shares of Lotos have been listed on the Warsaw Stock Exchange since 2005. The Company manages the refinery in Gdańsk, but is also engaged in the exploration for and production of crude oil from the Baltic Sea and the Norwegian Continental Shelf. The Company also has access to onshore hydrocarbon deposits in Lithuania

Finance

Grupa Lotos has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 5.88% a year during that time to total of PLN 1,138 mil in 2015, or 5.01% of sales. That’s compared to 3.12% average margin seen in last five years.

The company netted PLN -263 mil in 2015 implying ROE of -3.30% and ROCE of -1.68%. Again, the average figures were -0.035% and -0.185%, respectively when looking at the previous 5 years.

Grupa Lotos’s net debt amounted to PLN 5,467 mil at the end of 2015, or 0.709 of equity. When compared to EBITDA, net debt was 4.80x, up when compared to average of 2.60x seen in the last 5 years.

Valuation

Grupa Lotos stock traded at EUR 27.0 per share at the end of 2015 resulting in a market capitalization of USD 1,280 mil. Over the previous five years, stock price fell by 25.7% or -5.77% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 8.77x and price to earnings (PE) of -19.0x as of 2015.

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