innogy Energie Czech Republic

innogy Energie CR's Cash & Cash Equivalents rose 45.8% yoy to CZK 82.8 mil in 2018

By Helgi Analytics - April 2, 2020

innogy Energie Czech Republic's total assets reached CZK 22,298 mil at the end of 2018, down 5.26% compared to the previous year...

Profit Statement 2016 2017 2018
Sales CZK mil 34,142 32,252 31,682
Gross Profit CZK mil 3,997 4,311 3,109
EBITDA CZK mil 3,723 4,039 2,835
EBIT CZK mil 3,589 3,881 2,707
Financing Cost CZK mil -165 -129 -633
Pre-Tax Profit CZK mil 3,424 4,009 3,340
Net Profit CZK mil 2,770 3,244 2,702
Dividends CZK mil 2,770 3,255 ...
Balance Sheet 2016 2017 2018
Total Assets CZK mil 23,573 23,535 22,298
Non-Current Assets CZK mil 139 89.8 79.5
Current Assets CZK mil 23,324 23,387 22,160
Working Capital CZK mil 8,751 11,639 10,718
Shareholders' Equity CZK mil 4,523 5,211 4,400
Liabilities CZK mil 19,050 18,325 17,898
Total Debt CZK mil 9.56 10.2 11.5
Net Debt CZK mil -140 -46.6 -71.4
Ratios 2016 2017 2018
ROE % 62.4 66.7 56.2
ROCE % 33.4 31.5 24.0
Gross Margin % 11.7 13.4 9.81
EBITDA Margin % 10.9 12.5 8.95
EBIT Margin % 10.5 12.0 8.54
Net Margin % 8.11 10.1 8.53
Net Debt/EBITDA -0.038 -0.012 -0.025
Net Debt/Equity % -3.10 -0.894 -1.62
Cost of Financing % -95.6 -1,301 -5,839
Cash Flow 2016 2017 2018
Total Cash From Operations CZK mil 3,232 3,211 2,509
Total Cash From Investing CZK mil -75.4 -109 -117
Total Cash From Financing CZK mil -2,513 -2,850 -3,247
Net Change In Cash CZK mil 644 252 -855
Cash Conversion Cycle days 73.2 111 109
Cash Earnings CZK mil 2,904 3,403 2,829
Free Cash Flow CZK mil 3,157 3,102 2,392

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summary Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                    
Sales CZK mil ... ... ... ... ... ... ...         15,877 14,968 40,071 38,458 34,142    
Gross Profit CZK mil ... ... ... ... ... ... ...         797 1,370 3,204 3,384 3,997    
EBIT CZK mil ... ... ... ... ... ... ...         713 1,261 3,096 3,085 3,589    
Net Profit CZK mil ... ... ... ... ... ... ...         1,410 9,910 2,527 2,602 2,770    
ROE % ... ... ... ... ... ... ...         19.1 107 32.1 60.3 62.4    
EBIT Margin % ... ... ... ... ... ... ...         4.49 8.42 7.73 8.02 10.5    
Net Margin % ... ... ... ... ... ... ...         8.88 66.2 6.31 6.77 8.11    
Employees ... ... ... ... ... ...           26.0 25.0 203 212 226    
balance sheet                                    
Total Assets CZK mil ... ... ... ... ... ... ...         15,374 18,870 24,501 23,922 23,573    
Non-Current Assets CZK mil ... ... ... ... ... ... ...         7,528 555 252 188 139    
Current Assets CZK mil ... ... ... ... ... ... ...         7,846 18,207 24,061 23,605 23,324    
Shareholders' Equity CZK mil ... ... ... ... ... ... ...         7,081 11,463 4,276 4,354 4,523    
Liabilities CZK mil ... ... ... ... ... ... ...         8,293 7,407 20,225 19,568 19,050    
Non-Current Liabilities CZK mil ... ... ... ... ... ... ...         2.73 0.230 1,048 330 7.14    
Current Liabilities CZK mil ... ... ... ... ... ... ...         8,227 7,176 19,110 19,177 18,890    
Net Debt/EBITDA ... ... ... ... ... ... ...         -0.006 -0.012 0.296 0.077 -0.038    
Net Debt/Equity % ... ... ... ... ... ... ...         -0.060 -0.140 21.9 5.67 -3.10    
Cost of Financing % ... ... ... ... ... ... ... ... ... ... ... ... ... -1.09 18.1 -95.6    
cash flow                                    
Total Cash From Operations CZK mil ... ... ... ... ... ... ...         744 1,360 3,506 3,687 3,232    
Total Cash From Investing CZK mil ... ... ... ... ... ... ...         -1,668 14,109 -67.8 -38.2 -75.4    
Total Cash From Financing CZK mil ... ... ... ... ... ... ...         -2,432 -3,494 -29,091 -2,526 -2,513    
Net Change In Cash CZK mil ... ... ... ... ... ... ...         -3,355 11,975 -25,653 1,123 644    
income statement Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                    
Sales CZK mil ... ... ... ... ... ... ...         15,877 14,968 40,071 38,458 34,142    
Cost of Goods & Services CZK mil ... ... ... ... ... ... ...         15,080 13,599 36,867 35,073 30,144    
Gross Profit CZK mil ... ... ... ... ... ... ...         797 1,370 3,204 3,384 3,997    
Staff Cost CZK mil ... ... ... ... ... ... ...         24.5 28.8 210 224 235    
Other Cost CZK mil ... ... ... ... ... ... ...         39.1 45.0 -176 -28.7 38.6    
EBITDA CZK mil ... ... ... ... ... ... ...         733 1,296 3,171 3,189 3,723    
Depreciation CZK mil ... ... ... ... ... ... ...         20.7 35.2 74.3 2,602 2,770    
EBIT CZK mil ... ... ... ... ... ... ...         713 1,261 3,096 3,085 3,589    
Financing Cost CZK mil ... ... ... ... ... ... ...         -821 -8,898 -5.69 125 -165    
Extraordinary Cost CZK mil ... ... ... ... ... ... ...         0 0 0 -250 329    
Pre-Tax Profit CZK mil ... ... ... ... ... ... ...         1,534 10,159 3,102 3,210 3,424    
Tax CZK mil ... ... ... ... ... ... ...         124 248 575 608 655    
Minorities CZK mil ... ... ... ... ... ... ...         0 0 0 0 0    
Net Profit CZK mil ... ... ... ... ... ... ...         1,410 9,910 2,527 2,602 2,770    
Dividends CZK mil ... ... ... ... ... ...           1,409 9,910 2,527 2,602 2,770   ...
growth rates                                    
Total Revenue Growth % ... ... ... ... ... ... ... ...       10.2 -5.72 168 -4.03 -11.2    
Operating Cost Growth % ... ... ... ... ... ... ... ...       -7.86 16.0 -54.9 486 40.6    
EBITDA Growth % ... ... ... ... ... ... ... ...       61.2 76.7 145 0.587 16.7    
EBIT Growth % ... ... ... ... ... ... ... ...       67.0 76.9 146 -0.358 16.3    
Pre-Tax Profit Growth % ... ... ... ... ... ... ... ...       -27.1 562 -69.5 3.48 6.68    
Net Profit Growth % ... ... ... ... ... ... ... ...       -29.8 603 -74.5 2.98 6.43    
ratios                                    
ROE % ... ... ... ... ... ... ...         19.1 107 32.1 60.3 62.4    
ROCE % ... ... ... ... ... ... ... ...       15.9 90.7 23.5 32.6 33.4    
Gross Margin % ... ... ... ... ... ... ...         5.02 9.15 8.00 8.80 11.7    
EBITDA Margin % ... ... ... ... ... ... ...         4.62 8.66 7.91 8.29 10.9    
EBIT Margin % ... ... ... ... ... ... ...         4.49 8.42 7.73 8.02 10.5    
Net Margin % ... ... ... ... ... ... ...         8.88 66.2 6.31 6.77 8.11    
Payout Ratio % ... ... ... ... ... ... ...         99.9 100 100 100 100   ...
Cost of Financing % ... ... ... ... ... ... ... ... ... ... ... ... ... -1.09 18.1 -95.6    
Net Debt/EBITDA ... ... ... ... ... ... ...         -0.006 -0.012 0.296 0.077 -0.038    
balance sheet Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                                    
Non-Current Assets CZK mil ... ... ... ... ... ... ...         7,528 555 252 188 139    
Property, Plant & Equipment CZK mil ... ... ... ... ... ... ...         366 370 0.017 1.08 1.01    
Intangible Assets CZK mil ... ... ... ... ... ... ...         0.153 185 203 187 138    
Goodwill CZK mil ... ... ... ... ... ... ... ... ... ... ... 0 0 0 0 0    
Current Assets CZK mil ... ... ... ... ... ... ...         7,846 18,207 24,061 23,605 23,324    
Inventories CZK mil ... ... ... ... ... ... ...         0 1.20 1.08 2.51 2.93    
Receivables CZK mil                       7,842 18,190 23,951 23,123 23,103    
Cash & Cash Equivalents CZK mil ... ... ... ... ... ... ...         4.27 16.1 110 88.1 150    
Total Assets CZK mil ... ... ... ... ... ... ...         15,374 18,870 24,501 23,922 23,573    
Shareholders' Equity CZK mil ... ... ... ... ... ... ...         7,081 11,463 4,276 4,354 4,523    
Of Which Minority Interest CZK mil ... ... ... ... ... ... ...         0 0 0 0 0    
Liabilities CZK mil ... ... ... ... ... ... ...         8,293 7,407 20,225 19,568 19,050    
Non-Current Liabilities CZK mil ... ... ... ... ... ... ...         2.73 0.230 1,048 330 7.14    
Long-Term Debt CZK mil ... ... ... ... ... ... ...         0 0 1,047 330 7.14    
Deferred Tax Liabilities CZK mil ... ... ... ... ... ... ...         0 0 0 0 0    
Current Liabilities CZK mil ... ... ... ... ... ... ...         8,227 7,176 19,110 19,177 18,890    
Short-Term Debt CZK mil ... ... ... ... ... ... ...         0 0 0 4.53 2.42    
Trade Payables CZK mil ... ... ... ... ... ... ...         6,694 5,560 15,909 15,635 14,355    
Provisions CZK mil ... ... ... ... ... ... ...         63.2 231 66.0 60.8 152    
Equity And Liabilities CZK mil ... ... ... ... ... ... ...         15,374 18,870 24,501 23,922 23,573    
growth rates                                    
Total Asset Growth % ... ... ... ... ... ... ... ...       -3.19 22.7 29.8 -2.36 -1.46    
Shareholders' Equity Growth % ... ... ... ... ... ... ... ...       -7.80 61.9 -62.7 1.82 3.89    
Net Debt Growth % ... ... ... ... ... ... ... ...       -5.99 277 -5,929 -73.7 -157    
Total Debt Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... -68.0 -97.1    
ratios                                    
Total Debt CZK mil ... ... ... ... ... ... ...         0 0 1,047 335 9.56    
Net Debt CZK mil ... ... ... ... ... ... ...         -4.27 -16.1 938 247 -140    
Working Capital CZK mil ... ... ... ... ... ... ...         1,147 12,631 8,043 7,490 8,751    
Capital Employed CZK mil ... ... ... ... ... ... ...         8,675 13,186 8,294 7,679 8,890    
Net Debt/Equity % ... ... ... ... ... ... ...         -0.060 -0.140 21.9 5.67 -3.10    
Cost of Financing % ... ... ... ... ... ... ... ... ... ... ... ... ... -1.09 18.1 -95.6    
cash flow Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
cash flow                                    
Net Profit CZK mil ... ... ... ... ... ... ...         1,410 9,910 2,527 2,602 2,770    
Depreciation CZK mil ... ... ... ... ... ... ...         20.7 35.2 74.3 2,602 2,770    
Non-Cash Items CZK mil ... ... ... ... ... ... ... ...       -1,027 2,898 -3,684 428 1,589    
Change in Working Capital CZK mil ... ... ... ... ... ... ... ...       342 -11,484 4,589 552 -1,261    
Total Cash From Operations CZK mil ... ... ... ... ... ... ...         744 1,360 3,506 3,687 3,232    
Capital Expenditures CZK mil ... ... ... ... ... ... ...         -5.97 -194 -72.6 -89.2 -84.6    
Other Investments CZK mil ... ... ... ... ... ... ...         -1,662 14,303 4.78 51.0 9.16    
Total Cash From Investing CZK mil ... ... ... ... ... ... ...         -1,668 14,109 -67.8 -38.2 -75.4    
Dividends Paid CZK mil ... ... ... ... ... ... ...         -2,009 -1,409 -9,910 -2,527 -2,602    
Issuance Of Shares CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... 2,602 2,770    
Issuance Of Debt CZK mil ... ... ... ... ... ... ... ...       0 0 1,047 -713 -325    
Total Cash From Financing CZK mil ... ... ... ... ... ... ...         -2,432 -3,494 -29,091 -2,526 -2,513    
Net Change In Cash CZK mil ... ... ... ... ... ... ...         -3,355 11,975 -25,653 1,123 644    
ratios                                    
Days Sales Outstanding days ... ... ... ... ... ... ...         180 444 218 219 247    
Days Sales Of Inventory days ... ... ... ... ... ... ...         0 0.032 0.011 0.026 0.036    
Days Payable Outstanding days ... ... ... ... ... ... ...         162 149 158 163 174    
Cash Conversion Cycle days ... ... ... ... ... ... ...         18.2 294 60.7 56.8 73.2    
Cash Earnings CZK mil ... ... ... ... ... ... ...         1,430 9,945 2,602 2,706 2,904    
Free Cash Flow CZK mil ... ... ... ... ... ... ...         -924 15,468 3,438 3,649 3,157    
other data Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                                    
ROA % ... ... ... ... ... ... ...         9.02 57.9 11.7 10.7 11.7    
Gross Margin % ... ... ... ... ... ... ...         5.02 9.15 8.00 8.80 11.7    
Cost Per Employee USD per month ... ... ... ... ... ... ...         4,015 4,899 4,026 4,115 4,063    
Cost Per Employee (Local Currency) CZK per month ... ... ... ... ... ... ...         78,539 95,857 86,040 87,941 86,834    
Staff Cost (As % Of Total Cost) % ... ... ... ... ... ... ...         0.162 0.210 0.567 0.632 0.771    
Effective Tax Rate % ... ... ... ... ... ... ...         8.09 2.45 18.5 18.9 19.1    
Sales of Electricity (GWh) GWh ... ... ... ... ... ... ... ... ... ... ... 314 476 2,058 2,513 2,784    
Sales of Electricity to Large Customers (GWh) GWh ... ... ... ... ... ... ... ... ... ... ... 52.2 77.5 1,238 1,144 1,390    
Sales of Electricity to Small Customers (GWh) GWh ... ... ... ... ... ... ... ... ... ... ... 68.1 91.1 231 153 173    
Sales Of Electricity to Households (GWh) GWh ... ... ... ... ... ... ... ... ... ... ... 194 308 589 635 733    
Sales of Natural Gas (GWh) GWh ... ... ... ... ... ... ...         12,814 11,606 35,524 34,549 31,963    
Sales of Natural Gas to Large Customers (GWh) GWh ... ... ... ... ... ... ... ... ... ... ... 3,746 4,048 16,966 18,887 17,225    
Sales of Natural Gas to Small Customers (GWh) GWh ... ... ... ... ... ... ... ... ... ... ... 1,900 2,133 3,322 3,360 3,292    
Sales Of Natural Gas to Households (GWh) GWh ... ... ... ... ... ... ... ... ... ... ... 4,490 4,937 10,061 10,551 10,950    
Sales Of Natural Gas to Others (GWh) GWh ... ... ... ... ... ... ... ... ... ... ... 1,470 1,695 5,175 1,751 495    
Capital Expenditures (As % of Sales) % ... ... ... ... ... ... ...         0.038 1.30 0.181 0.232 0.248    
Sales of Natural Gas CZK mil ... ... ... ... ... ... ...         14,676 13,103 34,416 33,541 28,791    
Sales of Natural Gas To Large Customers CZK mil ... ... ... ... ... ... ...         3,846 3,827 14,847 14,294 10,844    
Sales of Natural Gas To Small Customers CZK mil ... ... ... ... ... ... ...         2,752 2,330 3,738 3,785 3,476    
Sales of Natural Gas To Households CZK mil ... ... ... ... ... ... ...         7,242 6,333 13,706 14,602 14,300    
Sales Of Electricity CZK mil ... ... ... ... ... ... ... ... ...     1,146 1,812 5,640 4,905 5,318    
Sales of Electricity to Large Customers CZK mil ... ... ... ... ... ... ... ... ... ...   137 211 2,035 1,573 1,796    
Sales of Electricity To Small Customers CZK mil ... ... ... ... ... ... ... ... ... ...   260 352 785 525 567    
Sales Of Electricity to Households CZK mil ... ... ... ... ... ... ... ... ... ...   749 1,248 2,186 2,275 2,575    

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innogy Energie, formerly known as RWE Energie is a Czech Republic's subsidiary of Germany's innogy. It is a distribution company created by a consolidation regional gas distributors Jihomoravská plynárenská, Severomoravská plynárenská, and Východočeská plynárenská. From the beginning of 2014, RWE Key Account CZK has merged into RWE Energie, so the Company now supplies natural gas and power to 1.8 mil of its customers in the Czech Republic. RWE activities in the Czech Republic are concentrated into four key areas: power and heat generation (under RWE Energo), gas storage (RWE Gas Storage), gas distribution (RWE Grid Holding), and energy trade and supply to end customers (RWE Energie). Germany's RWE Group is the second largest electricity producer in Germany. The Company supplies electricity and gas to more than 20 mil electricity customers and 10 mil gas customers, principally in Europe

Finance

innogy Energie Czech Republic has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 16.9% a year during that time to total of CZK 2,835 mil in 2018, or 8.95% of sales. That’s compared to 9.72% average margin seen in last five years.

The company netted CZK 2,702 mil in 2018 implying ROE of 56.2% and ROCE of 24.0%. Again, the average figures were 55.5% and 29.0%, respectively when looking at the previous 5 years.

innogy Energie Czech Republic’s net debt amounted to CZK -71.4 mil at the end of 2018, or -1.62% of equity. When compared to EBITDA, net debt was -0.025x, down when compared to average of 0.060x seen in the last 5 years.