PannErgy

PannErgy's Cash & Cash Equivalents rose 354% yoy to HUF 1,621 mil in 2015

By Helgi Analytics - April 2, 2020

PannErgy's total assets reached HUF 26,815 mil at the end of 2015, up 36% compared to the previous year. Current a...

Profit Statement 2013 2014 2015
Sales HUF mil 1,280 2,290 2,726
Gross Profit HUF mil 174 551 682
EBITDA HUF mil -113 482 1,614
EBIT HUF mil -559 -153 373
Financing Cost HUF mil 118 156 160
Pre-Tax Profit HUF mil -805 -434 213
Net Profit HUF mil -826 -488 74.0
Balance Sheet 2013 2014 2015
Total Assets HUF mil 16,739 19,717 26,815
Non-Current Assets HUF mil 14,706 17,299 22,506
Current Assets HUF mil 2,033 2,418 4,309
Working Capital HUF mil 570 697 992
Shareholders' Equity HUF mil 9,777 9,259 9,328
Liabilities HUF mil 6,962 10,458 17,487
Total Debt HUF mil 2,934 4,439 9,928
Net Debt HUF mil 2,269 4,082 8,307
Ratios 2013 2014 2015
ROE % -8.19 -5.13 0.796
ROCE % -5.91 -2.94 0.357
Gross Margin % 13.6 24.0 25.0
EBITDA Margin % -8.81 21.0 59.2
EBIT Margin % -43.7 -6.69 13.7
Net Margin % -64.5 -21.3 2.71
Net Debt/EBITDA -20.1 8.48 5.15
Net Debt/Equity 0.232 0.441 0.891
Cost of Financing % 4.74 4.24 2.23
Valuation 2013 2014 2015
Market Capitalisation USD mil 29.1 21.6 25.0
Enterprise Value (EV) USD mil 39.6 37.2 56.8
Number Of Shares mil 18.3 18.3 18.3
Share Price HUF 344 309 358
EV/EBITDA -78.6 18.4 8.39
EV/Sales 6.93 3.88 4.97
Price/Earnings (P/E) -7.60 -11.6 88.3
Price/Book Value (P/BV) 0.642 0.610 0.700

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summary Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                  
Sales HUF mil                     12,667 15,194 19,039 755 1,280    
Gross Profit HUF mil                     3,424 3,817 4,506 43.6 174    
EBIT HUF mil                     292 756 1,437 -549 -559    
Net Profit HUF mil                     15.2 18.2 1,014 -463 -826    
ROE %                     0.155 0.182 9.46 -4.34 -8.19    
EBIT Margin %                     2.31 4.97 7.55 -72.6 -43.7    
Net Margin %                     0.120 0.120 5.33 -61.3 -64.5    
balance sheet                                  
Total Assets HUF mil                     17,363 19,493 14,158 15,881 16,739    
Non-Current Assets HUF mil                     10,346 11,802 8,367 12,161 14,706    
Current Assets HUF mil                     7,017 7,691 5,791 3,719 2,033    
Shareholders' Equity HUF mil                     9,461 10,494 10,937 10,396 9,777    
Liabilities HUF mil                     7,902 8,999 3,221 5,484 6,962    
Non-Current Liabilities HUF mil                     2,058 1,655 1,059 1,851 4,918    
Current Liabilities HUF mil                     5,844 7,343 2,162 3,634 2,044    
Net Debt/EBITDA                     3.23 2.25 0.161 -3.46 -20.1    
Net Debt/Equity                     0.492 0.406 0.037 0.072 0.232    
Cost of Financing % ...                   0 0 7.65 2.71 4.74    
cash flow                                  
Total Cash From Operations HUF mil ...                   1,926 2,353 1,309 1,221 541    
Total Cash From Investing HUF mil ...                   -1,050 -2,598 1,197 -3,603 -1,844    
Total Cash From Financing HUF mil ...                   -975 357 -1,846 1,943 1,360    
Net Change In Cash HUF mil ...                   -99.2 112 660 -439 56.2    
valuation                                  
Market Capitalisation USD mil                     81.6 78.7 45.8 47.3 29.1    
Number Of Shares mil                     19.2 18.1 18.2 18.1 18.3    
Share Price HUF                     800 904 610 579 344    
Earnings Per Share (EPS) HUF                     0.794 1.00 55.6 -25.7 -45.3    
Book Value Per Share HUF                     493 580 600 576 536    
Price/Earnings (P/E)                     1,008 900 11.0 -22.6 -7.60    
Price/Book Value (P/BV)                     1.62 1.56 1.02 1.01 0.642    
Earnings Per Share Growth % ...                   -101 26.5 5,433 -146 76.4    
Book Value Per Share Growth % ...                   -3.40 17.7 3.40 -3.97 -6.95    
income statement Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                  
Sales HUF mil                     12,667 15,194 19,039 755 1,280    
Cost of Goods & Services HUF mil                     9,243 11,376 14,533 712 1,105    
Gross Profit HUF mil                     3,424 3,817 4,506 43.6 174    
EBITDA HUF mil                     1,441 1,897 2,492 -216 -113    
Depreciation HUF mil                     1,149 1,141 1,055 333 447    
EBIT HUF mil                     292 756 1,437 -549 -559    
Financing Cost HUF mil                     0 0 259 49.8 118    
Extraordinary Cost HUF mil                     239 665 47.7 -211 128    
Pre-Tax Profit HUF mil                     52.9 90.7 1,130 -387 -805    
Tax HUF mil                     44.0 30.5 60.7 75.6 34.4    
Minorities HUF mil                     -6.40 42.0 54.8 0.150 -13.8    
Net Profit HUF mil                     15.2 18.2 1,014 -463 -826    
growth rates                                  
Total Revenue Growth % ...                   -3.03 19.9 25.3 -96.0 69.4    
EBITDA Growth % ...                   -10.7 31.6 31.4 -109 -47.7    
EBIT Growth % ...                   -43.5 159 90.1 -138 1.96    
Pre-Tax Profit Growth % ...                   -102 71.6 1,145 -134 108    
Net Profit Growth % ...                   -101 19.3 5,476 -146 78.3    
ratios                                  
ROE %                     0.155 0.182 9.46 -4.34 -8.19    
ROCE % ...                   0.124 0.142 9.05 -4.31 -5.91    
Gross Margin %                     27.0 25.1 23.7 5.77 13.6    
EBITDA Margin %                     11.4 12.5 13.1 -28.6 -8.81    
EBIT Margin %                     2.31 4.97 7.55 -72.6 -43.7    
Net Margin %                     0.120 0.120 5.33 -61.3 -64.5    
Cost of Financing % ...                   0 0 7.65 2.71 4.74    
Net Debt/EBITDA                     3.23 2.25 0.161 -3.46 -20.1    
balance sheet Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                                  
Non-Current Assets HUF mil                     10,346 11,802 8,367 12,161 14,706    
Property, Plant & Equipment HUF mil                     7,259 9,450 6,375 10,208 12,666    
Intangible Assets HUF mil ...                   1,615 1,746 1,390 1,351 1,439    
Goodwill HUF mil ... ... ... ... ... ... ... ... ... ... ... ... ... 69.7 69.7 ... ...
Current Assets HUF mil                     7,017 7,691 5,791 3,719 2,033    
Inventories HUF mil                     1,886 2,246 549 1,271 300    
Receivables HUF mil                     1,869 2,296 478 1,133 1,064    
Cash & Cash Equivalents HUF mil                     164 897 1,220 1,298 665    
Total Assets HUF mil                     17,363 19,493 14,158 15,881 16,739    
Shareholders' Equity HUF mil                     9,461 10,494 10,937 10,396 9,777    
Of Which Minority Interest HUF mil                     498 810 284 283 270    
Liabilities HUF mil                     7,902 8,999 3,221 5,484 6,962    
Non-Current Liabilities HUF mil                     2,058 1,655 1,059 1,851 4,918    
Long-Term Debt HUF mil                     2,046 1,650 1,055 595 2,598    
Current Liabilities HUF mil                     5,844 7,343 2,162 3,634 2,044    
Short-Term Debt HUF mil                     2,769 3,513 566 1,449 336    
Trade Payables HUF mil                     2,114 2,741 585 1,901 794    
Equity And Liabilities HUF mil                     17,363 19,493 14,158 15,881 16,739    
growth rates                                  
Total Asset Growth % ...                   -6.33 12.3 -27.4 12.2 5.41    
Shareholders' Equity Growth % ...                   -7.22 10.9 4.22 -4.94 -5.96    
Net Debt Growth % ...                   -10.9 -8.31 -90.6 85.8 204    
Total Debt Growth % ...                   -13.5 7.19 -68.6 26.1 43.5    
ratios                                  
Total Debt HUF mil                     4,816 5,162 1,621 2,044 2,934    
Net Debt HUF mil                     4,652 4,266 401 746 2,269    
Working Capital HUF mil                     1,641 1,802 442 503 570    
Capital Employed HUF mil                     11,987 13,604 8,809 12,664 15,276    
Net Debt/Equity                     0.492 0.406 0.037 0.072 0.232    
Cost of Financing % ...                   0 0 7.65 2.71 4.74    
cash flow Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                                  
Net Profit HUF mil                     15.2 18.2 1,014 -463 -826    
Depreciation HUF mil                     1,149 1,141 1,055 333 447    
Non-Cash Items HUF mil ...                   226 1,355 -2,120 1,413 987    
Change in Working Capital HUF mil ...                   535 -161 1,360 -61.2 -66.9    
Total Cash From Operations HUF mil ...                   1,926 2,353 1,309 1,221 541    
Capital Expenditures HUF mil ...                   -1,440 -3,763 -3,672 -4,139 -3,045    
Other Investments HUF mil ...                   390 1,165 4,869 536 1,201    
Total Cash From Investing HUF mil ...                   -1,050 -2,598 1,197 -3,603 -1,844    
Issuance Of Debt HUF mil ...                   -750 346 -3,541 423 890    
Total Cash From Financing HUF mil ...                   -975 357 -1,846 1,943 1,360    
Net Change In Cash HUF mil ...                   -99.2 112 660 -439 56.2    
ratios                                  
Days Sales Outstanding days                     53.9 55.2 9.17 547 304    
Days Sales Of Inventory days                     74.5 72.1 13.8 652 99.0    
Days Payable Outstanding days                     83.5 87.9 14.7 975 262    
Cash Conversion Cycle days                     44.9 39.3 8.26 224 140    
Cash Earnings HUF mil                     1,165 1,159 2,069 -130 -379    
Cash Earnings Per Share HUF                     60.7 64.1 113 -7.22 -20.8    
Price/Cash Earnings (P/CE)                     13.2 14.1 5.38 -80.2 -16.6    
Free Cash Flow HUF mil ...                   876 -245 2,506 -2,382 -1,303    
Free Cash Flow Yield % ...                   5.31 -1.50 27.2 -22.4 -20.0    
other data Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                                  
ROA %                     0.085 0.099 6.03 -3.08 -5.06    
Gross Margin %                     27.0 25.1 23.7 5.77 13.6    
Effective Tax Rate %                     83.3 33.6 5.37 -19.5 -4.27    
Enterprise Value (EV) USD mil                     106 99.2 47.5 50.7 39.6    
EV/EBITDA                     14.9 10.9 3.83 -52.9 -78.6    
EV/Capital Employed                     1.67 1.52 1.31 0.884 0.559    
EV/Sales                     1.69 1.36 0.502 15.1 6.93    
EV/EBIT                     73.5 27.3 6.65 -20.8 -15.9    
Capital Expenditures (As % of Sales) % ...                   11.4 24.8 19.3 548 238    

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May 2016
Statistical Dossier
Mar 2014
Statistical Dossier
Mar 2014
Company Report

PannErgy Nyrt is Hungary-based holding company engaged in the utilization of renewable energy sources, including geothermal energy, as well as the processing of plastic for the packaging industry. As the legal successor of Pannonplast founded in 1922 and known for its plastics manufacturing operations, the Company announced a new strategy in 2007. PannErgy's new objectives are to generate considerable volumes of heat energy and electric power with the exploitation of the long-known Hungarian geothermal resources. Apart from Hungary, the Company also operates in Romania, Ukraine and Serbia

Finance

PannErgy has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 3.18% a year during that time to total of HUF 1,614 mil in 2015, or 59.2% of sales. That’s compared to 11.2% average margin seen in last five years.

The company netted HUF 74.0 mil in 2015 implying ROE of 0.796% and ROCE of 0.357%. Again, the average figures were -1.48% and -0.751%, respectively when looking at the previous 5 years.

PannErgy’s net debt amounted to HUF 8,307 mil at the end of 2015, or 0.891 of equity. When compared to EBITDA, net debt was 5.15x, up when compared to average of -1.96x seen in the last 5 years.

Valuation

PannErgy stock traded at HUF 358 per share at the end of 2015 resulting in a market capitalization of USD 25.0 mil. Over the previous five years, stock price fell by 60.4% or -16.9% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 8.39x and price to earnings (PE) of 88.3x as of 2015.