PGE

PGE's Cash & Cash Equivalents fell 50.0% yoy to PLN 3,108 mil in 2015

By Helgi Analytics - April 2, 2020

PGE's total assets reached PLN 61,296 mil at the end of 2015, down 7.41% compared to the previous year. Current as...

Profit Statement 2013 2014 2015
Sales PLN mil 30,145 28,143 28,542
Gross Profit PLN mil 14,099 14,604 14,704
EBITDA PLN mil 7,839 7,933 8,256
EBIT PLN mil 4,857 4,736 -3,561
Financing Cost PLN mil -154 -29.0 34.0
Pre-Tax Profit PLN mil 4,847 4,613 -3,756
Net Profit PLN mil 3,948 3,638 -3,032
Dividends PLN mil 2,061 1,462 ...
Balance Sheet 2013 2014 2015
Total Assets PLN mil 61,252 66,205 61,296
Non-Current Assets PLN mil 48,239 52,298 49,586
Current Assets PLN mil 13,013 13,907 11,710
Working Capital PLN mil 2,941 3,342 3,388
Shareholders' Equity PLN mil 43,808 44,884 40,417
Liabilities PLN mil 17,444 21,321 20,879
Total Debt PLN mil 4,477 6,999 8,269
Net Debt PLN mil -1,484 787 5,161
Ratios 2013 2014 2015
ROE % 9.31 8.20 -7.11
ROCE % 7.94 6.81 -5.58
Gross Margin % 46.8 51.9 51.5
EBITDA Margin % 26.0 28.2 28.9
EBIT Margin % 16.1 16.8 -12.5
Net Margin % 13.1 12.9 -10.6
Net Debt/EBITDA -0.189 0.099 0.625
Net Debt/Equity -0.034 0.018 0.128
Cost of Financing % -3.88 -0.505 0.445
Valuation 2013 2014 2015
Market Capitalisation USD mil 10,101 9,976 6,130
Enterprise Value (EV) USD mil 9,608 10,199 7,453
Number Of Shares mil 1,870 1,870 1,870
Share Price PLN 16.3 18.9 12.8
EV/EBITDA 3.87 4.21 3.36
EV/Sales 1.01 1.19 0.972
Price/Earnings (P/E) 7.71 9.71 -7.89
Price/Book Value (P/BV) 0.695 0.787 0.592
Dividend Yield % 6.77 4.14 ...

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summary Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                      
Sales PLN mil ...       21,623 20,471 28,111 30,481 30,145    
Gross Profit PLN mil ...       14,400 12,946 14,462 16,486 14,099    
EBIT PLN mil ...       5,629 3,899 4,989 4,436 4,857    
Net Profit PLN mil ...       3,371 2,990 4,893 3,616 3,948    
ROE % ...       9.77 7.83 12.4 8.81 9.31    
EBIT Margin % ...       26.0 19.0 17.7 14.6 16.1    
Net Margin % ...       15.6 14.6 17.4 11.9 13.1    
Employees ... ... ...   46,357 46,091 44,317 41,277 41,195    
balance sheet                      
Total Assets PLN mil ...       54,448 53,880 58,763 56,703 61,252    
Non-Current Assets PLN mil ...       41,964 44,137 44,445 45,406 48,239    
Current Assets PLN mil ...       12,483 9,743 14,318 11,297 13,013    
Shareholders' Equity PLN mil ...       38,850 37,555 41,114 41,011 43,808    
Liabilities PLN mil ...       15,598 16,325 17,649 15,692 17,444    
Non-Current Liabilities PLN mil ...       9,762 7,472 7,276 8,769 9,922    
Current Liabilities PLN mil ...       5,836 8,854 10,373 7,217 7,790    
Net Debt/EBITDA ...       -0.325 -0.002 -0.261 -0.181 -0.189    
Net Debt/Equity ...       -0.069 < -0.001 -0.049 -0.033 -0.034    
Cost of Financing % ... ...     7.11 11.3 13.3 -12.6 -3.88    
cash flow                      
Total Cash From Operations PLN mil ...       7,346 6,585 7,100 7,411 7,941    
Total Cash From Investing PLN mil ...       -4,027 -7,604 -3,558 -2,519 -5,717    
Total Cash From Financing PLN mil ...       2,249 -3,950 -2,239 -4,143 -1,066    
Net Change In Cash PLN mil ...       5,569 -4,969 1,304 749 1,158    
valuation                      
Market Capitalisation USD mil ... ... ... ... 12,950 13,923 11,241 11,005 10,101    
Number Of Shares mil ...       1,514 1,777 1,870 1,870 1,870    
Share Price PLN ... ... ... ... 24.5 23.2 20.7 18.2 16.3    
Earnings Per Share (EPS) PLN ...       2.23 1.68 2.62 1.93 2.11    
Book Value Per Share PLN ...       25.7 21.1 22.0 21.9 23.4    
Dividend Per Share PLN ...       0.760 0.650 1.88 0.861 1.10   ...
Price/Earnings (P/E) ... ... ... ... 11.0 13.8 7.91 9.42 7.71    
Price/Book Value (P/BV) ... ... ... ... 0.955 1.10 0.941 0.830 0.695    
Dividend Yield % ... ... ... ... 3.10 2.80 9.06 4.73 6.77   ...
Earnings Per Share Growth % ... ...     70.5 -24.4 55.5 -26.1 9.17    
Book Value Per Share Growth % ... ...     25.1 -17.6 4.02 -0.249 6.82    
income statement Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                      
Sales PLN mil ...       21,623 20,471 28,111 30,481 30,145    
Cost of Goods & Services PLN mil ...       7,223 7,526 13,650 13,995 16,046    
Gross Profit PLN mil ...       14,400 12,946 14,462 16,486 14,099    
Staff Cost PLN mil ...       3,866 4,071 4,314 4,847 4,326    
Other Cost PLN mil ...       2,267 2,320 2,448 4,270 1,934    
EBITDA PLN mil ...       8,267 6,554 7,699 7,368 7,839    
Depreciation PLN mil ...       2,639 2,655 2,711 2,932 2,982    
EBIT PLN mil ...       5,629 3,899 4,989 4,436 4,857    
Financing Cost PLN mil ...       446 436 316 -346 -154    
Extraordinary Cost PLN mil ...       -196 -778 -1,438 172 164    
Pre-Tax Profit PLN mil ...       5,379 4,240 6,111 4,610 4,847    
Tax PLN mil ...       1,041 667 1,184 966 876    
Minorities PLN mil ...       967 608 36.0 27.9 23.0    
Net Profit PLN mil ...       3,371 2,990 4,893 3,616 3,948    
Dividends PLN mil         1,151 1,155 3,506 1,610 2,061   ...
growth rates                      
Total Revenue Growth % ... ...     11.4 -5.33 37.3 8.43 -1.10    
Operating Cost Growth % ... ...     3.03 4.22 5.80 34.8 -31.3    
EBITDA Growth % ... ...     44.9 -20.7 17.5 -4.30 6.39    
EBIT Growth % ... ...     80.5 -30.7 28.0 -11.1 9.49    
Pre-Tax Profit Growth % ... ...     69.7 -21.2 44.1 -24.6 5.14    
Net Profit Growth % ... ...     75.5 -11.3 63.6 -26.1 9.17    
ratios                      
ROE % ...       9.77 7.83 12.4 8.81 9.31    
ROCE % ... ...     7.76 6.64 10.6 7.64 7.94    
Gross Margin % ...       66.6 63.2 51.4 54.1 46.8    
EBITDA Margin % ...       38.2 32.0 27.4 24.2 26.0    
EBIT Margin % ...       26.0 19.0 17.7 14.6 16.1    
Net Margin % ...       15.6 14.6 17.4 11.9 13.1    
Payout Ratio % ...       34.1 38.6 71.7 44.5 52.2   ...
Cost of Financing % ... ...     7.11 11.3 13.3 -12.6 -3.88    
Net Debt/EBITDA ...       -0.325 -0.002 -0.261 -0.181 -0.189    
balance sheet Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                      
Non-Current Assets PLN mil ...       41,964 44,137 44,445 45,406 48,239    
Property, Plant & Equipment PLN mil ...       38,946 41,442 42,975 43,738 46,127    
Intangible Assets PLN mil ...       153 203 217 513 718    
Goodwill PLN mil ... ... ... ... ... ... ... 188 289    
Current Assets PLN mil ...       12,483 9,743 14,318 11,297 13,013    
Inventories PLN mil ...       1,271 1,091 1,305 2,200 1,684    
Receivables PLN mil ...       2,059 1,619 1,768 1,895 2,192    
Cash & Cash Equivalents PLN mil ...       7,713 2,730 4,052 4,800 5,961    
Total Assets PLN mil ...       54,448 53,880 58,763 56,703 61,252    
Shareholders' Equity PLN mil ...       38,850 37,555 41,114 41,011 43,808    
Of Which Minority Interest PLN mil ...       7,681 596 414 294 268    
Liabilities PLN mil ...       15,598 16,325 17,649 15,692 17,444    
Non-Current Liabilities PLN mil ...       9,762 7,472 7,276 8,769 9,922    
Long-Term Debt PLN mil ...       4,057 1,804 1,341 1,107 2,005    
Deferred Tax Liabilities PLN mil ... ... ... ... ... ... ... 1,547 1,702    
Current Liabilities PLN mil ...       5,836 8,854 10,373 7,217 7,790    
Short-Term Debt PLN mil ...       971 915 698 2,358 2,472    
Trade Payables PLN mil ...       1,083 980 1,117 1,202 935    
Equity And Liabilities PLN mil ...       54,448 53,880 58,763 56,703 61,252    
growth rates                      
Total Asset Growth % ... ...     15.4 -1.04 9.06 -3.51 8.02    
Shareholders' Equity Growth % ... ...     28.7 -3.33 9.48 -0.249 6.82    
Net Debt Growth % ... ...     -150 -99.6 18,139 -33.7 11.2    
Total Debt Growth % ... ...     -33.1 -45.9 -25.0 69.9 29.2    
ratios                      
Total Debt PLN mil ...       5,028 2,719 2,039 3,465 4,477    
Net Debt PLN mil ...       -2,685 -11.0 -2,013 -1,335 -1,484    
Working Capital PLN mil ...       2,248 1,729 1,956 2,893 2,941    
Capital Employed PLN mil ...       44,212 45,866 46,401 48,299 51,180    
Net Debt/Equity ...       -0.069 < -0.001 -0.049 -0.033 -0.034    
Cost of Financing % ... ...     7.11 11.3 13.3 -12.6 -3.88    
cash flow Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                      
Net Profit PLN mil ...       3,371 2,990 4,893 3,616 3,948    
Depreciation PLN mil ...       2,639 2,655 2,711 2,932 2,982    
Non-Cash Items PLN mil ... ...     1,676 421 -276 1,799 1,059    
Change in Working Capital PLN mil ... ...     -339 519 -227 -937 -48.3    
Total Cash From Operations PLN mil ...       7,346 6,585 7,100 7,411 7,941    
Capital Expenditures PLN mil ...       -4,022 -4,522 -4,519 -4,967 -4,619    
Other Investments PLN mil ...       -4.51 -3,081 961 2,448 -1,098    
Total Cash From Investing PLN mil ...       -4,027 -7,604 -3,558 -2,519 -5,717    
Dividends Paid PLN mil         -1,151 -1,155 -3,506 -1,610 -2,061   ...
Issuance Of Debt PLN mil ... ...     -2,484 -2,308 -680 1,426 1,012    
Total Cash From Financing PLN mil ...       2,249 -3,950 -2,239 -4,143 -1,066    
Net Change In Cash PLN mil ...       5,569 -4,969 1,304 749 1,158    
ratios                      
Days Sales Outstanding days ...       34.8 28.9 23.0 22.7 26.5    
Days Sales Of Inventory days ...       64.2 52.9 34.9 57.4 38.3    
Days Payable Outstanding days ...       54.7 47.5 29.9 31.3 21.3    
Cash Conversion Cycle days ...       44.3 34.2 28.0 48.7 43.6    
Cash Earnings PLN mil ...       6,009 5,645 7,603 6,549 6,930    
Cash Earnings Per Share PLN ...       3.97 3.18 4.07 3.50 3.71    
Price/Cash Earnings (P/CE) ... ... ... ... 6.17 7.30 5.09 5.20 4.39    
Free Cash Flow PLN mil ...       3,319 -1,019 3,543 4,892 2,224    
Free Cash Flow Yield % ... ... ... ... 8.23 -2.43 10.6 13.7 6.97    
other data Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                      
ROA % ...       6.63 5.52 8.69 6.26 6.69    
Gross Margin % ...       66.6 63.2 51.4 54.1 46.8    
Employees ... ... ...   46,357 46,091 44,317 41,277 41,195    
Cost Per Employee USD per month ... ... ...   2,230 2,439 2,736 3,007 2,769    
Cost Per Employee (Local Currency) PLN per month ... ... ...   6,949 7,361 8,112 9,785 8,751    
Staff Cost (As % Of Total Cost) % ...       24.2 24.6 18.7 18.6 17.1    
Effective Tax Rate % ...       19.4 15.7 19.4 21.0 18.1    
Enterprise Value (EV) USD mil ... ... ... ... 12,012 13,920 10,656 10,574 9,608    
EV/EBITDA ... ... ... ... 4.53 6.41 4.10 4.67 3.87    
EV/Capital Employed ... ... ... ... 0.778 0.898 0.791 0.677 0.566    
EV/Sales ... ... ... ... 1.73 2.05 1.12 1.13 1.01    
EV/EBIT ... ... ... ... 6.65 10.8 6.33 7.76 6.25    
Domestic Sales PLN mil ... ... ... ... ... ... ... ... 29,607    
Capital Expenditures (As % of Sales) % ...       18.6 22.1 16.1 16.3 15.3    
Revenues From Abroad PLN mil ... ... ... ... ... ... ... ... 538    
Revenues From Abroad (As % Of Total) % ... ... ... ... ... ... ... ... 1.78    
Sales from Conventional Generation PLN mil ...       3,091 2,334 12,804 14,302 11,819    
Sales from Renewables PLN mil ...       423 475 512 553 636    
Sales from Wholesale PLN mil ...       5,488 4,739 762 1,197 2,683   ...
Sales from Distribution PLN mil ... ...     365 671 885 1,229 1,421    
Sales from Retail PLN mil ...       11,422 11,498 12,185 12,421 12,774   ...
EBIT from Conventional Generation PLN mil ...       4,026 2,925 2,989 2,013 1,971    
EBIT from Renewables PLN mil ...       77.6 135 87.0 103 188    
EBIT from Wholesale PLN mil ...       439 200 181 555 965   ...
EBIT from Distribution PLN mil ...       263 534 705 1,029 1,221    
EBIT from Retail PLN mil ... ...     398 205 124 219 403   ...
Production of Hydro Power (GWh) GWh ... ... ...   600 590 440 450 490    
Production of Lignite-fired Power (GWh) GWh ... ... ...   35,900 35,310 38,690 40,340 41,360    
Production of Hard Coal-fired Power (GWh) GWh ... ... ...   13,100 12,940 13,290 11,620 11,570    
Production of Coal-fired Heat & Power (GWh) GWh ... ... ...   1,500 1,380 1,420 1,330 1,110    
Production of Gas-fired Heat & Power (GWh) GWh ... ... ...   2,000 1,920 2,210 2,340 1,110    
Production of Pump Storage (GWh) GWh ... ... ...   600 530 400 840 530    
Production of Wind Power (GWh) GWh ... ... ...   100 60.0 70.0 130 430    
Production of Energy Total (GWh) GWh ... ... ...   53,800 52,730 56,520 57,050 57,040    
Production of Renewable Energy (GWh) GWh ... ... ... ... ... 1,340 1,440 1,480 1,950    
Production of Biomass Energy (GWh) GWh ... ... ... ... ... 690 930 1,040 1,030    
Sales to End-Users (GWh) GWh ... ... ... ... ... ... ... ... 36,910    
Sales on the Wholesale Market (GWh) GWh ... ... ... ... ... ... ... ... 71,370    
Sales of Heat (GJ) GJ ... ... ... ... ... ... ... ... 19,980    
Lignite Extraction (mt) Mt ... ... ... ... ... ... ... ... 51.3    

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Jan 2014
Company Report

Polska Grupa Energetyczna (PGE Group) is a state-owned power company and the largest power producing company in Poland. PGE was created by the merger of PSE, PGE Energia SA and BOT Górnictwo i Energetyka in 2007. In 2009, the Company shares entered the Warsaw Stock Exchange. PGE Group is a vertically integrated group which also includes two lignite mines, four power plants and ten cogeneration plants, eight distribution system operators, eight retail sales companies, a wholesale trading company as well as companies active in other branches (including the telecommunications industry). Poland's Government held nearly a 62% stake in the PGE Group at the end of 2012. In 2009, PGE announced a plan to build two nuclear power stations in Poland

Finance

PGE has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 4.72% a year during that time to total of PLN 8,256 mil in 2015, or 28.9% of sales. That’s compared to 26.9% average margin seen in last five years.

The company netted PLN -3,032 mil in 2015 implying ROE of -7.11% and ROCE of -5.58%. Again, the average figures were 6.33% and 5.48%, respectively when looking at the previous 5 years.

PGE’s net debt amounted to PLN 5,161 mil at the end of 2015, or 0.128 of equity. When compared to EBITDA, net debt was 0.625x, up when compared to average of 0.018x seen in the last 5 years.

Valuation

PGE stock traded at PLN 12.8 per share at the end of 2015 resulting in a market capitalization of USD 6,130 mil. Over the previous five years, stock price fell by 44.8% or -11.2% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 3.36x and price to earnings (PE) of -7.89x as of 2015.

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