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PGE

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PGE

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,

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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

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summary Unit
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

income statement

Sales PLN mil
Gross Profit PLN mil
EBIT PLN mil
Net Profit PLN mil
ROE %
EBIT Margin %
Net Margin %
Employees
...       21,623 20,471 28,111 30,481 30,145    
...       14,400 12,946 14,462 16,486 14,099    
...       5,629 3,899 4,989 4,436 4,857    
...       3,371 2,990 4,893 3,616 3,948    
...       9.77% 7.83% 12.4% 8.81% 9.31%    
...       26.0% 19.0% 17.7% 14.6% 16.1%    
...       15.6% 14.6% 17.4% 11.9% 13.1%    
... ... ...   46,357 46,091 44,317 41,277 41,195    

balance sheet

...       54,448 53,880 58,763 56,703 61,252    
...       41,964 44,137 44,445 45,406 48,239    
...       12,483 9,743 14,318 11,297 13,013    
...       38,850 37,555 41,114 41,011 43,808    
...       15,598 16,325 17,649 15,692 17,444    
...       9,762 7,472 7,276 8,769 9,922    
...       5,836 8,854 10,373 7,217 7,790    
...       -0.325 -0.002 -0.261 -0.181 -0.189    
...       -0.069 < -0.001 -0.049 -0.033 -0.034    
... ...     7.11% 11.3% 13.3% -12.6% -3.88%    

cash flow

...       7,346 6,585 7,100 7,411 7,941    
...       -4,027 -7,604 -3,558 -2,519 -5,717    
...       2,249 -3,950 -2,239 -4,143 -1,066    
...       5,569 -4,969 1,304 749 1,158    

valuation

... ... ... ... 12,950 13,923 11,241 11,005 10,101    
...       1,514 1,777 1,870 1,870 1,870    
... ... ... ... 24.5 23.2 20.7 18.2 16.3    
...       2.23 1.68 2.62 1.93 2.11    
...       25.7 21.1 22.0 21.9 23.4    
...       0.760 0.650 1.88 0.861 1.10   ...
... ... ... ... 11.0 13.8 7.91 9.42 7.71    
... ... ... ... 0.955 1.10 0.941 0.830 0.695    
... ... ... ... 3.10% 2.80% 9.06% 4.73% 6.77%   ...
... ...     70.5% -24.4% 55.5% -26.1% 9.17%    
... ...     25.1% -17.6% 4.02% -0.249% 6.82%    

Download Data
income statement Unit
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

income statement

Sales PLN mil
Cost of Goods & Services PLN mil
Gross Profit PLN mil
Staff Cost PLN mil
Other Cost PLN mil
EBITDA PLN mil
Depreciation PLN mil
EBIT PLN mil
Financing Cost PLN mil
Extraordinary Cost PLN mil
Pre-Tax Profit PLN mil
Tax PLN mil
Minorities PLN mil
Net Profit PLN mil
Dividends PLN mil
...       21,623 20,471 28,111 30,481 30,145    
...       7,223 7,526 13,650 13,995 16,046    
...       14,400 12,946 14,462 16,486 14,099    
...       3,866 4,071 4,314 4,847 4,326    
...       2,267 2,320 2,448 4,270 1,934    
...       8,267 6,554 7,699 7,368 7,839    
...       2,639 2,655 2,711 2,932 2,982    
...       5,629 3,899 4,989 4,436 4,857    
...       446 436 316 -346 -154    
...       -196 -778 -1,438 172 164    
...       5,379 4,240 6,111 4,610 4,847    
...       1,041 667 1,184 966 876    
...       967 608 36.0 27.9 23.0    
...       3,371 2,990 4,893 3,616 3,948    
        1,151 1,155 3,506 1,610 2,061   ...

growth rates

... ...     11.4% -5.33% 37.3% 8.43% -1.10%    
... ...     3.03% 4.22% 5.80% 34.8% -31.3%    
... ...     44.9% -20.7% 17.5% -4.30% 6.39%    
... ...     80.5% -30.7% 28.0% -11.1% 9.49%    
... ...     69.7% -21.2% 44.1% -24.6% 5.14%    
... ...     75.5% -11.3% 63.6% -26.1% 9.17%    

ratios

...       9.77% 7.83% 12.4% 8.81% 9.31%    
... ...     7.76% 6.64% 10.6% 7.64% 7.94%    
...       66.6% 63.2% 51.4% 54.1% 46.8%    
...       38.2% 32.0% 27.4% 24.2% 26.0%    
...       26.0% 19.0% 17.7% 14.6% 16.1%    
...       15.6% 14.6% 17.4% 11.9% 13.1%    
...       34.1% 38.6% 71.7% 44.5% 52.2%   ...
... ...     7.11% 11.3% 13.3% -12.6% -3.88%    
...       -0.325 -0.002 -0.261 -0.181 -0.189    

Download Data
balance sheet Unit
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

balance sheet

...       41,964 44,137 44,445 45,406 48,239    
...       38,946 41,442 42,975 43,738 46,127    
...       153 203 217 513 718    
... ... ... ... ... ... ... 188 289    
...       12,483 9,743 14,318 11,297 13,013    
...       1,271 1,091 1,305 2,200 1,684    
...       2,059 1,619 1,768 1,895 2,192    
...       7,713 2,730 4,052 4,800 5,961    
...       54,448 53,880 58,763 56,703 61,252    
...       38,850 37,555 41,114 41,011 43,808    
...       7,681 596 414 294 268    
...       15,598 16,325 17,649 15,692 17,444    
...       9,762 7,472 7,276 8,769 9,922    
...       4,057 1,804 1,341 1,107 2,005    
... ... ... ... ... ... ... 1,547 1,702    
...       5,836 8,854 10,373 7,217 7,790    
...       971 915 698 2,358 2,472    
...       1,083 980 1,117 1,202 935    
...       54,448 53,880 58,763 56,703 61,252    

growth rates

... ...     15.4% -1.04% 9.06% -3.51% 8.02%    
... ...     28.7% -3.33% 9.48% -0.249% 6.82%    
... ...     -150% -99.6% 18,139% -33.7% 11.2%    
... ...     -33.1% -45.9% -25.0% 69.9% 29.2%    

ratios

...       5,028 2,719 2,039 3,465 4,477    
...       -2,685 -11.0 -2,013 -1,335 -1,484    
...       2,248 1,729 1,956 2,893 2,941    
...       44,212 45,866 46,401 48,299 51,180    
...       -0.069 < -0.001 -0.049 -0.033 -0.034    
... ...     7.11% 11.3% 13.3% -12.6% -3.88%    

Download Data
cash flow Unit
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

cash flow

...       3,371 2,990 4,893 3,616 3,948    
...       2,639 2,655 2,711 2,932 2,982    
... ...     1,676 421 -276 1,799 1,059    
... ...     -339 519 -227 -937 -48.3    
...       7,346 6,585 7,100 7,411 7,941    
...       -4,022 -4,522 -4,519 -4,967 -4,619    
...       -4.51 -3,081 961 2,448 -1,098    
...       -4,027 -7,604 -3,558 -2,519 -5,717    
        -1,151 -1,155 -3,506 -1,610 -2,061   ...
... ...     -2,484 -2,308 -680 1,426 1,012    
...       2,249 -3,950 -2,239 -4,143 -1,066    
...       5,569 -4,969 1,304 749 1,158    

ratios

...       34.8 28.9 23.0 22.7 26.5    
...       64.2 52.9 34.9 57.4 38.3    
...       54.7 47.5 29.9 31.3 21.3    
...       44.3 34.2 28.0 48.7 43.6    
...       6,009 5,645 7,603 6,549 6,930    
...       3.97 3.18 4.07 3.50 3.71    
... ... ... ... 6.17 7.30 5.09 5.20 4.39    
...       3,319 -1,019 3,543 4,892 2,224    
... ... ... ... 8.23% -2.43% 10.6% 13.7% 6.97%    

Download Data
other data Unit
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

other data

...       6.63% 5.52% 8.69% 6.26% 6.69%    
...       66.6% 63.2% 51.4% 54.1% 46.8%    
... ... ...   46,357 46,091 44,317 41,277 41,195    
... ... ...   2,230 2,439 2,736 3,007 2,769    
... ... ...   6,949 7,361 8,112 9,785 8,751    
...       24.2% 24.6% 18.7% 18.6% 17.1%    
...       19.4% 15.7% 19.4% 21.0% 18.1%    
... ... ... ... 12,012 13,920 10,656 10,574 9,608    
... ... ... ... 4.53 6.41 4.10 4.67 3.87    
... ... ... ... 0.778 0.898 0.791 0.677 0.566    
... ... ... ... 1.73 2.05 1.12 1.13 1.01    
... ... ... ... 6.65 10.8 6.33 7.76 6.25    
... ... ... ... ... ... ... ... 29,607    
...       18.6% 22.1% 16.1% 16.3% 15.3%    
... ... ... ... ... ... ... ... 538    
... ... ... ... ... ... ... ... 1.78%    
...       3,091 2,334 12,804 14,302 11,819    
...       423 475 512 553 636    
...       5,488 4,739 762 1,197 2,683   ...
... ...     365 671 885 1,229 1,421    
...       11,422 11,498 12,185 12,421 12,774   ...
...       4,026 2,925 2,989 2,013 1,971    
...       77.6 135 87.0 103 188    
...       439 200 181 555 965   ...
...       263 534 705 1,029 1,221    
... ...     398 205 124 219 403   ...
... ... ...   600 590 440 450 490    
... ... ...   35,900 35,310 38,690 40,340 41,360    
... ... ...   13,100 12,940 13,290 11,620 11,570    
... ... ...   1,500 1,380 1,420 1,330 1,110    
... ... ...   2,000 1,920 2,210 2,340 1,110    
... ... ...   600 530 400 840 530    
... ... ...   100 60.0 70.0 130 430    
... ... ...   53,800 52,730 56,520 57,050 57,040    
... ... ... ... ... 1,340 1,440 1,480 1,950    
... ... ... ... ... 690 930 1,040 1,030    
... ... ... ... ... ... ... ... 36,910    
... ... ... ... ... ... ... ... 71,370    
... ... ... ... ... ... ... ... 19,980    
... ... ... ... ... ... ... ... 51.3    

Download Data

PGE Group at a Glance

January 14, 2014
PGE Group at a Glance

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

Read more »

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..

This report offers a summary of the company's performance in 2006-2012. You will find here all the key numbers from the company's balance sheet, income statement and cash flow on the annual basis

How Much PGE Invests?

March 21, 2018

PGE invested total of PLN 8,606 mil in 2015, up 35.0% when compared to the previous year. Historically, company's investments reached an all time high of PLN 8,606 mil in 2015 and an all time low of PLN 3,406 mil in 2006.

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PGE invested total of PLN 8,606 mil in 2015, up 35.0% when compared to the previous year. Historically, company's investments reached an all time high of PLN 8,606 mil in 2015 and an all time low of PLN 3,406 mil in 2006.

When compared to total sales, investments reached 30.2% in 2015, up from 22.7% seen in the previous year. This is compared to 20.1% seen on average in the last five years.

As far as PGE's peers are concerned, ENEA invested PLN 2,847 mil, or 28.9% of its sales in 2015. The comparable figures for Tauron Polska Energia are PLN 3,974 mil and 21.6% respectively and PLN 31,909 mil and 15.2% at CEZ on 2015 numbers.

You can see all the company’s data at PGE Profile, or you can download a report on the company in the report section.

PGE - Indebtedness

March 19, 2018

PGE's net debt reached PLN 5,161 mil and accounted for 0.128 of equity at the end of 2015. The ratio is up 628% when compared to the previous year.

Historically, the firm’s net debt to equity reached an all time high of 0.178

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PGE's net debt reached PLN 5,161 mil and accounted for 0.128 of equity at the end of 2015. The ratio is up 628% when compared to the previous year.

Historically, the firm’s net debt to equity reached an all time high of 0.178 in 2008 and an all time low of -0.069 in 2009.

When compared to EBITDA, net debt amounted to 0.625x at the end of the year. The ratio reached an all time high of 0.942 in 2008 and an all time low of -0.325 in 2009.

As far as PGE's peers are concerned, ENEA posted net debt to equity of 0.325x and 10.4x when compared to EBITDA at the end of 2015. Tauron Polska Energia ended the year 2015 with a net debt at 0.482x of equity and -113x when compared to its EBITDA while Tauron Polska Energia had net debt at 0.482x of equity and -113x to EBITDA at the end of the year.

You can see all the company’s data at PGE Profile, or you can download a report on the company in the report section.

PGE - Balance Sheet

March 7, 2018

PGE's total assets reached PLN 61,296 mil at the end of 2015, up 8.14% when compared to the previous year.

Current assets amounted to PLN 11,710 mil, or 19.1% of total assets while cash reached PLN 3,108 mil at the end of 2015.

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PGE's total assets reached PLN 61,296 mil at the end of 2015, up 8.14% when compared to the previous year.

Current assets amounted to PLN 11,710 mil, or 19.1% of total assets while cash reached PLN 3,108 mil at the end of 2015.

On the other hand, total debt reached PLN 8,269 mil at the year-end, or 19.1% of total assets while firm's equity amounted to PLN 40,417 mil. As a result, net debt reached PLN 5,161 mil at the end of 2015 and accounted for 12.8% of equity.

You can see all the company’s data at PGE Profile, or you can download a report on the company in the report section.

PGE - Cash Flow

March 6, 2018

PGE's operating cash flow reached PLN 6,777 mil in 2015, up 7.01% when compared to the previous year. Historically, the firm’s operating cash flow reached an all time high of PLN 7,941 mil in 2013 and an all time low of PLN 5,197

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PGE's operating cash flow reached PLN 6,777 mil in 2015, up 7.01% when compared to the previous year. Historically, the firm’s operating cash flow reached an all time high of PLN 7,941 mil in 2013 and an all time low of PLN 5,197 mil in 2007.

PGE's total investments reached PLN 8,594 mil and accounted for 30.2% of sales in 2015. This is compared to 20.1% seen on average in the last five years.

Since cash from financing amounted to PLN -1,265 mil, net cash the company generated in 2015 reached PLN 3,108 mil.

You can see all the company’s data at PGE Profile, or you can download a report on the company in the report section.

See all charts of the company »
PGE's net profit fell 183% to PLN -3,032 mil in 2015
PGE's net profit fell 183% to PLN -3,032 mil in 2015
PGE's price/earnings (P/E) fell 181% to -7.89 in 2015
PGE's employees fell 2.75% to 38,877 in 2015
PGE's Capital Expenditures rose 35.0% to PLN 8,606 mil in 2015
PGE's ROCE fell 182% to -5.58% in 2015
PGE's Net Margin fell 182% to -10.6% in 2015
PGE's Net Debt/EBITDA rose 530% to 0.625 in 2015
PGE's Cash & Cash Equivalents fell 50.0% to PLN 3,108 mil in 2015
PGE's Total Cash From Operations rose 7.01% to PLN 6,777 mil in 2015