PGNiG

PGNiG's Cash & Cash Equivalents remain unchanged yoy at PLN mil in 1Q2016

By Helgi Analytics - October 12, 2020

PGNiG's total assets reached PLN 50,960 mil at the end of 1Q2016, up 2.93% compared to the previous year. Current ...

PGNiG's Cash & Cash Equivalents rose 111% yoy to PLN 6,239 mil in 2015

By Helgi Analytics - April 2, 2020

PGNiG's total assets reached PLN 49,825 mil at the end of 2015, up 1.84% compared to the previous year. Current as...

Profit Statement 2013 2014 2015
Sales PLN mil 32,044 34,304 36,464
Gross Profit PLN mil 12,831 13,754 13,628
EBITDA PLN mil 5,612 6,345 6,080
EBIT PLN mil 3,149 3,843 3,290
Financing Cost PLN mil 400 177 235
Pre-Tax Profit PLN mil 2,709 3,626 3,014
Net Profit PLN mil 1,918 2,823 2,134
Dividends PLN mil 885 1,180 ...
Balance Sheet 2013 2014 2015
Total Assets PLN mil 48,384 48,926 49,825
Non-Current Assets PLN mil 37,479 37,692 36,959
Current Assets PLN mil 10,905 11,234 12,866
Working Capital PLN mil 5,662 6,135 3,814
Shareholders' Equity PLN mil 28,453 30,169 30,741
Liabilities PLN mil 19,931 18,757 19,084
Total Debt PLN mil 7,661 5,838 6,382
Net Debt PLN mil 4,834 2,880 143
Ratios 2013 2014 2015
ROE % 6.89 9.63 7.01
ROCE % 4.39 6.49 5.04
Gross Margin % 40.0 40.1 37.4
EBITDA Margin % 17.5 18.5 16.7
EBIT Margin % 9.83 11.2 9.02
Net Margin % 5.99 8.23 5.85
Net Debt/EBITDA 0.861 0.454 0.024
Net Debt/Equity 0.170 0.095 0.005
Cost of Financing % 4.48 2.62 3.85
Valuation 2013 2014 2015
Market Capitalisation USD mil 10,083 7,416 7,774
Enterprise Value (EV) USD mil 11,687 8,230 7,810
Number Of Shares mil 5,900 5,900 5,900
Share Price EUR 5.15 4.45 5.14
EV/EBITDA 6.58 4.25 4.78
EV/Sales 1.15 0.786 0.797
Price/Earnings (P/E) 15.8 9.30 14.2
Price/Book Value (P/BV) 1.07 0.870 0.987
Dividend Yield % 2.91 4.49 ...

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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               19,332 21,281 23,004 28,730 32,044    
Gross Profit PLN mil               7,809 9,606 8,945 11,283 12,831    
EBIT PLN mil               1,172 2,724 2,326 2,540 3,149    
Net Profit PLN mil               1,235 2,454 1,756 2,242 1,918    
ROE % ...             5.86 10.9 7.21 8.55 6.89    
EBIT Margin %               6.06 12.8 10.1 8.84 9.83    
Net Margin %               6.39 11.5 7.63 7.80 5.99    
Employees ... ... ... ... ...     31,393 32,418 32,783 32,038 31,217    
balance sheet                            
Total Assets PLN mil ...             31,074 34,316 38,824 47,929 48,384    
Non-Current Assets PLN mil ...             24,658 27,433 31,301 37,096 37,479    
Current Assets PLN mil ...             6,417 6,883 7,523 10,833 10,905    
Shareholders' Equity PLN mil ...             21,435 23,520 25,218 27,197 28,453    
Liabilities PLN mil ...             9,639 10,797 13,606 20,732 19,931    
Non-Current Liabilities PLN mil ...             3,740 4,973 5,760 11,057 12,099    
Current Liabilities PLN mil ...             5,899 5,823 7,846 9,613 7,838    
Net Debt/EBITDA ...             0.312 0.194 0.896 1.79 0.861    
Net Debt/Equity ...             0.039 0.035 0.139 0.304 0.170    
Cost of Financing % ... ...           3.22 0.843 0.972 -1.33 4.48    
cash flow                            
Total Cash From Operations PLN mil ...             2,542 3,800 2,570 2,552 7,813    
Total Cash From Investing PLN mil ...             -3,693 -3,577 -4,232 -6,149 -3,060    
Total Cash From Financing PLN mil ...             926 -46.4 1,793 4,040 -3,874    
Net Change In Cash PLN mil ...             -225 177 131 443 879    
valuation                            
Market Capitalisation USD mil ... ... ...         7,807 7,118 6,991 9,936 10,083    
Number Of Shares mil ...             5,900 5,900 5,900 5,900 5,900    
Share Price EUR ... ... ...         3.79 3.57 4.08 5.21 5.15    
Earnings Per Share (EPS) PLN ...             0.209 0.416 0.298 0.380 0.325    
Book Value Per Share PLN ...             3.63 3.99 4.27 4.61 4.82    
Dividend Per Share PLN ...             0.080 0.120 0 0.130 0.150   ...
Price/Earnings (P/E) ... ... ...         18.1 8.58 13.7 13.7 15.8    
Price/Book Value (P/BV) ... ... ...         1.04 0.896 0.955 1.13 1.07    
Dividend Yield % ... ... ...         2.11 3.36 0 2.50 2.91   ...
Earnings Per Share Growth % ... ...           42.8 98.6 -28.4 27.7 -14.5    
Book Value Per Share Growth % ... ...           3.47 9.72 7.22 7.85 4.62    
income statement Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                            
Sales PLN mil               19,332 21,281 23,004 28,730 32,044    
Cost of Goods & Services PLN mil               11,523 11,675 14,059 17,447 19,213    
Gross Profit PLN mil               7,809 9,606 8,945 11,283 12,831    
Staff Cost PLN mil               2,454 2,647 2,850 3,054 3,214    
Other Cost PLN mil               2,686 2,710 2,195 3,620 4,005    
EBITDA PLN mil               2,668 4,249 3,900 4,609 5,612    
Depreciation PLN mil               1,496 1,525 1,574 2,069 2,463    
EBIT PLN mil               1,172 2,724 2,326 2,540 3,149    
Financing Cost PLN mil               47.3 17.8 35.0 -101 400    
Extraordinary Cost PLN mil               -358 -230 393 92.0 40.0    
Pre-Tax Profit PLN mil               1,483 2,936 1,898 2,549 2,709    
Tax PLN mil               246 479 143 309 789    
Minorities PLN mil               1.65 3.44 -1.00 -2.00 2.00    
Net Profit PLN mil               1,235 2,454 1,756 2,242 1,918    
Dividends PLN mil               472 708 0 767 885   ...
growth rates                            
Total Revenue Growth % ...             4.88 10.1 8.10 24.9 11.5    
Operating Cost Growth % ...             72.2 4.21 -5.82 32.3 8.17    
EBITDA Growth % ...             11.8 59.2 -8.22 18.2 21.8    
EBIT Growth % ...             21.8 132 -14.6 9.20 24.0    
Pre-Tax Profit Growth % ...             58.6 98.0 -35.4 34.3 6.28    
Net Profit Growth % ...             42.8 98.6 -28.4 27.7 -14.5    
ratios                            
ROE % ...             5.86 10.9 7.21 8.55 6.89    
ROCE % ... ...           4.47 8.19 5.29 5.66 4.39    
Gross Margin %               40.4 45.1 38.9 39.3 40.0    
EBITDA Margin %               13.8 20.0 17.0 16.0 17.5    
EBIT Margin %               6.06 12.8 10.1 8.84 9.83    
Net Margin %               6.39 11.5 7.63 7.80 5.99    
Payout Ratio %               38.2 28.9 0 34.2 46.1   ...
Cost of Financing % ... ...           3.22 0.843 0.972 -1.33 4.48    
Net Debt/EBITDA ...             0.312 0.194 0.896 1.79 0.861    
balance sheet Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                            
Non-Current Assets PLN mil ...             24,658 27,433 31,301 37,096 37,479    
Property, Plant & Equipment PLN mil ...             22,889 25,662 29,319 33,784 33,033    
Intangible Assets PLN mil ...             173 247 343 1,146 1,164    
Goodwill PLN mil ... ... ... ... ... ... ... ... ... ... 44.0 44.0    
Current Assets PLN mil ...             6,417 6,883 7,523 10,833 10,905    
Inventories PLN mil ...             1,259 1,050 2,082 3,064 3,378    
Receivables PLN mil ...             3,516 3,986 2,882 5,374 4,086    
Cash & Cash Equivalents PLN mil ...             1,196 1,373 1,505 1,948 2,827    
Total Assets PLN mil ...             31,074 34,316 38,824 47,929 48,384    
Shareholders' Equity PLN mil ...             21,435 23,520 25,218 27,197 28,453    
Of Which Minority Interest PLN mil ...             10.5 13.4 7.00 4.00 6.00    
Liabilities PLN mil ...             9,639 10,797 13,606 20,732 19,931    
Non-Current Liabilities PLN mil ...             3,740 4,973 5,760 11,057 12,099    
Long-Term Debt PLN mil ...             44.1 970 1,382 5,509 5,385    
Deferred Tax Liabilities PLN mil ... ... ... ... ... ... ... 1,268 1,392 1,572 1,936 3,210    
Current Liabilities PLN mil ...             5,899 5,823 7,846 9,613 7,838    
Short-Term Debt PLN mil ...             1,984 1,229 3,617 4,702 2,276    
Trade Payables PLN mil ...             900 1,094 1,266 1,314 1,802    
Provisions PLN mil ... ... ... ... ... ... ... 1,556 1,437 1,543 888 1,154    
Equity And Liabilities PLN mil ...             31,074 34,316 38,824 47,929 48,384    
growth rates                            
Total Asset Growth % ... ...           4.47 10.4 13.1 23.5 0.949    
Shareholders' Equity Growth % ... ...           3.47 9.72 7.22 7.85 4.62    
Net Debt Growth % ... ...           -263 -0.725 323 136 -41.5    
Total Debt Growth % ... ...           122 8.43 127 104 -25.0    
ratios                            
Total Debt PLN mil ...             2,028 2,199 4,999 10,211 7,661    
Net Debt PLN mil ...             832 826 3,494 8,263 4,834    
Working Capital PLN mil ...             3,875 3,941 3,698 7,124 5,662    
Capital Employed PLN mil ...             28,533 31,374 34,999 44,220 43,141    
Net Debt/Equity ...             0.039 0.035 0.139 0.304 0.170    
Cost of Financing % ... ...           3.22 0.843 0.972 -1.33 4.48    
cash flow Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                            
Net Profit PLN mil               1,235 2,454 1,756 2,242 1,918    
Depreciation PLN mil               1,496 1,525 1,574 2,069 2,463    
Non-Cash Items PLN mil ... ...           -499 -112 -1,003 1,667 1,970    
Change in Working Capital PLN mil ... ...           310 -65.9 243 -3,426 1,462    
Total Cash From Operations PLN mil ...             2,542 3,800 2,570 2,552 7,813    
Capital Expenditures PLN mil ...             -3,841 -3,670 -4,506 -3,788 -3,290    
Other Investments PLN mil ...             148 92.5 274 -2,361 230    
Total Cash From Investing PLN mil ...             -3,693 -3,577 -4,232 -6,149 -3,060    
Dividends Paid PLN mil ...             -472 -708 0 -767 -885   ...
Issuance Of Debt PLN mil ... ...           1,115 171 2,800 5,212 -2,550    
Total Cash From Financing PLN mil ...             926 -46.4 1,793 4,040 -3,874    
Net Change In Cash PLN mil ...             -225 177 131 443 879    
ratios                            
Days Sales Outstanding days ...             66.4 68.4 45.7 68.3 46.5    
Days Sales Of Inventory days ...             39.9 32.8 54.1 64.1 64.2    
Days Payable Outstanding days ...             28.5 34.2 32.9 27.5 34.2    
Cash Conversion Cycle days ...             77.8 67.0 66.9 105 76.5    
Cash Earnings PLN mil               2,731 3,978 3,330 4,311 4,381    
Cash Earnings Per Share PLN ...             0.463 0.674 0.564 0.731 0.743    
Price/Cash Earnings (P/CE) ... ... ...         8.19 5.29 7.23 7.13 6.94    
Free Cash Flow PLN mil ...             -1,151 223 -1,662 -3,597 4,753    
Free Cash Flow Yield % ... ... ...         -4.73 1.04 -8.02 -11.1 14.9    
other data Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                            
ROA % ...             4.06 7.50 4.80 5.17 3.98    
Gross Margin %               40.4 45.1 38.9 39.3 40.0    
Employees ... ... ... ... ...     31,393 32,418 32,783 32,038 31,217    
Cost Per Employee USD per month ... ... ... ... ...     2,091 2,255 2,444 2,441 2,715    
Cost Per Employee (Local Currency) PLN per month ... ... ... ... ...     6,515 6,805 7,245 7,944 8,580    
Staff Cost (As % Of Total Cost) %               13.5 14.3 13.8 11.7 11.1    
Effective Tax Rate %               16.6 16.3 7.53 12.1 29.1    
Enterprise Value (EV) USD mil ... ... ...         8,097 7,397 8,006 12,607 11,687    
EV/EBITDA ... ... ...         9.46 5.25 6.09 8.90 6.58    
EV/Capital Employed ... ... ...         0.813 0.698 0.788 0.882 0.816    
EV/Sales ... ... ...         1.31 1.05 1.03 1.43 1.15    
EV/EBIT ... ... ...         21.5 8.19 10.2 16.2 11.7    
Capital Expenditures (As % of Sales) % ...             19.9 17.2 19.6 13.2 10.3    
Sales from Natural Gas Total PLN mil ... ...           17,511 19,075 20,231 23,698 24,970    
Sales from Natural Gas - High-methane gas PLN mil ... ... ... ... ... ... ... ... 17,888 19,014 22,309 23,540    
Sales from Natural Gas - Nitrogen-rich gas PLN mil ... ... ... ... ... ... ... ... 1,187 1,217 1,389 1,430    
Sales from Crude Oil PLN mil ... ...           662 842 1,100 1,263 2,646    
Sales from NGL PLN mil ... ... ... ... ... ... ... ... ... ... ... 111    
Sales from Helium PLN mil ... ... ... ... ... ... ... ... 44.0 58.0 161 183    
Sales From Electricity PLN mil ... ... ... ... ... ... ... ... ... ... 842 1,360    
Sales from Heat PLN mil ... ... ... ... ... ... ... ... ... ... 978 1,069    
Sales From Services PLN mil ... ...           602 687 1,026 915 833    
Sales from Exploration & Production PLN mil ... ... ...         1,866 2,245 2,879 3,121 4,580    
Sales from Trade & Storage PLN mil ... ... ...         17,158 18,701 19,831 23,353 25,341    
Sales from Distribution PLN mil ... ...           103 126 141 153 165    
Sales from Generation PLN mil ... ... ... ... ... ... ... ... ... ... 1,893 1,658    
EBIT from Exploration & Production PLN mil ... ... ...         337 588 1,315 1,353 2,331    
EBIT from Trade & Storage PLN mil ... ... ...         -50.0 816 -199 325 -8.00    
EBIT from Distribution PLN mil ... ...           1,086 1,491 783 878 739    
EBIT from Generation PLN mil ... ... ... ... ... ... ... ... ... ... 15.0 144    
EBITDA from Exploration & Production PLN mil ... ... ... ... ... ... ... ... 1,197 1,735 1,966 3,381    
EBITDA from Trade & Storage PLN mil ... ... ... ... ... ... ... ... 955 -57.0 487 169    
EBITDA from Distribution PLN mil ... ... ... ... ... ... ... ... 2,254 1,607 1,697 1,596    
EBITDA from Generation PLN mil ... ... ... ... ... ... ... ... ... ... 471 503    
Sales of Natural Gas Total (mcm) mcm ... ... ...         13,299 14,417 14,277 14,913 16,208    
Sales of Natural Gas - High-methane gas (mcm) mcm ... ... ... ... ... ... ... ... 13,276 13,167 13,756 15,006    
Sales of Natural Gas - Nitrogen-rich gas (mcm) mcm ... ... ... ... ... ... ... ... 1,141 1,111 1,156 1,202    
Imports of Natural Gas - Foreign Suppliers Total (mcm) mcm ... ... ...         9,136 10,066 10,915 11,000 10,850    
Import of Natural Gas - Gazprom (mcm) mcm ... ... ... ...       8,137 9,028 9,336 9,017 8,734    
Production of Natural Gas Total (mcm) mcm ... ... ... ... ... ... ... ... 4,220 4,330 4,317 4,582    
Production of Natural Gas - High-methane gas (mcm) mcm ... ... ... ... ... ... ... ... 1,605 1,616 1,608 1,890    
Production of Natural Gas - Nitrogen-rich gas (mcm) mcm ... ... ... ... ... ... ... ... 2,615 2,713 2,710 2,692    
Domestic Production of Natural Gas (mcm) mcm ... ... ...         4,105 4,220 4,329 4,317 4,217    
Domestic Suppliers of Natural Gas (mcm) mcm ... ... ... ... ...     58.1 96.1 112 127 ... ... ...
Sales of Gas - Industry (mcm) mcm ... ... ... ... ...     7,185 7,632 8,150 8,268 ... ... ...
Sales of Gas - Trade & Services (mcm) mcm ... ... ... ... ...     1,424 1,573 1,468 1,523 ... ... ...
Sales of Gas - Households (mcm) mcm ... ... ... ... ...     3,724 4,096 3,730 3,852 ... ... ...
Sales of Gas - Wholesale (mcm) mcm ... ... ... ... ...     142 218 222 222 ... ... ...
Sales of Gas - Export (mcm) mcm ... ... ... ... ...     38.9 43.9 26.7 ... ... ... ...
Storage Capacity - Gas (mcm) mcm ... ... ... ...   ...   1,295 1,303 1,647 1,787 2,092    
Production of Crude Oil and Condensate (kt) kt ... ... ... ... ... ... ... ... 501 468 492 1,099    
Sales of Crude Oil and Condensate (kt) kt ... ... ... ... ... ... ... ... 501 467 485 1,106    
Gas Distribution Volumes (mcm) mcm ... ... ... ... ... ... ... ... 10,017 9,452 9,924 10,128    

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Jan 2014
Company Report

Polskie Górnictwo Naftowe i Gazownictwo (PGNiG) is a Polish state-controlled oil and natural gas company. The company's core activities include the production of natural gas and crude oil domestically, development of natural gas and crude oil on domestic and international level, geological, geophysical and exploration services in Poland and abroad, import of natural gas to Poland and storage of natural gas. PGNiG carries out out its operations through five reportable segments, namely, exploration and production, trade and storage, distribution, generation and other segments. The Company is one of the largest importer of natural gas from Russia, Central Asia, Norway and Germany and the main producer of natural gas from Polish fields. Since 2005, PGNiG is one of the largest companies listed on the Warsaw Stock Exchange

Finance

PGNiG has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 7.43% a year during that time to total of PLN 6,080 mil in 2015, or 16.7% of sales. That’s compared to 17.1% average margin seen in last five years.

The company netted PLN 2,134 mil in 2015 implying ROE of 7.01% and ROCE of 5.04%. Again, the average figures were 7.86% and 5.38%, respectively when looking at the previous 5 years.

PGNiG’s net debt amounted to PLN 143 mil at the end of 2015, or 0.005 of equity. When compared to EBITDA, net debt was 0.024x, down when compared to average of 0.805x seen in the last 5 years.

Valuation

PGNiG stock traded at EUR 5.14 per share at the end of 2015 resulting in a market capitalization of USD 7,774 mil. Over the previous five years, stock price grew by 44% or 7.56% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 4.78x and price to earnings (PE) of 14.2x as of 2015.

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