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PGNiG

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

By Helgi Library - 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 Library - 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 Sep 2015 Dec 2015 Mar 2016
Sales PLN mil 6,305 9,769 10,980
Gross Profit PLN mil 2,535 3,048 3,344
EBITDA PLN mil 1,313 771 2,393
EBIT PLN mil 627 54.0 1,721
Financing Cost PLN mil 96.0 70.4 -48.0
Pre-Tax Profit PLN mil 480 -17.2 1,769
Net Profit PLN mil 291 -21.0 1,386
Dividends PLN mil 1,180 0 96.0
Balance Sheet Sep 2015 Dec 2015 Mar 2016
Total Assets PLN mil 48,739 49,825 50,960
Non-Current Assets PLN mil 36,595 36,959 36,764
Current Assets PLN mil 12,144 12,866 14,196
Working Capital PLN mil 3,699 2,313 1,421
Shareholders' Equity PLN mil 31,016 30,741 32,103
Liabilities PLN mil 17,723 19,084 18,857
Total Debt PLN mil 6,350 6,382 6,351
Net Debt PLN mil 1,559 143 -1,934
Ratios Sep 2015 Dec 2015 Mar 2016
ROE % 9.19 6.86 7.29
ROCE % 7.10 5.41 5.84
Gross Margin % 33.2 33.6 34.1
EBITDA Margin % 17.5 16.7 17.6
EBIT Margin % 10.5 9.02 9.58
Net Margin % 7.45 5.85 6.52
Net Debt/EBITDA 0.234 0.024 -0.315
Net Debt/Equity 0.050 0.005 -0.060
Cost of Financing % 4.98 3.84 1.72
Valuation Sep 2015 Dec 2015 Mar 2016

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summary Unit Mar 2010 Jun 2010 Sep 2010 Dec 2010 Mar 2011 Jun 2011 Sep 2011 Dec 2011 Mar 2012 Jun 2012 Sep 2012 Dec 2012 Mar 2013 Jun 2013 Sep 2013 Dec 2013 Mar 2014 Jun 2014 Sep 2014 Dec 2014 Mar 2015 Jun 2015 Sep 2015 Dec 2015 Mar 2016
income statement                                                  
Sales PLN mil                                     6,436 11,487 12,495 7,895 6,305    
Gross Profit PLN mil                                     2,672 3,459 3,658 3,008 2,535    
EBIT PLN mil                                     915 759 1,662 947 627    
Net Profit PLN mil                                     616 688 1,243 621 291    
ROE %                                     6.78 9.55 9.60 10.3 9.19    
EBIT Margin %                                     9.96 11.2 10.6 11.2 10.5    
Net Margin %                                     6.18 8.23 7.74 8.27 7.45    
balance sheet                                                  
Total Assets PLN mil                                     48,642 48,926 49,509 48,428 48,739    
Non-Current Assets PLN mil                                     37,001 37,692 37,532 36,882 36,595    
Current Assets PLN mil                                     11,641 11,234 11,977 11,546 12,144    
Shareholders' Equity PLN mil                                     29,689 30,169 31,531 31,056 31,016    
Liabilities PLN mil                                     18,953 18,757 17,978 17,372 17,723    
Non-Current Liabilities PLN mil                                     12,166 12,384 12,245 11,630 12,714    
Current Liabilities PLN mil                                     6,787 6,373 5,733 5,742 5,009    
Net Debt/EBITDA ... ... ...                               0.592 0.454 0.101 -0.036 0.234    
Net Debt/Equity                                     0.115 0.095 0.021 -0.008 0.050    
Cost of Financing % ... ... ...                               5.03 6.08 6.94 5.01 4.98    
cash flow                                                  
Total Cash From Operations PLN mil                                     721 2,555 3,016 1,613 286    
Total Cash From Investing PLN mil                                     -655 -1,786 -851 -659 -781    
Total Cash From Financing PLN mil                                     100 -1,635 -341 -298 -156    
Net Change In Cash PLN mil                                     166 -866 1,824 656 -651    
income statement Unit Mar 2010 Jun 2010 Sep 2010 Dec 2010 Mar 2011 Jun 2011 Sep 2011 Dec 2011 Mar 2012 Jun 2012 Sep 2012 Dec 2012 Mar 2013 Jun 2013 Sep 2013 Dec 2013 Mar 2014 Jun 2014 Sep 2014 Dec 2014 Mar 2015 Jun 2015 Sep 2015 Dec 2015 Mar 2016
income statement                                                  
Sales PLN mil                                     6,436 11,487 12,495 7,895 6,305    
Cost of Goods & Services PLN mil                                     3,764 8,028 8,837 4,887 3,770    
Gross Profit PLN mil                                     2,672 3,459 3,658 3,008 2,535    
Staff Cost PLN mil                                     631 823 698 583 525    
Other Cost PLN mil                                     522 1,278 634 755 697    
EBITDA PLN mil                                     1,519 1,359 2,326 1,670 1,313    
Depreciation PLN mil                                     604 600 664 723 686    
EBIT PLN mil                                     915 759 1,662 947 627    
Financing Cost PLN mil                                     109 130 72.0 -14.0 96.0    
Extraordinary Cost PLN mil                                     0 -128 0 0 51.0    
Pre-Tax Profit PLN mil                                     806 757 1,590 961 480    
Tax PLN mil                                     190 71.0 346 340 188    
Minorities PLN mil                                     0 -2.70 1.00 0 1.00    
Net Profit PLN mil                                     616 688 1,243 621 291    
Dividends PLN mil                                     885 0 77.0 0 1,180    
growth rates                                                  
Total Revenue Growth % ... ... ... ...                             3.76 26.2 31.0 15.3 -2.04    
Operating Cost Growth % ... ... ... ...                             -3.27 -25.0 -10.6 -32.6 5.98    
EBITDA Growth % ... ... ... ...                             3.19 69.0 6.65 29.9 -13.6    
EBIT Growth % ... ... ... ...                             3.86 707 6.68 55.0 -31.5    
Pre-Tax Profit Growth % ... ... ... ...                             -0.494 ... 4.61 19.2 -40.4    
Net Profit Growth % ... ... ... ...                             -5.81 -527 5.25 83.7 -52.8    
ratios                                                  
ROE %                                     6.78 9.55 9.60 10.3 9.19    
ROCE % ... ... ...                               4.95 7.04 7.13 7.88 7.10    
Gross Margin % ... ... ...                               41.4 38.1 35.1 33.4 33.2    
EBITDA Margin % ... ... ...                               18.1 18.5 17.4 17.9 17.5    
EBIT Margin %                                     9.96 11.2 10.6 11.2 10.5    
Net Margin %                                     6.18 8.23 7.74 8.27 7.45    
Payout Ratio %                                     83.7 31.3 33.3 30.4 44.2    
Cost of Financing % ... ... ...                               5.03 6.08 6.94 5.01 4.98    
Net Debt/EBITDA ... ... ...                               0.592 0.454 0.101 -0.036 0.234    
balance sheet Unit Mar 2010 Jun 2010 Sep 2010 Dec 2010 Mar 2011 Jun 2011 Sep 2011 Dec 2011 Mar 2012 Jun 2012 Sep 2012 Dec 2012 Mar 2013 Jun 2013 Sep 2013 Dec 2013 Mar 2014 Jun 2014 Sep 2014 Dec 2014 Mar 2015 Jun 2015 Sep 2015 Dec 2015 Mar 2016
balance sheet                                                  
Non-Current Assets PLN mil                                     37,001 37,692 37,532 36,882 36,595    
Property, Plant & Equipment PLN mil                                     32,722 33,528 33,420 33,088 32,886    
Intangible Assets PLN mil                                     1,123 1,113 1,134 1,121 1,103    
Current Assets PLN mil                                     11,641 11,234 11,977 11,546 12,144    
Inventories PLN mil                                     4,314 3,189 2,214 2,651 3,502    
Receivables PLN mil                                     2,919 4,236 3,858 2,414 2,810    
Cash & Cash Equivalents PLN mil                                     3,823 2,958 4,783 5,435 4,791    
Total Assets PLN mil                                     48,642 48,926 49,509 48,428 48,739    
Shareholders' Equity PLN mil                                     29,689 30,169 31,531 31,056 31,016    
Of Which Minority Interest PLN mil                                     8.00 5.00 6.00 4.00 5.00    
Liabilities PLN mil                                     18,953 18,757 17,978 17,372 17,723    
Non-Current Liabilities PLN mil                                     12,166 12,384 12,245 11,630 12,714    
Long-Term Debt PLN mil                                     5,145 5,069 5,009 4,800 5,914    
Deferred Tax Liabilities PLN mil                                     3,244 3,250 3,197 3,133 3,102    
Current Liabilities PLN mil                                     6,787 6,373 5,733 5,742 5,009    
Short-Term Debt PLN mil                                     2,105 769 430 390 436    
Trade Payables PLN mil                                     3,197 3,589 3,508 3,791 2,613    
Provisions PLN mil                                     595 720 591 610 652    
Equity And Liabilities PLN mil                                     48,642 48,926 49,509 48,428 48,739    
growth rates                                                  
Total Asset Growth % ... ... ... ...                             3.69 1.12 5.82 2.61 0.199    
Shareholders' Equity Growth % ... ... ... ...                             4.03 6.03 6.90 7.53 4.47    
Net Debt Growth % ... ... ... ...                             -38.3 -40.4 -74.5 -110 -54.5    
Total Debt Growth % ... ... ... ...                             -2.67 -23.8 -12.9 -15.4 -12.4    
ratios                                                  
Total Debt PLN mil                                     7,250 5,838 5,439 5,190 6,350    
Net Debt PLN mil                                     3,427 2,880 656 -245 1,559    
Working Capital PLN mil                                     4,036 3,836 2,564 1,274 3,699    
Capital Employed PLN mil                                     41,037 41,528 40,096 38,156 40,294    
Net Debt/Equity                                     0.115 0.095 0.021 -0.008 0.050    
Cost of Financing % ... ... ...                               5.03 6.08 6.94 5.01 4.98    
cash flow Unit Mar 2010 Jun 2010 Sep 2010 Dec 2010 Mar 2011 Jun 2011 Sep 2011 Dec 2011 Mar 2012 Jun 2012 Sep 2012 Dec 2012 Mar 2013 Jun 2013 Sep 2013 Dec 2013 Mar 2014 Jun 2014 Sep 2014 Dec 2014 Mar 2015 Jun 2015 Sep 2015 Dec 2015 Mar 2016
cash flow                                                  
Net Profit PLN mil                                     616 688 1,243 621 291    
Depreciation PLN mil                                     604 600 664 723 686    
Non-Cash Items PLN mil ...                                   1,060 1,067 -163 -1,021 1,734    
Change in Working Capital PLN mil ...                                   -1,559 200 1,272 1,290 -2,425    
Total Cash From Operations PLN mil                                     721 2,555 3,016 1,613 286    
Capital Expenditures PLN mil                                     -662 -1,798 -873 -683 -734    
Other Investments PLN mil                                     7.00 12.0 22.0 24.0 -47.0    
Total Cash From Investing PLN mil                                     -655 -1,786 -851 -659 -781    
Dividends Paid PLN mil ...                                   0 -885 0 -77.0 0    
Issuance Of Debt PLN mil ...                                   1,117 -1,412 -399 -249 1,160    
Total Cash From Financing PLN mil                                     100 -1,635 -341 -298 -156    
Net Change In Cash PLN mil                                     166 -866 1,824 656 -651    
ratios                                                  
Days Sales Outstanding days                                     33.4 45.1 37.8 23.0 26.9    
Days Sales Of Inventory days                                     84.2 54.8 33.4 37.9 50.1    
Days Payable Outstanding days                                     62.4 61.7 52.9 54.2 37.4    
Cash Conversion Cycle days                                     55.2 38.2 18.3 6.69 39.6    
Cash Earnings PLN mil                                     1,220 1,288 1,907 1,344 977    
Free Cash Flow PLN mil                                     66.0 769 2,165 954 -495    
other data Unit Mar 2010 Jun 2010 Sep 2010 Dec 2010 Mar 2011 Jun 2011 Sep 2011 Dec 2011 Mar 2012 Jun 2012 Sep 2012 Dec 2012 Mar 2013 Jun 2013 Sep 2013 Dec 2013 Mar 2014 Jun 2014 Sep 2014 Dec 2014 Mar 2015 Jun 2015 Sep 2015 Dec 2015 Mar 2016
other data                                                  
ROA %                                     4.13 5.89 5.94 6.48 5.81    
Gross Margin % ... ... ...                               41.4 38.1 35.1 33.4 33.2    
Staff Cost (As % Of Total Cost) %                                     10.8 9.28 8.52 8.04 7.69    
Effective Tax Rate %                                     28.2 20.3 20.1 23.0 24.9    
Sales from Natural Gas Total PLN mil                                     4,882 9,750 10,767 6,368 5,009    
Sales from Natural Gas - High-methane gas PLN mil                                     4,623 9,332 10,310 6,052 4,734    
Sales from Natural Gas - Nitrogen-rich gas PLN mil                                     259 418 457 316 275    
Sales from Crude Oil PLN mil                                     567 435 461 587 462    
Sales from NGL PLN mil ... ... ... ... ... ... ... ... ... ... ... ...             35.0 12.0 24.0 18.0 18.0    
Sales from Helium PLN mil                                     20.0 18.0 19.0 24.0 16.0    
Sales From Electricity PLN mil ... ... ... ... ... ... ... ...                     385 444 439 326 330    
Sales from Heat PLN mil ... ... ... ... ... ... ... ...                     117 380 433 192 113    
Sales From Services PLN mil                                     191 186 100 98.0 65.0    
Sales from Exploration & Production PLN mil                                     1,002 860 811 893 733    
Sales from Trade & Storage PLN mil                                     5,167 10,080 11,071 6,589 5,241    
Sales from Distribution PLN mil                                     83.0 118 91.0 169 144    
Sales from Generation PLN mil ... ... ... ... ... ... ... ...                     135 406 457 212 136    
EBIT from Exploration & Production PLN mil                                     717 -27.0 561 286 425    
EBIT from Trade & Storage PLN mil                                     86.0 417 579 162 -109    
EBIT from Distribution PLN mil                                     156 300 302 477 373    
EBIT from Generation PLN mil ... ... ... ... ... ... ... ...                     -47.0 76.0 227 24.0 -69.0    
EBITDA from Exploration & Production PLN mil                                     994 208 878 664 767    
EBITDA from Trade & Storage PLN mil                                     125 482 619 205 -66.0    
EBITDA from Distribution PLN mil                                     372 517 521 697 596    
EBITDA from Generation PLN mil ... ... ... ... ... ... ... ...                     21.0 154 310 102 5.00    
Sales of Natural Gas Total (mcm) mcm                                     3,556 6,804 7,721 4,803 3,936    
Sales of Natural Gas - High-methane gas (mcm) mcm                                     3,284 6,470 7,320 4,521 3,674    
Sales of Natural Gas - Nitrogen-rich gas (mcm) mcm                                     272 334 401 282 262    
Imports of Natural Gas - Foreign Suppliers Total (mcm) mcm                                     2,143 2,423 2,574 2,495 2,398    
Import of Natural Gas - Gazprom (mcm) mcm                                     1,805 1,751 1,833 2,219 2,329    
Production of Natural Gas Total (mcm) mcm                                     1,057 1,132 1,185 1,109 1,137    
Production of Natural Gas - High-methane gas (mcm) mcm                                     475 440 501 507 515    
Production of Natural Gas - Nitrogen-rich gas (mcm) mcm                                     582 692 684 602 622    
Domestic Production of Natural Gas (mcm) mcm                                     928 1,045 1,038 951 969    
Production of Crude Oil and Condensate (kt) kt                                     304 271 386 317 367    
Sales of Crude Oil and Condensate (kt) kt                                     262 249 348 372 356    
Gas Distribution Volumes (mcm) mcm                                     1,588 2,894 3,256 2,024 1,681    

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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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