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Prazska Energetika

PRE's Cash & Cash Equivalents rose 4.19% yoy to CZK 215 mil in 2015

By Helgi Library - April 2, 2020

Prazska Energetika's total assets reached CZK 21,566 mil at the end of 2015, down 7.41% compared to the previous year. ...

Annual Quarterly
Profit Statement 2013 2014 2015
Sales CZK mil 21,433 18,710 18,772
Gross Profit CZK mil 6,354 5,896 6,239
EBITDA CZK mil 4,420 4,093 4,297
EBIT CZK mil 3,399 3,050 3,180
Financing Cost CZK mil 33.0 44.0 49.8
Pre-Tax Profit CZK mil 3,366 3,006 3,130
Net Profit CZK mil 2,713 2,418 2,523
Dividends CZK mil 1,749 1,746 ...
Balance Sheet 2013 2014 2015
Total Assets CZK mil 22,782 23,291 21,566
Non-Current Assets CZK mil 19,858 20,908 21,806
Current Assets CZK mil 2,924 2,383 2,545
Working Capital CZK mil -446 -604 -339
Shareholders' Equity CZK mil 13,812 14,365 15,114
Liabilities CZK mil 8,970 8,926 6,452
Total Debt CZK mil 3,715 4,039 4,263
Net Debt CZK mil 3,449 3,833 4,048
Ratios 2013 2014 2015
ROE % 20.4 17.2 17.1
ROCE % 14.8 12.2 12.1
Gross Margin % 29.6 31.5 33.2
EBITDA Margin % 20.6 21.9 22.9
EBIT Margin % 15.9 16.3 16.9
Net Margin % 12.7 12.9 13.4
Net Debt/EBITDA 0.780 0.936 0.942
Net Debt/Equity 0.250 0.267 0.268
Cost of Financing % 1.01 1.13 1.20
Cash Flow 2013 2014 2015
Total Cash From Operations CZK mil 3,801 3,442 3,420
Total Cash From Investing CZK mil -2,498 -1,806 -1,647
Total Cash From Financing CZK mil -1,165 -1,696 -1,765
Net Change In Cash CZK mil 138 -59.3 8.64
Cash Conversion Cycle days -28.5 -30.7 -24.8
Cash Earnings CZK mil 3,734 3,461 3,641
Free Cash Flow CZK mil 1,303 1,636 1,773

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summary Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                
Sales CZK mil ...                 20,366 19,984 20,469 20,558 21,433    
Gross Profit CZK mil ...                 5,202 5,583 6,259 6,055 6,354    
EBIT CZK mil ...                 2,781 2,880 3,663 3,103 3,399    
Net Profit CZK mil ...                 2,144 2,246 2,881 2,443 2,713    
ROE % ...                 18.5 19.6 24.0 19.3 20.4    
EBIT Margin % ...                 13.7 14.4 17.9 15.1 15.9    
Net Margin % ...                 10.5 11.2 14.1 11.9 12.7    
Employees                   1,332 1,314 1,338 1,375 1,394    
balance sheet                                
Total Assets CZK mil ...                 19,441 18,395 20,019 20,076 22,782    
Non-Current Assets CZK mil ...                 14,934 16,043 17,190 17,982 19,858    
Current Assets CZK mil ...                 4,507 2,353 2,829 2,094 2,924    
Shareholders' Equity CZK mil ...                 11,415 11,520 12,533 12,760 13,812    
Liabilities CZK mil ...                 8,026 6,875 7,486 7,316 8,970    
Non-Current Liabilities CZK mil ...                 4,234 3,159 1,877 4,472 4,888    
Current Liabilities CZK mil ...                 3,792 3,717 5,609 2,844 4,082    
Net Debt/EBITDA ...                 0.541 0.513 0.453 0.665 0.780    
Net Debt/Equity ...                 0.170 0.167 0.165 0.213 0.250    
Cost of Financing % ... ...               3.61 2.99 3.41 2.55 1.01    
cash flow                                
Total Cash From Operations CZK mil                   3,521 3,970 3,777 3,259 3,801    
Total Cash From Investing CZK mil                   -1,849 -1,894 -1,856 -1,935 -2,498    
Total Cash From Financing CZK mil                   -601 -3,019 -2,134 -1,576 -1,165    
Net Change In Cash CZK mil                   1,070 -943 -213 -252 138    
income statement Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                
Sales CZK mil ...                 20,366 19,984 20,469 20,558 21,433    
Cost of Goods & Services CZK mil ...                 15,164 14,401 14,210 14,502 15,079    
Gross Profit CZK mil ...                 5,202 5,583 6,259 6,055 6,354    
Staff Cost CZK mil ...                 996 1,049 1,130 1,089 1,134    
Other Cost CZK mil ...                 614 792 562 874 800    
EBITDA CZK mil ...                 3,592 3,742 4,567 4,092 4,420    
Depreciation CZK mil ...                 811 862 904 989 1,021    
EBIT CZK mil ...                 2,781 2,880 3,663 3,103 3,399    
Financing Cost CZK mil ...                 98.5 89.8 84.7 67.7 33.0    
Extraordinary Cost CZK mil ...                 0.189 -0.403 0.327 -0.141 -0.160    
Pre-Tax Profit CZK mil ...                 2,682 2,791 3,578 3,035 3,366    
Tax CZK mil ...                 539 545 697 592 653    
Minorities CZK mil ...                 0 0 0 0 0    
Net Profit CZK mil ...                 2,144 2,246 2,881 2,443 2,713    
Dividends CZK mil                   2,140 2,052 2,049 1,750 1,749   ...
growth rates                                
Total Revenue Growth % ... ...               7.88 -1.88 2.43 0.432 4.26    
Operating Cost Growth % ... ...               -5.59 14.3 -8.11 16.1 -1.51    
EBITDA Growth % ... ...               2.73 4.18 22.1 -10.4 8.01    
EBIT Growth % ... ...               0.871 3.56 27.2 -15.3 9.54    
Pre-Tax Profit Growth % ... ...               -1.74 4.04 28.2 -15.2 10.9    
Net Profit Growth % ... ...               -1.24 4.76 28.3 -15.2 11.0    
ratios                                
ROE % ...                 18.5 19.6 24.0 19.3 20.4    
ROCE % ... ...               14.9 15.1 18.4 14.6 14.8    
Gross Margin % ...                 25.5 27.9 30.6 29.5 29.6    
EBITDA Margin % ...                 17.6 18.7 22.3 19.9 20.6    
EBIT Margin % ...                 13.7 14.4 17.9 15.1 15.9    
Net Margin % ...                 10.5 11.2 14.1 11.9 12.7    
Payout Ratio % ...                 99.9 91.4 71.1 71.6 64.5   ...
Cost of Financing % ... ...               3.61 2.99 3.41 2.55 1.01    
Net Debt/EBITDA ...                 0.541 0.513 0.453 0.665 0.780    
balance sheet Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                                
Non-Current Assets CZK mil ...                 14,934 16,043 17,190 17,982 19,858    
Property, Plant & Equipment CZK mil ...                 14,700 15,806 17,190 17,982 19,656    
Intangible Assets CZK mil ...                 211 216 233 207 169    
Current Assets CZK mil ...                 4,507 2,353 2,829 2,094 2,924    
Inventories CZK mil ...                 41.9 41.0 28.0 38.8 50.0    
Receivables CZK mil ...                 1,137 1,163 1,311 1,270 2,473    
Cash & Cash Equivalents CZK mil ...                 1,546 593 380 127 266    
Total Assets CZK mil ...                 19,441 18,395 20,019 20,076 22,782    
Shareholders' Equity CZK mil ...                 11,415 11,520 12,533 12,760 13,812    
Of Which Minority Interest CZK mil ...                 0 0 0 0 0    
Liabilities CZK mil ...                 8,026 6,875 7,486 7,316 8,970    
Non-Current Liabilities CZK mil ...                 4,234 3,159 1,877 4,472 4,888    
Long-Term Debt CZK mil ...                 2,516 1,211 73.5 2,572 2,837    
Deferred Tax Liabilities CZK mil ...                 1,194 1,291 1,480 1,551 1,687    
Current Liabilities CZK mil ...                 3,792 3,717 5,609 2,844 4,082    
Short-Term Debt CZK mil ...                 974 1,302 2,377 277 878    
Trade Payables CZK mil ...                 1,653 1,930 2,531 1,921 2,969    
Provisions CZK mil ...                 339 354 183 152 158    
Equity And Liabilities CZK mil ...                 19,441 18,395 20,019 20,076 22,782    
growth rates                                
Total Asset Growth % ... ...               6.26 -5.38 8.83 0.286 13.5    
Shareholders' Equity Growth % ... ...               -3.32 0.920 8.79 1.82 8.24    
Net Debt Growth % ... ...               29.8 -1.26 7.86 31.4 26.7    
Total Debt Growth % ... ...               78.0 -28.0 -2.48 16.3 30.4    
ratios                                
Total Debt CZK mil ...                 3,490 2,513 2,450 2,849 3,715    
Net Debt CZK mil ...                 1,944 1,920 2,071 2,721 3,449    
Working Capital CZK mil ...                 -474 -726 -1,192 -613 -446    
Capital Employed CZK mil ...                 14,460 15,316 15,998 17,369 19,412    
Net Debt/Equity ...                 0.170 0.167 0.165 0.213 0.250    
Cost of Financing % ... ...               3.61 2.99 3.41 2.55 1.01    
cash flow Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                                
Net Profit CZK mil ...                 2,144 2,246 2,881 2,443 2,713    
Depreciation CZK mil ...                 811 862 904 989 1,021    
Non-Cash Items CZK mil ... ...               -342 610 -474 405 233    
Change in Working Capital CZK mil ... ...               908 253 466 -579 -167    
Total Cash From Operations CZK mil                   3,521 3,970 3,777 3,259 3,801    
Capital Expenditures CZK mil                   -1,922 -1,915 -1,914 -1,996 -2,511    
Other Investments CZK mil                   72.1 21.2 58.4 61.1 13.0    
Total Cash From Investing CZK mil                   -1,849 -1,894 -1,856 -1,935 -2,498    
Dividends Paid CZK mil ...                 -2,141 -2,140 -2,052 -2,049 -1,750    
Issuance Of Debt CZK mil ... ... ... ... ... ... ... ...   1,530 -977 -62.4 398 866    
Total Cash From Financing CZK mil                   -601 -3,019 -2,134 -1,576 -1,165    
Net Change In Cash CZK mil                   1,070 -943 -213 -252 138    
ratios                                
Days Sales Outstanding days ...                 20.4 21.2 23.4 22.5 42.1    
Days Sales Of Inventory days ...                 1.01 1.04 0.719 0.977 1.21    
Days Payable Outstanding days ...                 39.8 48.9 65.0 48.4 71.9    
Cash Conversion Cycle days ...                 -18.4 -26.6 -40.9 -24.8 -28.5    
Cash Earnings CZK mil ...                 2,955 3,108 3,786 3,433 3,734    
Free Cash Flow CZK mil                   1,672 2,076 1,921 1,323 1,303    
other data Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                                
ROA % ...                 11.4 11.9 15.0 12.2 12.7    
Gross Margin % ...                 25.5 27.9 30.6 29.5 29.6    
Cost Per Employee USD per month ...                 3,271 3,480 3,979 3,374 3,463    
Cost Per Employee (Local Currency) CZK per month ...                 62,343 66,513 70,375 66,004 67,763    
Staff Cost (As % Of Total Cost) % ...                 5.67 6.13 6.72 6.24 6.29    
Effective Tax Rate % ...                 20.1 19.5 19.5 19.5 19.4    
Sales Of Electricity CZK mil ... ... ... ... ...         12,644 11,239 9,977 9,721 8,851    
Sales of Electricity to Large Customers CZK mil ... ... ... ... ...         6,613 7,122 6,591 6,141 5,485    
Sales of Services to Large Customers CZK mil ... ... ... ... ...         2,922 3,431 4,413 4,681 5,482    
Sales Of Electricity to Households CZK mil ... ... ... ... ...         6,030 4,117 3,386 3,580 3,365    
Sales of Services to Households CZK mil ... ... ... ... ... ... ...     4,586 5,086 5,791 5,896 6,775    
Sales of Natural Gas CZK mil ... ... ... ... ... ... ... ... ... ... ... ... 33.3 64.2    
Other CZK mil ... ... ... ... ...         165 205 260 179 193    
Sales of Electricity (GWh) GWh                   6,339 6,450 6,311 6,278 6,301    
Purchase of Electricity (GWh) GWh                   6,686 6,828 6,621 6,289 6,241    
Capital Expenditures (As % of Sales) % ...                 9.44 9.58 9.35 9.71 11.7    
Sales Price of Electricity per MWh EUR ... ... ... ... ...         75.5 68.9 64.3 61.6 51.4    

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Pražská Energetika Group (PRE) is the third largest electricity supplier in the Czech Republic. The Company is based in Prague and services more than 750,000 customers in the capital city of the Czech Republic. The Company employes 1,370 persons and supplied approximately 6.3 TWh of electricity on all voltage levels in 2012. The Company's activities include selling and trading of electricity, electricity distribution and auxiliary energy services. History of PRE's close connection with Prague - which has 1.2 mil inhabitants - dates back to 1897, when the company called Electrical Works of the Royal City of Prague was founded; at that time the company's task was the supply of electricity, as well as providing for street lighting and operation of tramways

Finance

Prazska Energetika has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 2.81% a year during that time to total of CZK 4,297 mil in 2015, or 22.9% of sales. That’s compared to 21.5% average margin seen in last five years.

The company netted CZK 2,523 mil in 2015 implying ROE of 17.1% and ROCE of 12.1%. Again, the average figures were 19.6% and 14.4%, respectively when looking at the previous 5 years.

Prazska Energetika’s net debt amounted to CZK 4,048 mil at the end of 2015, or 0.268 of equity. When compared to EBITDA, net debt was 0.942x, up when compared to average of 0.755x seen in the last 5 years.

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