RWE Transgas Czech Republic

RWE Transgas CR's Cash & Cash Equivalents fell 97.0% yoy to CZK 2.91 mil in 2014

By Helgi Analytics - April 2, 2020

RWE Transgas Czech Republic's total assets reached CZK 62,590 mil at the end of 2014, down 33.8% compared to the previous year. ...

Profit Statement 2012 2013 2014
Sales CZK mil 177,857 174,206 144,041
Gross Profit CZK mil -15,807 18,838 -635
EBITDA CZK mil -21,260 27,791 1,309
EBIT CZK mil -21,313 27,791 1,309
Financing Cost CZK mil -69,480 -2,396 -1,943
Pre-Tax Profit CZK mil 48,167 30,187 3,252
Net Profit CZK mil 51,990 24,038 1,744
Dividends CZK mil 3,602 24,038 ...
Balance Sheet 2012 2013 2014
Total Assets CZK mil 87,609 94,486 62,590
Non-Current Assets CZK mil 11,061 5.13 0
Current Assets CZK mil 76,176 94,473 62,544
Working Capital CZK mil 18,152 9,989 5,506
Shareholders' Equity CZK mil 38,015 57,383 31,033
Liabilities CZK mil 49,595 37,103 31,557
Total Debt CZK mil 11,299 301 745
Net Debt CZK mil 6,959 204 742
Ratios 2012 2013 2014
ROE % 85.2 50.4 3.94
ROCE % 87.9 123 22.5
Gross Margin % -8.89 10.8 -0.441
EBITDA Margin % -12.0 16.0 0.909
EBIT Margin % -12.0 16.0 0.909
Net Margin % 29.2 13.8 1.21
Net Debt/EBITDA -0.327 0.007 0.567
Net Debt/Equity 0.183 0.004 0.024
Cost of Financing % -590 -41.3 -371
Cash Flow 2012 2013 2014
Total Cash From Operations CZK mil -14,824 -10,923 28,065
Total Cash From Investing CZK mil 70,515 21,129 3.12
Total Cash From Financing CZK mil -61,173 -3,604 -28,094
Net Change In Cash CZK mil -5,482 6,602 -25.8
Cash Conversion Cycle days 34.8 22.9 13.9
Cash Earnings CZK mil 52,043 24,038 1,744
Free Cash Flow CZK mil 55,691 10,206 28,068

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summary Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
income statement                            
Sales CZK mil               110,537 101,641 114,961 142,562 177,857    
Gross Profit CZK mil               7,535 12,515 2,733 -2,553 -15,807    
EBIT CZK mil               5,216 14,256 -14,151 546 -21,313    
Net Profit CZK mil               10,038 15,891 -4,859 9,351 51,990    
ROE %               11.0 16.9 -5.59 11.6 85.2    
EBIT Margin %               4.72 14.0 -12.3 0.383 -12.0    
Net Margin %               9.08 15.6 -4.23 6.56 29.2    
Employees               236 281 308 408 486    
balance sheet                            
Total Assets CZK mil               135,131 138,464 135,201 134,595 87,609    
Non-Current Assets CZK mil               65,209 66,547 67,211 68,959 11,061    
Current Assets CZK mil               69,556 71,420 67,618 65,224 76,176    
Shareholders' Equity CZK mil               90,772 96,972 76,960 84,016 38,015    
Liabilities CZK mil               44,359 41,492 58,242 50,580 49,595    
Non-Current Liabilities CZK mil               2.19 2.01 2.01 2.01 1.79    
Current Liabilities CZK mil               38,628 37,745 39,693 36,612 29,580    
Net Debt/EBITDA               2.24 1.21 -1.31 19.8 -0.327    
Net Debt/Equity               0.130 0.179 0.240 0.138 0.183    
Cost of Financing % ...             -51.7 -27.0 -34.5 -54.2 -590    
cash flow                            
Total Cash From Operations CZK mil               13,736 1,229 15,489 9,935 -14,824    
Total Cash From Investing CZK mil               -42.1 -1,042 50.4 -1,610 70,515    
Total Cash From Financing CZK mil               -15,136 -8,613 -9,279 -7,000 -61,173    
Net Change In Cash CZK mil               -1,442 -8,425 6,260 1,325 -5,482    
income statement Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
income statement                            
Sales CZK mil               110,537 101,641 114,961 142,562 177,857    
Cost of Goods & Services CZK mil               103,002 89,126 112,228 145,115 193,664    
Gross Profit CZK mil               7,535 12,515 2,733 -2,553 -15,807    
Staff Cost CZK mil               293 328 364 472 490    
Other Cost CZK mil               1,968 -2,124 16,474 -3,610 4,963    
EBITDA CZK mil               5,274 14,310 -14,105 585 -21,260    
Depreciation CZK mil               58.2 54.5 46.6 39.1 53.2    
EBIT CZK mil               5,216 14,256 -14,151 546 -21,313    
Financing Cost CZK mil               -6,097 -4,075 -6,541 -8,687 -69,480    
Extraordinary Cost CZK mil               0 0 0 0 0    
Pre-Tax Profit CZK mil               11,313 18,331 -7,610 9,233 48,167    
Tax CZK mil               1,274 2,440 -2,751 -119 -3,823    
Minorities CZK mil               0 0 0 0 0    
Net Profit CZK mil               10,038 15,891 -4,859 9,351 51,990    
Dividends CZK mil               10,038 15,891 0 0 3,602   ...
growth rates                            
Total Revenue Growth % ...             44.7 -8.05 13.1 24.0 24.8    
Operating Cost Growth % ...             -138 -179 -1,038 -119 -274    
EBITDA Growth % ...             -27.7 171 -199 -104 -3,737    
EBIT Growth % ...             -26.2 173 -199 -104 -4,007    
Pre-Tax Profit Growth % ...             -21.2 62.0 -142 -221 422    
Net Profit Growth % ...             -21.6 58.3 -131 -292 456    
ratios                            
ROE %               11.0 16.9 -5.59 11.6 85.2    
ROCE % ...             12.6 19.4 -5.85 10.8 87.9    
Gross Margin %               6.82 12.3 2.38 -1.79 -8.89    
EBITDA Margin %               4.77 14.1 -12.3 0.410 -12.0    
EBIT Margin %               4.72 14.0 -12.3 0.383 -12.0    
Net Margin %               9.08 15.6 -4.23 6.56 29.2    
Payout Ratio %               100 100 0 0 6.93   ...
Cost of Financing % ...             -51.7 -27.0 -34.5 -54.2 -590    
Net Debt/EBITDA               2.24 1.21 -1.31 19.8 -0.327    
balance sheet Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
balance sheet                            
Non-Current Assets CZK mil               65,209 66,547 67,211 68,959 11,061    
Property, Plant & Equipment CZK mil               613 561 490 545 53.9    
Intangible Assets CZK mil               7.08 4.77 1.22 0.200 0    
Goodwill CZK mil               0 0 0 0 0    
Current Assets CZK mil               69,556 71,420 67,618 65,224 76,176    
Inventories CZK mil               13,789 13,270 12,842 18,668 15,340    
Receivables CZK mil               3,652 3,494 4,464 3,065 3,682    
Cash & Cash Equivalents CZK mil               231 785 1,268 702 4,340    
Total Assets CZK mil               135,131 138,464 135,201 134,595 87,609    
Shareholders' Equity CZK mil               90,772 96,972 76,960 84,016 38,015    
Of Which Minority Interest CZK mil               0 0 0 0 0    
Liabilities CZK mil               44,359 41,492 58,242 50,580 49,595    
Non-Current Liabilities CZK mil               2.19 2.01 2.01 2.01 1.79    
Long-Term Debt CZK mil               0 0 0 0 0    
Deferred Tax Liabilities CZK mil               0 0 0 0 0    
Current Liabilities CZK mil               38,628 37,745 39,693 36,612 29,580    
Short-Term Debt CZK mil               12,048 18,162 19,773 12,260 11,299    
Trade Payables CZK mil               1,194 902 908 1,665 870    
Provisions CZK mil               5,716 3,702 18,526 13,963 19,846    
Equity And Liabilities CZK mil               135,131 138,464 135,201 134,595 87,609    
growth rates                            
Total Asset Growth % ...             13.6 2.47 -2.36 -0.448 -34.9    
Shareholders' Equity Growth % ...             -1.64 6.83 -20.6 9.17 -54.8    
Net Debt Growth % ...             7.46 47.0 6.49 -37.5 -39.8    
Total Debt Growth % ...             4.37 50.7 8.87 -38.0 -7.83    
ratios                            
Total Debt CZK mil               12,048 18,162 19,773 12,260 11,299    
Net Debt CZK mil               11,818 17,377 18,505 11,558 6,959    
Working Capital CZK mil               16,247 15,862 16,398 20,068 18,152    
Capital Employed CZK mil               81,457 82,409 83,609 89,027 29,212    
Net Debt/Equity               0.130 0.179 0.240 0.138 0.183    
Cost of Financing % ...             -51.7 -27.0 -34.5 -54.2 -590    
cash flow Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
cash flow                            
Net Profit CZK mil               10,038 15,891 -4,859 9,351 51,990    
Depreciation CZK mil               58.2 54.5 46.6 39.1 53.2    
Non-Cash Items CZK mil ...             6,357 -15,102 20,838 4,214 -68,783    
Change in Working Capital CZK mil ...             -2,717 386 -536 -3,670 1,916    
Total Cash From Operations CZK mil               13,736 1,229 15,489 9,935 -14,824    
Capital Expenditures CZK mil               -6.39 -5.43 -5.69 0 -794    
Other Investments CZK mil               -35.8 -1,037 56.1 -1,610 71,308    
Total Cash From Investing CZK mil               -42.1 -1,042 50.4 -1,610 70,515    
Dividends Paid CZK mil ...             -12,334 -10,038 -15,891 0 0    
Issuance Of Debt CZK mil ...             505 6,114 1,611 -7,514 -961    
Total Cash From Financing CZK mil               -15,136 -8,613 -9,279 -7,000 -61,173    
Net Change In Cash CZK mil               -1,442 -8,425 6,260 1,325 -5,482    
ratios                            
Days Sales Outstanding days               12.1 12.5 14.2 7.85 7.56    
Days Sales Of Inventory days               48.9 54.3 41.8 47.0 28.9    
Days Payable Outstanding days               4.23 3.69 2.95 4.19 1.64    
Cash Conversion Cycle days               56.7 63.2 53.0 50.6 34.8    
Cash Earnings CZK mil               10,097 15,946 -4,813 9,390 52,043    
Free Cash Flow CZK mil               13,694 187 15,539 8,325 55,691    
other data Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
other data                            
ROA %               7.90 11.6 -3.55 6.93 46.8    
Gross Margin %               6.82 12.3 2.38 -1.79 -8.89    
Cost Per Employee USD per month               6,075 5,109 5,159 5,456 4,298    
Cost Per Employee (Local Currency) CZK per month               103,492 97,355 98,594 96,501 84,079    
Staff Cost (As % Of Total Cost) %               0.278 0.376 0.282 0.333 0.246    
Effective Tax Rate %               11.3 13.3 36.1 -1.29 -7.94    
Sales of Natural Gas CZK mil               102,229 95,197 111,320 129,397 173,894    
Sales Of Natural Gas (At Home) CZK mil               61,883 55,242 44,909 39,242 44,715    
Sales Of Natural Gas (Export) CZK mil               40,345 39,955 66,411 90,155 129,179    
Sales from Transit of Natural Gas CZK mil               5,408 5,948 5,834 5,450 7,237    
Sales from Transit of Natural Gas (At Home) CZK mil               0 0 0 0 1,081    
Sales from Transit of Natural Gas (Export) CZK mil               5,408 5,948 5,834 5,450 6,156    
Revenues From Abroad CZK mil               45,753 45,902 72,245 95,605 135,335    
Revenues From Abroad (As % Of Total) %               41.4 45.2 62.8 67.1 76.1    
Capital Expenditures (As % of Sales) %               0.006 0.005 0.005 0 0.446    

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Jan 2014
Company Report

RWE Transgas, a.s. (RWE Transgas Czech Republic) is a dominant natural gas importing company in the Czech Republic. The Company is engaged in the transportation, storage and trade of natural gas. It is a part of the German utility group RWE. Apart from the importing and distributing of gas, RWE controls in the Czech Republic six regional gas distribution companies. As of 1 January 2013, RWE Transgas had taken over the steering role within the RWE Group in the Czech Republic. It has changed its name to RWE Supply & Trading CZ and has been focused exclusively on wholesale energy trading. The Company’s other activities, and its assets and employees, were transferred to RWE Česká republika. Germany's RWE Group is the second largest electricity producer in Germany. The Company supplies electricity and gas to more than 20 mil electricity customers and 10 mil gas customers, principally in Europe

Finance

RWE Transgas Czech Republic has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 38% a year during that time to total of CZK 1,309 mil in 2014, or 0.909% of sales. That’s compared to -1.39% average margin seen in last five years.

The company netted CZK 1,744 mil in 2014 implying ROE of 3.94% and ROCE of 22.5%. Again, the average figures were 29.1% and 47.6%, respectively when looking at the previous 5 years.

RWE Transgas Czech Republic’s net debt amounted to CZK 742 mil at the end of 2014, or 0.024 of equity. When compared to EBITDA, net debt was 0.567x, down when compared to average of 3.74x seen in the last 5 years.