Severni energeticka

Severni energeticka's Cash & Cash Equivalents rose 41.5% yoy to CZK 1,742 mil in 2014

By Helgi Analytics - April 2, 2020

Severni energeticka's total assets reached CZK 14,697 mil at the end of 2014, down 2.08% compared to the previous year. ...

Profit Statement 2012 2013 2014
Sales CZK mil 3,924 4,687 5,197
Gross Profit CZK mil 1,926 2,681 2,412
EBITDA CZK mil 1,430 2,087 1,855
EBIT CZK mil 937 1,599 1,362
Financing Cost CZK mil 0.721 76.5 -303
Pre-Tax Profit CZK mil 936 1,522 1,665
Net Profit CZK mil 685 1,147 1,346
Balance Sheet 2012 2013 2014
Total Assets CZK mil 7,491 15,009 14,697
Non-Current Assets CZK mil 5,907 12,495 12,306
Current Assets CZK mil 1,493 2,497 2,383
Working Capital CZK mil 193 937 290
Shareholders' Equity CZK mil 2,076 3,217 4,052
Liabilities CZK mil 5,414 11,792 10,645
Total Debt CZK mil 1,519 6,792 5,960
Net Debt CZK mil 438 5,561 4,218
Ratios 2012 2013 2014
ROE % 30.6 43.4 37.0
ROCE % 10.9 11.7 10.3
Gross Margin % 49.1 57.2 46.4
EBITDA Margin % 36.4 44.5 35.7
EBIT Margin % 23.9 34.1 26.2
Net Margin % 17.5 24.5 25.9
Net Debt/EBITDA 0.306 2.67 2.27
Net Debt/Equity 0.211 1.73 1.04
Cost of Financing % 0.095 1.84 -4.75
Cash Flow 2012 2013 2014
Total Cash From Operations CZK mil -347 1,234 2,378
Total Cash From Investing CZK mil -196 -4,312 -621
Total Cash From Financing CZK mil 497 3,228 -1,247
Net Change In Cash CZK mil -46.2 150 510
Cash Conversion Cycle days -0.203 42.4 7.06
Cash Earnings CZK mil 1,178 1,635 1,839
Free Cash Flow CZK mil -543 -3,078 1,757

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summary Unit 2009 2010 2011 2012 2013 2014
income statement            
Sales CZK mil 4,577 4,009 4,059 3,924    
Gross Profit CZK mil 1,873 1,846 1,754 1,926    
EBIT CZK mil 690 651 722 937    
Net Profit CZK mil 634 516 519 685    
ROE % 12.2 10.4 14.5 30.6    
EBIT Margin % 15.1 16.2 17.8 23.9    
Net Margin % 13.9 12.9 12.8 17.5    
Employees 1,092 1,015 913 891    
balance sheet            
Total Assets CZK mil 9,181 8,647 7,805 7,491    
Non-Current Assets CZK mil 6,468 6,533 6,210 5,907    
Current Assets CZK mil 2,710 2,111 1,580 1,493    
Shareholders' Equity CZK mil 5,182 4,789 2,399 2,076    
Liabilities CZK mil 3,999 3,858 5,405 5,414    
Non-Current Liabilities CZK mil 34.6 14.1 9.12 1,522    
Current Liabilities CZK mil 342 304 1,789 291    
Net Debt/EBITDA -1.52 -0.978 -0.909 0.306    
Net Debt/Equity -0.365 -0.243 -0.467 0.211    
Cost of Financing % ... -1,865 -162 0.095    
cash flow            
Total Cash From Operations CZK mil 1,323 1,149 3,057 -347    
Total Cash From Investing CZK mil -316 -964 -191 -196    
Total Cash From Financing CZK mil -2,410 -909 -2,909 497    
Net Change In Cash CZK mil -1,403 -725 -42.3 -46.2    
income statement Unit 2009 2010 2011 2012 2013 2014
income statement            
Sales CZK mil 4,577 4,009 4,059 3,924    
Cost of Goods & Services CZK mil 2,704 2,162 2,306 1,998    
Gross Profit CZK mil 1,873 1,846 1,754 1,926    
Staff Cost CZK mil 455 449 415 440    
Other Cost CZK mil 176 208 105 55.8    
EBITDA CZK mil 1,242 1,189 1,234 1,430    
Depreciation CZK mil 552 539 511 493    
EBIT CZK mil 690 651 722 937    
Financing Cost CZK mil -207 -82.6 -8.87 0.721    
Extraordinary Cost CZK mil 0 0 0 0    
Pre-Tax Profit CZK mil 897 733 731 936    
Tax CZK mil 263 217 212 251    
Minorities CZK mil 0 0 0 0    
Net Profit CZK mil 634 516 519 685    
growth rates            
Total Revenue Growth % ... -12.4 1.26 -3.33    
Operating Cost Growth % ... 4.14 -20.8 -4.63    
EBITDA Growth % ... -4.27 3.72 15.9    
EBIT Growth % ... -5.75 11.0 29.7    
Pre-Tax Profit Growth % ... -18.2 -0.299 28.0    
Net Profit Growth % ... -18.5 0.575 31.9    
ratios            
ROE % 12.2 10.4 14.5 30.6    
ROCE % ... 7.48 7.83 10.9    
Gross Margin % 40.9 46.1 43.2 49.1    
EBITDA Margin % 27.1 29.7 30.4 36.4    
EBIT Margin % 15.1 16.2 17.8 23.9    
Net Margin % 13.9 12.9 12.8 17.5    
Cost of Financing % ... -1,865 -162 0.095    
Net Debt/EBITDA -1.52 -0.978 -0.909 0.306    
balance sheet Unit 2009 2010 2011 2012 2013 2014
balance sheet            
Non-Current Assets CZK mil 6,468 6,533 6,210 5,907    
Property, Plant & Equipment CZK mil 6,096 5,604 5,153 4,768    
Intangible Assets CZK mil 12.2 10.7 9.14 6.65    
Goodwill CZK mil 0.195 0.130 0.065 0    
Current Assets CZK mil 2,710 2,111 1,580 1,493    
Inventories CZK mil 7.13 7.30 6.10 6.49    
Receivables CZK mil 762 538 440 395    
Cash & Cash Equivalents CZK mil 1,894 1,169 1,127 1,081    
Total Assets CZK mil 9,181 8,647 7,805 7,491    
Shareholders' Equity CZK mil 5,182 4,789 2,399 2,076    
Of Which Minority Interest CZK mil 0 0 0 0    
Liabilities CZK mil 3,999 3,858 5,405 5,414    
Non-Current Liabilities CZK mil 34.6 14.1 9.12 1,522    
Long-Term Debt CZK mil 0 0 0 1,505    
Deferred Tax Liabilities CZK mil 34.6 14.1 9.12 16.6    
Current Liabilities CZK mil 342 304 1,789 291    
Short-Term Debt CZK mil 3.28 5.58 5.37 13.8    
Trade Payables CZK mil 267 239 226 209    
Provisions CZK mil 3,623 3,539 3,607 3,601    
Equity And Liabilities CZK mil 9,181 8,647 7,805 7,491    
growth rates            
Total Asset Growth % ... -5.82 -9.74 -4.02    
Shareholders' Equity Growth % ... -7.58 -49.9 -13.5    
Net Debt Growth % ... -38.4 -3.62 -139    
Total Debt Growth % ... 70.5 -3.80 28,177    
ratios            
Total Debt CZK mil 3.28 5.58 5.37 1,519    
Net Debt CZK mil -1,891 -1,164 -1,122 438    
Working Capital CZK mil 503 306 220 193    
Capital Employed CZK mil 6,971 6,839 6,430 6,100    
Net Debt/Equity -0.365 -0.243 -0.467 0.211    
Cost of Financing % ... -1,865 -162 0.095    
cash flow Unit 2009 2010 2011 2012 2013 2014
cash flow            
Net Profit CZK mil 634 516 519 685    
Depreciation CZK mil 552 539 511 493    
Non-Cash Items CZK mil ... -103 1,940 -1,553    
Change in Working Capital CZK mil ... 196 86.2 27.0    
Total Cash From Operations CZK mil 1,323 1,149 3,057 -347    
Capital Expenditures CZK mil -50.1 -973 -191 -196    
Other Investments CZK mil -266 8.73 0.154 0.190    
Total Cash From Investing CZK mil -316 -964 -191 -196    
Issuance Of Debt CZK mil ... 2.31 -0.212 1,514    
Total Cash From Financing CZK mil -2,410 -909 -2,909 497    
Net Change In Cash CZK mil -1,403 -725 -42.3 -46.2    
ratios            
Days Sales Outstanding days 60.8 48.9 39.5 36.8    
Days Sales Of Inventory days 0.963 1.23 0.965 1.19    
Days Payable Outstanding days 36.1 40.3 35.8 38.2    
Cash Conversion Cycle days 25.7 9.87 4.73 -0.203    
Cash Earnings CZK mil 1,186 1,055 1,031 1,178    
Free Cash Flow CZK mil 1,007 185 2,867 -543    
other data Unit 2009 2010 2011 2012 2013 2014
other data            
ROA % 6.90 5.79 6.31 8.96    
Gross Margin % 40.9 46.1 43.2 49.1    
Employees 1,092 1,015 913 891    
Cost Per Employee USD per month 1,821 1,928 2,141 2,105    
Cost Per Employee (Local Currency) CZK per month 34,703 36,842 37,864 41,172    
Staff Cost (As % Of Total Cost) % 11.7 13.4 12.4 14.7    
Effective Tax Rate % 29.3 29.6 29.0 26.8    
Sales of Coal CZK mil 4,446 3,800 3,866 3,780    
Production of Coal (kt) kt ... ... ... ...    
Sales of Coal (kt) kt ... ... ... ...    
EBITDA per Tonne of Coal Mined EUR ... ... ... ...    
EBIT per Tonne of Coal Mined EUR ... ... ... ...    
Net Profit per Tonne of Coal Mined EUR ... ... ... ...    
Capital Expenditures (As % of Sales) % 1.10 24.3 4.70 4.99    

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Severní energetická a.s. is a Czech Republic-based brown coal mining company and independent power producer. The Company is engaged in mining, processing and selling brown coal (lignite) and its by-products. It operates in the north-western part of the Northern Bohemian Brown Coal Basin. The Group manages the Československá armáda (ČSA) surface mine, Důl Kohinoor a.s., in liquidation, which operates the last deep brown coal mine in the Czech Republic, and HUMECO, a.s., engaged in mine water pumping and treatment. In 2013, Elektrárna Chvaletice a.s. was acquired when the Group bought its shares from the ČEZ Group. The Severni Energeticka Group was established by a demerger of what then was Litvínovská uhelná a.s. from the Czech Coal Group and the acquisition of the Chvaletice power station from the ČEZ Group.

Finance

Severni energeticka has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 8.34% a year during that time to total of CZK 1,855 mil in 2014, or 35.7% of sales. That’s compared to 35.3% average margin seen in last five years.

The company netted CZK 1,346 mil in 2014 implying ROE of 37.0% and ROCE of 10.3%. Again, the average figures were 27.2% and 9.67%, respectively when looking at the previous 5 years.

Severni energeticka’s net debt amounted to CZK 4,218 mil at the end of 2014, or 1.04 of equity. When compared to EBITDA, net debt was 2.27x, up when compared to average of 0.672x seen in the last 5 years.