Slovenske Elektrarne

SE's Cash & Cash Equivalents rose 280% yoy to EUR 39.4 mil in 2015

By Helgi Analytics - April 2, 2020

Slovenske Elektrarne's total assets reached EUR 8,924 mil at the end of 2015, down 2.04% compared to the previous year. ...

Profit Statement 2013 2014 2015
Sales EUR mil 2,856 2,473 2,362
Gross Profit EUR mil 1,018 520 853
EBITDA EUR mil 710 532 870
EBIT EUR mil 449 300 203
Financing Cost EUR mil -37.9 57.0 147
Pre-Tax Profit EUR mil 487 243 56.7
Net Profit EUR mil 356 169 26.1
Balance Sheet 2013 2014 2015
Total Assets EUR mil 8,280 9,110 8,924
Non-Current Assets EUR mil 7,785 8,573 8,268
Current Assets EUR mil 494 537 656
Working Capital EUR mil -32.4 -42.6 11.2
Shareholders' Equity EUR mil 3,779 4,072 3,821
Liabilities EUR mil 4,501 5,038 5,103
Total Debt EUR mil 1,280 1,591 2,045
Net Debt EUR mil 1,267 1,580 2,005
Ratios 2013 2014 2015
ROE % 10.2 4.31 0.662
ROCE % 4.75 2.08 0.311
Gross Margin % 35.7 21.0 36.1
EBITDA Margin % 24.9 21.5 36.9
EBIT Margin % 15.7 12.1 8.61
Net Margin % 12.5 6.84 1.11
Net Debt/EBITDA 1.79 2.97 2.30
Net Debt/Equity 0.335 0.388 0.525
Cost of Financing % -3.46 3.97 8.07
Cash Flow 2013 2014 2015
Total Cash From Operations EUR mil 311 243 172
Total Cash From Investing EUR mil -679 -719 -616
Total Cash From Financing EUR mil 297 473 474
Net Change In Cash EUR mil -71.4 -2.72 29.0
Cash Conversion Cycle days -13.4 -11.7 -5.77
Cash Earnings EUR mil 617 401 693
Free Cash Flow EUR mil -368 -476 -444

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summary Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                            
Sales EUR mil ... ... ...         2,049 2,181 2,899 3,538 2,856    
Gross Profit EUR mil ... ... ...         1,244 1,098 992 1,050 1,018    
EBIT EUR mil ... ... ...         469 506 603 541 449    
Net Profit EUR mil ... ... ...         280 373 457 449 356    
ROE % ... ... ...         28.2 20.8 17.1 14.7 10.2    
EBIT Margin % ... ... ...         22.9 23.2 20.8 15.3 15.7    
Net Margin % ... ... ...         13.7 17.1 15.8 12.7 12.5    
Employees               5,335 4,919 4,857 4,793 4,591    
balance sheet                            
Total Assets EUR mil ... ... ...         5,642 6,812 7,531 7,883 8,280    
Non-Current Assets EUR mil ... ... ...         5,006 6,356 6,946 7,312 7,785    
Current Assets EUR mil ... ... ...         636 456 586 571 494    
Shareholders' Equity EUR mil ... ... ...         1,135 2,451 2,898 3,216 3,779    
Liabilities EUR mil ... ... ...         4,506 4,361 4,633 4,667 4,501    
Non-Current Liabilities EUR mil ... ... ...         3,874 3,239 3,733 3,913 3,004    
Current Liabilities EUR mil ... ... ...         632 1,122 900 754 1,497    
Net Debt/EBITDA ... ... ...         0.226 0.366 0.746 0.992 1.79    
Net Debt/Equity ... ... ...         0.164 0.106 0.208 0.258 0.335    
Cost of Financing % ... ... ... ...       37.5 10.1 9.99 4.38 -3.46    
cash flow                            
Total Cash From Operations EUR mil ... ... ...         375 603 430 382 311    
Total Cash From Investing EUR mil ... ... ...         -353 -680 -771 -612 -679    
Total Cash From Financing EUR mil ... ... ...         21.0 24.9 322 266 297    
Net Change In Cash EUR mil ... ... ...         42.5 -52.0 -18.6 36.5 -71.4    
income statement Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                            
Sales EUR mil ... ... ...         2,049 2,181 2,899 3,538 2,856    
Cost of Goods & Services EUR mil ... ... ...         805 1,083 1,908 2,488 1,838    
Gross Profit EUR mil ... ... ...         1,244 1,098 992 1,050 1,018    
Staff Cost EUR mil ... ... ...         154 148 143 148 149    
Other Cost EUR mil ... ... ...         263 240 42.2 64.6 160    
EBITDA EUR mil ... ... ...         827 710 806 838 710    
Depreciation EUR mil ... ... ...         357 204 203 296 260    
EBIT EUR mil ... ... ...         469 506 603 541 449    
Financing Cost EUR mil ... ... ...         111 31.8 48.8 34.3 -37.9    
Extraordinary Cost EUR mil ... ... ...         0 0 0 0 0    
Pre-Tax Profit EUR mil ... ... ...         359 475 554 507 487    
Tax EUR mil ... ... ...         78.8 101 97.4 58.1 131    
Minorities EUR mil ... ... ...         0.001 0 0 0 0    
Net Profit EUR mil ... ... ...         280 373 457 449 356    
growth rates                            
Total Revenue Growth % ... ... ... ...       4.30 6.46 32.9 22.0 -19.3    
Operating Cost Growth % ... ... ... ...       -36.9 -7.03 -52.2 14.7 45.2    
EBITDA Growth % ... ... ... ...       25.4 -14.1 13.5 3.87 -15.3    
EBIT Growth % ... ... ... ...       52.6 7.88 19.1 -10.2 -17.0    
Pre-Tax Profit Growth % ... ... ... ...       51.3 32.3 16.8 -8.50 -3.88    
Net Profit Growth % ... ... ... ...       68.6 33.4 22.3 -1.72 -20.6    
ratios                            
ROE % ... ... ...         28.2 20.8 17.1 14.7 10.2    
ROCE % ... ... ... ...       5.48 6.62 7.06 6.41 4.75    
Gross Margin % ... ... ...         60.7 50.3 34.2 29.7 35.7    
EBITDA Margin % ... ... ...         40.3 32.6 27.8 23.7 24.9    
EBIT Margin % ... ... ...         22.9 23.2 20.8 15.3 15.7    
Net Margin % ... ... ...         13.7 17.1 15.8 12.7 12.5    
Cost of Financing % ... ... ... ...       37.5 10.1 9.99 4.38 -3.46    
Net Debt/EBITDA ... ... ...         0.226 0.366 0.746 0.992 1.79    
balance sheet Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                            
Non-Current Assets EUR mil ... ... ...         5,006 6,356 6,946 7,312 7,785    
Property, Plant & Equipment EUR mil ... ... ...         4,109 5,536 6,103 6,483 6,819    
Intangible Assets EUR mil ... ... ...         27.1 20.5 15.0 9.56 9.56    
Current Assets EUR mil ... ... ...         636 456 586 571 494    
Inventories EUR mil ... ... ...         156 137 174 261 290    
Receivables EUR mil ... ... ...         233 147 207 98.1 98.2    
Cash & Cash Equivalents EUR mil ... ... ...         119 66.6 48.0 84.5 13.1    
Total Assets EUR mil ... ... ...         5,642 6,812 7,531 7,883 8,280    
Shareholders' Equity EUR mil ... ... ...         1,135 2,451 2,898 3,216 3,779    
Of Which Minority Interest EUR mil ... ... ...         0.012 0 0 0 0    
Liabilities EUR mil ... ... ...         4,506 4,361 4,633 4,667 4,501    
Non-Current Liabilities EUR mil ... ... ...         3,874 3,239 3,733 3,913 3,004    
Long-Term Debt EUR mil ... ... ...         297 83.3 627 915 332    
Deferred Tax Liabilities EUR mil ... ... ...         31.2 29.7 114 193 283    
Current Liabilities EUR mil ... ... ...         632 1,122 900 754 1,497    
Short-Term Debt EUR mil ... ... ...         8.72 243 22.9 0.715 948    
Trade Payables EUR mil ... ... ...         297 447 572 426 420    
Provisions EUR mil ... ... ...         3,485 3,257 2,982 2,814 2,417    
Equity And Liabilities EUR mil ... ... ...         5,642 6,812 7,531 7,883 8,280    
growth rates                            
Total Asset Growth % ... ... ... ...       1.66 20.7 10.6 4.67 5.04    
Shareholders' Equity Growth % ... ... ... ...       33.4 116 18.3 11.0 17.5    
Net Debt Growth % ... ... ... ...       -10.3 39.4 131 38.1 52.5    
Total Debt Growth % ... ... ... ...       7.40 7.02 98.9 40.9 39.8    
ratios                            
Total Debt EUR mil ... ... ...         305 327 650 915 1,280    
Net Debt EUR mil ... ... ...         187 260 602 831 1,267    
Working Capital EUR mil ... ... ...         91.5 -164 -191 -66.9 -32.4    
Capital Employed EUR mil ... ... ...         5,097 6,192 6,755 7,245 7,753    
Net Debt/Equity ... ... ...         0.164 0.106 0.208 0.258 0.335    
Cost of Financing % ... ... ... ...       37.5 10.1 9.99 4.38 -3.46    
cash flow Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                            
Net Profit EUR mil ... ... ...         280 373 457 449 356    
Depreciation EUR mil ... ... ...         357 204 203 296 260    
Non-Cash Items EUR mil ... ... ... ...       -275 -231 -257 -239 -271    
Change in Working Capital EUR mil ... ... ... ...       12.1 256 26.6 -124 -34.4    
Total Cash From Operations EUR mil ... ... ...         375 603 430 382 311    
Capital Expenditures EUR mil ... ... ...         -289 -629 -722 -555 -611    
Other Investments EUR mil ... ... ...         -64.5 -50.1 -49.4 -57.1 -68.2    
Total Cash From Investing EUR mil ... ... ...         -353 -680 -771 -612 -679    
Issuance Of Debt EUR mil ... ... ... ...       21.0 21.4 323 266 365    
Total Cash From Financing EUR mil ... ... ...         21.0 24.9 322 266 297    
Net Change In Cash EUR mil ... ... ...         42.5 -52.0 -18.6 36.5 -71.4    
ratios                            
Days Sales Outstanding days ... ... ...         41.4 24.5 26.0 10.1 12.5    
Days Sales Of Inventory days ... ... ...         70.7 46.0 33.3 38.3 57.6    
Days Payable Outstanding days ... ... ...         135 151 109 62.5 83.5    
Cash Conversion Cycle days ... ... ...         -22.5 -80.2 -50.0 -14.1 -13.4    
Cash Earnings EUR mil ... ... ...         637 578 660 745 617    
Free Cash Flow EUR mil ... ... ...         21.5 -77.0 -341 -230 -368    
other data Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                            
ROA % ... ... ...         5.00 6.00 6.37 5.82 4.41    
Gross Margin % ... ... ...         60.7 50.3 34.2 29.7 35.7    
Employees               5,335 4,919 4,857 4,793 4,591    
Cost Per Employee USD per month ... ... ...         3,350 3,310 3,413 3,300 3,579    
Cost Per Employee (Local Currency) EUR per month ... ... ...         2,409 2,502 2,455 2,571 2,696    
Staff Cost (As % Of Total Cost) % ... ... ...         9.76 8.82 6.23 4.93 6.17    
Effective Tax Rate % ... ... ...         22.0 21.3 17.6 11.5 26.9    
Domestic Sales EUR mil ... ... ... ... ... ...   1,569 1,484 1,538 1,669 1,401 ... ...
Capital Expenditures (As % of Sales) % ... ... ...         14.1 28.9 24.9 15.7 21.4    
Revenues From Abroad EUR mil ... ... ... ... ... ...   468 668 1,353 1,861 1,447 ... ...
Revenues From Abroad (As % Of Total) % ... ... ... ... ... ...   22.8 30.6 46.7 52.6 50.7 ... ...
Installed Capacity (MW) MW ... ... ... ... ... ... ... 5,617 5,617 5,739 5,739 5,739    
Electricity Production (GWh) GWh ... ... ... ... ... ... ... 18,987 20,089 21,934 22,245 22,843    
Electricity Supply (GWh) GWh ... ... ... ...       19,600 20,400 19,921 20,375 20,906    
Sales of Electricity to End Clients (TWh) TWh ... ... ... ... ... ... ... ... ... 4.00 5.00 5.00    

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Slovenske elektrarne, a.s. is a Slovakia-based power generating company. The Company undertakes the generation, distribution and trading of electricity and heat. It also offers ancillary services to the power industry. It operates 35 hydroelectric, two nuclear, two thermoelectric and two photovoltaic plants with a total installed capacity of 5,739 MW. Following the privatization of the company in 2006, Enel Produzione SpA (Enel) owns and controls 66% of the company and the remaining 34% is owned by the National Property Fund of Slovak Republic. Slovenske elektrarne is headquartered in Bratislava, Slovakia. Enel is Italy's largest power company and Europe's second listed utility by installed capacity. It is a leading integrated player in the power and gas markets of Europe and Latin America, operating in 40 countries across 4 continents

Finance

Slovenske Elektrarne has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 4.15% a year during that time to total of EUR 870 mil in 2015, or 36.9% of sales. That’s compared to 26.9% average margin seen in last five years.

The company netted EUR 26.1 mil in 2015 implying ROE of 0.662% and ROCE of 0.311%. Again, the average figures were 9.38% and 4.12%, respectively when looking at the previous 5 years.

Slovenske Elektrarne’s net debt amounted to EUR 2,005 mil at the end of 2015, or 0.525 of equity. When compared to EBITDA, net debt was 2.30x, up when compared to average of 1.76x seen in the last 5 years.