Tauron Polska Energia

Tauron's Cash & Cash Equivalents fell 72.4% yoy to PLN 399 mil in 2015

By Helgi Analytics - April 2, 2020

Tauron Polska Energia's total assets reached PLN 32,071 mil at the end of 2015, down 7.2% compared to the previous year. ...

Profit Statement 2013 2014 2015
Sales PLN mil 19,131 18,578 18,375
Gross Profit PLN mil 7,536 6,521 3,628
EBITDA PLN mil 3,661 3,627 -68.4
EBIT PLN mil 1,934 1,830 -1,901
Financing Cost PLN mil 232 330 277
Pre-Tax Profit PLN mil 1,684 1,498 -2,188
Net Profit PLN mil 1,308 1,181 -1,807
Dividends PLN mil 333 263 ...
Balance Sheet 2013 2014 2015
Total Assets PLN mil 32,356 34,559 32,071
Non-Current Assets PLN mil 27,600 28,163 28,124
Current Assets PLN mil 4,756 6,396 3,947
Working Capital PLN mil 620 630 1,473
Shareholders' Equity PLN mil 17,794 17,997 16,048
Liabilities PLN mil 14,562 16,563 16,023
Total Debt PLN mil 5,864 8,114 8,139
Net Debt PLN mil 5,211 6,665 7,739
Ratios 2013 2014 2015
ROE % 7.58 6.60 -10.6
ROCE % 4.77 4.14 -6.19
Gross Margin % 39.4 35.1 19.7
EBITDA Margin % 19.1 19.5 -0.372
EBIT Margin % 10.1 9.85 -10.3
Net Margin % 6.84 6.36 -9.84
Net Debt/EBITDA 1.42 1.84 -113
Net Debt/Equity 0.293 0.370 0.482
Cost of Financing % 4.06 4.72 3.41
Valuation 2013 2014 2015
Market Capitalisation USD mil 2,541 2,500 1,294
Enterprise Value (EV) USD mil 4,271 4,383 3,278
Number Of Shares mil 1,753 1,753 1,753
Share Price PLN 4.37 5.05 2.88
EV/EBITDA 3.69 3.96 -178
EV/Sales 0.705 0.773 0.664
Price/Earnings (P/E) 5.85 7.49 -2.79
Price/Book Value (P/BV) 0.430 0.492 0.315
Dividend Yield % 4.35 2.97 ...

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summary Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                  
Sales PLN mil     13,695 15,429 20,755 24,753 19,131    
Gross Profit PLN mil     4,504 4,933 5,122 6,401 7,536    
EBIT PLN mil     1,370 1,452 1,645 2,180 1,934    
Net Profit PLN mil     774 859 1,245 1,476 1,308    
ROE %     5.62 5.83 7.96 9.00 7.58    
EBIT Margin %     10.0 9.41 7.92 8.81 10.1    
Net Margin %     5.65 5.57 6.00 5.96 6.84    
Employees ... ... ... ... 27,504 27,816 26,441    
balance sheet                  
Total Assets PLN mil     22,156 23,430 28,527 31,274 32,356    
Non-Current Assets PLN mil     18,476 18,335 23,417 25,507 27,600    
Current Assets PLN mil     3,680 5,095 5,110 5,766 4,756    
Shareholders' Equity PLN mil     14,234 15,212 16,087 16,728 17,794    
Liabilities PLN mil     7,922 8,218 12,440 14,545 14,562    
Non-Current Liabilities PLN mil     4,027 4,070 7,597 9,148 9,771    
Current Liabilities PLN mil     3,894 4,148 4,843 5,397 5,258    
Net Debt/EBITDA     0.322 0.007 1.32 1.17 1.42    
Net Debt/Equity     0.061 0.001 0.251 0.271 0.293    
Cost of Financing % ...   8.69 10.7 4.42 6.13 4.06    
cash flow                  
Total Cash From Operations PLN mil     1,861 2,410 2,165 3,307 4,079    
Total Cash From Investing PLN mil     -1,361 -1,514 -5,698 -3,291 -4,180    
Total Cash From Financing PLN mil     -434 -397 2,567 371 -249    
Net Change In Cash PLN mil     65.7 499 -966 386 -351    
valuation                  
Market Capitalisation USD mil ... ... 2,847 3,554 2,723 2,691 2,541    
Number Of Shares mil ... ... 1,589 1,601 1,753 1,753 1,753    
Share Price PLN ... ... 5.13 6.57 5.35 4.75 4.37    
Earnings Per Share (EPS) PLN ... ... 0.487 0.536 0.710 0.842 0.747    
Book Value Per Share PLN ... ... 8.96 9.50 9.18 9.55 10.2    
Dividend Per Share PLN ... ... 0 0.164 0.310 0.200 0.190   ...
Price/Earnings (P/E) ... ... 10.5 12.2 7.53 5.64 5.85    
Price/Book Value (P/BV) ... ... 0.573 0.691 0.583 0.498 0.430    
Dividend Yield % ... ... 0 2.50 5.79 4.21 4.35   ...
Earnings Per Share Growth % ... ... ... 10.1 32.4 18.6 -11.4    
Book Value Per Share Growth % ... ... ... 6.12 -3.41 3.98 6.37    
income statement Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                  
Sales PLN mil     13,695 15,429 20,755 24,753 19,131    
Cost of Goods & Services PLN mil     9,190 10,496 15,633 18,352 11,595    
Gross Profit PLN mil     4,504 4,933 5,122 6,401 7,536    
Staff Cost PLN mil     2,331 2,593 2,542 2,930 2,668    
Other Cost PLN mil     -518 -471 -475 -396 1,207    
EBITDA PLN mil     2,691 2,811 3,056 3,867 3,661    
Depreciation PLN mil     1,321 1,359 1,411 1,686 1,727    
EBIT PLN mil     1,370 1,452 1,645 2,180 1,934    
Financing Cost PLN mil     180 181 133 309 232    
Extraordinary Cost PLN mil     -35.2 13.2 -88.5 -76.7 18.3    
Pre-Tax Profit PLN mil     1,226 1,257 1,600 1,948 1,684    
Tax PLN mil     278 266 333 395 337    
Minorities PLN mil     174 133 21.8 74.5 38.2    
Net Profit PLN mil     774 859 1,245 1,476 1,308    
Dividends PLN mil     0 263 543 351 333   ...
growth rates                  
Total Revenue Growth % ...   10.0 12.7 34.5 19.3 -22.7    
Operating Cost Growth % ...   1.85 17.1 -2.60 22.6 52.9    
EBITDA Growth % ...   62.9 4.44 8.72 26.5 -5.31    
EBIT Growth % ...   257 5.96 13.3 32.6 -11.3    
Pre-Tax Profit Growth % ...   390 2.55 27.3 21.7 -13.6    
Net Profit Growth % ...   492 10.9 45.0 18.6 -11.4    
ratios                  
ROE %     5.62 5.83 7.96 9.00 7.58    
ROCE % ...   4.10 4.43 5.69 5.79 4.77    
Gross Margin %     32.9 32.0 24.7 25.9 39.4    
EBITDA Margin %     19.7 18.2 14.7 15.6 19.1    
EBIT Margin %     10.0 9.41 7.92 8.81 10.1    
Net Margin %     5.65 5.57 6.00 5.96 6.84    
Payout Ratio %     0 30.6 43.6 23.7 25.5   ...
Cost of Financing % ...   8.69 10.7 4.42 6.13 4.06    
Net Debt/EBITDA     0.322 0.007 1.32 1.17 1.42    
balance sheet Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                  
Non-Current Assets PLN mil     18,476 18,335 23,417 25,507 27,600    
Property, Plant & Equipment PLN mil     17,261 17,525 22,476 24,113 25,128    
Intangible Assets PLN mil     825 346 560 1,429 1,407    
Goodwill PLN mil ... ... ... ... ... 247 247    
Current Assets PLN mil     3,680 5,095 5,110 5,766 4,756    
Inventories PLN mil     536 409 575 708 509    
Receivables PLN mil     1,875 2,273 2,743 3,037 2,135    
Cash & Cash Equivalents PLN mil     1,032 1,474 506 1,036 653    
Total Assets PLN mil     22,156 23,430 28,527 31,274 32,356    
Shareholders' Equity PLN mil     14,234 15,212 16,087 16,728 17,794    
Of Which Minority Interest PLN mil     2,375 507 455 493 466    
Liabilities PLN mil     7,922 8,218 12,440 14,545 14,562    
Non-Current Liabilities PLN mil     4,027 4,070 7,597 9,148 9,771    
Long-Term Debt PLN mil     1,268 1,144 4,308 5,265 5,562    
Deferred Tax Liabilities PLN mil ... ... ... 1,191 1,374 1,368 1,339    
Current Liabilities PLN mil     3,894 4,148 4,843 5,397 5,258    
Short-Term Debt PLN mil     632 348 229 301 302    
Trade Payables PLN mil     1,491 1,630 2,349 2,628 2,024    
Provisions PLN mil ... ... ... 1,328 1,357 1,736 1,563    
Equity And Liabilities PLN mil     22,156 23,430 28,527 31,274 32,356    
growth rates                  
Total Asset Growth % ...   6.40 5.75 21.8 9.63 3.46    
Shareholders' Equity Growth % ...   6.66 6.87 5.75 3.98 6.37    
Net Debt Growth % ...   -32.3 -97.9 21,708 12.4 15.0    
Total Debt Growth % ...   -14.9 -21.4 204 22.7 5.35    
ratios                  
Total Debt PLN mil     1,899 1,492 4,537 5,566 5,864    
Net Debt PLN mil     867 18.5 4,031 4,530 5,211    
Working Capital PLN mil     920 1,052 969 1,117 620    
Capital Employed PLN mil     19,396 19,387 24,386 26,624 28,220    
Net Debt/Equity     0.061 0.001 0.251 0.271 0.293    
Cost of Financing % ...   8.69 10.7 4.42 6.13 4.06    
cash flow Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                  
Net Profit PLN mil     774 859 1,245 1,476 1,308    
Depreciation PLN mil     1,321 1,359 1,411 1,686 1,727    
Non-Cash Items PLN mil ...   255 324 -574 292 547    
Change in Working Capital PLN mil ...   -490 -132 83.0 -148 496    
Total Cash From Operations PLN mil     1,861 2,410 2,165 3,307 4,079    
Capital Expenditures PLN mil     -1,440 -1,518 -2,302 -3,302 -3,934    
Other Investments PLN mil     79.4 3.89 -3,396 11.1 -247    
Total Cash From Investing PLN mil     -1,361 -1,514 -5,698 -3,291 -4,180    
Dividends Paid PLN mil     0 -263 -543 -351 -333   ...
Issuance Of Debt PLN mil ...   -331 -407 3,045 1,029 298    
Total Cash From Financing PLN mil     -434 -397 2,567 371 -249    
Net Change In Cash PLN mil     65.7 499 -966 386 -351    
ratios                  
Days Sales Outstanding days     50.0 53.8 48.2 44.8 40.7    
Days Sales Of Inventory days     21.3 14.2 13.4 14.1 16.0    
Days Payable Outstanding days     59.2 56.7 54.8 52.3 63.7    
Cash Conversion Cycle days     12.1 11.3 6.82 6.59 -6.94    
Cash Earnings PLN mil     2,095 2,217 2,656 3,163 3,035    
Cash Earnings Per Share PLN ... ... 1.32 1.39 1.52 1.80 1.73    
Price/Cash Earnings (P/CE) ... ... 3.89 4.74 3.53 2.63 2.52    
Free Cash Flow PLN mil     500 896 -3,533 15.3 -101    
Free Cash Flow Yield % ... ... 5.64 8.36 -43.8 0.175 -1.26    
other data Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                  
ROA %     3.60 3.77 4.79 4.94 4.11    
Gross Margin %     32.9 32.0 24.7 25.9 39.4    
Employees ... ... ... ... 27,504 27,816 26,441    
Cost Per Employee USD per month ... ... ... ... 2,597 2,698 2,661    
Cost Per Employee (Local Currency) PLN per month ... ... ... ... 7,701 8,779 8,410    
Staff Cost (As % Of Total Cost) %     18.9 18.6 13.3 13.0 15.5    
Effective Tax Rate %     22.7 21.2 20.8 20.3 20.0    
Enterprise Value (EV) USD mil ... ... 3,150 3,560 3,894 4,155 4,271    
EV/EBITDA ... ... 3.65 3.82 3.78 3.50 3.69    
EV/Capital Employed ... ... 0.465 0.543 0.550 0.483 0.456    
EV/Sales ... ... 0.717 0.696 0.556 0.546 0.705    
EV/EBIT ... ... 7.16 7.40 7.02 6.20 6.98    
Capital Expenditures (As % of Sales) %     10.5 9.84 11.1 13.3 20.6    
Sales from Mining PLN mil   ... 486 471 534 639 664    
Sales from Generation PLN mil   ... 1,233 1,864 5,319 5,095 4,574    
Sales from Renewables PLN mil   ... 42.2 38.9 2.44 20.1 62.6 ... ...
Sales from Distribution PLN mil   ... 859 1,167 1,465 2,160 2,287    
Sales from Sales segment PLN mil ... ... 10,579 11,318 12,256 15,605 14,025    
Sales from Heat PLN mil ... ... ... ... 902 965 1,091 ... ...
Sales from Customer Services PLN mil ... ... ... ... 35.8 21.0 10.9 ... ...
EBIT from Mining PLN mil ... ... 147 5.91 11.2 175 65.8    
EBIT from Generation PLN mil ... ... 677 656 513 293 -459    
EBIT from Renewables PLN mil ... ... 55.1 89.4 101 104 93.0 ... ...
EBIT from Distribution PLN mil ... ... 156 509 637 1,066 1,296    
EBIT from Sales segment PLN mil ... ... 302 88.1 264 452 865    
EBIT from Heat PLN mil ... ... ... ... 161 149 111 ... ...
EBIT from Customer Services PLN mil ... ... ... ... 10.0 12.0 26.8 ... ...
Production of Commercial Coal (mt) Mt ... ... ... ... ... ... 5.45    
Production of Electricity (TWh) TWh ... ... ... ... ... ... 19.4    
Production of Electricity from Renewable Sources (TWh) TWh ... ... ... ... ... ... 1.38    
Production of Heat (PJ) PJ ... ... ... ... ... ... 15.6    
Distribution of Electricity (TWh) TWh ... ... ... ... ... ... 47.9    
Retail Sales of Electricity (TWh) TWh ... ... ... ... ... ... 41.3    
Number of Clients '000 ... ... ... ... ... ... 5,334    

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Tauron Group (Tauron Polska Energia) is an energy holding company in Poland. The Company owns power and heat generation and distribution, and coal mining assets through a number of companies, particularly in south-western Poland. Tauron was established in December 2006 as Energetyka Południe. In 2007, the State Treasury transferred to the Company majority stakes in Południowy Koncern Energetyczny, Enion, EnergiaPro, Elektrownia Stalowa Wola, Elektrociepłownia Tychy and in Przedsiębiorstwo Energetyki Cieplnej. As a result, the Tauron Group became the second largest electricity generator in Poland. In 2012 total capacity of Group's power plants was about 5.5 MW and annual electricity generation reached 19.11 TWh. In 2010, Tauron shares were listed on the Warsaw Stock Exchange

Finance

Tauron Polska Energia has been growing its sales by a year on average in the last 5 years. EBITDA has fallen by 102% during that time to total of PLN -68.4 mil in 2015, or -0.372% of sales. That’s compared to 13.7% average margin seen in last five years.

The company netted PLN -1,807 mil in 2015 implying ROE of -10.6% and ROCE of -6.19%. Again, the average figures were 4.10% and 2.84%, respectively when looking at the previous 5 years.

Tauron Polska Energia’s net debt amounted to PLN 7,739 mil at the end of 2015, or 0.482 of equity. When compared to EBITDA, net debt was -113x, down when compared to average of -21.5x seen in the last 5 years.

Valuation

Tauron Polska Energia stock traded at PLN 2.88 per share at the end of 2015 resulting in a market capitalization of USD 1,294 mil. Over the previous five years, stock price fell by 56.2% or -15.2% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of -178x and price to earnings (PE) of -2.79x as of 2015.

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