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Transelectrica

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Transelectrica

Compania Nationala de Transport al Energiei Electrice Transelectrica SA (Transelectrica) is a Romania-based operator of the electricity transmission system. The Company is responsible for electricity transmission, system and market operation, grid and market infrastructure development ensuring the security of the Romanian power system. It also serves as the main link between electricity supply and demand, matching all the times power generation with demand. Transelectrica is organized in eight territorial transmission branches and one more branch acting as a metering operator for the electricity traded on the wholesale market. The Company is publicly traded with 58.7% of shares being held by the Ministry of Economy and Commerce as of the end of 2013. It is listed at the Bucharest Stock Exchange.

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summary

Unit

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

income statement

Sales	RON mil
Gross Profit	RON mil
EBIT	RON mil
Net Profit	RON mil
ROE	%
EBIT Margin	%
Net Margin	%

2,552	2,683	3,152	2,801	2,495
800	903	1,963	1,733	970
98.6	188	209	113	271
18.3	104	135	47.9	206
0.951%	5.32%	6.66%	2.11%	8.07%
3.86%	7.02%	6.64%	4.03%	10.9%
0.715%	3.87%	4.30%	1.71%	8.26%

balance sheet

Total Assets	RON mil
Non-Current Assets	RON mil
Current Assets	RON mil
Shareholders' Equity	RON mil
Liabilities	RON mil
Non-Current Liabilities	RON mil
Current Liabilities	RON mil
Net Debt/EBITDA
Net Debt/Equity
Cost of Financing	%

	3,845	4,099	4,852	5,018	5,211
	3,006	3,215	3,298	3,805	3,673
	839	884	1,553	1,214	1,538
	1,905	2,003	2,063	2,467	2,641
	1,940	2,096	2,788	2,551	2,570
	1,215	1,172	1,381	1,571	1,560
	725	925	1,407	980	1,010
	2.77	2.21	1.67	2.01	0.893
	0.518	0.502	0.406	0.342	0.207
...	3.65%	2.57%	2.84%	2.78%	1.87%

cash flow

Total Cash From Operations	RON mil
Total Cash From Investing	RON mil
Total Cash From Financing	RON mil
Net Change In Cash	RON mil

301	504	567	491	577
-361	-486	-367	-395	-248
-28.8	9.46	-42.4	-95.0	-7.65
-88.7	27.3	158	0.421	321

valuation

Market Capitalisation	USD mil
Number Of Shares	mil
Share Price	RON
Earnings Per Share (EPS)	RON
Book Value Per Share	RON
Dividend Per Share	RON
Price/Earnings (P/E)
Price/Book Value (P/BV)
Dividend Yield	%
Earnings Per Share Growth	%
Book Value Per Share Growth	%

...	...	...	335	443	382	276	358
			73.4	73.4	73.4	73.4	73.4
...	...	...	13.5	19.3	17.4	12.7	15.8
			0.249	1.42	1.85	0.652	2.81
			25.9	27.3	28.1	33.6	36.0
			0.053	0.176	1.19	0.400	2.25	...
...	...	...	54.2	13.6	9.41	19.4	5.63
...	...	...	0.520	0.708	0.618	0.377	0.439
...	...	...	0.390%	0.912%	6.86%	3.16%	14.2%	...
...			-63.8%	470%	30.3%	-64.7%	330%
...			-1.54%	5.16%	3.01%	19.6%	7.06%

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income statement

Unit

2003

2004

2005

2006

2007

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2009

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2011

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2015

income statement

Sales	RON mil
Cost of Goods & Services	RON mil
Gross Profit	RON mil
EBITDA	RON mil
Depreciation	RON mil
EBIT	RON mil
Financing Cost	RON mil
Extraordinary Cost	RON mil
Pre-Tax Profit	RON mil
Tax	RON mil
Minorities	RON mil
Net Profit	RON mil
Dividends	RON mil

2,552	2,683	3,152	2,801	2,495
1,752	1,780	1,189	1,068	1,525
800	903	1,963	1,733	970
356	456	500	421	614
257	267	291	308	343
98.6	188	209	113	271
42.5	29.7	33.0	32.3	22.0
44.0	28.5	0.642	12.0	0
12.1	130	176	68.5	249
-6.14	26.2	40.2	20.7	42.0
0	0	0	0	0
18.3	104	135	47.9	206
3.86	12.9	87.5	29.4	165	...

growth rates

Total Revenue Growth	%
EBITDA Growth	%
EBIT Growth	%
Pre-Tax Profit Growth	%
Net Profit Growth	%

...	-14.6%	5.16%	17.5%	-11.1%	-10.9%
...	-22.3%	28.1%	9.84%	-15.9%	46.0%
...	-54.6%	91.1%	11.1%	-46.2%	140%
...	-80.7%	975%	35.0%	-61.0%	263%
...	-63.8%	470%	30.3%	-64.7%	330%

ratios

ROE	%
ROCE	%
Gross Margin	%
EBITDA Margin	%
EBIT Margin	%
Net Margin	%
Payout Ratio	%
Cost of Financing	%
Net Debt/EBITDA

	0.951%	5.32%	6.66%	2.11%	8.07%
...	0.571%	3.05%	3.95%	1.34%	5.32%
	31.3%	33.7%	62.3%	61.9%	38.9%
	13.9%	17.0%	15.9%	15.0%	24.6%
	3.86%	7.02%	6.64%	4.03%	10.9%
	0.715%	3.87%	4.30%	1.71%	8.26%
	21.1%	12.4%	64.6%	61.3%	80.1%	...
...	3.65%	2.57%	2.84%	2.78%	1.87%
	2.77	2.21	1.67	2.01	0.893

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balance sheet

Unit

2003

2004

2005

2006

2007

2008

2009

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2013

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2015

balance sheet

Non-Current Assets	RON mil
Property, Plant & Equipment	RON mil
Intangible Assets	RON mil
Current Assets	RON mil
Inventories	RON mil
Receivables	RON mil
Cash & Cash Equivalents	RON mil
Total Assets	RON mil
Shareholders' Equity	RON mil
Of Which Minority Interest	RON mil
Liabilities	RON mil
Non-Current Liabilities	RON mil
Long-Term Debt	RON mil
Current Liabilities	RON mil
Short-Term Debt	RON mil
Trade Payables	RON mil
Equity And Liabilities	RON mil

3,006	3,215	3,298	3,805	3,673
2,970	3,183	3,244	3,751	3,624
30.4	26.4	48.4	48.0	44.0
839	884	1,553	1,214	1,538
41.5	48.8	53.5	62.9	47.0
583	688	1,144	717	856
164	160	322	319	635
3,845	4,099	4,852	5,018	5,211
1,905	2,003	2,063	2,467	2,641
0	0	0	0	0
1,940	2,096	2,788	2,551	2,570
1,215	1,172	1,381	1,571	1,560
947	982	943	955	951
725	925	1,407	980	1,010
203	185	217	209	232
373	401	1,178	748	666
3,845	4,099	4,852	5,018	5,211

growth rates

Total Asset Growth	%
Shareholders' Equity Growth	%
Net Debt Growth	%
Total Debt Growth	%

...	-4.37%	6.62%	18.3%	3.43%	3.84%
...	-1.54%	5.16%	3.01%	19.6%	7.06%
...	3.56%	1.99%	-16.7%	0.822%	-35.1%
...	-2.27%	1.43%	-0.550%	0.309%	1.65%

ratios

Total Debt	RON mil
Net Debt	RON mil
Working Capital	RON mil
Capital Employed	RON mil
Net Debt/Equity
Cost of Financing	%

	1,150	1,167	1,160	1,164	1,183
	987	1,006	838	845	548
	251	336	18.8	32.1	237
	3,257	3,551	3,317	3,837	3,910
	0.518	0.502	0.406	0.342	0.207
...	3.65%	2.57%	2.84%	2.78%	1.87%

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cash flow

Unit

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

cash flow

Net Profit	RON mil
Depreciation	RON mil
Non-Cash Items	RON mil
Change in Working Capital	RON mil
Total Cash From Operations	RON mil
Capital Expenditures	RON mil
Other Investments	RON mil
Total Cash From Investing	RON mil
Dividends Paid	RON mil
Issuance Of Debt	RON mil
Total Cash From Financing	RON mil
Net Change In Cash	RON mil

	18.3	104	135	47.9	206
	257	267	291	308	343
...	40.4	218	-177	148	233
...	-15.1	-84.8	317	-13.3	-205
	301	504	567	491	577
	-364	-487	-373	-396	-255
	3.47	1.20	6.17	1.10	7.00
	-361	-486	-367	-395	-248
	-3.86	-12.9	-87.5	-29.4	-165	...
...	-26.7	16.4	-6.42	3.59	19.2
	-28.8	9.46	-42.4	-95.0	-7.65
	-88.7	27.3	158	0.421	321

ratios

Days Sales Outstanding	days
Days Sales Of Inventory	days
Days Payable Outstanding	days
Cash Conversion Cycle	days
Cash Earnings	RON mil
Cash Earnings Per Share	RON
Price/Cash Earnings (P/CE)
Free Cash Flow	RON mil
Free Cash Flow Yield	%

			83.4	93.5	132	93.5	125
...			8.65	10.0	16.4	21.5	11.2
...			77.8	82.2	362	256	159
...			14.2	21.4	-213	-141	-22.9
			275	371	426	356	549
			3.75	5.05	5.81	4.85	7.48
...	...	...	3.59	3.82	2.99	2.61	2.11
			-59.9	17.8	200	95.5	329
...	...	...	-5.87%	1.27%	17.2%	9.96%	27.6%

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other data

Unit

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

other data

ROA	%
Gross Margin	%
Effective Tax Rate	%
Enterprise Value (EV)	USD mil
EV/EBITDA
EV/Capital Employed
EV/Sales
EV/EBIT
Capital Expenditures (As % of Sales)	%

			0.464%	2.62%	3.03%	0.970%	4.03%
			31.3%	33.7%	62.3%	61.9%	38.9%
			-50.7%	20.2%	22.9%	30.1%	16.9%
...	...	...	669	757	633	527	527
...	...	...	5.73	5.29	3.86	4.35	2.86
...	...	...	0.607	0.683	0.637	0.463	0.437
...	...	...	0.799	0.897	0.613	0.653	0.703
...	...	...	20.7	12.8	9.22	16.2	6.47
			14.3%	18.2%	11.8%	14.1%	10.2%

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Transelectrica in Numbers

May 11, 2016

This Statistical Dossier offers a summary of Transelectrica's performance between 2003 and 2015 on an annual basis. The report can be downloaded in Excel file format.

You will find here all the key numbers from the company's balance sheet, income statement, cash flow and the main ratios related to the firm's business.

If you are only interested in specific

This Statistical Dossier offers a summary of Transelectrica's performance between 2003 and 2015 on an annual basis. The report can be downloaded in Excel file format.

You will find here all the key numbers from the company's balance sheet, income statement, cash flow and the main ratios related to the firm's business.

If you are only interested in specific areas of the Company's business, you find and download them at the Company's Corporate Profile.

If you want to see more reports about the Company, please, go to the Company's Reports Page.

Transelectrica at a Glance

April 13, 2014

This report offers a summary of the company's performance in 2003-2012. You will find here all the key numbers from the company's balance sheet, income statement and cash flow on the annual, in the local currency as well as in USD

Transelectrica in Numbers

April 8, 2014

This excel file offers a summary of the company's performance in 2003-2012. You will find here all the key numbers from the company's balance sheet, income statement and cash flow on the annual, in the local currency as well as in USD

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How Much Transelectrica Invests?

March 21, 2018

Transelectrica invested total of RON 244 mil in 2015, up 24.5% when compared to the previous year. Historically, company's investments reached an all time high of RON 564 mil in 2005 and an all time low of RON 196 mil in 2014.

When compared to total sales, investments reached 8.17% in 2015, up from 6.94% seen in the previous year. This is compared to 10.3% seen on average in the last five years.

As far as Transelectrica's peers are concerned, PGE invested RON 8,606 mil, or 30.2% of its sales in 2015. The comparable figures for ENEA are RON 2,847 mil and 28.9% respectively and RON 31,909 mil and 15.2% at CEZ on 2015 numbers.

You can see all the company’s data at Transelectrica Profile, or you can download a report on the company in the report section.

Transelectrica - Indebtedness

March 19, 2018

Transelectrica's net debt reached RON -257 mil and accounted for -0.084 of equity at the end of 2015. The ratio is down 327% when compared to the previous year.

Historically, the firm’s net debt to equity reached an all time

Transelectrica's net debt reached RON -257 mil and accounted for -0.084 of equity at the end of 2015. The ratio is down 327% when compared to the previous year.

Historically, the firm’s net debt to equity reached an all time high of 0.642 in 2005 and an all time low of -0.084 in 2015.

When compared to EBITDA, net debt amounted to -0.331x at the end of the year. The ratio reached an all time high of 2.77 in 2009 and an all time low of -0.331 in 2015.

As far as Transelectrica's peers are concerned, PGE posted net debt to equity of 0.128x and 0.625x when compared to EBITDA at the end of 2015. ENEA ended the year 2015 with a net debt at 0.325x of equity and 10.4x when compared to its EBITDA while ENEA had net debt at 0.325x of equity and 10.4x to EBITDA at the end of the year.

You can see all the company’s data at Transelectrica Profile, or you can download a report on the company in the report section.

Transelectrica - Balance Sheet

March 7, 2018

Transelectrica's total assets reached RON 5,321 mil at the end of 2015, up 8.14% when compared to the previous year.

Current assets amounted to RON 1,848 mil, or 34.7% of total assets while cash reached RON 1,073 mil at the end of 2015.

Transelectrica's total assets reached RON 5,321 mil at the end of 2015, up 8.14% when compared to the previous year.

Current assets amounted to RON 1,848 mil, or 34.7% of total assets while cash reached RON 1,073 mil at the end of 2015.

On the other hand, total debt reached RON 816 mil at the year-end, or 34.7% of total assets while firm's equity amounted to RON 3,060 mil. As a result, net debt reached RON -257 mil at the end of 2015 and accounted for -8.40% of equity.

You can see all the company’s data at Transelectrica Profile, or you can download a report on the company in the report section.

Transelectrica - From EBITDA to Net Profit

March 6, 2018

Transelectrica made a net profit of RON 348 mil under revenues of RON 2,986 mil in 2015, down -1.42% and 5.77%, respectively, when compared to the last year. This translates into a net margin of 11.7%.

Historically, the firm’s

Historically, the firm’s net profit reached an all time high of RON 353 mil in 2014 and an all time low of RON 18.3 mil in 2009. Since 2010, the firm's net profit has increased 235% or 27.3% a year on average.

On the operating level, EBITDA reached RON 776 mil, up -6.05% when compared to the previous year. Over the last five years, company's EBITDA has grown 11.2% a year on average.

As far as Transelectrica's peers are concerned, PGE posted net and EBITDA margin of -10.6% and 28.9%, respectively in 2015, ENEA generated margins of -4.42% and 3.83% and CEZ's profit margin reached 9.87% on the net and 27.4% on the EBITDA level in 2015.

You can see all the company’s data at Transelectrica Profile, or you can download a report on the company in the report section.

See all charts of the company »

Transelectrica's net profit fell 1.42% to RON 348 mil in 2015

Transelectrica's price/earnings (P/E) rose 0.915% to 6.12 in 2015

Transelectrica's Net Debt/EBITDA fell 361% to -0.331 in 2015

Transelectrica's Cash & Cash Equivalents rose 20.0% to RON 1,073 mil in 2015

Transelectrica's Capital Expenditures rose 24.5% to RON 244 mil in 2015

Transelectrica's ROCE rose 4.50% to 9.44% in 2015

Transelectrica's Net Margin fell 6.80% to 11.7% in 2015

Transelectrica's Share Price rose 84.6% to RON 29.2 in 2014