Transelectrica

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

By Helgi Analytics - April 2, 2020

Transelectrica's total assets reached RON 5,321 mil at the end of 2015, down 3.24% compared to the previous year. ...

Profit Statement 2013 2014 2015
Sales RON mil 2,495 2,823 2,986
Gross Profit RON mil 970 1,165 1,137
EBITDA RON mil 614 826 776
EBIT RON mil 271 450 441
Financing Cost RON mil 22.0 22.0 24.0
Pre-Tax Profit RON mil 249 418 417
Net Profit RON mil 206 353 348
Dividends RON mil 165 205 ...
Balance Sheet 2013 2014 2015
Total Assets RON mil 5,211 5,499 5,321
Non-Current Assets RON mil 3,673 3,492 3,473
Current Assets RON mil 1,538 2,007 1,848
Working Capital RON mil 237 410 -5.00
Shareholders' Equity RON mil 2,641 2,835 3,060
Liabilities RON mil 2,570 2,664 2,261
Total Debt RON mil 1,183 999 816
Net Debt RON mil 548 105 -257
Ratios 2013 2014 2015
ROE % 8.07 12.9 11.8
ROCE % 5.32 9.04 9.44
Gross Margin % 38.9 41.3 38.1
EBITDA Margin % 24.6 29.3 26.0
EBIT Margin % 10.9 15.9 14.8
Net Margin % 8.26 12.5 11.7
Net Debt/EBITDA 0.893 0.127 -0.331
Net Debt/Equity 0.207 0.037 -0.084
Cost of Financing % 1.87 2.02 2.64
Valuation 2013 2014 2015
Market Capitalisation USD mil 358 578 575
Enterprise Value (EV) USD mil 527 606 505
Number Of Shares mil 73.4 73.4 73.4
Share Price RON 15.8 29.2 29.0
EV/EBITDA 2.86 2.55 2.26
EV/Sales 0.703 0.745 0.588
Price/Earnings (P/E) 5.63 6.06 6.12
Price/Book Value (P/BV) 0.439 0.755 0.696
Dividend Yield % 14.2 9.58 ...

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summary Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                          
Sales RON mil             2,552 2,683 3,152 2,801 2,495    
Gross Profit RON mil             800 903 1,963 1,733 970    
EBIT RON mil             98.6 188 209 113 271    
Net Profit RON mil             18.3 104 135 47.9 206    
ROE %             0.951 5.32 6.66 2.11 8.07    
EBIT Margin %             3.86 7.02 6.64 4.03 10.9    
Net Margin %             0.715 3.87 4.30 1.71 8.26    
balance sheet                          
Total Assets RON mil             3,845 4,099 4,852 5,018 5,211    
Non-Current Assets RON mil             3,006 3,215 3,298 3,805 3,673    
Current Assets RON mil             839 884 1,553 1,214 1,538    
Shareholders' Equity RON mil             1,905 2,003 2,063 2,467 2,641    
Liabilities RON mil             1,940 2,096 2,788 2,551 2,570    
Non-Current Liabilities RON mil             1,215 1,172 1,381 1,571 1,560    
Current Liabilities RON mil             725 925 1,407 980 1,010    
Net Debt/EBITDA             2.77 2.21 1.67 2.01 0.893    
Net Debt/Equity             0.518 0.502 0.406 0.342 0.207    
Cost of Financing % ...           3.65 2.57 2.84 2.78 1.87    
cash flow                          
Total Cash From Operations RON mil             301 504 567 491 577    
Total Cash From Investing RON mil             -361 -486 -367 -395 -248    
Total Cash From Financing RON mil             -28.8 9.46 -42.4 -95.0 -7.65    
Net Change In Cash RON mil             -88.7 27.3 158 0.421 321    
valuation                          
Market Capitalisation USD mil ... ... ...       335 443 382 276 358    
Number Of Shares mil             73.4 73.4 73.4 73.4 73.4    
Share Price RON ... ... ...       13.5 19.3 17.4 12.7 15.8    
Earnings Per Share (EPS) RON             0.249 1.42 1.85 0.652 2.81    
Book Value Per Share RON             25.9 27.3 28.1 33.6 36.0    
Dividend Per Share RON             0.053 0.176 1.19 0.400 2.25   ...
Price/Earnings (P/E) ... ... ...       54.2 13.6 9.41 19.4 5.63    
Price/Book Value (P/BV) ... ... ...       0.520 0.708 0.618 0.377 0.439    
Dividend Yield % ... ... ...       0.390 0.912 6.86 3.16 14.2   ...
Earnings Per Share Growth % ...           -63.8 470 30.3 -64.7 330    
Book Value Per Share Growth % ...           -1.54 5.16 3.01 19.6 7.06    
income statement Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                          
Sales RON mil             2,552 2,683 3,152 2,801 2,495    
Cost of Goods & Services RON mil             1,752 1,780 1,189 1,068 1,525    
Gross Profit RON mil             800 903 1,963 1,733 970    
EBITDA RON mil             356 456 500 421 614    
Depreciation RON mil             257 267 291 308 343    
EBIT RON mil             98.6 188 209 113 271    
Financing Cost RON mil             42.5 29.7 33.0 32.3 22.0    
Extraordinary Cost RON mil             44.0 28.5 0.642 12.0 0    
Pre-Tax Profit RON mil             12.1 130 176 68.5 249    
Tax RON mil             -6.14 26.2 40.2 20.7 42.0    
Minorities RON mil             0 0 0 0 0    
Net Profit RON mil             18.3 104 135 47.9 206    
Dividends RON mil             3.86 12.9 87.5 29.4 165   ...
growth rates                          
Total Revenue Growth % ...           -14.6 5.16 17.5 -11.1 -10.9    
EBITDA Growth % ...           -22.3 28.1 9.84 -15.9 46.0    
EBIT Growth % ...           -54.6 91.1 11.1 -46.2 140    
Pre-Tax Profit Growth % ...           -80.7 975 35.0 -61.0 263    
Net Profit Growth % ...           -63.8 470 30.3 -64.7 330    
ratios                          
ROE %             0.951 5.32 6.66 2.11 8.07    
ROCE % ...           0.571 3.05 3.95 1.34 5.32    
Gross Margin %             31.3 33.7 62.3 61.9 38.9    
EBITDA Margin %             13.9 17.0 15.9 15.0 24.6    
EBIT Margin %             3.86 7.02 6.64 4.03 10.9    
Net Margin %             0.715 3.87 4.30 1.71 8.26    
Payout Ratio %             21.1 12.4 64.6 61.3 80.1   ...
Cost of Financing % ...           3.65 2.57 2.84 2.78 1.87    
Net Debt/EBITDA             2.77 2.21 1.67 2.01 0.893    
balance sheet Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                          
Non-Current Assets RON mil             3,006 3,215 3,298 3,805 3,673    
Property, Plant & Equipment RON mil             2,970 3,183 3,244 3,751 3,624    
Intangible Assets RON mil             30.4 26.4 48.4 48.0 44.0    
Current Assets RON mil             839 884 1,553 1,214 1,538    
Inventories RON mil             41.5 48.8 53.5 62.9 47.0    
Receivables RON mil             583 688 1,144 717 856    
Cash & Cash Equivalents RON mil             164 160 322 319 635    
Total Assets RON mil             3,845 4,099 4,852 5,018 5,211    
Shareholders' Equity RON mil             1,905 2,003 2,063 2,467 2,641    
Of Which Minority Interest RON mil             0 0 0 0 0    
Liabilities RON mil             1,940 2,096 2,788 2,551 2,570    
Non-Current Liabilities RON mil             1,215 1,172 1,381 1,571 1,560    
Long-Term Debt RON mil             947 982 943 955 951    
Current Liabilities RON mil             725 925 1,407 980 1,010    
Short-Term Debt RON mil             203 185 217 209 232    
Trade Payables RON mil             373 401 1,178 748 666    
Equity And Liabilities RON mil             3,845 4,099 4,852 5,018 5,211    
growth rates                          
Total Asset Growth % ...           -4.37 6.62 18.3 3.43 3.84    
Shareholders' Equity Growth % ...           -1.54 5.16 3.01 19.6 7.06    
Net Debt Growth % ...           3.56 1.99 -16.7 0.822 -35.1    
Total Debt Growth % ...           -2.27 1.43 -0.550 0.309 1.65    
ratios                          
Total Debt RON mil             1,150 1,167 1,160 1,164 1,183    
Net Debt RON mil             987 1,006 838 845 548    
Working Capital RON mil             251 336 18.8 32.1 237    
Capital Employed RON mil             3,257 3,551 3,317 3,837 3,910    
Net Debt/Equity             0.518 0.502 0.406 0.342 0.207    
Cost of Financing % ...           3.65 2.57 2.84 2.78 1.87    
cash flow Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                          
Net Profit RON mil             18.3 104 135 47.9 206    
Depreciation RON mil             257 267 291 308 343    
Non-Cash Items RON mil ...           40.4 218 -177 148 233    
Change in Working Capital RON mil ...           -15.1 -84.8 317 -13.3 -205    
Total Cash From Operations RON mil             301 504 567 491 577    
Capital Expenditures RON mil             -364 -487 -373 -396 -255    
Other Investments RON mil             3.47 1.20 6.17 1.10 7.00    
Total Cash From Investing RON mil             -361 -486 -367 -395 -248    
Dividends Paid RON mil             -3.86 -12.9 -87.5 -29.4 -165   ...
Issuance Of Debt RON mil ...           -26.7 16.4 -6.42 3.59 19.2    
Total Cash From Financing RON mil             -28.8 9.46 -42.4 -95.0 -7.65    
Net Change In Cash RON mil             -88.7 27.3 158 0.421 321    
ratios                          
Days Sales Outstanding days             83.4 93.5 132 93.5 125    
Days Sales Of Inventory days ...           8.65 10.0 16.4 21.5 11.2    
Days Payable Outstanding days ...           77.8 82.2 362 256 159    
Cash Conversion Cycle days ...           14.2 21.4 -213 -141 -22.9    
Cash Earnings RON mil             275 371 426 356 549    
Cash Earnings Per Share RON             3.75 5.05 5.81 4.85 7.48    
Price/Cash Earnings (P/CE) ... ... ...       3.59 3.82 2.99 2.61 2.11    
Free Cash Flow RON mil             -59.9 17.8 200 95.5 329    
Free Cash Flow Yield % ... ... ...       -5.87 1.27 17.2 9.96 27.6    
other data Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                          
ROA %             0.464 2.62 3.03 0.970 4.03    
Gross Margin %             31.3 33.7 62.3 61.9 38.9    
Effective Tax Rate %             -50.7 20.2 22.9 30.1 16.9    
Enterprise Value (EV) USD mil ... ... ...       669 757 633 527 527    
EV/EBITDA ... ... ...       5.73 5.29 3.86 4.35 2.86    
EV/Capital Employed ... ... ...       0.607 0.683 0.637 0.463 0.437    
EV/Sales ... ... ...       0.799 0.897 0.613 0.653 0.703    
EV/EBIT ... ... ...       20.7 12.8 9.22 16.2 6.47    
Capital Expenditures (As % of Sales) %             14.3 18.2 11.8 14.1 10.2    

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May 2016
Statistical Dossier
Apr 2014
Statistical Dossier
Apr 2014
Company Report

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.

Finance

Transelectrica has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 11.2% a year during that time to total of RON 776 mil in 2015, or 26.0% of sales. That’s compared to 22.1% average margin seen in last five years.

The company netted RON 348 mil in 2015 implying ROE of 11.8% and ROCE of 9.44%. Again, the average figures were 8.31% and 5.82%, respectively when looking at the previous 5 years.

Transelectrica’s net debt amounted to RON -257 mil at the end of 2015, or -0.084 of equity. When compared to EBITDA, net debt was -0.331x, down when compared to average of 0.874x seen in the last 5 years.

Valuation

Transelectrica stock traded at RON 29.0 per share at the end of 2015 resulting in a market capitalization of USD 575 mil. Over the previous five years, stock price grew by 50.1% or 8.47% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 2.26x and price to earnings (PE) of 6.12x as of 2015.