| 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 | ... |
Get all company financials in excel:
| 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 |
Get all company financials in excel:
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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