By Helgi Library - April 2, 2020
PGE's total assets reached PLN 61,296 mil at the end of 2015, down 7.41% compared to the previous year. Current as...
Profit Statement | 2013 | 2014 | 2015 | |
Sales | PLN mil | 30,145 | 28,143 | 28,542 |
Gross Profit | PLN mil | 14,099 | 14,604 | 14,704 |
EBITDA | PLN mil | 7,839 | 7,933 | 8,256 |
EBIT | PLN mil | 4,857 | 4,736 | -3,561 |
Financing Cost | PLN mil | -154 | -29.0 | 34.0 |
Pre-Tax Profit | PLN mil | 4,847 | 4,613 | -3,756 |
Net Profit | PLN mil | 3,948 | 3,638 | -3,032 |
Dividends | PLN mil | 2,061 | 1,462 | ... |
Balance Sheet | 2013 | 2014 | 2015 | |
Total Assets | PLN mil | 61,252 | 66,205 | 61,296 |
Non-Current Assets | PLN mil | 48,239 | 52,298 | 49,586 |
Current Assets | PLN mil | 13,013 | 13,907 | 11,710 |
Working Capital | PLN mil | 2,941 | 3,342 | 3,388 |
Shareholders' Equity | PLN mil | 43,808 | 44,884 | 40,417 |
Liabilities | PLN mil | 17,444 | 21,321 | 20,879 |
Total Debt | PLN mil | 4,477 | 6,999 | 8,269 |
Net Debt | PLN mil | -1,484 | 787 | 5,161 |
Ratios | 2013 | 2014 | 2015 | |
ROE | % | 9.31 | 8.20 | -7.11 |
ROCE | % | 7.94 | 6.81 | -5.58 |
Gross Margin | % | 46.8 | 51.9 | 51.5 |
EBITDA Margin | % | 26.0 | 28.2 | 28.9 |
EBIT Margin | % | 16.1 | 16.8 | -12.5 |
Net Margin | % | 13.1 | 12.9 | -10.6 |
Net Debt/EBITDA | -0.189 | 0.099 | 0.625 | |
Net Debt/Equity | -0.034 | 0.018 | 0.128 | |
Cost of Financing | % | -3.88 | -0.505 | 0.445 |
Valuation | 2013 | 2014 | 2015 | |
Market Capitalisation | USD mil | 10,101 | 9,976 | 6,130 |
Enterprise Value (EV) | USD mil | 9,608 | 10,199 | 7,453 |
Number Of Shares | mil | 1,870 | 1,870 | 1,870 |
Share Price | PLN | 16.3 | 18.9 | 12.8 |
EV/EBITDA | 3.87 | 4.21 | 3.36 | |
EV/Sales | 1.01 | 1.19 | 0.972 | |
Price/Earnings (P/E) | 7.71 | 9.71 | -7.89 | |
Price/Book Value (P/BV) | 0.695 | 0.787 | 0.592 | |
Dividend Yield | % | 6.77 | 4.14 | ... |
Get all company financials in excel:
summary | Unit | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 |
income statement | ||||||||||||
Sales | PLN mil | ... | 21,623 | 20,471 | 28,111 | 30,481 | 30,145 | |||||
Gross Profit | PLN mil | ... | 14,400 | 12,946 | 14,462 | 16,486 | 14,099 | |||||
EBIT | PLN mil | ... | 5,629 | 3,899 | 4,989 | 4,436 | 4,857 | |||||
Net Profit | PLN mil | ... | 3,371 | 2,990 | 4,893 | 3,616 | 3,948 | |||||
ROE | % | ... | 9.77 | 7.83 | 12.4 | 8.81 | 9.31 | |||||
EBIT Margin | % | ... | 26.0 | 19.0 | 17.7 | 14.6 | 16.1 | |||||
Net Margin | % | ... | 15.6 | 14.6 | 17.4 | 11.9 | 13.1 | |||||
Employees | ... | ... | ... | 46,357 | 46,091 | 44,317 | 41,277 | 41,195 | ||||
balance sheet | ||||||||||||
Total Assets | PLN mil | ... | 54,448 | 53,880 | 58,763 | 56,703 | 61,252 | |||||
Non-Current Assets | PLN mil | ... | 41,964 | 44,137 | 44,445 | 45,406 | 48,239 | |||||
Current Assets | PLN mil | ... | 12,483 | 9,743 | 14,318 | 11,297 | 13,013 | |||||
Shareholders' Equity | PLN mil | ... | 38,850 | 37,555 | 41,114 | 41,011 | 43,808 | |||||
Liabilities | PLN mil | ... | 15,598 | 16,325 | 17,649 | 15,692 | 17,444 | |||||
Non-Current Liabilities | PLN mil | ... | 9,762 | 7,472 | 7,276 | 8,769 | 9,922 | |||||
Current Liabilities | PLN mil | ... | 5,836 | 8,854 | 10,373 | 7,217 | 7,790 | |||||
Net Debt/EBITDA | ... | -0.325 | -0.002 | -0.261 | -0.181 | -0.189 | ||||||
Net Debt/Equity | ... | -0.069 | < -0.001 | -0.049 | -0.033 | -0.034 | ||||||
Cost of Financing | % | ... | ... | 7.11 | 11.3 | 13.3 | -12.6 | -3.88 | ||||
cash flow | ||||||||||||
Total Cash From Operations | PLN mil | ... | 7,346 | 6,585 | 7,100 | 7,411 | 7,941 | |||||
Total Cash From Investing | PLN mil | ... | -4,027 | -7,604 | -3,558 | -2,519 | -5,717 | |||||
Total Cash From Financing | PLN mil | ... | 2,249 | -3,950 | -2,239 | -4,143 | -1,066 | |||||
Net Change In Cash | PLN mil | ... | 5,569 | -4,969 | 1,304 | 749 | 1,158 | |||||
valuation | ||||||||||||
Market Capitalisation | USD mil | ... | ... | ... | ... | 12,950 | 13,923 | 11,241 | 11,005 | 10,101 | ||
Number Of Shares | mil | ... | 1,514 | 1,777 | 1,870 | 1,870 | 1,870 | |||||
Share Price | PLN | ... | ... | ... | ... | 24.5 | 23.2 | 20.7 | 18.2 | 16.3 | ||
Earnings Per Share (EPS) | PLN | ... | 2.23 | 1.68 | 2.62 | 1.93 | 2.11 | |||||
Book Value Per Share | PLN | ... | 25.7 | 21.1 | 22.0 | 21.9 | 23.4 | |||||
Dividend Per Share | PLN | ... | 0.760 | 0.650 | 1.88 | 0.861 | 1.10 | ... | ||||
Price/Earnings (P/E) | ... | ... | ... | ... | 11.0 | 13.8 | 7.91 | 9.42 | 7.71 | |||
Price/Book Value (P/BV) | ... | ... | ... | ... | 0.955 | 1.10 | 0.941 | 0.830 | 0.695 | |||
Dividend Yield | % | ... | ... | ... | ... | 3.10 | 2.80 | 9.06 | 4.73 | 6.77 | ... | |
Earnings Per Share Growth | % | ... | ... | 70.5 | -24.4 | 55.5 | -26.1 | 9.17 | ||||
Book Value Per Share Growth | % | ... | ... | 25.1 | -17.6 | 4.02 | -0.249 | 6.82 |
income statement | Unit | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 |
income statement | ||||||||||||
Sales | PLN mil | ... | 21,623 | 20,471 | 28,111 | 30,481 | 30,145 | |||||
Cost of Goods & Services | PLN mil | ... | 7,223 | 7,526 | 13,650 | 13,995 | 16,046 | |||||
Gross Profit | PLN mil | ... | 14,400 | 12,946 | 14,462 | 16,486 | 14,099 | |||||
Staff Cost | PLN mil | ... | 3,866 | 4,071 | 4,314 | 4,847 | 4,326 | |||||
Other Cost | PLN mil | ... | 2,267 | 2,320 | 2,448 | 4,270 | 1,934 | |||||
EBITDA | PLN mil | ... | 8,267 | 6,554 | 7,699 | 7,368 | 7,839 | |||||
Depreciation | PLN mil | ... | 2,639 | 2,655 | 2,711 | 2,932 | 2,982 | |||||
EBIT | PLN mil | ... | 5,629 | 3,899 | 4,989 | 4,436 | 4,857 | |||||
Financing Cost | PLN mil | ... | 446 | 436 | 316 | -346 | -154 | |||||
Extraordinary Cost | PLN mil | ... | -196 | -778 | -1,438 | 172 | 164 | |||||
Pre-Tax Profit | PLN mil | ... | 5,379 | 4,240 | 6,111 | 4,610 | 4,847 | |||||
Tax | PLN mil | ... | 1,041 | 667 | 1,184 | 966 | 876 | |||||
Minorities | PLN mil | ... | 967 | 608 | 36.0 | 27.9 | 23.0 | |||||
Net Profit | PLN mil | ... | 3,371 | 2,990 | 4,893 | 3,616 | 3,948 | |||||
Dividends | PLN mil | 1,151 | 1,155 | 3,506 | 1,610 | 2,061 | ... | |||||
growth rates | ||||||||||||
Total Revenue Growth | % | ... | ... | 11.4 | -5.33 | 37.3 | 8.43 | -1.10 | ||||
Operating Cost Growth | % | ... | ... | 3.03 | 4.22 | 5.80 | 34.8 | -31.3 | ||||
EBITDA Growth | % | ... | ... | 44.9 | -20.7 | 17.5 | -4.30 | 6.39 | ||||
EBIT Growth | % | ... | ... | 80.5 | -30.7 | 28.0 | -11.1 | 9.49 | ||||
Pre-Tax Profit Growth | % | ... | ... | 69.7 | -21.2 | 44.1 | -24.6 | 5.14 | ||||
Net Profit Growth | % | ... | ... | 75.5 | -11.3 | 63.6 | -26.1 | 9.17 | ||||
ratios | ||||||||||||
ROE | % | ... | 9.77 | 7.83 | 12.4 | 8.81 | 9.31 | |||||
ROCE | % | ... | ... | 7.76 | 6.64 | 10.6 | 7.64 | 7.94 | ||||
Gross Margin | % | ... | 66.6 | 63.2 | 51.4 | 54.1 | 46.8 | |||||
EBITDA Margin | % | ... | 38.2 | 32.0 | 27.4 | 24.2 | 26.0 | |||||
EBIT Margin | % | ... | 26.0 | 19.0 | 17.7 | 14.6 | 16.1 | |||||
Net Margin | % | ... | 15.6 | 14.6 | 17.4 | 11.9 | 13.1 | |||||
Payout Ratio | % | ... | 34.1 | 38.6 | 71.7 | 44.5 | 52.2 | ... | ||||
Cost of Financing | % | ... | ... | 7.11 | 11.3 | 13.3 | -12.6 | -3.88 | ||||
Net Debt/EBITDA | ... | -0.325 | -0.002 | -0.261 | -0.181 | -0.189 |
balance sheet | Unit | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 |
balance sheet | ||||||||||||
Non-Current Assets | PLN mil | ... | 41,964 | 44,137 | 44,445 | 45,406 | 48,239 | |||||
Property, Plant & Equipment | PLN mil | ... | 38,946 | 41,442 | 42,975 | 43,738 | 46,127 | |||||
Intangible Assets | PLN mil | ... | 153 | 203 | 217 | 513 | 718 | |||||
Goodwill | PLN mil | ... | ... | ... | ... | ... | ... | ... | 188 | 289 | ||
Current Assets | PLN mil | ... | 12,483 | 9,743 | 14,318 | 11,297 | 13,013 | |||||
Inventories | PLN mil | ... | 1,271 | 1,091 | 1,305 | 2,200 | 1,684 | |||||
Receivables | PLN mil | ... | 2,059 | 1,619 | 1,768 | 1,895 | 2,192 | |||||
Cash & Cash Equivalents | PLN mil | ... | 7,713 | 2,730 | 4,052 | 4,800 | 5,961 | |||||
Total Assets | PLN mil | ... | 54,448 | 53,880 | 58,763 | 56,703 | 61,252 | |||||
Shareholders' Equity | PLN mil | ... | 38,850 | 37,555 | 41,114 | 41,011 | 43,808 | |||||
Of Which Minority Interest | PLN mil | ... | 7,681 | 596 | 414 | 294 | 268 | |||||
Liabilities | PLN mil | ... | 15,598 | 16,325 | 17,649 | 15,692 | 17,444 | |||||
Non-Current Liabilities | PLN mil | ... | 9,762 | 7,472 | 7,276 | 8,769 | 9,922 | |||||
Long-Term Debt | PLN mil | ... | 4,057 | 1,804 | 1,341 | 1,107 | 2,005 | |||||
Deferred Tax Liabilities | PLN mil | ... | ... | ... | ... | ... | ... | ... | 1,547 | 1,702 | ||
Current Liabilities | PLN mil | ... | 5,836 | 8,854 | 10,373 | 7,217 | 7,790 | |||||
Short-Term Debt | PLN mil | ... | 971 | 915 | 698 | 2,358 | 2,472 | |||||
Trade Payables | PLN mil | ... | 1,083 | 980 | 1,117 | 1,202 | 935 | |||||
Equity And Liabilities | PLN mil | ... | 54,448 | 53,880 | 58,763 | 56,703 | 61,252 | |||||
growth rates | ||||||||||||
Total Asset Growth | % | ... | ... | 15.4 | -1.04 | 9.06 | -3.51 | 8.02 | ||||
Shareholders' Equity Growth | % | ... | ... | 28.7 | -3.33 | 9.48 | -0.249 | 6.82 | ||||
Net Debt Growth | % | ... | ... | -150 | -99.6 | 18,139 | -33.7 | 11.2 | ||||
Total Debt Growth | % | ... | ... | -33.1 | -45.9 | -25.0 | 69.9 | 29.2 | ||||
ratios | ||||||||||||
Total Debt | PLN mil | ... | 5,028 | 2,719 | 2,039 | 3,465 | 4,477 | |||||
Net Debt | PLN mil | ... | -2,685 | -11.0 | -2,013 | -1,335 | -1,484 | |||||
Working Capital | PLN mil | ... | 2,248 | 1,729 | 1,956 | 2,893 | 2,941 | |||||
Capital Employed | PLN mil | ... | 44,212 | 45,866 | 46,401 | 48,299 | 51,180 | |||||
Net Debt/Equity | ... | -0.069 | < -0.001 | -0.049 | -0.033 | -0.034 | ||||||
Cost of Financing | % | ... | ... | 7.11 | 11.3 | 13.3 | -12.6 | -3.88 |
cash flow | Unit | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 |
cash flow | ||||||||||||
Net Profit | PLN mil | ... | 3,371 | 2,990 | 4,893 | 3,616 | 3,948 | |||||
Depreciation | PLN mil | ... | 2,639 | 2,655 | 2,711 | 2,932 | 2,982 | |||||
Non-Cash Items | PLN mil | ... | ... | 1,676 | 421 | -276 | 1,799 | 1,059 | ||||
Change in Working Capital | PLN mil | ... | ... | -339 | 519 | -227 | -937 | -48.3 | ||||
Total Cash From Operations | PLN mil | ... | 7,346 | 6,585 | 7,100 | 7,411 | 7,941 | |||||
Capital Expenditures | PLN mil | ... | -4,022 | -4,522 | -4,519 | -4,967 | -4,619 | |||||
Other Investments | PLN mil | ... | -4.51 | -3,081 | 961 | 2,448 | -1,098 | |||||
Total Cash From Investing | PLN mil | ... | -4,027 | -7,604 | -3,558 | -2,519 | -5,717 | |||||
Dividends Paid | PLN mil | -1,151 | -1,155 | -3,506 | -1,610 | -2,061 | ... | |||||
Issuance Of Debt | PLN mil | ... | ... | -2,484 | -2,308 | -680 | 1,426 | 1,012 | ||||
Total Cash From Financing | PLN mil | ... | 2,249 | -3,950 | -2,239 | -4,143 | -1,066 | |||||
Net Change In Cash | PLN mil | ... | 5,569 | -4,969 | 1,304 | 749 | 1,158 | |||||
ratios | ||||||||||||
Days Sales Outstanding | days | ... | 34.8 | 28.9 | 23.0 | 22.7 | 26.5 | |||||
Days Sales Of Inventory | days | ... | 64.2 | 52.9 | 34.9 | 57.4 | 38.3 | |||||
Days Payable Outstanding | days | ... | 54.7 | 47.5 | 29.9 | 31.3 | 21.3 | |||||
Cash Conversion Cycle | days | ... | 44.3 | 34.2 | 28.0 | 48.7 | 43.6 | |||||
Cash Earnings | PLN mil | ... | 6,009 | 5,645 | 7,603 | 6,549 | 6,930 | |||||
Cash Earnings Per Share | PLN | ... | 3.97 | 3.18 | 4.07 | 3.50 | 3.71 | |||||
Price/Cash Earnings (P/CE) | ... | ... | ... | ... | 6.17 | 7.30 | 5.09 | 5.20 | 4.39 | |||
Free Cash Flow | PLN mil | ... | 3,319 | -1,019 | 3,543 | 4,892 | 2,224 | |||||
Free Cash Flow Yield | % | ... | ... | ... | ... | 8.23 | -2.43 | 10.6 | 13.7 | 6.97 |
other data | Unit | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 |
other data | ||||||||||||
ROA | % | ... | 6.63 | 5.52 | 8.69 | 6.26 | 6.69 | |||||
Gross Margin | % | ... | 66.6 | 63.2 | 51.4 | 54.1 | 46.8 | |||||
Employees | ... | ... | ... | 46,357 | 46,091 | 44,317 | 41,277 | 41,195 | ||||
Cost Per Employee | USD per month | ... | ... | ... | 2,230 | 2,439 | 2,736 | 3,007 | 2,769 | |||
Cost Per Employee (Local Currency) | PLN per month | ... | ... | ... | 6,949 | 7,361 | 8,112 | 9,785 | 8,751 | |||
Staff Cost (As % Of Total Cost) | % | ... | 24.2 | 24.6 | 18.7 | 18.6 | 17.1 | |||||
Effective Tax Rate | % | ... | 19.4 | 15.7 | 19.4 | 21.0 | 18.1 | |||||
Enterprise Value (EV) | USD mil | ... | ... | ... | ... | 12,012 | 13,920 | 10,656 | 10,574 | 9,608 | ||
EV/EBITDA | ... | ... | ... | ... | 4.53 | 6.41 | 4.10 | 4.67 | 3.87 | |||
EV/Capital Employed | ... | ... | ... | ... | 0.778 | 0.898 | 0.791 | 0.677 | 0.566 | |||
EV/Sales | ... | ... | ... | ... | 1.73 | 2.05 | 1.12 | 1.13 | 1.01 | |||
EV/EBIT | ... | ... | ... | ... | 6.65 | 10.8 | 6.33 | 7.76 | 6.25 | |||
Domestic Sales | PLN mil | ... | ... | ... | ... | ... | ... | ... | ... | 29,607 | ||
Capital Expenditures (As % of Sales) | % | ... | 18.6 | 22.1 | 16.1 | 16.3 | 15.3 | |||||
Revenues From Abroad | PLN mil | ... | ... | ... | ... | ... | ... | ... | ... | 538 | ||
Revenues From Abroad (As % Of Total) | % | ... | ... | ... | ... | ... | ... | ... | ... | 1.78 | ||
Sales from Conventional Generation | PLN mil | ... | 3,091 | 2,334 | 12,804 | 14,302 | 11,819 | |||||
Sales from Renewables | PLN mil | ... | 423 | 475 | 512 | 553 | 636 | |||||
Sales from Wholesale | PLN mil | ... | 5,488 | 4,739 | 762 | 1,197 | 2,683 | ... | ||||
Sales from Distribution | PLN mil | ... | ... | 365 | 671 | 885 | 1,229 | 1,421 | ||||
Sales from Retail | PLN mil | ... | 11,422 | 11,498 | 12,185 | 12,421 | 12,774 | ... | ||||
EBIT from Conventional Generation | PLN mil | ... | 4,026 | 2,925 | 2,989 | 2,013 | 1,971 | |||||
EBIT from Renewables | PLN mil | ... | 77.6 | 135 | 87.0 | 103 | 188 | |||||
EBIT from Wholesale | PLN mil | ... | 439 | 200 | 181 | 555 | 965 | ... | ||||
EBIT from Distribution | PLN mil | ... | 263 | 534 | 705 | 1,029 | 1,221 | |||||
EBIT from Retail | PLN mil | ... | ... | 398 | 205 | 124 | 219 | 403 | ... | |||
Production of Hydro Power (GWh) | GWh | ... | ... | ... | 600 | 590 | 440 | 450 | 490 | |||
Production of Lignite-fired Power (GWh) | GWh | ... | ... | ... | 35,900 | 35,310 | 38,690 | 40,340 | 41,360 | |||
Production of Hard Coal-fired Power (GWh) | GWh | ... | ... | ... | 13,100 | 12,940 | 13,290 | 11,620 | 11,570 | |||
Production of Coal-fired Heat & Power (GWh) | GWh | ... | ... | ... | 1,500 | 1,380 | 1,420 | 1,330 | 1,110 | |||
Production of Gas-fired Heat & Power (GWh) | GWh | ... | ... | ... | 2,000 | 1,920 | 2,210 | 2,340 | 1,110 | |||
Production of Pump Storage (GWh) | GWh | ... | ... | ... | 600 | 530 | 400 | 840 | 530 | |||
Production of Wind Power (GWh) | GWh | ... | ... | ... | 100 | 60.0 | 70.0 | 130 | 430 | |||
Production of Energy Total (GWh) | GWh | ... | ... | ... | 53,800 | 52,730 | 56,520 | 57,050 | 57,040 | |||
Production of Renewable Energy (GWh) | GWh | ... | ... | ... | ... | ... | 1,340 | 1,440 | 1,480 | 1,950 | ||
Production of Biomass Energy (GWh) | GWh | ... | ... | ... | ... | ... | 690 | 930 | 1,040 | 1,030 | ||
Sales to End-Users (GWh) | GWh | ... | ... | ... | ... | ... | ... | ... | ... | 36,910 | ||
Sales on the Wholesale Market (GWh) | GWh | ... | ... | ... | ... | ... | ... | ... | ... | 71,370 | ||
Sales of Heat (GJ) | GJ | ... | ... | ... | ... | ... | ... | ... | ... | 19,980 | ||
Lignite Extraction (mt) | Mt | ... | ... | ... | ... | ... | ... | ... | ... | 51.3 |
Get all company financials in excel:
Polska Grupa Energetyczna (PGE Group) is a state-owned power company and the largest power producing company in Poland. PGE was created by the merger of PSE, PGE Energia SA and BOT Górnictwo i Energetyka in 2007. In 2009, the Company shares entered the Warsaw Stock Exchange. PGE Group is a vertically integrated group which also includes two lignite mines, four power plants and ten cogeneration plants, eight distribution system operators, eight retail sales companies, a wholesale trading company as well as companies active in other branches (including the telecommunications industry). Poland's Government held nearly a 62% stake in the PGE Group at the end of 2012. In 2009, PGE announced a plan to build two nuclear power stations in Poland
PGE has been growing its sales by a year on average in the last 5 years. EBITDA has grown by 0% during that time to total of in 2015, or of sales. That’s compared to % average margin seen in last five years.
The company netted in 2015 implying ROE of and ROCE of . Again, the average figures were % and %, respectively when looking at the previous 5 years.
PGE’s net debt amounted to at the end of 2015, or of equity. When compared to EBITDA, net debt was x, up when compared to average of x seen in the last 5 years.
PGE stock traded at per share at the end of 2015 resulting in a market capitalization of . Over the previous five years, stock price grew by 0% or % a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of x and price to earnings (PE) of x as of 2015.