By Helgi Library - April 2, 2020
CEPS's total assets reached CZK 34,987 mil at the end of 2015, up 14.2% compared to the previous year. Current ass...
By Helgi Library - April 2, 2020
CEPS's total assets reached CZK 34,987 mil at the end of 2015, up 14.2% compared to the previous year. Current ass...
| Profit Statement | 2013 | 2014 | 2015 | |
| Sales | CZK mil | 17,397 | 16,259 | 17,336 |
| Gross Profit | CZK mil | 4,647 | 3,785 | 4,350 |
| EBITDA | CZK mil | 4,105 | 3,212 | 3,700 |
| EBIT | CZK mil | 2,230 | 1,309 | 1,805 |
| Financing Cost | CZK mil | -41.4 | -25.5 | -211 |
| Pre-Tax Profit | CZK mil | 2,271 | 1,335 | 2,016 |
| Net Profit | CZK mil | 1,822 | 1,079 | 1,658 |
| Dividends | CZK mil | 20.0 | 910 | ... |
| Balance Sheet | 2013 | 2014 | 2015 | |
| Total Assets | CZK mil | 29,432 | 30,630 | 34,987 |
| Non-Current Assets | CZK mil | 24,719 | 27,516 | 31,282 |
| Current Assets | CZK mil | 4,702 | 3,096 | 3,689 |
| Working Capital | CZK mil | -983 | -837 | -1,216 |
| Shareholders' Equity | CZK mil | 21,939 | 22,979 | 23,706 |
| Liabilities | CZK mil | 7,493 | 7,651 | 11,281 |
| Total Debt | CZK mil | 3,657 | 3,914 | 7,147 |
| Net Debt | CZK mil | -57.9 | 1,866 | 4,625 |
| Ratios | 2013 | 2014 | 2015 | |
| ROE | % | 8.65 | 4.80 | 7.10 |
| ROCE | % | 7.72 | 4.28 | 5.84 |
| Gross Margin | % | 26.7 | 23.3 | 25.1 |
| EBITDA Margin | % | 23.6 | 19.8 | 21.3 |
| EBIT Margin | % | 12.8 | 8.05 | 10.4 |
| Net Margin | % | 10.5 | 6.63 | 9.56 |
| Net Debt/EBITDA | -0.014 | 0.581 | 1.25 | |
| Net Debt/Equity | -0.003 | 0.081 | 0.195 | |
| Cost of Financing | % | -1.18 | -0.673 | -3.81 |
| Cash Flow | 2013 | 2014 | 2015 | |
| Total Cash From Operations | CZK mil | 3,682 | 3,012 | 3,176 |
| Total Cash From Investing | CZK mil | -1,960 | -4,887 | -5,034 |
| Total Cash From Financing | CZK mil | 209 | 203 | 2,332 |
| Net Change In Cash | CZK mil | 1,930 | -1,671 | 474 |
| Cash Conversion Cycle | days | -32.0 | -27.7 | -37.2 |
| Cash Earnings | CZK mil | 3,697 | 2,981 | 3,552 |
| Free Cash Flow | CZK mil | 1,722 | -1,874 | -1,858 |
Get all company financials in excel:
| summary | Unit | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 |
| income statement | |||||||||||
| Sales | CZK mil | ... | 14,088 | 15,257 | 15,217 | 16,236 | 17,397 | ||||
| Gross Profit | CZK mil | ... | 3,295 | 4,551 | 5,388 | 4,636 | 4,647 | ||||
| EBIT | CZK mil | ... | 992 | 2,151 | 2,986 | 2,388 | 2,230 | ||||
| Net Profit | CZK mil | 778 | 1,702 | 2,433 | 1,969 | 1,822 | |||||
| ROE | % | 5.16 | 11.2 | 14.3 | 10.3 | 8.65 | |||||
| EBIT Margin | % | ... | 7.04 | 14.1 | 19.6 | 14.7 | 12.8 | ||||
| Net Margin | % | ... | 5.52 | 11.2 | 16.0 | 12.1 | 10.5 | ||||
| Employees | 492 | 501 | 501 | 469 | 495 | ||||||
| balance sheet | |||||||||||
| Total Assets | CZK mil | ... | 20,164 | 22,174 | 24,399 | 27,156 | 29,432 | ||||
| Non-Current Assets | CZK mil | 18,285 | 18,971 | 20,921 | 24,422 | 24,719 | |||||
| Current Assets | CZK mil | 1,866 | 3,182 | 3,456 | 2,708 | 4,702 | |||||
| Shareholders' Equity | CZK mil | 14,568 | 15,813 | 18,223 | 20,158 | 21,939 | |||||
| Liabilities | CZK mil | ... | 5,597 | 6,361 | 6,176 | 6,998 | 7,493 | ||||
| Non-Current Liabilities | CZK mil | ... | 1,944 | 2,028 | 2,016 | 1,872 | 1,685 | ||||
| Current Liabilities | CZK mil | ... | 1,113 | 1,394 | 1,624 | 1,790 | 2,050 | ||||
| Net Debt/EBITDA | ... | 0.626 | 0.264 | 0.079 | 0.377 | -0.014 | |||||
| Net Debt/Equity | ... | 0.122 | 0.067 | 0.021 | 0.077 | -0.003 | |||||
| Cost of Financing | % | ... | ... | 1.09 | 1.14 | -1.08 | -1.15 | -1.18 | |||
| cash flow | |||||||||||
| Total Cash From Operations | CZK mil | ... | 2,829 | 3,371 | 4,443 | 3,925 | 3,682 | ||||
| Total Cash From Investing | CZK mil | ... | -2,069 | -2,278 | -3,627 | -4,989 | -1,960 | ||||
| Total Cash From Financing | CZK mil | ... | -134 | 105 | -486 | 144 | 209 | ||||
| Net Change In Cash | CZK mil | ... | 626 | 1,198 | 330 | -920 | 1,930 |
| income statement | Unit | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 |
| income statement | |||||||||||
| Sales | CZK mil | ... | 14,088 | 15,257 | 15,217 | 16,236 | 17,397 | ||||
| Cost of Goods & Services | CZK mil | ... | 10,793 | 10,706 | 9,828 | 11,599 | 12,750 | ||||
| Gross Profit | CZK mil | ... | 3,295 | 4,551 | 5,388 | 4,636 | 4,647 | ||||
| Staff Cost | CZK mil | ... | 480 | 505 | 509 | 510 | 497 | ||||
| Other Cost | CZK mil | ... | -12.6 | 4.55 | 88.1 | -0.071 | 45.2 | ||||
| EBITDA | CZK mil | ... | 2,828 | 4,042 | 4,791 | 4,127 | 4,105 | ||||
| Depreciation | CZK mil | 1,835 | 1,890 | 1,805 | 1,739 | 1,875 | |||||
| EBIT | CZK mil | ... | 992 | 2,151 | 2,986 | 2,388 | 2,230 | ||||
| Financing Cost | CZK mil | ... | 23.5 | 36.5 | -35.2 | -37.1 | -41.4 | ||||
| Extraordinary Cost | CZK mil | ... | -0.015 | 0.038 | -0.036 | -0.016 | 0.068 | ||||
| Pre-Tax Profit | CZK mil | 969 | 2,115 | 3,022 | 2,425 | 2,271 | |||||
| Tax | CZK mil | 191 | 413 | 588 | 456 | 450 | |||||
| Minorities | CZK mil | ... | 0 | 0 | 0 | 0 | 0 | ||||
| Net Profit | CZK mil | 778 | 1,702 | 2,433 | 1,969 | 1,822 | |||||
| Dividends | CZK mil | 442 | 10.0 | 20.0 | 20.0 | 20.0 | ... | ||||
| growth rates | |||||||||||
| Total Revenue Growth | % | ... | ... | -2.95 | 8.30 | -0.265 | 6.70 | 7.15 | |||
| Operating Cost Growth | % | ... | ... | 4.38 | 8.85 | 17.2 | -14.6 | 6.39 | |||
| EBITDA Growth | % | ... | ... | -21.3 | 42.9 | 18.6 | -13.9 | -0.524 | |||
| EBIT Growth | % | ... | ... | -43.1 | 117 | 38.8 | -20.0 | -6.63 | |||
| Pre-Tax Profit Growth | % | ... | -45.4 | 118 | 42.9 | -19.7 | -6.35 | ||||
| Net Profit Growth | % | ... | -43.9 | 119 | 43.0 | -19.1 | -7.51 | ||||
| ratios | |||||||||||
| ROE | % | 5.16 | 11.2 | 14.3 | 10.3 | 8.65 | |||||
| ROCE | % | ... | ... | 4.32 | 9.25 | 12.5 | 8.97 | 7.72 | |||
| Gross Margin | % | ... | 23.4 | 29.8 | 35.4 | 28.6 | 26.7 | ||||
| EBITDA Margin | % | ... | 20.1 | 26.5 | 31.5 | 25.4 | 23.6 | ||||
| EBIT Margin | % | ... | 7.04 | 14.1 | 19.6 | 14.7 | 12.8 | ||||
| Net Margin | % | ... | 5.52 | 11.2 | 16.0 | 12.1 | 10.5 | ||||
| Payout Ratio | % | 56.8 | 0.588 | 0.822 | 1.02 | 1.10 | ... | ||||
| Cost of Financing | % | ... | ... | 1.09 | 1.14 | -1.08 | -1.15 | -1.18 | |||
| Net Debt/EBITDA | ... | 0.626 | 0.264 | 0.079 | 0.377 | -0.014 |
| balance sheet | Unit | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 |
| balance sheet | |||||||||||
| Non-Current Assets | CZK mil | 18,285 | 18,971 | 20,921 | 24,422 | 24,719 | |||||
| Property, Plant & Equipment | CZK mil | ... | 18,016 | 18,660 | 20,549 | 22,490 | 24,232 | ||||
| Intangible Assets | CZK mil | ... | 267 | 308 | 347 | 409 | 464 | ||||
| Current Assets | CZK mil | 1,866 | 3,182 | 3,456 | 2,708 | 4,702 | |||||
| Inventories | CZK mil | ... | 91.2 | 84.0 | 83.7 | 79.8 | 84.0 | ||||
| Receivables | CZK mil | ... | 502 | 657 | 495 | 434 | 507 | ||||
| Cash & Cash Equivalents | CZK mil | 1,177 | 2,376 | 2,705 | 1,785 | 3,715 | |||||
| Total Assets | CZK mil | ... | 20,164 | 22,174 | 24,399 | 27,156 | 29,432 | ||||
| Shareholders' Equity | CZK mil | 14,568 | 15,813 | 18,223 | 20,158 | 21,939 | |||||
| Of Which Minority Interest | CZK mil | ... | 0 | 0 | 0 | 0 | 0 | ||||
| Liabilities | CZK mil | ... | 5,597 | 6,361 | 6,176 | 6,998 | 7,493 | ||||
| Non-Current Liabilities | CZK mil | ... | 1,944 | 2,028 | 2,016 | 1,872 | 1,685 | ||||
| Long-Term Debt | CZK mil | ... | 2,123 | 2,684 | 2,081 | 1,431 | 2,515 | ||||
| Deferred Tax Liabilities | CZK mil | ... | 1,564 | 1,463 | 1,388 | 1,389 | 1,408 | ||||
| Current Liabilities | CZK mil | ... | 1,113 | 1,394 | 1,624 | 1,790 | 2,050 | ||||
| Short-Term Debt | CZK mil | ... | 825 | 759 | 1,002 | 1,909 | 1,143 | ||||
| Trade Payables | CZK mil | ... | 729 | 1,061 | 1,070 | 1,455 | 1,575 | ||||
| Provisions | CZK mil | ... | 14.3 | 13.9 | 39.1 | 18.9 | 93.6 | ||||
| Equity And Liabilities | CZK mil | ... | 20,164 | 22,174 | 24,399 | 27,156 | 29,432 | ||||
| growth rates | |||||||||||
| Total Asset Growth | % | ... | ... | 3.13 | 9.97 | 10.0 | 11.3 | 8.38 | |||
| Shareholders' Equity Growth | % | ... | -6.38 | 8.55 | 15.2 | 10.6 | 8.84 | ||||
| Net Debt Growth | % | ... | ... | 119 | -39.7 | -64.6 | 311 | -104 | |||
| Total Debt Growth | % | ... | ... | 117 | 16.8 | -10.4 | 8.32 | 9.50 | |||
| ratios | |||||||||||
| Total Debt | CZK mil | ... | 2,948 | 3,443 | 3,083 | 3,340 | 3,657 | ||||
| Net Debt | CZK mil | ... | 1,771 | 1,067 | 378 | 1,555 | -57.9 | ||||
| Working Capital | CZK mil | ... | -136 | -320 | -491 | -941 | -983 | ||||
| Capital Employed | CZK mil | ... | 18,149 | 18,652 | 20,429 | 23,481 | 23,736 | ||||
| Net Debt/Equity | ... | 0.122 | 0.067 | 0.021 | 0.077 | -0.003 | |||||
| Cost of Financing | % | ... | ... | 1.09 | 1.14 | -1.08 | -1.15 | -1.18 |
| cash flow | Unit | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 |
| cash flow | |||||||||||
| Net Profit | CZK mil | 778 | 1,702 | 2,433 | 1,969 | 1,822 | |||||
| Depreciation | CZK mil | 1,835 | 1,890 | 1,805 | 1,739 | 1,875 | |||||
| Non-Cash Items | CZK mil | ... | ... | 164 | -404 | 32.6 | -233 | -57.5 | |||
| Change in Working Capital | CZK mil | ... | ... | 51.0 | 183 | 172 | 450 | 42.2 | |||
| Total Cash From Operations | CZK mil | ... | 2,829 | 3,371 | 4,443 | 3,925 | 3,682 | ||||
| Capital Expenditures | CZK mil | ... | -2,096 | -2,334 | -3,639 | -5,041 | -1,960 | ||||
| Other Investments | CZK mil | ... | 27.0 | 56.7 | 12.3 | 51.8 | 0 | ||||
| Total Cash From Investing | CZK mil | ... | -2,069 | -2,278 | -3,627 | -4,989 | -1,960 | ||||
| Dividends Paid | CZK mil | -442 | -10.0 | -20.0 | -20.0 | -20.0 | ... | ||||
| Issuance Of Debt | CZK mil | ... | ... | 1,588 | 495 | -359 | 256 | 317 | |||
| Total Cash From Financing | CZK mil | ... | -134 | 105 | -486 | 144 | 209 | ||||
| Net Change In Cash | CZK mil | ... | 626 | 1,198 | 330 | -920 | 1,930 | ||||
| ratios | |||||||||||
| Days Sales Outstanding | days | ... | 13.0 | 15.7 | 11.9 | 9.77 | 10.6 | ||||
| Days Sales Of Inventory | days | ... | 3.09 | 2.86 | 3.11 | 2.51 | 2.40 | ||||
| Days Payable Outstanding | days | ... | 24.7 | 36.2 | 39.8 | 45.8 | 45.1 | ||||
| Cash Conversion Cycle | days | ... | -8.58 | -17.6 | -24.8 | -33.5 | -32.0 | ||||
| Cash Earnings | CZK mil | 2,613 | 3,592 | 4,238 | 3,708 | 3,697 | |||||
| Free Cash Flow | CZK mil | ... | 759 | 1,093 | 815 | -1,064 | 1,722 |
| other data | Unit | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 |
| other data | |||||||||||
| ROA | % | ... | 3.92 | 8.04 | 10.4 | 7.64 | 6.44 | ||||
| Gross Margin | % | ... | 23.4 | 29.8 | 35.4 | 28.6 | 26.7 | ||||
| Employees | 492 | 501 | 501 | 469 | 495 | ||||||
| Cost Per Employee | USD per month | ... | 4,270 | 4,392 | 4,787 | 4,630 | 4,276 | ||||
| Cost Per Employee (Local Currency) | CZK per month | ... | 81,379 | 83,944 | 84,654 | 90,567 | 83,667 | ||||
| Staff Cost (As % Of Total Cost) | % | ... | 3.67 | 3.85 | 4.16 | 3.68 | 3.28 | ||||
| Effective Tax Rate | % | 19.7 | 19.5 | 19.5 | 18.8 | 19.8 | |||||
| Capital Expenditures (As % of Sales) | % | ... | 14.9 | 15.3 | 23.9 | 31.0 | 11.3 | ||||
| Sales from Own Products and Services | CZK mil | 14,086 | 15,256 | 15,215 | 16,232 | 17,396 | |||||
| Electricity Transferred Across The Transmission System (GWh) | GWh | 58,480 | 58,164 | 62,254 | 63,572 | 62,462 | |||||
| Transmission Losses (GWh) | GWh | 699 | 672 | 784 | 833 | 791 | |||||
| Total Installed Transformer Capacity | MVA | 18,630 | 18,830 | 19,980 | 20,180 | 20,380 | |||||
| Total Route Of Power Lines | km | 4,406 | 4,395 | 4,402 | 4,402 | 4,402 | |||||
| Total Length of Power Lines | km | 5,483 | 5,472 | 5,501 | 5,501 | 5,503 | |||||
| Number of 400/220kV Transformers | 4.00 | 4.00 | 4.00 | 4.00 | 4.00 | ||||||
| Number of 400/110kV Transformers | 44.0 | 44.0 | 46.0 | 46.0 | 46.0 | ||||||
| Number of 220/110kV Transformers | 20.0 | 20.0 | 21.0 | 21.0 | 21.0 | ||||||
| Number of 400kV Substations | 24.0 | 24.0 | 26.0 | 26.0 | 26.0 | ||||||
| Number of 220kV Substations | 14.0 | 14.0 | 14.0 | 14.0 | 14.0 | ||||||
| Number of 110kV Substations | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
Get all company financials in excel:
ČEPS, a.s. is a Czech Republic-based sole Transmission System Operator, which holds an exclusive licence to that effect granted by the Energy Regulatory Office under the Energy Act. The Company is responsible for the maintenance and upgrading of 41 substations comprising 71 transformers, which allow electricity to be supplied from the transmission system to the distribution network, as well as 400kV lines with a total length of 3508km and 220kV lines with a total length of 1910km. ČEPS is responsible for maintaining the balance of electricity supply and demand within the Czech power system in real time (system services) and for organising cross-border power exchanges including transits.
CEPS has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 1.75% a year during that time to total of CZK 3,700 mil in 2015, or 21.3% of sales. That’s compared to 24.3% average margin seen in last five years.
The company netted CZK 1,658 mil in 2015 implying ROE of 7.10% and ROCE of 5.84%. Again, the average figures were 9.02% and 7.85%, respectively when looking at the previous 5 years.
CEPS’s net debt amounted to CZK 4,625 mil at the end of 2015, or 0.195 of equity. When compared to EBITDA, net debt was 1.25x, up when compared to average of 0.455x seen in the last 5 years.
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