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Orange Polska (TPSA)

Orange Polska's Cash & Cash Equivalents remain unchanged yoy at PLN mil in 1Q2016

By Helgi Library - October 12, 2020

Orange Polska (TPSA)'s total assets reached PLN 24,455 mil at the end of 1Q2016, up 11.9% compared to the previous year. ...

Orange Polska's Cash & Cash Equivalents remain unchanged yoy at PLN mil in 1Q2016

By Helgi Library - October 12, 2020

Orange Polska (TPSA)'s total assets reached PLN 24,455 mil at the end of 1Q2016, up 11.9% compared to the previous year. ...

Orange Polska's Cash & Cash Equivalents rose 3.10% yoy to PLN 266 mil in 2015

By Helgi Library - April 2, 2020

Orange Polska (TPSA)'s total assets reached PLN 21,652 mil at the end of 2015, down 2.04% compared to the previous year. ...

Profit Statement 2013 2014 2015
Sales PLN mil 12,923 12,212 11,840
Gross Profit PLN mil 7,113 7,842 5,569
EBITDA PLN mil 3,895 4,059 3,443
EBIT PLN mil 788 986 572
Financing Cost PLN mil 378 291 199
Pre-Tax Profit PLN mil 310 581 281
Net Profit PLN mil 294 535 254
Dividends PLN mil 656 656 ...
Balance Sheet 2013 2014 2015
Total Assets PLN mil 22,802 22,104 21,652
Non-Current Assets PLN mil 20,725 20,026 19,322
Current Assets PLN mil 2,077 2,078 2,330
Working Capital PLN mil -522 -436 -311
Shareholders' Equity PLN mil 12,631 12,398 11,977
Liabilities PLN mil 10,171 9,706 9,675
Total Debt PLN mil 4,579 4,431 4,248
Net Debt PLN mil 4,366 4,173 3,982
Ratios 2013 2014 2015
ROE % 2.30 4.28 2.08
ROCE % 1.42 2.69 1.32
Gross Margin % 55.0 64.2 47.0
EBITDA Margin % 30.1 33.2 29.1
EBIT Margin % 6.10 8.07 4.83
Net Margin % 2.28 4.38 2.15
Net Debt/EBITDA 1.12 1.03 1.16
Net Debt/Equity 0.346 0.337 0.332
Cost of Financing % 7.74 6.46 4.59
Valuation 2013 2014 2015
Market Capitalisation USD mil 4,267 3,083 2,206
Enterprise Value (EV) USD mil 5,715 4,262 3,227
Number Of Shares mil 1,312 1,312 1,312
Share Price EUR 9.80 8.32 6.56
EV/EBITDA 4.64 3.44 3.49
EV/Sales 1.40 1.14 1.01
Price/Earnings (P/E) 43.7 20.4 33.9
Price/Book Value (P/BV) 1.02 0.880 0.719
Dividend Yield % 5.10 6.01 ...

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summary Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                  
Sales PLN mil                     16,560 15,715 14,922 14,141 12,923    
Gross Profit PLN mil     ... ... ...           9,122 8,541 7,910 7,723 7,113    
EBIT PLN mil                     2,227 2,077 1,505 1,574 788    
Net Profit PLN mil                     1,281 107 1,917 855 294    
ROE %                     7.58 0.686 13.2 6.27 2.30    
EBIT Margin %                     13.4 13.2 10.1 11.1 6.10    
Net Margin %                     7.74 0.681 12.8 6.05 2.28    
Employees ... ... ... ... ... ...         27,700 25,600 23,793 22,413 19,743    
balance sheet                                  
Total Assets PLN mil                     29,365 28,873 28,219 24,163 22,802    
Non-Current Assets PLN mil                     25,176 24,111 23,091 21,953 20,725    
Current Assets PLN mil                     4,189 4,762 5,128 2,210 2,077    
Shareholders' Equity PLN mil                     16,553 14,634 14,334 12,958 12,631    
Liabilities PLN mil                     12,812 14,239 13,885 11,205 10,171    
Non-Current Liabilities PLN mil                     7,590 6,094 5,765 4,703 2,838    
Current Liabilities PLN mil                     5,222 8,145 8,120 6,502 7,333    
Net Debt/EBITDA                     0.654 0.603 0.399 0.984 1.12    
Net Debt/Equity                     0.252 0.242 0.145 0.367 0.346    
Cost of Financing % ...                   5.90 7.82 8.24 9.11 7.74    
cash flow                                  
Total Cash From Operations PLN mil ...                   5,541 4,530 5,169 1,879 3,285    
Total Cash From Investing PLN mil ...                   -2,281 -2,015 -1,090 -2,742 -2,166    
Total Cash From Financing PLN mil ...                   -2,680 -2,286 -3,663 -1,602 -1,327    
Net Change In Cash PLN mil ...                   580 229 416 -2,465 -208    
valuation                                  
Market Capitalisation USD mil                     7,402 7,382 6,676 5,202 4,267    
Number Of Shares mil                     1,336 1,336 1,334 1,316 1,312    
Share Price EUR                     15.9 16.4 17.2 12.2 9.80    
Earnings Per Share (EPS) PLN                     0.959 0.080 1.44 0.650 0.224    
Book Value Per Share PLN                     12.4 11.0 10.7 9.85 9.63    
Dividend Per Share PLN                     1.50 1.50 1.48 0.498 0.500   ...
Price/Earnings (P/E)                     16.6 204 12.0 18.8 43.7    
Price/Book Value (P/BV)                     1.28 1.49 1.60 1.24 1.02    
Dividend Yield %                     9.45 9.17 8.57 4.08 5.10   ...
Earnings Per Share Growth % ...                   -40.4 -91.6 1,694 -54.8 -65.5    
Book Value Per Share Growth % ...                   -2.13 -11.6 -1.90 -8.36 -2.23    
income statement Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                  
Sales PLN mil                     16,560 15,715 14,922 14,141 12,923    
Cost of Goods & Services PLN mil     ... ... ...           7,438 7,174 7,012 6,418 5,810    
Gross Profit PLN mil     ... ... ...           9,122 8,541 7,910 7,723 7,113    
Staff Cost PLN mil ... ... ... ... ...           2,352 2,218 2,031 2,033 1,946    
Other Cost PLN mil ... ... ... ... ...           393 454 671 849 1,272    
EBITDA PLN mil                     6,377 5,869 5,208 4,841 3,895    
Depreciation PLN mil                     4,150 3,792 3,703 3,267 3,107    
EBIT PLN mil                     2,227 2,077 1,505 1,574 788    
Financing Cost PLN mil                     400 484 450 461 378    
Extraordinary Cost PLN mil                     229 1,144 -730 95.0 100    
Pre-Tax Profit PLN mil                     1,598 449 1,785 1,018 310    
Tax PLN mil                     315 341 -133 163 16.0    
Minorities PLN mil                     2.00 1.00 1.00 0 0    
Net Profit PLN mil                     1,281 107 1,917 855 294    
Dividends PLN mil                     2,003 2,003 1,970 656 656   ...
growth rates                                  
Total Revenue Growth % ...                   -8.84 -5.10 -5.05 -5.23 -8.61    
Operating Cost Growth % ... ... ... ... ... ...         -2.31 -2.66 1.12 6.66 11.7    
EBITDA Growth % ...                   -17.8 -7.97 -11.3 -7.05 -19.5    
EBIT Growth % ...                   -35.2 -6.74 -27.5 4.58 -49.9    
Pre-Tax Profit Growth % ...                   -38.4 -71.9 298 -43.0 -69.5    
Net Profit Growth % ...                   -41.5 -91.6 1,692 -55.4 -65.6    
ratios                                  
ROE %                     7.58 0.686 13.2 6.27 2.30    
ROCE % ...                   5.08 0.453 8.62 3.98 1.42    
Gross Margin %     ... ... ...           55.1 54.3 53.0 54.6 55.0    
EBITDA Margin %                     38.5 37.3 34.9 34.2 30.1    
EBIT Margin %                     13.4 13.2 10.1 11.1 6.10    
Net Margin %                     7.74 0.681 12.8 6.05 2.28    
Payout Ratio %                     156 1,872 103 76.7 223   ...
Cost of Financing % ...                   5.90 7.82 8.24 9.11 7.74    
Net Debt/EBITDA                     0.654 0.603 0.399 0.984 1.12    
balance sheet Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                                  
Non-Current Assets PLN mil                     25,176 24,111 23,091 21,953 20,725    
Property, Plant & Equipment PLN mil                     17,743 16,500 14,912 13,951 12,768    
Intangible Assets PLN mil                     6,783 6,877 6,971 6,974 7,021    
Goodwill PLN mil ... ... ... ... ...           4,016 4,016 4,016 4,016 3,940    
Current Assets PLN mil                     4,189 4,762 5,128 2,210 2,077    
Inventories PLN mil                     229 272 214 194 200    
Receivables PLN mil                     1,475 1,637 1,506 1,413 1,199    
Cash & Cash Equivalents PLN mil                     2,218 2,447 2,860 423 213    
Total Assets PLN mil                     29,365 28,873 28,219 24,163 22,802    
Shareholders' Equity PLN mil                     16,553 14,634 14,334 12,958 12,631    
Of Which Minority Interest PLN mil                     14.0 14.0 3.00 2.00 2.00    
Liabilities PLN mil                     12,812 14,239 13,885 11,205 10,171    
Non-Current Liabilities PLN mil                     7,590 6,094 5,765 4,703 2,838    
Long-Term Debt PLN mil                     6,017 4,443 4,170 2,990 1,236    
Deferred Tax Liabilities PLN mil ... ... ... ... ...           215 189 37.0 120 25.0    
Current Liabilities PLN mil                     5,222 8,145 8,120 6,502 7,333    
Short-Term Debt PLN mil                     370 1,542 767 2,195 3,343    
Trade Payables PLN mil                     2,477 3,156 3,199 2,218 1,921    
Provisions PLN mil ... ... ... ... ...           1,208 2,242 3,130 953 899    
Equity And Liabilities PLN mil                     29,365 28,873 28,219 24,163 22,802    
growth rates                                  
Total Asset Growth % ...                   -5.98 -1.68 -2.27 -14.4 -5.63    
Shareholders' Equity Growth % ...                   -3.93 -11.6 -2.05 -9.60 -2.52    
Net Debt Growth % ...                   -24.7 -15.1 -41.3 129 -8.32    
Total Debt Growth % ...                   -11.0 -6.29 -17.5 5.02 -11.7    
ratios                                  
Total Debt PLN mil                     6,387 5,985 4,937 5,185 4,579    
Net Debt PLN mil                     4,169 3,538 2,077 4,762 4,366    
Working Capital PLN mil                     -773 -1,247 -1,479 -611 -522    
Capital Employed PLN mil                     24,403 22,864 21,612 21,342 20,203    
Net Debt/Equity                     0.252 0.242 0.145 0.367 0.346    
Cost of Financing % ...                   5.90 7.82 8.24 9.11 7.74    
cash flow Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                                  
Net Profit PLN mil                     1,281 107 1,917 855 294    
Depreciation PLN mil                     4,150 3,792 3,703 3,267 3,107    
Non-Cash Items PLN mil ...                   290 157 -683 -1,375 -27.0    
Change in Working Capital PLN mil ...                   -180 474 232 -868 -89.0    
Total Cash From Operations PLN mil ...                   5,541 4,530 5,169 1,879 3,285    
Capital Expenditures PLN mil ...                   -2,185 -2,713 -2,606 -2,344 -2,180    
Other Investments PLN mil ...                   -96.0 698 1,516 -398 14.0    
Total Cash From Investing PLN mil ...                   -2,281 -2,015 -1,090 -2,742 -2,166    
Dividends Paid PLN mil                     -2,003 -2,003 -1,970 -656 -656   ...
Issuance Of Debt PLN mil ...                   -788 -402 -1,048 248 -606    
Total Cash From Financing PLN mil ...                   -2,680 -2,286 -3,663 -1,602 -1,327    
Net Change In Cash PLN mil ...                   580 229 416 -2,465 -208    
ratios                                  
Days Sales Outstanding days                     32.5 38.0 36.8 36.5 33.9    
Days Sales Of Inventory days     ... ... ...           11.2 13.8 11.1 11.0 12.6    
Days Payable Outstanding days     ... ... ...           122 161 167 126 121    
Cash Conversion Cycle days     ... ... ...           -77.8 -109 -119 -78.6 -74.3    
Cash Earnings PLN mil                     5,431 3,899 5,620 4,122 3,401    
Cash Earnings Per Share PLN                     4.07 2.92 4.21 3.13 2.59    
Price/Cash Earnings (P/CE)                     3.90 5.60 4.09 3.90 3.78    
Free Cash Flow PLN mil ...                   3,260 2,515 4,079 -863 1,119    
Free Cash Flow Yield % ...                   14.1 11.3 20.6 -5.10 8.30    
other data Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                                  
ROA %                     4.23 0.367 6.72 3.26 1.25    
Gross Margin %     ... ... ...           55.1 54.3 53.0 54.6 55.0    
Employees ... ... ... ... ... ...         27,700 25,600 23,793 22,413 19,743    
Cost Per Employee USD per month ... ... ... ... ... ...         2,271 2,393 2,399 2,323 2,599    
Cost Per Employee (Local Currency) PLN per month ... ... ... ... ... ...         7,076 7,220 7,113 7,559 8,214    
Staff Cost (As % Of Total Cost) % ... ... ... ... ...           16.4 16.3 15.1 16.2 16.0    
Effective Tax Rate %                     19.7 75.9 -7.45 16.0 5.16    
Enterprise Value (EV) USD mil                     8,858 8,577 7,279 6,741 5,715    
EV/EBITDA                     4.33 4.41 4.14 4.53 4.64    
EV/Capital Employed                     1.04 1.11 1.16 0.977 0.853    
EV/Sales                     1.67 1.65 1.45 1.55 1.40    
EV/EBIT                     12.4 12.5 14.3 13.9 22.9    
Capital Expenditures (As % of Sales) % ...                   13.2 17.3 17.5 16.6 16.9    
Sales from Fixed-Lines PLN mil ... ... ... ... ...           5,908 5,157 4,569 4,028 6,057    
Sales from Data Transmission PLN mil ... ... ... ... ...           2,591 2,517 2,433 2,424 1,794    
Sales from Mobiles PLN mil ... ... ... ... ...           7,188 7,065 7,010 6,806 6,110    
Sales from Other PLN mil ... ... ... ... ...           873 976 910 889 607    
EBIT from Fixed-Lines PLN mil ... ... ... ... ...           1,304 -36.0 1,255 449 ... ... ...
EBIT from Mobiles PLN mil ... ... ... ... ...           793 944 962 1,124 ... ... ...
EBIT from Others PLN mil ... ... ... ... ...           130 1,169 -712 158 ... ... ...
Clients Total mil ... ... ... ...             23.4 23.5 23.3 23.0 23.1    
Clients - Fixed-Lines mil ... ... ... ... ... ... ...       7.08 6.35 5.69 5.10 4.74    
Clients - Broadband mil ... ... ... ...             2.27 2.29 2.35 2.34 2.30    
Clients - Mobiles mil ... ... ... ...             13.7 14.3 14.7 14.9 15.3    
Clients - Mobiles - Pre-Paid mil ... ... ... ... ...           7.09 7.38 7.68 7.98 7.22    
Clients - Mobiles - Post-Paid mil ... ... ... ... ...           6.62 6.96 6.98 6.91 8.10    
Clients - TV mil ... ... ... ... ... ... ... ... ... ... 0.372 0.544 0.636 0.706 0.707    
ARPU Total PLN per month ... ... ... ... ...           57.8 55.8 53.1 50.8 46.7    
ARPU - Fixed-Lines PLN per month ... ... ... ... ... ... ...       65.5 64.0 63.2 62.2 103    
ARPU - Data Transmission PLN per month ... ... ... ... ...           96.7 92.0 87.5 86.1 64.4    
ARPU - Mobiles PLN per month ... ... ... ... ...           42.9 42.0 40.3 38.4 34.5    
Market Share - Fixed-Lines % ... ... ... ... ... ... ...       68.4 63.7 60.0 55.8 ... ...  
Market Share - Mobiles % ... ... ... ...             30.8 31.1 30.4 29.0 ... ...  
Market Share - Broadband % ... ... ... ... ...           37.4 35.2 34.1 32.9 ...    

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Jan 2014
Company Report

Orange Polska's Cash & Cash Equivalents rose 3.10% yoy to PLN 266 mil in 2015

By Helgi Library - April 2, 2020

Orange Polska (TPSA)'s total assets reached PLN 21,652 mil at the end of 2015, down 2.04% compared to the previous year. Current assets amounted to PLN 2,330 mil, or 10.8% of total assets while cash stood at PLN 266 mil at the end of 2015. ...

More News

Orange Polska (former Telekomunikacja Polska, or TPSA) is a Poland's national telecommunications provider. The Company was established in 1991 following the division of the communist era state-owned entity Polish Post, Telegraph and Telephone. In 2000, the State Treasury sold a 35% stake in then TPSA to a consortium of France Télécom and Kulczyk Holding and TPSA shares were listed on the Warsaw Stock Exchange. As at the end of 2012 Orange Polska had over 20 mil customers of different services (mobile, fixed voice, broadband, TV). The Company holds 30-50% share on the Polish telecommunication market in various business segments. France Telecom owns nearly 50% of the Company

Finance

Orange Polska (TPSA) has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 10.1% a year during that time to total of PLN 3,443 mil in 2015, or 29.1% of sales. That’s compared to 32.3% average margin seen in last five years.

The company netted PLN 254 mil in 2015 implying ROE of 2.08% and ROCE of 1.32%. Again, the average figures were 5.63% and 3.60%, respectively when looking at the previous 5 years.

Orange Polska (TPSA)’s net debt amounted to PLN 3,982 mil at the end of 2015, or 0.332 of equity. When compared to EBITDA, net debt was 1.16x, up when compared to average of 0.938x seen in the last 5 years.

Valuation

Orange Polska (TPSA) stock traded at EUR 6.56 per share at the end of 2015 resulting in a market capitalization of USD 2,206 mil. Over the previous five years, stock price fell by 59.9% or -16.7% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 3.49x and price to earnings (PE) of 33.9x as of 2015.

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