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Verbund

Verbund's Cash & Cash Equivalents fell 30.7% yoy to EUR 28.9 mil in 2015

By Helgi Library - April 2, 2020

Verbund's total assets reached EUR 11,763 mil at the end of 2015, down 3.95% compared to the previous year. Curren...

Verbund's Cash & Cash Equivalents fell 30.7% yoy to EUR 28.9 mil in 2015

By Helgi Library - April 2, 2020

Verbund's total assets reached EUR 11,763 mil at the end of 2015, down 3.95% compared to the previous year. Curren...

Profit Statement 2013 2014 2015
Sales EUR mil 3,267 2,871 2,970
Gross Profit EUR mil 1,840 1,405 1,415
EBITDA EUR mil 1,283 816 771
EBIT EUR mil 933 424 411
Financing Cost EUR mil 332 145 107
Pre-Tax Profit EUR mil 889 254 304
Net Profit EUR mil 580 126 208
Dividends EUR mil 209 418 159
Balance Sheet 2013 2014 2015
Total Assets EUR mil 12,833 12,247 11,763
Non-Current Assets EUR mil 11,092 11,167 11,085
Current Assets EUR mil 1,604 1,071 678
Working Capital EUR mil 856 512 212
Shareholders' Equity EUR mil 5,553 5,280 5,433
Liabilities EUR mil 7,281 6,967 6,330
Total Debt EUR mil 4,014 3,707 3,130
Net Debt EUR mil 3,930 3,665 3,101
Ratios 2013 2014 2015
ROE % 10.9 2.33 3.88
ROCE % 5.19 1.07 1.81
Gross Margin % 56.3 48.9 47.7
EBITDA Margin % 39.3 28.4 26.0
EBIT Margin % 28.6 14.8 13.8
Net Margin % 17.7 4.39 7.00
Net Debt/EBITDA ... 3.06 4.49 4.02
Net Debt/Equity ... 0.708 0.694 0.571
Cost of Financing % 7.97 3.75 3.12
Valuation 2013 2014 2015
Market Capitalisation USD mil 7,414 6,438 4,486
Enterprise Value (EV) USD mil 12,832 10,874 7,861
Number Of Shares mil 347 347 347
Share Price EUR 15.5 15.3 11.9
EV/EBITDA ... 7.53 10.3 8.90
EV/Sales 2.96 2.94 2.31
Price/Earnings (P/E) 9.28 42.2 19.8
Price/Book Value (P/BV) 0.969 1.01 0.758
Dividend Yield % 3.88 7.86 3.85

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summary Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
income statement                                                
Sales EUR mil ... ... ... ...                           3,308 3,028 3,174 3,267 2,871   ...
Gross Profit EUR mil ... ... ... ... ... ... ...                     1,578 1,521 1,744 1,840 1,405   ...
EBIT EUR mil ... ... ... ...                           828 828 956 933 424   ...
Net Profit EUR mil ... ... ... ...                           401 356 389 580 126   ...
ROE % ... ... ... ...                           10.3 7.66 7.77 10.9 2.33   ...
EBIT Margin % ... ... ... ...                           25.0 27.3 30.1 28.6 14.8   ...
Net Margin % ... ... ... ...                           12.1 11.8 12.3 17.7 4.39   ...
Employees                                   3,015 3,045 3,100 3,351 3,245   ...
balance sheet                                                
Total Assets EUR mil ... ... ... ...                           11,291 11,859 12,387 12,833 12,247   ...
Non-Current Assets EUR mil ... ... ... ... ... ... ...                     9,722 10,300 9,782 11,092 11,167   ...
Current Assets EUR mil ... ... ... ... ... ... ...                     1,569 1,559 1,274 1,604 1,071   ...
Shareholders' Equity EUR mil ... ... ... ...                           4,372 4,919 5,099 5,553 5,280   ...
Liabilities EUR mil ... ... ... ...                           6,919 6,940 7,288 7,281 6,967   ...
Non-Current Liabilities EUR mil ... ... ... ... ... ... ...                     6,042 5,897 6,046 5,766 5,394   ...
Current Liabilities EUR mil ... ... ... ... ... ... ...                     877 1,044 1,242 1,515 1,573   ...
Net Debt/EBITDA ... ... ... ... ... ... ... ...                     3.79 3.65 3.40 3.06 4.49   ...
Net Debt/Equity ... ... ... ... ... ... ... ...                     0.916 0.793 0.824 0.708 0.694   ...
Cost of Financing % ... ... ... ... ... ... ... ...                   4.44 8.81 5.60 7.97 3.75   ...
cash flow                                                
Total Cash From Operations EUR mil ... ... ... ... ... ... ...                     778 830 1,035 841 718   ...
Total Cash From Investing EUR mil ... ... ... ... ... ... ...                     -1,134 -786 -762 -424 18.2   ...
Total Cash From Financing EUR mil ... ... ... ... ... ... ...                     719 -199 -484 -456 -777   ...
Net Change In Cash EUR mil ... ... ... ... ... ... ...                     363 -156 -212 -38.4 -41.0   ...
valuation                                                
Market Capitalisation USD mil ... ... ... ...                           11,585 9,375 8,605 7,414 6,438   ...
Number Of Shares mil ... ... ... ...                           313 349 348 347 347   ...
Share Price EUR ... ... ... ...                           27.9 20.7 18.8 15.5 15.3   ...
Earnings Per Share (EPS) EUR ... ... ... ...                           1.28 1.02 1.12 1.67 0.363   ...
Book Value Per Share EUR ... ... ... ...                           14.0 14.1 14.7 16.0 15.2   ...
Dividend Per Share EUR ... ... ... ... ...                         1.23 0.494 0.552 0.600 1.20   ...
Price/Earnings (P/E) ... ... ... ...                           21.8 20.3 16.8 9.28 42.2   ...
Price/Book Value (P/BV) ... ... ... ...                           2.00 1.47 1.28 0.969 1.01   ...
Dividend Yield % ... ... ... ... ...                         4.41 2.38 2.94 3.88 7.86   ...
Earnings Per Share Growth % ... ... ... ... ...                         -38.8 -20.3 9.80 49.0 -78.2   ...
Book Value Per Share Growth % ... ... ... ... ...                         26.3 1.00 4.02 8.95 -4.91   ...
income statement Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
income statement                                                
Sales EUR mil ... ... ... ...                           3,308 3,028 3,174 3,267 2,871   ...
Cost of Goods & Services EUR mil ... ... ... ... ... ... ...                     1,730 1,507 1,430 1,427 1,466   ...
Gross Profit EUR mil ... ... ... ... ... ... ...                     1,578 1,521 1,744 1,840 1,405   ...
Staff Cost EUR mil ... ... ... ...                           308 302 320 368 359   ...
Other Cost EUR mil ... ... ... ... ... ... ...                     212 149 191 189 229   ...
EBITDA EUR mil ... ... ... ... ... ... ...                     1,058 1,069 1,234 1,283 816   ...
Depreciation EUR mil ... ... ... ... ... ... ...                     230 242 278 350 393   ...
EBIT EUR mil ... ... ... ...                           828 828 956 933 424   ...
Financing Cost EUR mil ... ... ... ...                           196 384 240 332 145   ...
Extraordinary Cost EUR mil ... ... ... ... ... ... ...                     -0.736 -202 55.8 -288 24.8   ...
Pre-Tax Profit EUR mil ... ... ... ... ... ... ...                     634 646 660 889 254   ...
Tax EUR mil ... ... ... ... ... ... ...                     148 180 161 -121 98.3   ...
Minorities EUR mil ... ... ... ... ... ... ...                     83.5 110 110 65.7 54.4   ...
Net Profit EUR mil ... ... ... ...                           401 356 389 580 126   ...
Dividends EUR mil ... ... ... ... ...                         385 172 192 209 418   ...
growth rates                                                
Total Revenue Growth % ... ... ... ... ...                         -5.03 -8.47 4.84 2.90 -12.1   ...
Operating Cost Growth % ... ... ... ... ... ... ... ...                   3.08 -13.2 13.1 9.05 5.72    
EBITDA Growth % ... ... ... ... ... ... ... ...                   -15.4 1.05 15.4 3.97 -36.4   ...
EBIT Growth % ... ... ... ... ...                         -20.5 -0.083 15.5 -2.43 -54.6   ...
Pre-Tax Profit Growth % ... ... ... ... ... ... ... ...                   -35.5 1.91 2.31 34.5 -71.4   ...
Net Profit Growth % ... ... ... ... ...                         -37.8 -11.2 9.43 48.9 -78.2   ...
ratios                                                
ROE % ... ... ... ...                           10.3 7.66 7.77 10.9 2.33   ...
ROCE % ... ... ... ... ... ... ... ...                   3.95 3.31 3.63 5.19 1.07   ...
Gross Margin % ... ... ... ... ... ... ...                     47.7 50.2 55.0 56.3 48.9   ...
EBITDA Margin % ... ... ... ... ... ... ...                     32.0 35.3 38.9 39.3 28.4   ...
EBIT Margin % ... ... ... ...                           25.0 27.3 30.1 28.6 14.8   ...
Net Margin % ... ... ... ...                           12.1 11.8 12.3 17.7 4.39   ...
Payout Ratio % ... ... ... ... ...                         96.1 48.4 49.3 36.0 332   ...
Cost of Financing % ... ... ... ... ... ... ... ...                   4.44 8.81 5.60 7.97 3.75   ...
Net Debt/EBITDA ... ... ... ... ... ... ... ...                     3.79 3.65 3.40 3.06 4.49   ...
balance sheet Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
balance sheet                                                
Non-Current Assets EUR mil ... ... ... ... ... ... ...                     9,722 10,300 9,782 11,092 11,167   ...
Property, Plant & Equipment EUR mil ... ... ... ... ... ... ...                     5,959 6,579 7,386 9,465 9,437   ...
Intangible Assets EUR mil ... ... ... ... ... ... ...                     624 632 662 799 796   ...
Current Assets EUR mil ... ... ... ... ... ... ...                     1,569 1,559 1,274 1,604 1,071   ...
Inventories EUR mil ... ... ... ... ... ... ...                     92.3 107 129 84.9 56.5   ...
Receivables EUR mil ... ... ... ... ... ... ...                     987 1,118 1,023 1,436 973   ...
Cash & Cash Equivalents EUR mil ... ... ... ... ... ... ...                     489 333 122 83.3 41.7   ...
Total Assets EUR mil ... ... ... ...                           11,291 11,859 12,387 12,833 12,247   ...
Shareholders' Equity EUR mil ... ... ... ...                           4,372 4,919 5,099 5,553 5,280   ...
Of Which Minority Interest EUR mil ... ... ... ... ... ... ...     ... ... ...           336 604 641 606 591   ...
Liabilities EUR mil ... ... ... ...                           6,919 6,940 7,288 7,281 6,967   ...
Non-Current Liabilities EUR mil ... ... ... ... ... ... ...                     6,042 5,897 6,046 5,766 5,394   ...
Long-Term Debt EUR mil ... ... ... ... ... ... ...                     4,267 3,909 3,935 3,360 2,900   ...
Deferred Tax Liabilities EUR mil ... ... ... ... ... ... ...                     168 243 201 617 486   ...
Current Liabilities EUR mil ... ... ... ... ... ... ...                     877 1,044 1,242 1,515 1,573   ...
Short-Term Debt EUR mil ... ... ... ... ... ... ...                     229 325 386 654 806   ...
Trade Payables EUR mil ... ... ... ... ... ... ...                     324 481 533 665 517   ...
Provisions EUR mil ... ... ... ... ... ... ...                     906 859 939 159 193   ...
Equity And Liabilities EUR mil ... ... ... ...                           11,291 11,859 12,387 12,833 12,247   ...
growth rates                                                
Total Asset Growth % ... ... ... ... ...                         9.14 5.03 4.45 3.60 -4.57   ...
Shareholders' Equity Growth % ... ... ... ... ...                         28.2 12.5 3.67 8.89 -4.91   ...
Net Debt Growth % ... ... ... ... ... ... ... ...                   -4.24 -2.66 7.66 -6.40 -6.75   ...
Total Debt Growth % ... ... ... ... ... ... ... ...                   4.31 -5.83 2.06 -7.11 -7.65   ...
ratios                                                
Total Debt EUR mil ... ... ... ... ... ... ...                     4,496 4,234 4,321 4,014 3,707   ...
Net Debt EUR mil ... ... ... ... ... ... ...                     4,007 3,901 4,199 3,930 3,665   ...
Working Capital EUR mil ... ... ... ... ... ... ...                     756 744 619 856 512   ...
Capital Employed EUR mil ... ... ... ... ... ... ...                     10,478 11,044 10,401 11,948 11,678   ...
Net Debt/Equity ... ... ... ... ... ... ... ...                     0.916 0.793 0.824 0.708 0.694   ...
Cost of Financing % ... ... ... ... ... ... ... ...                   4.44 8.81 5.60 7.97 3.75   ...
cash flow Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
cash flow                                                
Net Profit EUR mil ... ... ... ...                           401 356 389 580 126   ...
Depreciation EUR mil ... ... ... ... ... ... ...                     230 242 278 350 393   ...
Non-Cash Items EUR mil ... ... ... ... ... ... ... ...                   434 221 242 149 -146   ...
Change in Working Capital EUR mil ... ... ... ... ... ... ... ...                   -287 11.4 126 -237 344   ...
Total Cash From Operations EUR mil ... ... ... ... ... ... ...                     778 830 1,035 841 718   ...
Capital Expenditures EUR mil ... ... ... ... ... ... ...                     -678 -565 -660 -564 -460   ...
Other Investments EUR mil ... ... ... ... ... ... ...                     -456 -221 -102 140 479   ...
Total Cash From Investing EUR mil ... ... ... ... ... ... ...                     -1,134 -786 -762 -424 18.2   ...
Dividends Paid EUR mil ... ... ... ... ...                         -385 -172 -192 -209 -418   ...
Issuance Of Debt EUR mil ... ... ... ... ... ... ... ...                   186 -262 87.2 -307 -307   ...
Total Cash From Financing EUR mil ... ... ... ... ... ... ...                     719 -199 -484 -456 -777   ...
Net Change In Cash EUR mil ... ... ... ... ... ... ...                     363 -156 -212 -38.4 -41.0   ...
ratios                                                
Days Sales Outstanding days ... ... ... ... ... ... ...                     109 135 118 160 124   ...
Days Sales Of Inventory days ... ... ... ... ... ... ...                     19.5 25.9 33.0 21.7 14.1   ...
Days Payable Outstanding days ... ... ... ... ... ... ...                     68.4 116 136 170 129   ...
Cash Conversion Cycle days ... ... ... ... ... ... ...                     60.0 44.3 14.4 12.1 8.92   ...
Cash Earnings EUR mil ... ... ... ... ... ... ...                     631 597 667 930 519   ...
Cash Earnings Per Share EUR ... ... ... ... ... ... ...                     2.01 1.71 1.92 2.68 1.49   ...
Price/Cash Earnings (P/CE) ... ... ... ... ... ... ...                     13.8 12.1 9.77 5.78 10.2   ...
Free Cash Flow EUR mil ... ... ... ... ... ... ...                     -356 43.5 273 417 736   ...
Free Cash Flow Yield % ... ... ... ... ... ... ...                     -4.06 0.645 4.07 7.47 14.7   ...
other data Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
other data                                                
ROA % ... ... ... ...                           3.71 3.07 3.21 4.60 1.01   ...
Gross Margin % ... ... ... ... ... ... ...                     47.7 50.2 55.0 56.3 48.9   ...
Employees                                   3,015 3,045 3,100 3,351 3,245   ...
Cost Per Employee USD per month ... ... ... ...                           11,277 11,507 11,030 12,142 11,894   ...
Cost Per Employee (Local Currency) EUR per month ... ... ... ...                           8,524 8,276 8,591 9,146 9,228   ...
Staff Cost (As % Of Total Cost) % ... ... ... ...                           12.4 13.7 14.4 15.8 14.7   ...
Effective Tax Rate % ... ... ... ... ... ... ...                     23.4 27.8 24.4 -13.6 38.7   ...
Enterprise Value (EV) USD mil ... ... ... ... ... ... ...                     16,902 14,431 14,147 12,832 10,874   ...
EV/EBITDA ... ... ... ... ... ... ... ...                     12.1 9.70 8.93 7.53 10.3   ...
EV/Capital Employed ... ... ... ... ... ... ... ...                     1.22 1.01 1.03 0.779 0.769   ...
EV/Sales ... ... ... ... ... ... ...                     3.86 3.43 3.47 2.96 2.94   ...
EV/EBIT ... ... ... ... ... ... ...                     15.4 12.5 11.5 10.4 19.9   ...
Capital Expenditures (As % of Sales) % ... ... ... ... ... ... ...                     20.5 18.7 20.8 17.3 16.0   ...
Sales From Electricity EUR mil ... ... ... ... ... ... ... ...                   2,986 2,598 2,676 2,633 2,418   ...
Sales From Grid EUR mil ... ... ... ... ... ... ... ...                   255 404 482 383 351   ...
Sales from Elimination EUR mil ... ... ... ...                           66.4 25.2 17.0 163 102   ...
EBIT From Electricity EUR mil ... ... ... ... ... ... ... ...                   821 1,020 896 498 429   ...
EBIT From Grid EUR mil ... ... ... ... ... ... ... ...                   44.4 -2.10 2.60 84.4 58.0   ...
EBIT from Other EUR mil ... ... ... ...                           -37.2 -190 57.0 -46.6 -35.4   ...
Capacity of Hydro Energy MW ... ... ... ... ... ... ... ... ... ... ...             6,885 7,365 7,375 ... 7,746   ...
Capacity of Thermal Energy MW ... ... ... ... ... ... ... ... ... ... ... ... ...         1,685 2,404 2,389 ... 1,499   ...
Capacity of Wind Energy MW ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...   65.0 65.0 172 ... 416   ...
Hydro Coefficient ... ... ... ... ... ...                       0.990 0.890 1.11 1.07 1.02   ...
Production of Hydro Power GWh ... ... ... ... ... ... ... ...                   26,708 24,216 30,485 30,943 31,188   ...
Production of Thermal Power GWh ... ... ... ... ... ... ... ...                   4,258 5,410 4,500 4,031 2,031   ...
Production of Wind/Solar Power GWh ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...   112 127 242 565 811   ...
Electricity Purchased For Trading GWh ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...   24,652 16,586 12,029 14,874 16,801   ...
Electricity Purchased For Grid Losses GWh ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 2,883 3,142 ... 3,527   ...
Total Electricity Supply GWh ... ... ... ... ... ... ... ...                   55,729 49,222 50,398 50,632 54,359   ...
Sales in Austria (GWh) GWh ... ... ... ... ... ... ... ... ... ... ...             25,115 23,873 24,316 24,722 25,891   ...
Sales in Germany (GWh) GWh ... ... ... ... ... ... ... ... ... ... ...             21,258 17,767 20,211 22,433 22,491   ...
Sales in France (GWh) GWh ... ... ... ... ... ... ... ... ... ... ...             6,915 3,805 2,179 2,252 1,541   ...
Sales in Italy (GWh) GWh ... ... ... ... ... ... ... ... ... ... ...             839 425 288 284 118   ...
Sales to Other Countries (GWh) GWh ... ... ... ... ... ... ... ... ... ... ...             1,602 1,017 489 585 782   ...
Total Sales (GWh) GWh ... ... ... ... ... ... ... ... ... ... ...             55,729 46,887 47,483 50,276 50,823   ...

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Apr 2016
Statistical Dossier
Jan 2014
Company Report

Verbund AG is an Austria-based electricity company. The Company generates, trades and sells electrical energy to power exchange buyers, traders, energy supply companies and industrial companies, as well as households and commercial customers. In addition, the Company operates the Austrian high voltage grid and holds interests in foreign and domestic energy supply companies. The Company generates more than four fifths of its electricity from hydropower, supplemented by thermal power and wind power, some 35 TWh of electricity in total annually. Since 1988, Verbund has been listed on the Vienna stock exchange; 51 % of the share capital is owned by the Republic of Austria

Finance

Verbund 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 2016, or of sales. That’s compared to 33.1% average margin seen in last five years.

The company netted in 2016 implying ROE of and ROCE of . Again, the average figures were 6.22% and 2.92%, respectively when looking at the previous 5 years.

Verbund’s net debt amounted to at the end of 2016, or of equity. When compared to EBITDA, net debt was x, down when compared to average of 3.74x seen in the last 5 years.

Valuation

Verbund stock traded at per share at the end of 2016 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 2016.

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