ZSE Group is a leading energy group in Slovakia. In 2002 it became a part of the German energy group E.ON. On 1st July 2007 ZSE established subsidiaries – for the operation of distribution system and for energy trading and sales. This split was based on the European Union Directive on common rules for the internal market in electricity that has been implemented into Slovak legislation by Act No. 656/2004 Coll. on energy.
ZSE Group’s non-current assets are mainly represented by distribution network valued at historical costs (while in individual financial statements of ZSD they were revalued at fair value at unbundling in 2007). Current assets comprise mainly trade receivables related to supply and distribution of electric energy and natural gas as well as provision of complex energetic products and services for customers.
Equity is represented mainly by share capital, legal reserve fund and retained earnings. Non-current liabilities are mainly related to the Euro Bond emission in 2013 in nominal value of EUR 630 million. Current liabilities comprise mainly trade payables related to supply and distribution of electric energy and natural gas as well as provision of complex energetic products and services for customers.
Main source of ZSE Group’s revenue and EBITDA is the revenue from provision of distribution services in Western Slovakia and revenue from supply of electric energy and natural gas. Majority of the revenue is regulated by Regulatory Office for Network Industries (RONI).
Key figures of ZSE Group (Západoslovenská energetika, a.s., Západoslovenská distribučná, a.s., ZSE Energia, a.s., ZSE Development, s.r.o., ZSE Energy Solutions, s.r.o., ZSE Business Services, s.r.o., ZSE MVE, s.r.o., ZSE Elektrárne, s.r.o.):
|Non-current assets||995 966||894 535|
|Current assets||253 564||208 435|
|Total assets||1 249 530||1 102 970|
|Equity||155 480||101 289|
|Non-current liabilities||807 488||772 664|
|Current liabilities||286 562||229 017|
|Total equity and liabilities||1 249 530||1 102 970|
|Revenue||1 284 780||1 138 657|
|EBIT||177 171||153 893|
|EBITDA||234 252||203 567|
|Income||1 312 852||1 164 734|
|Expenses||-1 153 277||-1 034 267|
|EBT||159 575||130 467|
|Net income||119 851||98 034|
|Total comprehensive income||118 020||99 150|
|Investments||127 260||115 390|
|Average number of employees||1 941||1 875|
Financing strategy of ZSE Group is aligned with criteria set by S&P rating agency in order to preserve the BBB+ stand-alone credit profile derived from funds from operations (FFO) to debt.