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||859 221||807 696|
|Current assets||240 666||214 258|
|Total assets||1 099 887||1 021 954|
|Equity||79 598||50 226|
|Non-current liabilities||770 790||452 326|
|Current liabilities||249 499||519 402|
|Total equity and liabilities||1 099 887||1 021 954|
|Revenue||1 124 502||1 064 997|
|EBIT||153 893||150 956|
|EBITDA||203 567||200 049|
|Income||1 150 579||1 089 993|
|Expenses||-1 020 112||-960 059|
|EBT||130 467||129 934|
|Net income||98 034||97 561|
|Total comprehensive income||99 150||97 569|
|Investments||81 596||62 510|
|Average number of employees||1 859||1 811|
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.