Financial Ratios Toplofikatsia-Ruse AD

Stocks

TPLR

BG1100013207

Electric Utilities

End-of-day quote Bulgaria S.E. 27/08/2026			5-day change	1st Jan Change
4.520 ^EUR	-1.74%		-.--%	-1.77%

08-26	Toplofikatsia-Ruse AD Reports Earnings Results for the Half Year Ended June 30, 2026	CI
05-29	Toplofikatsia-Ruse AD Reports Earnings Results for the First Quarter Ended March 31, 2026	CI

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Published financial data: TOPLOFIKATSIA-RUSE AD

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020 (BGN)	2021 (BGN)	2022 (BGN)	2023 (BGN)	2024 (BGN)
Revenues - (Utility Template)	67.65M	87.76M	135M	158M	151M
Other Revenues, Total	7.28M	8.38M	308K	8.28M	-
Total Revenues	74.94M	96.15M	135M	166M	151M
Operations And Maintenance	181K	1.39M	490K	741K	-
Selling General & Admin Expenses, Total	3.02M	3.02M	5.47M	18.39M	9.19M
Depreciation & Amortization - (IS) - (Collected)	5.74M	5.18M	4.06M	4.39M	5.33M
Provision for Bad Debts	1.69M	283K	15K	-	-
Other Operating Expenses	66.36M	140M	147M	247M	116M
Total Operating Expenses	76.99M	150M	157M	270M	130M
Operating Income (REIT / Utility Template)	-2.06M	-54.07M	-21.89M	-104M	20.35M
Interest Expense, Total	-3.56M	-2.43M	-8.02M	-12.05M	-11.4M
Interest and Investment Income	2.92M	14.74M	47.82M	58.07M	5.64M
Net Interest Expenses	-643K	12.31M	39.8M	46.02M	-5.75M
Currency Exchange Gains (Loss)	505K	-621K	-14K	-26K	-11K
Other Non Operating Income (Expenses)	6.42M	-391K	-1.14M	10.85M	-494K
EBT, Excl. Unusual Items	4.22M	-42.77M	16.76M	-47.11M	14.09M
Gain (Loss) on Sale of Assets	-	-	-	-	-
Asset Writedown	-1K	-	-116K	-3K	-
Legal Settlements	-85K	-27K	-302K	-	-
Other Unusual Items	26K	-	-	228K	-
EBT, Incl. Unusual Items	4.16M	-42.8M	16.34M	-46.89M	14.09M
Income Tax Expense	419K	-4.27M	1.61M	-4.59M	-
Earnings From Continuing Operations	3.75M	-38.53M	14.72M	-42.3M	14.09M
Net Income to Company	3.75M	-38.53M	14.72M	-42.3M	14.09M
Net Income - (IS)	3.75M	-38.53M	14.72M	-42.3M	14.09M
Net Income to Common Incl Extra Items	3.75M	-38.53M	14.72M	-42.3M	14.09M
Net Income to Common Excl. Extra Items	3.75M	-38.53M	14.72M	-42.3M	14.09M
Per Share Items
Net EPS - Basic	0.13	-1.36	0.52	-1.49	0.5
Basic EPS - Continuing Operations	0.13	-1.36	0.52	-1.49	0.5
Basic Weighted Average Shares Outstanding	-	28.35M	28.35M	28.35M	28.35M
Net EPS - Diluted	0.13	-1.36	0.52	-1.49	0.5
Diluted EPS - Continuing Operations	0.13	-1.36	0.52	-1.49	0.5
Diluted Weighted Average Shares Outstanding	-	28.35M	28.35M	28.35M	28.35M
Normalized Basic EPS	0.09	-0.94	0.37	-1.04	0.31
Normalized Diluted EPS	0.09	-0.94	0.37	-1.04	0.31
Dividend Per Share	0.01	-	-	-	-
Payout Ratio	-	-0.73	-	-	-
Supplemental Items
EBITDA	3.29M	-48.89M	-17.86M	-99.66M	25.68M
EBITA	-2.06M	-54.07M	-21.89M	-104M	20.35M
EBIT	-2.06M	-54.07M	-21.89M	-104M	20.35M
EBITDAR	3.35M	-48.68M	-17.56M	-99.39M	-
Total Revenues (As Reported)	-	-	-	-	156M
Effective Tax Rate - (Ratio)	10.06	9.97	9.87	9.78	-
Current Domestic Taxes	-	-	-	-	-
Total Current Taxes	-	-	-	-	-
Deferred Domestic Taxes	-	-4.27M	1.61M	-4.59M	-
Total Deferred Taxes	419K	-4.27M	1.61M	-4.59M	-
Normalized Net Income	2.64M	-26.73M	10.47M	-29.45M	8.81M
Interest on Long-Term Debt	-	-	171K	161K	-
Supplemental Operating Expense Items
Net Rental Expense, Total	53K	207K	294K	266K	-
Imputed Operating Lease Interest Expense	40.68K	95.27K	176K	169K	-
Imputed Operating Lease Depreciation	12.32K	112K	118K	96.57K	-
Maintenance & Repair Expenses, Total	181K	1.39M	490K	741K	-

Fiscal Period: December	2020 (BGN)	2021 (BGN)	2022 (BGN)	2023 (BGN)	2024 (BGN)
Assets
Cash And Equivalents	290K	737K	2.14M	1.42M	2.58M
Accounts Receivable, Total	67.67M	47.04M	33.96M	84.99M	51.29M
Other Receivables	5.26M	24.71M	7.82M	14.46M	8.97M
Accounts Receivable (Summary Subtotal)	72.93M	71.75M	41.79M	99.45M	60.25M
Inventory - (Utility Template)	49.02M	83.84M	339M	169M	133M
Notes Receivable (Collected)	-	5.6M	-	125K	-
Other Current Assets, Total	3.48M	3.39M	3.55M	3.39M	2.28M
Total Current Assets	126M	165M	387M	273M	198M
Gross Property Plant And Equipment	123M	133M	155M	169M	-
Accumulated Depreciation	-68.45M	-73.56M	-76.43M	-80.48M	-
Net Property Plant And Equipment	54.72M	59.66M	78.2M	88.73M	104M
Goodwill	191K	191K	191K	191K	191K
Other Intangibles, Total	7K	6K	151K	74K	26K
Long-Term Investments - (Utility Template)	-	-	-	-	25K
Loans Receivable Long-Term - (Utility Template)	9.74M	5.43M	2.12M	15.51M	183K
Deferred Tax Assets Long-Term (Collected)	1.87M	6.14M	4.53M	9.12M	9.12M
Other Long-Term Assets, Total	44.98M	8.71M	2.74M	76.63M	18.56M
Total Assets	237M	245M	475M	463M	331M
Liabilities
Accounts Payable, Total	84.11M	87.39M	169M	178M	161M
Accrued Expenses, Total	2.52M	1.96M	3.25M	3.67M	2.51M
Short-Term Borrowings	-	-	-	-	68K
Current Portion of Long-Term Debt	701K	1.37M	1.38M	1.37M	2.3M
Current Portion of Leases	-	6K	6K	7K	-
Current Income Taxes Payable	-	13K	13K	149K	265K
Unearned Revenue, Current	68K	68K	68K	68K	-
Other Current Liabilities - (Bank / Utility Template)	20.03M	27.36M	29.44M	25.59M	3.15M
Total Current Liabilities	107M	118M	203M	209M	169M
Long-Term Debt	43.35M	39.03M	172M	128M	95M
Long-Term Leases	-	23K	17K	10K	-
Unearned Revenue Non Current	1.33M	5.6M	5.54M	77.26M	-
Pension & Other Post Retirement Benefits	395K	589K	401K	-	-
Other Non Current Liabilities, Total	-	36.28M	33.63M	31.66M	34.38M
Total Liabilities	153M	200M	414M	446M	299M
Common Stock, Total	28.35M	28.35M	28.35M	28.35M	28.35M
Retained Earnings	14.9M	-23.9M	-8.58M	-51.11M	-37.01M
Comprehensive Income and Other	41.48M	41.33M	40.63M	40.55M	40.55M
Total Common Equity	84.72M	45.78M	60.39M	17.8M	31.89M
Total Equity	84.72M	45.78M	60.39M	17.8M	31.89M
Total Liabilities And Equity	237M	245M	475M	463M	331M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	28.35M	28.35M	28.35M	28.35M	28.35M
ECS Total Common Shares Outstanding	28.35M	28.35M	28.35M	28.35M	28.35M
Book Value / Share	2.99	1.61	2.13	0.63	1.12
Tangible Book Value	84.52M	45.58M	60.05M	17.53M	31.67M
Tangible Book Value Per Share	2.98	1.61	2.12	0.62	1.12
Total Debt	44.05M	40.43M	174M	129M	97.37M
Net Debt	43.76M	39.69M	171M	128M	94.79M
Debt Equivalent Oper. Leases	424K	1.66M	2.35M	2.13M	-
Equity Method Investments, Total	-	-	-	-	25K
Account Code - Inventory Valuation	6	6	6	6	3
Inventories - Raw Materials, Total	47.24M	82.14M	337M	167M	132M
Inventories - Finished Goods, Total	738K	749K	861K	863K	989K
Inventories - Others	1.04M	959K	1.18M	1.22M	-
Land - (BS)	4.14M	4.14M	4.95M	4.95M	-
Buildings, Total	14.14M	14.14M	40.13M	14.18M	-
Machinery, Total	73.11M	92.1M	83.73M	114M	-
Full Time Employees	417	425	440	465	-
Accumulated Allowance for Doubtful Accounts (Supple)	6.58M	5.39M	6.1M	8.46M	-

Fiscal Period: December	2020 (BGN)	2021 (BGN)	2022 (BGN)	2023 (BGN)	2024 (BGN)
Net Income	3.75M	-38.53M	14.72M	-42.3M	14.09M
Depreciation, Depletion & Amortization	5.35M	5.18M	4.04M	4.3M	5.33M
Amortization of Goodwill and Intangible Assets - (CF)	1K	-	1K	-	-
Total Depreciation, Depletion & Amortization	5.35M	5.18M	4.04M	4.3M	5.33M
Amortization of Deferred Charges, Total	13K	1K	21K	84K	-
Other Operating Activities	396K	48.4M	-4.28M	55.98M	12.65M
Cash from Operations	9.5M	15.05M	14.5M	18.06M	32.07M
Capital Expenditure	-16.62M	-13.3M	-10.01M	-15.96M	-
Other Investing Activities, Total	-	-	-	-	-28.96M
Cash from Investing	-16.62M	-13.3M	-10.01M	-15.96M	-28.96M
Long-Term Debt Issued, Total	7.61M	549K	-	-	-
Total Debt Issued	7.61M	549K	-	-	-
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-	-687K	-1.37M	-1.37M	-1.37M
Total Debt Repaid	-	-687K	-1.37M	-1.37M	-1.37M
Common Dividends Paid	-	-283K	-	-	-
Common & Preferred Stock Dividends Paid	-	-283K	-	-	-
Other Financing Activities, Total	-404K	-883K	-1.72M	-1.46M	-573K
Cash from Financing	7.2M	-1.3M	-3.09M	-2.83M	-1.95M
Net Change in Cash	86K	447K	1.4M	-726K	1.16M
Supplemental Items
Cash Interest Paid	-	880K	1.71M	1.46M	-
Cash Income Tax Paid (Refund)	-	13.77M	-	-	3.53M
Net Debt Issued / Repaid	7.61M	-138K	-1.37M	-1.37M	-1.37M
Levered Free Cash Flow	35.41M	-72.53M	-160M	35.23M	47.64M
Unlevered Free Cash Flow	37.64M	-71.01M	-155M	42.76M	54.77M
Change In Net Working Capital	-50.18M	29.1M	136M	-119M	-36.72M

Fiscal Period: December	2020 (BGN)	2021 (BGN)	2022 (BGN)	2023 (BGN)	2024 (BGN)
Profitability
Return on Assets	-0.55	-14	-3.8	-13.85	3.2
Return on Total Capital	-1.07	-31.44	-8.55	-34.13	9.17
Return On Equity %	4.52	-59.05	27.74	-108.21	56.72
Return on Common Equity	4.52	-59.05	27.74	-108.21	56.72
Margin Analysis
Gross Profit Margin %	44.63	34.99	35.84	-9.74	57.63
SG&A Margin	15.65	40.47	13.04	19.82	17.08
EBITDA Margin %	4.39	-50.85	-13.19	-59.9	17.04
EBITA Margin %	-2.74	-56.24	-16.17	-62.48	13.5
EBIT Margin %	-2.74	-56.24	-16.18	-62.48	13.5
Income From Continuing Operations Margin %	5	-40.08	10.88	-25.43	9.35
Net Income Margin %	5	-40.08	10.88	-25.43	9.35
Net Avail. For Common Margin %	5	-40.08	10.88	-25.43	9.35
Normalized Net Income Margin	3.52	-27.8	7.74	-17.7	5.84
Levered Free Cash Flow Margin	47.25	-75.44	-118.43	21.18	31.62
Unlevered Free Cash Flow Margin	50.22	-73.86	-114.73	25.7	36.35
Asset Turnover
Asset Turnover	0.32	0.4	0.38	0.35	0.38
Fixed Assets Turnover	1.43	1.68	1.96	1.99	1.56
Receivables Turnover (Average Receivables)	0.72	1.53	3.33	2.66	2.15
Inventory Turnover (Average Inventory)	0.84	0.94	0.41	0.72	0.42
Short Term Liquidity
Current Ratio	1.17	1.4	1.91	1.31	1.17
Quick Ratio	0.68	0.61	0.22	0.48	0.37
Operating Cash Flow to Current Liabilities	0.09	0.13	0.07	0.09	0.19
Days Sales Outstanding (Average Receivables)	506.79	238.54	109.48	137.31	169.89
Days Outstanding Inventory (Average Inventory)	437.05	387.92	889.72	508.04	865.49
Average Days Payable Outstanding	835.88	321.58	136.42	5.3K	2.23K
Cash Conversion Cycle (Average Days)	107.95	304.88	862.79	-4.66K	-1.19K
Long Term Solvency
Total Debt/Equity	51.99	88.31	287.36	725.29	305.37
Total Debt / Total Capital	34.21	46.9	74.18	87.88	75.33
LT Debt/Equity	51.16	85.3	285.05	717.54	297.94
Long-Term Debt / Total Capital	33.66	45.3	73.59	86.94	73.5
Total Liabilities / Total Assets	64.29	81.35	87.28	96.16	90.35
EBIT / Interest Expense	-0.58	-22.25	-2.73	-8.63	1.79
EBITDA / Interest Expense	0.93	-20.12	-2.23	-8.27	2.25
(EBITDA - Capex) / Interest Expense	-3.75	-25.59	-3.48	-9.6	2.25
Total Debt / EBITDA	13.38	-0.83	-9.72	-1.3	3.79
Net Debt / EBITDA	13.29	-0.81	-9.6	-1.28	3.69
Total Debt / (EBITDA - Capex)	-3.3	-0.65	-6.23	-1.12	3.79
Net Debt / (EBITDA - Capex)	-3.28	-0.64	-6.15	-1.1	3.69
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-2.68	28.3	41.18	22.94	-11.97
Gross Profit, 1 Yr. Growth %	-10.58	0.59	45.45	-133.42	-894.41
EBITDA, 1 Yr. Growth %	-82.63	-1.43K	-63.48	449.15	-125.85
EBITA, 1 Yr. Growth %	-114.68	2.53K	-59.52	368.66	-119.62
EBIT, 1 Yr. Growth %	-114.69	2.53K	-59.52	368.64	-119.62
Earnings From Cont. Operations, 1 Yr. Growth %	-65.06	-1.13K	-138.22	-387.29	-133.31
Net Income, 1 Yr. Growth %	-65.06	-1.13K	-138.22	-387.29	-133.31
Diluted EPS Before Extra, 1 Yr. Growth %	-64.43	-1.11K	-138.22	-387.29	-133.31
Normalized Net Income, 1 Yr. Growth %	-62.72	-1.11K	-139.17	-386.44	-130.05
Net Property, Plant and Equip., 1 Yr. Growth %	9.9	9.03	31.07	13.47	17.4
Inventory, 1 Yr. Growth %	-2.1	71.03	304.88	-50.27	-21.13
Accounts Receivable, 1 Yr. Growth %	-43.46	-30.48	-27.8	150.25	-42.12
Total Assets, 1 Yr. Growth %	2.51	3.48	93.45	-2.41	-28.68
Tangible Book Value, 1 Yr. Growth %	4.59	-46.07	31.74	-70.81	80.65
Cash From Operations, 1 Yr. Growth %	26.77	58.32	-3.64	24.57	77.55
Capital Expenditures, 1 Yr. Growth %	127.92	-20	-24.73	59.45	-
Levered Free Cash Flow, 1 Yr. Growth %	-181.83	-302.68	120.94	-121.96	-2.58
Unlevered Free Cash Flow, 1 Yr. Growth %	-195.48	-286.82	118.65	-127.51	-4.73
Common Equity, 1 Yr. Growth %	4.56	-45.97	31.92	-70.53	79.18
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-7.51	11.74	34.39	31.75	5.52
Gross Profit, 2 Yr. CAGR %	-12.62	-5.16	20.44	-30.28	33.8
EBITDA, 2 Yr. CAGR %	-59.48	60.57	120.6	42.77	18.95
EBITA, 2 Yr. CAGR %	-62.39	96.49	226.3	38.66	-4.23
EBIT, 2 Yr. CAGR %	-62.38	96.5	226.22	38.66	-4.23
Earnings From Cont. Operations, 2 Yr. CAGR %	40.34	89.59	98.26	4.78	-2.18
Net Income, 2 Yr. CAGR %	40.34	89.59	98.26	4.78	-2.18
Diluted EPS Before Extra, 2 Yr. CAGR %	41.6	89.59	96.5	4.78	-2.18
Normalized Net Income, 2 Yr. CAGR %	38.49	94.26	98.54	4.95	-7.45
Net Property, Plant and Equip., 2 Yr. CAGR %	4.5	9.46	19.54	21.95	15.42
Inventory, 2 Yr. CAGR %	68.69	29.39	163.15	41.9	-37.37
Accounts Receivable, 2 Yr. CAGR %	-12.75	-37.31	-29.15	34.41	22.89
Total Assets, 2 Yr. CAGR %	18.4	2.99	41.48	37.4	-16.57
Common Equity, 2 Yr. CAGR %	9.74	-24.84	-15.57	-37.65	-27.34
Tangible Book Value, 2 Yr. CAGR %	9.65	-24.9	-15.71	-37.98	-27.38
Cash From Operations, 2 Yr. CAGR %	58.78	41.67	23.52	9.56	48.72
Capital Expenditures, 2 Yr. CAGR %	124.47	35.03	-22.4	9.55	-
Levered Free Cash Flow, 2 Yr. CAGR %	122.14	29.47	111.63	-30.31	-45.51
Unlevered Free Cash Flow, 2 Yr. CAGR %	93.28	34.22	102.11	-22.4	-40.64
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-2.48	3.15	20.68	30.46	16.27
Gross Profit, 3 Yr. CAGR %	4.61	-8.42	9.05	-21.45	37.58
EBITDA, 3 Yr. CAGR %	-38.66	34.59	-1.99	200.6	-19.32
EBITA, 3 Yr. CAGR %	-37.9	54.95	16.05	269.79	-27.8
EBIT, 3 Yr. CAGR %	-37.88	54.96	16.06	269.73	-27.8
Earnings From Cont. Operations, 3 Yr. CAGR %	-5.47	172.6	11.16	124.35	-28.49
Net Income, 3 Yr. CAGR %	-5.47	172.6	11.16	124.35	-28.49
Diluted EPS Before Extra, 3 Yr. CAGR %	-4.91	172.61	11.16	123.02	-28.49
Normalized Net Income, 3 Yr. CAGR %	-5.84	168.77	13.92	122.96	-30.94
Net Property, Plant and Equip., 3 Yr. CAGR %	2.61	5.99	16.24	17.48	20.41
Inventory, 3 Yr. CAGR %	135.2	69.47	89.26	51.01	16.67
Accounts Receivable, 3 Yr. CAGR %	-2.51	-19.11	-34.29	7.89	2.92
Total Assets, 3 Yr. CAGR %	19.28	13.2	27.08	25.01	10.42
Common Equity, 3 Yr. CAGR %	7.36	-13.35	-9.33	-40.56	-11.36
Tangible Book Value, 3 Yr. CAGR %	7.33	-13.45	-9.43	-40.81	-11.43
Cash From Operations, 3 Yr. CAGR %	42.98	58.63	24.59	23.87	28.69
Capital Expenditures, 3 Yr. CAGR %	78.53	59.14	11.13	-1.35	-
Levered Free Cash Flow, 3 Yr. CAGR %	88.92	116.21	54.72	-0.52	-13.08
Unlevered Free Cash Flow, 3 Yr. CAGR %	286.2	91.73	57.93	4	-8.3
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	7.75	9.49	10.87	13.69	14.37
Gross Profit, 5 Yr. CAGR %	30.34	14.66	10.67	-18.03	18.35
EBITDA, 5 Yr. CAGR %	3.48	65	4.59	37.8	6.25
EBITA, 5 Yr. CAGR %	-27.27	84.06	20.58	48.22	7.76
EBIT, 5 Yr. CAGR %	-27.35	83.46	20.59	48.22	7.76
Earnings From Cont. Operations, 5 Yr. CAGR %	18.98	63.22	27.13	85.97	5.62
Net Income, 5 Yr. CAGR %	18.98	63.22	27.13	85.97	5.62
Diluted EPS Before Extra, 5 Yr. CAGR %	19.41	63.22	27.13	85.97	5.62
Normalized Net Income, 5 Yr. CAGR %	27.48	78.03	27.05	84.51	4.45
Net Property, Plant and Equip., 5 Yr. CAGR %	-1.68	2.05	9.07	12.11	15.91
Inventory, 5 Yr. CAGR %	81.9	93.21	146	57.85	21.6
Accounts Receivable, 5 Yr. CAGR %	12.34	-2.23	-14.2	-0.89	-15.59
Total Assets, 5 Yr. CAGR %	17.15	15.78	27.71	22.32	7.39
Common Equity, 5 Yr. CAGR %	6.89	-6.49	-2.48	-24.04	-17.02
Tangible Book Value, 5 Yr. CAGR %	6.94	-6.52	-2.56	-24.25	-17.09
Cash From Operations, 5 Yr. CAGR %	20.01	34.59	34.85	36.8	33.73
Capital Expenditures, 5 Yr. CAGR %	46.61	56.98	27.93	37.06	-
Levered Free Cash Flow, 5 Yr. CAGR %	43.02	70.51	98.11	37.47	1.94
Unlevered Free Cash Flow, 5 Yr. CAGR %	54.97	86.09	198.66	33.53	6.8