SSE (SSE.L) Financials

£14 B

Mkt cap, 31-Oct-2017

£12.2 B

Revenue H1, 2018
Gross profit (H1, 2018)1.3 B
Gross profit margin (H1, 2018), %10.6%
Net income (H1, 2018)357.2 M
EBIT (H1, 2018)549.4 M
Cash, 30-Sep-20171.2 B
EV21.3 B

Revenue/Financials

Income Statement

Annual

GBPFY, 2015FY, 2016FY, 2017

Revenue

31.7 b28.8 b29 b

Revenue growth, %

(9%)1%

Cost of goods sold

29.2 b25.9 b25.8 b

Gross profit

2.4 b2.9 b3.2 b

Gross profit Margin, %

8%10%11%

Sales and marketing expense

516.8 m544.4 m652.5 m

R&D expense

8.3 m5.6 m5.5 m

General and administrative expense

844.7 m905.4 m1.1 b

Operating expense total

1.4 b1.5 b1.7 b

Depreciation and amortization

660.1 m679.1 m751.4 m

EBIT

985.9 m785.4 m1.9 b

EBIT margin, %

3%3%7%

Interest expense

346.6 m293.9 m257.6 m

Interest income

95.9 m101.8 m93.7 m

Pre tax profit

735.2 m593.3 m1.8 b

Income tax expense

70.8 m8.1 m57.8 m

Net Income

664.4 m585.2 m1.7 b

Half Year

GBPH1, 2016H1, 2017H1, 2018

Revenue

13.8 b11.3 b12.2 b

Cost of goods sold

12.9 b9.9 b10.9 b

Gross profit

905.6 m1.4 b1.3 b

Gross profit Margin, %

7%12%11%

EBIT

343.1 m795.6 m549.4 m

EBIT margin, %

2%7%5%

Interest expense

159.9 m181.1 m191.8 m

Interest income

47.6 m60.5 m44.6 m

Pre tax profit

230.8 m675 m402.2 m

Income tax expense

25.6 m65.8 m45 m

Net Income

205.2 m609.2 m357.2 m

Balance Sheet

Annual

GBPFY, 2015FY, 2016FY, 2017

Cash

1.5 b360.2 m1.4 b

Accounts Receivable

4.5 b3.3 b3.8 b

Inventories

342.3 m215.4 m269.1 m

Current Assets

8.9 b6.1 b7.4 b

PP&E

11.3 b12.5 b12.6 b

Goodwill

598 m609.9 m567.7 m

Total Assets

23.3 b22.2 b23.9 b

Accounts Payable

5.3 b4.2 b4.9 b

Short-term debt

732.8 m923.3 m142.4 m

Current Liabilities

8.7 b7.4 b6.6 b

Long-term debt

5.4 b6.2 b7.9 b

Non-Current Liabilities

8.5 b9.6 b11.1 b

Total Debt

6.1 b7.2 b8.1 b

Total Liabilities

17.2 b17 b17.6 b

Common Stock

496.5 m503.8 m507.8 m

Additional Paid-in Capital

862.7 m880.4 m885.7 m

Retained Earnings

1.5 b1.6 b2.6 b

Total Equity

6.1 b5.2 b6.3 b

Debt to Equity Ratio

1 x1.4 x1.3 x

Debt to Assets Ratio

0.3 x0.3 x0.3 x

Financial Leverage

3.8 x4.3 x3.8 x

Half Year

GBPH1, 2016H1, 2017H1, 2018

Cash

1.7 b257.9 m1.2 b

Accounts Receivable

3.3 b2.5 b2.6 b

Inventories

339.1 m220.5 m284 m

Current Assets

7.7 b5.5 b5.5 b

PP&E

11.8 b12.4 b13 b

Goodwill

600.4 m617.6 m

Total Assets

22.6 b21.5 b22.4 b

Accounts Payable

4 b3.3 b3.4 b

Short-term debt

734.3 m338.8 m134.5 m

Current Liabilities

7.6 b6 b4.8 b

Long-term debt

5.9 b7.1 b8.4 b

Non-Current Liabilities

9 b10.6 b11.5 b

Total Debt

6.7 b7.4 b8.5 b

Total Liabilities

16.6 b16.6 b16.3 b

Common Stock

501.9 m508.5 m511.3 m

Additional Paid-in Capital

858.4 m876.6 m875 m

Retained Earnings

1.4 b1.3 b2.4 b

Total Equity

6 b5 b6.1 b

Debt to Equity Ratio

1.5 x1.4 x

Debt to Assets Ratio

0.3 x0.4 x

Financial Leverage

3.7 x4.3 x3.7 x

Cash Flow

Annual

GBPFY, 2015FY, 2016FY, 2017

Net Income

664.4 m585.2 m1.7 b

Depreciation and Amortization

660.1 m1.6 b1.1 b

Accounts Receivable

(243.1 m)1.1 b(541.9 m)

Inventories

(8.5 m)44 m8.6 m

Accounts Payable

394 m(879.5 m)1.1 b

Cash From Operating Activities

2 b2.2 b2.6 b

Purchases of PP&E

(1.3 b)(1.5 b)(1.6 b)

Cash From Investing Activities

(1.5 b)(2.3 b)(1.5 b)

Long-term Borrowings

(66.3 m)(77.7 m)(950.6 m)

Dividends Paid

(598.5 m)(708.2 m)(668.7 m)

Cash From Financing Activities

550.6 m(987.9 m)(26.4 m)

Net Change in Cash

1.1 b(1.2 b)1.1 b

Half Year

GBPH1, 2015H1, 2017H1, 2018

Net Income

205.2 m609.2 m357.2 m

Depreciation and Amortization

370.3 m370.3 m363.2 m

Accounts Receivable

760.1 m760.1 m1.2 b

Inventories

(5.1 m)(5.1 m)(14.9 m)

Accounts Payable

(344 m)(410 m)(1.2 b)

Cash From Operating Activities

1.1 b1 b636.9 m

Purchases of PP&E

(741.1 m)(741.1 m)(804 m)

Cash From Investing Activities

(789.8 m)(723.8 m)(729 m)

Long-term Borrowings

(910.3 m)(910.3 m)(35.1 m)

Dividends Paid

(486.9 m)(486.9 m)(313.8 m)

Cash From Financing Activities

(385.7 m)(385.7 m)(135.3 m)

Net Change in Cash

(102.3 m)(102.3 m)(227.4 m)

Ratios

GBPY, 2017

EV/EBIT

38.8 x

EV/CFO

33.5 x

Revenue/Employee

575.9 k

Debt/Equity

1.4 x

Debt/Assets

0.4 x

Financial Leverage

3.7 x
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Operating Metrics

SSE's Customers was reported to be 8 m in FY, 2017.
FY, 2014H1, 2015FY, 2015H1, 2016FY, 2016H1, 2017FY, 2017H1, 2018

Customers

9.10 m8.58 m8.21 m8 m

Total Thermal Generation Capacity, MW

8.34 k7.81 k7.28 k7.33 k7.33 k7.33 k

Total Renewable Generation Capacity, MW

3.33 3.39 k3.39 k3.28 k3.28 k3.31 k3.70 k

Total Electricity Generation Capacity, MW

11.67 11.73 k11.20 k10.56 k10.61 k10.64 k11.03 k

Thermal Energy Output, TWh

26.70 18.90 18.10 18.34

Renewable Energy Output, TWh

9 2.80 8.50 3.91 9.70 3.15 8 3.50

Total Generation output, TW

35.96 27.59 9.16 27.78 11.22 26.30 14.16

Gas Production Output, million therms

414.10 201 397.90 191.30 403 314.50 618 254.90

Gas Production Output, Mboe

6.47 3.11 6.55 5.11 10.21 4.21

Liquids Production, Mboe

0.08 0.03 0.13 0.47 1.05 0.38

Net Proven and Probable Reserves (2P), Mboe

28.20 59 43

Net Proven and Probable Reserves (2P), billion therms

1.73 3.60 2.50
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