Income Statement Toplofikatsia-Ruse AD

Stocks

TPLR

BG1100013207

Electric Utilities

End-of-day quote Bulgaria S.E. Other stock markets 29/07/2026			5-day change	1st Jan Change
4.580 ^EUR	0.00%		-0.43%	-0.47%

29/05	Toplofikatsia-Ruse AD Reports Earnings Results for the First Quarter Ended March 31, 2026	CI
31/01	Toplofikatsia-Ruse AD Reports Earnings Results for the Full Year Ended December 31, 2025	CI

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Published financial data: TOPLOFIKATSIA-RUSE AD

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues - (Utility Template)	6.77Cr	8.78Cr	14Cr	16Cr	15Cr
Other Revenues, Total	72.84L	83.84L	3L	82.78L	-
Total Revenues	7.49Cr	9.61Cr	14Cr	17Cr	15Cr
Operations And Maintenance	2L	13.91L	5L	7L	-
Selling General & Admin Expenses, Total	30.24L	30.19L	54.68L	1.84Cr	91.93L
Depreciation & Amortization - (IS) - (Collected)	57.39L	51.82L	40.57L	43.87L	53.3L
Provision for Bad Debts	16.87L	3L	15T	-	-
Other Operating Expenses	6.64Cr	14Cr	15Cr	25Cr	12Cr
Total Operating Expenses	7.7Cr	15Cr	16Cr	27Cr	13Cr
Operating Income (REIT / Utility Template)	-20.57L	-5.41Cr	-2.19Cr	-10Cr	2.03Cr
Interest Expense, Total	-35.59L	-24.3L	-80.16L	-1.2Cr	-1.14Cr
Interest and Investment Income	29.16L	1.47Cr	4.78Cr	5.81Cr	56.45L
Net Interest Expenses	-6L	1.23Cr	3.98Cr	4.6Cr	-57.53L
Currency Exchange Gains (Loss)	5L	-6L	-14T	-26T	-11T
Other Non Operating Income (Expenses)	64.2L	-4L	-11.43L	1.08Cr	-5L
EBT, Excl. Unusual Items	42.25L	-4.28Cr	1.68Cr	-4.71Cr	1.41Cr
Gain (Loss) on Sale of Assets	-	-	-	-	-
Asset Writedown	-1T	-	-1L	-3T	-
Legal Settlements	-85T	-27T	-3L	-	-
Other Unusual Items	26T	-	-	2L	-
EBT, Incl. Unusual Items	41.65L	-4.28Cr	1.63Cr	-4.69Cr	1.41Cr
Income Tax Expense	4L	-42.69L	16.13L	-45.86L	-
Earnings From Continuing Operations	37.46L	-3.85Cr	1.47Cr	-4.23Cr	1.41Cr
Net Income to Company	37.46L	-3.85Cr	1.47Cr	-4.23Cr	1.41Cr
Net Income - (IS)	37.46L	-3.85Cr	1.47Cr	-4.23Cr	1.41Cr
Net Income to Common Incl Extra Items	37.46L	-3.85Cr	1.47Cr	-4.23Cr	1.41Cr
Net Income to Common Excl. Extra Items	37.46L	-3.85Cr	1.47Cr	-4.23Cr	1.41Cr
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	-	2.83Cr	2.83Cr	2.83Cr	2.83Cr
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	-	2.83Cr	2.83Cr	2.83Cr	2.83Cr
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	32.93L	-4.89Cr	-1.79Cr	-9.97Cr	2.57Cr
EBITA	-20.56L	-5.41Cr	-2.19Cr	-10Cr	2.03Cr
EBIT	-20.57L	-5.41Cr	-2.19Cr	-10Cr	2.03Cr
EBITDAR	33.46L	-4.87Cr	-1.76Cr	-9.94Cr	-
Total Revenues (As Reported)	-	-	-	-	16Cr
Effective Tax Rate - (Ratio)	10.06	9.97	9.87	9.78	-
Current Domestic Taxes	-	-	-	-	-
Total Current Taxes	-	-	-	-	-
Deferred Domestic Taxes	-	-42.69L	16.13L	-45.86L	-
Total Deferred Taxes	4L	-42.69L	16.13L	-45.86L	-
Normalized Net Income	26.41L	-2.67Cr	1.05Cr	-2.94Cr	88.06L
Interest on Long-Term Debt	-	-	2L	2L	-
Supplemental Operating Expense Items
Net Rental Expense, Total	53T	2L	3L	3L	-
Imputed Operating Lease Interest Expense	40.68T	95.27T	2L	2L	-
Imputed Operating Lease Depreciation	12.32T	1L	1L	96.57T	-
Maintenance & Repair Expenses, Total	2L	13.91L	5L	7L	-

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	3L	7L	21.41L	14.15L	25.78L
Accounts Receivable, Total	6.77Cr	4.7Cr	3.4Cr	8.5Cr	5.13Cr
Other Receivables	52.62L	2.47Cr	78.23L	1.45Cr	89.67L
Accounts Receivable (Summary Subtotal)	7.29Cr	7.18Cr	4.18Cr	9.94Cr	6.03Cr
Inventory - (Utility Template)	4.9Cr	8.38Cr	34Cr	17Cr	13Cr
Notes Receivable (Collected)	-	56.05L	-	1L	-
Other Current Assets, Total	34.79L	33.94L	35.46L	33.86L	22.82L
Total Current Assets	13Cr	17Cr	39Cr	27Cr	20Cr
Gross Property Plant And Equipment	12Cr	13Cr	15Cr	17Cr	-
Accumulated Depreciation	-6.84Cr	-7.36Cr	-7.64Cr	-8.05Cr	-
Net Property Plant And Equipment	5.47Cr	5.97Cr	7.82Cr	8.87Cr	10Cr
Goodwill	2L	2L	2L	2L	2L
Other Intangibles, Total	7T	6T	2L	74T	26T
Long-Term Investments - (Utility Template)	-	-	-	-	25T
Loans Receivable Long-Term - (Utility Template)	97.35L	54.34L	21.18L	1.55Cr	2L
Deferred Tax Assets Long-Term (Collected)	18.74L	61.43L	45.3L	91.17L	91.17L
Other Long-Term Assets, Total	4.5Cr	87.09L	27.37L	7.66Cr	1.86Cr
Total Assets	24Cr	25Cr	47Cr	46Cr	33Cr
Liabilities
Accounts Payable, Total	8.41Cr	8.74Cr	17Cr	18Cr	16Cr
Accrued Expenses, Total	25.18L	19.6L	32.5L	36.66L	25.12L
Short-Term Borrowings	-	-	-	-	68T
Current Portion of Long-Term Debt	7L	13.73L	13.84L	13.73L	23.01L
Current Portion of Leases	-	6T	6T	7T	-
Current Income Taxes Payable	-	13T	13T	1L	3L
Unearned Revenue, Current	68T	68T	68T	68T	-
Other Current Liabilities - (Bank / Utility Template)	2Cr	2.74Cr	2.94Cr	2.56Cr	31.52L
Total Current Liabilities	11Cr	12Cr	20Cr	21Cr	17Cr
Long-Term Debt	4.33Cr	3.9Cr	17Cr	13Cr	9.5Cr
Long-Term Leases	-	23T	17T	10T	-
Unearned Revenue Non Current	13.34L	56.02L	55.35L	7.73Cr	-
Pension & Other Post Retirement Benefits	4L	6L	4L	-	-
Other Non Current Liabilities, Total	-	3.63Cr	3.36Cr	3.17Cr	3.44Cr
Total Liabilities	15Cr	20Cr	41Cr	45Cr	30Cr
Common Stock, Total	2.83Cr	2.83Cr	2.83Cr	2.83Cr	2.83Cr
Retained Earnings	1.49Cr	-2.39Cr	-85.83L	-5.11Cr	-3.7Cr
Comprehensive Income and Other	4.15Cr	4.13Cr	4.06Cr	4.06Cr	4.06Cr
Total Common Equity	8.47Cr	4.58Cr	6.04Cr	1.78Cr	3.19Cr
Total Equity	8.47Cr	4.58Cr	6.04Cr	1.78Cr	3.19Cr
Total Liabilities And Equity	24Cr	25Cr	47Cr	46Cr	33Cr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	2.83Cr	2.83Cr	2.83Cr	2.83Cr	2.83Cr
ECS Total Common Shares Outstanding	2.83Cr	2.83Cr	2.83Cr	2.83Cr	2.83Cr
Book Value / Share	2.99	1.61	2.13	0.63	1.12
Tangible Book Value	8.45Cr	4.56Cr	6.01Cr	1.75Cr	3.17Cr
Tangible Book Value Per Share	2.98	1.61	2.12	0.62	1.12
Total Debt	4.4Cr	4.04Cr	17Cr	13Cr	9.74Cr
Net Debt	4.38Cr	3.97Cr	17Cr	13Cr	9.48Cr
Debt Equivalent Oper. Leases	4L	16.56L	23.52L	21.28L	-
Equity Method Investments, Total	-	-	-	-	25T
Account Code - Inventory Valuation	6	6	6	6	3
Inventories - Raw Materials, Total	4.72Cr	8.21Cr	34Cr	17Cr	13Cr
Inventories - Finished Goods, Total	7L	7L	9L	9L	10L
Inventories - Others	10.42L	10L	11.75L	12.19L	-
Land - (BS)	41.45L	41.45L	49.49L	49.49L	-
Buildings, Total	1.41Cr	1.41Cr	4.01Cr	1.42Cr	-
Machinery, Total	7.31Cr	9.21Cr	8.37Cr	11Cr	-
Full Time Employees	417	425	440	465	-
Accumulated Allowance for Doubtful Accounts (Supple)	65.85L	53.9L	60.99L	84.63L	-

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	37.46L	-3.85Cr	1.47Cr	-4.23Cr	1.41Cr
Depreciation, Depletion & Amortization	53.49L	51.81L	40.35L	43.03L	53.3L
Amortization of Goodwill and Intangible Assets - (CF)	1T	-	1T	-	-
Total Depreciation, Depletion & Amortization	53.5L	51.81L	40.36L	43.03L	53.3L
Amortization of Deferred Charges, Total	13T	1T	21T	84T	-
Other Operating Activities	4L	4.84Cr	-42.81L	5.6Cr	1.27Cr
Cash from Operations	95.05L	1.5Cr	1.45Cr	1.81Cr	3.21Cr
Capital Expenditure	-1.66Cr	-1.33Cr	-1Cr	-1.6Cr	-
Other Investing Activities, Total	-	-	-	-	-2.9Cr
Cash from Investing	-1.66Cr	-1.33Cr	-1Cr	-1.6Cr	-2.9Cr
Long-Term Debt Issued, Total	76.07L	5L	-	-	-
Total Debt Issued	76.07L	5L	-	-	-
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-	-7L	-13.73L	-13.73L	-13.73L
Total Debt Repaid	-	-7L	-13.73L	-13.73L	-13.73L
Common Dividends Paid	-	-3L	-	-	-
Common & Preferred Stock Dividends Paid	-	-3L	-	-	-
Other Financing Activities, Total	-4L	-9L	-17.15L	-14.58L	-6L
Cash from Financing	72.03L	-13.04L	-30.88L	-28.31L	-19.46L
Net Change in Cash	86T	4L	14.04L	-7L	11.63L
Supplemental Items
Cash Interest Paid	-	9L	17.12L	14.55L	-
Cash Income Tax Paid (Refund)	-	1.38Cr	-	-	35.26L
Net Debt Issued / Repaid	76.07L	-1L	-13.73L	-13.73L	-13.73L
Levered Free Cash Flow	3.54Cr	-7.25Cr	-16Cr	3.52Cr	4.76Cr
Unlevered Free Cash Flow	3.76Cr	-7.1Cr	-16Cr	4.28Cr	5.48Cr
Change In Net Working Capital	-5.02Cr	2.91Cr	14Cr	-12Cr	-3.67Cr

Fiscal Period: December	2020	2021	2022	2023	2024
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	5.3T	2.23T
Cash Conversion Cycle (Average Days)	107.95	304.88	862.79	-4.66T	-1.19T
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	-1.43T	-63.48	449.15	-125.85
EBITA, 1 Yr. Growth %	-114.68	2.53T	-59.52	368.66	-119.62
EBIT, 1 Yr. Growth %	-114.69	2.53T	-59.52	368.64	-119.62
Earnings From Cont. Operations, 1 Yr. Growth %	-65.06	-1.13T	-138.22	-387.29	-133.31
Net Income, 1 Yr. Growth %	-65.06	-1.13T	-138.22	-387.29	-133.31
Diluted EPS Before Extra, 1 Yr. Growth %	-64.43	-1.11T	-138.22	-387.29	-133.31
Normalized Net Income, 1 Yr. Growth %	-62.72	-1.11T	-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