Energetický a průmyslový holding, a.s. (“EPH”) is proud to announce strong results 2020 despite highly challenging environment caused by Covid-19 pandemic.
10. 5. 2021
Consolidated EPH sales reached EUR 8.5 billion last year (compared to EUR 8.6 billion in 2019), Pro-forma Adjusted EBITDA totalled EUR 2.1 billion (compared to EUR 2.1 billion in 2019) and net debt ratio decreased to 2.0 times Pro-forma Adj. EBITDA (compared to 2.4 times Pro-forma Adj. EBITDA in 2019). 92% of EPH Adjusted EBITDA stemmed from zero or low-emission operations with limited CO2.
These results reflect the divestments made last year – EPH sold Pražská teplárenská and its stake in the Hungarian heat producer Budapesti Erömü. If the results of these two companies were included, EPH adjusted EBITDA would have increased year-on-year.
“In 2020 EPH proved the extraordinary resilience of its business model. In the highly challenging situation of the pandemic, we were both able to keep fulfilling our mission and satisfied all the energy needs of our customers across Europe while having the protection of health of our employees as the highest priority and at the same time to even improve the economic results of our business. This thanks to many past business developments and optimalization efforts, which positively affected the results in 2020. Allow me to thank to our colleagues and business partners to which we owe these achievements,” said Daniel Křetínský, CEO and co-owner of EPH.
The group’s stability and resilient performance is driven mainly by critical energy infrastructure nature of business, high share of regulated and long-term contracted assets of the group. The Group Cash Conversion Ratio (Adjusted EBITDA minus capital expenditures) at the level of 82% (compared to 83% in 2019) puts EPH among leading companies in the energy segment and strongly supports low leverage of the group.
In 2020, consolidated companies transmitted 57 bcm and distributed 5 bcm of natural gas, distributed 6 TWh of electricity, delivered 20 PJ of heat, and almost fully utilized storage capacity of 64 TWh of natural gas.
Reducing emissions and replacing coal
The Group is continuing in intensive efforts to decrease its exposure to coal as fuel for power generation, thus contributing to meet global CO2 emissions reduction targets. Since 2014, EPH managed to reduce emission intensity by 47% and managed to save 21 million tonnes of CO2 p.a. in 2020 compared to 2014 with goal to cut down more than 42 million tonnes of CO2 annually by 2035 compared to 2014. As key steps in this effort EPH decided to close during 2021-2023 selected coal fired power plants in France, Germany and the UK with total installed capacity of 1,865 MW, which will decrease our hard coal installed capacity by 80% and CO2 yearly emissions by further 8 million tons compared to 2020. All this is confirming EPH’s role of a leader in decarbonisation and the transition from coal to non-coal assets in Europe.
For more information please see attached file and https://www.epholding.cz/en/annual-reports/