EPH results for 2017

5. 6. 2018

Energetický a průmyslový holding, a.s. (EPH) managed to further improve its financial and operational results also in 2017. Consolidated EPH revenues reached EUR 6.01 billion last year (compared to EUR 4.93 billion in 2016), Adjusted EBITDA* totalled EUR 1.97 billion (compared to EUR 1.73 billion in 2016).

The total consolidated net debt ratio was 2.8 times EBITDA. The slight year-on-year increase was primarily driven by the acquisitions of highly efficient CCGT plants in the UK and biomass plants in Italy as well as by the continued investments into Lynemouth biomass conversion project. In addition the leverage indicator does not fully capture profit generation of the mentioned assets. Considering the high share of regulated and long-term contracted infrastructure assets of the group and high conversion of group EBITDA into cash flow, reported consolidated net leverage indicator is conservative and fully comparable to European investment grade rated companies.

The above-mentioned results do not include performance of assets that are under joint control, which, according to the international financial reporting standards are not reflected in the consolidated figures (these include namely our shares in LEAG Holding and Slovenské elektrárne).

In terms of operational indicators in 2017, companies under EPH transmitted more than 64 bcm and distributed almost 5 bcm of natural gas, distributed more than 6 TWh of electricity, delivered over 25 PJ of heat, and used almost all of their natural gas storage capacity of 41 TWh. Power plants operated by EPH produced 100 TWh of electricity last year, ranking EPH as the sixth largest European electricity producer.

* The Adjusted EBITDA indicator represents the operating profit before depreciation and amortisation and negative goodwill further adjusted for selected effects of predominantly one-off and non-cash nature and partially reflects pro-forma impact of acquisitions realized in 2017.