Selected 3Q 2022 Results of EP Infrastructure
19. 10. 2022
According to unaudited preliminary results as of and for the nine months ended 30 September 2022, EP Infrastructure, a.s. (“EPIF” and together with its subsidiaries, the “EPIF Group”) had EUR 935 million of cash and cash equivalents on a fully consolidated basis (compared to EUR 1,078 million as of 30 June 2022) and EUR 534 million on a proportionately consolidated basis (compared to EUR 724 million as of 30 June 2022) as of 30 September 2022. At the same time, Proportionate Net Leverage Ratio of the EPIF Group has improved since 30 June 2022 (4.09x as of 30 June 2022) while still remaining significantly below the EPIF Group’s long-term target of 4.3x. The EPIF Group achieved this despite a significant increase in margining requirements deposited with the commodity exchange which peaked earlier in Q3 2022. These margining requirements, the majority of which is expected to be returned to the EPIF Group by the end of 2023, primarily relate to a net position of hedged power production in EPIF’s heat infra segment and hedged sourcing of EP Energy Trading, a.s.’s supply business. As of 30 September 2022, the EPIF Group’s margining requirements deposited with the commodity exchange reached EUR 874 million (compared to EUR 339 million as of 30 June 2022) on a consolidated as well as proportionate basis.
Given the current uncertainties on the energy market and EPIF’s previously communicated continued commitment to maintaining and re-establishing (as applicable) the investment grade credit rating of EPIF and its subsidiaries SPP – distribúcia, a.s. and eustream, a.s., EPIF aspires to achieve, by the time the majority of the margining deposits are returned to the EPIF Group by the end of 2023, a new reduced target for Proportionate Net Leverage Ratio of the EPIF Group of 3.5x (compared to the current target of 4.3x) which is to apply until the current uncertainties subside.
EP Infrastructure, a.s., is an issuer of the following notes:
€500,000,000 1.816% Senior Notes due 2031, ISIN: XS2304675791
€500,000,000 2.045% Senior Notes due 2028, ISIN: XS2062490649
€600,000,000 1.698% Senior Notes due 2026, ISIN: XS2034622048
€750,000,000 1.659% Senior Notes due 2024, ISIN: XS1811024543