STATEMENT REGARDING THE CURRENT MARKET SITUATION
3. 3. 2022
EP Infrastructure, a.s. (“EPIF”) and its subsidiaries (the “EPIF Group”) keep monitoring the current situation on the market and the recent developments in Ukraine, while they continue to pursue their long-term strategy.
According to unaudited preliminary results for the year ended 31 December 2021, the EPIF Group’s EBITDA was EUR 1.28 billion. On proportionate basis, 34% of the EPIF Group’s EBITDA was generated by its gas transmission segment, 38% by its gas and power distribution segment, 17% by its gas storage segment and 12% by its heat infra segment.[1] The EPIF Group’s net leverage ratio as of 31 December 2021 remained well below its long-term target of 4.3x, while the EPIF Group continues to manage its liquidity in a manner which is consistent with prior years.
Natural gas deliveries from Ukraine through the entry point at Veľké Kapušany on the Ukrainian-Slovak border into the gas transmission system operated by eustream, a.s. (“Eustream”), continue uninterrupted.
Garry Mazzotti, EPIF’s CEO, stated “Safeguarding the continuity of the essential energy security service in the countries where it operates remains among the EPIF Group’s top priorities. Our unaudited preliminary results for 2021 confirmed the quality of our business. The EPIF Group benefits from highly diversified portfolio of assets across four main business segments, which contributes to stability and predictability of our business model. The EPIF Group continues to focus on pursuing its strategy to generate stable and predictable cash flows from its regulated and long-term contracted business while also identifying and realising attractive growth opportunities.”
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
For further inquiries, please contact:
Vaclav Palecek
Investor Relations
EP Infrastructure, a.s.
Pařížská 130/26, 110 00 Praha 1
T: +420 232 005 200
F: +420 232 005 400
palecek@epinfrastructure.cz
About EP Infrastructure, a.s.
The EPIF Group is a leading European energy infrastructure utility primarily focused on regulated and long-term contracted activities. The EPIF Group owns and operates strategically important energy infrastructure assets across gas transmission, gas and power distribution, heat infra and gas storage.
Gas transmission: Eustream acts as the sole gas transmission system operator in the Slovak Republic. Eustream’s pipeline is a part of the Central Corridor, which is one of the largest and most important piped gas import routes into Europe.
Gas and power distribution: The EPIF Group is a leader in the gas distribution market in the Slovak Republic and the second largest distributor and supplier of power in the Slovak Republic.
Heat infra: The EPIF Group is a significant operator of heat distribution systems in the Czech Republic.
Gas storage: The EPIF Group is a leader in gas storage capacity in the region of the Slovak Republic, Czech Republic and Austria.
Disclaimer
This communication contains certain forward-looking statements with respect to the financial condition, results of operations and business of the EPIF Group. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms “believes”, “estimates”, “plans”, “projects”, “anticipates”, “expects”, “intends”, “targets”, “may”, “aims”, “likely”, “would”, “could”, “can have”, “will” or “should” or, in each case, their negative or other variations or comparable terminology. Forward-looking statements may and often do differ materially from actual results. The EPIF Group’s business is subject to a number of risks and uncertainties that could also cause a forward-looking statement, estimate or prediction to differ materially from those expressed or implied by the forward- looking statements contained in communication. The information, opinions and forward-looking statements contained in this communication speak only as at its date and are subject to change without notice. As a result, undue influence should not be placed on any forward-looking statement.
The financial information as of 31 December 2021 included in this communication is preliminary, unaudited and subject to revision upon completion of the EPIF Group’s audit processes. Any unaudited financial information included in this communication is informational only. Adjustments and modifications to the financial information may be identified during the course of audit work, which could result in significant differences from the preliminary unaudited financial information contained herein.
This communication contains certain measures that are not measures defined by International Financial Reporting Standards, namely, EBITDA[2] and net leverage ratio[3] either on fully consolidated or proportionate basis. These measures do not represent the measures of the same or similar names as may be defined by any documentation for any financial liabilities of the EPIF Group. EPIF Group’s audited financial results for the year ended 31 December 2021 will, once published in due course, be made available on www.epinfrastructure.cz.
This communication contains inside information as defined in article 7(1) of Regulation (EU) 596/2014 of 16 April 2014 (the Market Abuse Regulation).
[1] The sum of percentages equals to 101% as total EBITDA includes also other and holding segments which are not reflected in this communication.
[2] EBITDA represents profit (loss) for the year before income tax expenses, finance expense, finance income, profit (loss) from derivative financial instruments, share of profit of equity accounted investees, net of tax, gain (loss) on disposal of subsidiaries, special purpose entities, joint ventures and associates, depreciation of property, plant and equipment and amortisation of intangible assets, and negative goodwill. Proportionate EBITDA represents EBITDA, taking into consideration the proportionate ownership of EPIF in its subsidiaries.
[3] Net leverage ratio represents proportionate net financial indebtedness divided by proportionate EBITDA. Net financial indebtedness represents gross financial indebtedness less cash and cash equivalents. Gross financial indebtedness represents a sum of indebtedness calculated as a sum of current and non-current loans and borrowings, disregarding unamortised transactions cost, premium, discounts and less accrued interest, including lease liabilities but excluding mark-to-market of hedging instruments. Proportionate net financial indebtedness represents net financial indebtedness, taking into consideration the proportionate ownership of EPIF in its subsidiaries.