EP Energy, a.s. confirms strong performance in 2012

20.12.2012
  • For the first nine months of 2012, pro forma consolidated sales reached EUR 1,240 million, EBITDA was EUR 261 million and net debt amounted to EUR 745 million
  • Financial performance of all business lines better than in previous year 
  • Finalization of the acquisitions further strengthens the group´s vertical integration and supports low risk profile of the group
  • Long term group financing secured through the issued bonds and long term bank financing
  • EP Energy on track to outperform the annual budget

The first three quarters of 2012 have been exceptionally important for EP Energy, a.s. (EPE) in terms of strategy and overall business profile as EPE has successfully finalized numerous contemplated transactions such as (i) the acquisition of the remaining 50% stake in MIBRAG, (ii) the acquisition of 400MWe capacity share of Schkopau power plant, (iii) the divestment of Energotrans a.s. (previously owned by Pražská teplárenská a.s.) and (iv) the renegotiation of the shareholder agreement with the minority shareholder in Pražská teplárenská a.s., which secures management control for EPE. All these events further reinforce the risk profile of EPE and serve as solid base for further improvement and growth.
Furthermore, EPE has secured long term financing of the group funding needs. In the middle of October 2012, EPE signed facilities agreement for senior secured loans for up to EUR 1,000 million (yet undrawn) with club of 11 banks. Subsequently, EPE successfully placed its first EUR 500 million 7 year senior secured bond at the end of October 2012, which automatically resulted in decrease of the available funds under the facilities agreement to EUR 506.4 million. Since October 2012, the EPE’s strong financial profile is also substantiated by a BB+ (stable outlook) Fitch rating of our group and BBB- rating of the issued bonds.
In the first three quarters 2012, pro-forma consolidated sales of EPE (taking into account performance of the assets acquired during that period) amounted to EUR 1,240 million and EBITDA calculated on the same basis reached EUR 261 million. Comparable EBITDA for full year 2011 was EUR 312 million and we expect the full year EBITDA 2012 to outperform the 2011 figure, mainly due to better performance of Mining and Heat & Power, our core lines of business, during 2012. As a result of the acquisitions mentioned above, the consolidated net debt increased from EUR 483 million on December 31, 2011 to EUR 745 million on September 30, 2012.
EP Energy, a.s. is vertically integrated energy utility that includes more than 35 companies. In 2011 EPE was leading heat supplier in the Czech Republic; second largest power generator in the Czech Republic and number three mining company in Germany. EPE benefits from relatively low exposure to market developments, as significant majority of the EBITDA is generated by regulated assets or assets with long term off take contracts. The key operations are located in the Czech Republic and Germany, with smaller activities also in the Slovak Republic.

 

Forward-looking statements
This press release contains forward-looking statements regarding the future development. These statements are assessments that we have made based on information available to us at the time this document was prepared. In the event that the underlying assumptions do not materialise or additional risks arise, actual performance can deviate from the performance expected at present. Therefore, we cannot assume responsibility for the accuracy of these statements.

 

Contact for the media:

Martin Maňák
EP Energy, a.s.
Pařížská 26
110 00 Prague
Czech Republic
manak@epenergy.cz
T +420 232 005 253

 

Contact for Institutional Investors & Analysts:

Tomáš Miřacký
EP Energy, a.s.
Investor Relations
Pařížská 26
110 00 Prague
Czech Republic
miracky@epenergy.cz
T +420 232 005 246