EP ENERGY GROUP RESULTS FOR 2016
In 2016 consolidated sales reached EUR 1,842 million, IFRS consolidated EBITDA totaled EUR 293 million.
EBITDA adjusted for the effects of divestments, new acquisitions and temporary negative impact from the imbalance of the Slovakian system for renewable energy support reached 347 mil. eur, which corresponds to an improvement of 17 mil. EUR (5%) against like-to-like results of 2015, despite historically one of the lowest wholesale electricity prices in spring 2016.
2016 was a year of strategic changes for EP Energy. Parallel to the reorganisation of the ultimate parent company Energetický a průmyslový holding, EP Energy refocused fully on stable, long-term contracted and/or regulated assets.
The Heat Infra segment generated revenue of EUR 561 million for 2016, with an EBITDA of EUR 145 million that is up by more than EUR 9 million compared to the previous year. Acquisition of the Hungarian company BERT was fully reflected in the Group’s result for the first time in 2016. On the other hand, Pražská teplárenská LPZ was sold to a third party. EP Energy has remained the largest heat supplier to final consumers in the Czech Republic and the third largest domestic electricity producer.
The Power Distribution and Supply segment reached revenues of EUR 1,422 million and EBITDA of EUR 149 million. The gross operating result was temporarily negatively affected by an imbalance of so-called system operation tariff used by the Slovak regulator to carry out state support for renewable sources. This has had a temporary negative impact on operating results. However, under valid legislation in Slovakia, the loss from this tariff mechanism will be fully compensated to the Group in the next two years at the latest.
Finally, EP Energy became part of the EP Infrastructure that groups companies involved in operating energy infrastructure assets in central Europe.
For complete performance details refer to report published at: www.epenergy.cz/en/investors/reports/year2016/