EP Infrastructures EBITDA Falls Kc19 Billion

Daniel Kretinsky

Prague, Sept 12 (CTK) – EP Infrastructure (EPIF), one of the pillars of the the energy and industry group EPH of billionaire Daniel Kretinsky, saw its operating profit EBITDA fall by 7.4 percent to EUR742m (Kc19bn) in the first half of this year, mainly due to warmer weather in comparison with last year, the company told CTK in a press release today.


Adjusted EBITDA, which includes some write-offs of both tangible and non-tangible assets, decreased by 1.8 percent to EUR779m (Kc20bn).


The biggest contribution to the results came from the gas transit division, whose adjusted EBITDA amounted to EUR334m, about the same as in the comparable period of last year.


The adjusted operating profit of the gas and electricity distribution division amounted to EUR273m, and that of the heating division rose mildly to EUR93m.


The EPH group consists of two main pillars: EPIF and EP Power Europe. While EPIF covers the area of heating and gas transit and storage, EP Power Europe covers the segment of coal mining and power generation.


A 31 percent stake in EPIF is owned by a fund of Australian bank Macquarie, while the remainder is held by EPH.


Kretinsky became a majority shareholder of EPH last year, currently holding 94 percent of its shares, while entrepreneur Patrik Tkac and investors linked with the J&T group have left the group.


Apart from a majority stake in Prague’s heating company Prazska teplarenska and Hungarian heat producer Budapesti Eromu, EPIF has stakes in companies Eustream and Nafta.


EPH is a leading Central European energy group which owns and operates facilities in the Czech Republic, Slovakia, Germany, Italy, Britain and Hungary.


Kretinsky, who is worth Kc50bn, is the fifth richest Czech, according to the Forbes magazine.