Kretinsky’s EPH Group Sees Net Profit Rise 10%ČTK
Prague, June 5 (CTK) – Energeticky a prumyslovy holding (EPH) energy and industry group of entrepreneur Daniel Kretinsky increased its net profit annually by 9.6 percent to Kc22.5bn in 2017, and its consolidated sales rose by 21.8 percent to Kc153.9bn, according to EPH’s annual report published on its website today.
Last year was affected by the improved performance in energy infrastructure of EP Infrastructure (EPIF), and acquisitions and organic growth in electricity production and coal mining of EP Power Europe, Kretinsky said in the report.
EPIF and EP Power Europe are the two main parts of EPH.
EPIF provides services including gas transit, electricity and gas distribution, gas storage and heating. A total of 31 percent of EPIF belongs to Australian bank Macquarie’s fund and the rest is EPH’s.
Apart from a majority stake in heating company Prazska teplarenska and Hungarian heat producer Budapesti Eromu, EPIF has stakes in companies Eustream and Nafta.
EP Power Europe focuses on coal mining and electricity production.
In the summer of 2016, EPH took control of German brown coal mines, buying them in a consortium with PPF Investment from Swedish company Vattenfall.
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 Kc53bn, is the fifth richest Czech, according to Forbes magazine. He became EPH’s majority owner last year, holding 94 percent of its shares. Entrepreneur Patrik Tkac and investors linked to J&T group have left EPH