Research Detail
| 2019/05/20 / Erste Group Research |
Credit Report | NET4GAS (EN) NET4GAS posted consolidated group revenues of CZK 7,335mn for the financial year 2018. This is only slightly below last year’s level. International gas transit services account for over 80% of total sales. Due to active cost management, profitability has further improved. Net debt has been continuously declining since 2014 and amounted to CZK 26,095mn at end-2018. Equity ratio at the same time went up to 23.8%. Consequently, all major credit ratios have improved. In a direct peer group comparison, however, they show some catch-up potential. For 2019, management expects transit revenues to remain fairly stable. CAPEX, however, is expected to again rise significantly, mainly due to the large-scale project Capacity4Gas. Management aims for stringent cost discipline as retaining BBB rating is amongst its high-priority goals. |
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General information
| Author | Erste Group Research |
| Date | 2019/05/20 |
| Language |  |
| Product name | Credit News |
| Topic in focus | Credits/ Corporate bonds |
| Economy in focus | Czech Republic |
| Currency in focus | Czech Koruna |
| Sector in focus | - |
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