Research Detail
| 2019/06/14 / Erste Group Research |
Credit Report | HEP (EN) For the financial year 2018, HEP reported consolidated group revenues of HRK 14.2bn (+5.8% y/y). Profitability has decreased but remained on a good level. Net debt has been continuously declining since 2012 and was further reduced in 2018. As a result, nearly all credit metrics have further improved. More than 95% of financial liabilities are long-term. The company's liquidity situation is comfortable. In April 2019, Moody's confirmed HEP's Ba2 rating and changed its outlook to positive. At the same time, S&P upgraded the rating to BB+ and changed the outlook to stable. Strategic goals for the years to come include increasing efficiency, expanding generation capacities, creating new products and services as well as entering new regions. HEP, however, gives no guidance for FY 2019. |
 Download PDF (546kB)
|
General information
| Author | Erste Group Research |
| Date | 2019/06/14 |
| Language |  |
| Product name | Credit News |
| Topic in focus | Credits/ Corporate bonds |
| Economy in focus | Croatia |
| Currency in focus | Croatian Kuna |
| Sector in focus | - |
| Download |