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2022/05/12 / Erste Group Research

Reengineering gas infrastructure strategy

Founded in 2013, EP Infrastructure (EPIF) has formed a leading energy infrastructure group in the CEE region, focused on gas transmission, gas and power distribution, heat distribution and generation, power generation and gas storage.

With roughly 5,800 employees and a balance sheet total of EUR 11.6bn, the group generated revenues of EUR 2.8bn, EBITDA of close to EUR 1.3bn, net income of EUR 0.6bn in 2021. Credit ratios weakened, with results retreating from exceptional levels.

While gas deliveries from Ukraine continue uninterrupted and the financial and operational performance has not been significantly impacted, the Ukraine conflict and sanctions against Russia pose considerable risks for the group’s gas business.

Longer-term, the EU plans to phase out Russian gas imports by 2030 and decarbonize by 2050. Given the need for transitional, resp. renewable fuels as well longer term contracts, this may not necessarily endanger cash flows of subsidiary eustream considerably after 2028.
While Fitch and S&P have maintained their investment grade ratings, Moody’s has downgraded the ratings of eustream and EPIF to Ba1.

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General information

AuthorErste Group Research
Date2022/05/12
Languageen
Product nameCredit News
Topic in focusCredits/ Corporate bonds
Economy in focusCzech Republic
Currency in focusCzech Koruna
Sector in focus-
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