UPDATE ON THE CURRENT MARKET SITUATION AND MEASURES TO SUPPORT LIQUIDITY POSITION
24. 3. 2022
In line with the press releases issued on 3 March 2022 and 10 March 2022, EP Infrastructure, a.s. (“EPIF”) and its subsidiaries (the “EPIF Group”) continue monitoring the current situation on the market.
While gas deliveries from Ukraine through the gas transmission system operated by the EPIF Group continue uninterrupted and the EPIF Group’s financial and operational performance has not been significantly impacted by the current situation, the EPIF Group has taken measures to support the EPIF Group’s liquidity position amid the current uncertainty as to how the situation unfolds. These include the previously announced temporary postponement of dividend distributions from EPIF and acquisitions undertaken by the EPIF Group, which are supported by EPIF’s shareholders.
According to unaudited preliminary results as of and for the year ended 31 December 2021, the EPIF Group’s net leverage ratio1 as of 31 December 2021 remained well below its long-term target of 4.3x. The net leverage ratio of SPP Infrastructure, a.s., and its subsidiaries which include, among others, eustream, a.s., SPP – distribúcia, a.s., NAFTA a.s. and POZAGAS a.s. (collectively, the “SPPI Group”), as of 31 December 2021 was 1.48x, which is consistent with prior years. As of 22 March 2022, the SPPI Group had a total cash balance of approximately EUR 410 million.
The EPIF Group is a leading energy utility business with a portfolio of critical infrastructure assets located in countries with high sovereign credit ratings, including primarily Slovakia and the Czech Republic. Its operations are diversified across four main business segments: gas and power distribution, gas transmission, gas storage and heat infra.
- Through its gas and power distribution segment, the EPIF Group has a leading position in the gas distribution and electricity distribution and supply market in the Slovak Republic.
- Through its gas transmission segment, the EPIF Group plays a key strategic role for the Slovak Republic and other European countries, as it operates the key East to West and North to South gas transmission junction and is part of the Central Corridor, which is one of the largest and the most important piped gas import routes into Europe.
- Through its heat infra segment, the EPIF Group is a significant producer of power in the Czech Republic and owns and operates a group of plants that provide heat for various district heating systems.
- Through its gas storage segment, the EPIF Group is a key player in terms of capacity in the European gas storage market.
According to unaudited preliminary results for the year ended 31 December 2021, the EPIF Group’s gas and power distribution, gas transmission, gas storage and heat infra business segments accounted for 38 per cent., 34 per cent., 17 per cent. and 12 per cent., respectively, of the EPIF Group’s proportionate EBITDA.2
EP Infrastructure, a.s., is an issuer of the following notes:
€500,000,000 1.816% Senior Notes due 2031, ISIN: XS2304675791
€500,000,000 2.045% Senior Notes due 2028, ISIN: XS2062490649
€600,000,000 1.698% Senior Notes due 2026, ISIN: XS2034622048
€750,000,000 1.659% Senior Notes due 2024, ISIN: XS1811024543
For further inquiries, please contact:
EP Infrastructure, a.s.
Pařížská 130/26, 110 00 Praha 1
T: +420 232 005 200
F: +420 232 005 400
 Net leverage ratio represents proportionate net financial indebtedness divided by proportionate EBITDA. Net financial indebtedness represents gross financial indebtedness less cash and cash equivalents. Gross financial indebtedness represents a sum of indebtedness calculated as a sum of current and non-current loans and borrowings, disregarding unamortised transactions cost, premium, discounts and less accrued interest, including lease liabilities but excluding mark-to-market of hedging instruments.
 EBITDA represents profit (loss) for the year before income tax expenses, finance expense, finance income, profit (loss) from derivative financial instruments, share of profit of equity accounted investees, net of tax, gain (loss) on disposal of subsidiaries, special purpose entities, joint ventures and associates, depreciation of property, plant and equipment and amortisation of intangible assets, and negative goodwill. Proportionate EBITDA represents EBITDA, taking into consideration the proportionate ownership of EPIF in its subsidiaries.