Bulletin: Energo-Pro's Solid Half-Year Results Support Ample Credit Headroom

PARIS (S&P Global Ratings) Oct. 20, 2022--S&P Global Ratings today said that the half-year results of Czech Republic-based power producer and distributor Energo-Pro a.s. (B+/Stable/--) support ample headroom under the current ratings. We expect Energo-Pro will continue benefitting from improved hydropower conditions and high power prices in Central and Eastern Europe, and should report S&P Global Ratings-adjusted funds from operations (FFO) to debt above the 20% threshold for the current rating in 2022. For the full year, we estimate interest expenses will increase to about €50 million-€55 million from €30 million historically, reducing FFO by about €20 million compared with our previous forecasts. This should be offset by stronger EBITDA. Reported EBITDA for the first six months of the year

...October 20, 2022 PARIS (S&P Global Ratings) Oct. 20, 2022--S&P Global Ratings today said that the half-year results of Czech Republic-based power producer and distributor Energo-Pro a.s. (B+/Stable/--) support ample headroom under the current ratings. We expect Energo-Pro will continue benefitting from improved hydropower conditions and high power prices in Central and Eastern Europe, and should report S&P Global Ratings-adjusted funds from operations (FFO) to debt above the 20% threshold for the current rating in 2022. For the full year, we estimate interest expenses will increase to about 50 million-55 million from 30 million historically, reducing FFO by about 20 million compared with our previous forecasts. This should be offset by stronger EBITDA. Reported EBITDA for the first six months of the year increased to 111 million from 94 million for the same period last year. Adjusted debt to EBITDA for the last 12 months improved to 3.1x from about 3.3x at end-2021. Energo-Pro operates...

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