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2018/06/06 / Erste Group Research

Credit Report | HEP




Hrvatska Elektroprivreda d.d. (Ba2/BB) ist die Holdinggesellschaft des führenden, zu 100% im Staatseigentum befindlichen vertikal integrierten Energieversorgers Kroatiens (Republik Kroatien: Ba2/BB+/BB+). Die mit Elektrizität verbundenen Aktivitäten stellen das Kerngeschäft der Gruppe dar und sind für mehr als 85% des Umsatzes und nahezu für das gesamte EBITDA verantwortlich. Der geographische Schwerpunkt der Gruppe liegt in Kroatien, wo 90% des Umsatzes erwirtschaftet werden.

Im GJ 2017 berichtete HEP einen konsolidierten Umsatz von HRK 13,5 Mrd. (+3,7% J/J). Die Profitabilität ging zwar zurück, blieb aber auf einem sehr hohen Niveau (EBITDA Marge: 33,1%, EBIT Marge: 17,1%), verglichen mit den Peers. Seit 2013 verbessert HEP kontinuierlich seine Verschuldungssituation. Folglich blieben die Kreditkennzahlen per Ende 2017 auf dem Niveau von 2016 (Gearing: 9%, Entschuldungsdauer: 0,5x) bzw. verbesserten sich weiter (Eigenkapitalquote: 67%, die Zinsdeckung: 20x). Aufgrund guter Kennzahlen, eines stabilen Finanzprofils sowie der 100%-igen Staatsbeteiligung bestätigte Moody's im März 2017 HEPs Rating Ba2 und änderte den Ausblick von negativ auf stabil. Im November 2017 bestätigte S&P HEPs stand-alone Rating bb sowie ihr all-in Rating BB.

Der Restrukturierungsprozess mit Fokus auf vollständigem Unbundling gemäß regulatorischer Vorgaben, d.h. Entflechtung der Geschäftsbereiche Netzbetrieb und Stromvertrieb, wurde 2017 abgeschlossen. Die weiteren strategischen Ziele beinhalten u.a. den Ausbau der Erzeugungskapazitäten, die Markteinführung neuer Produkte und Dienstleistungen sowie die Erschließung weiterer Regionen. In den kommenden 5 Jahren sind Investitionsausgaben in Höhe von HRK 15-20 Mrd. geplant.



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General information

AuthorErste Group Research
Date2018/06/06
Languagede
Product nameCredit News DE
Topic in focusCredits/ Corporate bonds
Economy in focusCroatia
Currency in focusCroatian Kuna
Sector in focus-
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