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2019/06/14 / Erste Group Research

Credit Report | HEP (DE)

Im Geschäftsjahr 2018 erzielte HEP einen konsolidierten Konzernumsatz von HRK 14,2 Mrd. (+5,8% J/J). Die Profitabilität zurückgegangen, blieb aber auf einem hohen Niveau.

Die Nettoverschuldung ist seit 2012 rückläufig und ging 2018 weiter zurück. Folglich verbesserten sich fast alle Kreditkennzahlen. Mehr als 95% der Finanzverbindlichkeiten sind langfristig. Die Liquiditätssituation des Unternehmens ist komfortabel.

Im April 2019 bestätigte Moody's HEPs Rating Ba2 und änderte den Ausblick auf positiv. Gleichzeitig erhöhte S&P das Rating auf BB+ und änderte den Ausblick auf stabil.

Strategische Ziele für die kommenden Jahre sind Effizienzsteigerung, der Ausbau der Erzeugungskapazitäten, die Entwicklung neuer Produkte und Dienstleistungen sowie die Erschließung neuer Regionen. HEP gibt keine Guidance für 2019 ab.

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General information

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


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