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2022/06/21 / Erste Group Research

České dráhy

Die České dráhy Gruppe („ČD“) ist die staatliche Eisenbahngesellschaft der Tschechischen Republik mit rund 22.000 Mitarbeitern und einem Umsatz von rund CZK 104 Mrd. Das Kerngeschäft umfasst den Bahnbetrieb für Passagiere und Fracht sowie dazugehörige Dienstleistungen.

Nach -12% in 2020 erholte sich der Konzernumsatz im Jahr 2021 um 7% auf CZK 39 Mrd., das EBITDA um 63% auf CZK 8 Mrd. und der Nettoverlust verringerte sich auf CZK -1,6 Mrd. nach CZK -4,1 Mrd. Das umfangreiche Modernisierungsprogramm, v.a. die Erneuerung des Rollmaterials, führte zu höheren Investitionsausgaben 2021 auf CZK 10,7 Mrd.

Die Bilanz- und Kreditkennzahlen zeigen ein verbessertes Bild: Nettoverschuldung/EBITDA erreichte 5,4x, EBITDA/Zinsaufwand 6,8x, das Gearing stieg jedoch auf 117%. Die Aussichten für weiteres Wachstum 2022 werden durch steigende Energiepreise und die aktuellen geopolitischen Unsicherheiten getrübt.

EUR- und CZK-denominierte Anleihen stellen die wichtigste externe Finanzierungsquelle dar und machen ca. 71% der Finanzschulden der Gruppe aus. Die Anleihen bieten keine formale, explizite Staatsgarantie, weisen jedoch mehrere für Agenturen typische Merkmale auf.
Der Energiemix stellt eine Herausforderung in ESG-Hinsicht dar. Moody´s vergibt ein Baa2/stabil-Rating für den Konzern unter Anwendung ihrer Methodologie für staatsnahe Emittenten (GRI) aufgrund der kritischen Rolle des Unternehmens für die Tschechische Republik (Aa3/AA-/AA-).

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General information

AuthorErste Group Research
Date2022/06/21
Languagede
Product nameCredit News DE
Topic in focusCredits/ Corporate bonds
Economy in focusCzech Republic
Currency in focusCzech Koruna
Sector in focus-
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