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2019/05/20 / Erste Group Research

Credit Report | NET4GAS (DE)

NET4GAS berichtete im Geschäftsjahr 2018 einen konsolidierten Konzernumsatz von CZK 7.335 Mio. Das liegt nur leicht unter dem Niveau des Vorjahres. Internationale Gastransitdienstleistungen machten über 80% der Gesamterlöse aus. Durch aktives Kostenmanagement verbesserte sich die Profitabilität weiter.

Die Nettoverschuldung ist seit 2014 kontinuierlich rückläufig und belief sich Ende 2018 auf CZK 26.095 Mio. Gleichzeitig stieg die Eigenkapitalquote auf 23,8%. Als Folge verbesserten sich alle wichtigen Kreditkennzahlen. Im direkten Peer-Group-Vergleich weisen sie jedoch Aufholpotenzial auf.

Für 2019 erwartet das Management stabile Transiterlöse. Man geht jedoch von erneut deutlich steigendem CAPEX aus, v.a. aufgrund des Großprojekts Capacity4Gas. Das Management strebt eine strenge Kostendisziplin an, da die Beibehaltung des BBB-Ratings zu den vorrangigen Zielen gehört.

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General information

AuthorErste Group Research
Product nameCredit News DE
Topic in focusCredits/ Corporate bonds
Economy in focusCzech Republic
Currency in focusCzech Koruna
Sector in focus-
DownloadPDF (656kB) PDF Download


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