Increased operating profitability, debt reduction and a contribution to addressing the effects of the energy crisis amounting to 1.8 billion euros, PPC announced for 2022, despite the large – as it points out – increase in operating expenses, and mainly the expenses for energy purchases and for natural gas.

Specifically, according to the annual results announced tonight:

– Earnings before interest, taxes, depreciation and amortization (EBITDA) on a recurring basis amounted to 953.7 million euros, increased by 82 million (9.4%) compared to 2021. The results before taxes amounted to a loss of 26 million .euros against a loss of 149.8 million euros in 2021 and after-tax results came in at a loss of 8.9 million against a loss of 18.4 million in 2021.

– The contribution to tackling the energy crisis reached 1.8 billion (against 800 million in 2021). This amount results from the support of the Energy Transition Fund through the withholding of revenue in the activity of electricity production, the support of customers through tariffs and the extraordinary contribution to the activity of electricity production.

– Net debt decreased by 501 million euros to 1.38 billion euros.

– Expenditures for liquid fuels, natural gas, CO2 emission rights, third-party lignite and electricity purchases increased by 4,911 million euros (141.4%) compared to 2021.

– Total investments amounted to 686.2 million euros compared to 437.9 million euros in 2021 and were directed mainly to distribution networks and renewable energy sources.

Commenting on the financial results, the president and CEO of PPC, Georgios Stassis, said:

“In 2022, PPC managed to cope with the unprecedented conditions of volatility and uncertainty that prevailed in the markets throughout the year, while implementing its business plan, while also contributing to tackling the energy crisis with a contribution of a total of 1.8 billion euros through the support of the Energy Transition Fund, the support of its customers through tariffs and the extraordinary levy it paid for the electricity production activity.

These results demonstrate the resilience of our operating profitability over the last 3 years, with recurring EBITDA in the region of 0.9 billion, despite unprecedented situations such as the Covid-19 pandemic and the energy crisis.

At the same time, we were able to reverse the increase in net debt that was recorded in the first quarter of the year, maintaining our liquidity at high levels, but also increasing investments in RES and distribution network projects.

We proceeded with selective acquisitions in Greece and also agreed with Enel to acquire its entire vertically integrated presence in Romania, which we see as a unique opportunity that perfectly fits our strategy, both geographically and at a business level and indeed in a attractive valuation!

At the same time, we are advancing our investment plan in RES in Greece with approximately 600MW of projects, either in operation or under construction, with the aim of approaching approximately 1GW by the end of 2023.

We remain committed to the transformation of PPC and the implementation of our strategic plan, keeping our commitment to distribute a dividend in 2024 based on the profits of 2023.

Regarding the acquisition agreement in Romania, we are focused on completing the transaction by the third quarter of 2023, and shortly thereafter we will present our updated overall strategic plan to the investment community.”