Of Thanks to Floudopoulos
ELPE is very close to the new name of the group that will be in line with the new strategy and vision of the group, said yesterday during the briefing of analysts on the results of 2021, CEO Andreas Siamisis.
He stressed that the implementation of the group’s strategic planning is implemented in an environment full of challenges and nevertheless the performance appears improved.
Mr. Siamisis focused on increased production and sales, record performance of petrochemicals and the recovery of the marketing sector as a result of increased demand.
On the other hand, the additional costs of energy and CO2 emission allowances reached 130 million euros compared to 2020.
It is recalled that yesterday ELPE announced EBITDA profit at 657 million euros and net results at 341 million euros. Of interest is the contribution of related companies, DEPA and Elpedison, which contributed € 97 million at a time when financial costs were further reduced by € 96 million.
As announced, a dividend of 120 million euros will be paid, which will be paid partially in April (0.3 euros per share) while the rest (0.10 euros per share) after the General Meeting. Additional distribution will be made from the 130 million euros which will be the revenues of the sale of DEPA Infrastructure.
For DEPA Emporia, it was reported that the schedule has changed significantly with a decision of the Greek state and the group is considering its options for its participation in the company.
In terms of investments, it was stressed that out of a total of 400 million euros, 236 million euros concerned RES, 43 million in trade and 121 million in refining and petrochemicals.
60% of the investments concern eligible activities in relation to taxonomy were typically mentioned. The large photovoltaic plant in Kozani has already been completed and the connection to the grid is expected to be completed so that the operation can begin.
The group’s portfolio includes 2 GW projects, while recently 38MW of wind farms were acquired in Evia and 16 MW of photovoltaics in Viotia.
As for the cost of the energy crisis, rising electricity and gas prices are hovering at $ 1.5 a barrel.
Regarding the electricity supply market, it was stressed that Elpedison, due to its size, has a strong activity and does not face the problems of smaller players.
Regarding the possibility of acquisitions, it was stressed that in this environment, the value of such a move is debatable. We are closely monitoring the market but we have nothing to add, said Mr. Siamisis.
However, regarding the new power plant in Thessaloniki, the head of ELPE stated that the investment decision will be made by June.
As for the Ukrainian impact, it was reported that the group supplies one or two shipments of Russian oil and may occasionally acquire other shipments.
However, Russian oil is traded through international trading companies. “We will have to see what sanctions will be imposed to calculate the impact,” he said.
Closing the presentation, Mr. Siamisis described as positive the set of results announced in a challenging environment such as the pandemic and rising energy prices.
Regarding the green transition, Mr. Siamisis stressed that despite the fact that the group invests in it, it is important to remain realistic and not to cultivate unrealistic expectations.
“For the first time, the group set a specific energy transition agenda, but we say that we must be careful and realistic in this journey,” concluded the head of ELPE.
Source: Capital
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