By Harry Floudopoulos
A brief account of his tenure at the helm of PPC was made by the president and CEO of the company G. Stassis, addressing the annual regular meeting of the company. As he said at the end of the current term, PPC managed to stand firmly on its feet and from a difficult situation in 2019 today the company is strong and with good liquidity.
If the company had not taken consolidation steps in the previous three years, it would not have been able to withstand the weight of the energy crisis or support its customers, said Mr. Stassis.
For 2021, he stressed that despite the difficult environment, the profit targets were achieved and at the same time the customers were supported, absorbing a significant part of the increases. As he said, investments in distribution and RES have increased, while the company is facing the crisis with resilience. For 2022, the goal is to continue investing in RES and networks and EBITDA profitability to move at the same levels as in 2021. At the same time, the company continues to transform its commercial activities.
We are continuing the plan of carbonization and digitization, said Mr. Stassis, adding that the goal is the continuous development in Greece and Southeastern Europe. A first cycle of rehabilitation of PPC is closing and a new cycle of development is opening, said Mr. Stassis.
Dividend
Answering questions from shareholders, Mr. Stassis said that the management has committed that from 2023 the distribution of dividends will begin and this commitment will be kept.
On the occasion of the changes in the wholesale electricity market that will take effect in July, Mr. Stassis said that there will be an impact on the financial results of the company, however at EBITDA level PPC will bring the same result as last year. Extraordinary taxation of profits will have an impact on the level of the final result and in this direction efforts are made to reduce either by reductions from other activities or by improving others or recovering revenues from past reserves as happened with the islands, to balance extraordinary taxation. However, at a recurring level, the decision on the special levy will not affect the results.
Mr. Stassis expressed the assessment that next winter will be better than last year. We are definitely going through an energy crisis but we are focused on the goals to get on our feet and he stressed much stronger.
As for liquidity, Mr. Stassis stated that it was pressured for specific non-recurring reasons in the first quarter and will improve in the next period.
Strong PPC
Asked about it by a shareholder, Mr. Stassis stressed that PPC is much stronger today not only in terms of results but also in the way the market deals with it. We see an improvement in the image of the company, one of the reasons for the attacks we receive is precisely because we have a better impact, said Mr. Stassis.
He stressed that the company is trying to balance the crisis in the best possible way and has shown significant resilience while along with the discounts it facilitates its customers to overcome it. Mr. Stassis stated that the money of the increase has not been “disturbed” and will be used for the investment program of the company.
The head of PPC expressed the assessment that the share of PPC is cheap and “requires patience as in 6 to 9 months the situation will be different”. I continue to believe that the PPC share is an excellent opportunity, he said.
Finally, Mr. Stassis stated that there is preparation of PPC even for the worst case scenario of the interruption of the flow of Russian gas. In this context, the yards of the units are filled with lignite and the hydroelectric plants are used conservatively so that they are more available. In the event of a shutdown of Russia’s pipelines, we will be talking about extremely extraordinary conditions, and it is difficult to predict the consequences, such as the terrible rise in prices.
Approval of Agenda items
It is noted that the General Assembly approved the items on the agenda, including the decision not to distribute a dividend and the re-election of the managing director (G. Stassis) and five other members of the Board (A. Paterakis, P. Papadimitriou D. Doxakis , S. Kardamakis, S. Theodoridis) as well as the election of two new members of the Board (A. Fotakidis, G. Dimitriadis).
Source: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
