Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Athens Stock Exchange  >  Hellenic Petroleum S.A.    ELPE   GRS298343005

HELLENIC PETROLEUM S.A.

(ELPE)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryAll NewsPress ReleasesOfficial PublicationsSector news

Greek PM outlines tax cuts in 2020, promises reforms

share with twitter share with LinkedIn share with facebook
09/07/2019 | 02:50pm EDT
German Chancellor Angela Merkel and Greece's Prime Minister Kyriakos Mitsotakis meet in Berlin

THESSALONIKI/ATHENS (Reuters) - Greece's prime minister detailed tax cuts for austerity-hit Greeks and companies strained during a decade-long debt crisis, and promised reforms aimed at convincing lenders to ease the nation's fiscal target from 2021.

Conservative premier Kyriakos Mitsotakis was elected two months ago, replacing his leftist predecessor Alexis Tsipras on pledges to revamp the country's economy a year after the end of its third international bailout.

Greece remains under surveillance to ensure it meets its fiscal targets, and Mitsotakis says his government is confident of achieving a primary budget surplus -- which excludes debt-servicing costs -- of 3.5% of GDP in 2019 and 2020, as agreed with European lenders.

He hopes, however, that foreign creditors will be persuaded to lower that target to around 2% in 2021, after Athens gains credibility by implementing reforms such as modernizing and making its state more efficient and cutting down on red tape.

"Greece is no longer Europe's black sheep," Mitsotakis said during a keynote policy speech at the annual trade fair in the city of Thessaloniki on Saturday. "It's a country with self-confidence.

"With a bold wave of reforms we will gain strong credibility.".

Corporate tax will be cut to 24% in 2020 from 28% currently and taxation on dividends will be halved to 5%, the prime minister said. He added that the tax-free threshold on incomes would be maintained and promised to lower the tax bracket to 9% from 22% on incomes of up to 10,000 euros annually.

Mitsotakis also said that the government would hand out an annual bonus to pensioners at the end of 2020 and that an annual levy that burdens the self-employed would be reduced in the medium term.

From July 1, 2020, the government would gradually reduce social security contributions by five percentage points up to 2023 for those in full-time employment.

As part of incentives to boost the real estate sector, which is vital for Greece's economy, he promised to scrap value added tax on new construction for three years and capital gains tax on property sales.

Securing leeway from creditors on the primary budget surplus target would give Mitsotakis's administration scope to implement the tax cuts and boost public spending to spur growth in an economy that shrank by a quarter during a long debt crisis.

Greece has been exceeding its fiscal targets in recent years and European lenders expect the economy to grow by 2.2% in 2019.

Mitsotakis has visited Germany, France and the Netherlands in recent weeks to appeal to his European counterparts to support his campaign and also invest in Greece.

He also told businessmen on Saturday that Greece would get a 300-million-euro advance payment for reviving a long-delayed tourist investment at a disused Athens airport and that construction work would start next year.

Other initiatives that the government is keen to accelerate are the sale of gas company DEPA and a stake in Greece's biggest oil refinery Hellenic Petroleum and in the Athens International airport, he said. But he added that an over-regulated labor market tended to hurt workers' rights instead of protecting them.

Outside the venue where he was speaking thousands of people protested peacefully against privatizations, demanding salary increases and the protection of labor rights.

"We are fighting for our lives, we won't be working for peanuts," one banner read.

(Editing by Helen Popper, Michele Kambas and Clare Fallon)

By George Georgiopoulos and Renee Maltezou

Stocks mentioned in the article
ChangeLast1st jan.
BYD COMPANY LIMITED 0.73% 110.5 End-of-day quote.184.43%
HELLENIC PETROLEUM S.A. -0.58% 5.16 Delayed Quote.-41.16%
LONDON BRENT OIL -0.37% 43.06 Delayed Quote.-34.44%
PREMIER, INC. -2.57% 31.07 Delayed Quote.-17.98%
share with twitter share with LinkedIn share with facebook
All news about HELLENIC PETROLEUM S.A.
09/09PUBLIC POWER S A : Greece to spend 5 bln euros to phase out coal by 2028
RE
08/31HELLENIC PETROLEUM S A : The U.S. Ambassador to the Hellenic Republic, Mr. Geoff..
PU
08/27HELLENIC PETROLEUM S A : Second quarter / first half 2020 financial results
PU
08/03HELLENIC PETROLEUM S A : Appointment of third member of the Audit Committee
PU
07/10HELLENIC PETROLEUM : ΗELLENIC PETROLEUM represented the European Refining Se..
PU
07/10HELLENIC PETROLEUM : ΗELLENIC PETROLEUM Group represented the European Refin..
PU
06/29HELLENIC PETROLEUM SA : Ex-dividend day for final dividend
FA
06/24HELLENIC PETROLEUM : Announcement for dividend for fiscal year 2019
PU
06/24HELLENIC PETROLEUM SA : Dividends
CO
06/24HELLENIC PETROLEUM SA : Proxy Statments
CO
More news
Financials
Sales 2020 5 871 M 6 952 M 6 952 M
Net income 2020 -273 M -324 M -324 M
Net Debt 2020 1 887 M 2 235 M 2 235 M
P/E ratio 2020 -5,71x
Yield 2020 3,39%
Capitalization 1 577 M 1 871 M 1 868 M
EV / Sales 2020 0,59x
EV / Sales 2021 0,47x
Nbr of Employees 3 606
Free-Float 19,1%
Chart HELLENIC PETROLEUM S.A.
Duration : Period :
Hellenic Petroleum S.A. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends HELLENIC PETROLEUM S.A.
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 7
Average target price 7,01 €
Last Close Price 5,16 €
Spread / Highest target 58,9%
Spread / Average Target 35,9%
Spread / Lowest Target -3,10%
EPS Revisions
Managers
NameTitle
Andreas Nikolaos Shiamishis Chief Executive Officer & Executive Director
Ioannis Papathanasiou Chairman
Theodoros Achilleas D. Vardas Non-Executive Director
Theodoros Nikolaou Pantalakis Non-Executive Director
Spyridon Christou Pantelias Non-Executive Director
Sector and Competitors