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MarketScreener Homepage  >  Equities  >  Athens Stock Exchange  >  Public Power Corporation S.A.    PPC   GRS434003000

PUBLIC POWER CORPORATION S.A.

(PPC)
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Public Power posts big net loss after asset devaluation

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04/23/2020 | 12:38pm EDT

Greece's biggest power utility Public Power Corp. (PPC) on Thursday posted a net loss of 1.68 billion euros ($1.8 billion) for 2019 after it wrote down the value of its coal-fired plants.

PPC, which is 51% state-owned and plans to switch off all but one of its coal-fired plants by 2023, said the figure compared with a net loss of 903.8 million euros in 2018.

Results were also hurt by a provision for the future dismantling of the loss-making plants and mines and the full land restorations once the plants stop operations.

Adjusted for one-off items, earnings before interest, tax, depreciation and amortisation (EBITDA) dropped 17.4% to 333.6 million euros.

PPC, which provides 60% of Greece's electricity, has seen its finances suffer in recent years and still has more than 2.7 billion euros in unpaid bills owed by customers who struggled during the country's economic crisis.

New management who took over last year cut price discounts and payroll costs under a plan to overhaul the utility, moves which helped boost EBITDA to 236.8 million euros in the final quarter of 2019, up from 44.7 in the same period in 2018.

Under its 2020-2024 plan, PPC had expected EBITDA of 320-370 million euros for 2019 and 650-700 for the current year.

(Reporting by Angeliki Koutantou; Editing by Elaine Hardcastle and Emelia Sithole-Matarise)


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GOLD -1.77% 1879.95 Delayed Quote.25.38%
LAND CO., LTD. 0.00% 9 End-of-day quote.-25.00%
LINE CORPORATION 0.19% 5370 End-of-day quote.0.37%
PUBLIC POWER CORPORATION S.A. -0.04% 4.998 Delayed Quote.21.02%
SWITCH, INC. -2.31% 14.83 Delayed Quote.-0.34%
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All news about PUBLIC POWER CORPORATION S.A.
10/20PUBLIC POWER S A : Law Aimed At Reducing Bureaucracy And Simplifying The Procedu..
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09/22PUBLIC POWER S A : Provisional Measure 983/2020 Aims To Reduce Bureaucracy And S..
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09/10PUBLIC POWER S A : Announcement according to Law 3556/2007
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09/09PUBLIC POWER S A : Greece to spend 5 bln euros to phase out coal by 2028
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09/07PUBLIC POWER S A : Mr. Ioannis Stefos Director of PPC's Investor Relations
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09/03Greece's Public Power core profit more than triples as energy costs drop
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08/31PUBLIC POWER CORPORATION S.A. : half-yearly earnings release
07/23PUBLIC POWER S A : Information to investors community
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06/30PUBLIC POWER CORPORATION S.A. : Half-year report
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06/24PUBLIC POWER CORPORATION S.A. : Proxy Statments
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More news
Financials
Sales 2020 4 693 M 5 515 M 5 515 M
Net income 2020 27,3 M 32,1 M 32,1 M
Net Debt 2020 3 661 M 4 302 M 4 302 M
P/E ratio 2020 27,8x
Yield 2020 -
Capitalization 1 160 M 1 372 M 1 363 M
EV / Sales 2020 1,03x
EV / Sales 2021 1,06x
Nbr of Employees 14 678
Free-Float 39,0%
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Technical analysis trends PUBLIC POWER CORPORATION S.A.
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 3
Average target price 5,29 €
Last Close Price 5,00 €
Spread / Highest target 46,1%
Spread / Average Target 5,84%
Spread / Lowest Target -38,6%
EPS Revisions
Managers
NameTitle
Georgios Stassis Chairman & Chief Executive Officer
Alexandridis Konstantinos Chief Financial Officer
Pantelis Karaleftheris Non-Executive Director
Nikolaos Fotopoulos Non-Executive Director
George Venieris Independent Non-Executive Director
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