“Signal”, to achieve the goal of maintaining the operating profitability of PPC this year at the levels of 2021, despite the energy crisis, give the results of the first quarter announced today, point out company sources talking about significant resilience in the midst of its peak energy crisis.
During this period, the company’s expenditure to support its customers with tariff discounts reached 360 million euros.
Recurring operating profit before interest, taxes, depreciation and amortization (EBITDA) amounted to 170 million euros compared to 226 million euros in the corresponding quarter of 2021.
The results before taxes amounted to losses of 30.3 million euros compared to losses of Euro29 million in the first quarter of 2021. The results after taxes amounted to losses of 185.7 million euros compared to losses of 43.7 million euros in the first quarter 2021, due to the tax of 183.6 million euros on goodwill amounting to 787.2 million euros from the sale to Macquarie of 49% of the participation in HEDNO. Excluding this tax, the losses for the first quarter of 2022 amount to 2.1 million euros.
Commenting on the financial results, the President and CEO of PPC George Stassis stated:
“PPC continues the implementation of its Business plan without hindrance, remaining committed to the implementation of its investment plan. Despite the fact that the first quarter of 2022 was the peak of the energy crisis, we showed resilience while supporting our customers, but also achieving performance that is in line with our goals for 2022 for EBITDA on a recurring basis at the same levels as 2021. The implementation of our business plan, as it was updated with the Share Capital Increase in November 2021, is now more necessary than ever, as it will lead PPC, but also the country to a sustainable energy model with dependence on fossil fuels and imported price increases and with benefit for the environment, the country and the citizens.
At the operational level, we remain committed to achieving the goals we have set to increase our presence in the field of Renewable Energy Sources. We are already constructing 355MW, of which approximately 290MW are expected to be completed within the year, while we continue our actions for the further maturation of our project portfolio. Also, further progress was recorded in the licensing process of our projects, as a result of which we now have licensed projects that represent over 80% of the power we have set as a goal by 2026.
In addition, within the first quarter, we completed the sale of 49% of our stake in HEDNO to Macquarie Asset Management. It is a strategic alliance of PPC with the largest infrastructure manager in the world, with PPC maintaining the management, having the necessary supplies for the transition of HEDNO to a new era with an extensive investment program for the electricity distribution network.
At the same time, we continue to transform our business activities, adapting to the energy crisis in order to provide greater value to our customers. “We are implementing information campaigns for our customers for energy solutions to deal with the energy crisis, we are expanding debt settlement options, while we continue to enrich the portfolio of our products and services.”
Regarding the effects of the energy crisis:
Expenditure on liquid fuels in the first quarter of 2022 increased by 49% compared to the first quarter of 2021 to 156 million euros, due to the increase in the prices of fuel oil (by 50.5%) and diesel (by 41%) ).
– Expenditure on natural gas increased significantly by 345.6% to 423.8 million euros compared to 95.1 million euros mainly due to the large increase in the price of natural gas by 273.8% but also due to increased production electricity by 22.4%.
Expenditure on energy purchases increased by 645 million euros (395.2%), due to the increase of the Purchase Clearance Price (TEA) from 53.6 euros / MWh in the first quarter of 2021 to 238.1 euros / MWh in first quarter 2022.
Expenditure on CO2 emission allowances increased to € 300 million in the first quarter of 2022 from € 138.5 million in the first quarter of 2021, due to the increase in the average commission price of CO2 emissions allowances by PPC to € 70.5 / tonnes from EUR 31.7 / tonne despite the reduction of CO2 quantities by 4.3% to 4.2 million tonnes.