Announcement
In the Hellenic Parliament’s Production and Trade Committee meeting, on 29.8.2019, the Chairman of the BoD and CEO of PPC, Georgios Stassis noted, among others, the following:
The funding gap until the end of 2020 is estimated in the range of € 900 m.
An amount of € 906 m. relates to overdue payables of PPC to the market.
The overdue receivables owed to the Company amount to € 2.7 bln.
Mr. Stassis strongly assured the Committee, the employees, the Company’s shareholders and the banking system that PPC’s management will take all required measures in order to ensure PPC’s viability. He presented the new tariff policy, which is expected to be approved by the Company’s Board of Directors in tomorrow’s (30.8.2019) meeting.
He referred, to 6 structural interventions, some of which will be taken in consultation and agreement with the government, the European Commission, the institutional bodies and the banks. These interventions are:
1. Disconnection of PPC from the Public Sector procedures and operation of the company as a listed company. This relates to the corporate governance and the competitive operation of the company.
2. New business plan, to be prepared by year end.
3. Decarbonization through a debate with local communities and taking into account their development
4. RES development: an area in which the company has lagged behind and will need to play a leading role in the coming years
5. Modernization of Supply with a new tariff policy and targeted products
6. Digital modernization of the Group: in generation, networks, supply
In conclusion, Mr. Stassis noted that by the timely implementation of the measures presented and the initiation of the structural interventions for the company’s transformation, gradually PPC Group can return to a sustainable growing path in the next three years with the first tangible results to be recorded in the financial statements possibly in the fiscal year 2020.
Athens, August 29, 2019