Money Buzz! Europa

Tag: PPC

  • Finacity arranges a EUR 200 million facility for Public Power Corporation

    Finacity arranges a EUR 200 million facility for Public Power Corporation

    Finacity announces the closing of a trade receivables securitization program for Public Power Corporation, the largest Greek electricity generator and the principal supplier of electricity in the country.

    The securitization program finances consumer and corporate receivables originated by PPC in Greece.

    The securitization program will allow PPC up to EUR 200 million in senior funding to further enhance the company’s liquidity position.

    Finacity provided analytic and structuring support and will serve as the ongoing transaction administrator.  

    Public Power Corporation, a Greek State-controlled entity, is the leading player in the Greek energy market. PPC supplies power to approximately 6.3 million customers throughout Greece and is the largest power generation company in the country.

    The company currently holds about 66% of the Greek energy market share. PPC was established in 1950 and has its headquarters based out of Athens, Greece.

    The company has been a publicly listed entity since December 2001, with a market capitalization of EUR 858,86 million as of Aug 10, 2020.

  • Public Power Corporation, increase in turnover by 4% in 2019

    Public Power Corporation, increase in turnover by 4% in 2019

    Public Power Corporation (PPC) adjusted pre – tax losses for 2019 amounted to € 424.4 m compared to adjusted pre – tax losses of € 347.3 m in 2018.

    It is noted that starting from Q4 2019, there has been a reversal of the trend, since it is the first quarter that fully incorporates the positive impact from measures taken, with recurring EBITDA amounting to €236.8 m compared to €44.7 m in Q4 2018.

    Adjusted pre-tax profits amounted to € 26.9 m. compared to pre-tax losses of € 131.6 m. last year.

    Public Power Corporation (PPC) EBITDA for 2019 was positively impacted by the rebate of € 99.3 m. from the surplus created in the Special Account for Renewables, by the reduction by € 243.4 m of the liability for post-retirement
    benefits, as well as by the settlement of a total amount of € 122.6 m for PSOs for previous years (collection of € 194.7 for the period 2007-2011 and negative impact by € 72.1 m. for 2017).

    Excluding abovementioned amounts, recurring EBITDA settles at € 333.6 m. For comparability reasons, EBITDA for 2018 is adjusted at € 403.8 m.

    The deterioration of recurring EBITDA for the full year is primarily attributed to higher expense for the purchase of CO2 emission rights driven by the significant increase of prices, which more than doubled, as well as to the negative impact on energy purchases cost by increased System Marginal Price.

    On the other hand, EBITDA was positively impacted by the partial recovery of the higher expense for the purchase of CO2 emission rights through the CO2 clause in Medium and High Voltage tariffs as well as the measures taken since August 2019 and the cost containment efforts of the company.