PPC responds to the crisis with liquidity of 3.6 billion and own shares buyback

With liquidity of 3.6 billion euros and the share buyback program, equal to 10% of the share capital, PPC appears shielded against the energy crisis.

During yesterday’s teleconference with analysts, the company’s president and CEO, Giorgos Stassis, announced the start of the acquisition of own shares, which had been approved in August by the extraordinary general meeting of shareholders, between September 20 and 30. Based on the decision of August 3, the program lasts for 24 months and the price range for acquiring shares corresponding to 10% of the paid-up share capital is from 2.48 to 17 euros per share.

Strong liquidity

However, in addition to the above-mentioned news that analysts and investors were waiting for, the management of the company emphasized the importance of the strong liquidity it has. This is a strong liquidity position of 3.6 billion euros of which over 1.4 billion is hot money in the company’s coffers and almost 2.2 billion euros come from open lines of credit.

With these figures, Mr. Stassis sought to assure about the resilience of PPC in the face of the intense market volatility triggered by the war in Ukraine, the energy crisis and high inflation. It is worth noting that PPC for the next two years does not have particularly increased payment requirements for loan claims. Of its total debt, around 4.3 billion euros, 67% has fixed interest rates.

The president and CEO of the company pointed out the significant uncertainty of the next months in the markets, noting that plans change daily.

Ptolemaida 5

In the briefing of the analysts it became known that the new Ptolemaida 5 lignite unit will be put into trial operation next month, and probably in January 2023 it will be able to be put into commercial operation as well.

Mr. Stassis reiterated the administration’s commitment to the implementation of the five-year strategic business plan with an emphasis on RES, underlining that the 4 GW are already guaranteed in terms of the licensing process.

Finally, he also gave a preview of the announcement of the acquisition of the RES portfolio in Romania in the coming months.