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.