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PPC will complete the acquisition of Enel Romania in September and will become the largest energy player in Southeast Europe. The transaction will increase the number of PPC customers by 57%
Annual General Meeting of .holders: Resilience despite inflation and energy price crisis, PPC to exceed EBITDA target in 2023
PPC will complete the acquisition of Enel Romania in September and will become the largest energy player in Southeast Europe. The transaction will increase the number of PPC customers by 57%
Annual General Meeting of .holders: Resilience despite inflation and energy price crisis, PPC to exceed EBITDA target in 2023
PPC ‘s recurring EBITDA is expected to reach 1.2 billion Euros in 2023, exceeding the initial 1.1 billion Euro target, Georgios Stassis, the company’s Chairman and CEO, announced yesterday, during the Annual General Meeting of .holders.
With a significantly low risk profile, the company continues to implement its strategic business plan aimed at transforming its energy mix into a greener one, as well as reducing the use of lignite. “Despite the energy crisis, we are constantly moving towards the implementation of our strategic plan. The road is green, digital and customer-centric”, stated Georgios Stassis.
At the same time, the CEO of PPC emphasized that the company’s profitability continues to be resilient, in line with the upward trend of the last three years.The company’s liquidity is at an optimal level, the increase in inflation not having had an impact on the company’s investment plans.
The acquisition of Enel Romania, which received the approval of the European Commission last week, is estimated to be completed in the third quarter. This is PPC’s first major expansion outside Greece and is in line with the its energy transition strategy. The transaction will increase PPC’s customer base by 57%, distribution assets by 40%, and power generation capacity in operation by 14%, Georgios Stassis said yesterday at the company’s Annual General Meeting of .holders.
“Most of the Enel Romania’s EBITDA comes from the Distribution activity, which is regulated and, by definition, very stable, so it will have a positive impact on PPC Group’s EBITDA. In addition, all Enel Romania’s electricity production comes from renewable energy sources, which increases the percentage of green EBITDA in the total EBITDA and improves the relevant ESG indicators”, stated Georgios Stassis.
PPC aims to continue and develop what Enel has built over the last 18 years in Romania in terms of green energy, electric mobility, customer portfolio and value-added services, and intends to invest in the development of local operations. With the completion of the acquisition, PPC Group will strengthen its position in the region and become the largest player on the energy market in Southeast Europe.
The presentation given yesterday by Georgios Stassis, CEO and Chairman of PPC.
About the PPC Group.
Present in five countries in South-East Europe and with a market capitalization of more than 3 billion Euros, PPC is a solid, fast-growing company that produces, distributes and supplies electricity to consumers. The group is present in Greece (where it is the market leader), Bulgaria (since 2015), Albania (since 2016), North Macedonia (following the acquisition of EDS – Energy Distribution Solutions in 2018) and Romania (the acquisition of Enel Romania to be completed in the third quarter of 2023). PPC was founded in 1950 and is listed on the Athens Stock Exchange.
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30.06.2023 / Andreea Dragan, Deputy-Editor-in-Chief
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