PPC’s operating margin showed resilience in the third quarter of the year, which, according to the company’s managing director Yorgos Stasis, was the most difficult since the beginning of the energy crisis. Regular Ebitda in the third quarter of 2022 was €215 million compared to €155 million in the corresponding quarter of 2021 and is subject to the amount of the emergency levy on electricity producers for the period October 2021 to June 2022. which for the checkpoint was determined at 276 million euros. Ebitda for the nine months of 2022 was €644.2 million compared to €626.5 million for the nine months of 2021, an increase of 2.8%.

The company recorded a net loss of EUR 169.8 million compared to a loss of EUR 42.2 million in the nine months of 2021 and a pre-tax loss of EUR 151.1 million compared to a loss of EUR 85 million in the nine months of 2021. these levels, according to the PPC announcement, a positive impact of 145 million euros was due to the reversal of part of the impairment of investments in the new Ptolemaida 5 lignite plant, which is due to the fact that lignite production is no longer unprofitable. In addition, in the nine months of 2022, there was an increase in provisions for doubtful customer claims by EUR 186.1 million compared to a recovery in provisions for the corresponding period in 2021 of EUR 149.7 million.

The net debt of the company as of September 30, 2022 increased by EUR 720.7 million compared to December 31, 2021, which amounted to EUR 2,615 million. This development, according to the company, is the result of increased need for hedging operations due to strong market volatility, as well as working capital for the purchase of natural gas, CO2 and energy. The net debt calculation also took into account the €1,323.3 million price Macquarie paid in the first quarter of 2022 to acquire 49% of DEDDIE.

An increase in the provision for uncollectible receivables by 186.1 million euros was recorded.

Turnover for nine months increased by 4,865.3 million or 131.6% due to an increase in average revenue as a result of a significant increase in prices in the wholesale market. In particular, in the third quarter of 2022, turnover reached 4,170.5 million, an increase of 177.3% compared to the corresponding quarter of 2021. Operating expenses before depreciation for the first nine months of 2022, excluding emergency collection (276 million ) increased by 4,847.4 billion euros, or 157.8%, to 7,918.5 million euros compared to 3,071.1 million euros in the nine months of 2021, mainly as a result of especially increased costs for the purchase of fuel, energy and CO2 rights, and the impact of provisions on expected credit losses was also negative.

Payroll expenses increased by 49.6% in the first nine months of 2022, despite a reduction of 425 employees compared to the end of the first nine months of 2021. Payroll expenses for the first nine months were €532.3m from €482.7m. in the first nine months of 2021 due to the lifting of the group staff salary cap and the re-delivery of Christmas and Easter gifts.

The average share of PPC in production and supply in the nine months of 2022 slightly decreased: 63.1% from 63.5% and 62% from 62.6% in the nine months of 2021, respectively. and, speaking for the full year, reaffirmed the goal of maintaining recurring operating margins at 2021 levels. “Despite the unfavorable external environment and the regulatory measures that have been taken in connection with the energy crisis, the positions and prospects of the PPC remain strong, as they were a year ago when we presented our updated strategic plan in the context of the capital increase,” he stressed, and Presenting the results to analysts, he said that the company would pay dividends at the end of 2023. He also confirmed the company’s interest in acquisitions in Romania and Bulgaria.