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PPC (Results Q1:21 preview):

PPC is scheduled to announce Q1 21 results today after the closing bell followed by a conference call.

We expect a solid quarter in terms of underlying profitability, on the back of lower operating expenses and favorable energy mix.

Consensus expects turnover of €1,120m (-8% YoY) and adjusted EBITDA of €211m (-3% Y-o-Y).

Note that the €218m EBITDA of Q1:20 includes a €45m benefit from DEPA arbitration natural gas payment in the past and a €8.5m provision for personnel’s severance payment.

Further down, we expect the utility to show net loss of €11,4m compared to net loss of €11m in Q1:20. Respective estimate is in line with management guidance for €850m annual EBITDA.

In the conference call we would look for updated scheduling for the sale of HEDNO, RES rollout, and some fresh Co2 outlook and CapEx needs.

The following table summarise consensus estimates:

PPC

2020

2021

Y-o-Y

EUR thous.

Q1

Q1 Est.

(%)

Sales

1,218,900

1,118,000

-8.3%

EBITDA

218,300

211,350

-3.2%

EBITDA Mrg

17.9%

18.9%

+99 bps

Net Income

-11,100

-11,450

-3.2%

Net Mrg

-0.9%

-1.0%

-11 bps

 

Conference call Details (18:30 GR-Time)

§   Greece:                                + 213 009 6000

§   UK (local & International)       + 44 (0) 203 059 5872

§   UK (TF)                                + 44 (0) 800 368 1063

§   US:                                      + 1 516 447 5632

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