Commenting on press reports regarding the new business plan of the Company which is being developed in collaboration with McKinsey, PPC S.A. clarifies that:
- The reference for a need for savings of € 500 m. in 2018 is totally inaccurate. It is noted that in 2018, the Company has already received € 360 m. for part of the expenses for the provision of Public Service Obligations in previous years, a development which provided additional liquidity which will be used for the partial redemption of € 150 m out of the €500 m Senior Notes, within the framework of proactively managing 2019 debt maturities
- The business plan for the period 2018 – 2022 will, inter alia, include actions for cost reduction, improvement of collection, investments in RES and expansion in new products and markets aiming at the improvement of the operational profitability, cash flows and financial ratios of the Company, including the Net Debt / EBITDA ratio.
Athens, February 8, 2018