PPC (Results Q2/H1 2014 results): The
company will release its H1 earnings today before the opening of the market.
Consensus
forecasts
expect Q2 sales to decline by 6.2% y-o-y at €1,373.8m, EBITDA 29.8%
down at €233.3m and net profits to reach €20.7m, -73.3% y-o-y.
Results are negatively affected by: Declining demand; Lower tariffs in high
and mid voltage; Unfavorable SMP-RES differential prices; increased CO2
expenses due to the higher utilization of lignite factories; increased
capacity payments.
However we expect improvements on the cost side (payroll,
gas prices) lower provisions and lower energy purchases. The company will
host a conference call today at 17:30 local time. Focus on IPTO sale,
“mini PPC” and changes in market regulatory framework.
Conference call details:
¡ GR + 30
211 180 2000,
¡ UK + 44
(0) 800 368 1063
¡ USA + 1
866 288 9315
PPC
|
Estimates H1 2014
|
||
In thous. euro
|
2013
|
2014
|
Δ
|
Sales
|
2,951,205
|
2,862,700
|
-3.0%
|
Q2
|
1,464,369
|
1,373,800
|
-6.2%
|
EBITDA
|
586,364
|
542,719
|
-7.4%
|
(% Sales)
|
19.87%
|
18.96%
|
-91 bps
|
Q2
|
332,345
|
233,300
|
-29.8%
|
(% Sales)
|
22.70%
|
16.98%
|
-571 bps
|
Net Income*
|
127,110
|
102,038
|
-19.7%
|
(%
Sales)
|
4.31%
|
3.56%
|
-74 bps
|
Q2
|
77,752
|
20,730
|
-73.3%
|
(% Sales)
|
5.31%
|
1.51%
|
-380 bps
|
*During 1Q:14 PPC recorded positive one-offs of
cEUR40m following the retroactive application of DEPA-Gazprom deal and a
state aid recovery from the Aluminium of Greece.
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