H1 2020 turnover amounted to €2.250 bln vs €2.305 bln in H1 2019 and decreased by 2,4% due to decreased volumes by 2,913 GWh (-15.5%) as a result o fmarket share loss combined with weak demand. Q2 2020 turnover decreased by 11,7% due to a largest decrease in volumes (2.086 GWh less than Q2 2019 or 21.7%) as demand declined by 12.7%. H1 2020 Group EBITDA was positively affected by the reimbursement of €44.8 mln after the Arbitral Tribunal decision for the revision of the cost of natural gas purchased from BOTAS for the years 2012-2019. In the following table we present main financial data on a group basis for H1 2020 compared to h1 2019:

(amounts in  € 000,000)H1 2020H1 2019% change
Revenues2,2502,305-2.4%
Operating expenses before depreciation1,7922,296-21.9%
Total fuel expense337542-38.0%
CO2 emissions rights171251-31.8%
Cost of energy puchased590850-30.6%
Recurring EBITDA4579
Depreciation359316+13,6%
Operating profit (loss)116(273)
Profit before tax (loss)51(318)
Total Assets13,53014,271-5.2%
Net Debt3.4533.922-11.9%
Total Equity3.0713.669-16.3%
Capex161378-57.5%

We note that the management of PPC maintains its previous guidance for full year 2020 revenues in the range €4.8 – 4.9 bln. (vs. €4.93 bln in 2019), group ebitda €850-900 mln. and recurring/adjusted ebitda in the range €700-750 mln. (vs €337 mln in 2019).

Stock chart

We revisit the known from a previous weekly report chart of PPC for the last years. We have detected a longer term symmetrical triangle formation defined by the letters ABCDE. The formation starts at the low of €0.50 (!!!) during the Greek Debt Crisis peak in May 2012. It is a clear reversal of the previous trend formation. Furthermore, the stock shows increased volatility during the last months and weekly volumes have also increased. Statistically, increased volatility appears after the completion of 70% of such formations and it is a sign that implies the breakout (exit) from the formation. The positive move of the stock during the last few days implies increased possibility that line BD will be broken to the upside.

The chart has been prepared with XSpot PRO terminal. XSpot PRO offers fast execution in 13,000+ investment products from 20+ major exchanges around the world.