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Penta releases its financial results from the PPC privatisation

The Penta financial group said on March 7 that its return from its investment in the Combined Steam-Gas Cycle (PPC) facility in Bratislava since 2004 will be €113 million at the end of 2013, the TASR newswire reported. Penta’s analysis states that its overall investment in PPC has amounted to €150 million, with a total yield over ten years consisting of dividends from long-term contracts until 2013 and the assumed residual value of PPC leading to a return of €263 million. Penta's released its analysis in the wake of Interior Minister Daniel Lipšic stating earlier in the week that privatisation of PPC in 2004 was unlawful and that the state had lost €500 million from the sale. "Lipšic showed either gross lack of knowledge or he deliberately deceived [the public] by stating that Penta made €500 million from the PPC project up to 2009. Apart from stating such total nonsense, the minister obviously has a mess in terminology, without seeing any difference between proceeds, EBIDTA, profit and business value," Penta stated, as quoted by TASR.

The Penta financial group said on March 7 that its return from its investment in the Combined Steam-Gas Cycle (PPC) facility in Bratislava since 2004 will be €113 million at the end of 2013, the TASR newswire reported.

Penta’s analysis states that its overall investment in PPC has amounted to €150 million, with a total yield over ten years consisting of dividends from long-term contracts until 2013 and the assumed residual value of PPC leading to a return of €263 million. Penta's released its analysis in the wake of Interior Minister Daniel Lipšic stating earlier in the week that privatisation of PPC in 2004 was unlawful and that the state had lost €500 million from the sale.

"Lipšic showed either gross lack of knowledge or he deliberately deceived [the public] by stating that Penta made €500 million from the PPC project up to 2009. Apart from stating such total nonsense, the minister obviously has a mess in terminology, without seeing any difference between proceeds, EBIDTA, profit and business value," Penta stated, as quoted by TASR.

The financial group asserted that the contract between PPC and electricity provider Slovenské elektrárne did not guarantee a profit of €500 million as charged by Lipšic, as the financial results were dependent on developments in the world energy markets.

Source: TASR

Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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