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The electricity company known as DEI is suffering financially, due to its cash deficit exceeding 750 million EUR and approaching 800 to 900 million EUR.
This revelation was made by George Stassis speaking to reporters, minutes after he was elected by the company’s shareholders as chairman and chief executive officer.
“The cash deficit is growing dramatically as time goes on,” he said characteristically, explaining: “It has exceeded 750 million Euros”. When asked if it has reached the level of 800-900 million Euros, he responded affirmatively.
As the “TA NEA” was informed, the new administration convened an extraordinary general meeting on August 30th in order to “lock” the amount of the increases in tariffs and become active from September 1st.
The new commander of the country’s largest business, wanting to show the magnitude of the financial problem he is facing, said characteristically: “If we do not take action, then the consequences will be for DEI’s loans to be registered by banks as non-performing“.
However, even when he was asked to timely determine the company’s return to a sustainable and profitable course, his response again showed the “dramatic situation” of the Public Company: “When I took on Enel Romania, which was facing similar financial problems, within the third year we saw the results of the measures we took, the fourth turned into a profit. But DEI’s size is different, bigger than Romania’s Enel … “.
The management of the company is considering taking immediate measures “to overcome the obstacle”, as Mr Stassis typically said. These measures should be decided by September 15, according to him, so that the chartered accountant will not comment on the report he is going to write and will accompany the Company’s six-month financial results, which will be announced on September 24.
He stressed that “we need to find the mix of measures to predict positive cash flow”.
To read more in Greek click on the source:-https://zantetimes.gr
