Debt worth €123m owed by three major industries a concern for DEPA

DEPA, the Public Power Corporation, currently an entirely debt-free enterprise with a total turnover figure of 900 million euros in 2015, is troubled by significant unpaid debt amounts owed by three major industrial consumers, the fertilizer producer ELFE,  which owes 90 million euros, the public road transportation company OSY (23 million euros) and the Hellenic Sugar Industry (10 million euros).

The unpaid debt owed by OSY, which uses gas for its gas-fueled buses, is increasing at a rate of 700,000 euros per month. The debt amount owed by Hellenic Sugar Industry is currently steady as a result of seasonal factors.

As for ELFE, recently renamed PFIC by its financially troubled owner, Lavrentis Lavrentiadis, DEPA is keeping a close watch on the entrepreneur’s maneuverings.

Besides the 90 million euro amount owed to DEPA, the fertilizer producer also owes the Greek state a further 60 million euros, its bank debt figure is at 150 million euros, while the European Commission’s Directorate-General (DG) for Competition has also taken action against the firm in a case concerning state aid.

DEPA is also owed amounts by industrial enterprises that have gone out of business, such as paper producer Diana, which owes 2.5 million euros to the gas company. Such amounts will most likely need to go down as bad debt.