Investor Relations - 13.12.2007

Explanation on the Note 2 of the Additional data and information for the 9M results

ANNOUNCEMENT


We notify that for explanation reasons, Note 2 of the Additional data and information for the Group and the Parent Company for the nine month period ended September 30, 2007, reads as follows:


Additional data and information for the Group

2. In 2006, the Parent Company identified certain payroll obligations for which no liability had been recognised in previous periods. As a result, the Parent Company decided to proceed to a revision of, previously reported, shareholders' equity for the period ended September 30, 2006 and the year ended December 31, 2005 and before and after tax profit for 2006. The effect of the above revision on the Group's financial statements is as follows:

 

30.09.2006

31.12.2005

 

Decrease in shareholders’ equity

 

(44.631)

 

(43.630)

Profit before tax decrease because of identification of certain payroll obligations

(1.334)

-

Profit after tax decrease

(1.001)

-

 

Additional data and information for the Parent Company

2. In 2006, the Parent Company identified certain payroll obligations for which no liability had been recognised in previous periods. As a result, the Parent Company decided to proceed to a revision of previously reported, shareholders' equity for the period ended September 30, 2006 and for the year ended December 31, 2005 as well as pre tax and after tax profit for the aforementioned periods. The effect of the above revision on the Parent Company's financial statements is as follows:

 

30.09.2006

31.12.2005

 

Decrease in shareholders’ equity

 

(44.631)

 

(43.630)

Profit before tax decrease because of identification of certain payroll obligations

(1.334)

-

Profit after tax decrease

(1.001)

-

On November 21, 2006 and December 19, 2006, the Board of Directors of the Parent Company decided to proceed to the spin-off of all of its renewable energy plants ("disposal group" consisting of wind farms, solar power plants, geothermic plants and small hydro-electric plants, either operating or under construction) and to transfer them to its 100% subsidiary PPC Renewables S.A. in exchange of shares through an equivalent increase of the subsidiary's share capital, with effect from January 1, 2007 onwards. The profit before tax decrease for the nine month period ended September 30, 2006 due to the disposal group amounts to Euro 228.


Athens 13-12-2007

 

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