With respect to recent press articles regarding unpaid electricity bills, PPC S.A. clarifies that:
- The increase in total overdue receivables in the 10 month period of 2010 amounts to €189 mln, whereas, especially for the Low and Medium Voltage customers, the respective increase amounts to €104 mln (and not €600 mln and €400 - 450 mln, respectively, mentioned in the press article)
- The total amount of overdue receivables cannot be considered as revenue loss (as mentioned in the press article), since, according to the most recent data, only a small percentage remains unpaid after six months. More specifically, the overdue receivables from Low and Medium Voltage customers that remain outstanding after six months represent approximately 6% of the electricity bills in the 10 months of 2010.
- It is noted that the company proceeds with the necessary provisions, according to IFRS, in case of receivables whose collectibility is considered unlikely. The increase of provisions in the 9month 2010 compared with the respective period of 2009 regarding receivables from energy sales to Low and Medium Voltage customers amounts to €21 mln.
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