Investor Relations - 02.10.2018

Comments on press articles


Commenting on press articles and for the accurate information of the investor’s community, PPC would like to highlight the following:
1. The press articles compare the results of the first half 2017 as they were published in 2017, showing pre - tax profits amounting to € 31.1 m. with the financial results of the same period, as those were published recently, showing (always for the first half 2017) pre – tax losses amounting to € 249.5 m. It appears, though, that the editors failed to “understand”, even though it is clearly stated, that this year and for comparability purposes to 1H2018 results, the results of 1H2017 reflected the results from continuing operations in the respective period and did not include the impact from discontinued operations and mainly the impact from the sale of IPTO amounting to € 198.6 m.
2. Furthermore, the press articles refer to the restatements of the financial figures for the first half 2017 implying that they were allegedly performed with the publication of 1H2018 financial results, while they were already communicated by PPC along with the impact to the financial results through the publication of the financial statements for the year 2017. Thus, the investor community and other competent authorities were fully and accurately informed and were in a position to properly evaluate them. This announcement was also made through the official press release for the financial results as well as during the annual conference call with analysts. This means that Greek banks were also informed ahead of the refinancing of Syndicated Loans of €1.3 billion. With respect to the substance, as thoroughly explained in the 2017 published financial statements, the restatement related to a) the recognition of deferred tax asset on the lower electricity tariff provided to pensioners of PPC Group and b) the application of appropriate estimation method for the calculation of the unbilled revenue. The total impact of the restatement on 1H2017 Net Income was a reduction by € 27.6 m. and did not have any cash impact.
Finally, and in order to avoid any misunderstanding that could be potentially created by a relevant press article, it is clarified that Mr. G. Angelopoulos’ leaving the position of CFO, after a highly successful tenure, had already been scheduled by a CEO decision in December 2016. With this decision the CEO had extended Mr. Angelopoulos’s tenure from 19.12.2016 – date at which his second 5 year tenure was ending – for one year, to 19.12.2017. Mr. Angelopoulos has already been appointed as member of the Board of Directors of HEDNO S.A.

Athens, October 2, 2018
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