FOR IMMEDIATE RELEASE ATHENS, 27 FEBRUARY 2002
PPC announces strong Full Year Results for 2001
EBITDA and Net Income amounted to €864m and €260m respectively, representing increases of 25% and 947% over 2000
Key indicators (Unaudited IAS, Euro millions)
|
FY2000 |
FY2001 |
YoY % |
Total Revenues |
2 868 |
3 091 |
7,8 |
EBITDA |
693 |
864 |
24,8 |
EBITDA Margin |
24% |
28% |
- |
Profit from Operations |
449 |
604 |
34,3 |
Profit from Operations Margin |
16% |
20% |
- |
Net Income |
25 |
260 |
947,2 |
Earnings per Share (in Euro) |
0.11 |
1,18 |
944,1 |
Weighted Average No. of Shares2 |
220 000 000 |
220 657 534 |
- |
Net Debt |
5 051 |
4 766 |
(5,6) |
Public Power Corporation's Chief Executive, Stergios Nezis, said:
"2001 has been a very important year for the PPC and has marked our transformation from a wholly owned Government entity to a listed Company with a wide international and domestic shareholder base. I am extremely pleased with PPC's results, which indicate and reinforce the management's commitment to create value for our shareholders."
For further information, please contact:
Gregoris Anastasiadis Chief Financial Officer Tel.: +30 10 522 5346
Overview of PPC in 2001
2001 has been a truly transformational year for PPC. Through a radical restructuring programme and the flotation of the Company in the international capital markets, PPC is now better than ever before positioned to build shareholder value through the pursuit of its strategic goals:
Maintain market leadership
Achieve efficiency improvements
Rationalise investments
Explore further growth initiatives
On a macro economic level, the year 2001 has marked the entrance of Greece in the European Monetary Union, providing a springboard for a gradual alignment of Greece's electricity market with that of more developed European countries, both in terms of tariffs as well as consumption. 2001 has also seen the formal opening of the Greek electricity market, the award of the first IPP licences and the release of the Regulator's Consultation Paper on tariffs.
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