PRESS RELEASE
24 November 2003
PPC continues its strong financial performance
throughout 9M 2003:
Note: Based on Unaudited Financial Statements under International Financial Reporting Standards (IFRS)
9M 2003 Highlights
Total financial expenses were reduced to Euro 62 million, a 54.7% decrease compared to 9M 2002, mainly as a result of:
Summary Financials (Unaudited IFRS, Euro million)
Summary Profit and Loss |
3Q/2003 |
3Q/2002* |
2003 vs 2002 (%) |
Total Revenues |
2.935,0 |
2.520,4 |
16,5% |
Total Operating Expenses (excl. depreciation) |
2.033,4 |
1.750,3 |
16,2% |
- Total Payroll Expenses |
815,8 |
755,7 |
8% |
- Total Fuel Expenses |
585,7 |
555,7 |
5,4% |
- Energy Purchases |
113,4 |
115,6 |
-1,9% |
- Other Operating Expenses |
518,5 |
323,3 |
60,4% |
EBITDA |
901,6 |
770,1 |
17,1% |
EBITDA margin (%) |
30,7% |
30,6% |
0,5% |
Depreciation and Amortisation |
401,7 |
394,5 |
1,8% |
Profit from Operations (EBIT) |
499,9 |
375,6 |
33,1% |
EBIT margin (%) |
17% |
14,9% |
14,3% |
Total Financial Expenses |
61,8 |
136,5 |
-54,7% |
- Net Financial Expenses |
115,6 |
170,7 |
-32,3% |
- Foreign Currency Gains/ (Losses) |
34,2 |
25,7 |
33,1% |
- Other Income |
19,6 |
8,5 |
130,6% |
Share of loss in associated companies |
26,8 |
- |
- |
Pre-tax Profits |
411,3 |
239,1 |
72,0% |
Net Income |
260,5 |
147,8 |
76,3% |
EPS (in Euro) |
1,12 |
0,64 |
76,3% |
|
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Summary Balance Sheet and Capex |
3Q/2003 |
3Q/2002 |
2003 vs 2002 (D) |
Net Debt |
4.001,4 |
4.273,3 |
-271,9 |
Total Equity |
3.435,2 |
3.166,3 |
268,9 |
Capital Expenditure |
490,4 |
444,1 |
46,3 |
*Adjusted for comparison and discussion purposes only
Public Power Corporation's Chief Executive Officer, Stergios Nezis, said:
"I am pleased to announce that PPC?s strong operating and financial performance and strong cash flow generation continues. This is evidenced by strongly improving profitability and steady debt reduction which goes hand in hand with our firm commitment to enhancing shareholder value by capitalising on market growth prospects and continuing to make good progress in our operating performance."
For further information, please contact:
Gregoris Anastasiadis, Chief Financial Officer, Public Power Corporation, Tel.: +30 210 522 5346.
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