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PPC continues its strong financial performance throughout 1H 2003:
Revenues increased by 18.1% to Euro 1,916 million (10.7%, without Transmission Grid Revenues)
1H2003 Highlights
Summary Financials (Unaudited IFRS, Euro million)
Summary Profit & Loss |
1H2003 |
1H2002* |
1H03 vs 1H02 |
Total Revenues |
1.916,0 |
1.623,0 |
18,1% |
Total Operating Expenses (excl. depreciation) |
1.328,3 |
1.133,2 |
17,2% |
- Total Payroll Costs |
562,0 |
504,6 |
11,4% |
- Total Fuel Costs |
352,2 |
339,2 |
3,8% |
- Energy Purchases |
64,7 |
76,3 |
-15,2% |
- Other Operating Costs |
349,4 |
213,1 |
64,0% |
EBITDA |
587,7 |
489,8 |
20,0% |
EBITDA margin (%) |
30,7% |
30,2% |
1,6% |
Depreciation & Amortisation |
264,6 |
259,3 |
2,0% |
Profit from Operations (EBIT) |
323,1 |
230,5 |
40,2% |
EBIT margin (%) |
16,9% |
14,2% |
19,0% |
Total Financial Costs |
21,7 |
89,9 |
-75,9% |
-Net Financial Expenses |
70,5 |
111,8 |
-36,9% |
-Foreign Currency Gains/(Losses) |
40,4 |
17,0 |
137,6% |
-Other Income |
8,4 |
4,9 |
71,4% |
Share of loss in associated companies |
18,7 |
- |
- |
Adjustment for extraordinary provisions (+) |
- |
19,4 |
- |
Pre-Tax Profits |
282,7 |
160,0 |
76,7% |
Net income |
175,6 |
100,8 |
74,2% |
EPS (in euro) |
0,76 |
0,43 |
74,2% |
Summary Balance Sheet & Capex |
1H2003 |
1H2002 |
1H03 vs 1H02 |
Net Debt |
4.013,0 |
4.560,7 |
-12,0% |
Total Equity |
3.568,5 |
395,1 |
- |
Capital Expenditure |
291,0 |
314,2 |
-7,4% |
* Adjusted for comparison and discussion purposes only
Public Power Corporation's Chief Executive Officer, Stergios Nezis, said:
"I am pleased to announce that PPC continues its strong operating and financial performance, as evidenced by increased profitability and significant reduction in debt. This performance is an indication of our firm commitment to enhancing shareholder value by capitalising on market growth prospects and improving our operating performance."
For further information, please contact:
Gregoris Anastasiadis, Chief Financial Officer, Public Power Corporation, Tel.: +30 10 522 5346.
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