PPC's first quarter 2003 financial results: the growth continues.
Net Income amounted to Euro 104,6 m, while net debt was reduced to Euro 4.025 m [1]
[1] The financial information contained in this statement has been prepared according to International Financial Reporting Standards, formerly International Accounting Standards.
Key indicators (Unaudited IFRS, Euro m)
1Q 2003 |
1Q 2002 |
Δ (%) |
|
Total Revenues |
953,2 |
828,8 |
15,0 |
EBITDA |
333,9 |
276,3 |
20,8 |
EBITDA Margin |
35,0% |
33,3% |
- |
Profit from Operations |
204,3 |
145,0 |
40,9 |
Profit from Operations Margin |
21,4% |
17,5% |
- |
Net Income |
104,6 |
68,7 |
52,3 |
EPS (in Euro) |
0,45 |
0,30 |
50,0 |
No. of Shares (m) |
232 |
232 |
- |
Net Debt |
4.025 |
4.681 |
(14,0) |
Public Power Corporation?s Chief Executive, Stergios Nezis, said:
"We continue to deliver improved results for third consecutive year. I am pleased to note that improved profitability and operating cash flows enable us to further reduce the debt of PPC. Solid financial performance is one of our key objectives in enhancing shareholder value ".
For further information, please contact:
Gregoris Anastasiadis Chief Financial Officer Tel.: +32 10 522 5346
Income Statement (Unaudited IFRS, Euro m)
|
1Q 2003 |
1Q 2002* |
Δ (%) |
Total Revenues |
953,2 |
828,8 |
15,0% |
Total Operating Expenses (excl. depreciation) |
619,4 |
552,5 |
12,1% |
Total Payroll Expenses |
264,3 |
253,8 |
4,1% |
Total Fuel Expenses |
156,4 |
163,1 |
-4,1% |
Energy Purchases |
34,7 |
36,4 |
-4,7% |
Other Operating Expenses |
164,0 |
99,2 |
65,3% |
(EBITDA) |
333,9 |
276,3 |
20,8% |
EBITDA Margin (%) |
35% |
33,3% |
- |
Depreciation & Amortisation |
129,6 |
131,3 |
-1,3% |
Profit from Operations (EBIT) |
204,3 |
145,0 |
40,9% |
EBIT margin (%) |
21,4% |
17,5% |
- |
Total Financial Expenses |
29,9 |
35,9 |
-16,7% |
- Net Financial Expenses |
41,4 |
44,7 |
-7,4% |
- Foreign Currency Gains/(Losses) |
17,7 |
3,6 |
391,7% |
- Other Income |
2,9 |
5,2 |
-44,2% |
- Share of loss in associated companies |
9,1 |
- |
- |
Pre-tax Profits |
174,4 |
109,1 |
59,9% |
Net Income |
104,6 |
68,7 |
52,3% |
EPS (in Euro) |
0,45 |
0,30 |
50,0% |
* As adjusted with additional depreciation, owing to fixed assets valuation, for comparison and discussion purposes only
Highlights of Balance Sheet and Cash Flow (Unaudited IFRS Euro m)
1Q/2003 |
1Q/2002 |
Δ (%) |
|
Net Debt |
4.025 |
4.681 |
-14% |
Total Equity |
3.388 |
3.320 |
2% |
Capital Expenditure |
118 |
148 |
-20,3% |
Operating Cash Flow |
291 |
258 |
12,8% |
NOTES TO EDITORS
PPC (Public Power Corporation) is the largest electricity generator, sole owner of the transmission system and the sole distributor of electricity in Greece. The company provides electricity to approximately 6.7 million customers and generates approximately 97% of the total electricity produced in Greece.
28,8% of the compan's shares are listed on the Athens Stock Exchange and the London Stock Exchange. The Hellenic Republic remains the largest shareholder with approx 67% of the shares. The current market value is approximately 3.1 billion euros.
Strategy
PPC's objectives are to maintain leadership in the Greek electricity market, improve the efficiency of its operations, further rationalize its capital expenditure, continue its debt reduction programme, explore long - term growth initiatives and opportunities, and maximise value for its shareholders.
PPC business units
Generation:
Transmission:
Distribution:
Mining:
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