Investor Relations Information - 25.11.2004

Press Release for Financial Results 9M/Q3 2004

ATHENS, NOVEMBER 25 2004

PPC's 9M 2004 financial results:

Revenues increased by 4,9%

Net debt was reduced by 5,1% [1]

• Total revenues grew by 4,9% as compared to 9M 2003 and amounted to € 3.078 m. Revenues from energy sales increased by 4,7%, due to relatively mild weather conditions and to export restrictions in order to secure maximum reserve capabilities for the Olympic Games.

• Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) increased by 3,1% from € 901.6 m to € 929.5 m and Operating Profit by 2,7% from € 499.9 m to € 513.5 m, mainly due to revenue growth. Earnings growth of Q3 '04 was impacted by one-off costs, amounting to approximately € 60 m, related to the Olympic Games.

• EBITDA margin reached 30,2% compared to 30,7% in the 9M 2003.

• Total Financial Expenses increased by 19,1% due to negative Foreign Exchange Differences of € 13,5 m, compared to the corresponding positive figure of € 34,2 m in 9M 2003.

• The share of loss in associated companies decreased to € 9,9m from € 26,8 m, in 9M 2003 and corresponds to PPC's investment in Tellas S.A., the telecommunications company.

• As a consequence, Profit before tax decreased by 0,8%, from € 411.3 m to € 408 m and Net Income declined by 1,6% to € 256,3 m from € 260,5 m. Earnings per share decreased from € 1.12 to € 1.10.

• Capital expenditure amounted to € 537,1m and includes the cost of Olympic projects.

• Compared to September 2003, net debt was reduced by € 203 m, or 5,1%, to € 3.798,4 m from € 4.001,4m.

• Current headcount, excluding personnel assigned to HTSO, decreased, as a result of natural attrition and constrained hiring, to approximately 27.790, as compared to approximately 28.120 employees, at the end of 9M 2003.

_{[1] The financial information contained in this statement has been prepared according to International Financial Reporting Standards, formerly International Accounting Standards}

Summary Financials (Euro m)

	9M/ 2004	9M/ 2003	Δ (%)
Total Revenues	3.078,4	2.935,0	4,9%
EBITDA	929,5	901,6	3,1%
EBITDA Margin	30,2%	30,7%	-1,7%
Profit from Operations (EBIT)	513,5	499,9	2,7%
EBIT Margin	16,7%	17,0%	-2,1%
Net Income	256,3	260,5	-1,6%
EPS (in Euro)	1,10	1,12	-1,8%
No. of Shares (m)	232	232	-
Net Debt	3.798,4	4.001,4	-5,1%

Public Power Corporation’s Chief Executive, Stergios Nezis, said:
"Nine month results were impacted by the extraordinary costs related to the 2004 Olympic Games, which amounted to approximately € 60 million. These extra costs reflect PPC’s contribution to the successful organization of the Games. Should this contribution be excluded net profits would have increased by 13%. I am therefore pleased to note that PPC continues demonstrating a solid financial performance to the benefit of its stakeholders”.

For further information, please contact:

Gregoris Anastasiadis Chief Financial Officer Tel.: +30 210 5225346.

Summary Profit & Loss (Euro m)

	9M/ 2004 Unaudited	9M /2003 Unaudited	Δ (%)
Total Revenues	3.078,4	2.935,0	4,9%
Total Operating Expenses (excl. depreciation)	2.148,9	2.033,4	5,7%
Total Payroll Expenses	853,1	815,8	4,6%
Total Fuel Expenses	547,1	585,7	-6,6%
Energy Purchases	146,3	113,4	29,0%
Transmission System Usage	192,0	184,7	4,0%
Other Operating Expenses	410,4	333,8	22,9%
(EBITDA)	929,5	901,6	3,1%
EBITDA Margin (%)	30,2%	30,7%	-1,7%
Depreciation & Amortization	416,0	401,7	3,6%
Profit from Operations (EBIT)	513,5	499,9	2,7%
EBIT margin (%)	16,7%	17,0%	-2,1%
Total Financial Expenses	105,5	88,6	19,1%
- Net Financial Expenses	93,8	115,6	-18,9%
- Foreign Currency Gains/(Losses)	-13,5	34,2	-139,5%
- Other Income	11,7	19,6	-40,3%
- Share of loss in associated companies	9,9	26,8	-63,1%
Pre-tax Profits	408,0	411,3	-0,8%
Net Income	256,3	260,5	-1,6%
EPS (in Euro)	1,10	1,12	-1,8%

Summary Balance Sheet and Capex (Euro m)

	9M/2004	9M/2003	Δ (%)
Net Debt	3.798,4	4.001,4	-5,1%
Total Equity	3.581,1	3.435,2	4,2%
Capital Expenditure	537,1	490,4	9,5%