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%

 

 

 

 

 

Browser update recommended

Our website has detected that you are using an outdated browser that will prevent you from accessing certain features.
In order to improve your browsing experience we strongly recommend you use the links below to update to one of the following modern browsers.

Appointment Appointment appointment form