ATHENS, FEBRUARY 24 2005
PPC's 2004 financial results
Revenues increased by 5,0%
Net debt was reduced by 6,6% [1]
Summary Financials (Euro m)
|
2004 Unaudited |
2003 Audited |
Δ (%) |
Total Revenues |
4.094,3 |
3.897,5 |
5,0% |
EBITDA |
1.207,2 |
1.138,4 |
6,0% |
EBITDA Margin |
29,5% |
29,2% |
0,9% |
Profit from Operations (EBIT) |
650,5 |
592,7 |
9,8% |
EBIT Margin |
15,9% |
15,2% |
4,5% |
Net Income |
322,0 |
304,6 |
5,7% |
EPS (in Euro) |
1,39 |
1,31 |
5,9% |
No. of Shares (m) |
232 |
232 |
- |
Net Debt |
3.635,1 |
3.892,0 |
-6,6% |
Summary Profit & Loss (Euro m)
|
2004 |
2003 |
Δ (%) |
Total Revenues |
4.094,3 |
3.897,5 |
5,0% |
Total Operating Expenses (excl. depreciation) |
2.887,1 |
2.759,1 |
4,6% |
Total Payroll Expenses |
1.153,0 |
1.079,0 |
6,9% |
Total Fuel Expenses |
733,8 |
751,8 |
-2,4% |
Energy Purchases |
182,2 |
157,3 |
15,8% |
Transmission System Usage |
259,2 |
243,2 |
6,6% |
Other Operating Expenses |
558,9 |
527,8 |
5,9% |
(EBITDA) |
1207,2 |
1138,4 |
6,0% |
EBITDA Margin (%) |
29,5% |
29,2% |
0,9% |
Depreciation & Amortization |
556,7 |
545,7 |
2,0% |
Profit from Operations (EBIT) |
650,5 |
592,7 |
9,8% |
EBIT margin (%) |
15,9% |
15,2% |
4,5% |
Total Financial Expenses |
134,5 |
117,4 |
14,6% |
- Net Financial Expenses |
130,6 |
134,8 |
-3,1% |
- Foreign Currency Gains/(Losses) |
-10,4 |
35,1 |
-129,6% |
- Other Income |
14,7 |
9,2 |
59,8% |
- Share of loss in associated companies |
8,2 |
26,9 |
-69,5% |
Pre-tax Profits |
516,0 |
475,3 |
8,6% |
Net Income |
322,0 |
304,6 |
5,7% |
EPS (in Euro) |
1,39 |
1,31 |
5,9% |
Summary Balance Sheet & Capex (Euro m)
|
2004 Unaudited |
2003 Audited |
Δ (%) |
Net Debt |
3.635,1 |
3.892,0 |
-6,6% |
Total Equity |
3.652,0 |
3.484,0 |
4,8% |
Capital Expenditure |
754,3 |
723,9 |
4,2% |
Public Power Corporation’s Chief Executive, Stergios Nezis, said:
"Despite a moderate growth in electricity demand, due to 2004 mild weather conditions and tariff increases below inflation both in 2003 and 2004, profits from operations increased by 9,8% as a result of the sustained drive in achieving higher operating efficiency levels. 2004 results were impacted by the extraordinary costs related to the 2004 Olympic Games, which amounted to approximately € 65 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 19%. 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.
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