Investor Relations Information - 27.05.2004

Press Release for Financial Results Q1 2004

PPC's first quarter 2004 financial results: Improvement of results compared to first quarter 2003.

Net Income amounted to Euro 115,6 m, up by 10,5% from 1Q 2003.
Further reduction of net debt to Euro 3.756 m from 4.025 m[1].

Total revenues grew by 9,5% as compared to the first quarter 2003 and amounted to € 1.043 m. Revenues from energy sales increased by 9,4%.
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) increased by 12,3%, from € 333,9 m to € 375,1 m and Operating Profit by 15,9% from € 204,3 m to € 236,7 m, due to revenue growth, higher operating efficiency levels and containment of operating costs.
EBITDA margin reached 36% compared to 35% in the first quarter 2003.
Profit before tax increased by 6,8%, from € 174,4 m to € 186,3 m.
Negative foreign exchange differences of € 6,3 m, compared to the corresponding positive figure of € 17,7 m for the first quarter of 2003, led to an increase of financial expenses.
Share of loss in associated companies decreased to € 3,2 m from € 9,1 m in the first quarter of 2003 and corresponds to PPC's investment after tax in the telecommunications company Tellas S.A. 1Q 2004 financial results.
Net income grew by 10,5% to € 115,6 m from € 104,6 m due to the combination of improved operating profitability and increased financial expenses. As a result earnings per share increased from € 0,45 to € 0,50.
Capital expenditure amounted to € 171,8 m and includes the cost of Olympic projects under construction.
Net debt further decreased to € 3.756 m from € 4.025 m in March 2003 and € 3.892 m in December 2003.
Current headcount, excluding personnel assigned to HTSO, decreased, as a result of natural attrition to approximately 27.900, as compared to approximately 28.500 employees, at the end of 1Q 2003

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

Summary Financials (Unaudited IFRS, Euro m)

	1Q 2004	1Q 2003	Δ (%)
Total Revenues	1.043,3	953,2	9,5%
EBITDA	375,1	333,9	12,3%
EBITDA Margin	36,0%	35,0%	-
Profit from Operations(EBIT)	236,7	204,3	15,9%
EBIT Margin	22,7%	21,4%	-
Net Income	115,6	104,6	10,5%
EPS (in Euro)	0,50	0,45	11,1%
No. of Shares (m)	232	232	-
Net Debt	3.756	4.025	-6,7%

Public Power Corporation?s Chief Executive, Stergios Nezis, said:

" Despite of a slowdown in the increase of consumption due to mild weather conditions in Greece during March we increased our total sales, by increasing exports and improved profitability through higher operating efficiency levels and containment of operating costs. Financial results are better than those of 1Q 2003, which, in turn, were exceptionally positive due to the high contribution of Hydroelectric generation. Our primary objective remains a solid financial performance in order to enhance value for our shareholders ".

For further information, please contact:

Gregoris Anastasiadis Chief Financial Officer Tel.: +32 10 522 5346

Summary Profit & Loss (Unaudited IFRS, Euro m)

	1Q 2004	1Q 2003	Δ (%)
Total Revenues	1.043,3	953,2	9,5%
Total Operating Expenses (excl. depreciation)	668,2	619,4	7,9%
Total Payroll Expenses	277,9	264,3	5,1%
Total Fuel Expenses	165,2	156,4	5,6%
Energy Purchases	36,1	34,7	4,0%
Transmission System Usage	63,9	60,1	6,3%
Other Operating Expenses	125,1	103,9	20,4%
(EBITDA)	375,1	333,9	12,3%
EBITDA Margin (%)	36,0%	35,0%	-
Depreciation & Amortization	138,4	129,6	6,8%
Profit from Operations (EBIT)	236,7	204,3	15,9%
EBIT margin (%)	22,7%	21,4%	-
Total Financial Expenses	50,4	29,9	68,6%
- Net Financial Expenses	41,6	41,4	0,5%
- Foreign Currency Gains/(Losses)	(6,3)	17,7	-135,6%
- Other Income	0,7	2,9	-75,9%
- Share of loss in associated companies	3,2	9,1	-64,8%
Pre-tax Profits	186,3	174,4	6,8%
Net Income	115,6	104,6	10,5%
EPS (in Euro)	0,50	0,45	11,1%

Summary Balance Sheet and Capex (Unaudited IFRS, Euro m)

	1Q/2004	1Q/2003	Δ (%)
Net Debt	3.756	4.025	-6,7%
Total Equity	3.438	3.272	5,1%
Capital Expenditure	172	118	45,8%

ATHENS MAY 27 2004