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].
[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
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