PRESS RELEASE
PPC's 1H 2005 financial results
ATHENS, September 27, 2005
In particular
This first time expense, in 2005, represents a significant cost factor reflecting PPC’s contribution to the implementation of the Kyoto Protocol, in respect of a safer environment.
This expenditure was calculated on the basis of estimates concerning the volume of emissions and their price at June 30, 2005.
c)increased cost of lignite consumed (payroll and depreciation excluded) by € 30,1 m.
The financial information contained in this statement has been prepared according to International Financial Reporting Standards, formerly International Accounting Standards
Summary Financials (Euro m)
|
1H 2005 Unaudited |
1H 2004 Unaudited |
Δ (%) |
Total Revenues |
2.119,0 |
2.002,9 |
5,8% |
EBITDA |
552,6 |
657,9 |
-16% |
EBITDA Margin |
26,1% |
32,8% |
|
Profit from Operations (EBIT) |
295,6 |
383,1 |
-22,8% |
EBIT Margin |
13,9% |
19,1% |
|
Net Income |
147,7 |
192,9 |
-23,4% |
EPS (in Euro) |
0,64 |
0,83 |
- |
No. of Shares (m) |
232 |
232 |
- |
Net Debt |
3.562,1 |
3.851,5 |
-7,5% |
Summary Profit & Loss (Euro m)
|
1H 2005 Unaudited |
1H 2004 Unaudited |
Δ (%) |
Total Revenues |
2.119,0 |
2.002,9 |
5,8% |
Total Operating Expenses (excl. depreciation) |
1.566,4 |
1.345,0 |
16,5% |
Total Payroll Expenses |
611,8 |
568,3 |
7,7% |
Total Fuel Expenses |
398,6 |
323,3 |
23,3% |
Energy Purchases |
83,5 |
74,6 |
11,9% |
Transmission System Usage |
137,4 |
127,4 |
7,8% |
Other Operating Expenses (*) |
335,1 |
251,4 |
33,3% |
(EBITDA) |
552,6 |
657,9 |
-16,0% |
EBITDA Margin (%) |
26,1% |
32,8% |
|
Depreciation & Amortization |
257,0 |
274,8 |
-6,5% |
Profit from Operations (EBIT) |
295,6 |
383,1 |
-22,8% |
EBIT margin (%) |
13,9% |
19,1% |
|
Non-Operating Expenses |
72,4 |
71,2 |
1,7% |
- Net Financial Expenses |
64,1 |
56,0 |
14,5% |
- Foreign Currency Gains/(Losses) |
(6,8) |
(17,5) |
-61,1% |
- Other Income |
4,4 |
9,3 |
-52,7% |
- Share of loss in associated companies |
5,9 |
7,0 |
-15,7% |
Pre-tax Profits |
223,2 |
311,9 |
-28,4% |
Net Income |
147,7 |
192,9 |
-23,4% |
EPS (in Euro) |
0,64 |
0,83 |
- |
(*) Includes the additional expenditure for carbon dioxide allowances amounting to € 45 m.
Summary Balance Sheet & Capex (Euro m)
|
1H 2005 Unaudited |
1H 2004 Unaudited |
Δ (%) |
Net Debt |
3.562,1 |
3.851,5 |
-7,5% |
Total Equity |
4.807,9 |
3.515,7 |
36,8% |
Capital Expenditure |
362,7 |
363,8 |
-0,3% |
Public Power Corporation’s Chief Executive, Dimitris Maniatakis said:
“The significant increase in fuel prices together with the further increase of expenditure related to the first time implementation of the Kyoto Protocol led to a considerable increase of the cost of energy generation during the Q2 2005 and consequently impacted profits for the 1H 2005.
On the positive side, the revaluation of fixed assets resulted to higher equity which now amounts to € 4,8 billion.
This development improves our debt to equity ratio and facilitates the financing of our investment plans.
The management remains fully dedicated to the effort of reducing operating expenses and improving efficiency”.
For further information, please contact:
Gregoris Anastasiadis Chief Financial Officer Tel.: +30 210 5225346.
In accordance with relevant provisions, data pertaining to the Balance Sheet, the Income Statement, the Cash Flow Statement and the Statement of Changes in Equity, according to IFRS, shall be published in the newspapers “Naftemporiki” and “Elephtherotypia” on Thursday, September 29, 2005. Same data shall also be published in the Company’s web site (www.dei.gr) on Wednesday, September 28, 2005, after the closing of the Athens Stock Exchange.
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