PRESS RELEASE
PPC's 1Q 2005 financial results
ATHENS, JUNE 17, 2005
In particular
The first time recognition, in 2005, of the expenditure related to emission of carbon dioxide allowances, represent 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 the required emission allowances and their respective price as of March 31, 2005.
Furthermore, earnings growth was significantly impacted by the increased fuel costs (an increase of 9,7% compared to 1Q 2004), due to the considerable increase in oil prices.
The financial information contained in this statement has been prepared according to International Financial Reporting Standards, formerly International Accounting Standards
Summary Financials (Euro m)
|
1Q 2005 Unaudited |
1Q 2004 Unaudited |
Δ (%) |
Total Revenues |
1.079,7 |
1.043,3 |
3,5% |
EBITDA |
335,7 |
375,1 |
-10,5% |
EBITDA Margin |
31,1% |
36,0% |
-13,6% |
Profit from Operations (EBIT) |
209,4 |
236,7 |
-11,5% |
EBIT Margin |
19,4% |
22,7% |
-14,5% |
Net Income |
115,9 |
115,6 |
0,3% |
EPS (in Euro) |
0,50 |
0,50 |
- |
No. of Shares (m) |
232 |
232 |
- |
Net Debt |
3.578,1 |
3.755,8 |
-4,7% |
Summary Profit & Loss (Euro m)
|
1Q 2005 Unaudited |
1Q 2004 Unaudited |
Δ (%) |
Total Revenues |
1.079,7 |
1.043,3 |
3,5% |
Total Operating Expenses (excl. depreciation) |
744,0 |
668,2 |
11,3% |
Total Payroll Expenses |
294,7 |
277,9 |
6,0% |
Total Fuel Expenses |
181,2 |
165,2 |
9,7% |
Energy Purchases |
44,5 |
36,1 |
23,3% |
Transmission System Usage |
63,1 |
63,9 |
-1,3% |
Other Operating Expenses |
160,5 |
125,1 |
28,3% |
(EBITDA) |
335,7 |
375,1 |
-10,5% |
EBITDA Margin (%) |
31,1% |
36,0% |
-13,6% |
Depreciation & Amortization |
126,3 |
138,4 |
-8,7% |
Profit from Operations (EBIT) |
209,4 |
236,7 |
-11,5% |
EBIT margin (%) |
19,4% |
22,7% |
-14,5% |
Total Financial Expenses |
34,0 |
50,4 |
-32,5% |
- Net Financial Expenses |
32,0 |
41,6 |
-23,1% |
- Foreign Currency Gains/(Losses) |
(1,0) |
(6,3) |
-84,1% |
- Other Income |
1,7 |
0,7 |
142,9% |
- Share of loss in associated companies |
2,7 |
3,2 |
-15,6% |
Pre-tax Profits |
175,4 |
186,3 |
-5,9% |
Net Income |
115,9 |
115,6 |
0,3% |
EPS (in Euro) |
0,50 |
0,50 |
- |
Summary Balance Sheet & Capex (Euro m)
|
1Q 2005 Unaudited |
1Q 2004 Unaudited |
Δ (%) |
Net Debt |
3.578,1 |
3.755,8 |
-4,7% |
Total Equity |
4.337,7 |
3.437,8 |
26,2% |
Capital Expenditure |
158,0 |
171,8 |
-8,0% |
Public Power Corporation’s Chief Executive, Dimitris Maniatakis said:
“Expenditure related to the first time implementation of the Kyoto Protocol as well as the considerable increase in fuel prices and in the expenditure for energy purchases, have impacted profitability for 1Q 2005. The relevant burden totaled approximately € 44m. Positive developments with respect to financial magnitudes, the improvement of operational efficacy, as well as the change in the income tax rate to 32%, entirely offset the burden in question. Management is targeting for a further increase in productivity in order to achieve higher profitability”.
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 “Kerdos” and “Elephtheros Typos” on Saturday, June18, 2005. Same data shall also be published in the Company’s web site (www.dei.gr) on Friday June 17, 2005, after the close of the Athens Stock Exchange session.
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