PRESS RELEASE
PPC’s CONSOLIDATED 1H 2006 FINANCIAL RESULTS
ATHENS AUGUST 29,2006
More specifically,
REVENUES
Revenues from energy sales, increased by 9,9%, from € 1.966,4m to € 2.160,1m, as a result of an increase in sales by approximately 5%, of an average electricity tariff adjustment of 3,2% in September 2005 and of a change in the sales mix.
OPERATIONAL EXPENSES
Operational expenses (excluding depreciation) increased by 18,7%, from € 1.561,8m in 1H 2005, to € 1.854,5m in 1H 2006, an increase mainly attributed to the increase in expenditure for liquid fuel, natural gas and energy purchases. More specifically, the rise in liquid fuel and natural gas prices, compared to 1H 2005, resulted in an increase of the corresponding expenditure by € 131,9m. In addition, expenditure for energy purchases marked a significant increase, from € 83,5m in 1H 2005 to € 193,1m in 1H 2006, an increase of 131,3%, due to the sale of larger quantities of electric energy from third parties to the Pool. Thus, increased expenditure for liquid fuel, natural gas and energy purchases, were the main reasons that led to a reduction of Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) by 14,4% with respect to 1Η 2005,to € 476,8m,given that the electricity tariff adjustment of 3,2% in September 2005, did not cover the negative impact from the sharp rise in fuel prices and in the expenditure for energy purchases.
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