Press Release for Financial Results H1/Q2 2006

PRESS RELEASE

PPC’s CONSOLIDATED 1H 2006 FINANCIAL RESULTS

ATHENS AUGUST 29,2006

• Total Revenues increased by 10% and amounted to € 2,33 bil versus € 2,12 bil in 1H 2005.
• Financial expenses decreased by 26,3% and amounted to € 52,6m,compared to € 71,4m in 1H 2005.
• Net income for 1H 2006 amounted to € 96,2m, a decrease of 34,7% compared to € 147,4m in 1H 2005, a reduction mainly attributed to exogenous factors.
• Total equity increased by 7,5% and amounted to € 5.186,5m versus € 4.822,5m in 1H 2005.
• Capital expenditure amounted to € 326m, versus € 363m in 1H 2005.

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.