PPC's first half 2004 financial results: Improvement of results compared to first half 2003
Net Income amounted to Euro 192,9 m up by 9,8% from 1H 2003. Decrease of net debt to Euro 3.852 m, compared to June 2003 [1]
[1] 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 2004 Unaudited | 1H 2003 Audited | Δ (%) |
Total Revenues | 2.002,9 | 1.915,2 | 4,6% |
EBITDA | 657,9 | 582,7 | 12,9% |
EBITDA Margin | 32,8% | 30,4% | - |
Profit from Operations (EBIT) | 383,1 | 318,6 | 20,2% |
EBIT Margin | 19,1% | 16,6% | - |
Net Income | 192,9 | 175,7 | 9,8% |
EPS (in Euro) | 0,83 | 0,76 | - |
No. of Shares (m) | 232 | 232 | - |
Net Debt | 3.851,5 | 4.005,3 | -3,8% |
Public Power Corporation’ s Chief Executive, Stergios Nezis, said:
"Despite a 1% growth in electricity demand, due to mild weather conditions during the first half of the year, profits from operations increased by 20% as a result of the sustained drive in achieving higher operating efficiency levels and the containment of operating costs. We firmly believe that the increase of value to stakeholders, which remains PPC’s paramount objective, is best served by the continuation of a solid financial policy and performance".
For further information, please contact:
Gregoris Anastasiadis Chief Financial Officer Tel.: +32 10 522 5346
Summary Profit & Loss (Euro m)
| 1Η 2004 Unaudited | 1Η 2003 Audited | Δ (%) |
Total Revenues | 2.002,9 | 1.915,2 | 4,6% |
Total Operating Expenses (excl. depreciation) | 1.345,0 | 1.332,5 | 0,9% |
Total Payroll Expenses | 568,3 | 563,3 | 0,9% |
Total Fuel Expenses | 323,3 | 352,2 | -8,2% |
Energy Purchases | 74,6 | 64,2 | 16,2% |
Transmission System Usage | 127,4 | 122,5 | 4,0% |
Other Operating Expenses | 251,4 | 230,3 | 9,2% |
(EBITDA) | 657,9 | 582,7 | 12,9% |
EBITDA Margin (%) | 32,8% | 30,4% | - |
Depreciation & Amortization | 274,8 | 264,1 | 4,1% |
Profit from Operations (EBIT) | 383,1 | 318,6 | 20,2% |
EBIT margin (%) | 19,1% | 16,6% | - |
Total Financial Expenses | 71,2 | 31,3 | 127,5% |
- Net Financial Expenses | 56,0 | 69,2 | -19,1% |
- Foreign Currency Gains/(Losses) | -17,5 | 47,8 | - |
- Other Income | 9,3 | 8,8 | 5,7% |
- Share of loss in associated companies | 7,0 | 18,7 | -62,6% |
Pre-tax Profits | 311,9 | 287,3 | 8,6% |
Net Income | 192,9 | 175,7 | 9,8% |
EPS (in Euro) | 0,83 | 0,76 | - |
Summary Balance Sheet and Capex (Euro m)
| 1H/2004 Unaudited | 1H/2003 Audited | Δ (%) |
Net Debt | 3.851,5 | 4.005,3 | -3,8% |
Total Equity | 3.515,7 | 3.349,6 | 5,0% |
Capital Expenditure | 363,8 | 301,2 | 20,8% |
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