Press Release - 26.05.2005

PPC's 2004 financial results according to IFRS

PPC's 2004 financial results according to IFRS

                                                   ATHENS, MAY 26  2005

PPC's 2004 financial results following the revaluation of real estate assets

Net debt to equity down to 0,86  [1]

As referred to in the Press Release dated February 24, 2005 and following the provisions  of Law 3229/2004, the Company proceeded with the revaluation of its real estate assets, based on an appraisal carried out by an independent valuator.

The appraisal resulted in a net surplus of € 620,8 mil and a surplus value tax, determined on the basis of Law 3229/2004, of € 36,4 mil,  which were credited and debited , respectively, to equity.

Total equity amounts to € 4.225,4 mil compared to € 3.484 mil in 2003 and net debt to equity ratio is down to 0,86 from 1,12  in 2003.

Furthermore, an amount of € 17,1 mil being part of the decrease in values of fixed assets as a result of the appraisal, was charged to “ other income (expense) net ”.This resulted to a net expense of € 3,2 mil, which is shown in 2004 financial statements, compared to a net  income of  € 9,2mil in 2003.

 

Profit before tax increased by 5,7%,to € 502,3 mil from € 475,3 mil in 2003. After the implementation of the new income tax rates, in conjunction with the revaluation of real estate assets, a net amount of   € 15 mil was charged to income tax expense. Consequently, Net Income decreased by 3,8% to  € 293,1 mil from € 304,6 mil. in 2003. Earnings per share decreased from € 1,31 to € 1,26.

Following the appraisal of real estate assets, the independent valuator undertook the valuation of the other fixed assets of the Company, ie technical works, machinery and other equipment. The results of the appraisal in question have not yet been finalized, and shall be recorded in the Company’s Books within 2005.

[1] The financial information contained in this statement has been prepared according to International Financial Reporting Standards, formerly International Accounting Standards

                  Summary Financials (Euro mil) 

 

2004 Audited

2003 Audited

Δ (%)

Total Revenues

4.095,0

3.897,5

5,1%

EBITDA

1.210,0

1.138,4

6,3%

EBITDA Margin

29,5%

29,2%

1%

Profit from Operations (EBIT)

654,7

592,7

10,5%

EBIT Margin

16,0%

15,2%

 5,3%

Net Income

293,1

304,6

-3,8%

EPS (in Euro)

1,26

1,31

-3,8%

No. of Shares (m)

232

232

-

Net Debt

3.635,1

3.892,0

-6,6%

    Summary Profit & Loss (Euro mil)

 

2004 Audited

2003 Audited

Δ (%)

Total Revenues

4.095,0

3.897,5

5,1%

Total Operating Expenses (excl. depreciation)

2.885,0

2.759,1

4,6%

Total Payroll Expenses

1.153,0

1.079,0

6,9%

Total Fuel Expenses

733,8

751,8

-2,4%

Energy Purchases

182,2

157,3

15,8%

Transmission System Usage

259,2

243,2

6,6%

Other Operating Expenses

556,8

527,8

5,5%

(EBITDA)

1.210,0

1.138,4

6,3%

EBITDA Margin (%)

29,5%

29,2%

1%

Depreciation & Amortization

555,3

545,7

1,8%

Profit from Operations (EBIT)

654,7

592,7

10,5%

EBIT margin (%)

16,0%

15,2%

5,3%

Total Financial Expenses

152,4

117,4

29,8%

- Net Financial Expenses

130,6

134,8

-3,1%

- Foreign Currency Gains/(Losses)

-10,4

35,1

-129,6%

- Other Income (expense)

-3,2

9,2

-134,8%

- Share of loss in associated companies

8,2

26,9

-69,5%

Pre-tax Profits

502,3

475,3

5,7%

Net Income

293,1

304,6

-3,8%

EPS (in Euro)

1,26

1,31

  -3,8%

Summary Balance Sheet & Capex (Euro mil) 

 

2004   Audited

2003  Audited

Δ (%)

Net Debt

3.635,1

3.892,0

-6,6%

Total Equity

4.225,4

3.484,0

21,3%

Capital Expenditure

755,6

723,9

4,4%

For further information, please contact:

Gregoris Anastasiadis Chief Financial Officer Tel.: +30 210 5225346.

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