Press Release - 21.11.2007

PPC’s consolidated 9Μ 2007 financial results

PRESS RELEASE

PPC's CONSOLIDATED 9M 2007 FINANCIAL RESULTS




ATHENS NOVEMBER 21, 2007 

  • Total Revenues amounted to €3.84 bil versus €3.58 bil in 9M 2006, an increase of 7.4 %.
  • During the 3rd quarter of 2007, the negative impact to hydro generation, due to the very low snow and rain fall levels of the first four months of the year continued ,albeit at a lower pace, causing a severe decrease in hydro generation by 53.1% in 9M 2007, compared to 9M 2006.This decrease, resulted in a expenditure of €178m that impacted the 9M 2007 financial results, compared to the financial results of the corresponding period of 2006, as a consequence of the substitution of almost the entire reduction of hydro generation by "expensive fuels" (natural gas and energy purchases).
  • Other operating expenses, including lignite, amounted to €410.2m, from €439.8m in 9M 2006, a decrease of 6.7%.
  • EBITDA amounted to €610.8m, compared to €631.2m in 9M 2006, a decrease of 3.2%.
  • Pre-tax profits in 9M 2007 amounted to €76.6m compared to €105m in 9M 2006, a decrease of €28.4m (27%), while net income amounted to €60.2m, compared to €71.2m, respectively, a decrease of 15.4%.
  • Capital expenditure amounted to €584.8m compared to €493m in 9M 2006, an increase of 18.6%.This increase is mainly attributed to capital expenditures for the development of mines and for electricity generation projects.
  • Under especially difficult conditions, PPC managed successfully the consequences from the intensive and of a long duration summer heat waves, that tested the country's electricity system, while succeeding, as well, in the quick restoration of damages caused by the catastrophic fires that resulted in numerous and significant electrification problems. These factors, impacted on the financial results of 3Q 2007.

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