PPC’s consolidated Q1 2008 financial results

PUBLIC POWER CORPORATION S.A.
DEPARTMENT OF COMMUNICATIONS

PRESS RELEASE

PPC's CONSOLIDATED Q1 2008 FINANCIAL RESULTS

ATHENS MAY 27, 2008

• Total Revenues amounted to €1.41 bil versus €1.24 bil in Q1 2007, an increase of €168m (13.5%).

• Notwithstanding the supply restrictions due to the March 2008 strike, electricity demand in Q1 2008 increased by approximately 3%.

• In Q1 2008, hydro conditions did not improve compared to the already tight conditions of the previous year.

• Lignite generation decreased by 847 GWH (-11.2%), mainly due to the strike and to a lesser extent to the increase of scheduled long term maintenance of lignite plants.

• The strike had a negative impact of approximately €33m on the energy balance expenditure, as a consequence of the substitution of the reduced lignite generation by "expensive fuels" (oil, natural gas and energy purchases).

• Q1 2008 financial results have been impacted by a provision of €23.5m,representing the expenditure to cover the estimated deficit in CO2 emission rights, while no deficit expenditure was recorded in Q1 2007.

• EBITDA amounted to €205.5m in Q1 2008, compared to €235.6m in Q1 2007, a decrease of €30.1m (-12.8%).EBITDA margin reached 14.6%, compared to 19% in Q1 2007.

• Pre-tax profits in Q1 2008, amounted to €34.3m compared to €57 m in Q1 2007, a decrease of €22.7m (-39.8%).

• Net income for Q1 2008 amounted to €30m, compared to €41m in Q1 2007, a decrease of €11m (-26.8%).
  
  
  Click here to view the full text ( pdf)

FROM PRESS OFFICE