Press Release - 27.03.2008

PPC’s consolidated 2007 financial results

PRESS RELEASE
PPC’s CONSOLIDATED  2007 FINANCIAL RESULTS

 

ATHENS ΜΑRCH 27,2008

 

  • Total Revenues amounted to € 5.15 bil versus € 4.79 bil in 2006, an increase of 7.7%.
  • In the 4th quarter of 2007, the negative impact to hydro generation, due to the very low snow and rain fall levels during the year continued causing a severe decrease in hydro generation by 49.8% in 2007, compared to 2006.This decrease, had a negative impact estimated at € 208 m, on the 2007 financial results, compared to the financial results of 2006, due to the substitution of the reduction of hydro generation by "expensive fuels" (natural gas and energy purchases),combined with the fact that in 2007 electricity generation increased by 3.6% compared to 2006.
  • Other operating expenses, including lignite, amounted to €517.2m, from €536.1m in 2006, a reduction of € 18.9m (-3.5%), a decrease of approximately 7% per electricity generated MWh.
  • EBITDA amounted to € 818.7m, compared to € 739.7m in 2006, an increase of 10.7 %. EBITDA margin reached 15.9%, compared to 15.5 % in 2006.
  • Pre-tax profits in 2007, including the net revenue of € 165m from the sale of PPC's share in Tellas S.A., the telecommunications company, amounted to €276.4m compared to €42m in 2006, an increase of €234.4m.
  • Net income amounted to €222.3m, compared to €22.1m in 2006, an increase of € 200.2m.
  • Capital expenditure amounted to €856.8m compared to €713.3m in 2006, an increase of 20.1%.
  • 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, in the quick restoration of damages caused by the catastrophic fires that resulted in numerous and significant electrification problems.

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