PPC's CONSOLIDATED 9M 2008 FINANCIAL RESULTS
ATHENS NOVEMBER 27, 2008
Total Revenues amounted to € 4,416 m versus € 3,842 m in 9M 2007, an increase of € 574.5 m (15.0%).
In 9M 2008, hydro conditions did not improve compared to the very dry conditions of the corresponding period of the previous year.
Lignite generation decreased by 1,418 GWH (-6.0%).
Increased generation from natural gas and oil, as well as higher energy purchases and imports to cover the increased demand and the loss of lignite generation, coupled with the unprecedented rise in fuel prices, resulted in an increase in the relevant expenditure by € 713,4 m.
We have impacted 9M 2008 financial results by a provision of € 108.7 m for CO2 emission rights.
In 9M 2008, 55% of total revenues was directly exposed to the fluctuation of international fuel and CO2 prices, marking a 14 percentage points increase over 9M 2007 figures.
EBITDA amounted to € 280.8 m, compared to € 610.8 m in 9M 2007, a decrease of € 330.0 m (-54.0%). EBITDA margin reached 6.4%, compared to 15.9% in 9M 2007. If the Company had not impacted 9M 2008 financial results with the abovementioned provision to cover the estimated deficit of CO2 emission rights, EBITDA would have been higher by € 108.7 m and would amount to € 389.5 m (EBITDA margin 8.8%). Despite higher fuel price increases and the significantly higher impact from the CO2 provision, 3Q 2008 EBITDA was improved by € 41,9m compared to 2Q 2008 EBITDA.
EBT for 9M 2008 amounted to losses of € 258.3 m, compared to profits of € 76.6 m in 9M 2007. If fuel and energy prices had remained at 2007 levels then EBT would have been profits of € 419m.
Net income for 9M 2008 amounted to a loss of € 244.6 m, compared to net profits of € 60.2 m in 9M 2007.
Click here to view the full text ( pdf)