PRESS RELEASE
PPC's CONSOLIDATED 1Η 2009 FINANCIAL RESULTS
ATHENS AUGUST 27, 2009
The main feature of 1H 2009 as compared to 1H 2008, is the decrease in electricity demand and the vertical drop of electricity demand coverage expenditure.
Specifically:
While in 1H 2008, the Company was forced to spend 51% of its revenues to cover the expenses for liquid fuel, natural gas, energy purchases and CO2 emission rights, in 1H 2009 the Company spent only 28.5%.
Due to the significant drop in fuel prices and lower electricity demand compared to 1H 2008, the expenditure for liquid fuel, natural gas and energy purchases, decreased by € 557.6 m, a reduction of 41.9%.
In addition, in 1H 2009, hydro generation increased by 799,000 MWH (51.4%), compared to 1H 2008, which was a period of very poor hydro conditions, while, at the same time, electricity generation from lignite power stations increased by 1,186,000 ΜWH (8.6%).
Total Revenues amounted to € 2,928.4 m versus € 2,764.9 m in 1H 2008,an increase of € 163.5 m (5.9%).
EBITDA amounted to € 898.8 m compared to € 222.2 m in 1H 2008, an increase of € 676.6 m. EBITDA margin reached 30.7%, compared to 8% in 1H 2008.
Pre tax profits in 1H 2009 amounted to € 557.4 m, compared to losses of € 115 m in 1H 2008.
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