PPC's CONSOLIDATED Q1 2009 FINANCIAL RESULTS
ATHENS MAY 19, 2009
- In 1Q 2009, 30% of total revenues covered the expenses for imported fuels, energy purchases and CO2 emission rights. Τhe corresponding magnitude in 1Q 2008 was 49% of total revenues.
- Due to the significant drop in oil prices and lower electricity demand by 3.1% compared to 1Q 2008, the expenditure for liquid fuels, natural gas and energy purchases, decreased by €232.8 m , a reduction of 36 %.
- 1Q 2009 financial results were impacted by a provision of € 20.9m to cover for the estimated deficit of CO2 emission rights for the respective period , while the corresponding magnitude in 1Q 2008 was € 23.5 m.
- The valuation at 31/03/09 prices of the liability to cover the CO2 deficit of the previous year, had a positive impact on the financial results of 1Q 2009 of € 25.6 m. Based on 15/5/2009 prices the positive impact would be reduced by € 8.9 m, to € 16.7 m, due to the increase of CO2 emission rights prices, in 2Q 2009.
- In 1Q 2009, hydro generation increased by 464,000 MWH (58%), compared to 1Q 2008, which was a period of very poor hydro conditions.
- Electricity generation from lignite power stations increased by 1,021,000 ΜWH (15.2%).
- Total Revenues amounted to € 1,495.8 m versus € 1.410,5 m in 1Q 2008 an increase of € 85.3 m (6%).
- EBITDA amounted to € 471,8 m compared to €205.5 m in 1Q 2008, an increase of € 266.3 m. EBITDA margin reached 31.5 %, compared to 14.6 % in 1Q 2008.
- 1Q 2009 pre tax profits amounted to € 292.7 m, compared to pre tax profits of € 34.3 m in 1Q 2008, an increase of € 258.4 m.
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