Press Release - 19.05.2009

PPC’s consolidated Q1 2009 financial results

PRESS RELEASE

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.


Click here to view the full text ( pdf)


Browser update recommended

Our website has detected that you are using an outdated browser that will prevent you from accessing certain features.
In order to improve your browsing experience we strongly recommend you use the links below to update to one of the following modern browsers.

Appointment Appointment appointment form