Press Release - 24.03.2009

PPC’s consolidated 2008 financial results

PRESS RELEASE
PPC’s CONSOLIDATED  2008 FINANCIAL RESULTS

 

ATHENS ΜΑRCH 24,2009

 

  • In 2008, 53% of total revenues covered the expenses for imported fuels, energy purchases and CO2 emission rights.Τhe corresponding 2007 figure was 41%.

  • The expenditure for fuels and energy purchases for meeting electricity demand, as well as the expenditure for CO2 emission rights, increased by € 921 m compared to 2007, up by 33.8%.

  • Compared to 2007, the increase in expenses, due to the increase in the prices of liquid fuels, natural gas, energy purchases, together with CO2 emissions expenses, amounted to €789m and fully absorbed the contribution to revenues (€583 m) from the December 2007 and July 2008 tariff increases.

  • 2008 financial results were impacted by € 108.1m to cover for the estimated deficit of CO2 emission rights, while the corresponding expenditure in 2007 was nil.

  • The significant drop of oil prices at the end of 2008, resulted in a negative impact of €57.1 m on 2008 results, reflecting the decrease at year end in the value of liquid fuel stocks.

  • In 2008, hydro generation decreased by 169,000 MWH (-5.4 %), compared to 2007 and 3,282,000 MWH compared to 2006, which was a year of very good hydro conditions.

  • Electricity generation from lignite power stations decreased by 1,223,000 ΜWH (-3.9%).

  • Total Revenues amounted to €5,823.5 m versus €5,154.2 m in 2007, an increase of € 669.3 m (13 %).

  •  EBITDA amounted to € 343.6m compared to € 818.7m in 2007, a decrease of € 475.1m (-58%). EBITDA margin reached 5.9%, compared to 15.9% in 2007.

  • Ιn 2008 PPC's participation in LARCO, a nickel producing company was fully impaired. That resulted in a negative impact on the Group's financial results by € 22.5 m (in 2007 the corresponding figure was a positive impact of € 13.3 m) and on the Parent Company's financial results by €30,8m (in 2007 the corresponding figure was a €6,2m loss).

  • 2008 pre tax losses amounted to €395.9 m, compared to pre tax profits of € 276.4m in 2007, out of which € 165m were due to the sale of the telecommunications company TELLAS. If liquid fuel and energy prices remained at 2007 levels and there was no CO2 burden, 2008 would turn positive with pre tax profits amounting to € 393.1m.

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