Press Release - 10.11.2009

PPC' s consolidated 9Μ 2009 Financial Results


ATHENS November, 10 2009

The positive evolution of the factors that contributed to the Company's profitability in the first two quarters of the year, followed the same pattern during 3Q 2009 resulting in EBT of € 869.0 m, compared to losses of €258.3 m in 9M 2008. Net income in 9M 2009 amounted to € 642.7 m, versus losses of €244.6 m in 9M 2008.


Specifιcally:

  • While in 9M 2008, 54.6 % of the Company's revenues was absorbed by expenses for liquid fuel, natural gas, energy purchases and CO2 emission rights, the respective percentage in 9M 2009 marked a vertical drop to 29.2%.

    The main factors that led to this drastic reversal compared to 9M 2008 financials to the largest extent relate to :

    > The sharp drop in international fuel prices and energy purchased by PPC,
    > The increase by 9 percentage points, to approximately 60% in 9M 2009, of the participation of domestic fuels (lignite, hydro, RES) in the energy mix, versus 50.9% in 9M 2008, and, to a lesser extent to,
    > The reduction in demand mainly by low tariff customers segments.

    On the contrary, the impact of the reduced demand on PPC's sales and revenues, was considerably smaller than the positive impact of the above mentioned factors.
  • Indeed, due to the significant drop in fuel prices and lower electricity demand compared to 9M 2008, the expenditure for liquid fuel, natural gas and energy purchases, decreased by € 1,055 m, a reduction of 46.6%.
  • In addition,in 9M 2009, hydro generation increased by 1,013,000 MWH (39.8%), compared to the corresponding magnitude in 9M 2008, which was a period of very poor hydro conditions, while, at the same time, electricity generation from lignite power stations increased by 1,335,000 MWH (6.1%).
  • Turnover amounted to € 4,494.5 m versus € 4,416.3 m in 9M 2008, an increase of € 78.2 m (1.8%).
  • ΕΒΙΤDΑ amounted to € 1,374.6 m compared to € 280.8 m in 9M 2008, an increase of € 1,093.8 m. ΕΒΙΤDΑ margin reached 30.6%, compared to 6.4% in 9M 2008.



Commenting on the financial results of the period, Dr. Takis Athanasopoulos Public Power Corporation's Chairman and Chief Executive Officer, said:

" 2009 is turning out to be a year with good returns on assets, given prevailing favorable conditions compared to previous years, mainly attributed to the sharp drop in fuel and energy prices, the increased participation of lignite and hydro generation in the energy mix, as well as the drop in demand of low tariff customer segments.
Current performance must not only be maintained, but needs to be improved, in order to secure the financing of our ambitious investment programme, which is necessary for our Company to continue to provide electricity with reliability, maintain low tariffs for its customers and drastically improve its environmental footprint "

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