ATHENS, NOVEMBER 25 2004
PPC's 9M 2004 financial results:
Revenues increased by 4,9%
Net debt was reduced by 5,1% [1]
• Total revenues grew by 4,9% as compared to 9M 2003 and amounted to € 3.078 m. Revenues from energy sales increased by 4,7%, due to relatively mild weather conditions and to export restrictions in order to secure maximum reserve capabilities for the Olympic Games.
• Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) increased by 3,1% from € 901.6 m to € 929.5 m and Operating Profit by 2,7% from € 499.9 m to € 513.5 m, mainly due to revenue growth. Earnings growth of Q3 '04 was impacted by one-off costs, amounting to approximately € 60 m, related to the Olympic Games.
• EBITDA margin reached 30,2% compared to 30,7% in the 9M 2003.
• Total Financial Expenses increased by 19,1% due to negative Foreign Exchange Differences of € 13,5 m, compared to the corresponding positive figure of € 34,2 m in 9M 2003.
• The share of loss in associated companies decreased to € 9,9m from € 26,8 m, in 9M 2003 and corresponds to PPC's investment in Tellas S.A., the telecommunications company.
• As a consequence, Profit before tax decreased by 0,8%, from € 411.3 m to € 408 m and Net Income declined by 1,6% to € 256,3 m from € 260,5 m. Earnings per share decreased from € 1.12 to € 1.10.
• Capital expenditure amounted to € 537,1m and includes the cost of Olympic projects.
• Compared to September 2003, net debt was reduced by € 203 m, or 5,1%, to € 3.798,4 m from € 4.001,4m.
• Current headcount, excluding personnel assigned to HTSO, decreased, as a result of natural attrition and constrained hiring, to approximately 27.790, as compared to approximately 28.120 employees, at the end of 9M 2003.
[1] The financial information contained in this statement has been prepared according to International Financial Reporting Standards, formerly International Accounting Standards
Summary Financials (Euro m)
|
|
9M/ 2004
|
9M/ 2003
|
Δ (%) |
|
Total Revenues |
3.078,4 |
2.935,0 |
4,9% |
|
EBITDA |
929,5 |
901,6 |
3,1% |
|
EBITDA Margin |
30,2% |
30,7% |
-1,7% |
|
Profit from Operations (EBIT) |
513,5 |
499,9 |
2,7% |
|
EBIT Margin |
16,7% |
17,0% |
-2,1% |
|
Net Income |
256,3 |
260,5 |
-1,6% |
|
EPS (in Euro) |
1,10 |
1,12 |
-1,8% |
|
No. of Shares (m) |
232 |
232 |
- |
|
Net Debt |
3.798,4 |
4.001,4 |
-5,1% |
Public Power Corporation’s Chief Executive, Stergios Nezis, said:
"Nine month results were impacted by the extraordinary costs related to the 2004 Olympic Games, which amounted to approximately € 60 million. These extra costs reflect PPC’s contribution to the successful organization of the Games. Should this contribution be excluded net profits would have increased by 13%. I am therefore pleased to note that PPC continues demonstrating a solid financial performance to the benefit of its stakeholders”.
For further information, please contact:
Gregoris Anastasiadis Chief Financial Officer Tel.: +30 210 5225346.
Summary Profit & Loss (Euro m)
|
|
9M/ 2004 Unaudited |
9M /2003 Unaudited |
Δ (%) |
|
Total Revenues |
3.078,4 |
2.935,0 |
4,9% |
|
Total Operating Expenses (excl. depreciation) |
2.148,9 |
2.033,4 |
5,7% |
|
Total Payroll Expenses |
853,1 |
815,8 |
4,6% |
|
Total Fuel Expenses |
547,1 |
585,7 |
-6,6% |
|
Energy Purchases |
146,3 |
113,4 |
29,0% |
|
Transmission System Usage |
192,0 |
184,7 |
4,0% |
|
Other Operating Expenses |
410,4 |
333,8 |
22,9% |
|
(EBITDA) |
929,5 |
901,6 |
3,1% |
|
EBITDA Margin (%) |
30,2% |
30,7% |
-1,7% |
|
Depreciation & Amortization |
416,0 |
401,7 |
3,6% |
|
Profit from Operations (EBIT) |
513,5 |
499,9 |
2,7% |
|
EBIT margin (%) |
16,7% |
17,0% |
-2,1% |
|
Total Financial Expenses |
105,5 |
88,6 |
19,1% |
|
- Net Financial Expenses |
93,8 |
115,6 |
-18,9% |
|
- Foreign Currency Gains/(Losses) |
-13,5 |
34,2 |
-139,5% |
|
- Other Income |
11,7 |
19,6 |
-40,3% |
|
- Share of loss in associated companies |
9,9 |
26,8 |
-63,1% |
|
Pre-tax Profits |
408,0 |
411,3 |
-0,8% |
|
Net Income |
256,3 |
260,5 |
-1,6% |
|
EPS (in Euro) |
1,10 |
1,12 |
-1,8% |
Summary Balance Sheet and Capex (Euro m)
|
|
9M/2004
|
9M/2003
|
Δ (%) |
|
Net Debt |
3.798,4 |
4.001,4 |
-5,1% |
|
Total Equity |
3.581,1 |
3.435,2 |
4,2% |
|
Capital Expenditure |
537,1 |
490,4 |
9,5% |
|
|
|
|
|