Press Release - 27.05.2008

PPC’s consolidated Q1 2008 financial results

PUBLIC POWER CORPORATION S.A.
DEPARTMENT OF COMMUNICATIONS

 

PRESS RELEASE

PPC's CONSOLIDATED Q1 2008 FINANCIAL RESULTS



ATHENS MAY 27, 2008

  • Total Revenues amounted to €1.41 bil versus €1.24 bil in Q1 2007, an increase of €168m (13.5%).
  • Notwithstanding the supply restrictions due to the March 2008 strike, electricity demand in Q1 2008 increased by approximately 3%.
  • In Q1 2008, hydro conditions did not improve compared to the already tight conditions of the previous year.
  • Lignite generation decreased by 847 GWH (-11.2%), mainly due to the strike and to a lesser extent to the increase of scheduled long term maintenance of lignite plants.
  • The strike had a negative impact of approximately €33m on the energy balance expenditure, as a consequence of the substitution of the reduced lignite generation by "expensive fuels" (oil, natural gas and energy purchases).
  • Q1 2008 financial results have been impacted by a provision of €23.5m,representing the expenditure to cover the estimated deficit in CO2 emission rights, while no deficit expenditure was recorded in Q1 2007.
  • EBITDA amounted to €205.5m in Q1 2008, compared to €235.6m in Q1 2007, a decrease of €30.1m (-12.8%).EBITDA margin reached 14.6%, compared to 19% in Q1 2007.
  • Pre-tax profits in Q1 2008, amounted to €34.3m compared to €57 m in Q1 2007, a decrease of €22.7m (-39.8%).

FROM PRESS OFFICE