Public Power Corporation S.A
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PUBLIC POWER CORPORATION S.A. Interim Condensed Consolidated and Separate Financial Statements for the three month period from January 1, 2011 to March 31, 2011 in accordance with International Financial Reporting Standards, adopted by the European Union The attached interim condensed consolidated and separate financial statements were approved by Public Power Corporation Board of Directors on May 26, 2011 and they are available in the web site of Public Power Corporation S.A. at www.dei.gr. CHAIRMAN AND CHIEF CHIEF FINANCIAL EXECUTIVE OFFICER VICE CHAIRMAN OFFICER CHIEF ACCOUNTANT ARTHOUROS EVAGGELOS GEORGE C. EFTHIMIOS Α. ZERVOS PETROPOULOS ANGELOPOULOS KOUTROULIS Public Power Corporation S.A. Registration No 47829/06/Β/00/2 30, Chalkokondyli str. - 104 32 Athens WorldReginfo - 0d20e7d6-b652-4c69-ace1-0f85f80d3343 Index Page INTERIM CONDENSED CONSOLIDATED AND SEPARATE STATEMENTS OF INCOME .......................1 INTERIM CONDENSED CONSOLIDATED AND SEPARATE STATEMENTS OF COMPREHENSIVE INCOME ......................................................................................................................................................................2 INTERIM CONDENSED BALANCE SHEETS.......................................................................................................3 INTERIM CONDENSED CONSOLIDATED CHANGES IN EQUITY.................................................................4 INTERIM CONDENSED SEPARATE CHANGES IN EQUITY ...........................................................................5 INTERIM CONDENSED CONSOLIDATED AND SEPARATE STATEMENT OF CASH FLOWS................6 SELECTED EXPLANATORY NOTES....................................................................................................................7 1. CORPORATE INFORMATION.................................................................................................................7 2. CHANGES IN LEGAL FRAMEWORK.....................................................................................................7 3. BASIS OF PRESENTATION FOR THE INTERIM CONDENSED FINANCIAL STATEMENTS....8 4. TRANSMISSION – DISTRIBUTION SPIN OFF...................................................................................10 5. SEASONALITY OF OPERATIONS .......................................................................................................10 6. INCOME TAXES (CURRENT AND DEFERRED) ...............................................................................10 7. INVESTMENTS IN SUBSIDIARIES ......................................................................................................11 8. INVESTMENTS IN ASSOCIATES.........................................................................................................11 9. INVESTMENTS IN JOINT VENTURES ................................................................................................12 10. BALANCES AND TRANSACTIONS WITH RELATED PARTIES.....................................................13 11. LOAN AGREEMENTS – REPAYMENTS .............................................................................................15 12. COMMITMENTS AND CONTINGENCIES...........................................................................................15 13. SIGNIFICANT EVENTS...........................................................................................................................25 14. SUBSEQUENT EVENTS ........................................................................................................................25 15. SEGMENT INFORMATION ....................................................................................................................27 FIGURES AND INFORMATION ............................................................................................................................28 WorldReginfo - 0d20e7d6-b652-4c69-ace1-0f85f80d3343 PUBLIC POWER CORPORATION S.A. INTERIM CONDENSED CONSOLIDATED AND SEPARATE STATEMENTS OF INCOME FOR THE THREE MONTH PERIOD ENDED MARCH 31, 2011 (All amounts in thousands of Euro - except share and per share data) GROUP PARENT COMPANY 01.01.2011- 01.01.2010- 01.01.2011- 01.01.2010- 31.03.2011 31.03.2010 31.03.2011 31.03.2010 REVENUES: Revenue from energy sales 1,232,640 1,353,968 1,228,982 1,349,245 Other 143,498 137,251 143,498 137,251 1,376,138 1,491,219 1,372,480 1,486,496 EXPENSES: Payroll cost 217,238 265,960 216,519 264,755 Fuel 478,249 417,684 478,249 417,684 Depreciation and Amortization 127,546 118,366 126,432 117,332 Energy purchases 194,760 132,865 196,527 134,581 Transmission system usage 74,312 69,792 74,312 69,792 Emissions Allowances 11,528 13,784 11,528 13,784 Provisions 45,682 35,389 45,682 35,362 Financial expenses 50,362 38,176 50,324 38,171 Financial income (10,929) (6,970) (10,895) (6,949) Other (income)/expense, net 67,199 60,683 65,711 59,520 Share of loss/(profit) of associates and Joint Ventures (398) (634) - - Foreign currency (gains)/losses, net (818) 2,501 (818) 2,501 PROFIT BEFORE TAX 121,407 343,623 118,909 339,963 Income tax expense (28,103) (86,161) (27,606) (85,484) PROFIT AFTER TAX 93,304 257,462 91,303 254,479 Earnings per share, basic and diluted 0.40 1.11 0.39 1.10 Weighted average number of shares 232,000,000 232,000,000 232,000,000 232,000,000 The accompanying notes are an integral part of these interim condensed consolidated and separate financial statements. 1 WorldReginfo - 0d20e7d6-b652-4c69-ace1-0f85f80d3343 PUBLIC POWER CORPORATION S.A. INTERIM CONDENSED CONSOLIDATED AND SEPARATE STATEMENTS OF COMPREHENSIVE INCOME FOR THE THREE MONTH PERIOD ENDED MARCH 31, 2011 (All amounts in thousands of Euro - except share and per share data) GROUP PARENT COMPANY 01.01.2011- 01.01.2010- 01.01.2011- 01.01.2010- 31.03.2011 31.03.2010 31.03.2011 31.03.2010 Profit for the period 93,304 257,462 91,303 254,479 Other Comprehensive income / (loss) for the period Profit / (Loss) from fair value available for sale valuation (7,768) (5,472) (7,768) (5,472) Valuation of Derivatives - 7,053 - 7,242 Other Comprehensive income / (loss) for the period, after tax (7,768) 1,581 (7,768) 1,770 Total Comprehensive income / (loss) for the period after tax 85,536 259,043 83,535 256,249 The accompanying notes are an integral part of these interim condensed consolidated and separate financial statements. 2 WorldReginfo - 0d20e7d6-b652-4c69-ace1-0f85f80d3343 PUBLIC POWER CORPORATION S.A. INTERIM CONDENSED BALANCE SHEETS AS OF MARCH 31, 2011 (All amounts in thousands of Euro- except share and per share data) GROUP PARENT COMPANY 31.03.2011 31.12.2010 31.03.2011 31.12.2010 ASSETS Non – Current Assets: Property, plant and equipment, net 13,342,228 13,354,142 13,218,923 13,236,285 Intangible assets, net 89,625 89,146 89,531 89,040 Available for sale financial assets 22,807 22,073 22,807 22,073 Other non- current assets 40,842 41,547 113,777 114,665 Total non-current assets 13,495,502 13,506,908 13,445,038 13,462,063 Current Assets: Materials, spare parts and supplies, net 869,242 849,971 868,443 849,182 Trade and other receivables, net and other current assets 1,314,686 1,223,071 1,315,868 1,242,937 Cash and cash equivalents 715,760 620,449 712,211 617,040 Total Current Assets 2,899,688 2,693,491 2,896,522 2,709,159 Total Assets 16,395,190 16,200,399 16,341,560 16,171,222 EQUITY AND LIABILITIES EQUITY: Share capital 1,067,200 1,067,200 1,067,200 1,067,200 Share premium 106,679 106,679 106,679 106,679 Fixed assets’ statutory revaluation surplus included in share capital (947,342) (947,342) (947,342) (947,342) Revaluation surplus 5,013,103 5,013,103 4,976,962 4,976,962 Reserves 297,534 305,302 297,534 305,302 Retained earnings 1,317,566 1,224,586 1,328,566 1,237,533 Total Equity 6,854,740 6,769,528 6,829,599 6,746,334 Non-Current Liabilities: Interest bearing loans and borrowings 3,661,701 3,885,625 3,661,570 3,885,413 Provisions 465,866 461,210 464,712 460,078 Other non-current liabilities 2,861,541 2,881,892 2,857,711 2,877,826 Total Non-Current Liabilities 6,989,108 7,228,727 6,983,993 7,223,317 Current Liabilities: Trade and other payables and other current liabilities 1,140,092 1,075,285 1,113,622 1,068,288 Dividends payable 153 171 153 171 Income Tax payable 190,754 159,515 196,964 166,213 Short term borrowings 78,014 250,250 75,000 250,000 Current portion of interest bearing loans and borrowings 1,142,329 716,923 1,142,229 716,899 Total Current Liabilities 2,551,342 2,202,144 2,527,968 2,201,571 Total Liabilities and Equity 16,395,190 16,200,399 16,341,560 16,171,222 The accompanying notes are an integral part of these interim condensed consolidated and separate financial statements. 3 WorldReginfo - 0d20e7d6-b652-4c69-ace1-0f85f80d3343 PUBLIC POWER CORPORATION S.A. INTERIM CONDENSED CONSOLIDATED CHANGES IN EQUITY FOR THE THREE MONTH PERIOD ENDED MARCH 31, 2011 (All amounts in thousands of Euro- except share and per share data) Other Reserves Marketable Retained Reversal of Securities Tax - free Earnings Share Share Legal Revaluation Revaluation Valuation and other Reserves /(Accumulated Total Capital Premium Reserve Surplus Gains Surplus Reserves Total Deficit) Equity Balance, December 31, 2009 1,067,200 106,679 80,165 5,026,614 (947,342) 10,637 207,987 218,624 909,374 6,461,314 Net income for the period - - - - - - - - 257,462 257,462 Other Comprehensive income / (loss) for the period recognized directly in equity - - - - - (5,472) 7,242 1,770 (189) 1,581 Total Comprehensive income / (loss) for the period after tax - - - - - (5,472) 7,242 1,770 257,273 259,043 Dividends - -