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02 02 annual report POWER PUBLIC CORPORATION S.A. part A’ 1. Selected Financial Data 09 2. Company Information 11-15 3. Organizational Structure, Management-Corporate Governance, Employees 17-19 4. Share Capital-Dividend 21-23 5. Subsidiaries and Associates 25 04 part B’ 1. Financial Report 29 a. Statement of Members of The Board of Directors 31-33 b. Executive Summary of The Board of Directors 35-111 c. Auditor’s Report 113-139 d. Notes to the Financial Statements 141-257 APPENDIX Ι - Unbundled Financial Statements 260-280 Notes to the Unbundled Financial Statements 281-285 2. Related Parties Transactions 290 table of contents 06 part A’ annual report IKARIA HYBRID ENERGY PROJECT “NAERAS” 1 Selected Financial Data Summary financials (€ mil.) GROUP PARENT COMPANY from continuing operations 2019 2018 Δ% 2019 2018 Δ% Total Revenues 4,931.6 4,741.9 4.0% 4,736.3 4,593.2 3.1% EBITDA recurring 333.6* 403.8* (17.4%) 376.4** 401.1** (6.2%) EBITDA margin recurring 6.8% 8.5% 7.9% 8.7% EBITDA 798.9 148.4 438.3% 642.0 219.3 192.7% EBITDA margin 16.2% 3.1% 13.6% 4.8% Profit/(Loss) (1,961.7) (771.7) (2,226.4) (648.1) Before Taxes and Fin. Expenses (EBIT) EBIT margin (39.8%) (16.3%) (47.0%) (14.1%) 08 Net Income / (loss) (1,685.7) (903.8) (1,963.1) (786.0) EPS/(loss) (in €) (7.3) (3.9) (8.5) (3.4) Number of shares (mil.) 232 232 232 232 Summary Balance Sheet and Capex (€ mil.) GROUP PARENT COMPANY 2019 2018 Δ% 2019 2018 Δ% Total Assets 13,572.5 14,089.0 (3.7%) 12,767.6 13,482.4 (5.3%) Net Debt 3,687.0 3,692.4 (0.1%) 3,706.4 3,814.7 (2.8%) Total Equity 3,040.6 3,943.1 (22.9%) 2,685.8 3,825.0 (29.8%) Capital Expenditure 646.6 746.7 (13.4%) 608.1 687.7 (11.6%) (*) For the Group: 2019: EBITDA adjusted for the Special RES account (-€ 99.3 mil), post-retirement benefits (-€ 243.4 mil) and PSOs for previous years (-€ 122.6 mil) 2018: EBITDA adjusted for the Special RES account (+€ 196.3 mil), provision for personnel’s severance payment (+€ 164.3 mil) and settlement of the Renewables levy-ETMEAR for previous years (-€ 105.2 mil). (**) For the Parent Company: 2019: EBITDA adjusted for the Special RES account (-€ 99.3 mil), post-retirement benefits (-€ 148.1 mil), PSOs for previous years (-€ 122.6 mil) and provision for the reduction of receivables of the Parent company from lignite subsidiaries (+€104.4 mil) 2018: EBITDA adjusted for the Special RES account (+€ 196.3 mil), provision for personnel’s severance payment (+€ 90.7 mil) and settlement of the Renewables levy-ETMEAR for previous years (-€ 105.2 mil). part A’ / Selected Financial Data 2 Company Information 2.1 GENERAL INFORMATION PPC was incorporated as a Societe Anonyme on January 1st 2001, under the Liberalisation Law (2773/1999). Until January 2001, PPC was wholly owned by the Hellenic Republic. The corporate seat is in the Municipality of Athens, Greece. PPC’s executive offices are at 30, Chalkokondyli Street, 104 32 Athens, Greece. In accordance with article 3 of the Articles of Incorporation, as in effect on 31.12.2019, the objective of the Company is: a. The engagement in commercial and industrial activities in the energy sector, in Greece and abroad. These activities shall indicatively include: - The engagement in commercial and industrial activities in the electricity sector, in Greece and abroad, - the design, supervision, construction, exploitation, maintenance and operation of power plants, - the supply and sale of electricity as well as of energy products and services, including studies, applications, installations and financing services concerning measures to improve end-use energy efficiency at its customers’ facilities, 10 - the extraction, generation, supply and sale of energy raw materials, - the assignment of any activity similar to those set forth herein above, to third parties, by virtue of contract, - the operation or management of privately-owned vessels or vessels owned by third parties, under Greek or foreign flag having as sole object the transportation of liquid fuels. - the provision of services and products of electromobility and the sale of related commercial products and equipment. - the participation in any capacity in the Energy Exchange and the performance of any relative acts and transactions including the provision of investment services or the performance of investment activities within the context of any distinct Energy Exchange and/or any other related regulated Market or submarket of the Energy Exchange, as established in each case. For the pursuit of the above aim, the company may establish or participate in the share capital of credit or investment services companies. b. The engagement in commercial and industrial activities in the telecommunications sector, the provision of services to third parties related to Projects design, management and supervision, the provision of services to third parties related to training and occupational health and safety, the provision of services to thirdparty Companies on organization and information technology issues, the design, construction, maintenance, management, exploitation and operation of waste treatment units, including power generation from or/and in relation to waste management, as well as the development of all kinds of assets held by the company. c. The utilization -in any possible way- of the company’s assets, movable or immovable, and the development of its resources either by the company itself or through, by way of example, the establishment of companies, participation in joint ventures, as well as through the acquisition of shares of other companies, Greek or foreign, and in general, through the participation in enterprises, including the participation in public tendering procedures for Contracts for Public Private Partnerships (PPPs), as well as the establishment or participation in the share capital of Special Purpose Companies within the framework of and in implementing PPPs. KOMOTINI THERMAL POWER PLANT part A’ / Company Information 2.2 HISTORICAL BACKGROUND In order to attain the abovementioned objectives, PPC S.A. may, in particular, a) sign any kind of contracts or PPC was established in 1950 having as purpose to generate, transmit and distribute electricity throughout the Greek agreements with domestic or foreign individuals or legal persons and inter-state organizations, territory. Prior to the establishment of PPC, the right to generate, transmit and distribute electricity had been assigned b) participate in the share capital of existing companies or in the share capital of companies to be established in by the Greek Government to private and municipal electricity companies. the future, grant loans to the said companies and provide guarantees in their favor, c) issue any bond loans of any type whatsoever and participate in the share capital of companies to which the company has granted loans PPC started its operation in 1953 by generating and selling electricity to the abovementioned private and municipal through the conversion or not of the bonds of the aforesaid loans into shares. electricity companies. During the period 1957-1963, the Company acquired the above electricity companies, including the Electric Company of Athens - Piraeus Ltd, which used to service the largest urban area of Greece and was generating The Company has secured the trademark No. 160076 “Public Power Corporation Societe Anonyme” and “PPC S.A.” a significant percentage of the total electricity consumed in the Greek market. In accordance with the classification of the Hellenic Statistical Authority (EL.STAT - STAKOD 08), the economic The L.s 1559/1985 and 2244/1994, provided for a relevant exception from PPC’s exclusive right in electricity generation mainly in order to give the right to industrial companies to generate electricity for their own consumption. Moreover, activity of PPC S.A. comes under: said legislation allowed individuals to generate electricity from renewable sources and cogeneration exclusively for commercial use. By virtue of L. 2773/1999 concerning the liberalization of the electricity market and pursuant to the Presidential Decree BRANCH OF ECONOMIC ACTIVITY (STAKOD 08) TOTAL REVENUES 01.01.2019 - 31.12.2019 333/2000, PPC, as of January 1st 2001, was converted into a societe anonyme wholly owned by the Greek State having as main purpose the generation and supply of electricity. In December 2001, following an increase of share capital and an offering of existing shares held by the Hellenic Republic, «Generation, transmission and € 4,931.6 mil. PPC’s shares were listed on the Athens Stock Exchange. In parallel, Global Depository Receipts (GDRs) were admitted to distribution of electricity», 35.1 London Stock Exchange which were deleted, as of November 29, 2017, at the request of the Parent Company. The Hellenic Republic further reduced its stake in PPC through secondary offerings in December 2002 and PPC S.A.’s updated Articles of Incorporation is posted on the company’s website: October 2003. Home Page / PPC / Investor Relations / Company Profile / Articles of Incorporation of PPC S.A. In April 2014, the Greek Biministerial committee for restructurings and privatizations decided the transfer, without consideration, of 39,440,000 ordinary shares with voting rights corresponding to 17% of the existing share capital of 12 PPC S.A, by the Hellenic Republic to the HRADF, pursuant to the provisions of L. 3986/2011. In March 2018, a transfer of 79,165,114 PPC shares (namely 34.123%) by the Hellenic Republic to the Hellenic Corporation of Assets and Participations S.A. (HCAP S.A.), in which the Hellenic Republic holds 100% of its shares and voting rights, was completed by L. and without consideration, according to para.
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  • THE RECENT HİSTORY of the RHODES and KOS TURKS “The Silent Cry Rising in the Aegean Sea”

    THE RECENT HİSTORY of the RHODES and KOS TURKS “The Silent Cry Rising in the Aegean Sea”

    THE RECENT HİSTORY OF THE RHODES and KOS TURKS “The Silent Cry Rising in the Aegean Sea” Prof. Dr.Mustafa KAYMAKÇI Assoc. Prof. Dr.Cihan ÖZGÜN Translated by: Mengü Noyan Çengel Karşıyaka-Izmir 2015 1 Writers Prof. Dr. Mustafa KAYMAKÇI [email protected] Mustafa Kaymakçı was born in Rhodes. His family was forced to immigrate to Turkey for fear of losing their Turkish identity. He graduated from Ege University Faculty of Agriculture in 1969 and earned his professorship in 1989. He has authored 12 course books and over 200 scientific articles. He has always tried to pass novelties and scientific knowledge on to farmers, who are his target audience. These activities earned him many scientific awards and plaques of appreciation. His achievements include •“Gödence Village Agricultural Development Cooperative Achievement Award, 2003”; •“TMMOB Chamber of Agricultural Engineers Scientific Award, 2004”; and •“Turkish Sheep Breeders Scientific Award, 2009”. His name was given to a Street in Acıpayam (denizli) in 2003. In addition to his course books, Prof. Kaymakçı is also the author of five books on agricultural and scientific policies. They include •Notes on Turkey’s Agriculture, 2009; •Agricultural Articles Against Global Capitalization, 2010; •Agriculture Is Independence, 2011; •Famine and Imperialism, 2012 (Editor); and •Science Political Articles Against Globalization, 2012. Kaymakçı is the President of the Rhodes and Kos and the Dodecanese Islands Turks Culture and Solidarity Association since 1996. Under his presidency, the association reflected the problems of the Turks living in Rhodes and Kos to organizations including Organization of Islamic Cooperation (OIC), the Parliamentary Association of the European Council (PA CE), the United Nations and the Federal Union of European Nationalities (FEUN).