Public Power Corp PPCD FINANCIAL RESULTS 9M 2012 OF PPC SA

  Public Power Corp (PPCD) - FINANCIAL RESULTS 9M 2012 OF PPC SA

RNS Number : 0867S
Public Power Corporation S.A.
27 November 2012




                                      

                                      

                                      

                                      

                      PPC GROUP9M2012 FINANCIAL RESULTS





Athens, November 27, 2012





Ø Reduction of total payroll by € 155.2 m (-16.3%) compared to 9M2011.



Ø Further negative impact of € 154.5 m due to taxes on fuels and € 122.9 m due
to the variable cost recovery mechanism of Independent Power Producers (IPPs).



Ø Positive impact of € 191.7 m.  due to the one-off settlement of  outstanding 
financial issues between PPC and DEPA up to 31.12.2011, of which € 94.1 m will
have a positive  cash flow  impact over the  period: October  2012 -  February 
2013.





Summary Financial Results



· Turnover: € 4,563.7 m.

· EBITDA: € 813.8 m.

· Pre-Tax Profits: € 156.7 m. (Losses amounting to € 35 m. excluding the
one-off impact from DEPA)

· Net Income: € 118.1 m.





· ΕΒΙΤDΑ amounted to € 813.8 m in  9M2012 compared to € 794.7 m in  9M2011, 
increased by € 19.1  m (+2.4%), as  a result of the  positive impact from  the 
one-off settlement of outstanding financial issues between PPC and DEPA up  to 
31.12.2011, with EBITDA margin  reaching 17.8% versus 18.9%  in 9M2011. If  we 
exclude this  impact,  EBITDA deteriorates  to  €  622.1 m  (-21.7%)  and  the 
respective margin to 13.6%, leading to pre-tax  losses of € 35 m at the  Group 
level and € 95.1 m at the Parent Company level. 

On a quarterly level, EBITDA margin settled  at 20.3% in 3Q2012 from 12.8%  in 
3Q2011 and it is limited to 8.5% if the abovementioned DEPA positive impact is
excluded.



· Total electricity  demand increased  in 9M2012  by 1,298  GWh (+2.8%)  to 
47,933 GWh versus  46,635 GWh in  9M2011. Εxcluding exports  and pumping,  the 
increase of electricity  demand is  limited to 0.3%  (115 GWh)  and is  mainly 
associated with the increased demand during  the first two months of the  year 
due to adverse weather conditions.  In 3Q2012, excluding pumping and  exports, 
electricity demand  decreased by  0.5%  (90 GWh)  compared to  the  respective 
period of 2011,  driven by the  sharp decrease in  September 2012 compared  to 
August 2012 by 19.5%.



· PPC's total electricity sales, including exports, increased by 2,533  GWh 
(+6.8%) to  39,947 GWh,  mainly due  to market  share recovery  in the  retail 
market, after  the  suspension  of the  operation  of  alternative  suppliers, 
primarily in January, and to a lesser extent in May of 2012. The corresponding
revenues increased by  15.6%, driven also  by the increase  in Low and  Medium 
Voltage tariffs since January  1, 2012 and February  1, 2012 respectively.  On 
the contrary, there  has been  no increase in  High Voltage  tariffs, while  a 
lower tariff of € 42  /MWh has been imposed by  the Regulator effective as  of 
16^th of May  2012 for ALUMINIUM  S.A. As  far as 3Q2012  is concerned,  total 
revenues from electricity sales increased by 16.1% compared to the  respective 
quarter of 2011.



· Turnover  reached  €  4,563.7  m,  compared to  €  4,199.8  m  in  9M2011 
(including €199  m. in  9M2011 from  revenues for  Transmission System  Usage, 
whereas the respective revenues in 9M2012  are cleared due to the spin-off  of 
the segment), an increase of € 363.9 m (+8.7%). Turnover includes an amount
of € 90.1 m  reflecting network users' contributions  for their connection  to 
the network. The respective amount in 9M2011 was € 91.1 m.



· In 9M2012, PPC's  electricity generation and  imports covered 67.7%  of 
total demand,  while  the corresponding  percentage  in 9M2011  was  70.6%,  a 
reduction of 464 GWh.



· Expenditure for liquid fuel,  natural gas and energy purchases  increased 
by € 745.7 m, an  increase of 43.9% compared to  9M2011, mainly driven by  the 
higher expense for energy  purchases and imports. It  must also be noted  that 
part of this increase is attributed to the impact of the following elements:

Ø + €  122.9 m  for the  recovery of  the variable  cost +10%  of third  party 
generators 

Ø + € 119.6 m for the Special Consumption Tax on natural gas (€ 38 m  negative 
impact from the fuel  purchase price and €  81.6 m negative impact  associated 
with energy purchases expense from third parties).

Ø + € 34.9 m for the special lignite levy.



· The lower generation from gas-fired units  of PPC and to a lesser  extent 
from hydro units, which was not offset  by a slight increase of lignite  fired 
generation, combined with the increase in PPC's retail market share, led to  a 
significant increase  of energy  purchases (including  imports) by  3,396  GWh 
(+33.5%) compared to 9M2011.  More importantly, the total  cost of the  energy 
purchased from the System per MWh increased by 37.7%, whereas System  Marginal 
Price marked an increase  of only 10%,  evidencing the significant  divergence 
between market signal and actual cost.



· In 9M2012,  total controllable  expenses decreased  further by  € 135.5  m 
compared to the  respective period  of 2011.  The total  reduction of  payroll 
cost, including  capitalized payroll,  between the  two periods  amounts to  € 
155.2 m (-16.3%).  Τhe net  decline in the  number of  permanent employees  on 
payroll amounted to 708 , from 21,075 on 30/9/2011 to 20,367 on 30/9/2012. The
latter number, includes 196 employees of  the segment of the former HTSO  that 
were transferred  to IPTO,  who were  not included  in PPC's  headcount as  of 
30/9/2011. It  is  important  to  note  that,  despite  the  lower  number  of 
personnel, overtime and shifts (in hours) decreased by 2.7%.



· In 9M2012, 54.4% of the  Company's total revenues were expensed for  fuel 
and energy purchases compared to 41.4% in 9M2011, a fact which relates  mainly 
to the increase  of the  percentage of energy  purchase expenses  to 30%  from 
18.8%  and   clearly  demonstrates   the  significant   dependence  of   PPC's 
profitability on  the fluctuation  of exogenous  factors. On  the other  hand, 
payroll expense, which is  an endogenous cost  factor, continues to  decrease, 
reaching 15.5% of total revenues compared to 19.9% in 9M2011.



· 9M2012  pre-tax profits  amounted to  €156.7 m,  compared to  € 138.4  in 
9M2011, an increase of € 18.3 m. 



· Net  income amounted  to  € 118.1  m  compared to  €  90.8 m  in  9M2011, 
increased by € 27.3 m. 



· The subsidiaries  HEDNO S.A., IPTO  S.A. and PPC  Renewables S.A.  posted 
pre-tax profits of € 39  m, € 50.6 m and  € 7.9 m respectively. The  resulting 
tax obligation for all three subsidiaries amounted to € 20.8 m.









Commenting on the financial  results of the  period, Arthouros Zervos,  Public 
Power Corporation's Chairman and Chief Executive Officer said:





"The financial results of the third quarter were positively impacted by €191.7
m.  from  the  resolution  of  financial  issues  with  DEPA  that  have  been 
outstanding for more than four years, as well as € 14.1 m from the signing  of 
the new natural gas  supply contract which allows  for adjusted lower  pricing 
valid retroactively from 1.1.2012. Excluding the one-off positive impact  from 
the settlement with DEPA, the Parent Company's financial results are negative,
as they continue to be significantly impacted by exogenous factors.



With respect to  total controllable  operating expenses, there  was a  further 
reduction by 10.2% compared to the third quarter of 2011, positively impacting
financial results  by  € 43.9  m.  Furthermore, total  controllable  operating 
expenses, as a percentage of total  revenues, decreased to 23.8% versus  28.9% 
in the third quarter of 2011, while payroll cost per distributed KWh  declined 
by 21%, following the further reduction of total payroll cost by € 155.2 m.



On the other  hand, and despite  the decrease in  demand, which especially  in 
September 2012  plunged  by  19.5%  compared to  August  2012,  the  effective 
wholesale market cost proved inelastic due to the existence of distortions  in 
the wholesale energy market operation. Specifically, energy purchases  expense 
from the  System remained  at the  level of  August (€  124.7 m  in  September 
compared to € 130.7 m in August), as the drop of the System Marginal Price due
to the  decline  in  demand,  was  counterbalanced  by  the  increase  of  the 
compensation for IPPs from the variable cost recovery mechanism. 



This shows that the  existence of such  inefficiencies and distortions,  along 
with the  dispatching  model  of  generation  units,  lead  to  a  sub-optimal 
operation  of  the  electricity  market  and  utilisation  of  the   available 
resources, putting unnecessary  burden on  the national  economy, as  domestic 
fuels are  substituted by  imported  natural gas.  Furthermore, they  lead  to 
higher energy  cost, which  does not  only negatively  impact PPC's  financial 
results but impairs the opening up of the market.



The reorganization of the  electricity market is  absolutely necessary and  we 
are actively participating in the public consultation launched by RAE  towards 
this end. We believe that the reorganization  should aim at the creation of  a 
transparent market  with  long-term  visibility  for  the  attraction  of  new 
investments, reinforce the competitiveness of the Greek economy and reduce the
negative consequences in the  trade balance deficit of  the country, while  at 
the same time ensure security of supply on a long term basis.



I would also like to mention,  that in a tough macroeconomic environment  with 
conditions of extremely limited  liquidity, we signed  on 22.11.2012 a  second 
finance contract  with the  European Investment  Bank for  the new  CCGT  unit 
"Megalopolis V", which constitutes  a vote of confidence  for the Company  and 
the Greek economy, as there will be inflow of fresh capital. 



For the full year, and taking into account:



- an average price for Brent oil  at $109/bbl and an average €/$  exchange 
rate of 1.28, for the period October-December 2012,

- annual revenues from energy sales of € 5.7 bln and total annual revenues
of € 6 bln,

- rising  trend of  provisions  due to  prolonged  recession and  lack  of 
adequate liquidity,

- positive impact of the new supply contract and settlement with DEPA,



we expect EBITDA margin  to reach 17.5%  - 18%, under  the condition that  the 
macroeconomic and regulatory environment will not deteriorate."

















                        ANALYSIS OF FINANCIAL RESULTS



REVENUES



Revenues from electricity  sales, including  exports, increased by  € 587.4  m 
(+15.6%), from € 3,760.1 m  in 9M2011, to € 4,347.5  m, as a result of  the 
tariff increase in LV and MV and the  increase in the volume of sales by  6.8% 
(2,533 GWh). PPC's market share in  the retail market increased to an  average 
of 98.4% compared to 92.4% in 9M2011.



The change in the volume of sales is analyzed as follows:

- increase of sales to the residential sector by 6.5%,

- increase of sales to the agricultural sector by 10.1%,

- increase of sales to the commercial sector by 15.7%,

- reduction of sales to the industrial Medium & Low Voltage sector by 2.2%,

- reduction of sales to the High Voltage sector by 4.3%,

- increase of sales to other sectors by 4.5 %,







OPERATING EXPENSES



The decrease in payroll expense between 9M2012 and 9M2011 amounted to €  132.2 
m (-15.8%). As  already mentioned, the  total reduction of  payroll cost -  ie 
including capitalized payroll - amounted to € 155.2 m. (-16.3%).



Operating expenses, excluding  depreciation and the  positive impact from  the 
one-off settlement with DEPA, increased by € 536.5 m (15.8%) from € 3,405.1  m 
in 9M2011  to €  3,941.6 m.  On a  quarterly basis,  the respective  operating 
expenses, increased by € 189.6 m (+14.6%) between 3Q2012 and 3Q2011.



More specifically:



· Despite a very small increase  of electricity generation from lignite  by 
1.4% (284 GWh), it must be noted that the percentage participation of  lignite 
in PPC's total energy mix declined to 46.9% vs 49.3% for 9M2011.



· Ηydro generation decreased by 3% (-91  GWh), mainly due to the low  hydro 
reserves at the beginning of 2012  and the curtailed generation especially  in 
1Q2012, in order  to secure  adequate hydro  reserves for  the summer  period. 
However, starting from 2Q2012, hydro  generation has recovered and in  3Q2012, 
hydro generation increased by 8.6% (+94 GWh) compared to the respective period
of 2011.



· Despite the fact that electricity generated from natural gas decreased by
842 GWh (-20.9%),  the increase of  the natural gas  prices by 23.5%  combined 
with the negative impact of  € 38 m, in  9M2012, from the Special  Consumption 
Tax on this fuel which was imposed in September 2011, resulted in an  increase 
of the relevant expenditure by € 45.1 m,  from € 325.5 m in 9M2011 to €  370.6 
m. More  specifically,  for 3Q2012,  electricity  generated from  natural  gas 
decreased by 26.1% (-376 GWh) compared to the respective period of 2011, while
natural gas expense  decreased by €  13.7 m (-10.7%).  Excluding the  positive 
impact of € 14.1 m, recorded in 3Q2012, out of which € 9.6 m concern the first
half of 2012 due to the retroactive  application of the lower tariff based  on 
the new supply agreement with  DEPA, natural gas expense remained  practically 
at the same level.



· The increase in the liquid fuel expense by € 121 m (+19.4%) from €  622.9 
m in 9M2011 to € 743.9 m in 9M2012 is attributed to the increase of the prices
(including taxes)  of  heavy  fuel  oil  and  diesel  oil  by  27%  and  12.4% 
respectively, as electricity generation from liquid fuel remained  practically 
stable. In 3Q2012, the increase in the liquid fuel expense amounts to € 21.1 m
(+7.4%) compared to the respective quarter  of 2011 and is also attributed  to 
the increased  prices  of  heavy  fuel  oil  and  diesel  by  16.2%  and  8.7% 
respectively.



· The  purchase of  significantly larger  quantities of  energy  (including 
PPC's imports) by 3,396 GWh (+33.5%) as well as the increase of the total cost
of the energy purchased  from the System per  MWh by 37.7% (+19.4%  concerning 
import prices)  resulted  in  the  increase  of  the  expenditure  for  energy 
purchases and imports  by € 579.6  m (+77.1%) from  € 751.8 m  in 9M2011 to  € 
1,331.4 m.

It should be noted that an amount of € 211.6 m relates to the compensation  of 
the Independent Power Producers with their variable cost plus 10%, whereas  in 
9M2011 the respective amount was € 88.7 m., ie an additional impact of € 122.9
m.

Specifically, in 3Q2012, the additional impact from the variable cost recovery
mechanism was € 38.5 m compared to 3Q2011, with the effective wholesale market
cost reaching €  100.5 /MWh, when  the average System  Marginal Price for  the 
period stood at €  60.9/MWh! The distorted functioning  of the market had,  as 
mentioned above, a "peculiar"  effect in September, when  the 19.5% plunge  in 
demand compared to August, resulted in an insignificant corresponding decrease
of the effective wholesale market cost, from € 100.9 /MWh in August to  only 
€ 97.2 / MWh in September, contradicting what would be normally expected in  a 
period of decreasing demand. In the same context of market contradictions,  we 
note that the average SMP  in September was € 50.6/ΜWh,  lower by € 13.5/  MWh 
compared to August. 



· Provisions for bad debt, litigation and slow moving materials amounted to
€ 229.5 m, increased by € 134 m (+140.3%) compared to 9M2011  mainly 
due to:

- the increase in bad debt provisions for Low and Medium Voltage  customers 
by € 76 m, and

- the increase in bad debt provision for LARCO, a High Voltage customer, by
€ 57.4 m.



· Depreciation expense in 9M2012 amounted to € 480.8 m compared to €  505.5 
m in 9M2011, a reduction of € 24.7 m (-4.9%).



· Net financial expenses increased  by € 46.8 m (+36%),  from € 129.9 m  in 
9M2011, to € 176.7 m,  due to the increase of  the funding cost between  the 
two periods. 



· Capital expenditure in 9M2012 amounted to  € 648.7 m compared to € 875.8  m 
in 9M2011, reduced  by € 227.1  m, while,  as a percentage  of total  revenues 
there  was  a  decline   to  14.2%  from   20.9%.  Excluding  network   users' 
contributions for their connection  to the network  (€90.1 m and  € 91.1 m  in 
9M2012 and 9M2011 respectively), which  fund a part of distribution  projects, 
capital expenditure amounted to  12.5% and 19.1% of  total revenues in  9M2012 
and 9M2011 respectively. Specifically, the  main components of 9M2012  capital 
expenditure  (in  brackets  the  respective  figures  of  9M2011),  were   the 
following: 



- Capital expenditure for mining projects:  € 109.7 m. (€ 97.5 m)

- Capital  expenditure for  generation projects:   €  225.5 m.  (€ 
395.0 m)

- Capital expenditure for transmission projects:   € 65.2 m. (€  66.0 
m)

- Capital expenditure  for distribution  projects:  €  236.6 m.  (€ 
294.0 m)

- Capital expenditure for RES projects:  € 9.5 m. (€ 20.7
m)



· Net debt amounted to € 4,706.6 m, remaining practically at the same  level 
compared to 31/12/2011 (€ 4,702.7 m).



FINANCIAL RESULTS OF THE PARENT COMPANY (in brackets the amounts for 9M 2011)



· Turnover: € 4,461.2 m. (€ 3.975,7 m.)

· EBITDA: € 648.5 m. (€ 630,8 m.)

· EBITDA margin : 14.5% (15.9%)

· Pre - tax profits: € 96.6 m. (€ 39.5 m.)

· Net income: € 78,8 m. (€ 84.7 m.)



FINANCIAL RESULTS OF SUBSIDIARIES (in brackets the amounts for 9M 2011)



Independent Power Transmission Operator (IPTO S.A/ADMIE)

· Turnover: € 205.5 m. (€ 212.2 m.)

· EBITDA: € 112.3 m. (€ 153.4 m.)

· EBITDA margin : 54.6% (72.3%)

· Pre - tax profits: € 50.6 m. (€ 90.7 m.)

· Net income: € 39.9 m. (€ 61.9 m.)





It is noted that the financial statements of IPTO include financial data  from 
the Transmission System Operation segment of the former Hellenic  Transmission 
System  Operator   (currently   Electricity  Market   Operator/LAGIE),   whose 
contribution to IPTO  was concluded  on 31/1/2012.  Specifically, the  segment 
reported losses of € 5.6 m, due to provisions of € 28.1 m, which also burdened
the results of the Group.



Hellenic Electricity Distribution Network Operator (HEDNO S.A./DEDDIE)

· Turnover: € 343.2 m.

· EBITDA: € 42.4 m.

· Pre - tax profits: € 39 m.

· Net income: € 31.2 m.



PPC Renewables S.A.

· Turnover: € 19.2 m. (€ 18 m.)

· EBITDA: € 11.1 m. (€ 10.8 m.)

· EBITDA margin : 57.8% (59.7%)

· Pre - tax profits: € 7.9 m. (€ 8.3 m.)

· Net income: € 5.6 m. (€ 6.7 m.)





                          Summary Financials (€ mil)
                          9M2012    9M2011     Δ%    9M2012    9M2011     Δ%
                                    GROUP                 PARENT COMPANY
Total Revenues            4,563.7 4,199.8^(2) 8.7%   4,461.2 3,975.7^(1) 12.2%
EBITDA                     813.8     794.7    2.4%    648.5   630.8^(1)  2.8%
EBITDA Margin             17.8%     18.9%            14.5%   15.9%^(1)
Profit/(Loss) before       333.0     289.2    15.1%   216.2   173.2^(1)  24.8%
Taxes & Fin. Expenses
(EBIT)
EBIT margin (%)           7.3%      6.9%             4.8%    4.4%^(1)
Net Income/(Loss)          118.1     90.8     30.1%   78.8    84.7^(1)   -7.0%
EPS/(Loss) (In euro)       0.51      0.39     30.8%   0.34    0.37^(1)   -8.1%
No of Shares (m.)           232       232              232       232
Net Debt                  4,706.6   4,664.5   0.9%   4,222.7   4,655.1   -9.3%



                        Summary Profit & Loss (€ mil)
                    9M2012    9M2011      Δ%    9M2012      9M2011        Δ%
                              GROUP                     PARENT COMPANY
Total Revenues      4,563.7 4,199.8^(2)  8.7%   4,461.2 3,975.7^(1),(2) 12.2%
- Revenue from      4,347.5   3,760.1   15.6%   4,330.4   3,748.2^(1)   15.5%
energy sales
- Revenues from TSO   0.6    209.5^(2)  -99.7%    0.6       2.5^(1)     -76.0%
- Customers'         90.1      91.1     -1.1%    87.3      88.1^(1)     -0.9%
contributions
- Third Party        10.4      90.6     -88.5%   10.4      90.6^(1)     -88.5%
Distribution
network fees and
PSO
- Other revenues     115.1   48.5^(2)   137.3%   32.5    46.3^(1),(2)   -29.8%
Total Operating     3,749.9 3,405.1^(2) 10.1%   3,812.7 3,344.9^(1),(2) 14.0%
Expenses (excl.
depreciation)
- Payroll Expenses   705.5     837.7    -15.8%   462.9     786.0^(1)    -41.1%
- Third parties      34.9      37.2     -6.2%    34.9      37.2^(1)     -6.2%
fossil fuel





- Total Fuel Expenses   1,114.5   948.4   17.5%   1,114.5   948.4^(1)   17.5%
- Liquid fuel            743.9    622.9   19.4%    743.9    622.9^(1)   19.4%
- Natural Gas            370.6    325.5   13.9%    370.6    325.5^(1)   13.9%
- Energy Purchases      1,331.4 751.8^(2) 77.1%   1,335.0 757.9^(1),(2) 76.1%
-Purchases From the      815.6    554.9   47.0%    815.6    554.9^(1)   47.0%
System and the Network
- PPC Imports            88.3     68.8    28.3%    88.3     68.8^(1)    28.3%
- Other                  427.5  128.1^(2) 233.7%   431.1  134.2^(1),(2) 221.2%
- Transmission System    77.3   229.4^(2) -66.3%   223.7  229.5^(1),(2) -2.5%
Usage
- Distribution System      -        -              302.7        -
Usage
- Provisions             229.5    95.5    140.3%   185.2    98.5^(1)    88.0%
- Taxes and Duties       39.6     31.2    26.9%    35.5     29.8^(1)    19.1%
- Settlement of         -191.7      -             -191.7        -
outstanding issues with
DEPA up to 31.12.2011
- Other Operating        408.9  473.9^(2) -13.7%   310.0  457.6^(1),(2) -32.3%
Expenses (including
lignite and CO2)
EBITDA                   813.8    794.7    2.4%    648.5    630.8^(1)    2.8%
EBITDA margin (%)        17.8%    18.9%            14.5%    15.9%^(1)
Depreciation and         480.8    505.5   -4.9%    432.3    457.6^(1)   -5.5%
Amortisation
Profit/(Loss) before     333.0    289.2   15.1%    216.2    173.2^(1)   24.8%
Taxes & Fin. Expenses
(EBIT)
EBIT margin (%)         7.3%     6.9%             4.8%     4.4%^(1)
Total Net Financial      177.3    130.8   35.6%    119.6    112.7^(1)    6.1%
Expenses
- Net Financial          176.7    129.9   36.0%    119.0    111.7^(1)    6.5%
Expenses
- Foreign Currency        0.6      0.9    -33.3%    0.6      1.0^(1)    -40.0%
(Gains)/ Losses
Share of profit           1.0      0.9    11.1%      -          -
/(losses) in associated
companies
Pre-tax Profits/         156.7    138.4   13.2%    96.6     39.5^(1)    144.6%
(Losses) from
continuing operations
Profit after tax /       118.1    90.8    30.1%    78.8     22.8^(1)    245.6%
(Losses) from
continuing operations
Profit after tax /         -        -                -      61.9^(1)
(Losses) from
discontinuing
operations
Net Income/ (Loss)       118.1    90.8    30.1%    78.8     84.7^(1)    -7.0%
EPS (in Euro)            0.51     0.39    30.8%    0.34     0.37^(1)    -8.1%









                 Summary Balance Sheet & Capex (€ m)
                     9M2012   9M2011    Δ%     9M2012   9M2011    Δ%
                             GROUP                 PARENT COMPANY
Total Assets        17,234.7 16,270.7  5.9%   15,933.2 16,217.3 -1.8%
Net Debt            4,706.6  4,664.5   0.9%   4,222.7  4,655.1  -9.3%
Total Equity        6,570.7  6,693.2  -1.8%   6,379.6  6,663.4  -4.3%
Capital expenditure  648.7    875.8   -25.9%   568.8    855.1   -33.5%
^(1) Restated due to the spin-off of the Transmission activities.

^(2) Reclassifications have taken place for comparative reasons.







For further information please contact:



George Angelopoulos, Chief Financial Officer, Tel: +30210 5225346.



The financial data and  relevant information on  the Financial Statements  for 
9M2012, shall be published in the Press, on November, 28, 2012.



The financial data and  relevant information on  the Financial Statements  for 
9M2012, as well as the Financial Statements for 9M2012, on a standalone and on
a consolidated basis shall be uploaded to the Company's web site  (www.dei.gr) 
on November, 27, 2012, after the closing of the Athens Stock Exchange.

                     This information is provided by RNS
           The company news service from the London Stock Exchange

END


FR BKODDKBDDPDB -0- Nov/27/2012 10:32 GMT