Public Power Corp PPCD Financial statements 9M2012 of PPC S.A.
Public Power Corp (PPCD) - Financial statements 9M2012 of PPC S.A.
RNS Number : 1554S
Public Power Corporation S.A.
27 November 2012
PUBLIC POWER CORPORATION S.A.
Interim Condensed
Consolidated and Separate
Financial Statements
September 30, 2012
In accordance with
International Financial Reporting Standards
adopted by the European Union
To view the associated document please click on the link below: -
http://www.rns-pdf.londonstockexchange.com/rns/1554S_-2012-11-27.pdf
The attached interim condensed separate and consolidated financial statements
have been approved by the Board of Directors of Public Power Corporation S.A.
on November 27th, 2012 and they are available on the web site of Public Power
Corporation S.A. at www.dei.gr.
CHAIRMAN AND CHIEF VICE CHAIRMAN AND DEPUTY CHIEF FINANCIAL
EXECUTIVE OFFICER CHIEF EXECUTIVE OFFICER OFFICER CHIEF ACCOUNTANT
ARTHOUROS KONSTANTINOS THEOS
GEORGE C. EFTHIMIOS Á.
ZERVOS ANGELOPOULOS KOUTROULIS
Index
Page
INTERIM CONDENSED CONSOLIDATED AND SEPARATE STATEMENTS OF INCOME
INTERIM CONDENSED CONSOLIDATED AND SEPARATE STATEMENTS OF COMPREHENSIVE INCOME
INTERIM CONDENSED BALANCE SHEETS
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
INTERIM CONDENSED SEPARATE STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
INTERIM CONDENSED CONSOLIDATED AND SEPARATE STATEMENTS OF CASH FLOWS
1. Corporate Information
2. changes in the Legal Framework
3. Basis of Preparation and principal accounting policies
3.1 basis of preparation..
3.2 CHANGES IN ACCOUNTING POLICIES
4. SPIN - OFF OF TRANSMISSION ACTIVITY AND CONTRIBUTION TO A NEW SUBSIDIARY
"OPERATOR OF THE INDEPeNDENT TRANSMISSION SYSTEM (IPTO) S.A."
5. SPIN - OFF AND CONTRIBUTION OF ACTIVITY OF MANAGEMENT OF TRANSMISSION
SYSTEM BY HTSO (now EMO)
6. SPIN - OFF OF DISTRIBUTION ACTIVITY and contribution to a new subsidiary
"OPERATOR OF THE HELLENIC ELECTRICITY DISTRIBUTION NETWORK (HEDNO) S.A."
7. IMPAIRMENT TEST FOR THE FIXED ASSETS OF THE HELLENIC ENERGY TRANSMISSION
SYSTEM (HETS) AND THE HELLENIC ENERGY DISTRIBUTION SYSTEM (HEDN)
8. SEASONALITY OF OPERATIONS
9. Income Taxes (current and deferred)
10. Investments In Subsidiaries
11. Investments In Associates
12. balances and Transactions With Related Parties
13. INTEREST BEARING LOANS AND Borrowings
14. Commitments, Contingencies AND LITIGATION
14.1 Ownership of Property
14.2 Litigation and Claims
14.3 Environmental Obligations
14.4 Investments
14.5 PPC Renewable (PPCR)
14.6 IPTO S.A.
14.7 HEDNO S.A.
14.8 Business Collaboration
15. SIGNIFICANT EVENTS
16. SUBSEQUENT EVENTS
17. SEGMENT INFORMATION..
PUBLIC
POWER
CORPORATION
S.A.
INTERIM CONDENSED CONSOLIDATED AND SEPARATE
STATEMENTS OF INCOME
FOR THE NINE MONTH
PERIOD ENDED SEPTEMBER
30, 2012
(All amounts in thousands of Euro - except share and per share data)
GROUP COMPANY
01.01.2012-30.09.2012 01.01.2011-30.09.2011 01.07.2012-30.09.2012 01.07.2011-30.09.2011 01.01.2012-30.09.2012 01.01.2011-30.09.2011 01.07.2012-30.09.2012 01.07.2011-30.09.2011
REVENUES:
Revenue from
energy sales 4,347,472 3,760,094 1,544,979 1,331,258 4,330,360 3,748,205 1,534,876 1,326,915
Other 216,266 439,698 80,776 157,054 130,817 227,471 39,173 85,196
4,563,738 4,199,792 1,625,755 1,488,312 4,461,177 3,975,676 1,574,049 1,412,111
EXPENSES:
Payroll cost 540,596 640,126 174,034 213,918 297,957 588,423 97,482 193,779
Fuel 1,664,880 1,583,387 615,901 634,153 1,664,880 1,583,387 615,901 634,153
Depreciation
and
amortization 382,593 375,646 127,120 128,719 334,128 327,768 109,967 110,302
Energy
purchases 1,331,385 751,818 519,156 300,156 1,334,959 757,937 516,853 302,682
Transmission
system usage 75,377 229,457 45,876 78,422 223,701 229,457 75,993 78,422
Distribution
system usage - - - - 302,730 - 104,623 -
Provisions 229,457 95,553 87,008 41,712 185,137 98,503 89,850 42,133
Financial
expenses 208,250 163,932 69,725 58,592 185,317 145,557 61,746 56,261
Financial
income (31,485) (34,036) (9,873) (10,412) (66,258) (33,901) (8,879) (10,392)
Other (
income)/
expense, net 6,379 234,575 (112,428) 70,324 (98,530) 217,058 (163,733) 64,298
Share of
profit
/(loss) of
associates,
net (996) (930) (508) 419 - 97 - 97
Impairment
loss of
marketable
securities - 20,917 - 20,917 - 20,917 - 20,917
Foreign
currency
(gains)/
losses, net 565 935 (102) (1,617) 565 935 (102) (1,617)
PROFIT /
(LOSS) BEFORE
TAX 156,737 138,412 109,846 (46,991) 96,591 39,538 74,348 (78,924)
Income tax
expense (38,659) (47,574) (10,100) 9,025 (17,827) (16,713) (9,476) 19,982
PROFIT /
(LOSS) AFTER
TAX FROM
CONTINUING
OPERATIONS 118,078 90,838 99,746 (37,966) 78,764 22,825 64,872 (58,942)
PROFIT /
(LOSS) AFTER
TAX FROM
DISCONTINUING
OPERATIONS - - - - - 61,947 - 19,430
NET PROFIT /
(LOSS) 118,078 90,838 99,746 (37,966) 78,764 84,772 64,872 (39,512)
Attributable
to:
Owners of the
parent 115,921 90,838 98,235 (37,966)
Minority
interests 2,157 - 1,511 -
Earnings per
share, basic
and diluted 0.50 0.39 0.42 (0.16)
Weighted
average number
of shares 232,000,000 232,000,000 232,000,000 232,000,000
Certain reclassifications have been made to prior period amounts for
comparative reasons
The accompanying notes are an integral part of these interim, condensed,
consolidated and separate financial statements.
PUBLIC POWER CORPORATION S.A.
INTERIM CONDENSED CONSOLIDATED AND SEPARATE STATEMENTS OF COMPREHENSIVE INCOME
FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30 ,2012
(All amounts in thousands of Euro - except share and per share data)
GROUP COMPANY
01.01.2012-30.09.2012 01.01.2011-30.09.2011 01.07.2012-30.09.2012 01.07.2011-30.09.2011 01.01.2012-30.09.2012 01.01.2011-30.09.2011 01.07.2012-30.09.2012 01.07.2011-30.09.2011
Profit for
the period 118,078 90,838 99,746 (37,966) 78,764 84,772 64,872 (39,512)
Other
Comprehensive
income /
(loss) for
the period
Profit /
(Loss) from
fair value
available for
sale
valuation 872 9,408 1,909 13,241 872 9,408 1,909 13,241
Valuation of
Derivatives - 306 - 6,921 - 306 - 6,921
Other
Comprehensive
income /
(loss) for
the period
after tax 872 9,714 1,909 20,162 872 9,714 1,909 20,162
Total
Comprehensive
income /
(loss) after
tax 118,950 100,552 101,655 (17,804) 79,636 94,486 66,781 (19,350)
Attributable
to:
Owners of the
parent 116,793 100,552 100,144 (17,804)
Minority
interests 2,157 - 1,511 -
The accompanying notes are an integral part of these interim, condensed,
consolidated and separate financial statements.
PUBLIC POWER CORPORATION S.A.
INTERIM CONDENSED BALANCE SHEETS
AS OF SEPTEMBER 30, 2012
(All amounts in thousands of Euro - except share and per share data)
GROUP COMPANY
30/9/2012 31/12/2011 30/9/2012 31/12/2011
ASSETS
Non - Current Assets:
Property, plant and equipment,
net 13,771,437 13,702,609 11,898,171 11,885,466
Intangible assets, net 88,665 92,703 87,674 92,512
Available for sale financial
assets 7,335 6,435 7,307 6,435
Other non-current assets 61,828 66,736 1,090,352 1,049,340
Total non-current
assets 13,929,265 13,868,483 13,083,504 13,033,753
Current Assets:
Materials, spare parts and
supplies, net 861,018 847,585 632,053 793,809
Trade and other receivables,
net and other current assets 2,065,009 1,409,408 1,876,110 1,318,228
Restricted cash 146,500 154,833 146,500 154,833
Cash and cash equivalents 232,918 364,495 195,077 339,539
Total Current
Assets 3,305,445 2,776,321 2,849,740 2,606,409
Total Assets 17,234,710 16,644,804 15,933,244 15,640,162
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 4,926,961 4,984,663 4,155,008 4,211,132
Reserves 316,101 315,229 316,101 315,229
Retained earnings 1,044,588 922,266 1,681,988 1,547,147
6,514,187 6,448,695 6,379,634 6,300,045
Minority interests 56,549 - - -
Total Equity 6,570,736 6,448,695 6,379,634 6,300,045
Non-Current Liabilities:
Interest bearing loans and
borrowings 3,238,839 3,565,542 2,915,578 3,142,670
Provisions 462,576 454,163 293,420 422,652
Other non-current liabilities 2,834,757 2,822,288 2,661,157 2,607,245
Total Non-Current
Liabilities 6,536,172 6,841,993 5,870,155 6,172,567
Current Liabilities:
Trade and other payables and
other current liabilities 2,178,445 1,664,393 1,951,906 1,608,274
Dividends payable 1,760 210 175 210
Income tax payable 93,075 26,577 75,335 -
Short-term borrowings 338,566 233,735 279,000 224,000
Current portion of interest
bearing loans and borrowings 1,515,956 1,429,201 1,377,039 1,335,066
Total Current
Liabilities 4,127,802 3,354,116 3,683,455 3,167,550
Total Liabilities and Equity 17,234,710 16,644,804 15,933,244 15,640,162
Certain reclassifications have been made to prior year amounts for comparative
reasons
The accompanying notes are an integral part of these interim, condensed,
consolidated and separate financial statements.
PUBLIC POWER CORPORATION S.A.
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
SEPTEMBER 30, 2012
(All amounts in thousands of Euro - except share and per share data )
Other reserves
Marketable Retained
Reversal of Securities Tax-free Earnings/
and
Share Share Legal Revaluation Revaluation Valuation Other Reserves (Accumulated Minority Total
Capital Premium Reserve Surplus Gains Surplus Reserve Total Deficit) Total interests Equity
Balance,
December 31,
2010 1,067,200 106,679 107,491 5,013,103 (947,342) (10,176) 207,987 197,811 1,224,586 6,769,528 - 6,769,528
Net income
for the
period - - - - - - - - 90,838 90,838 - 90,838
Other
comprehensive
income/(loss)
for the
period
recognized
directly in
equity - - - - - 9,408 306 9,714 - 9,714 - 9,714
Total
Comprehensive
income/(loss)
for the
period after
tax - - - - - 9,408 306 9,714 90,838 100,552 - 100,552
Transfers - - - (16,637) - - 1,656 1,656 20,909 5,928 - 5,928
Dividends - - - - - - - - (183,280) (183,280) - (183,280)
Other - - - - - - - - 484 484 - 484
Balance,
September 30,
2011 1,067,200 106,679 107,491 4,996,466 (947,342) (768) 209,949 209,181 1,153,537 6,693,212 - 6,693,212
Balance,
December 31,
2011 1,067,200 106,679 107,491 4,984,663 (947,342) (249) 207,987 207,738 922,266 6,448,695 - 6,448,695
Net income
for the
period - - - - - - - - 115,921 115,921 2,157 118,078
Other
comprehensive
income/(loss)
for the
period
recognized
directly in
equity - - - - - 872 872 - 872 - 872
Total
Comprehensive
income/(loss)
for the
period after
tax - - - - - 872 - 872 115,921 116,793 2,157 118,950
Transfers
from
retirements
of fixed
assets - - - (17,521) - - - - 17,521 - - -
Dividends - - - - - - - - - - - -
Transaction
between
parties under
common
control - - - (40,181) (12,133) (52,314) 54,392 2,078
Other - - - - - - - - 1,013 1,013 - 1,013
Balance,
September 30,
2012 1,067,200 106,679 107,491 4,926,961 (947,342) 623 207,987 208,610 1,044,588 6,514,187 56,549 6,570,736
The accompanying notes are an integral part of these interim, condensed,
consolidated and separate financial statements.
PUBLIC POWER CORPORATION S.A.
INTERIM CONDENSED SEPARATE STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
SEPTEMBER 30, 2012
(All amounts in thousands of Euro - except share and per share data )
Other reserves
Marketable Retained
Reversal of Securities Tax-free Earnings/
and
Share Share Legal Revaluation Revaluation Valuation Other Reserves (Accumulated Total
Capital Premium Reserve Surplus Gains Surplus Reserve Total Deficit) Equity
Balance,
December 31,
2010 1,067,200 106,679 107,491 4,976,962 (947,342) (10,176) 207,987 197,811 1,237,533 6,746,334
Net income
for the
period - - - - - - - - 84,772 84,772
Other
comprehensive
income/(loss)
for the
period
recognized
directly in
equity - - - - - 9,408 306 9,714 - 9,714
Total
Comprehensive
income/(loss)
for the
period after
tax - - - - - 9,408 306 9,714 84,772 94,486
Transfers - - - (16,726) - - 1,656 1,656 20,909 5,839
Dividends - - - - - - - - (183,280) (183,280)
Other - - - - - - - - - -
Balance,
September 30,
2011 1,067,200 106,679 107,491 4,960,236 (947,342) (768) 209,949 209,181 1,159,934 6,663,379
Balance,
December 31,
2011 1,067,200 106,679 107,491 4,211,132 (947,342) (249) 207,987 207,738 1,547,147 6,300,045
Net income
for the
period - - - - - - - - 78,764 78,764
Other
comprehensive
income/(loss)
for the
period
recognized
directly in
equity - - - - - 872 - 872 - 872
Total
Comprehensive
income/(loss)
for the
period after
tax - - - - - 872 - 872 78,764 79,636
Transfers
from
retirements
of fixed
assets - - - (17,521) - - - - 17,521 -
Transfers
from
retirements
of spin-off - - - (38,603) - - - - 38,603 -
Dividends - - - - - - - - - -
Other - - - - - - - - (47) (47)
Balance,
September 30,
2012 1,067,200 106,679 107,491 4,155,008 (947,342) 623 207,987 208,610 1,681,988 6,379,634
The accompanying notes are an integral part of these interim, condensed,
consolidated and separate financial statements.
PUBLIC POWER CORPORATION S.A.
INTERIM CONDENSED CONSOLIDATED AND SEPARATE STATEMENTS OF CASH FLOWS
FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30,2012
(All amounts in thousands of Euro - except share and per share data)
GROUP COMPANY
01.01.2012-30.09.2012 01.01.2011-30.09.2011 01.01.2012-30.09.2012 01.01.2011-30.09.2011
Cash Flows from Operating
Activities
Profit before tax from continuing
operations 156,737 138,412 96,591 39,538
(Loss) / Profit before tax from
discontinuing operations - - - 90,686
Adjustments :
Depreciation and
amortization 538,325 561,794 485,330 558,194
Amortization of
customers'
contributions and
subsidies (57,566) (56,334) (53,036) (56,006)
Interest expense 194,289 152,649 172,341 152,354
Other adjustments 139,185 101,984 58,557 101,808
Changes in assets (741,180) (266,314) (741,886) (256,257)
Changes in liabilities 578,253 116,691 570,852 112,954
Distribution business
unit spin-off - - 216,998 -
Net Cash from Operating Activities 808,043 748,882 805,747 743,271
Cash Flows from Investing
Activities
Capital
expenditure/(disposal)
of fixed assets and
software (646,985) (884,392) (592,897) (866,654)
Proceeds from
customers'
contributions and
subsidies 9,187 2,712 5,671 2,723
Interest and dividents
received 31,485 34,036 66,258 33,901
Investments (2,489) (30) (4,000) (30)
Distribution business
unit spin-off - - (120,167) -
The story
has been
truncated,
[TRUNCATED]
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