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]