Announcement
PPC S.A. informs that the 2011 Group financial results’ estimates are revised as follows:
- The decline in revenues from electricity sales is estimated to be app. 7% compared to 2010, with turnover marking app. a 6% decline.
- EBITDA margin is estimated to be in the range of 14%. The estimated reduction in EBITDA margin compared to the nine month 2011 is mainly attributed to a higher energy mix cost, especially due to the significantly lower hydro generation and the impact from the variable cost recovery mechanism. There might be a further negative impact in EBITDA from the potential increase in provisions in relation to amounts due by third party suppliers.
It is noted that Group results are impacted, among other, by fluctuations in €/$ exchange rate, oil, natural gas, electricity prices and the price of CO2 emission rights, as well as changes in the regulatory framework, which could cause deviations between estimated and actual results.
Athens 2-3-2012