REG - Public Power Corp - Annual Financial Report <Origin Href="QuoteRef">DEHr.AT</Origin> - Part 5
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and supervision of designs for Makrochori and Glafkos HEPs as well as for engineering
reports for Eleoussa, Gitani, Vorino HEPs, Ikaria hybrid project, etc.
Consulting Engineer specializing in small hydro and large hydraulic projects (1998-2015). General Coordinator of
consulting engineering services in various projects such as "Construction of Acheloos-Thessaly Diversion Tunnel",
"Implementation and Impoundment of Smokovo Dam", "Patras Water Supply Project from Peiros and Parapeiros Rivers", etc.
Vice Chairman of P.P.C.S.A. Board of Directors (2015-today).
Panagiotis Alexakis, Member
Mr Panagiotis Alexakis, has studied Economics in Greece, (B.A., 1975) and in Great Britain, (M.SC., 1977 in Economics and
Finance and Ph.D. in International Money and Finance, 1981). He has been a scholar of the "Alexander S. Onassis Public
Benefit Foundation". He has also taught at the Department of Business Administration of the University of the Aegean and at
the Hellenic Open University. His scientific work is recognized worldwide. He has worked as financial consultant and has
held managerial posts in various companies. Indicatively: He was responsible for the organization and functioning of the
organized derivative exchange market, May 1998-June 2004 (Athens Derivatives Exchange and Athens Derivatives Clearing House
S.A.). He was appointed Chairman and CEO of the Athens Stock Exchange S.A. (August 2000-June 2004) as well as Chairman
(2000-2003) and CEO (2000-2004) of the Hellenic Exchanges S.A.
He was member of the Board of Directors of the Hellenic Capital Market Commission (August 2000-September 2004), member of
the Scientific Council of the Hellenic Banks Association (1994-2004), Member of the Corporate Advisory Committee of the
Cyprus Stock Exchange (Sept. 2004-Sept. 2007). He was Advisor to the Board and member of the Board of Directors for various
companies of the financial and non financial sector.
Aris Vatalis, Member
He was born in Kozani in 1966, where he lives till today. He is married and has two daughters. He graduated from the
General Lyceum and then attended a Secondary Technical School with direction in engineering. He has been working for PPC SA
as a technician, in the Western Macedonia's Lignite Center, since September 1993. Since 1995 he has developed a strong
trade union activity and has also participated in sports and cultural organizations. He is currently the Deputy Secretary
at the Union ¨SPARTAKOS¨ that represents the workers of PPC SA. He has participated in international conferences on matters
that refer to Energy and the Environment. For a long time he was the President of the largest and most historic sports
club in Kozani, and has also been a member of the Board at Greek Handball Federation (where he was in charge of the women's
National Groups).
Pantelis Karaleftheris, Representative of the Employees
Mr. Pantelis Karaleftheris was born in 1962 in Ardassa of Ptolemaida. He is qualified electrical foreman and works for PPC
SA Mines.
From 1984 to 1987 he worked as electrical technician at the project construction companies PPC ASPATE - ALSTHOM and
BIOKAT.
In 1987 he was hired at the Main Field Mine of PPC as electrician of fixed equipment maintenance and failure restoration.
He has served as President of the Coordination Body of Students of the Democritos and the Professional and Technical School
of Thessaloniki (KETE).
He is very interested in folklore and has made many research trips in Asia Minor, Pontus and the Black Sea. He has been a
founding member of the 1st administration of Pontian Greek Youth and member of the Board of Directors of the International
Confederation of Pontian Greeks.
Since 1994 he is senior member of PPC trade union and has participated in many European and Word Conferences on carbon,
energy and the Environment.
For six years he has served as General Secretary of the SPARTAKOS trade union, while he was Deputy Secretary of GENOP/PPC
for six years (2008-2013). Later he was elected representative of the employees on the Board of Directors of PPC S.A. He
has graduated the Academy of KANEP of the GGCL and trains trainers in lifelong learning.
He is married and has two children.
Kyriakos Mangos, Member
Kyriakos Mangos is a Mechanical Engineer ( National Technical University of Athens ) and member of the Technical Chamber of
Greece (TEE). He holds certificates of studies in Business Administration by the London Chamber of Commerce and Industry
Examination Board by the Hellenic American Union (2004). Since 1993, he has worked in the Aliveri Power Plant of PPC, being
responsible for operational aspects of the facilities and then since 1996 in the Saint George Power Plant in Keratsini
being responsible for the supervision and acceptance of the then innovative project of the rehabilitation of units for
natural gas combustion. Since 2004 he was Head of the Department of Administration and Finance of the above mentioned Power
Plant where he dealt with HR issues, materials and projects' contracts and financial matters. Since 2008 he was Head of the
Maintenance Department of the Power Plant and dealt with installations' upgrading projects in relation to their energy
efficiency. Since 2009 he was Deputy Director of the Power Plant and dealt with plant upgrading and plant life extension.
In 2016 he was appointed Head of Administrative Support Sector of the Mines Division of PPC. He has specialized in the
preparation of programs and technical methods for the maintenance and operation of Power Plants equipment, management and
supply of spare parts, the preparation of technical specifications, scheduling and budgeting of projects and process
instructions. He is experienced in project management and construction organization, development of quality assurance
programs, equipment testing, monitoring contracts and analysis of contractual requirements. He was a member of the
Scientific Committee of the Engineers Association of PPC (2010-2012) and since 2014 a member of the Advisory Committee for
Energy Planning of the Region of Attica.
He was born in Athens in 1963 and graduated from the Ionideios School of Piraeus. He is married and has a daughter.
Christos Papageorgiou, Member
Christos Papageorgiou has served as a Director of the West Macedonia Lignite Center (WMLC) of Public Power Corporation S.A.
(PPC S.A.) from Sep 2000 to Mar 2006. He then moved on to assume the position of the Director of the Project Team of Mines
Development in WMLC, from Apr 2006 to Dec 2010.
He was recruited in PPC S.A., in WMLC, in Jul 1979 as a Mining & Metallurgical Engineer, serving thus WMLC for 31.5 years
in total. He was occupied with the opening, operation and development of the South Field Mine, which is the biggest lignite
surface mine in the Balkans region and one of the biggest of this kind globally, for 21 years, out of which 14 as the South
Field Mine Director (Sep 1986 - Aug 2000).
During the period 2001 - 2005 of his service as the WMLC Director, the personnel of WMLC consisted of approximately 5,150
employees. Moreover, during the same period, the biggest average annual total volume of excavations in history with the use
of own (WMLC) equipment (217.4 mil bcm / year), the highest lignite production (53.7 mil tons / year), as well as the
biggest quantity of electricity produced from lignite by the 4 power plants of PPC in Ptolemaida - Amyntaio region, which
covered 55.5% of the total electricity to the country's linked grid was recorded.
During his service in the WMLC lignite mines, Christos developed intense professional activity, characterized by the
development, submission and implementation of technical suggestions for the solution of the problems related to the
development and the formation of the overall mines' excavations and exploitation strategy (MINE MASTER PLAN). He has also
contributed significantly to the elaboration of the operational plans of the PPC S.A. Mines Division, as well as through
translating articles about mining issues and editing manuals with instructions regarding personnel training. Moreover, he
has participated into many business trips and missions abroad (mine visits, conferences, exhibitions, consultancy services,
visit to mines' equipment production plants), as well as to national events (scientific - technical seminars, business
re-engineering and management seminars etc).
Christos was born in Mikrovalto, Kozani (1953). He graduated from Valtadorio high school of Kozani (1971) and from the
faculty of Mining and Metallurgical Engineering of the National Technical University of Athens (1971 - 1976).
He served his 30 - month military duty as a Reservist Lieutenant Captain - and more specifically as the Head of Worksites
(quarries - road construction) of the Composite Reconstruction Unit in the prefectures of Kilkis and Evros in northern
Greece, as well as of the Technical Office of the 113th Battle Wing of the Greek Military Air Force. Furthermore, he has
worked as a professor of mining courses in the Mines Gaffer Department of the Euclid Technical School of Thessaloniki (Jan
1978 - Jun 1979).
Christos was elected as a member of the Local Managing Committee (1985) and of the Delegation of the regional department of
the Technical Chamber of Greece in Western Macedonia (2000 and 2003). He has also served, after his retirement, as a member
of the Permanent Energy Commission of the regional department of the Technical Chamber in Western Macedonia.
He speaks English. He is married and has two children and two grandsons.
Lazaros Stathakis, Member
Chemical Engineer NTUA, aged 66. Professional experience: Attaché for 5 years in the Perm. Repr. of Greece to the EU in
Brussels, including the Greek Presidency of 2003 and 4 years in DG Energy of the E. Commission on R&D demonstration
projects.
For 15 years he was working in the Ministry of Public Works for the design and the construction of the sludge disposal
facility in Psyttalia Waste water Treatment Plant of Attica.
He has worked as a free-lance Engineer, as advisor to Local Authorities and as Gen. Secr. of the Municipality of Piraeus,
participated the Board of private companies and the Board of H.R.A.D.F.
He has been an active member of the student movement against the Dictatorship and participated in the democratic political
struggles after 1974.
Nikos Fotopoulos, Representative of the Employees
Mr. Nikos Fotopoulos was born in Agnata at the Prefecture of Ilia in 1962. He is Electrical Technician (Technical School of
PPC). From the age of 16 he has been involved in politics and community affairs. For 10 years he served as Secretary of the
Energy Domain Committee of the Socialist Party (PASOK).
In 1998 he was elected at the Board of Directors of the Association of PPC's Technicians and served as Press Officer.
Since 2007 until July 2013, he was president of the General Federation of Employees at PPC-Electricity Sector (GENOP/DEI)
and member of the Executive Committee of EMCF.
From 2010 he is member of the Administration of the Greek General Confederation of Labour (GSEE) and as of April 2013 he is
member of the Executive Committee of GSEE.
6.15 Other Professional Engagements of the Members of the Board of Directors
Other professional engagements of the Members of the Board of Directors (2016)
NAME PROFESSION Participation as member in the BoD of other companies and non-profit Organizations (in any capacity e.g. Independent member, Executive member, Independent Non Executive member etc.)
PANAGIOTAKIS EMMANOUIL Mechanical Electrical Engineer PPC Renewables S.A./ BoD Chairman
ANDRIOTIS GEORGIOS Civil Engineer -PPC pensioner -
GOUTSOS STAVROS Assistant Professor University of Patras -
ALEXAKIS PANAGIOTIS Professor at the University of Athens TA.NE.O S.A.Independent Non Executive Member
AGROTIKI ASFALISTIKI SAIndependent Non Executive Member
DECA INVESTMENTS S.A.Independent Non Executive Member
SILENT SEAS S.A.Independent Non Executive Member
TSAGARIS S.A.Independent Non Executive Member
VATALIS ARIS PPC S.A. employee -
KARALEFTHERIS PANTELIS PPC S.A. employee -
MANGOS KYRIAKOS PPC S.A. employee - Mechanical Engineer -
PAPAGEORGIOU CHRISTOS Mining Engineer Metallurgist -
PRAMMANTIOTIS PANAGIOTIS Dr. Nuclear Physics and Particle Physics Management Organization UnitOf Development Programs S.A.Head of Information Technology Dept.
PPC SOLAR SOLUTIONS BoD Chairman
STATHAKIS LAZAROS Chemical Engineer -
TAVRIS FILIPPOS Bank Employee -
FOTOPOULOS NIKOLAOS PPC S.A. employee -
CHATZIATHANASIOU VASSILIOS Mechanical Electrical Engineer Associate Professor at Aristotle University Thessaloniki -
6.16 Contracts with Members of the Board of Directors
There is no provision for the granting of shares, call options on the Company's stocks or other similar securities for the
members of the Board.
Nevertheless, there are other contractual provisions regarding executive members of the Board of Directors, such asexpense
benefits during the performance of their duties (travel expenses, mobile phone, restaurant bills, etc.) provided that these
expenses are accompanied by the necessary receipts and are approved by the Company based on its policy.
In the past according to the policy of the Company, the remunerations of the executive members and the members of the Board
were as follows: a) firm part (basic fees-salary) and b) variable performance-related part (variable part of the
remuneration). An annual bonus was provided for in the past, valid only for a short period.
By virtue of L. 4354/2015 (article 28), since 01.01.2016 the executive members of the Board of Directors receive a salary
that does not exceed the ceiling established per month (equal to the salary of the General Secretary of a Ministry) and in
addition they receive a remuneration for their participation in committees and in the meetings of the BoD.
6.17 Diversity applied for the administrative, managerial and supervisory bodies of the company
As already mentioned in paragraph 6.1 herein, eight out of the eleven members of the BoD of the Company, are elected by
the General Meeting of the shareholders of the Company, two members representing the employees of the Company are elected
by direct, general ballot and one member designated by the Economic and Social Committee (ESC).
For the selection of administrative, managerial and supervisory bodies of the Company, their qualifications such as
academic credentials and professional experience are taken under consideration whereas age or other personality
characteristics, which could be considered sensitive personal data, do not constitute criteria for selection.
The Company's shareholders, which is an entity related to the public sector and especially its controlling shareholder
(Greek State) take under consideration every requirement of the law for the selection of the BoD members that are nominated
in the Shareholders' Meeting.
The Company is continuously working towards the direction of adapting to the principles of corporate governance, as
stipulated by the Greek legislation.
6.18 Information on the Deputy CEOs and the Chief Officers
On December 31, 2016, the Deputy CEOs and the Chief Officers of PPC S.A. were as follows:
Dologlou, Kostantinos,
Deputy CEO supervising the Mines, Generation and Supply Bussiness Units.
Goutsos, Stavros,
Deputy CEO supervising the Finance Division, Human Resources Division and the Support Operations Division.
Angelopoulos George,
Chief Financial Officer, Economist.
Aravantinos Nikolaos,
Chief Officer of Support Operations Division, Mechanical-Electrical Engineer.
Damaskos George,
Chief Officer of Human Resources Division - Electrical Engineer - Economist.
Karalazos Lazaros,
Chief Officer of Supply Bussinnes Unit, Electrical Engineer.
Kopanakis Ioannis,
Chief Officer of Generation Bussinnes Unit, Electrical Engineer
Kouridou Olga,
Chief Officer of Mining Bussiness Unit, Mining Metallurgical Engineer.
APENDIX
Definitions and reconciliations of Alternative Performance Measures ("APMs")
ALTERNATIVE PERFORMANCE MEASURES ("APMs")
The Group and the Parent Company using Alternative Performance Measures ( "APMs") in taking decisions concerning the
financial, operational and strategic planning, as well as for the evaluation and publication of their performance. These
APMs serve to better understand the financial and operating results of the Group and the Parent Company, their financial
position and cash flows. Alternative indicators (APMs) should always be read in conjunction with the financial results that
have been prepared in accordance with IFRS and in no way replace them.
Alternative Performance Measures ("APMs")
In discussing the Group's and the Parent Company's performance, "adjusted" measures are used such as: Adjusted EBITDA
without one off effects and Adjusted EBITDA margin without one off effects. These adjusted measures are calculated by
deducting from performance measures directly derived from amounts of the annual Financial Statement the effect and costs
arising from events which have occurred during the reporting period and which have not affected the amounts of previous
periods.
EBITDA (Operating Income before depreciation and impairment, net financial expenses and taxes).
EBITDA serves to better analyze the operating results of the Group and the Parent Company and is calculated as follows:
Total turnover minus total operating expenses before depreciation and impairment. The EBITDA margin (%) is calculated by
dividing EBITDA by total turnover.
Adjusted EBITDA (Operating Income before depreciation and impairment, net financial expenses and taxes).
Adjusted EBITDA serves to better analyze the Group's operating income, excluding the impact of one-off effects. These one
off effects that affected adjusted EBITDA for 2016 are as follows: (1) An amount of E 63,5 million, concerning an
additional expense to cover deficits of the Day Ahead Schedule for previous years and (2) An amount of E 22,6 million,.
which concerns an one-off cost element due to the revision of the gas supply costs of DEPA from BOTAS for the years
2012-2015. For 2015, one off items that affected the Group's profitability are as follows: (1) An amount of E 30 million,
due to the credit of electricity bills fixed charges as reward to domestic electricity consumers paying their bills on
time, which negatively affected the turnover of 2015 (adjusted turnover) and the cash flow of 2016 . (2) An expense of E
16,4 million concerning the compensation for rooftop P / Vs to non-interconnected islands for prior years (2011-2014) that
was not invoiced until December 2015 and (3) an expense of E 17,6 million for Special Consumption Tax paid by the Parent
Company for electricity self-consumption for the period May 2010-December 2014, following an administrative act of the
Customs Authorities. Adjusted EBITDA margin (%) is calculated by dividing adjusted EBITDA by total adjusted turnover.
EBIT (Operating Income before net financial expenses and taxes)
EBIT serves to better analyze the operating results of the Group and the Parent Company and is calculated as follows: Total
turnover minus total operating expenses. EBIT margin (%) is calculated by dividing EBIT with total turnover
Adjusted Profit / Loss before tax without one off effects
This measure also serves to better analyze the results and is calculated as follows: Profit / (Loss) before taxes as shown
in the Financial Statements excluding one off effects as analyzed in the note above for adjusted EBITDA.
Adjusted Profit / Loss without one off effects
This measure also serves to better analyze the results and is calculated as follows: Net Profit / (Loss) as shown in the
Financial Statements excluding one off effects after taxes as analyzed in the note above for adjusted EBITDA
Net Debt
Net debt is an APM that Management uses to evaluate the capital structure of the Group and the Parent Company as well as
leverage. Net debt is calculated by adding long-term loans, the current portion of long term loans and short term loans and
subtracting from the total, available cash, blocked deposits and investments available for sale and adding the unamortized
portion of borrowing costs (see. Note. 28 annual Financial Statements).
Athens, April 7, 2017
For the Board of Directors The Chairman and CEO
Emmanuel Panagiotakis
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C. AUDITOR'S REPORT
INDEPENDENT AUDITOR'S REPORT
To the shareholders of "Public Power Corporation S.A."
Report on Separate and Consolidated Financial Statements
We have audited the accompanying separate and consolidated financial statements of "Public Power Corporation S.A.", which
consist of the separate and consolidated financial position as at 31 December 2016, the separate and consolidated income
statement and statement of comprehensive income, statement of changes in equity and statement of cash flow for the year
then ended, and a summary of significant accounting policies and other explanatory notes.
Management's Responsibility for the Separate and Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of these separate and consolidated financial statements
in accordance with International Financial Reporting Standards as adopted by the European Union and for such internal
controls as management determines is necessary to enable the preparation of stand-alone and consolidated financial
statements that are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these separate and consolidated financial statements based on our audit. We
conducted our audit in accordance with International Standards on Auditing that have been incorporated into the Greek
Legislation (Government Gazette/Β΄/2848/23.10.2012). Those standards require that we comply with ethical requirements and
plan and perform the audit to obtain reasonable assurance about whether the stand-alone and consolidated financial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the separate and
consolidated financial statements. The procedures selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the separate and consolidated financial statements, whether due to fraud or error. In
making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair
presentation of the separate and consolidated financial statements in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal
control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of
accounting estimates made by management, as well as evaluating the overall presentation of the separate and consolidated
financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Opinion
In our opinion, the accompanying separate and consolidated financial statements present fairly, in all material respects,
the financial position of the "Public Power Corporation S.A." and of its subsidiaries as at December 31, 2016, and their
financial performance and their cash flows for the year then ended in accordance with International Financial Reporting
Standards as adopted by the European Union.
Report on Other Legal and Regulatory Requirements
Taking into consideration that the Management is responsible for the preparation of the Management Report of the Board of
Directors and the Statement of Corporate Governance included in the Report, in application of the clauses of paragraph 5 of
article 2 (part B) of Law 4336/2015, we note the following:
a) The Management Report of the Board of Directors includes a statement of corporate governance which presents the sets of
information required by article 43bb of Codified Law 2190/1920.
b) In our opinion, the Management Report of the Board of Directors has been prepared according to the effective legal
requirements of articles 43a and 107a and of paragraph 1 (cases c' and d') of article 43bb of Codified Law 2190/1920,
whereas its contents correspond to the attached separate and consolidated financial statements of the fiscal year ended on
31/12/2016.
c) According to our opinion formulated during the audit process, with regard to "Public Power Corporation S.A." and its
environment, we have not detected any material inaccuracies in the Management Report of the Board of Directors.
BDO Certified Public Accountant S.A. 449 Mesogion Av, Athens- Ag. Paraskevi, Greece Reg. SOEL: 173 Ag. Paraskevi, April 7, 2017Certified Public Accountant John V. KalogeropoulosReg. SOEL: 10741
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PUBLIC POWER CORPORATION S.A.
Consolidated and Separate
Financial Statements
December 31, 2016
In accordance with
International Financial Reporting Standards
adopted by the European Union
The attached separate and consolidated financial statements have been approved by the Board of Directors of Public Power
Corporation S.A. on April 7th, 2017 and they are available on the web site of Public Power Corporation S.A. at www.dei.gr.
CHAIRMAN AND CHIEF EXECUTIVE OFFICER VICE CHAIRMAN CHIEF FINANCIAL OFFICER ACCOUNTING DEPARTMENT DIRECTOR
EMMANUEL M. PANAGIOTAKIS GEORGE Α. ANDRIOTIS GEORGE C. ANGELOPOULOS EFTHIMIOS Α. KOUTROULIS
PUBLIC POWER CORPORATION S.A.
CONSOLIDATED AND SEPARATE STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 2016
(All amounts in thousands of Euro - except per share data)
Group Group Company Company
Note 2016 2015 2016 2015
ContinuingOperations Discontinued Operations Total Group ContinuingOperations Discontinued Operations Total Group
REVENUES:
Revenue from energy sales 4 4,998,077 (383) 4,997,694 5,547,082 - 5,547,082 4,984,508 5,535,753
Other sales 4 223,227 36,276 259,503 162,232 26,342 188,574 170,742 139,649
5,221,304 35,893 5,257,197 5,709,314 26,342 5,735,656 5,155,250 5,675,402
EXPENSES:
Payroll cost 5 822,653 61,788 884,441 819,814 60,454 880,268 557,936 565,940
Lignite 57,049 - 57,049 26,800 - 26,800 57,049 26,800
Liquid fuel 481,228 - 481,228 582,819 - 582,819 481,228 582,819
Natural gas 265,673 - 265,673 326,494 - 326,494 265,673 326,494
Depreciation and Amortization 7 669,090 63,207 732,297 676,011 61,738 737,749 655.347 663.211
Energy Purchases 6 1,240,328 (12,766) 1,227,562 1,335,721 (22,559) 1,313,162 1,255,576 1,350,718
Materials and consumables 142,873 2,958 145,831 142,424 1,538 143,962 109,327 111,707
Transmission system usage 177,911 (177,911) - 206,011 (206,011) - 177,911 206,011
Distribution system usage - - - - - - 376,613 412,602
Utilities and maintenance 251,906 (5,465) 246,441 292,493 (8,203) 284,290 190,545 236,638
Third party fees 45,434 3,868 49,302 40,963 3,060 44,023 34,252 27,969
CO2 emission rights 8 178,172 - 178,172 251,128 - 251,128 178,172 251,128
Provision for risks 11,286 11,768 23,054 36,572 27,548 64,120 12,232 36,572
Provision for slow - moving materials 547 206 753 9,801 (411) 9,390 832 8,358
Allowance for doubtful balances 419,073 (4,707) 414,366 878,973 (2,084) 876,889 417,951 878,973
Financial expenses 9 223,031 27,875 250,906 241,167 24,868 266,035 220,704 240,992
Financial income 10 (214,265) 117,525 (96,740) (108,800) 41,213 (67,587) (215,055) (107,699)
Other (income) expenses, net 11 214,809 4,835 219,644 100,269 3,622 103,891 173,084 60,973
Loss / (Gain) of associates and joint ventures (1,241) - (1,241) (3,243) - (3,243) - -
Impairment loss /(gain) of marketable securities 9,040 - 9,040 1,488 - 1,488 5,427 1,488
Foreign currency (gain)/loss, net 263 - 263 588 - 588 404 565
4,994,860 93,181 5,088,041 5,857,493 (15,227) 5,842,266 4,955,208 5,882,259
PROFIT / (LOSS) BEFORE TAX 226,444 (57,288) 169,156 (148,179) 41,569 (106,610) 200,042 (206,857)
Income Tax 13 (44,852) (56,781) (101,633) 30,479 (26,385) 4,094 (33,628) 54,346
NET PROFIT / (LOSS) 181,592 (114,069) 67,523 (117,700) 15,184 (102,516) 166,414 (152,511)
Αttributable to:
Owners of the Parent 181,589 (114,069) 67,520 (117,702) 15,184 (102,518)
Non-controlling interests 3 - 3 2 - 2
Earnings per share, basic and diluted 0.78 (0.49) 0.29 (0.51) 0.07 (0.44)
Weighted average number of shares 232,000,000 232,000,000 232,000,000 232,000,000 232,000,000 232,000,000
The accompanying notes are an integral part of these financial statements
PUBLIC POWER CORPORATION S.A
CONSOLIDATED AND SEPARATE STATEMENTS OF COMPREHENSIVE INCOMEFOR THE YEAR ENDED DECEMBER 31, 2016
(All amounts in thousands of Euro )
Group Group Company Company
2016 2015 2016 2015
ContinuingOperations Discontinued Operations Total Group ContinuingOperations Discontinued Operations Total Group
Profit/(loss) for the year 181,592 (114,069) 67,523 (117,700) 15,184 (102,516) 166,414 (152,511)
Other Comprehensive income / (loss) for the year
Other Comprehensive income / (loss) to be reclassified to profit or loss in subsequent periods
Profit/(Loss) from change of fair values of available for sale financial assets during the year 619 - 619 (619) - (619) 420 (420)
Foreign Exchange Differences (182) - (182) (95) - (95) - -
Net Other Comprehensive income / (loss) to be reclassified to profit or loss in subsequent periods. 437 437 (714) - (714) 420 (420)
Items not to be reclassified to profit or loss in subsequent periods.
Actuarial gains/(losses) (Note 30) (31,592) (2,498) (34,090) (34,916) (816) (35,732) (18,473) (24,588)
Deferred taxes due to the change of the income tax rate of fixed assets' revaluation surplus - - - (57,783) (13,767) (71,550) - (56,132)
Net Other Comprehensive income / (loss) not being reclassified to profit or loss in subsequent periods. (31,592) (2,498) (34,090) (92,699) (14,583) (107,282) (18,473) (80,720)
Other Comprehensive income / (loss) for the year after tax (31,155) (2,498) (33,653) (93,413) (14,583) (107,996) (18,053) (81,140)
Total Comprehensive income / (loss) after tax 150,437 (116,567) 33,870 (211,113) 601 (210,512) 148,361 (233,651)
Attributable to:
Owners of the Parent 150,434 (116,567) 33,867 (211,115) 601 (210,514)
Non controlling interests 3 - 3 2 - 2
The accompanying notes are an integral part of these financial statements
PUBLIC POWER CORPORATION S.A.
CONSOLIDATED AND SEPARATE STATEMENT OF FINANCIAL POSITION AS OF DECEMBER 31, 2016
(All amounts in thousands of Euro )
GROUP COMPANY
ASSETS Note 31/12/2016 31/12/2015 31/12/2016 31/12/2015
Non - Current Assets:
Tangible assets 14 11,936,838 13,590,247 11,714,407 11,751,414
Intangible assets, net 15 58,037 78,558 54,967 74,330
Investments in subsidiaries 16 -- - 214,351 1,130,727
Investments in associates 17 21,017 23,616 1,201 1,201
Available for sale financial assets 22 1,276 316 889 316
Other non- current assets 104,589 119,732 104,076 119,204
Total non-current assets 12,121,757 13,812,469 12,089,891 13,077,192
Current Assets:
Materials, spare parts and supplies, net 19 659,613 747,370 544,150 569,811
Trade receivables, net 20 1,597,997 1,844,208 1,566,858 1,699,805
Other receivables, net 21 213,319 245,875 274,147 221,843
Income tax receivable 2,559 22,533 - -
Other current assets 58,591 62,622 43,781 41,206
Cash and cash equivalents 23 207,034 451,670 149,414 197,592
Restricted Cash 23 110,963 127,842 110,963 127,842
Total Assets from Discontinued Operations 2,163,564 - 916,376 -
Total Current Assets 5,013,640 3,502,120 3,605,689 2,858,099
Total Assets 17,135,397 17,314,589 15,695,580 15,935,291
EQUITY AND LIABILITIES
EQUITY:
Share capital 24 1,067,200 1,067,200 1,067,200 1,067,200
Share premium 106,679 106,679 106,679 106,679
Legal reserve 25 117,524 109,203 117,524 109,203
Fixed assets' statutory revaluation surplus included in share capital (947,342) (947,342) (947,342) (947,342)
Revaluation surplus 4,748,192 4,752,277 4,016,613 4,020,016
Other Reserves 26 (153,372) (119,718) (34,096) (16,043)
Retained earnings 1,006,418 943,165 1,544,987 1,383,482
5,945,299 5,911,464 5,871,565 5,723,195
Non-Controlling interests 95 92 - -
Total Equity 5,945,394 5,911,556 5,871,565 5,723,195
Non-Current Liabilities:
Long-term borrowing 28 3,950,902 4,491,174 3,950,912 4,365,184
Post retirement benefits 30 446,326 446,821 280,623 264,644
Provisions 31 227,420 280,635 189,568 196,541
Deferred tax liabilities 13 560,095 717,255 321,656 605,010
Deferred customers' contributions and subsidies 32 1,405,987 1,611,897 1.401.682 1,472,461
Other non-current liabilities 33 583,695 562,591 558,319 529,969
Total Non-Current Liabilities 7,174,425 8,110,373 6,702,760 7,433,809
Current Liabilities:
Trade and other payables 34 1,283,795 1,848,740 1,864,956 1,830,239
Short - term borrowings 35 30,000 127,016 30,000 80,000
Current portion of long - term borrowing 28 631,102 713,787 631,102 396,652
Dividends payable 27 63 149 63 149
Income tax payable 22,129 198,810 15,411 176,129
Accrued and other current liabilities 36 263,510 403,469 325,123 294,429
Derivative liability 29 - 689 - 689
Total Liabilities from Discontinued Operations 1,784,979 - 254,600 -
Total Current Liabilities 4,015,578 3,292,660 3,121,255 2,778,287
Total Liabilities and Equity 17,135,397 17,314,589 15,695,580 15,935,291
The accompanying notes are an integral part of these financial statements.
PUBLIC POWER CORPORATION S.A
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
FOR THE YEAR ENDED DECEMBER 31, 2016
(All
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