REG - Public Power Corp - Half-year Report <Origin Href="QuoteRef">DEHr.AT</Origin> - Part 3
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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. 11 of the six - month Financial Statements).
Athens, September 26th 2017
For the Board of Directors
The President and CEO
Emmanuel M. Panagiotakis
III. Certified Auditors' Accountants' Review Report
THIS REPORT IS A FREE TRANSLATION OF THE GREEK ORIGINAL
Review Report on Interim Financial Information
To the Shareholders of PUBLIC POWER CORPORATION S.A.
Introduction
We have reviewed the accompanying separate and consolidated condensed statement of financial position of PUBLIC POWER
CORPORATION S.A. as at 30 June 2017 and the relative separate and consolidated condensed statements of comprehensive
income, changes in equity and cash flows for the six-month period then ended, as well as the selected explanatory notes,
that constitute the interim financial information, which is an integral part of the six-month financial report under the L.
3556/2007. Management is responsible for the preparation and presentation of this condensed interim financial information,
in accordance with International Financial Reporting Standards, as adopted by the European Union (EU) and which apply to
Interim Financial Reporting (International Accounting Standard "IAS 34"). Our responsibility is to express a conclusion on
this condensed interim financial information based on our review.
Scope of Review
We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial
Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of
making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an audit conducted in accordance with International
Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant
matters that might be identified in an audit.
Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial
information is not prepared, in all material respects, in accordance with International Accounting Standard "IAS 34".
Other Matter
The financial statements of the company PUBLIC POWER CORPORATION S.A. for the year ended 31 December 2016 had been audited
by another Certified Auditor Accountant, which
expressed an unmodified opinion on 7 April 2017 on the financial statements of the previous year.
Report on Other Legal and Regulatory Requirements
Our review did not identify any inconsistency or mismatching of the other data of the provided by the article 5 of L.
3556/2007 six-month financial report with the accompanying interim financial information.
Athens, 26 September 2017
The Certified Public Accountants Auditors
Konstantinos P. Evangelinos Panagiotis V. Preventis
Institute of CPA (SOEL) Reg. No. 13151 Institute of CPA (SOEL) Reg. No. 14501
Associated Certified Public Accountants s.a.
member of Crowe Horwath International
3, Fok. Negri Street - 112 57 Athens, Greece
Institute of CPA (SOEL) Reg. No. 125
IV. Interim Condensed Financial Statements
PUBLIC POWER CORPORATION S.A.
Interim Condensed
Consolidated and Separate
Financial Statements
for the six month period ended
June 30th , 2017
In accordance with
International Financial Reporting Standards
as adopted by the European Union
The attached interim condensed separate and consolidated financial statements have been approved by the Board of Directors
of Public Power Corporation S.A. on September 26th, 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 Á. ANDRIOTIS GEORGE C. ANGELOPOULOS EFTHIMIOS Á. KOUTROULIS
Public Power Corporation S.A.
General Commercial Registry: 786301000
Chalkokondyli 30 - 104 32 Athens
Index
Page
INTERIM CONDENSED CONSOLIDATED AND SEPARATE STATEMENTS OF INCOME
INTERIM CONDENSED FINANCIAL POSITION
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
INTERIM CONDENSED STATEMENT OF CHANGES IN EQUITY
INTERIM CONDENSED CONSOLIDATED AND SEPARATE STATEMENTS OF CASH FLOWS
1.
Corporate Information
2.
Legal Framework
3.
Basis of Preparation And principal accounting policies
3.1
basis of preparation
3.2
CHANGES IN ACCOUNTING POLICIES
4.
SEASONALITY OF OPERATIONS
5.
DISCONTINUED OPERATIONS - OWNERSHIP UNBUNDLING
6.
Income Taxes (current and deferred)
7.
investments in subsidiaries
8.
Investments In Associates
9.
balances and Transactions With Related Parties
10.
SHARE CAPITAL
11.
LOANS AND Borrowings
12.
FAIR VALUE AND FAIR VALUE HIERARCHY
13.
COMMITMENTS, CONTINGENCIES AND LITIGATION
13.1
OWNERSHIP OF PROPERTY
13.2
Litigation and Claims
13.3
ENVIRONMENTAL OBLIGATIONS
13.4
INVESTMENTS - COMMITMENTS
13
.5
PPC RENEWABLES (PPCR)
13.6
BUSINESS COLLABORATION
14. SIGNIFICANT EVENTS
15. SUBSEQUENT EVENTS
16.
SEGMENT INFORMATION
PUBLIC POWER CORPORATION S.A.
INTERIM CONDENSED CONSOLIDATED AND SEPARATE STATEMENTS OF INCOME
FOR THE SIX MONTH PERIOD ENDED JUNE 30th, 2017
(All amounts in thousands of Euro - except share and per share data)
Group Group Company Company
Note 01.01.2017 - 30.06.2017 01.01.2017 - 15.06.2017 01.01.2017 - 30.06.2017 01.01.2016 - 30.06.2016 01.01.2016 - 30.06.2016 01.01.2016 - 30.06.2016 01.01.2017 - 30.06.2017 01.01.2016 - 30.06.2016
ContinuingOperations Discontinued Operations Total Group ContinuingOperations Discontinued Operations Total Group
REVENUES:
Revenue from energy sales 2,331,966 - 2,331,966 2,531,361 - 2,531,361 2,327,123 2,526,949
Other sales 128,832 23,510 152,342 98,177 34,962 133,139 88,972 78,064
2,460,798 23,510 2,484,308 2,629,538 34,962 2,664,500 2,416,095 2,605,013
EXPENSES:
Payroll cost 406,486 26,855 433,341 403,495 29,828 433,323 276,389 276,215
Fuel 533,088 - 533,088 322,832 - 322,832 533,088 322,832
Depreciation and amortization 321,152 29,218 350,370 331,484 32,060 363,544 315,020 324,882
Energy purchases 784,570 (2,136) 782,434 632,551 (6,168) 626,383 790,410 638,503
Transmission system usage 91,093 (84,346) 6,747 93,686 (93,686) - 91,093 93,686
Distribution network usage - - - - - - 185,490 194,639
Emission allowances 77,492 - 77,492 84,453 - 84,453 77,492 84,453
Provision 115,051 (456) 114,595 343,907 (2,135) 341,772 114,938 344,251
Financial expenses 107,388 42,010 149,398 113,591 12,224 125,815 102,690 113,475
Financial income (82,592) - (82,592) (66,904) 21,184 (45,720) (57,644) (70,108)
Profit from the sale of IPTO S.A. 5 (172,236) - (172,236) - - - (198,602) -
Other (income) / expenses, net 250,880 1,086 251,966 316,133 4,068 320,201 180,672 242,822
Share of Loss / (gain) of associates and joint ventures, net (805) - (805) (1,312) - (1,312) - -
Impairment loss of marketable securities - - - 10 - 10 - 10
Foreign currency loss / (gain) (1,844) - (1,844) 691 - 691 (1,818) 712
PROFIT / (LOSS) BEFORE TAX 31,075 11,279 42,354 54,921 37,587 92,508 6,877 38,641
Income tax expense 6 (24,701) (3,271) (27,972) (24,506) (10,900) (35,406) (6,373) (12,712)
NET PROFIT / (LOSS) 6,374 8,008 14,382 30,415 26,687 57,102 504 25,929
Attributable to :
Owners of the Parent 6,350 8,008 14,358 30,409 26,687 57,096
Non - controlling interests 24 - 24 6 - 6
Earnings per share, basic and diluted 0,03 0,03 0,06 0,13 0,12 0,25
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 interim, condensed, consolidated and separate financial statements.
PUBLIC POWER CORPORATION S.A.
INTERIM CONDENSED CONSOLIDATED AND SEPARATE STATEMENTS OF COMPREHENSIVE INCOME
FOR THE SIX MONTH PERIOD ENDED JUNE 30th, 2017
(All amounts in thousands of Euro)
Group Group Company Company
01.01.2017 -30.06.2017 01.01.2017 - 15.06.2017 01.01.2017 -30.06.2017 01.01.2016 - 30.06.2016 01.01.2016 - 30.06.2016 01.01.2016 - 30.06.2016 01.01.2017 - 30.06.2017 01.01.2016 - 30.06.2016
ContinuingOperations Discontinued Operations Total Group ContinuingOperations Discontinued Operations Total Group
Net (Loss) / Profit for the period 6,374 8,008 14,382 30,415 26,687 57,102 504 25,929
Other Comprehensive (loss) / income for the period
Items of Other Comprehensive income to be reclassified to profit or loss in subsequent periods
Profit/(Loss) from change in fair values of available for sale financial assets during the period 1,806 - 1,806 (5,606) - (5,606) 1,806 (3,800)
Foreign currency translation (77) - (77) - - - - -
Net Other Comprehensive (loss) / income to be reclassified to profit or loss in subsequent periods. 1,729 - 1,729 (5,606) - (5,606) 1,806 (3,800)
Items of Other Comprehensive income not to be reclassified to profit or loss in subsequent periods. - - - - - - - -
Net Other Comprehensive (loss) / income not being reclassified to profit or loss in subsequent periods - - - - - - - -
Other Comprehensive (loss) / income for the period after tax 1,729 - 1,729 (5,606) - (5,606) 1,806 (3,800)
Total Comprehensive (loss) / income after tax 8,103 8,008 16,111 24,809 26,687 51,496 2,310 22,129
Attributable to:
Owners of the Parent 8,079 7,984 16,087 24,803 26,681 51,490
Non-controlling interests 24 24 24 6 6 6
The accompanying notes are an integral part of these interim, condensed, consolidated and separate financial statements.
PUBLIC POWER CORPORATION S.A.
INTERIM CONDENSED FINANCIAL POSITION
AS OF JUNE 30th, 2017
(All amounts in thousands of Euro)
GROUP COMPANY
Note 30.06.2017 31.12.2016 30.06.2017 31.12.2016
ASSETS
Non - Current Assets:
Property, plant and equipment, net 11,765,460 11,936,838 11,539,755 11,714,407
Intangibleassets, net 53,233 58,037 47,150 54,967
Available for sale financial assets 3,082 1,276 2,695 889
Other non - current assets 132,848 125,606 326,697 319,628
Total non - current assets 11,954,623 12,121,757 11,916,297 12,089,891
CurrentAssets:
Materials, spare parts and supplies, net 688,318 659,613 573,375 544,150
Trade and other receivables and other current assets 1,962,866 1,869,907 1,829,513 1,884,786
Incometax receivable 2,366 2,559 - -
Restrictedcash 101,266 110,963 101,266 110,963
Cash and cash equivalents 511,797 207,034 435,647 149,414
Total Assets from DiscontinuedOperations - 2,163,564 - 916,376
Totalcurrent assets 3,266,613 5,013,640 2,939,801 3,605,689
Total Assets 15,221,236 17,135,397 14,856,098 15,695,580
EQUITY AND LIABILITIES
Equity:
Sharecapital 575,360 1,067,200 575,360 1,067,200
Share premium 106,679 106,679 106,679 106,679
Fixed assets' statutory revaluation (947,342) (947,342) (947,342) (947,342)
Revaluationsurplus 4,877,890 4,748,192 3,995,785 4,016,613
Reserves (21,975) (35,848) 85,234 83,428
Retained earnings 858,696 1,006,418 1,566,586 1,544,987
5,449,308 5,945,299 5,382,302 5,871,565
Non - controlling interests 119 95 - -
Total equity 5,449,427 5,945,394 5,382,302 5,871,565
Non - Current Liabilities:
Long - term borrowings 11 3,925,585 3,950,902 3,925,595 3,950,912
Provisions 671,857 673,746 469,995 470,191
Other non - current liabilities 2,281,219 2,549,777 2,284,932 2,281,657
Total non - current liabilities 6,878,661 7,174,425 6,680,522 6,702,760
Current Liabilities:
Trade and other payables and other current liabilities 2,116,081 1,547,305 2,023,441 2,190,079
Dividendspayable 17 63 17 63
Income tax payable 318,385 22,129 311,151 15,411
Short - term borrowings 11 30,000 30,000 30,000 30,000
Current portion of long - term borrowings 11 428,665 631,102 428,665 631,102
Total Liabilities from DiscontinuedOperations - 1,784,979 - 254,600
Total current liabilities 2,893,148 4,015,578 2,793,274 3,121,255
Total Equity and Liabilities 15,221,236 17,135,397 14,856,098 15,695,580
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 EQUITY
FOR THE SIX MONTH PERIOD ENDED JUNE 30th, 2017
(All amounts in thousands of Euro)
Other Reserves
Share Capital Share Premium LegalReserve Revaluation Surplus Fixed Assets Statutory Revaluation Surplus Fair Value of financial assets available for sale Foreign exchange, tax-free and other reserves Other reserves total RetainedEarnings Total Non-ControllingInterests Total Equity
Balance, January 1, 2016 1,067,200 106,679 109,203 4,752,277 (947,342) - (119,718) (119,718) 943,165 5,911,464 92 5,911,556
- Net profit for the period - - - - - - - - 57,096 57,096 6 57,102
- Other comprehensive income / (loss) for the period after tax - - - - - - (5,606) (5,606) - (5,606) - (5,606)
Total Comprehensive income / (loss) for the period, after tax - - - - - - (5,606) (5,606) 57,096 51,490 6 51,496
- Transfers from retirements of fixed assets - - - (606) - - - - 606 - - -
- Other movements - - - 1 - - - - 2 3 - 3
Balance, June 30,2016 1,067,200 106,679 109,203 4,751,672 (947,342) - (125,324) (125,324) 1,000,869 5,962,957 98 5,963,055
Balance, January 1, 2017 1,067,200 106,679 117,524 4,748,192 (947,342) - (153,372) (153,372) 1,006,418 5,945,299 95 5,945,394
- Net profit for the period - - - - - - - - 14,358 14,358 24 14,382
- Other comprehensive income / (loss) for the period after tax - - - - - 1,806 (77) 1,729 - 1,729 - 1,729
Total Comprehensive income / (loss) for the period, after tax - - - - - 1,806 (77) 1,729 14,358 16,087 24 16,111
- Transfers from retirements of fixed assets - - - (20,828) - - - - 20,828 - - -
--Sale of IPTO S.A. (491,840) - (12,815) 150,526 - - 24,959 24,959 (183,175) (512,345) - (512,345)
- Other movements - - - - - - - - 267 267 - 267
Balance, June 30,2017 575,360 106,679 104,709 4,877,890 (947,342) 1,806 (128,490) (126,684) 858,696 5,449,308 119 5,449,427
The accompanying notes are an integral part of these interim, condensed, consolidated and separate financial statements.
PUBLIC POWER CORPORATION S.A.
INTERIM CONDENSED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTH PERIOD ENDED JUNE 30th, 2017
(All amounts in thousands of Euro)
Other Reserves
Share Capital Share Premium LegalReserve Revaluation Surplus Fixed Assets Statutory Revaluation Surplus Fair Value of financial assets available for sale Foreign exchange, tax-free and other reserves Other reserves total RetainedEarnings Total Equity
Balance, January 1, 2016 1,067,200 106,679 109,203 4,020,016 (947,342) - (16,043) (16,043) 1,383,482 5,723,195
-
- Net profit for the period - - - - - - - - 25,929 25,929
- Other comprehensive income / (loss) for the period, after tax - - - - - - (3,800) (3,800) - (3,800)
Total Comprehensive income / (loss) for the period, after tax - - - - - - (3,800) (3,800) 25,929 22,129
- Transfers from retirements of fixed assets - - - (606) - - - - 606 -
- Other movements - - - - - - - - 7 7
Balance, June 30,2016 1,067,200 106,679 109,203 4,019,410 (947,342) - (19,843) (19,843) 1,410,024 5,745,331
Balance, January 1, 2017 1,067,200 106,679 117,524 4,016,613 (947,342) - (34,096) (34,096) 1,544,987 5,871,565
- Net profit for the period - - - - - - - - 504 504
- Other comprehensive income / (loss) for the period, after tax - - - - - 1,806 - 1,806 - 1,806
Total Comprehensive income / (loss) for the period, after tax - - - - - 1,806 - 1,806 504 2,310
- Transfers from retirements of fixed assets - - - (20,828) - - - - 20,828 -
Share capital decrease from the sale of IPTO (491,840) - - - - - - - - (491,840)
- Other movements - - - - - - - - 267 267
Balance, June 30,2017 575,360 106,679 117,524 3,995,785 (947,342) 1,806 (34,096) (32,290) 1,566,586 5,382,302
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 SIX MONTH PERIOD ENDED JUNE 30th, 2017
(All amounts in thousands of Euro)
GROUP COMPANY
01.01.2017-30.06.2017 01.01.2016-30.06.2016 01.01.2017-30.06.2017 01.01.2016-30.06.2016
Cash Flows from Operating Activities
Profit / (loss) before tax from continued operations 31,075 54,921 6,877 38,641
Adjustments :
Depreciation and amortization 357,402 369,429 351,172 362,681
Amortization of customers' contributions and subsidies (36,250) (37,946) (36,152) (37,799)
Interest expense 92,892 102,277 92,892 102,277
Capital gain from the sale of IPTO S.A. (172,236) - (198,602) -
Other adjustments 85,026 281,163 80,528 262,212
Changes in assets (288,634) (232,542) (178,832) (225,909)
Changes in liabilities (10,307) 80,074 (94,647) (52,619)
Discontinued operations 51,488 183,724 - -
Net Cash from Operating Activities 110,456 801,100 23,236 449,484
Cash Flows from Investing Activities
Capital expenditure of fixed and intangible assets (197,931) (228,104) (190,087) (216,119)
Proceeds from customers' contributions and subsidies 517 1,657 517 1,655
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