ΔΕΗ - 9μηνο σχόλια

Manos Chatzidakis	11:09 π.μ. (Πριν από 1 ώρα)

PPC (Results 9M 2013):  PPC announced earlier a broadly in line set of results. Bottom line is affected by one off deferred tax coming from parent company due to the 26% tax rate change  in 2013. In specifics:

·         ΕΒΙΤDΑ in 9M2013 amounted to € 681 m compared to € 822.3 m in 9M2012, reduced by € 141.3 m (17.2%). 9M2012 results include the one-off positive impact of € 191.7 m due to the settlement of outstanding financial issues up to 31.12.2011 with DEPA. 

In addition, 9M2013 results have been negatively impacted by € 109 mln as a result of the Decision of the Permanent Arbitration at RAE, regarding the supply of electricity to ALUMINIUM S.A. for the period from 1.7.2010 to 30.9.2013, an impact recorded in 3Q2013


·         EBITDA margin amounted to 15.2% compared to 18% in 9M2012. Adjusting 9M2013 EBITDA for the extraordinary negative impact of the Arbitration Decision for ALUMINIUM and 9M2012 EBITDA for the one-off positive impact of the financial settlement with DEPA, there is a 25.3% improvement in EBITDA (€ 159.4 mln) to € 790 m from € 630.6 m, with the respective margin increasing to 17.5% from 13.8% .


·         In 9M2013, 49.9% of total revenues were expensed for fuel, CO2 and energy purchases compared to 54.1% in the respective period of 2012. This development is attributed to the decrease of the share of liquid fuel and natural gas expenses to 19.3% from 24.4% of total revenues. 

The share of the variable cost recovery for third party generators increased to 6.8% from 4.6%, that of the expense for Capacity Assurance Mechanism for third party generators to 1.9% from 1.1%. The share of CO2 expense in total revenues was 3.3%. The share of provisions amounted to 6% of total revenues compared to 5% in the respective period of 2012.

• · Net debt amounted to € 4,648.4 m, a reduction of € 58.2 m. compared to 30.9.2012 (€ 4,706.6 m.) or € 30.6 m compared to 31.12.2012 (€ 4,679 m.).

·         Management revised 2013 downwards as follows:

                                Revenues from energy sales: € 5.8bln

                                Total Revenues: € 6 bln

                                EBITDA margin: 15.0% - 15.5%