Manos Chatzidakis ΔΕΗ: results vs market estimates.

PPC posted a soft Q2 below market consensus on net earnings due to higher provisions.

The following table summarises Q2/H1 results vs market estimates.

PPC	Results H1 2014			Estimates H1'14
In thous. euro	2013	2014	Δ	H1 14 E	Δ (Est)
Sales	2,951,205	2,833,600	-4.0%	2,862,700	-1.0%
Q2	1,464,369	1,344,700	-8.2%	1,373,800	-2.1%
EBITDA	586,364	547,700	-6.6%	542,719	0.9%
(% Sales)	19.87%	19.33%	-54 bps	18.96%	+37 bps
Q2	332,345	238,281	-28.3%	233,300	2.1%
(% Sales)	22.70%	17.72%	-498 bps	16.98%	+74 bps
Net Income	127,110	96,300	-24.2%	102,038	-5.6%
(% Sales)	4.31%	3.40%	-91 bps	3.56%	-17 bps
Q2	77,752	14,992	-80.7%	20,730	-27.7%
(% Sales)	5.31%	1.11%	-419 bps	1.51%	-39 bps

Manos Chatzidakis

Head of research

Beta Securities S.A.