annual report 2004

A NNUAL R EPORT 2004PUBLIC POWER CORPORATION S.A.Notes to the consolidated financial statementsDecember 31, 2004(All amounts in thousands of Euro)The Group’s interest in the above associates as at December 31, 2004 was as follows:Name Ownership CountryInterest of Incorporation Principal ActivitiesHTSO 49% Greece Note 2WIND-PPC Holding N.V. 50% less one share Netherlands Telecommunication(note 30(a))servicesInvestments through PPCRenewables 49% Greece Energy generationfrom renewable sourcesLarco S.A. 28.56% Greece MetallurgicalIn 2004, the Group increased its investment in WIND-PPC Holding N.V. by Euro8,000, without changing its ownership interest.The Group’s share in the results of operations of WIND-PPC Holding N.V. for the year2004 was Euro (8,242) (loss) (2003: 26,875 (loss)) and is included in share of loss of associatesin the accompanying 2004 statement of income.In addition the Group’s stake in Larco S.A., an ailing company, was acquired prior to1996 for the amount of Euro 46,788.Due to the poor financial condition of Larco, management determined that the investmenthas suffered a permanent impairment and, accordingly, the cost of this investmentwas fully provided prior to 1997. The only transaction that PPC has with Larco relates to receivablesfrom sales of energy. The receivables from Larco at December 31, 2004 are analysedas follows:( 112 ) C HAPTER 6A PPENDICES