Financial Report (January 1, 2010 - December 31, 2010)

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PUBLIC POWER CORPORATION S.A. AND SUBSIDIARIESNOTES TO THE FINANCIAL STATEMENTSACCORDING TO INTERNATIONAL FINANCIAL REPORTING STANDARDSAS ENDORSED BY THE EUROPEAN UNIONDecember 31, 2010(All amounts in thousands of Euro, unless otherwise stated - except for share and per share data)33. DEFERRED CUSTOMERS’ CONTRIBUTIONS AND SUBSIDIES (CONTINUED)PARENT COMPANYCustomerSubsidies Contributions TotalNet book valueDecember 31, 2008 363,263 1,610,592 1,973,855- Subsidies and contributions received 79,764 - 79,764- Transfer to revenues (note 8) (16,252) (56,309) (72,561)December 31, 2009 426,775 1,554,283 1,981,058- Subsidies and contributions received 12,139 - 12,139- Transfer to revenues (note 8) (17,647) (56,466) (74,113)December 31, 2010 421,267 1,497,817 1,919,08434. OTHER NON – CURRENT LIABILITIESGroupCompany2010 2009 2010 2009Customers’ deposits 507,166 520,300 507,166 520,300Other 73 74 14 14Total 507,239 520,374 507,180 520,314The amount customers’ advances relates to deposits made from customers upon initial connection to thetransmission and/or distribution networks and is considered as coverage against unbilled consumptionoutstanding as of any time. Such deposits are refundable (non-interest bearing) upon termination of connection bythe customer. As the refund of such amounts, which are payable on demand, is not expected to be realised withina short period of time the amounts are classified as non-current liabilities and they are not pre-paid.35. TRADE AND OTHER PAYABLESGroupCompany2010 2009 2010 2009Trade:Suppliers and contractors 450,071 407,466 443,670 406,646Municipalities’ duties 191,739 202,541 191,739 202,541Social security funds, other 51,289 95,327 51,283 95,315Greek TV 52,322 51,688 52,322 51,688HTSO - 38,699 - 38,699Taxes withheld 10,250 39,566 10,059 39,334Excise TaxCredit customers’ balances14,83937,976-35,48514,83937,976-35,485Benefits on employee overtime - 14,031 - 14,031Bank of Crete 12,053 12,053 12,053 12,053Other 30,205 27,450 30,198 26,706Total 850,744 924,306 844,139 922,498Municipal Duties and Greek TV: The amounts represent duties collected by PPC through the bills issued tomedium and low voltage customers and certain high voltage customers. The payment of such amounts to thebeneficiaries is made by PPC at the end of each month and relates to collections made two months prior. For thisservice PPC charges a fee of 2% and 0.5%, on the amounts collected on behalf of Municipalities and Greek TV,respectively. Such fees for the year 2010 totaled Euro 30,699 (2009: Euro 30,359), and are included in otherrevenues in the accompanying statements of income. Furthermore, receivables from Municipalities relating toenergy consumption are offset against amounts paid for the duties collected on behalf of the Municipalities.36. SHORT-TERM BORROWINGSIn 2010 the Parent Company concluded a short term financing of € 150 m. At December 31, 2010, the availableshort term financing lines amounted to Euro 250 m. which was disbursed in full and in total bearing interest atEURIBOR plus a margin.In the year 2010, the subsidiary PPC RENEWABLE concluded a new short-term financing agreement of a totalamount of €2 million, This financing was concluded without the provision of any security. At December 31, 2010,103
PUBLIC POWER CORPORATION S.A. AND SUBSIDIARIESNOTES TO THE FINANCIAL STATEMENTSACCORDING TO INTERNATIONAL FINANCIAL REPORTING STANDARDSAS ENDORSED BY THE EUROPEAN UNIONDecember 31, 2010(All amounts in thousands of Euro, unless otherwise stated - except for share and per share data)36. SHORT-TERM BORROWINGS (CONTINUED)the available short term financing lines amounted to Euro 5 m. and an amount of 250 was disbursed in totalbearing interest at EURIBOR plus a margin.GroupCompany2010 2009 2010 2009Committed Overdraft facilities- Credit lines available 255,000 78,000 250,000 75,000- Unused portion 4,750 3,000 - -- Used portion 250,250 213,500 250,000 213,50037. ACCRUED AND OTHER CURRENT LIABILITIESGroupCompany2010 2009 2010 2009Accrued interest on interestbearing loans and borrowings 40,352 32,630 40,352 32,630Natural gas and liquid fuel purchases 35,462 45,337 35,462 45,337Energy purchases 4,266 11,139 4,266 11,139HTSOMining related services13,8508,169-3,32513,8508,169-3,325Additional expropriation costs 3,725 3,725 3,725 3,725Personnel day off and overtime 65,202 28,347 65,202 28,347RAE fees 6,621 6,810 6,621 6,810Purchase of Emission Allowances 36,174 33,323 36,174 33,323Projects under construction 4,195 8,414 4,195 8,414Other 6,525 5,565 6,133 5,005Total 224,541 178,615 224,149 178,05538. COMMITMENTS, CONTINGENCIES AND LITIGATIONOwnership of PropertyMajor matters relating to the ownership of PPC’s assets, are as follows:1. Public Power Corporation S.A. is the legal successor to all property rights of the former PPC legal entity. Itsproperties are for the most part held free of encumbrances. Although all property is legally owned, legal title inland and buildings will not be perfected and therefore title may not be enforced against third parties until theproperty is registered at the relevant land registry in PPC’s name. PPC is in the process of registering thisproperty free of charge at the relevant land registries following a simplified registration procedure. This processis not yet finalised.2. In a number of cases, expropriated land, as presented in the expropriation statements, differs (in quantitativeterms), with what PPC considers as its property.3. Agricultural land acquired by PPC through expropriation in order to be used for the construction ofhydroelectric power plants, will be transferred to the State at no charge, following a decision of PPC’s Board ofDirectors and a related approval by the Ministry of Development, if such land is no longer needed by PPC S.A.for the fulfilment of its purposes.Protection of National EconomyProvisions of Law 3833/2010 “Protection of National Economy-Additional measures to strengthen fiscaltargets of Stability and Growth Programme” and Law 3845/2010, “Provisions for the implementation of thesupport mechanism for the Greek Economy by the member states of the Euro zone and the InternationalMonetary fund”.The technical difficulties of incorporating the provisions of L. 3833/2010 and L. 3845/2010, in PPC’s payrollstructure (a large number of personnel categories and specialties as well as many types of allowances that oftendiffer per personnel category and specialty) resulted in the realization of the above mentioned incorporation in July2010. Total payroll reduction, including capitalised payroll, for the year 2010, resulting from the implementation ofthe above mentioned legislation, is estimated at Euro 204.4 m.According to the 26.04.2010 Decision of the Extraordinary Shareholders’ Meeting the one-off financial support toPPC’s Personnel Insurance Organizations up to the amount of payroll reduction, under the provisions of article 1,104
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A. STATEMENT OF MEMBERS OF THE BOAR
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STATEMENT OF MEMBERS OF THE BOARD O
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B. EXECUTIVE SUMMARY OF THE BOARD O
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In December 2010 decided:- To initi
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• € 18 m. have been expended in
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After this outcome basic technical
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With the actions mentioned above, D
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• Installation of priority system
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S&P reports that the current PPCs
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3 rd Quarter of 2011Fully implement
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Compensation to members of the Boar
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4. Information required in accordan
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(a) Amendments of the Articles of I
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5.4 Participation in the General Me
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General Meeting, the amounts paid b
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Corporate Functions Management Boar
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6.7 Chief Executive Officer1. The C
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3016/2002 regarding corporate gover
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6.15 Board of Directors’ MembersP
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Ilias Antoniou, memberIlias Antonio
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6.16 Outside Professional Engagemen
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EXPLANATORY REPORT OF BOARD OF DIRE
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j) Agreements with members of the B
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C. AUDITOR’S REPORT48
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ERNST & YOUNG (HELLAS)Certified Aud
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Financial Report (January 1, 2010 - December 31, 2010)

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