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

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PUBLIC POWER CORPORATION S.A.UNBUNDLED FINANCIAL STATEMENTS31 DECEMBER 2010(All amounts in millions of Euro)AS S ETSPUBLIC PO WER CO RPO RATIO N S.A.INTERCO NNECTED SYSTEM UNBUNDLED BALANCE SHEETAS OF 31st DECEMBER 2010(expressed in million of euro)MINES GENERATION TRANS MIS S ION DISTRIBUTIONNETWORKSUPPLYTOTAL2010 2009 2010 2009 2010 2009 2010 2009 2010 2009 2010 2009NO N-CURRENT ASSETSTangible Assets 1.507,9 1.493,0 4.038,6 4.089,0 1.669,5 1.794,0 4.243,8 3.976,0 31,1 31,0 11.490,9 11.383,0Intangible Assets 0,3 1,0 77,4 64,0 0,1 - 0,1 - 0,1 - 78,1 65,0Investments in related parties - - - - - - - - - - - -Other non-current assets 2,8 2,0 8,6 7,0 3,4 3,0 5,9 4,0 (0,3) - 20,4 16,0Marketable and other securities 2,6 4,0 8,0 12,0 3,2 5,0 5,5 8,0 (0,3) 1,0 19,1 30,0Administration non-current assets 16,0 28,0 46,6 38,0 - 9,0 43,5 23,0 9,8 8,0 115,8 106,0TO TAL NO N-CURRENT ASSETS 1.529,6 1.528,0 4.179,2 4.210,0 1.676,3 1.811,0 4.298,9 4.011,0 40,4 40,0 11.724,2 11.600,0CURRENT ASSETSInventories 85,4 95,0 316,9 322,0 56,3 58,0 152,3 142,0 - 2,0 610,9 619,0Trade Accounts Receivable - - 2,5 - - - 30,5 7,0 858,0 882,0 891,1 889,0Various Debtors 15,3 36,0 262,1 15,0 132,7 6,0 11,1 40,0 134,0 77,0 555,3 174,0Income tax - - - - - - - - - - - -Other current assets 9,7 8,0 1,8 4,0 0,3 2,0 3,7 4,0 9,8 - 25,3 18,0Derivatives asset - - - - - - - - - - - -Cash in hand 71,0 58,0 220,0 164,0 88,5 71,0 152,1 109,0 1,3 8,0 532,8 410,0Administration current assets 1,9 4,0 5,6 5,0 - 1,0 6,5 3,0 2,4 1,0 16,5 14,0TO TAL CURRENT ASSETS 183,3 201,0 808,9 510,0 277,8 138,0 356,4 305,0 1.005,5 970,0 2.631,8 2.124,0TO TAL AS S ETS 1.712,9 1.729,0 4.988,0 4.720,0 1.954,1 1.949,0 4.655,2 4.316,0 1.045,8 1.010,0 14.356,0 13.724,0131
PUBLIC POWER CORPORATION S.A.UNBUNDLED FINANCIAL STATEMENTS31 DECEMBER 2010(All amounts in millions of Euro)LIABILITIES AND EQ UITYPUBLIC PO WER CO RPO RATIO N S.A.INTERCO NNECTED SYSTEM UNBUNDLED BALANCE SHEETAS OF 31st DECEMBER 2010(expressed in million of euro)EQ UITYShare Capital - - - - - - - - - - - -Revaluation Surplus - - - - - - - - - - - -Legal reserve - - - - - - - - - - - -Fixed assets' revaluation surplus - - - - - - - - - - - -Reserves - - - - - - - - - - - -Retained earnings - - - - - - - - - - - -TO TAL EQ UITY - - - - - - - - - - - -CAPITAL FUNDING TO BUSSINESS UNITS 1.490,5 1.502,0 4.327,7 4.108,0 1.696,2 1.670,0 3.043,4 2.603,0 (141,1) 203,0 10.416,6 10.086,0NO N-CURRENT LIABILITIESLong-term debt - - - - - - - - - - - -Actuarial Provision and Provison for Riks - - - - - - - - - - - -Deferred tax liabilities 52,8 58,0 163,8 172,0 65,9 71,0 113,2 108,0 (6,0) 8,0 389,8 417,0Subsidies for fixed assets acquisition 2,0 2,0 233,1 181,0 140,6 116,0 1.294,4 1.402,0 - - 1.670,2 1.701,0Other long-term liabilities & Customers' advances - - - - - - - - 438,0 460,0 438,0 460,0Administration non-current liabilities 0,2 1,0 0,6 1,0 - - 1,5 1,0 1,0 - 3,3 3,0TO TAL NO N-CURRENT LIABILITIES 55,1 61,0 397,5 354,0 206,5 187,0 1.409,1 1.511,0 433,0 468,0 2.501,2 2.581,0132CURRENT LIABILITIESAccounts Payable and Various Creditors 119,7 129,0 96,2 124,0 12,3 62,0 133,8 144,0 724,0 314,0 1.086,1 773,0Short-term borrowings - - - - - - - - - - - -Income tax payable 19,5 20,0 60,4 61,0 24,3 25,0 41,8 38,0 (2,2) 3,0 143,9 147,0Current portion of long-term bank loans - - - - - - - - - - - -Derivatives Liability - - - - - - - - - - - -Dividens payable - - - - - - - - - - - -Accrued and other current liabilities 27,5 13,0 104,3 68,0 14,6 4,0 22,8 17,0 29,2 21,0 198,4 123,0Administration current liabilities 0,5 4,0 1,6 5,0 - 1,0 4,2 3,0 2,9 1,0 9,1 14,0TO TAL CURRENT LIABILITIES 167,2 166,0 262,5 258,0 51,3 92,0 202,5 202,0 753,9 339,0 1.437,4 1.057,0TO TAL LIABILITIES AND EQ UITY 1.712,9 1.729,0 4.988,0 4.720,0 1.954,1 1.949,0 4.655,2 4.316,0 1.045,8 1.010,0 14.356,0 13.724,0
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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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PUBLIC POWER CORPORATION S.A.Consol
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PUBLIC POWER CORPORATION S.A.STATEM
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PUBLIC POWER CORPORATION S.A.BALANC
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PUBLIC POWER CORPORATION S.A.STATEM
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D.2 NOTES ΤΟ THE FINANCIAL STATEM
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PUBLIC POWER CORPORATION S.A. AND S
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Financial Report (January 1, 2010 - December 31, 2010)

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