P U B L I C P O W E R C O R P O R A T I O N S . A .Reg. No : 47829/06/B/00/2Chalkokondyli 30 - 104 32 AthensFINANCIAL DATA AND INFORMATION FOR THE YEAR<strong>January</strong> 1 <strong>2010</strong> - <strong>December</strong> <strong>31</strong> <strong>2010</strong>(published in accordance to the article 135 of the corporate law 2190, for companies who prepare the annual consolidated and stand alone financial statements in accordance with IAS / IFRS)(All amounts in thousands of Euro, unless otherwise stated).The purpose of the following data is to provide users with general financial information about the financial condition and the results of operations of Public Power Corporation S.A. and PPC Group. We recommend users that,before proceeding to any kind of investing activity or transaction with the Company, to access the company's web site where the condensed financial statements and the auditor's review report, when is required are published.Appropriate Authority:Ministry of Energy and Climate ChangeWeb site address:www.dei.grDate of approval by the Board of Directors: March 28, 2011Certified auditor accountant:Papazoglou PanagiotisAudit company:Ernst & Young (Hellas) Certified Auditors Accountants S.A.Type of auditors' report:Unqualified OpinionASSETSTangible assetsIntangible assets, netOther non - current assetsMaterials, spare parts and suppliesTrade receivablesOther current assetsAvailable for sale financial assetsCash and cash equivalentsTOTAL ASSETSEQUITY AND LIABILITIESShare capitalShare premiumOther equity itemsEquity attributable to shareholders of the parent (a)Minority interests (b)Total Equity (c)=(a)+(b)Interest bearing loans and borrowingsProvisions / other non current liabilitiesShort term borrowingsOther current liabilitiesTotal liabilities (d)TOTAL EQUITY AND LIABILITIES (c) + (d)Total equity at beginning of the period(01.01.<strong>2010</strong> and 01.01.2009, respectively)Total comprehensive income after taxDividendsOtherEquity at the end of the period(<strong>31</strong>.12.<strong>2010</strong> and <strong>31</strong>.12.2009, respectively)DATA FROM STATEMENT OF FINANCIAL POSITIONGROUPCOMPANY<strong>31</strong>.12.<strong>2010</strong> <strong>31</strong>.12.2009 <strong>31</strong>.12.<strong>2010</strong> <strong>31</strong>.12.200913.354.14289.14641.547849.9711.022.736200.33522.073620.44916.200.3991.067.200106.6795.595.6496.769.52806.769.5283.885.6253.343.102967.17<strong>31</strong>.234.9719.430.87116.200.39913.142.33778.81333.219807.7061.006.412201.32334.<strong>31</strong>2480.04215.784.1641.067.200106.6795.287.4356.461.<strong>31</strong>406.461.<strong>31</strong>42.857.7513.500.5761.712.9201.251.6039.322.85015.784.164DATA FROM STATEMENT OF CHANGES IN EQUITYGROUPCOMPANY<strong>31</strong>.12.<strong>2010</strong> <strong>31</strong>.12.2009 <strong>31</strong>.12.<strong>2010</strong> <strong>31</strong>.12.20096.461.<strong>31</strong>4537.112(232.000)3.1026.769.5284.981.3661.480.4210(473)6.461.<strong>31</strong>4ADDITIONAL DATA AND INFORMATION13.236.28589.040114.665849.1821.021.295221.64222.073617.04016.171.2221.067.200106.6795.572.4556.746.33406.746.3343.885.4133.337.904966.8991.234.6729.424.88816.171.2226.449.225525.708(232.000)3.4016.746.33413.054.38778.69296.827806.9091.003.576222.43834.<strong>31</strong>2471.78215.768.92<strong>31</strong>.067.200106.6795.275.3466.449.22506.449.2252.857.7513.493.1571.712.9171.255.8739.<strong>31</strong>9.69815.768.92<strong>31</strong>. The Group’s companies with their respective addresses and participation percentages, as well as their unaudited tax years, that are included in the consolidated financial statementsare listed below:Full consolidation method:Company % participation Country of incorporation Unaudited tax YearsPPC S.A. Parent Company Greece 2009-<strong>2010</strong>PPC RENEWABLE SOURCES S.A. 100% Greece 2009-<strong>2010</strong>PPC RHODES S.A. 100% Greece 1999-<strong>2010</strong>PPC TELECOMMUNICATIONS S.A. 100% Greece 2007-<strong>2010</strong>ARKADIKOS ILIOS 1 S.A. 100% Greece 2007-<strong>2010</strong>ARKADIKOS ILIOS 2 S.A. 100% Greece 2007-<strong>2010</strong>ILIAKO VELOS 1 S.A. 100% Greece 2007-<strong>2010</strong>ILIAKO VELOS 2 S.A. 100% Greece 2007-<strong>2010</strong>SOLARLAB S.A. 100% Greece 2007-<strong>2010</strong>ILIAKA PARKA DITIKIS MAKEDONIAS 1 S.A. 100% Greece 2007-<strong>2010</strong>ILIAKA PARKA DITIKIS MAKEDONIAS 2 S.A. 100% Greece 2007-<strong>2010</strong>HPP OINOUSA S.A. 100% Greece <strong>2010</strong>PPC FINANCE PLC 100% UK -In November <strong>2010</strong>, the Annual General Meeting of the subsidiary decided the revival of "PPC RHODES SA”. Further information is presented in Note 16 of the <strong>Financial</strong> <strong>Report</strong>.Equity method:Company Note % participation Country of incorporation Unaudited tax yearsLARCO S.A. 11.45% Greece 2002-<strong>2010</strong>SENCAP S.A. 50% Greece 2006-<strong>2010</strong>PPC RENEWABLES ROKAS S.A. 49% Greece <strong>2010</strong>PPC RENEWABLES – TERNA ENERGIAKI S.A. 49% Greece <strong>2010</strong>PPC RENEWABLES – MEK ENERGIAKI S.A. 49% Greece <strong>2010</strong>PPC RENEWABLES NANKO ENERGY – MYHE GITANI S.A. 49% Greece 2007-<strong>2010</strong>PPC RENEWABLES ELTEV AIFOROS S.A. 49% Greece 2008-<strong>2010</strong>GOOD WORKS S.A. 49% Greece 2005-<strong>2010</strong>PPC RENEWABLES EDF EN GREECE S.A. 49% Greece 2008-<strong>2010</strong>EEN VOIOTIA S.A. 1 46.60% Greece 2007-<strong>2010</strong>ORION ENERGIAKI S.A. 2 49% Greece 2007-<strong>2010</strong>ASTREOS ENERGIAKI S.A. 2 49% Greece 2007-<strong>2010</strong>PHOIBE ENERGIAKI S.A. 2 49% Greece 2007-2009IAPETOS ENERGIAKI S.A. 2 49% Greece 2007-<strong>2010</strong>AIOLIKO PARKO LOUKO S.A 49% Greece 2008-<strong>2010</strong>AIOLIKO PARKO BABO VIGLIES S.A. 49% Greece 2008-<strong>2010</strong>AIOLIKO PARKO LEFKIVARI S.A. 49% Greece 2008-<strong>2010</strong>AIOLIKO PARKO AGIOS ONOUFRIOS S.A. 49% Greece 2008-<strong>2010</strong>AIOLIKO PARKO KILIZA S.A. 49% Greece 2008-<strong>2010</strong>1. It is consolidated from the associate company PPC Renewables EDF EN GREECE S.A. as it participates by 95% in its share capital.2. They are consolidated by the associate company Good Works S.A. as they participate by 100% in their share capital.Further information for the unaudited tax years of the Parent Company as well as Group’s companies, is presented in Note 13 of the <strong>Financial</strong> <strong>Report</strong>.2. The accounting policies adopted in the preparation of the financial statements of <strong>2010</strong> are presented in Note 3.4 of the financial report and are consistent with those followed in thepreparation of the financial statements for the year ended <strong>December</strong> <strong>31</strong>, 2009, except from them who are presented in Note 3.2 of the financial report.3. No burdens exist on the Group’s fixed assets.4. Adequate provisions have been established for all litigation.5. Provisions of the Group and the Parent Company as of <strong>December</strong> <strong>31</strong>, <strong>2010</strong> are as follows:GroupCompanya) Provision for litigation and arbitration (25,627) (25,627)b) Provision for unaudited fiscal years by tax authorities 964 840c) Other provisions 205,092 205,0386. Total payrolls of the Group and the Company number 21,845 employees and 22,582 employees as of <strong>December</strong> <strong>31</strong>, <strong>2010</strong> and 2009 respectively. Further information is presented inNote 1 of the <strong>Financial</strong> <strong>Report</strong>.7. Sales and purchases of the Group and the Parent Company for the period ended <strong>December</strong> <strong>31</strong>, <strong>2010</strong> as well as receivables and payables as of <strong>December</strong> <strong>31</strong>, <strong>2010</strong> of the Group andthe Parent Company, according to IAS 24 are as follows:GroupCompanya) Sales 1<strong>31</strong>,748 139,162b) Purchases 616,840 624,237c) Receivables from related parties 539,061 565,385d) Payables to related parties 413,439 426,759e) Key management personnel compensations 2,022 1,845f) Receivables from key management personnel compensations 0 0g) Payables to key management personnel compensations 0 08. Capital expenditure of the Group and the Parent Company for the period ended <strong>December</strong> <strong>31</strong>, <strong>2010</strong> amounted to Euro 962.7 million and of Euro 928.1 million respectively.9. Other Comprehensive income / (loss) after tax which was recognized directly in equity for the period ended <strong>December</strong> <strong>31</strong>, <strong>2010</strong> are as follows:CHAIRMAN & CHIEF EXECUTIVE OFFICERVICE CHAIRMAN4.981.9471.467.7240(446)6.449.225COMPANY'S DATABoard of Directors:Chairman & Chief Executive Officer:Zervos ArthourosVice Chairman - non independent - non executive member: Petropoulos EvaggelosNon independent and Deputy CEO:Baratsis ApostolosIndependent - non executive member:Alexakis PanagiotisAntoniou IliasKatsoulakos IoannisNellas GeorgiosPanetas KonstantinosNon independent - non executive member:Karavassilis IoannisBouzoulas EvangelosTsarouchas IoannisDATA FROM STATEMENT OF COMPREHENSIVE INCOMEGROUPCOMPANY01.01-<strong>31</strong>.12.<strong>2010</strong> 01.01-<strong>31</strong>.12.2009 01.01-<strong>31</strong>.12.<strong>2010</strong> 01.01-<strong>31</strong>.12.2009SalesGross operating resultsProfit / (Loss) before tax, financing and investing activitiesProfit / (Loss) before taxProfit / (Loss) after tax (A)Distributed to:- Owners of the Parent- Minority interestsOther comprehensive income after tax (B)Total comprehensive income after tax (A)+(B)- Owners of the Parent- Minority interestsEarnings / (Loss) per share, basic and diluted (in Euro)Interim dividendProfit before tax, financing and investing activities and depreciation and amortisationCash Flows from Operating ActivitiesProfit / (Loss) before tax from continuing operationsAdjustments:Depreciation and amortisationDevaluation of fixed assetsAmortisation of customers' contributions and subsidiesProvision for CO 2 emission rightsFair value (gain) / loss of derivative instrumentsShare of loss of joint ventureShare of loss of associatesInterest incomeSundry provisionsUnrealised foreign exchange losses (gains) on interest bearing loans and borrowingsUnbilled revenueRetirement of fixed assets and softwareAmortisation of loan origination feesInterest expenseWorking capital adjustments:(Increase) / Decrease in:Accounts receivable, trade and otherOther current assetsMaterials, spare parts and suppliesIncrease / (decrease) in:Trade and other payablesOther non-current liabilitiesAccrued / other liabilities excluding interestIncome tax paidNet Cash from Operating Activities (a)Cash Flows from Investing ActivitiesInterest receivedCapital expenditure of fixed assets and softwareProceeds from customers' contributions and subsidiesInvestments in subsidiaries and associatesNet Cash used in Investing Activities (b)Cash Flows from Financing ActivitiesNet change in short-term borrowingsProceeds from interest bearing loans and borrowingsPrincipal payments of interest bearing loans and borrowingsInterest paidDividends paidNet Cash used in Financing Activities (c)Net increase / (decrease) in cash and cash equivalents (a)+(b)+(c)Cash and cash equivalents at the beginning of the periodCash and cash equivalents at the end of the period5.811.3861.101.117871.251740.705557.925557.9250(20.813)537.112537.11202,40480,79001.497.6036.030.3811.365.9121.136.198993.099693.<strong>31</strong>9693.<strong>31</strong>90787.1021.480.4211.480.42102,98841,00001.677.5615.793.7<strong>31</strong>1.099.699861.036726.150546.521546.5210(20.813)525.708525.70802,35570,79001.483.1406.017.1201.370.3881.1<strong>31</strong>.775988.989690.736690.7360776.9881.467.7241.467.72402,977<strong>31</strong>,00001.667.999Total (20,813) (20,813)10. In August <strong>2010</strong>, PPC’s Board of Directors approved a framework agreement between PPC S.A. and “ALOUMINION S.A.”, which concerns the out of court settlement of their differences. Theabovementioned framework agreement has been already accepted by “ALOUMINION S.A.” and will be the basis that the two counterparties will use in order to proceed to the signing of thenew contract of electricity supply. Further information is presented in Note 38 of the <strong>Financial</strong> <strong>Report</strong>.11. In August <strong>2010</strong>, the Parent Company’s Board of Directors decided to proceed to the cash payment of 85% of the amount charged by DEPA S.A. for the procurement of natural gas, along thelines of the existing contract, given that PPC S.A. considers, in principle, that this reduced payment is reflecting the material change of circumstances, which define PPC’s contractual obligation,beginning with the invoices concerning the consumption of July <strong>2010</strong>. In the Parent Company’s financial statements, the cost for natural gas reflects the full charge (100%) by DEPAS.A. Further information is presented in Note 19 of the <strong>Financial</strong> <strong>Report</strong>.12. The financial report include an estimation of payroll reduction on financial results from the impact of Law 3833/<strong>2010</strong> and Law 3845/<strong>2010</strong>. Total payroll reduction, including capitalised payroll,for the year <strong>2010</strong>, resulting from the implementation of the above mentioned legislation, is estimated at Euro 204.4 m. According to the 26.04.<strong>2010</strong> Decision of the Extraordinary Shareholders’,the financial results for the year <strong>2010</strong> have been burdened with Euro 99.6 m. Further information is presented in Note 38 of the <strong>Financial</strong> <strong>Report</strong>.13. The provision for doubtful debts has been burdened with the amount of Euro 86.6 m, as a result of a more conservative accounting recognition. Further information is presented in Note 21of the <strong>Financial</strong> <strong>Report</strong>.14. In October <strong>2010</strong>, PPC’s Board of Directors decided to transfer the activities of the Transmission of Electricity (currently performed by PPC’s Transmission Business Unit) to its wholly ownedsubsidiary “PPC TELECOMMUNICATIONS S.A.”. Further information is presented in Note 12 of the <strong>Financial</strong> <strong>Report</strong>.15. In <strong>December</strong> <strong>2010</strong>, the Parent Company’s Board of Directors, has approved that the activities of Distribution of Electricity, the General Division of Distribution and the Non – InterconnectedIslands’ Operator, the personnel assigned to them as well as the fixed assets (with the exception of the network’s fixed assets which will remain PPC’s ownership) will be conceded to PPC’swholly owned subsidiary “PPC RHODES S.A.”.16. On <strong>December</strong> 30th, <strong>2010</strong> PPC’s Extraordinary Shareholders’ General Assembly was convened and approved the transfer of all activities of the Transmission and Distribution of Electricity, toits wholly owned subsidiaries “PPC TELECOMMUNICATIONS S.A.” and “PPC RHODES S.A.”, respectively. The Parent Company considers that completion, ratification and implementationof the Law will define the structure and the activities of the new companies as well as relations with the Parent Company and consequently will then be in a position to evaluate whether IFRS5 can be applied. Further information is presented in Note 12 of the <strong>Financial</strong> <strong>Report</strong>.Athens, March 28, 2011CASH FLOW STATEMENTGROUPCOMPANY01.01-<strong>31</strong>.12.<strong>2010</strong> 01.01-<strong>31</strong>.12.2009 01.01-<strong>31</strong>.12.<strong>2010</strong> 01.01-<strong>31</strong>.12.2009GroupCompanyProfit / (Loss) from fair value available for sale valuation (20,813) (20,813)CHIEF FINANCIAL OFFICER740.705700.90810.000(74.536)4.584(88)0(1.437)(40.9<strong>31</strong>)202.258(5.458)75.66744.5265.192153.633(308.132)(721)(56.450)(73.562)(13.134)35.353(204.181)1.194.19640.9<strong>31</strong>(983.888)10.844(9.969)(942.082)36.7501.733.000(1.493.081)(156.545)(2<strong>31</strong>.8<strong>31</strong>)(111.707)140.407480.042620.449993.099614.397138.663(73.061)50.058(161)0(765)(18.343)126.2306414.71027.0753.078154.938(151.045)4.<strong>31</strong>2(53.295)<strong>31</strong>.59818.800(12.115)01.858.81418.343(1.277.232)82.055(6.267)(1.183.101)(145.000)1.<strong>31</strong>5.000(1.269.652)(199.322)(147)(299.121)376.592103.450480.042CHIEF ACCOUNTANT726.150696.21710.000(74.113)4.584(88)2.7640(40.665)202.203(5.225)75.66744.4475.192153.633(307.006)(715)(56.404)(78.359)(13.134)35.520(203.141)1.177.52740.665(949.225)12.139(23.891)(920.<strong>31</strong>2)36.5001.733.000(1.493.081)(156.545)(2<strong>31</strong>.8<strong>31</strong>)(111.957)145.258471.782617.040988.989608.785138.188(72.561)50.058(161)00(19.276)127.4516414.71032.6683.078154.876(153.480)5.069(53.213)12.04018.740(12.140)01.834.46219.276(1.260.341)79.764(3.711)(1.165.012)(144.000)1.<strong>31</strong>5.000(1.269.652)(199.260)(147)(298.059)371.391100.391471.782ARTHOUROS ZERVOSPETROPOULOS EVAGGELOSGEORGE C. ANGELOPOULOSEFTHIMIOS A. KOUTROULIS210 3220800
F. DISCLOSURES UNDER ARTICLE 10 L.3401/2005Stock News <strong>2010</strong>Table of Announcements <strong>2010</strong>The Company’s announcements that were publicised for the briefing of the investor community, during <strong>2010</strong>,according to the Law 3401/2005 –article 10, are available on the company’s website (www.dei.gr ), in the electronicaddress www.dei.gr/InvestorRelation/Announcements1.Resignation of Deputy CEO Pr. Efthymoglou(8 Jan <strong>2010</strong>)2.3.4.5.6.7.8.9.10.11.12.Announcement according Law 3556/07(12 Jan <strong>2010</strong>)Appointment of Deputy Chief Executive Officers(12 Jan <strong>2010</strong>)Appointment of members of the Audit Committee of PPC S.A.(14 Jan <strong>2010</strong>)BoD Member - Term Renewal - Formation of Body of the BoD of P.P.C. S.A.(15 Jan <strong>2010</strong>)Comment on Press Article(5 Feb <strong>2010</strong>)New BoD at PPC RENEWABLES S.A.(5 Feb <strong>2010</strong>)Increase in Hydro Generation(23 Feb <strong>2010</strong>)Comment on Press Article - Clarifications regarding Tariffs(2 Mar <strong>2010</strong>)The cooperation with Mrs Tzannetou and Mr Trizoglou was terminated by mutual agreement(2 Mar <strong>2010</strong>)Abolishment of Corporate Activities and West Macedonia Divisions(4 Mar <strong>2010</strong>)Formation of Body for the Board of Directors of PPC S.A.(10 Mar <strong>2010</strong>)13. Date of <strong>Financial</strong> results for the year 2009(18 Mar <strong>2010</strong>)14.Consolidated <strong>Financial</strong> Results 12M 2009(30 Mar <strong>2010</strong>)15.16.<strong>Financial</strong> calendar for the year <strong>2010</strong>(30-Mar-<strong>2010</strong>)Presentation to Analysts of PPC S.A. annual results(30 Mar <strong>2010</strong>)17. Condensed <strong>Financial</strong> Data and Information for the Year <strong>January</strong> 1, 2009 - <strong>December</strong> <strong>31</strong>, 2009 -FINANCIAL REPORT (<strong>January</strong> 1, 2009 - <strong>December</strong> <strong>31</strong>, 2009)(30 Mar <strong>2010</strong>)18.Invitation to the Extraordinary General Meeting of Shareholders(30 Mar <strong>2010</strong>)19.20.Proposed amendments of the Company's Articles of Incorporation to the Extraordinary General Meetingof Shareholders(13 Apr <strong>2010</strong>)Approval of the Tender Documents for the Ptolemaida Unit(15 Apr <strong>2010</strong>)143
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