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)14. TANGIBLE ASSETS (CONTINUED)According to the unbundling statements of 2009, the abovementioned surplus amounted to € 340,5 million and €422,0 million for the Transmission and Distribution units, respectively.The above rationale of RAE differs from all RAE’s previous decisions that take into account the results of theassets revaluation, of 2000 and 2004 for the calculation of the Annual Return of the Transmission System andDistribution network.Following that, PPC has proceeded, according to IAS 36, in an impairment test of its fixed assets for theTransmission and Distribution Units as of 31.12.2010, due to the reduction of income that these generate for theParent Company.The recoverable amount of the above mentioned cash flows generating units was defined based on the Value inUse method.Value due to use was calculated using estimated future cash flows for the above mentioned units, which wereinitially projected to a five year period and then to perpetuity.For the calculation the following were used:‐ Budgetary margins for the operational profit as well as EBITDA, which were based on historical data of theprevious years adapted in order to take under consideration the expected profit fluctuation‐ Internal rate of return is based on data for both units in order to define the present value for their future cashflows.The basic assumptions used are consistent with independent external information sources. Based on the resultsof the impairment test as of December 31, 2010, no impairment losses were recorded.15. INTANGIBLE ASSETS, NETCompany2010 2009SoftwareEmissionAllowances Total SoftwareEmissionAllowances TotalNet book value, January 1 6,425 72,267 78,692 5,801 - 5,801- Additions 2,685 16,480 19,165 4,048 176,388 180,436-Prior Year Deficit Finalization-Depreciations1,999 1,999-----(3,422)(2,884)- (2,884)(3,422_)--Impairment/Reversal of Impairment 7,922 7,922 - (8,146) (8,146)- Disposals (2) - (2) (2) - (2)- Cover of CO2 deficit - (15,852) (15,852) - (95,975) (95,975)December 31 6,224 82,816 89,040 6,425 72,267 78,692Group2010 2009SoftwareEmissionAllowances Total SoftwareEmissionAllowances TotalNet book value, January 1 6,546 72,267 78,813 5,870 - 5,870- Additions 2,735 16,480 19,215 4,148 176,388 180,536- Prior Year Deficit Finalization - 1,999 1,999 - - -- Depreciation expense (2,949) - (2,949) (3,470) - (3,470)- Impairment 7,922 7,922 - (8,146) (8,146)- Disposals (2) - (2) (2) - (2)- Cover of CO2 deficit - (15,852) (15,852) - (95,975) (95,975)December 31 6,330 82,816 89,146 6,546 72,267 78,81389
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)15. INTANGIBLE ASSETS, NET (CONTINUED)During the year 2010, the Parent Company has realized general expenses by its participation in Carbon Funds forpurchasing emission rights of Euro 1,695 (2009: Euro 1,039), which are included in emission allowancespurchases in the income statement. Also, there is a provision in the income statements for emission rights deficitamounting to Euro 22,515 (2009: Euro 63,388) ,as well as, Euro 7,922, concerning the partial reversal of aprevious impaired loss of CO2 which was recognized in 2009 (Euro 8,146) for which no longer exists onDecember 31, 2010. Also, a positive impact was recognized on the results for the year ended December 31,2010, of Euro 10,166 from the finalization of the previous years’ deficit and its valuation in current values (2009:Euro 21,475).The net carrying amount of software is further analyzed as follows:GroupCompanyAt December 31, 2008Gross carrying amount 51,926 51,784Accumulated amortization (46,056) (45,983)Net carrying amount 5,870 5,801At December 31, 2009Gross carrying amount 56,072 55,830Accumulated amortization (49,526) (49,405)Net carrying amount 6,546 6,425At December 31, 2010Gross carrying amount 58,807 58,515Accumulated amortization (52,477) (52,291)Net carrying amount 6,330 6,22416. INVESTMENTS IN SUBSIDIARIESGroupCompany2010 2009 2010 2009PPC Telecommunications - - 4,441 4,441PPC Rhodes S.A. - - 838 838PPC Renewables S.A. - - 85,799 70,482PPC FINANCE PLC - - - -Total - - 91,078 75,761The consolidated financial statements include the financial statements of PPC and its subsidiaries. Thesubsidiaries included in the consolidation are the following:NameOwnership InterestCountry and Yearof Incorporationand activityPrincipal Activities2010 2009PPC Renewables S.A. 100% 100% Greece - 1998RESPPC Rhodes S.A. 100% 100% Greece - 1999Engineering, construction andoperation of a power plantPPC Telecommunications S.A. 100% 100% Greece - 2000 Telecommunication servicesArkadikos Ilios Ena S.A. 100% 100% Greece - 2007 RESArkadikos Ilios Dio S.A. 100% 100% Greece - 2007 RESIliako Velos Ena S.A. 100% 100% Greece – 2007 RESIliako Velos Dio S.A. 100% 100% Greece – 2007 RESSolarlab S.A. 100% 100% Greece – 2007 RESIliaka Parka Ditikis Makedonias Ena S.A. 100% 100% Greece – 2007 RESIliaka Parka Ditikis Makedonias Dio S.A. 100% 100% Greece – 2007 RESHPP OINOUSA S.A.100% - Greece – 2010PPC FINANCE PLC100% 100% UK - 2009RESGeneral Commercial Company90
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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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interconnected islandsRental of dis
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E. ADDITIONAL INFORMATION142
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F. DISCLOSURES UNDER ARTICLE 10 L.3
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44.45.46.47.48.49.50.Framework agre
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Financial Report (January 1, 2010 - December 31, 2010)

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