The Public Power Corporation (PPC) Greece’s electricity monopoly reported 157.9 percent pretax profit growth to 343 million euros in 2002, on an 11.2 percent rise in turnover to 3,437 million. Management attributed the improvement to a 3.7 percent increase in consumption and the rate rises of 3.6 percent in July 2001 and 3.85 percent in July 2002. Operating profit (EBITDA) advanced 16.7 percent 1,015 million euros as operating expenses grew more slowly, at 7.5 percent. The number of employees was reduced to 28,698 from 29,487 at the end of 2001. Non-operating expenses fell 25.2 percent to 157 million euros. Net borrowing was reduced by 572 million euros to 4,194 million in relation to 2001, bringing PPC’s debt/equity ratio to 1.3:1 (target of 1:1 by 2005).
The results included additional depreciation of 234 million euros from value readjustments of fixed capital by an independent auditor (however not according to IAS yet) PPC will propose a dividend of 0.5 euros per share.