ΔΕΗ: 6μηνο σύμφωνα με τις εκτιμήσεις, με μία θετική έκπληξη…
PPC announced Q2/H1 2015 results in line with consensus estimates as lower expenditure for liquid fuels and energy increased EBITDA margin. Positive surprise came from net debt as PPC managed to reduce ne debt by 251m since 31.12.2014.
Turnover increased by € 79.7 m. (2.8%) to € 2,913.3 m in 1H2015 from € 2,833.6 m in 1H2014. Turnover includes an amount of € 24.7 m. reflecting network users’ participation for their connection to the network versus € 32 m in 1H2014.
Operating expenses before depreciation, decreased by € 13.4 m. (0.6%) from € 2,285.9 m. in 1H2014 to € 2,272.5 m. It is noted that excluding the impact of the aforementioned one off items from the financial results of the two periods, the reduction of operating expenses in 1H2015 is even higher and amounts to € 68.2 m.
Expenditure for liquid fuel, natural gas, third party coal, CO2 and energy purchases decreased by approximately € 81.2 m., or by 6.1% compared to 1H2014. Said reduction is mainly attributed to lower expenses for liquid fuel and natural gas, whereas expenses for energy purchases and imports were increased.
Provisions for bad debt amounted to € 307.9 m in 1H2015 compared to € 204 m in 1H2014, an increase of € 103.9 m (50.9%). Should the reduction of provisions with the advance payments of bad debt customers had not been applied since 30.6.2014, the relevant figures would be € 313.7 m and € 272.3 m respectively, that is an increase of € 41.4 m or 15.2%.
Adding provisions for litigation, slow moving materials and the provision that was recorded in 1H2014 for the allocation of the LAGIE deficit, total provisions amount to € 316.7 m in 1H2015 compared to € 249.1 m in 1H2014, that is an increase of € 67.6 m or 27.1%
Depreciation expense in 1H2015 amounted to € 376.2 m. compared to € 296.6 m. in 1H2014, an increase of € 79.6 m. The increase in depreciation expense is mainly attributed to the appraisal of the Group’s fixed assets, which was performed at December 31, 2014 fair values.
Pre-tax profits in 1H2015 amounted to € 165 m. compared to € 142.6 m. in 1H2014. Net profits amounted to € 105.6 m. compared to € 96.3 m. in 1H2014.
Net debt amounted to € 4,741.3 m., a reduction of € 165.3 m. compared to 30.6.2014 (€ 4,906.6 m.), whereas compared to 31.12.2014 (4,991.9 m.) it was reduced by € 250.6 m.
The following table summarises results vs estimates: