Net Income amounted to Euro 115,6 m, up by 10,5% from 1Q 2003. Further reduction of net debt to Euro 3.756 m from 4025 m[1].

- Total revenues grew by 9,5% as compared to the first quarter 2003 and amounted to euro 1.043 m. Revenues from energy sales increased by 9,4%.
- Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) increased by 12,3%, from euro 333,9 m to euro 375,1 m and Operating Profit by 15,9% from euro 204,3 m to euro 236,7 m, due to revenue growth, higher operating efficiency levels and containment of operating costs.
- EBITDA margin reached 36% compared to 35% in the first quarter 2003.
- Profit before tax increased by 6,8%, from euro 174,4 m to euro 186,3 m.
- Negative foreign exchange differences of euro 6,3 m, compared to the corresponding positive figure of euro 17,7 m for the first quarter of 2003, led to an increase of financial expenses.
- Share of loss in associated companies decreased to euro 3,2 m from euro 9,1 m in the first quarter of 2003 and corresponds to PPC?s investment after tax in the telecommunications company Tellas S.A. 1Q 2004 financial results.
- Net income grew by 10,5% to euro 115,6 m from euro 104,6 m due to the combination of improved operating profitability and increased financial expenses. As a result earnings per share increased from euro 0,45 to euro 0,50.
- Capital expenditure amounted to euro 171,8 m and includes the cost of Olympic projects under construction.
- Net debt further decreased to euro 3.756 m from euro 4.025 m in March 2003 and euro 3.892 m in December 2003.
- Current headcount, excluding personnel assigned to HTSO, decreased, as a result of natural attrition to approximately 27.900, as compared to approximately 28.500 employees, at the end of 1Q 2003.

[1] The financial information contained in this statement has been prepared according to International Financial Reporting Standards, formerly International Accounting Standards.

Summary Financials (Unaudited IFRS, Euro m)
1Q 2004 1Q 2003 Δ (%)
Total Revenues 1.043,3 953,2 9,5%
EBITDA 375,1 333,9 12,3%
EBITDA Margin 36,0% 35,0% -
Profit from Operations (EBIT) 236,7 204,3 15,9%
EBIT Margin 22,7% 21,4% -
Net Income 115,6 104,6 10,5%
EPS (in Euro) 0,50 0,45 11,1%
No. of Shares (m) 232 232 -
Net Debt 3.756 4.025 -6,7%
Public Power Corporation? s Chief Executive, Stergios Nezis, said:

"Despite of a slowdown in the increase of consumption due to mild weather conditions in Greece during March we increased our total sales, by increasing exports and improved profitability through higher operating efficiency levels and containment of operating costs. Financial results are better than those of 1Q 2003, which, in turn, were exceptionally positive due to the high contribution of Hydroelectric generation. Our primary objective remains a solid financial performance in order to enhance value for our shareholders ".

For further information, please contact:
Gregoris Anastasiadis Chief Financial Officer Tel.: +32 10 522 5346
Summary Profit & Loss (Unaudited IFRS, Euro m)
1Q 2004 1Q 2003 Δ (%)
Total Revenues 1.043,3 953,2 9,5%
Total Operating Expenses (excl. depreciation) 668,2 619,4 7,9%
Total Payroll Expenses 277,9 264,3 5,1%
Total Fuel Expenses 165,2 156,4 5,6%
Energy Purchases 36,1 34,7 4,0%
Transmission System Usage 63,9 60,1 6,3%
Other Operating Expenses 125,1 103,9 20,4%
(EBITDA) 375,1 333,9 12,3%
EBITDA Margin (%) 36,0% 35,0% -
Depreciation & Amortization 138,4 129,6 6,8%
Profit from Operations (EBIT) 236,7 204,3 15,9%
EBIT margin (%) 22,7% 21,4% -
Total Financial Expenses 50,4 29,9 68,6%
- Net Financial Expenses 41,6 41,4 0,5%
- Foreign Currency Gains/(Losses) (6,3) 17,7 -135,6%
- Other Income 0,7 2,9 -75,9%
- Share of loss in associated companies 3,2 9,1 -64,8%
Pre-tax Profits 186,3 174,4 6,8%
Net Income 115,6 104,6 10,5%
EPS (in Euro) 0,50 0,45 11,1%
Summary Balance Sheet and Capex (Unaudited IFRS, Euro m)
1Q/2004 1Q/2003 Δ (%)
Net Debt 3.756 4.025 -6,7%
Total Equity 3.438 3.272 5,1%
Capital Expenditure 172 118 45,8%