The amount of cost from the production and purchase of lignite. Lignite Lignite cost The amount of liquid fuels consumed and recognised as an expense during the year. Liquid Fuels Liquid fuels The amount of expense arising from the purchase of natural gas. Natural Gas Natural gas The amount of cost for the allocation of emission allowances CO2 of the entity's bound stations. Emission allowances Emission allowances Distribution system usage Distribution system usage The amount of charges related to distribution of energy. The amount of entity's provisions for risks associated with claims by third parties. Provisions for risks Provisions for risks The amount of expense arising from purchased utilities and maintenance expense. Utilities and maintenance Utilities and maintenance expense The amount of impairment loss for lignite subsidiaries recognised in profit or loss. Impairment loss on Lignite Subsidiaries Impairment loss on lignite subsidiaries Adjustments for amortisation of subsidies to reconcile profit (loss) to net cash flow (from used) in operating activities. Amortization of subsidies Adjustments for amortisation of subsidies Adjustments for income from long term contract liabilities to reconcile profit (loss) to net cash flow (from used) in operating activities. Income from long-term contract liabilities Adjustments for income from long term contract liabilities Adjustments for unbilled revenue to reconcile profit (loss) to net cash flow (from used) in operating activities. Unbilled revenue Adjustments for unbilled revenue Adjustments for amortisation of loans issuance fees to reconcile profit (loss) to net cash flow (from used) in operating activities. Amortization of loans’ issuance fees Adjustments for amortisation of loans issuance fees Adjustments for interest income and dividend income to reconcile profit (loss) to net cash flow (from used) in operating activities. Interest income and dividends Adjustments for interest income and dividend income Interest and dividends received The cash inflow from interest and dividends received classified as investing activities. Interest and dividends received classified as investing activities Capital expenditure for property, plant and equipment and intangible assets The cash outflow for purchases of property, plant and equipment and intangible assets, classified as investing activities. Purchase of property plant and equipment and intangible assets classified as investing activities Interest paid and loans’ issuance fees The cash outflow for interest paid and payments of loans issuance fees classified as financing activities. Interest paid and payments of loans issuance fees classified as financing activities Impairment loss on assets Adjustments for impairment loss (reversal of impairment loss) on assets to reconcile profit (loss) to net cash flow (from used) in operating activities. Adjustments for impairment loss (reversal of impairment loss) on assets recognised in profit or loss Impairment loss of the shareholding of Lignite Subsidiaries Adjustments for impairment loss (reversal of impairment loss) on investments in subsidiaries to reconcile profit (loss) to net cash flow (from used) in operating activities. Adjustments for impairment loss recognised in profit or loss, investments in subsidiaries Fixed assets statutory revaluation surplus Statutory revaluation surplus A component of equity representing the fixed assets' statutory revaluation surplus included in share capital. The amount of income tax relating to amounts recognised in other comprehensive income in relation to remeasurements of defined benefit plans due to change in tax rate. Deferred tax on actuarial gains/ losses due to tax rate change Income tax relating to remeasurements of defined benefit plans of other comprehensive income due to change in tax rate The amount of income tax relating to the revaluation of property, plant and equipment recognised in other comprehensive income due to change in tax rate. Deferred taxes on fixed assets due to change of tax rate Income tax relating to revaluation of property plant and equipment recognised in other comprehensive income due to change in tax rate The amount of income tax relating to amounts recognised in other comprehensive income in relation to cash flow hedges due to change in tax rate. Deferred tax on gains from the valuation of hedging transactions due to change of tax rate Income tax relating to cash flow hedges of other comprehensive income due to change in tax rate Net Cash used in Financing Activities Inflows of cash for the issue of shares including outflows of cash from the total expenses of issuing shares, classified as financing activities. Share capital increase including expenses Proceeds from issuing shares net off payments for share issue costs Income from the spin off of distribution network ASSETS Non - Current Assets : Property, plant and equipment, net Right of use assets Investments in associates Other non – current assets Deferred tax asset Current Assets : Inventories Trade receivables Contract assets Other receivables Derivative Financial instruments Income tax receivable Cash and cash equivalents Restricted cash Total Assets Held for Sale EQUITY AND LIABILITIES EQUITY : Share capital Legal reserve Revaluation surplus Other Reserves Non – Current Liabilities : Long - term borrowings Post-retirement benefits Provisions Financial lease liability Contract liabilities Subsidies Long term financial liability from the securitization of receivables Other non – current liabilities Current Liabilities : Trade and other payables Short term financial liability from the securitization of receivables Income tax payable Short – term borrowings Current portion of long - term borrowings Accrued and other current liabilities Short-term contract liabilities REVENUES: Revenue from energy sales Revenue from natural gas sales Other sales EXPENSES: Energy purchases Transmission system usage Third party fees Provision for impairment of inventories Financial Income Other (income) / expenses, net Profit / (Loss) before tax Profit / (Loss) before tax from continuing operations Income tax Net Profit/(Loss) for the year Profit/(Loss) for the year Attributable to: Owners of the Parent Non – controlling interests Foreign exchange differences Gains / (Losses) on financial assets at fair value through total income Revaluation of Property, plant and equipment Actuarial gains/ (losses) Attributable to: Owners of the Parent Non-controlling interests Adjustments: Depreciation and amortization Depreciation of right-of-use assets Disposals of property, plant and equipment and intangible assets Operating profit/(loss) before working capital changes Trade receivables Other receivables Inventories Trade payables Other non – current liabilities Restricted cash Discontinued operations Discontinued operations Net change in short-term borrowings Principal lease payments of right-of-use assets Proceeds from long-term borrowing Principal payments of long-term borrowing Dividends paid Discontinued operations Net increase / (decrease) in cash and cash equivalents Share Capital Share Premium Legal Reserve Revaluation Surplus This member stands for a component of equity representing accumulated revaluation surplus that relates to property, plant and equipment, recognised in other comprehensive income. Property plant and equipment revaluation surplus [member] Statutory Revaluation Surplus Fair Value of financial assets through comprehensive income Foreign Exchange Defferences, Tax-free and Other Reserves Other Reserves Total Retained Earnings Total Non Controlling Interest Statement of changes in equity Share capital increase Expenses of the share capital increase Other movements Foreign exchange gains losses on loans and borrowings Current portion of the provision of decommissioning and removal of Power Plants’, Mines’ and Wind Parks’ facilities and mines’ land restoration areas PUBLIC POWER CORPORATION S.A. société anonyme Chalkokondili Street, Athens, 104 32 Greece Greece Greece owned and managed corporation for electricity generation, transmission and distribution Financial assets measured at fair value through other comprehensive income D. NOTES TO THE FINANCIAL STATEMENTS 1. CORPORATE INFORMATION Statement of compliance Approval of financial statements Basis of preparation of financial statements Basis of consolidation 4.4. PRINCIPAL ACCOUNTING POLICIES 4.3. SIGNIFICANT ACCOUNTING JUDGMENTS AND ESTIMATES 4.2. CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES 5. DISCONTINUED OPERATIONS (Distribution Network) Foreign currency translation Property, plant and equipment Borrowing cost Depreciation Mining activities Leases – IFRS 16 Investments in subsidiaries Investments in associates Impairment of non-financial assets Fair value measurement Investments and financial assets Inventories Cash and cash equivalents Share capital Post-retirement benefits Subsidies for property, plant and equipment Derivative financial instruments and hedging Defined contribution plans Revenue recognition Earnings/ (Losses) per share Operating Segment 6. REVENUES 8. ENERGY PURCHASES AND RELATED FEES 9. DEPRECIATION AND AMORTISATION 11. FINANCIAL EXPENSES 12. FINANCIAL INCOME 13. OTHER (INCOME) / EXPENSE, NET 14. INCOME TAXES (CURRENT AND DEFERRED) 15. PROPERTY, PLANT AND EQUIPMENT, NET 16. INTANGIBLE ASSETS, NET 17. INVESTMENTS IN SUBSIDIARIES 18. INVESTMENTS IN ASSOCIATES 19. BALANCES AND TRANSACTIONS WITH RELATED PARTIES 20. INVENTORIES 22. CONTRACT ASSETS 23. OTHER RECEIVABLES, NET 28. OTHER RESERVE 29. DIVIDENDS 31. POST-RETIREMENT BENEFITS 32. PROVISIONS 33. SUBSIDIES 35. IMPAIRMENT LOSS ON ASSETS 36. TRADE AND OTHER PAYABLES 39. ACCRUED AND OTHER CURRENT LIABILITIES 40. COMMITMENTS, CONTINGENCIES AND LITIGATION 41. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT 42. LEASES 43. DERIVATIVE FINANCIAL INSTRUMENTS Disclosure of significant events and transactions explanatory 3. SIGNIFICANT EVENTS Provision for the dismantling and removal of the infrastructure and the equipment of power plants and mines Description of accounting policy for decommissioning restoration and rehabilitation provisions for land explanatory Provision of mines’ land restoration Description of accounting policy for financial assets measured at amortized cost explanatory Financial assets measured at amortized cost Description of accounting policy for financial assets measured at fair value through other comprehensive income explanatory Financial assets measured at fair value through other comprehensive income (equity instruments) Description of accounting policy for financial assets measured at fair value through profit or loss explanatory Financial assets measured at fair value through profit or loss Impairment of Financial Assets Description of accounting policy for derecognition of financial assets explanatory De-recognition of financial assets Trade Receivables from the sale of electricity to customers Customers’ contributions Description of accounting policy for payments in advance against electricity consumption paid by customers at the time of signing the electricity supply contract explanatory Payments in advance against electricity consumption paid by customers at the time of signing the electricity supply contract. Description of accounting policy for prepayments paid by customers against future consumption of electricity explanatory Prepayments paid by customers against future consumption of electricity Interest bearing loans and borrowings Description of accounting policy for sharebased payment arrangements explanatory Equity settled benefits Description of accounting policy for contingent liabilities and contingent assets and provisions explanatory Provisions for Risks and Expenses, Contingent Liabilities and Contingent Claims Description of accounting policy for income tax and deferred income tax explanatory Income taxes (current and deferred) Description of accounting policy for electricity costs explanatory Electricity Description of accounting policy for other financial assets at amortized costs explanatory Other financial assets measured at amortized cost Disclosure of personnel fees and expenses explanatory 7. PAYROLL COST Disclosure of natural gas explanatory 10. EMISSION ALLOWANCES (CO2) Disclosure of trade receivables explanatory 21. TRADE RECEIVABLES, NET Disclosure of other receivables explanatory 23. OTHER RECEIVABLES, NET 25. CASH AND CASH EQUIVALENTS Disclosure of cash and cash equivalents and restricted cash explanatory 25. CASH AND CASH EQUIVALENTS Disclosure of issued capital and share premium explanatory 26. SHARE CAPITAL AND SHARE PREMIUM Disclosure of statutory reserve explanatory 27. LEGAL RESERVE Disclosure of long term borrowings explanatory 30. LONG-TERM BORROWING Disclosure of short term borrowings explanatory 37. SHORT-TERM BORROWINGS Disclosure of non current liabilities recognised from costs to obtain or fulfil contracts with customers explanatory 34. LONG-TERM CONTRACT LIABILITIES Disclosure of financial assets measured at fair value through other comprehensive income explanatory 24. FINANCIAL ASSETS MEASURED AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME Description of accounting policy of events after reporting period explanatory Subsequent events Disclosure of current liabilities recognised from costs to obtain or fulfil contracts with customers explanatory 38. SHORT-TERM CONTRACT LIABILITIES Gains from associate and joint ventures Gain recognised in profit or loss on spin off of distribution network sector The gains recognised in profit or loss on spin off of distribution network sector. Gain from partial sale of a subsidiary/ the spin off of distribution network Foreign currency losses, net Weighted average number of shares Gains/ (losses) from the valuation of hedging transactions The amount of provision for decommissioning and dismantling of facilities/equipment of units and mines recognised in other comprehensive income before tax. Provision for decommissioning and dismantling of facilities/ equipment of Units, Wind Parks and Mines Provision for decommissioning and dismantling of facilities/ equipment of units and mines recognised in other comprehensive income before tax The amount of income tax relating to amounts recognised in other comprehensive income in relation to provision for decommissioning and dismantling of facilities, equipment of units and mines. Deferred taxes on provision for decommissioning and dismantling of facilities/ equipment of Units, Wind Parks and Mines Income tax relating to provision for decommissioning and dismantling of facilities equipment of units and mines recognised in other comprehensive income The amount of income tax relating to amounts recognised in other comprehensive income in relation to provision for decommissioning and dismantling of facilities, equipment of units and mines due to change in tax rate. Deferred taxes on provision for decommissioning and dismantling of facilities/ equipment of Units and mines due to tax rate change Income tax relating to provision for decommissioning and dismantling of facilities equipment of units and mines recognised in other comprehensive income due to change in tax rate Financial liability from non controlling interests put option A component of non current liabilities representing financial liability from non controlling interests put option. Financial liability from NCI Put option Derivative Financial instruments Treasury shares Share premium Short – term financial lease liability Derivative Financial instruments Current portion of post-retirement benefits Retained earnings Non-controlling interests Treasury shares Disposals of property, plant and equipment Financial liability from NCI Put option Sale of subsidiary Dividend distribution Treasury shares Formation of legal reserve Cash and cash equivalents from Absorption Provision for post retirement benefits Valuation of derivatives – swap agreements Adjustments for provision for decommissioning restoration and rehabilitation costs Finance expense for the provision for decommissioning Change in Intangible assets (Emission allowances) Cash Flows from Operating activities Adjustments for gain recognised in profit or loss on spin off of distribution network sector Adjustments for the gains recognised in profit or loss on spin off of distribution network sector to reconcile profit (loss) to net cash flow from (used in) operating activities. Gain from partial sale of a subsidiary/ the spin off of distribution network Other provisions Adjustments for used provisions of units decommissioning Adjustments for used provisions of units decommissioning to reconcile profit (loss) to net cash flow from (used in) operating activities. Utilization of provision for decommissioning/ dismantling of Units, Mines Accrued and other liabilities (excluding accrued interest) Income tax (paid) /received Net Cash from/ (used) in Operating Activities Cash Flows from Investing Activities Proceeds from the sale of subsidiary Acquisition of subsidiaries, net of cash acquired Net Cash from/ (used in) Investing Activities Cash Flows from Financing Activities Basic and diluted earnings (loss) per share Profit/(Loss) per share, basic and diluted Intangible assets, net Intangible assets Investments in subsidiaries Interest and other expense Other total (losses) / Income for the period, after tax Total Comprehensive income/ (losses) for the period, after tax Proceeds from long-term contract liabilities Proceeds from the sale of subsidiary Profit/ (Loss) before tax from continuing operations Profit/ (Loss) before tax from discontinued operations 44. SECURITIZATION OF TRADE RECEIVABLES FROM ELECTRICITY SALES 45. SUBSEQUENT EVENTS Financial liability from NCI put option Treasury shares Disclosure of legal framework relevant to understanding of financial statements 2. LEGAL FRAMEWORK Non-current Assets Held for Sale and Discontinued Operations De-recognition of financial liabilities Offsetting of financial assets and liabilities UNBUNDLED FINANCIAL STATEMENTS