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\n
1. CORPORATE INFORMATION
\n
\n
Public Power Corporation S.A. (\u201cPPC\u201d or the \u201cParent Company\u201d) was established in 1950 in Greece for an unlimited duration
\n\n
as a
\n
State owned and managed corporation for electricity generation, transmission and distribution
\n\n
throughout Greece.
\n
\n
In January 1, 2001 PPC was transformed into a soci\u00e9t\u00e9 anonyme with a duration of 100 years and effective December 2001, PPC\u2019s
\n
shares are listed on the Athens Stock Exchange.
\n
\n
PPC\u2019s headquarters are located at 30 Chalkokondili Street, Athens, 104-32 Greece.
\n
\n
The accompanying financial statements include the separate financial statements of PPC and the consolidated financial statements
\n
of PPC and its subsidiaries (\u201cthe Group\u201d).
\n
\n\n
On December 31
\n
st
\n
, 2024 the number of personnel employed by the Group was 20,157 (2023: 16,495). On December 31
\n
st
\n
, 2024, 80
\n
employees of the Group (2023: 88), have been transferred to several state agencies. \u039fut of which, 76 employees were compensated
\n
by the Group (2023: 85), where the total payroll cost of such employees, for the fiscal year ended December 31
\n
st
\n
, 2024 amounted to
\n
\u20ac 4,044 (2023: \u20ac 3,822). Additionally, on December 31
\n
st
\n
, 2024, PPC\u2019s transferred employees in EFKA (Greek Single Social Security
\n
Institution) amounted to 111 (2023: 123) for which payroll cost amounted to \u20ac 6,501 (2023: \u20ac 5,156).
\n
\n\n
\n
PPC Group generates electricity energy (\u201cE/E\u201d) from the power generating stations of the Parent Company, of its subsidiary \u2019PPC
\n
RENEWABLES S.M.S.A.\u2019 and other subsidiaries of Renewable Energy Sources in Greece. Also distributes energy to consumers through
\n
the distribution network for Medium and Low voltage owned by its subsidiary \u201cHEDNO S.A.\u201d, in Greece. Lignite consumed by the
\n
Group\u2019s lignite-fired power stations is extracted, to a significant extent, from its own lignite mines. The Parent Company develops
\n
activities of electricity and natural gas trading activities in Greece and also is a provider of infrastructure and charging services to
\n
individuals, businesses and public bodies for the development of electromobility throughout the territory. Additionally, through the
\n
subsidiary company \u201cDEI OPTIKES EPIKOINONIES SINGLE MEMBER S.A.\u201d develops an urban Fiber Optic Network on the Distribution
\n
Network and provides wholesale telecommunication services in Greece.
\n
\n
In Romania, the Group develops activities of electricity and natural gas trading, distribution of electricity and generation of energy
\n
through Renewable Sources.
\n
\n
In Bulgaria, the Group is active through the subsidiaries companies in generation through the Renewable Sources.
\n
\n
In North Macedonia, the Group is active through the subsidiaries companies in supply and trading of electricity.
\n
\n
Finally, the Group is also active in the retail and wholesale trade of electrical and electronic goods, technology products, while
\n
providing services for repairs, maintenance and delivery of devices, through the subsidiary company with the tradename
\n
\"Kotsovolos\".
\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag22": { "value": "Public Power Corporation S.A.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag23": { "value": "Greece", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag24": { "value": "\nas a \nState owned and managed corporation for electricity generation, transmission and distribution\n", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag25": { "value": "Greece.", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag26": { "value": "soci\u00e9t\u00e9 anonyme", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag27": { "value": "30 Chalkokondili Street, Athens, 104-32", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag28": { "value": "Greece", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag2": { "value": "\n
On December 31
\n
st
\n
, 2024 the number of personnel employed by the Group was 20,157 (2023: 16,495). On December 31
\n
st
\n
, 2024, 80
\n
employees of the Group (2023: 88), have been transferred to several state agencies. \u039fut of which, 76 employees were compensated
\n
by the Group (2023: 85), where the total payroll cost of such employees, for the fiscal year ended December 31
\n
st
\n
, 2024 amounted to
\n
\u20ac 4,044 (2023: \u20ac 3,822). Additionally, on December 31
\n
st
\n
, 2024, PPC\u2019s transferred employees in EFKA (Greek Single Social Security
\n
Institution) amounted to 111 (2023: 123) for which payroll cost amounted to \u20ac 6,501 (2023: \u20ac 5,156).
\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag3": { "value": "\n
2. LEGAL FRAMEWORK
\n
\n
Description of significant changes to the institutional framework within the twelve-month period of 2024. For any changes that have
\n
significantly affected the financial statements, a reference has been made to notes and funds of the financial statements.
\n
\n
2.1. ELECTRICITY MARKET
\n
\n
\u2022 RAEWW Decision E-187/31.07.2024, amended, upon application of PPC S.A., the license of PPC S.A. with RAEWW license registry
\n
no. \u0391\u0394-04286, as granted by RAE Decision 633/2020, for a validity period of twenty (20) years (until 27.03.2040) for the performance
\n
of the role of RES Aggregators in the electricity market, with regard to the increase of capacity from 1000 MW to 5000 MW.
\n
\n
\u2022 Article 43 of Law 5131/2024 (Official Gazette vol. A issue No 128/02.08.2024) imposed, for the month of August 2024, a special
\n
contribution amounting to ten (10) euros per MWh of Gross Calorific Value of Natural Gas, in favour of the Energy Transition Fund
\n
(ETF), on each dispatchable natural gas-fired power plant, and this contribution was calculated based on the quantity of natural gas
\n
used for the generation of electricity (this concerns the following PPC units: Komotini, Lavrio 4, Lavrio 5, Megalopolis 5, and Aliveri
\n
5). Consequently, the Group and the Parent Company incurred additional gas costs amounting to \u20ac18.5 million in August 2024.
\n
\n
\u2022 Law 5151/2024 (Official Gazette vol. A issue No 173/04.11.2024) introduced provisions for the improvement of the framework for
\n
the development of Renewable Energy Sources (RES) and High-Efficiency Combined Heat and Power projects and the promotion
\n
of energy storage, while the provisions of this law also settled issues related to district heating in Western Macedonia. Among other
\n
things, Article 84 provides for the coverage of the overdue debts of Municipal District Heating Companies created by the supply of
\n
thermal energy until 30 September 2024 by the Energy Transition Fund and provides for the application of fixed aid to District
\n
Heating Companies and to CHP plants that supply thermal energy to the district heating network. Within December 2024, PPC
\n
received \u20ac43.3 million to cover overdue debts from these Municipal District Heating Companies. Finally, Article 85 provides that
\n
the lignite-fired units of the Agios Dimitrios TPP that are in operation and for which there are currently valid thermal power supply
\n
contracts between PPC and the district heating companies serving the Municipality of Kozani, will be included on a priority basis
\n
for electricity generation in the Day-Ahead Market during the period from 15 October 2024 to 15 May 2025, up to the level of
\n
power generation necessary to meet district heating needs.
\n
\n
\u2022 Ministerial Decision No. 2/112937/\u0394\u039b\u03a4\u03a0(A) (Official Gazette vol. B issue No 6656/09.12.2024) established the procedure, the terms
\n
and the conditions for any refunds and other issues related to the granting to PPC S.A. of a cash advance of \u20ac818.3 million against
\n
the value of electricity consumption within the year 2025 by the General Government entities specified in the said decision. In
\n
order to receive the above advance payment, PPC will grant the following discounts: (a) for the Low Voltage facilities of the above
\n
entities, a 7% discount on the final value of the supply charge, net of any state subsidy; and (b) for the Medium Voltage facilities, a
\n
2% discount on the final value of the supply charge, net of any state subsidy (Note 45).
\n
\n
Issues of the Electricity Retail Market
\n
\n
\u2022 A series of decisions in 2024, with the most recent being the decision of the Ministry of Environment and Energy
\n
\u03a5\u03a0\u0395\u039d/\u0394\u0397\u0395/139326/2228 (Official Gazette vol. B issue No 7264/31.12.2024), defined the Universal Service \u2018Reference Tariffs\u2019 per
\n
Consumer category for the months of January \u2013 August and October \u2013 December 2024, respectively, under the procedure of Article
\n
138A of Law 4951/2022, which stipulated that for the year 2024 the Universal Service Provider Tariff is shaped based on the Special
\n
Tariff, in accordance with the calculation method under Article 138, par. 6 of the same Law.
\n
\n
\u2022 RAEWW Decision E-199/2024 (Official Gazette vol. B issue No 5433/27.09.2024) defined the award of services of the Supplier of
\n
Last Resort (SLR) for electricity to the companies \"PPC S.A.\" for Medium and Low Voltage and \"Metlen Energy & Metals S.A.\" for
\n
High Voltage, as well as the approval of the relevant consideration. Both awards are valid for the period from 29.09.2024 to
\n
28.09.2026.
\n
\n\n
2. LEGAL FRAMEWORK (CONTINUED)
\n
\n
\u2022 The Joint Ministerial Decision (JMD) of the Ministry of Environment and Energy \u03a5\u03a0\u0395\u039d/\u0394\u0397\u0395/24986/45 (Official Gazette vol. B issue
\n
No 1601/11.03.2024) approved the subsidy of electricity consumption (as credit to the bills of the beneficiaries by the suppliers)
\n
through the Energy Transition Fund (ETF), which had been established by Law 4839/2021, to the beneficiaries of the Social
\n
Residential Tariff (SRT) and the Solidarity Services Tariff (SST), irrespective of the electricity consumption limit, equal to \u20ac26/MWh
\n
and \u20ac18/MWh for the months of January and February 2024, respectively.
\n
\n
\u2022 Article 40 of Law 4994/2022 (Official Gazette vol. A issue No 215/18.11.2022), as amended by Article 91 of Law 5027/2023 (Official
\n
Gazette vol. A issue No 48/02.03.2023), established a Temporary Mechanism of Partial Revenue Return from electricity Suppliers,
\n
in the context of which an extraordinary contribution was imposed on each electricity supplier, based on its excess revenue from
\n
its operation in the domestic electricity retail market for the period of validity of Article 138(1) of Law 4951/2022, namely
\n
01.08.2022 - 31.12.2023 and concerning the non-implementation of the adjustment clause or corresponding clause in variable
\n
electricity tariffs, which is linked to the variation of the wholesale market sizes and the obligation of electricity suppliers on a
\n
monthly basis to announce the supply charges (tariffs).
\n
\n
The Joint Decision of the Ministers of Environment & Energy and Finance (JMD) \u03a5\u03a0\u0395\u039d/\u0394\u0397\u0395/112266/2012 (Official Gazette vol. B
\n
issue No 6312/06.11.2023), following a proposal by RAEWW, set out the method of calculation, the procedure, and the issues of
\n
implementation and collection of the extraordinary contribution. Correction of errors in the calculation formulas for the Weighted
\n
Average Cost of Market Schedule (WACMS) and the Supply Cost (SC) per supplier for low voltage (LV), required for the
\n
determination of the extraordinary contribution, were published in the Official Government Gazette (Official Gazette vol. B
\n
3772/28.06.2024).
\n
\n
The Group and its Parent company, taking into account the provisions of the JMD, recognised on 31 December 2023, in the accrued
\n
and other liabilities of the Statement of Financial Position, the amount of \u20ac200 million as an electricity supplier extraordinary
\n
contribution, which amounted to \u20ac190,220,541.37, after receiving the relevant RAEWW\u2019s letter (reg. no. O-111632/09.07.2024),
\n
in the context of the periodic and interim market clearing. and which was finally included in the Decision of the Ministry of
\n
Environment and Energy \u03a5\u03a0\u0395\u039d/\u0394\u0397\u0395/74963/1284/12.08.2024. This amount was confirmed on 27.9.2024 by the Independent
\n
Authority for Public Revenue (IAPR) and on 31.10.2024 an amount of \u20ac147 million was paid, while the remaining amount was offset
\n
against the Parent Company's receivables.
\n
\n
\u2022 Article 27 of Law 5085/2024 (Official Gazette vol. A issue No 17/02.02.2024) and the Joint Ministerial Decision
\n
\u03a5\u03a0\u0395\u039d/\u0394\u0397\u0395/59869/1004 (Official Gazette vol. \u0392 issue No 3162/04.06.2024) stipulated that for the years 2024 and 2025 the collection
\n
of overdue debts of electricity consumers with agricultural supply, who were affected by the floods of September 2023, is
\n
suspended, in relation to consumptions up to 30 September 2023. From 01.01.2026 the debts may be subject to a settlement until
\n
31.12.2030 with zero interest rate for those affected, and the State shall cover in full the entire interest burden through an
\n
equivalent subsidy to the supplier. Beneficiaries of the settlement are farmers who, as of 04.09.2023, had an agricultural supply,
\n
irrespective of the supply power limit and voltage level, irrigation utilities and local authorities, exclusively for supplies used for
\n
irrigation purposes, in the areas affected by the floods in September 2023.
\n
\n
\u2022 Article 30 of Law 5095/2024 (Official Gazette vol. \u0391 issue No 40/15.03.2024) as amended by Article 60 of Law 5116/2024 (Official
\n
Gazette vol. \u0391 issue No 100/03.07.2024) and Article 44 of Law 51/31/2024 (Official Gazette vol. \u0391 issue No 128/02.08.2024)
\n
established measures to reduce the cost of electricity for owners of agricultural supplies to whom electricity is provided, including
\n
supplies belonging to General Land Reclamation Organisations (\u0393\u039f\u0395\u0392) and Local Land Reclamation Organisations (TOEB) (GAIA
\n
Tariff) and for energy-intensive industrial consumers. The Decision of the Ministry of Environment and Energy
\n
\u03a5\u03a0\u0395\u039d/\u0394\u0391\u03a0\u0395\u0395\u039a/38648/1011(Official Gazette vol. B issue No 2214/11.04.2024) set out in particular the issues relating to the
\n
implementation of the measures and the Joint Ministerial Decision \u03a5\u03a0\u0395\u039d/\u0394\u0397\u0395/104953/1764 (Official Gazette vol. B issue No
\n
5459/01.10. 2024) defined the beneficiaries, the terms and conditions for the inclusion of overdue debts, the obligations of
\n
electricity suppliers, and any other necessary details for the implementation of the measure based on which the unpaid debts of
\n
agricultural supplies and supplies of General Land Reclamation Organisations (\u0393\u039f\u0395\u0392) and Local Land Reclamation Organisations
\n
(TOEB), relating to consumption up to 31 December 2023 are subject to a settlement of 120 equal instalments with zero interest
\n
rate, while the State is covering in full the entire interest burden through an equivalent subsidy to the supplier, in compliance with
\n
the State aid rules, and with the possibility of advance payment of part of this subsidy. The overdue debts that were included in
\n
the relevant settlement and are payable after December 31st, 2025, are incorporated in the Long-term Receivables of the Group
\n
and the Parent company (Note 21).
\n
\n\n
2. LEGAL FRAMEWORK (CONTINUED)
\n
\n
\u2022 The JMD \u03a5\u03a0\u0395\u039d/\u0394\u0397\u0395/87836/1504 (Official Gazette vol. B issue No 4750/20.08.2024), \u03a5\u03a0\u0395\u039d/\u0394\u0397\u0395/96261/1630 (Official Gazette vol.
\n
B 5128/10.09.2024) and \u03a5\u03a0\u0395\u039d/\u0394\u0397\u0395/10465/139 (Official Gazette vol. B issue No 96/03.02.2025) set out for the month of August,
\n
September, October and December 2024, 1) a per-unit subsidy on electricity consumption up to 500kWh, to residential consumers,
\n
equal to \u20ac16/MWh, \u20ac14/MWh, \u20ac0/MWh, \u20ac15/MWh respectively and 2) a per-unit subsidy on electricity consumption, regardless
\n
of the electricity consumption limit, to beneficiaries of the Social Residential Tariff (SRT) or the Solidarity Services Tariff (SST), equal
\n
to \u20ac50/MWh, \u20ac48/MWh, \u20ac30/MWh, \u20ac35/MWh respectively. The subsidies concern consumers who have signed electricity supply
\n
contracts with green or yellow tariffs. In particular, consumers who have electricity supply contracts with yellow tariffs, which
\n
combine characteristics of fixed and variable prices, are considered eligible for the subsidy only if the final price, after applying any
\n
discounts for the month of August, September and December 2024 exceeds the amount of \u20ac140/MWh. This condition does not
\n
apply to beneficiaries of the special SRTs and SSTs.
\n
\n
\u2022 Article 47 of Law 5167/2024 (Official Gazette vol. A issue No 207/20.12.2024) set out the terms and conditions for the subsidy related
\n
to debts of the Municipal Water Supply and Sewerage Enterprises to electricity suppliers. Part of the debts of the Municipal Water
\n
Supply and Sewerage Enterprises, that were overdue by October 31st, 2024, to electricity providers, is subsidized from the revenues
\n
of the Energy Transition Fund. In December 2024, within the framework of the relevant Law, \u20ac197.5 million were deposited by the
\n
Renewable Energy Sources Operator & Guarantees of Origin (DAPEEP) into a deposit account of PPC, which is blocked until specific
\n
conditions of the said Law are met (Note 31).
\n
\n
2.2. SERVICES OF GENERAL INTEREST
\n
\n
The Decision of the Energy Sector of RAEWW E-156/2024 (Official Gazette vol. B issue No 4218/18.07.2024) approved the
\n
compensation for covering the costs of the SGIs on the Non-Interconnected Islands (NII) for the year 2019, amounting to \u20ac651.4
\n
million, based on the methodology for the calculation of the SGI_NII compensation (RAE Decision 14/2014), as amended by RAE
\n
Decision 164/2022 (Official Gazette vol. B issue No1074/10.03.2022).
\n
However, the Decision on the Annual Final Settlement for the NII Market and the amount of the monthly SGI_NII compensation for
\n
the year 2019, per NII System, is not enforceable for the NII Operator to issue and send the 2019 Annual Final Settlement to the NII
\n
Market Participants, until the issuance of the relevant Commission's decision approving the SGI NII aid measure for the fulfilment of
\n
the conditions of the 2012 SGEI Framework and its compatibility with the internal market pursuant to Article 106(2) of the Treaty on
\n
the Functioning of the European Union (TFEU). The aid measure SA. 32060 for the fulfilment of the obligation to provide services of
\n
general interest to the electricity consumers in the NIIs has expired as of 17 February 2019, with the exception of the final settlement
\n
of the monthly Compensation for the month of January 2019, for which the NII Operator may issue and send the relevant settlement
\n
per NII electrical system. In addition, the same Decision set the reasonable return (r) for the activity of electricity generation in the
\n
NIIs at a nominal pre-tax rate of 7.0% for the year 2019.
\n
The Decision of the Minister of National Economy and Finance No 26930 E\u039e 2025, as published in the Official Gazette vol. B issue No
\n
579/13.02.2025 entitled \u201cCoverage of the costs of provision of Services of General Interest\u201d, provides for the payment of the amount
\n
of \u20ac400 million from the State budget to the special management account of the SGIs, maintained by \"HEDNO S.A.\", as its
\n
administrator. The payment of the aforementioned amount will be carried out by depositing it into an account of HEDNO S.A., so
\n
that the latter will subsequently pay it to PPC S.A. as well as to the other beneficiaries, without affecting the financial and accounting
\n
position, as well as the tax liabilities of HEDNO S.A., PPC S.A. and other beneficiaries, notwithstanding any other tax provision.
\n
\n
2.3. HELLENIC ELECTRICITY DISTRIBUTION NETWORK (HEDN)
\n
\n
\u2022 RAEWW Decision E-15/2024 (Official Gazette vol. B issue No 738/31.01.2024) set out the Usage Charges of the Hellenic Electricity
\n
Distribution Network - HEDN (NUC-Network Usage Charges), with effect from 01.03.2024, setting out the Network\u2019s peak load
\n
periods, consumer categories, and the corresponding unit charges, in accordance with the procedure for setting out the NUC,
\n
following a recommendation by the Network operator (HEDNO), based on HEDNO\u2019s Required Revenue for 2024, approved by
\n
RAEWW Decision E-10/2024, amounting to \u20ac1,070.53 million.
\n
\n\n
2. LEGAL FRAMEWORK (CONTINUED)
\n
\n
2.4. OTHER ELECTRICITY MARKET ISSUES
\n
\n
\u2022 In accordance with the provisions of Article 46 (addition of Article 133A to Law 4001/2011) of Chapter E (Enhancing the energy
\n
adequacy of islands) of Law 5092/2024 (Official Gazette vol. A issue No 33/04.03.2024), measures were set out to enhance the
\n
energy adequacy of the Non-Interconnected Islands (NII) during the transitional period from 01.03.2024 until the completion of
\n
their interconnection to the Mainland System. Pursuant to these provisions, RAEWW granted a license to PPC for the generation
\n
of electricity from conventional fuels which, on 01.03.2024, had existing operating power plants using conventional fuels on the
\n
NII, in order to meet the needs of additional electricity generation capacity. In this context, by 31.12.2024 PPC has installed a total
\n
of two new gas turbine units in Thira (2x15MW) with a total investment of \u20ac30.2 million, while it has invested \u20ac77.7 million for the
\n
installation of three gas turbine units in Chios (1x33MW) and Rhodes (2x33MW), which are expected to be commissioned within
\n
2025.
\n
\n
In addition, the provisions of Articles 47-49 of the same Law set out measures to enhance the energy adequacy of the Small
\n
Connected System (SCS) of Crete during the transitional period until the completion of the interconnection of the island with the
\n
Mainland System. In particular, Article 47 (addition of Article 108E to Law 4001/2011) of the Law provided for the installation of
\n
additional generation capacity in Crete during the period from 01.07.2024 until the full interconnection with the Mainland System,
\n
where RAEWW granted a license to PPC to generate electricity until 31.12.2025. In this context, PPC until 31.12.2024 has proceeded
\n
to the signing of lease contracts for portable generating sets at Chania and Atherinolakkos TPPs for the year 2024.
\n
\n
The holder of the electricity generation license shall be compensated for the full cost (fixed and variable) of the additional
\n
generation capacity. The compensation for the additional generation capacity shall be paid through the Services of General Interest
\n
(SGIs) mechanism, which shall be communicated to the European Commission in compliance with Articles 106, 107 and 108 of the
\n
Treaty on the Functioning of the European Union.
\n
\n
If, at the time of each payment of compensation, it is found that the available funds of the SGIs special management account
\n
(managed by HEDNO) are not sufficient, the payment of the amounts due to the holder of the generation license shall be covered
\n
by the Energy Transition Fund (ETF), as a priority, correspondingly credited as an input of the SGIs special management account.
\n
\n
Based on the above and upon completion of the procedures and approval by RAEWW of the relevant Contracts, PPC S.A., as holder
\n
of the relevant generation licenses, signed the required Contracts with the competent Operators (IPTO and HEDNO).
\n
\n
\u2022 By Decision No 3 of the Government Council on Economic Policy (Official Gazette vol. B issue No 6983/19.12.2024) the revised
\n
National Energy and Climate Plan (NECP) was ratified. The NECP constitutes the revised Strategic Plan for Energy and Climate issues
\n
and includes a detailed roadmap for the energy transition, through the achievement of specific Energy and Climate Goals by the
\n
year 2030 and in the long term by the year 2050. The revised NECP focuses on the reduction of emissions from electricity
\n
generation, setting as policy axes in electricity generation the continuous reduction of generation from lignite, aiming for carbon
\n
neutrality after the year 2028, the connection of the Non-Interconnected Islands to the interconnected system by the year 2030,
\n
the coverage by RES of a slightly lower share than 80% of electricity generation by the year 2030 (or earlier) - with a relatively
\n
balanced mix between solar and wind energy, the development of offshore wind farms, with the first projects aiming to be
\n
commissioned by 2030, the development of sufficient power and capacity of energy storage systems (batteries and pumped
\n
storage), the security of energy supply and the operation of competitive electricity markets for the benefit of consumers and the
\n
national economy, the active participation of consumers in the market through, inter alia, the maturing of the framework for
\n
demand response, further electrification in the final energy consumption, with an emphasis on buildings and transportations, as
\n
well as the promotion of self-generation systems from RES, the use of electricity from RES for the production of renewable fuels,
\n
new international interconnections, with a focus on electricity exports to Europe to absorb excess energy and facilitate the
\n
balancing of the national system and digitalization, reinforcement of resilience and optimal use of electricity grids. In addition, the
\n
key priorities of the NECP include, inter alia, the creation of a green hydrogen economy, innovation and systemic solutions in carbon
\n
capture, utilization and storage (CCUS) for the energy transition of the country's industry, support to new industries and business
\n
activities which develop a domestic value chain for green energy transition technologies, bio-economy and climate change
\n
adaptation.
\n
\n\n
2. LEGAL FRAMEWORK (CONTINUED)
\n
\n
2.5. NATURAL GAS MARKET
\n
\n
NG retail market issues
\n
\n
RAEWW Decision E-71/2024 (Official Gazette vol. B 2158/07.04.2024) made no award in the tender for the selection of the Supplier
\n
of Last Resort (SLR) for Natural Gas for a period of two years, from 01.04.2024 to 31.03.2026, as announced by RAEWW Decision E-
\n
37/2024 (Official Gazette vol. B issue No1378/01.03.2024). Based on the above, RAEWW Decision E-72/2024 (Official Gazette vol. B
\n
issue No 158/07.04.2024) appointed four (4) Natural Gas Suppliers of Last Resort for the two years in question, including PPC for the
\n
Distribution Networks of Central Greece and Eastern Macedonia and Thrace, pursuant to the provisions of Article 57 of Law
\n
4001/2011, for the appointment of the Natural Gas Supplier or Suppliers as the SLR.
\n
\n
The surcharge rate on Supplier supply tariffs (competitive charges), as NG Suppliers of Last Resort, for residential and business
\n
supplies, is approved at five per cent (5%). The appointed NG SLRs are obligated to keep separate accounts, showing at least the
\n
financial considerations provided for the performance of their obligations, within the framework of the provision of the said service,
\n
which constitutes a Service of General Interest (SGI) within the meaning of Article 55 of Law 4001/2011.
\n
\n
2.6. E-MOBILITY
\n
\n
\u2022 The JMD No. 219184 (Official Gazette vol. B issue No 6357/18.11.2024), the JMD No. 93657 (Official Gazette vol. B issue No
\n
2030/02.04.2024) and the JMD No. 145046 (Official Gazette vol. B issue No 3656/25.06.2024) amended the JMD
\n
\u03a5\u03a0\u0395\u039d/\u0391\u03a4\u0397/49144/468 (Official Gazette vol. B issue No 2966/05.05.2023) entitled \"Announcement of the Action \"Charge
\n
Everywhere\", to be implemented with the support of the Recovery and Resilience Fund, under the Recovery Pillar 1 \"Green
\n
Transition\" Priority Axis 1.3 \"Transition to a green and sustainable transport system\" of the NRRP Greece 2.0.\".
\n
\n
The Action concerns the supply and installation of publicly accessible charging stations for electric vehicles, powered by electricity
\n
generated from RES, in key urban and peri-urban locations and points of interest (such as airports, motorways, ports and parking
\n
areas), aiming at developing the relevant market. To this end, the JMD sets out the terms, the conditions, the procedure for
\n
participation, submission and acceptance of applications, the implementation mechanism, the mechanism for certifying the
\n
achievement of the climate change target, the timetable for the implementation of the Action, and any other matter relevant to
\n
its implementation.
\n
\n
2.7. ISSUES OF RENEWABLE ENERGY SOURCES (RES) AND HIGH EFFICIENCY CO-GENERATION OF HEAT AND POWER (HECHP) -
\n
ELECTRIC ENERGY STORAGE
\n
\u2022 Law 5106/2024 (Official Gazette vol. issue No A 63/01.05.2024) introduced provisions to address the effects of climate change
\n
on three (3) levels: 1) the protection of water, forests, and the natural environment, 2) the creation of sustainable and resilient
\n
urban areas, and 3) the reduction of energy costs of vulnerable households and Local Authorities (Levels I and II), and the further
\n
promotion and modernisation of Renewable Energy Sources (RES).
\n
In particular, the following, inter alia, were introduced:
\n
o A new programme of the Ministry of Environment and Energy titled \u2018Apollon\u2019, aiming at reducing the energy cost of vulnerable
\n
households, Local Authorities (Levels I and II), Local and General Land Reclamation Organisations, Municipal Water Supply
\n
and Sewerage Enterprises, by covering in full or in part the energy needs of the beneficiaries through the installation of RES
\n
plants, with or without a storage plant and the implementation of virtual net billing.
\n
o Issues concerning the operation of RES and HECHP power plants (competitive processes, HECHP aid scheme, installation of
\n
RES and HECHP plants for self-consumption, net metering, conversion and operation of small hydroelectric plants for the
\n
implementation of net metering and virtual net billing, Operating Aid Contract and submission of connection requests for
\n
Pilot Floating Photovoltaics, possibility of installation by HEDNO of telematics and remote management systems in RES and
\n
HECHP plants with an installed capacity of more than 400 kW, development of Offshore Wind Farms, framework for the
\n
creation of an electric site, provision for a Curtailment Compensation Scheme for RES and HECHP, measures for the
\n
development of RES projects and the decongestion of saturated networks).
\n
\n\n
2. LEGAL FRAMEWORK (CONTINUED)
\n
\n
2.8. REGULATORY FRAMEWORK IN ROMANIA
\n
\n
Energy sector in Romania is regulated by the National Energy Regulatory Authority (\"ANRE\") which is an autonomous administrative
\n
authority, under parliamentary control, having as object the elaboration, approval and monitoring of the application of mandatory
\n
regulations at national level necessary for the functioning of the energy sector, natural gas in conditions of efficiency, competition,
\n
transparency and consumer protection.
\n
\n
RENEWABLE ENERGY SOURCES (RES)
\n
\n
Extraordinary electricity producers\u2019 contribution
\n
\n
Government Emergency Ordinance (GEO) no. 27/2022 on the measures applicable to final customers in the electricity and natural
\n
gas market between April 1, 2022 and March 31, 2023, as well as for amending and supplementing certain normative acts in the field
\n
of energy, was adopted in March 2022 and has undergone numerous amendments, continuing the application of the extraordinary
\n
contribution introduced up to March 31, 2025 to electricity producers by collecting to the Energy Transition Fund (ETF) 80%-100% of
\n
the additional income resulting from the difference between the average monthly sale price of electricity and the price of RON
\n
450/MWh (Euro 91/ MWh). This contribution does not apply for parks that were in operation after April 1, 2022.
\n
\n
Since March 29, 2024, the cap for the imposition of the extraordinary producer contribution has changed from RON 450/MWh (Euro
\n
91/MWh) to RON 400/MWh (Euro 80/MWh). Also, there is an improvement in the respective calculation as the imbalances for
\n
renewable producers increased from 5% to 10%.
\n
\n
Group has calculated accrued liability for this extraordinary producer contribution amounting to \u20ac17.6 million as of December 31,
\n
2024 (31.12.2023: \u20ac56.6 million) and is included in \u201cAccrued and other current liabilities\u201d in the Statement of Financial Position. This
\n
accrued liability is payable in 12 installments.
\n
\n
In addition, during 2024, the average selling price exceeded the maximum price only in November 2024 and therefore an accrued
\n
liability was calculated for extraordinary producer contribution amounting to \u20ac 0.9 million.
\n
\n
Green certificates (GC)
\n
\n
The promotion system through green certificates applies to producers who have production capacities from renewable sources and
\n
who are accredited by ANRE. Accredited producers benefit from a number of green certificates issued monthly by the transmission
\n
system operator proportional to the quantity of electricity produced from renewable sources.
\n
\n
According to ANRE Order no. 4/04.02.2015 regarding the Regulation for issuing green certificates, ANRE decisions for the
\n
accreditation of the Company no.1593/27.06.2021 and 2376/29.10.2024 and the electricity production license granted by ANRE
\n
no.1000/11.03.2011 the Group is granted 1 green certificate per MWh for wind parks, respectively 6 green certificates per MWh for
\n
photovoltaic power plants at the level of the quantity injected into the grid and declared monthly to ANRE.
\n
\n
Furthermore, in accordance with Art. 6 of Law 220/2008, deferred green certificates related to the production from the previous
\n
financial years are issued for trading on a monthly basis. Starting with 2018, the Group is no longer granted deferred green certificates
\n
for wind parks and starting with 2021 for photovoltaic power plants.
\n
\n
The support scheme is applicable 15 years from the moment of accreditation. While for the parks put in function after January 1,
\n
2017 the scheme of green certificates is no longer applicable.
\n
\n
According to art.13 GEO no.24/2017, during the period March 31, 2017 to March 31, 2032 the transaction value of one green
\n
certificate is at least \u20ac29.4 and at maximum to \u20ac35. Since 2017, Green Certificates (GC) have been traded on the Green Certificate
\n
Markets at floor price (\u20ac29.4/GC).
\n
\n\n
2. LEGAL FRAMEWORK (CONTINUED)
\n
\n
New support scheme for Renewable Energy generators
\n
\n
Romania passed a legislative package in 2024 (GD 318/2024, ANRE Order 51/2024, 52/2024, 66/2024) in order to promote
\n
decarbonization and development of low-carbon energy sources with a focus on renewable energy, containing a support mechanism
\n
in the form of contracts for the difference (CfD), leading to auctions for new solar and onshore wind technologies power plants. One
\n
auction took place in November 2024 and the second one will take place in 2025. The CfD is designed as an agreement between the
\n
generator as a \u201cseller\u201d (Renewable Energy generator) and the Romanian state as a \"buyer\u201d.
\n
\n
The generator is paid by the CfD Counterparty when the market reference price is below the strike price and the generator pays the
\n
CfD Counterparty when the market reference price is above the strike price. Through this scheme, the generator will fix their energy
\n
sale price.
\n
\n
The administrative costs of the CfD Scheme will be financed by a specific CfD contribution to be borne by all final consumers through
\n
a levy imposed according to the provisions of ANRE; The CfD contribution will have to be inserted and billed separately in the invoices
\n
of consumers.
\n
\n
The CfD contribution (0.000128 lei/kWh), which includes the contribution of the CfD Scheme Operator (Transelectrica) and the
\n
contribution of the CfD Counterparty is approved by ANRE order and came into force starting with October 1, 2024.
\n
\n
SUPPLY COMPANIES
\n
\n
Abnormal global events (Covid-19, the war Russia Ukraine) and global energy crisis caused price increases on the energy and
\n
natural gas markets in Romania leading the Government of Romania to adopt compensation and support schemes for the payment
\n
of energy and natural gas bills for the period November 1, 2021 - March 31, 2025, so that energy and natural gas prices paid by
\n
customers not to aggravate the level of energy poverty.
\n
\n
Therefore, starting from November 2021, various support schemes have been implemented to assist final consumers, approved
\n
through government ordinances (OUG) successively issued by the Romanian Government, as well as through laws approving the
\n
OUGs.
\n
\n
On March 29, 2024, the OUG No. 32/2024 was issued, amending the OUG No. 27/2022 with subsequent changes and additions.
\n
\n
A new mechanism for centralized purchase of electricity (MACEE) was established for the period 01.01.2023-31.12.2024, at a price
\n
of 450 RON/MWh (90 \u20ac/MWh) until 31.03.2024 and of 400 RON/MWh (80 \u20ac/MWh) from 01.04.2024. Starting from 01.04.2024,
\n
participation in MACEE became voluntary for electricity producers.
\n
\n
Furthermore, the weighted average price of electricity at which ANRE calculates the amounts to be settled from the state budget as
\n
a subsidy was decreased from 900 RON/MWh (180 \u20ac/MWh) to 700 RON/MWh (140 \u20ac/MWh).
\n
\n
Starting from April 1
\n
st
\n
, 2024 the purchase prices for gas for the residential customers and Thermal Energy Producers (MACEE
\n
mechanism) decreased from 150 RON/MWh (30 \u20ac/MWh) to 120 RON/MWh (24 \u20ac/MWh).
\n
\n
The support schemes include mandatory price capping for energy/natural gas billed to final consumers, based on specific criteria and
\n
conditions for residential and non-residential customers. Price capping depends on the monthly consumption of consumers (for
\n
higher consumption the price is higher).
\n
\n
The capped gross margins for the supply companies in 2024 have slightly modified as regards natural gas (from 12 lei/Mwh for 2023
\n
until 31.03.24 to 15 lei/Mw from 01.04.2024 for non-suppliers of last resort and from 13.5 lei/Mwh for 2023 until 31.03.24 to 15
\n
lei/Mw from 01.04.2024 for suppliers of last resort), while for energy remained the same (73 lei/Mwh for non-suppliers of last resort,
\n
80 lei/Mwh for suppliers of last resort).
\n
\n
In this context, as of December 31, 2024, the Group has a receivable from the Romanian state of approximately \u20ac391.7 million
\n
(31.12.2023: \u20ac 531.9 million), as the price invoiced to the final customers was capped based on a monthly consumption and the
\n
difference between the capped price invoiced and the sourcing cost is received as subsidies. This amount is included in Other
\n
Receivables in the Statement of Financial Position.
\n
\n
ANRE Order 76/2024 amending the Order of the President of the National Energy Regulatory Authority no. 123/2017 on the approval
\n
of the contribution for high-efficiency cogeneration and some provisions regarding its billing method:
\n
\n\n
2. LEGAL FRAMEWORK (CONTINUED)
\n
\n
\u2022 The value of the contribution for high-efficiency cogeneration applicable from 01.11.2024 is 0.0078 lei/kWh, excluding VAT;
\n
\u2022 There is also a new value approved for contribution for cogeneration starting from January 1, 2025 (0,0035 lei/kWh),
\n
excluding VAT.
\n
\n
GEO no. 6/2025 was issued on the measures applicable to final customers in the electricity market covering the period from April 1,
\n
2025 to June 30, 2025 and for the natural gas market covering the period from April 1, 2025 to March 31, 2026 , based on which:
\n
\u2022 the capping scheme was prolonged for the above period;
\n
\u2022 the Law no. 123/2012 was amended
\n
\u2022 The supply component (margin) remains unchanged
\n
\u2022 The maximum average purchase price recognized by ANRE for settlement remains unchanged (700 RON/MWh, for free
\n
market)).
\n
\u2022 The successive sale (among affiliated companies or within the same group) of electricity/natural gas quantities by traders
\n
and/or suppliers engaged in trading activities with the same shareholder/real beneficiary, for the purpose of price inflation, is
\n
prohibited and constitutes an offense, with the sanction set at 5% of the annual turnover of the offender. The advance payment
\n
(40%) and the balance of amounts requested through monthly settlement claims must be paid within 10 working days from the date
\n
of funds transfer for this purpose by the Ministry of Finance to the account of the Ministry of Energy or ANPIS. This rule also applies
\n
to consumption post-April 1, 2024.The final deadline for uploading the necessary data for the settlement of amounts from the state
\n
budget or, where applicable, for adjusting the settled amounts related to the periods April \u2013 August 2022 and September 2022 \u2013
\n
August 2023, has been extended from January 31, 2025, to April 30, 2025.
\n
\n
DISTRIBUTION COMPANIES
\n
\n
In Romania, distribution operators can be concessionaires or non-concessionaires, depending on the area served by the distribution
\n
networks in question - concessionaires, for networks located in public areas, and non-concessionaires, for distributions in private
\n
areas (e.g. industrial parks). The distribution company of the Group, following the merger as of 30 November 2024, operates the
\n
power grid in the southeastern and western regions of Romania (Banat, Dobrogea, South Muntenia), having a regulated monopoly
\n
position in these geographical areas. The regulated asset base as of December 31, 2024 is at approximately \u20ac 1.3 billion (excluding
\n
network losses capitalization).
\n
\n
The merged distribution company (Note 3.5) operates under a 49 - year concession agreement signed with the Ministry of Energy for
\n
the distribution network, valid until 2054, with potential extension for a period not exceeding half of the abovementioned term. As
\n
\n
a result of the merger, the absorbed companies, Retele Electrice Banat S.A. and Retele Electrice Dobrogea S.A., were dissolved,
\n
without going into liquidation, and all their assets were transferred to the absorbing company, Retele Electrice Muntenia S.A.. Also,
\n
as of the date of merger, the name of the absorbing company was changed from Retele Electrice Muntenia S.A. to Retele Electrice
\n
Romania S.A.. In this regard, the concession agreements were amended with an addendum for each individual agreement, in which
\n
the contracting parties have been modified so that instead of the concessionaire - Retele Electrice Muntenia S.A., Retele Electrice
\n
Banat S.A., Retele Electrice Dobrogea S.A. the name of the concessionaire will be Retele Electrice Romania S.A., and any reference
\n
within the concession agreements to the concessionaire will be interpreted as a reference to Retele Electrice Romania S.A. The
\n
distribution company pays an annual royalty fee recognized in the distribution tariff of 1/1000 of the income from electricity
\n
distribution.
\n
\n
According to the concession agreement, the Ministry will buy back at the end of the concession period the ownership right over the
\n
relevant assets, at a price equal to the value of the regulated asset base at the end of the concession period.
\n
\n
According to the Methodology for establishing the tariff for the electricity distribution service, the tariff is established taking into
\n
account the following elements: controllable and non-controllable operation and maintenance costs; the cost of electricity purchased
\n
for own technological consumption (losses in the distribution network); regulated depreciation expense; profitability of the regulated
\n
asset base; revenues related to reactive energy and revenues from other activities, as well as corrections from previous periods.
\n
\n
The tariffs applicable to the merged distribution companies for the period from January 1, 2025, and applicable for the entire year
\n
2025 are as follows:
\n
\n\n
2. LEGAL FRAMEWORK (CONTINUED)
\n
\n
Retele Electrice Romania
\n
Voltage
\n
Cumulated tariff RON/MWh
\n
Cumulated tariff \u20ac/MWh
\n
LV
\n
294.08
\n
59.12
\n
MV
\n
86.18
\n
17.32
\n
HV
\n
22.66
\n
4.56
\n
\n
The tariffs (rounded) applicable to the merged distribution company for the year 2024 are as follows:
\n
\n
Banat
\n
Dobrogea
\n
Muntenia
\n
Voltage
\n
Cumulated tariff
\n
RON/MWh
\n
Voltage
\n
\u03a3\u03c5\u03bd\u03bf\u03bb\u03b9\u03ba\u03ad\u03c2
\n
\u03a7\u03c1\u03b5\u03ce\u03c3\u03b5\u03b9\u03c2
\n
RON/Mwh
\n
Voltage
\n
Cumulated tariff
\n
RON/MWh
\n
LV
\n
244 (49 \u20ac/MWh)
\n
LV
\n
295 (59 \u20ac/MWh)
\n
LV
\n
240 (48 \u20ac/MWh)
\n
MV
\n
78 (16 \u20ac/MWh)
\n
MV
\n
98 (20 \u20ac/MWh)
\n
MV
\n
71 (14 \u20ac/MWh)
\n
HV
\n
19 (4 \u20ac/MWh)
\n
HV
\n
28 (6 \u20ac/MWh)
\n
HV
\n
15 (3 \u20ac/MWh)
\n
\n
\n
The tariff methodology for the 5th Regulatory Period (2025-2029) was issued by ANRE (Order no. 67/2024) in September 2024.
\n
ANRE approved a single tariff for Retele Electrice Muntenia for 2025 by Order no. 95/2024 and the regulated rate of return (RRR)
\n
was set by ANRE at 6.94% for all distribution companies via order no. 55/2024. The methodology also includes different levels of
\n
regulated rate of return applicable in specific conditions: +1% for the investments over the minimum level, -2% for non-network
\n
investments, +/- 0.5% depending on network digitalization KPI, +0.5% for cofinanced EU funds investments.
\n
\n", "dimensions": { "concept": "ppc:DisclosureOfLegalFrameworkRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag12": { "value": "\n
3. SIGNIFICANT EVENTS
\n
\n
3.1. Possible impacts from geopolitical developments
\n
\n
The current geopolitical crisis in Ukraine, combined with the economic sanctions imposed on Russia by the European Union, the
\n
United States of America and many other countries, have created conditions of uncertainty in the economic environment at European
\n
and global level.
\n
\n
PPC Group does not have a relevant commercial presence in Russia and Ukraine and as a result there is no direct effect on its activities,
\n
but the indirect effect, as it developed, was particularly important especially for the year 2022 where the Temporary Mechanism of
\n
Law 4971/2022 (Article 122) for Returning Part of Income of the Next Day Energy Market was activated.
\n
\n
Based on this Mechanism, which was valid during the period 8.07.2022-31.12.2023, the power generation units of the Interconnected
\n
System (except Crete) were compensated in the Pre-Day and Intra-Day Market based on regulated prices (in the event that these
\n
regulated prices were lower than the Clearing Prices that were freely set in the Pre-Day and Intra-Day Market), as defined by
\n
Ministerial Decision (practically part of their income was withheld from the Pre-Day and Intra-Day Market, with which the special
\n
account \"Energy Transition Fund\" was financed).
\n
\n
With the above Mechanism, the income of Generation in the Pre-Day and Intra-Day Market had an upper limit (cap) which arised
\n
based on the variable cost of the units (cost plus), while the costs of Supply in the same Market arised based on the Clearing Price of
\n
this Market.
\n
\n
Since 01.01.2024, the Greek energy market operates without significant institutional interventions and a further de-escalation of
\n
natural gas and electricity prices was observed. Nevertheless, the risk of high prices and therefore the risk of prolongation of the
\n
energy crisis, has not been eliminated, given the geopolitical tensions in the Middle East that started in October 2023.
\n
\n
Any overall final economic impact of the Russia-Ukraine war and the geopolitical tensions in the Middle East on the global and Greek
\n
economies and the businesses of the Group and the Parent Company cannot be estimated at present, due to the high degree of
\n
uncertainty arising from the inability of predicting the final outcome, but also due to the secondary effects listed above.
\n
\n
In any case, the Management of the Group and the Parent Company continuously monitors the relevant developments and evaluates
\n
any possible further effects on the operation, financial position and results of the Group and the Parent Company, being in a state of
\n
increased vigilance to take appropriate precautionary measures to safeguard the liquidity and business activities of the Group and
\n
the Parent Company.
\n
\n
3.2. Commercial policy of energy sales in Greece
\n
\n
PPC has launched the franchise - method at the development of its new stores network and gives the opportunity to individuals who
\n
want to acquire a PPC store through franchising to become partners of its rapidly growing network and part of its new customer-
\n
centric philosophy. The first franchise store has been operating since April 2024. PPC myStore is the business development model
\n
which, combined with the innovative architectural and functional design of PPC stores, creates a very attractive and profitable benefit
\n
for the partner-franchisee and for PPC as well.
\n
\n
Since the end of the implementation of the requirements of Law 4951/2022 the validity of which was extended until December 31,
\n
2023, PPC adjusted its product portfolio in alignment to the provisions of Law 5066/2023 and since 01.01.2024 it has launched for
\n
Low Voltage customers Special Tariffs (\"Green\" marked transparency), Variable Tariffs (\"Yellow\" marked transparency), as well as
\n
Fixed products (\"Blue\" marked transparency) since 01.01.2024.
\n
\n
\u0399n February 2024, the PPC myBuildingGasControl natural gas product was re-launched, addressed to residential customers with
\n
central heating, further enriching the natural gas product portfolio with a product that offers fixed prices throughout the contract
\n
term.
\n
\n
In April 2024, PPC launched its new fixed-rate electricity product, PPC myBusinessEnter, addressed to professionals and businesses
\n
with an installed capacity up to 25 kVA. During the same month, PPC launched the option to purchase the integrated service of supply
\n
and installation of PV systems on residential rooftops MyEnergy Solar in 12 or 24 free of interest instalments.
\n
\n\n
3. SIGNIFICANT EVENTS (CONTINUED)
\n
\n
Since May 1, 2024, applying the provisions of OG B/2214/11.04.2024, PPC was offering the agricultural products GAIA that were only
\n
available to farming activities that serve and contribute in some manner to the production of primary crops and livestock products,
\n
with a ten-year duration and a fixed price for the total consumption of the first 2 years. Pursuant to the relevant Ministerial Decision,
\n
all agricultural customer were migrated to these products as of 01.08.2024, with a deadline until 31.10.2024 to opt-out.
\n
\n
In July 2024, version 2.0 of MyEnergyCoach is released providing increased customer experience and enhanced energy efficiency
\n
consultation capacities for houses.
\n
\n
PPC proceeded to the adjustment of the tarrifs for fixed products following the trend of prices in the wholesale market. Specifically,
\n
regarding the electricity, PPC myHomeEnter & PPC my HomeOnline products addressed to residential consumers, have been adjusted
\n
both in April and July and PPC myBusinessEnter, addressed to professional consumers, was modified in September. Additionally, at
\n
the end of September, the prices of the fixed-rate natural gas supply products PPC myHome GasControl & PPC myBuilding GasControl,
\n
addressed to residential and shared areas consumers respectively, have been adjusted in order to reflect the lower market cost.
\n
\n
In August 2024, PPC launched a new electricity product specially tailored to suit the needs for students, offering the first 150 kWh at
\n
a very low cost, with free of charge the summer months\u2019 fixed fee, bundled Green Pass and many more discounts through our
\n
partners, all for the duration of their studies.
\n
\n
In the context of its corporate operation, PPC has been developing action programs for a long time, with the main objective of
\n
improving its collections and at the same time providing integrated solutions to customers in terms of servicing their debts. In
\n
particular, it improves its credit policy in accordance with the Electricity Supply Code by creating scalable actions of information and
\n
collection, which are constantly evolving, and it measures their effectiveness.
\n
\n
At the same time, PPC continues its cooperation with a company that provides specialized support services in the context of the
\n
securitization of company's trade receivables with the aim of reducing overdue debts and preventing the creation of new ones,
\n
imposed by the criticality of the situation in the field of Energy.
\n
\n
In application of the institutional framework, it implements interest-free adjustment programs to farmers and it continues to apply
\n
the new debt settlement policy, which is in effect since 2022, for its entire customer base giving flexible settlement programs and
\n
personalized solutions according to the needs of its customers. To improve the collectability of settlements, PPC develops settlement
\n
models that classify customers based on their characteristics in order to identify the best debt restructuring plan with the highest
\n
probability of repayment.
\n
\n
Finally, PPC creates alternative payment services using the capabilities of technology and utilizing its partnerships with major financial
\n
institutions in order to provide optimal solutions to its customers.
\n
\n
3.3. Acquisition of RES portfolio subsidiaries
\n
\n
PPC Group's strategy includes expansion in Southeastern Europe and leveraging the opportunities to create value among the
\n
countries through the energy corridor being created. With its presence in different geographical areas, with an expanded and
\n
complementary RES portfolio, PPC Group intends to take advantage of the different meteorological conditions in each region.
\n
\n
In this context, the following acquisitions took place:
\n
\n
On 29.02.2024, the strategic cooperation agreement between PPC Renewables and Intrakat Group was completed for the joint
\n
development of a portfolio of Renewable Energy Sources (RES) with a total capacity of up to 2.7 GW. In this context, the subsidiary
\n
PPC Renewables acquired 100% of the shares of the company \" INKAT ENERGY S.M.S.A.\" which participated with a percentage of
\n
100% in the subsidiary companies CLAMWIND POWER S.M.S.A., GREEK WINDPOWER S.M.S.A., ALPENER S.M.S.A. and KASTRI EVIAS
\n
S.M.S.A. In addition, PPC Renewables acquired 100% of the shares of the companies ARCADIA-RE WIND-RENINVEST S.M.S.A, RENEX
\n
AIOLIKI ARTAS S.M.S.A.
\n
\n
At the same time, PPC Renewables entered as a 49% shareholder in holding companies of the Intrakat Group which own a portfolio
\n
of projects under development, with a total capacity of approximately 1.6 GW, while the agreement could be expanded subject to
\n
conditions, with additional energy storage projects.
\n
\n
On 25.03.2024, PPC Renewables completed the 100% acquisition of Land Power S.R.L. from the European subsidiaries of the Lukoil
\n
group, which owns a wind farm in operation in Romania with a total installed capacity of 84MW.
\n
\n\n
3. SIGNIFICANT EVENTS (CONTINUED)
\n
\n
The costs directly related to the aforementioned transactions, totaling \u20ac2.3 million, amounted to \u20ac0.5 million for the year 2023 and
\n
\u20ac1.8 million for the year 2024. Both costs, in the previous year and in the current year, were recorded in the Third Party Fees of the
\n
Statement of Income.
\n
\n
On the acquisition date, in addition to the consideration, the Group paid the former shareholders the amount of \u20ac98.6 million for the
\n
acquisition of their intercompany balances with the acquired companies.
\n
\n
The fair value of the assets and liabilities of the companies recognized in the Group's financial statements at the acquisition date
\n
amounted to:
\n
\n
Amounts in \u20ac \u2018000
\n
INTRAKAT
\n
GROUP
\n
LAND POWER
\n
S.R.L
\n
TOTAL
\n
Property, plant and equipment
\n
37,931
\n
90,753
\n
128,684
\n
Intangible assets
\n
45,555
\n
1,100
\n
46,655
\n
Right of use assets
\n
2,422
\n
93
\n
2,515
\n
Other non \u2013 current assets
\n
6
\n
833
\n
839
\n
Total Non \u2013 Current Assets
\n
85,914
\n
92,779
\n
178,693
\n
Trade receivables and other current assets
\n
2,732
\n
1,670
\n
4,402
\n
Cash and cash equivalents
\n
1,509
\n
13,459
\n
14,968
\n
Inventories
\n
-
\n
3,937
\n
3,937
\n
Total Current Assets
\n
4,241
\n
19,066
\n
23,307
\n
Total Assets
\n
90,155
\n
111,845
\n
202,000
\n
Provision of decommissioning cost
\n
354
\n
2,977
\n
3,331
\n
Long - term borrowings
\n
25,480
\n
95,032
\n
120,512
\n
Other non-current liabilities
\n
-
\n
904
\n
904
\n
Deferred tax liabilities
\n
8,945
\n
3,894
\n
12,839
\n
Long-term financial lease liability
\n
2,543
\n
93
\n
2,636
\n
Total Non \u2013 Current Liabilities
\n
37,322
\n
102,899
\n
140,221
\n
Trade and other payables
\n
5,531
\n
3,187
\n
8,718
\n
Current portion of long - term borrowings
\n
1,348
\n
-
\n
1,348
\n
Short \u2013 term financial lease liability
\n
53
\n
-
\n
53
\n
Accrued and other current liabilities
\n
1,397
\n
713
\n
2,110
\n
Total Current Liabilities
\n
8,329
\n
3,900
\n
12,229
\n
Total Liabilities
\n
45,651
\n
106,799
\n
152,450
\n
Total net assets acquired at fair value
\n
44,504
\n
5,046
\n
49,550
\n
\n
Both acquisitions were considered business combinations in accordance with IFRS 3 and the allocation of their acquisition costs to
\n
the individual recognized assets and liabilities was determined, based on the fair value valuations, with the difference of \u20ac12.5 million
\n
being considered goodwill on the acquisition.
\n
\n
Acquisition of subsidiaries in Bulgaria
\n
On September 30, 2024, the Group, through its 100% subsidiary \"PPC Bulgaria JSCo\" in Bulgaria, acquired 3 energy production
\n
companies through renewable energy sources with company names \"Eko Park Wind Power EOOD\", \"Haekon EOOD\" and \"Mesomarket
\n
EOOD\". These companies own four Wind Parks in operation with a total capacity of 18 MW at the Kavarna location in North-Eastern
\n
Bulgaria.
\n
\n
Furthermore, on December 10, 2024, the Group, through the same subsidiary, acquired \"Chirpan Solar Plant Ltd\u201d, which owns a ready-
\n
to-build 165 MWdc/120 MWac photovoltaic park and 25 MW battery energy storage (BESS) at the Chirpan site in Central-South
\n
Bulgaria. Construction of the project is expected to start in the first quarter of 2025.
\n
\n
The Group, in addition to the consideration, paid the former shareholders the amount of \u20ac9.6 million for the acquisition of their
\n
intercompany balances with the acquired companies, which mainly related to long-term borrowings.
\n
\n\n
3. SIGNIFICANT EVENTS (CONTINUED)
\n
\n
The fair value of the assets and liabilities of the companies recognized in the Group's financial statements at the acquisition date are
\n
as follows:
\n
Amounts in thousands of \u20ac
\n
30.09.2024
\n
10.12.2024
\n
Total
\n
Property, plant and equipment
\n
14,890
\n
2,183
\n
17,073
\n
Intangible assets
\n
3,213
\n
16,426
\n
19,639
\n
Total Non-Current Assets
\n
18,103
\n
18,609
\n
36,712
\n
Trade receivables and other current assets
\n
303
\n
511
\n
814
\n
Cash and cash equivalents
\n
489
\n
866
\n
1,355
\n
Total Current Assets
\n
792
\n
1,377
\n
2,169
\n
Total Assets
\n
18,895
\n
19,986
\n
38,881
\n
Long term borrowings
\n
3,500
\n
5,726
\n
9,226
\n
Deferred Tax Liabilities
\n
775
\n
-
\n
775
\n
Total Non- Current Liabilities
\n
4,275
\n
5,726
\n
10,001
\n
Trade and other payables
\n
500
\n
173
\n
673
\n
Income tax payable
\n
39
\n
-
\n
39
\n
Short-term borrowings
\n
341
\n
143
\n
484
\n
Total Current Liabilities
\n
880
\n
316
\n
1,196
\n
Total Liabilities
\n
5,155
\n
6,042
\n
11,197
\n
Total net assets acquired at fair value
\n
13,741
\n
13,944
\n
27,685
\n
Goodwill from the acquisition
\n
\n
\n
573
\n
\n
The acquisition occurred in September was considered a business combination in accordance with IFRS 3 and the allocation of its
\n
acquisition costs to the individual identifiable assets and liabilities was determined, based on valuations at fair value, with the
\n
difference of \u20ac0.5 million being considered as goodwill of the acquisition.
\n
\n
The acquisition occurred in December was considered an asset acquisition and as such the difference between the consideration and
\n
the fair value of net assets increased the value of property, plant, equipment and intangible assets.
\n
\n
The initial accounting of the said acquisitions in the Group's financial statements is with provisional data as the Group will make use
\n
of paragraph 45 of IFRS 3 which provides the possibility of finalizing the relevant amounts for a period of up to one year from the date
\n
of the acquisition. The use of this paragraph was made as the acquisition was completed very close to the date of preparation of the
\n
annual financial statements of 31.12.2024. It will therefore complete the relevant assessment and valuation within 2025.
\n
\n
Finally, the acquisition agreements with former shareholders contain terms for indemnification of PPC in the event that the
\n
subsidiaries are called upon to pay funds for taxes and surcharges relating to a period prior to the acquisition date.
\n
\n
\u0391cquisitions of new subsidiaries in Romania
\n
\n
On August 6, 2024, PPC SA (as buyer) signed a binding share purchase agreement (the \"SPA\") with Felix Renewables Investments S.\u00c0
\n
R.L. and Evryo Power SA (as sellers), owned by funds managed by Macquarie Asset Management, for the acquisition of the investment
\n
in five Romanian companies (together referred to as the \"Romanian Subsidiaries\").
\n
\n
On August 6, 2024, PPC SA concluded a W&I Liability Insurance Policy with a syndicate of insurers, among which Liberty Mutual
\n
Insurance Europe SE and MIF Holding GmbH, for any claim to be raised in the future.
\n
\n
On October 30, 2024, subsidiary PPC Renewables Romania SRL adhered to the SPA as the nominated buyer.
\n
\n
For the completion of the transaction of the purchase of sellers\u2019 holdings as a condition, among other things, included the approval
\n
from the relevant antitrust authorities. The acquisition was completed on November 20, 2024, the date the consideration was paid,
\n
and all conditions included in the SPA, were met. On that date, PPC Renewables Romania SRL acquired both directly and indirectly,
\n
100% in Felix Renewable Holdings S.R.L., TMK Hydroenergy Power S.R.L., Ovidiu Development S.A., Tomis Team S.A. and MW Team
\n
Invest S.R.L.
\n
\n\n
3. SIGNIFICANT EVENTS (CONTINUED)
\n
\n
The final consideration amounted to \u20ac 650.6 million after adjustments. An amount of \u20ac628.6 million was paid by cash by the
\n
subsidiary PPC Renewables Romania SRL to the sellers, while the remaining amount of \u20ac22.0 million was set-off against an intragroup
\n
loan payable by the former shareholder, that existed at the acquisition date and after this set-off, was converted to PPC Group
\n
intragroup loan.
\n
\n
This acquisition further strengthens PPC Group\u2019s growth strategy in Romania and Southeast Europe, with the addition of a significant
\n
renewables operating portfolio, including 600MW onshore wind, 22MW hydro, 6MW BESS, 1MW solar PV installed capacity, and
\n
about 145MW pipeline assets.
\n
\n
The costs related directly to the transaction amounting to \u20ac8.5 million are included in Third party fees in the Statement of Income of
\n
the Group.
\n
\n
The fair value of the assets and liabilities of the companies recognized in the Group's financial statements at the acquisition date
\n
amounted to:
\n
\n
\n
Fair Value
\n
Amounts in thousands of \u20ac
\n
Non-Current assets:
\n
\n
Property, plant and equipment
\n
725,187
\n
Intangible assets
\n
2,257
\n
Right of use assets
\n
10,752
\n
Derivative Financial instruments
\n
3,480
\n
Other non\u2013current assets
\n
9
\n
Total non \u2013 current assets
\n
741,685
\n
Current assets:
\n
\n
Inventories
\n
67,870
\n
Trade receivables
\n
14,554
\n
Other receivables
\n
47,567
\n
Derivative Financial instruments
\n
2,463
\n
Cash and cash equivalents
\n
85,413
\n
Restricted cash
\n
11
\n
Total Current Assets
\n
217,878
\n
Total Assets
\n
959,563
\n
Long-term borrowings
\n
94,274
\n
Post-retirement benefits
\n
83
\n
Provisions
\n
17,123
\n
Deferred tax liabilities
\n
57,412
\n
Financial lease liability
\n
8,901
\n
Subsidies
\n
912
\n
Derivative Financial instruments
\n
95,425
\n
Total non \u2013 current liabilities
\n
274,130
\n
Trade and other payables
\n
95,547
\n
Short\u2013term borrowings
\n
15
\n
Current portion of long-term borrowings
\n
46,693
\n
Short\u2013term financial lease liability
\n
873
\n
Income tax payable
\n
(53)
\n
Accrued and other current liabilities
\n
2,035
\n
Derivative Financial instruments
\n
34,030
\n
Current portion of post-retirement benefits
\n
6
\n
Total Current Liabilities
\n
179,146
\n
Total Liabilities
\n
453,276
\n
Total net assets acquired at fair value
\n
506,287
\n
Agreed consideration
\n
650,628
\n
Goodwill from Romanian subsidiaries acquisition
\n
144,341
\n
\n
The acquisition is considered a business combination in accordance with IFRS 3 and the allocation of the acquisition costs to the
\n
individual identifiable assets and liabilities was determined, based on valuations at fair value, with the difference of \u20ac144.3 million
\n
being considered as Goodwill from the acquisition.
\n
\n
The initial accounting of the said acquisition in the Group's financial statements is with provisional data as the Group will make use
\n
of paragraph 45 of IFRS 3 which provides the possibility of finalizing the relevant amounts for a period of up to one year from the
\n
\n\n
3. SIGNIFICANT EVENTS (CONTINUED)
\n
\n
date of the acquisition. The use of this paragraph was made, as the acquisition was completed very close to the date of preparation
\n
of the annual financial statements of year ended December 31, 2024. It will therefore complete the relevant assessment and
\n
valuation within 2025.
\n
\n
Finally, the SPA contains terms for indemnification of the Group in the event that the Romanian Subsidiaries are called upon to pay
\n
funds for taxes and surcharges relating to a period prior to the acquisition date and for specific legal cases. However, the recourse
\n
for such claims will be made under the W&I Liability Insurance Policy.
\n
\n
ACQUISITION OF SOLAR RENEWABLES IN ROMANIA
\n
\n
On September 1, 2021, Enel Green Power Romania SRL (currently, PPC Renewables Romania SRL (as buyer) signed a binding share
\n
sale-purchase agreement (the \"SPA\") with Metka \u2013 EGN LTD (\u201cMetka\u201d) (as seller) for the acquisition of 100% of the investment in the
\n
company Solar Renewables SRL.
\n
\n
The acquisition was completed on November 12, 2024. In accordance with the provisions of the SPA (as amended through Addendum
\n
no. 13 dated 12 November 2024), there is a deferred consideration of \u20ac222 thousands that will be paid at a later stage, after the
\n
conclusion between the acquired company and the EPC contractor of the provisional acceptance certificate for the PV Power Plants
\n
(PAC).
\n
\n
The Group, in addition to the deferred consideration, paid the former shareholders the amount of \u20ac18.1 million (amount is included
\n
in the Short\u2013term borrowings at the acquisition date) for the purpose of repayment of the loans granted by Metka or its affiliates to
\n
Solar Renewables SRL, as well as the withholding tax of \u20ac179 thousands on those loans.
\n
\n
The acquisition falls into Group\u2019s strategic goal to further increase its operational portfolio of renewable energy production assets.
\n
\n
The fair value of the assets and liabilities of the company recognized in the Group's financial statements at the acquisition date
\n
amounted to:
\n
\n
\n
\n
Fair value
\n
Amounts in thousands of \u20ac
\n
Property, plant and equipment
\n
17,228
\n
Intangible assets
\n
213
\n
Other non\u2013current assets
\n
7
\n
Total non \u2013 current assets
\n
17,447
\n
Other receivables
\n
81
\n
Cash and cash equivalents
\n
1,389
\n
Total Current Assets
\n
1,471
\n
Total Assets
\n
18,918
\n
Trade and other payables
\n
77
\n
Short\u2013term borrowings
\n
18,287
\n
Total Current Liabilities
\n
18,364
\n
Total net assets acquired at fair value
\n
554
\n
Deferred consideration (at present value)
\n
219
\n
\n
This acquisition was considered an asset acquisition in accordance with IFRS 3.
\n
\n\n
3. SIGNIFICANT EVENTS (CONTINUED)
\n
\n
3.4. Acquisition of Dixons South - East Europe CISA (currently Next Gen Retail Services S.M.S.A.) with trade name \"KOTSOVOLOS\"
\n
\n
On November 2, 2023, the Parent Company signed an agreement with Currys plc for the acquisition of 100% of the company Dixons
\n
South - East Europe Commercial and Industrial S.A. (currently Next Gen Retail Services S.M.S.A.) with the trade name \"Kotsovolos\".
\n
For the completion of the acquisition transaction, as a condition among other things, the approval from the competent competition
\n
authorities was included. The acquisition was completed on April 10, 2024, the date that the final consideration was paid and all
\n
conditions included in the share purchase agreement were met. The total consideration amounted to \u20ac271.8 million.
\n
\n
The costs directly related to the transaction amounting to \u20ac2.5 million are included in the cost of investment in subsidiaries in the
\n
Parent company based on its accounting policy, while at the Group level they are included in the Third Party Fees of the Statement
\n
of Income.
\n
\n
The agreement for the acquisition of Kotsovolos is for PPC a strategic move of transformation and energy transition. Kotsovolos has
\n
95 physical stores in Greece and Cyprus, of which 27 are megastores. In addition, it has an integrated nationwide supply chain network
\n
with its own warehouses, a privately owned fleet of vehicles and a large network of partners for installations of the appliances. It has
\n
a multichannel sales network which, in addition to physical stores, includes a call center and a successful e-shop (kotsovolos.gr).
\n
\n
The initial accounting of this acquisition in the Group's financial statements was done with provisional data as the Group made use
\n
of paragraph 45 of IFRS 3 which provides the possibility of finalizing the relevant figures for a period of up to one year from the
\n
acquisition date. The relevant assessment and valuation was completed within 2024.
\n
\n
Below we present the final assets and liabilities of the company at the acquisition date:
\n
\n\n
3. SIGNIFICANT EVENTS (CONTINUED)
\n
\n
(Amounts in thousands of \u20ac)
\n
10.04.2024
\n
Property, plant and equipment
\n
27,949
\n
Intangible assets
\n
119,637
\n
Right of use assets
\n
92,108
\n
Other non \u2013 current assets
\n
6,224
\n
Total Non \u2013 Current Assets
\n
245,918
\n
Inventories
\n
172,651
\n
Trade receivables
\n
53,687
\n
Contract assets
\n
17,389
\n
Other receivables
\n
42,935
\n
Cash and cash equivalents
\n
36,445
\n
Restricted cash
\n
571
\n
Total Current Assets
\n
323,677
\n
Total Assets
\n
569,595
\n
Long - term borrowings
\n
4,957
\n
Post-retirement benefits to employees
\n
1,857
\n
Provisions
\n
7,402
\n
Financial lease liability
\n
75,790
\n
Contract liabilities
\n
2,553
\n
Deferred tax liabilities
\n
20,838
\n
Total Non \u2013 Current Liabilities
\n
113,397
\n
Trade and other payables
\n
211,662
\n
Short \u2013 term financial lease liability
\n
16,083
\n
Dividends payable
\n
318
\n
Income tax payable
\n
1,675
\n
Accrued and other current liabilities
\n
23,663
\n
Contract liabilities
\n
4,755
\n
Total Current Liabilities
\n
258,155
\n
Total Liabilities
\n
371,553
\n
Total net assets acquired at fair value
\n
198,043
\n
Consideration paid to Currys Group
\n
271,824
\n
Goodwill
\n
73,781
\n
\n
The acquisition of company Kotsovolos was considered a business combination in accordance with IFRS 3 and the allocation of its
\n
acquisition cost to the individual identifiable assets was determined and, based on valuations, with the difference of \u20ac73.8 million to
\n
be considered goodwill of the acquisition.
\n
\n
In the context of determining the assets of the acquired subsidiary, an intangible asset was recognized related to the brand
\n
\"Kotsovolos\" amounting to \u20ac103.7 million with an indefinite useful life and an intangible asset related to the active franchise
\n
agreements amounting to \u20ac 1.1 million with a useful life of 10 years.
\n
\n
We following present a comparison of the final and provisional amounts (as published on 30.06.2024) on the acquisition date :
\n
\n\n
3. SIGNIFICANT EVENTS (CONTINUED)
\n
\n
\n
Final amounts
\n
Provisional
\n
amounts
\n
Difference
\n
Fair Value \u20ac
\n
thousands
\n
Fair Value \u20ac
\n
thousands
\n
Intangible assets
\n
119,637
\n
119,837
\n
(200)
\n
Right of use assets
\n
92,108
\n
84,757
\n
7,351
\n
Total Non-Current Assets
\n
211,745
\n
204,594
\n
7,151
\n
Other receivables
\n
42,935
\n
43,506
\n
(571)
\n
Restricted Cash
\n
571
\n
-
\n
571
\n
Total Current Assets
\n
43,506
\n
43,506
\n
-
\n
Total Assets
\n
255,251
\n
248,100
\n
7,151
\n
Financial lease liability
\n
75,790
\n
79,638
\n
(3,848)
\n
Contract liabilities
\n
2,553
\n
7,308
\n
(4,755)
\n
Deferred tax liabilities
\n
20,838
\n
18,933
\n
1,906
\n
Total Non-Current Liabilities
\n
99,182
\n
105,879
\n
(6,697)
\n
Trade and other payables
\n
23,663
\n
21,328
\n
2,335
\n
Contract liabilities
\n
4,755
\n
-
\n
4,755
\n
Total Current Liabilities
\n
28,418
\n
21,328
\n
7,090
\n
Total Liabilities
\n
127,599
\n
127,206
\n
393
\n
Total net assets acquired at fair value
\n
127,651
\n
120,893
\n
6,758
\n
Goodwill
\n
73,781
\n
80,539
\n
(6,758)
\n
\n
Also on November 22, 2024 (date of registration in GEMI) the subsidiary company changed its name with a new distinctive title \"Next
\n
Gen Retail Services Single Member S.A.\", from \u201cDixons South East Europe C.I.S.A.\u201d.
\n
\n
Finally, the acquisition agreement contains terms of indemnification of PPC in the event that the subsidiary is called upon to pay
\n
capital for taxes and surcharges relating to the period before the acquisition date and for specific cases.
\n
\n
3.5. Restructuring of Group companies in Romania
\n
\n
Contribution in kind of shares of direct subsidiaries to the subsidiary PPC -Public Power Corporation Romania S.A. (former PPC
\n
Energy Services Co S.A.
\n
\n
In the extraordinary general meeting of the shareholders of the subsidiary PPC Energy Services Co S.A. held on May 30, 2024, its
\n
shareholders of PPC S.A. and PPC Renewables SM.S.A. approved the contribution in kind, of the shares in the distribution subsidiaries
\n
RETELE ELECTRICE BANAT S.A., RETELE ELECTRICE DOBROGEA S.A., RETELE ELECTRICE MUNTENIA S.A. and the supply subsidiaries PPC
\n
ENERGIE S.A. and PPC ENERGIE MUNTENIA S.A. held by PPC S.A. to the 100% subsidiary PPC Energy Services Co S.A. thereby increasing
\n
the latter\u2019s share capital by issuing new shares above par value.
\n
\n
The value of the shares exchange for the contribution in kind was determined based on the fair value reports of the companies
\n
prepared by certified valuators per company, with a reference date of December 31, 2023.
\n
\n
In the same extraordinary general meeting, the subsidiary company PPC ENERGY SERVICES CO S.A. was renamed to PPC -Public Power
\n
Corporation Romania S.A. and a new activity was included in its purpose (holding company).
\n
\n
On June 3, 2024 (date of completion of the contribution in kind), the Bucharest Commercial Registry approved the registration of the
\n
contribution of the participations for the distribution and supply companies from PPC S.A. to PPC-Public Power Corporation Romania
\n
S.A. As a result, from the date of completion of the contribution in kind, the Parent Company indirectly holds the aforementioned
\n
companies through its subsidiary PPC-Public Power Corporation Romania S.A (former PPC Energy Services Co S.A.).
\n
\n
From this contribution, the subsidiary PPC-Public Power Corporation Romania S.A. increased its share capital by \u20ac173.5 million (863.4
\n
million RON), issuing 86,334,095 shares with a nominal value of 10 RON per share, recognizing a premium of \u20ac813.7 million (4 billion
\n
RON) and recognized investment in subsidiaries of \u20ac 987.2 million (4.9 billion RON).
\n
\n\n
3. SIGNIFICANT EVENTS (CONTINUED)
\n
\n
Finally, the contribution in kind of the shares held by PPC S.A. in the subsidiaries PPC Renewables Romania S.R.L., PPC Blue Romania
\n
S.R.L. and PPC Advanced Energy Services Romania S.R.L. with an increase in share capital in PPC Public Power Corporation Romania
\n
S.A. within July 2024, by the General meeting of the shareholders of the subsidiary PPC-Public Power Corporation Romania S.A.
\n
\n
The value of the share exchange for the contribution in kind was determined based on the fair value reports of the companies
\n
prepared by certified valuators per company with a reference date of December 31, 2023.
\n
\n
On August 12, 2024 (date of completion of the contribution in kind), the Bucharest Commercial Registry approved the registration of
\n
the contribution of the participations for PPC Renewables Romania S.R.L., PPC Blue Romania S.R.L. and PPC Advanced Energy Services
\n
Romania S.R.L. from PPC S.A. to PPC \u2013 Public Power Corporation Romania S.A..
\n
From this contribution, the subsidiary PPC \u2013 Public Power Corporation Romania S.A., increased its share capital by \u20ac590.6 million
\n
(2,938.84 million RON), issuing 293,884,642 shares with a nominal value of 10 RON per share, recognizing a premium of \u20ac147.74
\n
million (735.17 million RON) and investment in subsidiaries of \u20ac738.3 million (3,673.57 billion RON).
\n
\n
Since the above transactions have no commercial substance and are transactions between Group companies, they had no effect on
\n
the financial statements of the Group for the year ended on December 31, 2024. In the Parent company specifically, the value of the
\n
participation to PPC-Public Power Corporation Romania S.A. increased the date of completion of the contribution in kind by a total
\n
of \u20ac 1.4 billion as was the book value of its holdings in RETELE ELECTRICE BANAT S.A., RETELE ELECTRICE DOBROGEA S.A., RETELE
\n
ELECTRICE MUNTENIA S.A., PPC ENERGIE S.A., and in PPC ENERGIE MUNTENIA S.A. PPC Renewables Romania S.R.L., PPC Blue Romania
\n
S.R.L. and to PPC Advanced Energy Services Romania S.R.L.
\n
\n
After the registration of the share capital increase in the Commercial Registry of Bucharest, PPC S.A. owns 99.999999% of the share
\n
capital of PPC \u2013 Public Corporation Power Romania S.A., while PPC Renewables M.A.E. owns 0.000001% of its share capital.
\n
\n
Merger by absorption of distribution and supply subsidiaries in Romania
\n
\n
In the Extraordinary General Meeting of the Shareholders of the subsidiaries RETELE ELECTRICE BANAT S.A., RETELE ELECTRICE
\n
DOBROGEA S.A., RETELE ELECTRICE MUNTENIA S.A., PPC ENERGIE S.A., PPC ENERGIE MUNTENIA S.A., held on March 25, 2024, as
\n
published in the Official Gazette of Romania, Part IV no. 1782/10.04.2024, the initiation of the merger by absorption between PPC
\n
ENERGIE S.A., acting as the absorbing company and PPC ENERGIE MUNTENIA S.A., acting as the absorbed company, was approved,
\n
as well as the initiation of the merger by absorption between RETELE ELECTRICE MUNTENIA S.A., acting as the absorbing company
\n
and RETELE ELECTRICE BANAT S.A., RETELE ELECTRICE DOBROGEA S.A., acting as the absorbed companies.
\n
\n
The merger by absorption of the Group's companies in Romania is being carried out to simplify the Group companies\u2019 organizational
\n
structure, achieve more efficient management, greater flexibility and faster service provision.
\n
\n
On 10 June 2024, the distribution and supply subsidiaries Board of Directors approved the merger projects which were published in
\n
the Official Gazette of Romania Part IV no. 2988/18.06.2024 and no. 2996/18.06.2024.
\n
Subsequently, on 25 July 2024, the distribution and supply subsidiaries extraordinary general meetings of the shareholders approved
\n
the merger of the said companies.
\n
\n
On December 31, 2024, the absorption of the following subsidiaries in Romania was completed. More specifically, the absorption of
\n
\u201cPPC ENERGIE MUNTENIA S.A.\u201d by the subsidiary \u201cPPC ENERGIE S.A.\u201d was completed. Also, on November 30, 2024, the subsidiaries
\n
\u201cRETELE ELECTRICE DOBROGEA S.A.\u201d and \u201cRETELE ELECTRICE BANAT S.A.\u201d were absorbed by the subsidiary \u201cRETELE ELECTRICE
\n
MUNTENIA S.A.\u201d which \u201cRETELE ELECTRICE MUNTENIA S.A.\u201d was renamed \u201cRETELE ELECTRICE ROMANIA S.A.\u201d.
\n
\n
Also, the sole shareholder of PPC Servicii Comune SRL is Retele Electrice Romania SA (formerly Retele Electrice Muntenia SA).
\n
\n
Within the context of the aforementioned mergers, on May 30, 2024, the shareholders of the said companies PPC \u2013 Public Power
\n
Corporation Romania S.A. and SAPE S.A. (minority shareholder) signed a shareholder\u2019s agreement that defines various terms of the
\n
subsidiaries\u2019 corporate governance.
\n
\n
Since this transaction lacks commercial substance and is a transaction between Group companies, it has not any impact on the Group's
\n
financial statements beyond the change in the minority\u2019s percentage.
\n
\n
Other significant events of the year 2024
\n
\n
Within the year 2024, the spin-off of the wholesale telecommunication branch was completed (Note 7).
\n
\n", "dimensions": { "concept": "ppc:DisclosureOfSignificantEventsAndTransactionsExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag29": { "value": "\n
\n
\n
4. BASIS OF PREPARATION OF FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICIES
\n
\n
4.1. BASIS OF PREPARATION
\n
\n
Basis of Preparation of Financial Statements
\n
\n\n
Statement of compliance
\n
\n
The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by
\n
the European Union.
\n
\n\n
\n\n
Approval of financial statements
\n
\n
The Board of Directors of the Parent Company approved the accompanying financial statements for the year ended December 31
\n
st
\n
, 2024,
\n
on March 26
\n
th
\n
,2025. These financial statements are subject to approval by the Parent Company\u2019s General Shareholders\u2019 Meeting.
\n
\n\n
\n
Basis of preparation of financial statements
\n
\n
The financial statements have been prepared under the historical cost convention, except for property, plant and equipment
\n
(exluding lakes and mining land), financial assets valued at fair value through other comprehensive income and derivative financial
\n
instruments that have been measured at fair value and assuming that PPC will continue as a going concern. The financial statements
\n
are presented in thousands of Euro and all values are rounded to the nearest thousand, unless otherwise stated. The Group's
\n
operating currency is Euro, and from the date of the acquisition of the subsidiaries in Romania, it also includes the RON. Management
\n
considers that the going concern principle is the appropriate basis for the preparation of the present financial information.
\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag30": { "value": "\n
Statement of compliance
\n
\n
The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by
\n
the European Union.
\n
\n", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag31": { "value": "\n
Approval of financial statements
\n
\n
The Board of Directors of the Parent Company approved the accompanying financial statements for the year ended December 31
\n
st
\n
, 2024,
\n
on March 26
\n
th
\n
,2025. These financial statements are subject to approval by the Parent Company\u2019s General Shareholders\u2019 Meeting.
\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag32": { "value": "\n
Basis of consolidation
\n
\n
The consolidated financial statements include the financial statements of the Parent Company and its subsidiaries, drawn up to
\n
December 31
\n
st
\n
each year. Subsidiaries (companies in which the Group directly or indirectly or through other subsidiaries has an
\n
interest of more than one half of the voting rights or otherwise has power to exercise control over their operations) have been
\n
consolidated. Subsidiaries are consolidated from the date on which effective control is transferred to the Group and cease to be
\n
consolidated from the date on which control is transferred out of the Group. Losses are apportioned to the non-controlling interest
\n
even if that results in a deficit balance. A change in the ownership interest of a subsidiary (without any change in control) is accounted
\n
for as an equity transaction. All inter-company balances and transactions have been fully eliminated as well as unrealized intra \u2013
\n
group gains and losses. Where necessary, the accounting policies of subsidiaries have been revised to ensure consistency with the
\n
accounting policies adopted by the Group.
\n
\n
In case that the Group loses control of a subsidiary then the following are :
\n
\n
Derecognized :
\n
- The assets (including the surplus value) and liabilities of the subsidiary
\n
- The book value of the non-controlling interest
\n
- The accumulated exchange differences, which have been recorded in Equity
\n
\n
Recognized:
\n
- The fair value of the price obtained
\n
- The fair value of the remaining participation
\n
- Any surplus or deficit in the Statement of Income
\n
- The Parent Company\u2019s share in the elements previously recognized in the comprehensive income statement, in the income
\n
statement or the retained earnings where that is judged necessary.
\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag33": { "value": "\n
4.2. CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES
\n
\n
The accounting policies on the basis of which the annual separate and consolidated financial statements were prepared for the year
\n
ended December 31
\n
st
\n
, 2024 are consistent with those used in the preparation of the annual corporate and consolidated financial
\n
statements for the year ended December 31
\n
st
\n
, 2023 with the exception of the following amendments and standards.
\n
\n
Due to the acquisition from April 10, 2024 of the company Dixons South - East Europe CISA (current Next Gen Retail Services S.M.S.A.)
\n
with the trade name \"Kotsovolos\" (Note 3.4), the following new accounting estimates were adopted for the Group:
\n
\n
Contracts for the promotion of personal consumer loans:
\n
\n
The Group recognizes indemnity provisions to banking institutions, arising on the basis of cooperation contracts with them, regarding
\n
the sale of goods through the granting of consumer loans with a financial guarantee to its customers. The establishment of this
\n
provision requires the Group to make estimates and assumptions regarding the estimated rates of failure to pay installments by the
\n
borrowers of the above banks. These estimates are a combination of historical default data as well as consideration of the borrowers'
\n
current and future repayment ability.
\n
\n
Brand name \"Kotsovolos\" - an intangible asset with an indefinite useful life:
\n
\n
The Group, taking into account various factors including its future plans for the brand name \"Kotsovolos\", its recognition in Greece
\n
and Cyprus, has concluded that the brand name \"Kotsovolos\" has an indefinite useful life. The Group assesses at each financial
\n
statement date whether there are indicators of impairment of this intangible asset and performs an impairment test on an annually
\n
basis.
\n
\n
Determining whether there are indicators of impairment requires Management to make estimates, assumptions and judgments
\n
regarding external and internal factors and the extent to which they affect the recoverability of the intangible asset. More specifically,
\n
the external factors indicatively include inflation rate and interest rate changes, while internal factors are linked to the Group's
\n
internal decisions and business plan.
\n
\n
In addition, the following new accounting policies were adopted for the Group and the Parent company:
\n
\n
Financial guarantee contracts
\n
\n
The Group, within the framework of the cooperation agreements with banking institutions that contain a financial guarantee,
\n
recognizes an indemnity provision for any failure of retail customers to fulfill their obligations to pay-off installments of personal /
\n
consumer loans.
\n
\n
In particular, a financial guarantee contract is a contract that requires the issuer to make certain payments to compensate the holder
\n
for a loss that has occurred because a certain obligor fails to make its payments according to the contractual terms of a contract.
\n
Financial guarantee contracts are initially recognized at their fair values based on historical rates of failure to pay-off installments
\n
and the projection of these rates on future installments and are subsequently measured at the higher of a) the amount of the
\n
contractual obligation, as determined by IFRS 9 and b) the amount , which has initially been recognized (reduced by any impairments),
\n
in accordance with the revenue recognition policies.
\n
\n
Recognition of agent commission income due to intermediation
\n
\n
Income from agent commission due to the intermediation for the conclusion of consumer loans is recognized at the date of inception
\n
of these loans, as the Group fulfils its obligation at that particular point of time.
\n
\n
Revenue recognition for support services
\n
\n
The Group has contracts with its customers for support services after the sale and in case of breakdown. In particular, revenues from
\n
Total Support service contracts are recognized over the life of the contract using the \"straight line method\" following its performance
\n
obligations to the customers.
\n
\n\n
\n
4.2 CHANGES IN ACCOUNTING POLICIES, ESTIMATES AND DISCLOSURES (CONTINUED)
\n
\n
In addition, the following are added to the material accounting policies:
\n
\n
Intangible assets \u2013 Brand name \"Kotsovolos\"
\n
\n
The intangible asset of the brand name \"Kotsovolos\" that arose during the acquisition of the subsidiary company, is initially
\n
recognized at fair value on the date of acquisition. After initial recognition and since the brand has an indefinite useful life, it is not
\n
amortized but is assessed annually for impairment by comparing its recoverable amount to its carrying amount and whenever there
\n
is an indication that the intangible asset may be impaired.
\n
\n
Inventories of electrical and electronic goods
\n
\n
Electrical and electronic inventories are valued at the lower of their cost and net realizable value. The purchase cost of the
\n
inhventories includes the invoice purchase value increased by the special purchase costs (transportation, insurance premiums, etc.)
\n
less any attributable discounts and other benefits received from suppliers. The cost of inventories is determined using the weighted
\n
average cost method.
\n
\n
Recognition of revenue from the sale of merchandises
\n
\n
Revenue from the sale of merchandises is recognized in the Statement of Income when the merchandises have been delivered and
\n
the ownership of the merchandises has been transferred to the customer. Revenue from the sale of merchandises is presented net
\n
of any discounts granted to the customers.
\n
\n
Merchandise (Statement of Income)
\n
\n
Merchandises in the Statement of income includes the cost of purchasing them plus all costs incurred until they are delivered to retail
\n
outlets (stores).
\n\n
New standards, amendments to standards and interpretations mandatory in the current year
\n
New standards, amendments to standards and interpretations were published that are mandatory for accounting periods
\n
commencing on January 1, 2024 and thereafter, that the Group and the Parent Company have adopt as of January 1, 2024:
\n
\u2022 IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current (Amendments).
\n
\u2022 IFRS 16 Leases: Lease Liability in a Sale and Leaseback (amendments).
\n
\u2022 IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments Disclosure - Supplier Finance Arrangements (Amendments).
\n
\n
The newly adopted IFRS and amendments to IFRS did not have a material impact on the Group\u2019s and Parent Company\u2019s accounting
\n
policies.
\n
\n
New standards, amendments to standards and interpretations mandatory in subsequent periods
\n
\n
New standards, amendments to standards and interpretations that are not yet effective but have been adopted by the European
\n
Union for which the Group and the Parent Company are in the process of assessing the impact of their application to its financial
\n
statements:
\n
\n
\u2022 IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (Amendments). The amendments are
\n
effective for annual reporting periods beginning on or after January 1, 2025, with earlier application permitted.
\n
\n\n
\n\n
\n
4.2 CHANGES IN ACCOUNTING POLICIES, ESTIMATES AND DISCLOSURES (CONTINUED)
\n
\n\n
New accounting standards, amendments and interpretations that are not yet effective and have not yet been adopted by the
\n
European Union, for which the Group and the Parent Company are in the process of assessing the impact of their application on
\n
its financial statements:
\n
\n
\u2022 IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures - Classification and Measurement of Financial
\n
Instruments (Amendments). In May 2024, the IASB issued amendments to the Classification and Measurement of Financial
\n
Instruments which amended IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures and they become
\n
effective for annual reporting periods beginning on or after January 1, 2026, with earlier application permitted.
\n
\u2022 IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures - Contracts Referencing Nature-dependent
\n
Electricity (Amendments). In December 2024, the IASB issued targeted amendments for a better reflection of Contracts
\n
Referencing Nature-dependent Electricity, which amended IFRS 9 Financial Instruments and IFRS 7 Financial Instruments:
\n
Disclosures and they become effective for annual reporting periods beginning on or after January 1, 2026, with earlier
\n
application permitted. The amendments include clarifying the application of the 'own-use' requirements, permitting hedge
\n
accounting if contracts in scope of the amendments are used as hedging instruments, and introduce new disclosure
\n
requirements to enable investors to understand the impact of these contracts on a company's financial performance and
\n
cash flows. The clarifications regarding the 'own-use' requirements must be applied retrospectively, but the guidance
\n
permitting hedge accounting have to be applied prospectively to new hedging relationships designated on or after the date
\n
of initial application.
\n
\u2022 Annual Improvements to IFRS Accounting Standards \u2013 Volume 11. In July 2024, the IASB issued Annual Improvements to
\n
IFRS Accounting Standards \u2013 Volume 11. An entity shall apply those amendments for annual reporting periods beginning on
\n
or after January 1, 2026. Earlier application is permitted.
\n
\u2022 IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures: Sale or Contribution
\n
of Assets between an Investor and its Associate or Joint Venture. \u0399n December 2015 the IASB postponed the effective date
\n
of this amendment indefinitely pending the outcome of its research project on the equity method of accounting.
\n
\u2022 IFRS18 Presentation and Disclosures in Financial Statements. On April 9, 2024 the IASB issued IFRS18-Presentation and
\n
Disclosures in Financial Statements, which replaces IAS 1 Presentation of Financial Statements and is effective for annual
\n
reporting periods beginning on or after January 1, 2027. IFRS 18 introduces new requirements on presentation within the
\n
statement of profit or loss. It requires an entity to classify all income and expenses within its statement of profit or loss into
\n
one of the five categories: operating; investing; financing; income taxes; and discontinued operations. These categories are
\n
complemented by the requirements to present subtotals and totals for \u2018operating profit or loss\u2019, \u2018profit or loss before
\n
financing and income taxes\u2019 and \u2018profit or loss\u2019. It also requires disclosure of management-defined performance measures
\n
and includes new requirements for aggregation and disaggregation of financial information based on the identified \u2018roles\u2019
\n
of the primary financial statements and the notes. In addition, there are consequential amendments to other accounting
\n
standards. IFRS 18 is effective for reporting periods beginning on or after January 1, 2027, with earlier application permitted.
\n
Retrospective application is required in both annual and interim financial statements. The standard has not been endorsed
\n
by the European Union. In subsequent reporting periods, Management will analyze the requirements of this new standard
\n
and assess its impact.
\n
\n\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag35": { "value": "\n
New standards, amendments to standards and interpretations mandatory in the current year
\n
New standards, amendments to standards and interpretations were published that are mandatory for accounting periods
\n
commencing on January 1, 2024 and thereafter, that the Group and the Parent Company have adopt as of January 1, 2024:
\n
\u2022 IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current (Amendments).
\n
\u2022 IFRS 16 Leases: Lease Liability in a Sale and Leaseback (amendments).
\n
\u2022 IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments Disclosure - Supplier Finance Arrangements (Amendments).
\n
\n
The newly adopted IFRS and amendments to IFRS did not have a material impact on the Group\u2019s and Parent Company\u2019s accounting
\n
policies.
\n
\n
New standards, amendments to standards and interpretations mandatory in subsequent periods
\n
\n
New standards, amendments to standards and interpretations that are not yet effective but have been adopted by the European
\n
Union for which the Group and the Parent Company are in the process of assessing the impact of their application to its financial
\n
statements:
\n
\n
\u2022 IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (Amendments). The amendments are
\n
effective for annual reporting periods beginning on or after January 1, 2025, with earlier application permitted.
\n
\n\n
New accounting standards, amendments and interpretations that are not yet effective and have not yet been adopted by the
\n
European Union, for which the Group and the Parent Company are in the process of assessing the impact of their application on
\n
its financial statements:
\n
\n
\u2022 IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures - Classification and Measurement of Financial
\n
Instruments (Amendments). In May 2024, the IASB issued amendments to the Classification and Measurement of Financial
\n
Instruments which amended IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures and they become
\n
effective for annual reporting periods beginning on or after January 1, 2026, with earlier application permitted.
\n
\u2022 IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures - Contracts Referencing Nature-dependent
\n
Electricity (Amendments). In December 2024, the IASB issued targeted amendments for a better reflection of Contracts
\n
Referencing Nature-dependent Electricity, which amended IFRS 9 Financial Instruments and IFRS 7 Financial Instruments:
\n
Disclosures and they become effective for annual reporting periods beginning on or after January 1, 2026, with earlier
\n
application permitted. The amendments include clarifying the application of the 'own-use' requirements, permitting hedge
\n
accounting if contracts in scope of the amendments are used as hedging instruments, and introduce new disclosure
\n
requirements to enable investors to understand the impact of these contracts on a company's financial performance and
\n
cash flows. The clarifications regarding the 'own-use' requirements must be applied retrospectively, but the guidance
\n
permitting hedge accounting have to be applied prospectively to new hedging relationships designated on or after the date
\n
of initial application.
\n
\u2022 Annual Improvements to IFRS Accounting Standards \u2013 Volume 11. In July 2024, the IASB issued Annual Improvements to
\n
IFRS Accounting Standards \u2013 Volume 11. An entity shall apply those amendments for annual reporting periods beginning on
\n
or after January 1, 2026. Earlier application is permitted.
\n
\u2022 IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures: Sale or Contribution
\n
of Assets between an Investor and its Associate or Joint Venture. \u0399n December 2015 the IASB postponed the effective date
\n
of this amendment indefinitely pending the outcome of its research project on the equity method of accounting.
\n
\u2022 IFRS18 Presentation and Disclosures in Financial Statements. On April 9, 2024 the IASB issued IFRS18-Presentation and
\n
Disclosures in Financial Statements, which replaces IAS 1 Presentation of Financial Statements and is effective for annual
\n
reporting periods beginning on or after January 1, 2027. IFRS 18 introduces new requirements on presentation within the
\n
statement of profit or loss. It requires an entity to classify all income and expenses within its statement of profit or loss into
\n
one of the five categories: operating; investing; financing; income taxes; and discontinued operations. These categories are
\n
complemented by the requirements to present subtotals and totals for \u2018operating profit or loss\u2019, \u2018profit or loss before
\n
financing and income taxes\u2019 and \u2018profit or loss\u2019. It also requires disclosure of management-defined performance measures
\n
and includes new requirements for aggregation and disaggregation of financial information based on the identified \u2018roles\u2019
\n
of the primary financial statements and the notes. In addition, there are consequential amendments to other accounting
\n
standards. IFRS 18 is effective for reporting periods beginning on or after January 1, 2027, with earlier application permitted.
\n
Retrospective application is required in both annual and interim financial statements. The standard has not been endorsed
\n
by the European Union. In subsequent reporting periods, Management will analyze the requirements of this new standard
\n
and assess its impact.
\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag38": { "value": "\n
\n\n
\n\n
4.3. MATERIAL ACCOUNTING JUDGMENTS AND ESTIMATES OF MANAGEMENT
\n
\n
The preparation of financial statements requires Management to make estimates and assumptions that affect the reported amounts of
\n
assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts
\n
of revenues and expenses during the reporting period. Actual results may ultimately differ from those estimates. The significant
\n
judgments and estimates referring to events, the development of which could significantly affect the items of the financial statements
\n
during the forthcoming twelve month period are as follows:
\n
\n
Post-retirement benefits
\n
\n
a) The Group provides to its employees and pensioners as well as the Greek subsidiaries supply of electricity at reduced tariffs. Such
\n
reduced tariffs to pensioners are considered to be retirement obligations and are calculated at the discounted value of the future
\n
retirement benefits deemed to have accrued at year-end based on the employees earning retirement benefit rights steadily
\n
throughout the working period. The relevant retirement obligations are calculated on the basis of financial and actuarial assumptions.
\n
b) According to Law 4533/2018 (OG A\u2019 7527/4/2018) PPC and its Greek subsidiaries pay an one-off allowance to the beneficiaries of
\n
pension (who are insured employees leaving PPC) in proportion to the years of actual service to PPC. This allowance cannot exceed
\n
the amount of \u20ac15.000 for insured employees which are retiring due to the termination of the employment contract, or due to the
\n
fact that insured employees reached the age limit or due to another reason for leaving, according to the provisions of the law.
\n
c) In addition, the subsidiaries in Romania also pay compensation due to leaving the service to the insured employees who leave due
\n
to termination of the employment contract, or reaching the age limit, or due to any other reason specified by law.
\n
\n
The above are defined benefits plans in accordance with the provisions of IAS 19. The present value of the liability assumed by PPC
\n
and its subsidiaries, is calculated by using actuarial methods and is a past service cost for service provided in previous periods.
\n
Details of the underlying assumptions and estimates of the above mentioned post - retirement benefits are included in Note 37.
\n
\n
Fair value and useful lives of property, plant and equipment
\n
\n
The Group carries its property, plant and equipment (except for mining land and lakes) at revalued amounts (estimated fair values)
\n
as determined by an independent firm of appraisers. Independent revaluation is performed periodically (every three to five years).
\n
\n
The determination of the fair values of property, plant and equipment requires the use of estimates, assumptions and judgements
\n
with respect to the ownership, the value in use and the existence of any economic, functional and physical obsolescence of property,
\n
plant and equipment. The Group assigned to an independent appraiser to revalue its property, plant and equipment as of 31
\n
December 2024. The key estimates, assumptions and judgements were made in determining the fair value are included in Note 19.
\n
\n
Furthermore, the management makes estimates regarding the total and the remaining useful lives of property, plant and equipment
\n
which are subject to periodic review. Useful lives as estimated are included in Note 4.4.
\n
\n
Impairment of fixed and intangible assets
\n
\n
The Group assesses at each reporting date whether there is an indication that a long \u2013 term or intagible asset may be impaired. The
\n
determination of whether such indications exists, requires from Management to make estimates, assumptions and judgments with
\n
respect to external and internal factors that may affect the recoverability of assets, as well as assumptions on the determination of
\n
the cash flow generating units. More specifically, external factors include the change in the institutional framework, inflation, interest
\n
rates. On the other hand, internal factors are related to the internal decisions and the business plan of the Group and the Company.
\n
Indicatively, the key assumptions for the impairment test are the weighted average borrowing costs and the future cash flows of the
\n
assets under consideration.
\n
\n
The Group and the Parent Company as lessee
\n
\n
The Management, in order to measure the right-of-use assets, determines the lease term as the non-cancellable term of the lease,
\n
together with any periods covered by a) an option to extend the lease if it is reasonably certain to be exercised, or b) an option to
\n
terminate the lease, if it is reasonably certain not to be exercised.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
4.3 MATERIAL ACCOUNTING JUDGMENTS AND ESTIMATES (CONTINUED)
\n
\n
In determining the lease term, Management assesses all the facts and circumstances that create economic incentive in order to
\n
exercise the option of renewal or not exercise the option of termination.
\n
\n
After the commencement date of the lease, Management reassesses the lease term if there is a significant event or change in
\n
circumstances that is within their control and affects their ability to exercise (or not to exercise) the option to renew (for example a
\n
change in the Group\u2019s and the Parent Company\u2019s business strategy).
\n
\n
In addition, the Management in order to calculate the financial lease liability determined the incremental borrowing rate (IBR) at the
\n
lease commencement date as the interest rate implicit in the lease contract is not readily determinable. The IBR is the rate of interest
\n
that the Group and the Parent Company would have to pay, to borrow over a similar term and with a similar security, the funds
\n
necessary to obtain an asset of a similar value to the right-of-use asset.
\n
\n
Decommissioning and removal costs of property, plant and equipment and mines\u2019 land restoration costs
\n
\n
Based on the provisions of IAS 16 \u201cProperty, plant and equipment\u201d the cost of an item of property, plant and equipment includes, among
\n
others, the initial estimate of the costs required for the dismantling and removal of such an item. These costs are quantified and
\n
recognized in the financial statements in accordance with the provisions of IAS 37 \u201cProvisions, contingent liabilities and contingent
\n
assets\u201d, while any subsequent change in the measurement of this provision is treated in accordance with the provisions of IFRIC 1.
\n
\n
The respective provision includes the land remediation cost, the cost of dismantling the existing equipment/machinery, the cost of
\n
demolition of buildings and collection of any waste from power plants and mines. At the time of their dismantling and removal, the actual
\n
cost and the commencement and expiration date of the relevant works may differ from Management\u2019s estimate.
\n
\n
In addition, the Group and the Parent Company, in order to calculate the provision of decommissioning, determined the discount rate
\n
that reflects the current market estimates for the time value of money and the risks associated with the liability.
\n
\n
Regarding the remediation of the environment of the hydro power plants, the Group and the Parent Company estimate that the relevant
\n
cost in present values is not significant on December 31
\n
st
\n
, 2024 and therefore they have not established any provision. In the future the
\n
actual commencement date of the relevant works and the remediation cost may differ from Management\u2019s estimate.
\n
\n
Details of the underlying assumptions and estimates for the decommissioning and removal costs of property, plant and equipment and
\n
mines\u2019 land restoration costs provision are included in material accounting policies and in Note 38.
\n
\n
Provisions for risks
\n
\n
The Group establishes provisions associated with claims by third parties against companies of the Group and which might lead to an
\n
outflow of resources for their settlement. The provision is established based on amounts claimed and the possible outcome of the legal
\n
dispute.
\n
\n
Contract assets and expected credit losses \u2013 trade receivables
\n
\n
The Group and Parent Company apply the simplified approach set out in the Standard IFRS 9 for the calculation of Expected Credit Losses,
\n
according to which the respective provision is always measured in amount equal to the expected credit losses over the life of customer
\n
receivables. The provision for expected credit losses is formed for high voltage customers on an individual basis in the assessment of the
\n
expected credit loss per customer, while for the estimation of the expected credit losses from medium and low voltage customers and
\n
for contract assets, credit loss provision tables are applied with an ageing analysis of the trade receivables balances, based on the
\n
historical data of the Group and the Parent Company for credit losses and adjusted for future factors with respect to debtors and the
\n
economic environment.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
4.3 MATERIAL ACCOUNTING JUDGMENTS AND ESTIMATES (CONTINUED)
\n
\n
Provisions for income taxes and recognition of deferred tax receivables
\n
\n
Current provisions for income tax liabilities for current and prior years are calculated at the amounts expected to be paid to the tax
\n
authorities, using the prevailing tax rates at the balance sheet date.
\n
\n
Provision for income tax includes current taxes reported in the respective income tax returns and potential additional taxes that may
\n
be imposed by the tax authorities upon settlement of the unaudited tax years on the basis of the findings of prior tax audits.
\n
Therefore, final settlement of the income taxes might differ from the income taxes that have been accounted for in the financial
\n
statements. From the fiscal year 2011 onwards, the Parent Company and several of its subsidiaries are audited for tax purposes by the
\n
Certified Auditors Accountants in accordance with the provisions of Income Tax Legislation. The audit for the year ended on December
\n
31, 2024 is ongoing and the relative tax conformity report will be issued after the publication of the financial statements for the year
\n
2024.
\n
\n
If, at the completion of the tax audit, additional tax liabilities arise, the Management estimates that these will have no material effect on
\n
the financial statements. Deferred tax receivables are recognized on carried forward tax losses to the extent that it is probable that future
\n
taxable profits will occur to offset carried forward tax losses. Deferred tax receivables that are recognized, require Management to make
\n
assessments as to the time and level of realization of future taxable profits.
\n
\n
Revenue recognition from consumed and non-billed energy and Contract Assets with low voltage customers
\n
\n
Management considers that the customers consume the benefit of electricity over the period of the sale, while the Group and the Parent
\n
Company continues to fulfil its contractual liabilities. For this reason, revenue is recognized based on actual quantities of electricity
\n
consumed or based on an estimation of electricity consumed.
\n
Especially for low voltage customers at each balance sheet date, unbilled revenue is recorded for electricity delivered and consumed by
\n
these customers but not yet billed, by using certain assumptions with respect to quantities of electricity consumed, network losses and
\n
average electricity sale prices. The actual amounts that will be finally billed may differ from those provided for.
\n
\n
Recognition of revenue from customers\u2019 contributions
\n
\n
The Group estimates that customers\u2019 contributions refer to the initial and continuous connection to the distribution network which
\n
is a distinct service, separate from electricity sale. The service which is promised to be delivered is the only one to be executed by
\n
the distribution companies and this transaction is considered a separate contractual obligation. Therefore, revenue from customers\u2019
\n
contributions is recognized as the service transferred to the customer. As the contract with the customer is not of a specific time
\n
duration, the revenue is recognized based on the useful life of the distribution network property, plant and equipment for Greece
\n
(35 years) or based on the remaining useful life of the concession contracts for the use of the distribution network in Romania (31-
\n
32 years).
\n
\n
Concession agreements of distribution network in Romania
\n
\n
The Group considers that for the concession agreements of the distribution network of the distribution subsidiaries in Romania, IFRIC
\n
12 do not apply and as regards it has recognized the tangible assets of their distribution network asset base.
\n
\n\n
\n\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag41": { "value": "\n\n\n4.3. MATERIAL ACCOUNTING JUDGMENTS AND ESTIMATES OF MANAGEMENT \n \nThe preparation of financial statements requires Management to make estimates and assumptions that affect the reported amounts of \nassets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts \nof revenues and expenses during the reporting period. Actual results may ultimately differ from those estimates. The significant \njudgments and estimates referring to events, the development of which could significantly affect the items of the financial statements \nduring the forthcoming twelve month period are as follows: \n \nPost-retirement benefits \n \na) The Group provides to its employees and pensioners as well as the Greek subsidiaries supply of electricity at reduced tariffs. Such \nreduced tariffs to pensioners are considered to be retirement obligations and are calculated at the discounted value of the future \nretirement benefits deemed to have accrued at year-end based on the employees earning retirement benefit rights steadily \nthroughout the working period. The relevant retirement obligations are calculated on the basis of financial and actuarial assumptions. \nb) According to Law 4533/2018 (OG A\u2019 7527/4/2018) PPC and its Greek subsidiaries pay an one-off allowance to the beneficiaries of \npension (who are insured employees leaving PPC) in proportion to the years of actual service to PPC. This allowance cannot exceed \nthe amount of \u20ac15.000 for insured employees which are retiring due to the termination of the employment contract, or due to the \nfact that insured employees reached the age limit or due to another reason for leaving, according to the provisions of the law. \nc) In addition, the subsidiaries in Romania also pay compensation due to leaving the service to the insured employees who leave due \nto termination of the employment contract, or reaching the age limit, or due to any other reason specified by law. \n \nThe above are defined benefits plans in accordance with the provisions of IAS 19. The present value of the liability assumed by PPC \nand its subsidiaries, is calculated by using actuarial methods and is a past service cost for service provided in previous periods. \nDetails of the underlying assumptions and estimates of the above mentioned post - retirement benefits are included in Note 37. \n \nFair value and useful lives of property, plant and equipment \n \nThe Group carries its property, plant and equipment (except for mining land and lakes) at revalued amounts (estimated fair values) \nas determined by an independent firm of appraisers. Independent revaluation is performed periodically (every three to five years). \n \nThe determination of the fair values of property, plant and equipment requires the use of estimates, assumptions and judgements \nwith respect to the ownership, the value in use and the existence of any economic, functional and physical obsolescence of property, \nplant and equipment. The Group assigned to an independent appraiser to revalue its property, plant and equipment as of 31 \nDecember 2024. The key estimates, assumptions and judgements were made in determining the fair value are included in Note 19. \n \nFurthermore, the management makes estimates regarding the total and the remaining useful lives of property, plant and equipment \nwhich are subject to periodic review. Useful lives as estimated are included in Note 4.4. \n \nImpairment of fixed and intangible assets \n \nThe Group assesses at each reporting date whether there is an indication that a long \u2013 term or intagible asset may be impaired. The \ndetermination of whether such indications exists, requires from Management to make estimates, assumptions and judgments with \nrespect to external and internal factors that may affect the recoverability of assets, as well as assumptions on the determination of \nthe cash flow generating units. More specifically, external factors include the change in the institutional framework, inflation, interest \nrates. On the other hand, internal factors are related to the internal decisions and the business plan of the Group and the Company. \nIndicatively, the key assumptions for the impairment test are the weighted average borrowing costs and the future cash flows of the \nassets under consideration. \n \nThe Group and the Parent Company as lessee \n \nThe Management, in order to measure the right-of-use assets, determines the lease term as the non-cancellable term of the lease, \ntogether with any periods covered by a) an option to extend the lease if it is reasonably certain to be exercised, or b) an option to \nterminate the lease, if it is reasonably certain not to be exercised. \n\n\n\n\n\n\n4.3 MATERIAL ACCOUNTING JUDGMENTS AND ESTIMATES (CONTINUED) \n \nIn determining the lease term, Management assesses all the facts and circumstances that create economic incentive in order to \nexercise the option of renewal or not exercise the option of termination. \n \nAfter the commencement date of the lease, Management reassesses the lease term if there is a significant event or change in \ncircumstances that is within their control and affects their ability to exercise (or not to exercise) the option to renew (for example a \nchange in the Group\u2019s and the Parent Company\u2019s business strategy). \n \nIn addition, the Management in order to calculate the financial lease liability determined the incremental borrowing rate (IBR) at the \nlease commencement date as the interest rate implicit in the lease contract is not readily determinable. The IBR is the rate of interest \nthat the Group and the Parent Company would have to pay, to borrow over a similar term and with a similar security, the funds \nnecessary to obtain an asset of a similar value to the right-of-use asset. \n \nDecommissioning and removal costs of property, plant and equipment and mines\u2019 land restoration costs \n \nBased on the provisions of IAS 16 \u201cProperty, plant and equipment\u201d the cost of an item of property, plant and equipment includes, among \nothers, the initial estimate of the costs required for the dismantling and removal of such an item. These costs are quantified and \nrecognized in the financial statements in accordance with the provisions of IAS 37 \u201cProvisions, contingent liabilities and contingent \nassets\u201d, while any subsequent change in the measurement of this provision is treated in accordance with the provisions of IFRIC 1. \n \nThe respective provision includes the land remediation cost, the cost of dismantling the existing equipment/machinery, the cost of \ndemolition of buildings and collection of any waste from power plants and mines. At the time of their dismantling and removal, the actual \ncost and the commencement and expiration date of the relevant works may differ from Management\u2019s estimate. \n \nIn addition, the Group and the Parent Company, in order to calculate the provision of decommissioning, determined the discount rate \nthat reflects the current market estimates for the time value of money and the risks associated with the liability. \n \nRegarding the remediation of the environment of the hydro power plants, the Group and the Parent Company estimate that the relevant \ncost in present values is not significant on December 31\nst\n, 2024 and therefore they have not established any provision. In the future the \nactual commencement date of the relevant works and the remediation cost may differ from Management\u2019s estimate. \n \nDetails of the underlying assumptions and estimates for the decommissioning and removal costs of property, plant and equipment and \nmines\u2019 land restoration costs provision are included in material accounting policies and in Note 38. \n \nProvisions for risks \n \nThe Group establishes provisions associated with claims by third parties against companies of the Group and which might lead to an \noutflow of resources for their settlement. The provision is established based on amounts claimed and the possible outcome of the legal \ndispute. \n \nContract assets and expected credit losses \u2013 trade receivables \n \nThe Group and Parent Company apply the simplified approach set out in the Standard IFRS 9 for the calculation of Expected Credit Losses, \naccording to which the respective provision is always measured in amount equal to the expected credit losses over the life of customer \nreceivables. The provision for expected credit losses is formed for high voltage customers on an individual basis in the assessment of the \nexpected credit loss per customer, while for the estimation of the expected credit losses from medium and low voltage customers and \nfor contract assets, credit loss provision tables are applied with an ageing analysis of the trade receivables balances, based on the \nhistorical data of the Group and the Parent Company for credit losses and adjusted for future factors with respect to debtors and the \neconomic environment. \n\n\n\n\n\n\n4.3 MATERIAL ACCOUNTING JUDGMENTS AND ESTIMATES (CONTINUED) \n \nProvisions for income taxes and recognition of deferred tax receivables \n \nCurrent provisions for income tax liabilities for current and prior years are calculated at the amounts expected to be paid to the tax \nauthorities, using the prevailing tax rates at the balance sheet date. \n \n Provision for income tax includes current taxes reported in the respective income tax returns and potential additional taxes that may \nbe imposed by the tax authorities upon settlement of the unaudited tax years on the basis of the findings of prior tax audits. \nTherefore, final settlement of the income taxes might differ from the income taxes that have been accounted for in the financial \nstatements. From the fiscal year 2011 onwards, the Parent Company and several of its subsidiaries are audited for tax purposes by the \nCertified Auditors Accountants in accordance with the provisions of Income Tax Legislation. The audit for the year ended on December \n31, 2024 is ongoing and the relative tax conformity report will be issued after the publication of the financial statements for the year \n2024. \n \nIf, at the completion of the tax audit, additional tax liabilities arise, the Management estimates that these will have no material effect on \nthe financial statements. Deferred tax receivables are recognized on carried forward tax losses to the extent that it is probable that future \ntaxable profits will occur to offset carried forward tax losses. Deferred tax receivables that are recognized, require Management to make \nassessments as to the time and level of realization of future taxable profits. \n \nRevenue recognition from consumed and non-billed energy and Contract Assets with low voltage customers \n \nManagement considers that the customers consume the benefit of electricity over the period of the sale, while the Group and the Parent \nCompany continues to fulfil its contractual liabilities. For this reason, revenue is recognized based on actual quantities of electricity \nconsumed or based on an estimation of electricity consumed. \nEspecially for low voltage customers at each balance sheet date, unbilled revenue is recorded for electricity delivered and consumed by \nthese customers but not yet billed, by using certain assumptions with respect to quantities of electricity consumed, network losses and \naverage electricity sale prices. The actual amounts that will be finally billed may differ from those provided for. \n \nRecognition of revenue from customers\u2019 contributions \n \nThe Group estimates that customers\u2019 contributions refer to the initial and continuous connection to the distribution network which \nis a distinct service, separate from electricity sale. The service which is promised to be delivered is the only one to be executed by \nthe distribution companies and this transaction is considered a separate contractual obligation. Therefore, revenue from customers\u2019 \ncontributions is recognized as the service transferred to the customer. As the contract with the customer is not of a specific time \nduration, the revenue is recognized based on the useful life of the distribution network property, plant and equipment for Greece \n(35 years) or based on the remaining useful life of the concession contracts for the use of the distribution network in Romania (31-\n32 years). \n \nConcession agreements of distribution network in Romania \n \nThe Group considers that for the concession agreements of the distribution network of the distribution subsidiaries in Romania, IFRIC \n12 do not apply and as regards it has recognized the tangible assets of their distribution network asset base. \n\n\n\n", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag44": { "value": "\n
4.3. MATERIAL ACCOUNTING JUDGMENTS AND ESTIMATES OF MANAGEMENT
\n
\n
The preparation of financial statements requires Management to make estimates and assumptions that affect the reported amounts of
\n
assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts
\n
of revenues and expenses during the reporting period. Actual results may ultimately differ from those estimates. The significant
\n
judgments and estimates referring to events, the development of which could significantly affect the items of the financial statements
\n
during the forthcoming twelve month period are as follows:
\n
\n
Post-retirement benefits
\n
\n
a) The Group provides to its employees and pensioners as well as the Greek subsidiaries supply of electricity at reduced tariffs. Such
\n
reduced tariffs to pensioners are considered to be retirement obligations and are calculated at the discounted value of the future
\n
retirement benefits deemed to have accrued at year-end based on the employees earning retirement benefit rights steadily
\n
throughout the working period. The relevant retirement obligations are calculated on the basis of financial and actuarial assumptions.
\n
b) According to Law 4533/2018 (OG A\u2019 7527/4/2018) PPC and its Greek subsidiaries pay an one-off allowance to the beneficiaries of
\n
pension (who are insured employees leaving PPC) in proportion to the years of actual service to PPC. This allowance cannot exceed
\n
the amount of \u20ac15.000 for insured employees which are retiring due to the termination of the employment contract, or due to the
\n
fact that insured employees reached the age limit or due to another reason for leaving, according to the provisions of the law.
\n
c) In addition, the subsidiaries in Romania also pay compensation due to leaving the service to the insured employees who leave due
\n
to termination of the employment contract, or reaching the age limit, or due to any other reason specified by law.
\n
\n
The above are defined benefits plans in accordance with the provisions of IAS 19. The present value of the liability assumed by PPC
\n
and its subsidiaries, is calculated by using actuarial methods and is a past service cost for service provided in previous periods.
\n
Details of the underlying assumptions and estimates of the above mentioned post - retirement benefits are included in Note 37.
\n
\n
Fair value and useful lives of property, plant and equipment
\n
\n
The Group carries its property, plant and equipment (except for mining land and lakes) at revalued amounts (estimated fair values)
\n
as determined by an independent firm of appraisers. Independent revaluation is performed periodically (every three to five years).
\n
\n
The determination of the fair values of property, plant and equipment requires the use of estimates, assumptions and judgements
\n
with respect to the ownership, the value in use and the existence of any economic, functional and physical obsolescence of property,
\n
plant and equipment. The Group assigned to an independent appraiser to revalue its property, plant and equipment as of 31
\n
December 2024. The key estimates, assumptions and judgements were made in determining the fair value are included in Note 19.
\n
\n
Furthermore, the management makes estimates regarding the total and the remaining useful lives of property, plant and equipment
\n
which are subject to periodic review. Useful lives as estimated are included in Note 4.4.
\n
\n
Impairment of fixed and intangible assets
\n
\n
The Group assesses at each reporting date whether there is an indication that a long \u2013 term or intagible asset may be impaired. The
\n
determination of whether such indications exists, requires from Management to make estimates, assumptions and judgments with
\n
respect to external and internal factors that may affect the recoverability of assets, as well as assumptions on the determination of
\n
the cash flow generating units. More specifically, external factors include the change in the institutional framework, inflation, interest
\n
rates. On the other hand, internal factors are related to the internal decisions and the business plan of the Group and the Company.
\n
Indicatively, the key assumptions for the impairment test are the weighted average borrowing costs and the future cash flows of the
\n
assets under consideration.
\n
\n
The Group and the Parent Company as lessee
\n
\n
The Management, in order to measure the right-of-use assets, determines the lease term as the non-cancellable term of the lease,
\n
together with any periods covered by a) an option to extend the lease if it is reasonably certain to be exercised, or b) an option to
\n
terminate the lease, if it is reasonably certain not to be exercised.
\n
\n\n
4.3 MATERIAL ACCOUNTING JUDGMENTS AND ESTIMATES (CONTINUED)
\n
\n
In determining the lease term, Management assesses all the facts and circumstances that create economic incentive in order to
\n
exercise the option of renewal or not exercise the option of termination.
\n
\n
After the commencement date of the lease, Management reassesses the lease term if there is a significant event or change in
\n
circumstances that is within their control and affects their ability to exercise (or not to exercise) the option to renew (for example a
\n
change in the Group\u2019s and the Parent Company\u2019s business strategy).
\n
\n
In addition, the Management in order to calculate the financial lease liability determined the incremental borrowing rate (IBR) at the
\n
lease commencement date as the interest rate implicit in the lease contract is not readily determinable. The IBR is the rate of interest
\n
that the Group and the Parent Company would have to pay, to borrow over a similar term and with a similar security, the funds
\n
necessary to obtain an asset of a similar value to the right-of-use asset.
\n
\n
Decommissioning and removal costs of property, plant and equipment and mines\u2019 land restoration costs
\n
\n
Based on the provisions of IAS 16 \u201cProperty, plant and equipment\u201d the cost of an item of property, plant and equipment includes, among
\n
others, the initial estimate of the costs required for the dismantling and removal of such an item. These costs are quantified and
\n
recognized in the financial statements in accordance with the provisions of IAS 37 \u201cProvisions, contingent liabilities and contingent
\n
assets\u201d, while any subsequent change in the measurement of this provision is treated in accordance with the provisions of IFRIC 1.
\n
\n
The respective provision includes the land remediation cost, the cost of dismantling the existing equipment/machinery, the cost of
\n
demolition of buildings and collection of any waste from power plants and mines. At the time of their dismantling and removal, the actual
\n
cost and the commencement and expiration date of the relevant works may differ from Management\u2019s estimate.
\n
\n
In addition, the Group and the Parent Company, in order to calculate the provision of decommissioning, determined the discount rate
\n
that reflects the current market estimates for the time value of money and the risks associated with the liability.
\n
\n
Regarding the remediation of the environment of the hydro power plants, the Group and the Parent Company estimate that the relevant
\n
cost in present values is not significant on December 31
\n
st
\n
, 2024 and therefore they have not established any provision. In the future the
\n
actual commencement date of the relevant works and the remediation cost may differ from Management\u2019s estimate.
\n
\n
Details of the underlying assumptions and estimates for the decommissioning and removal costs of property, plant and equipment and
\n
mines\u2019 land restoration costs provision are included in material accounting policies and in Note 38.
\n
\n
Provisions for risks
\n
\n
The Group establishes provisions associated with claims by third parties against companies of the Group and which might lead to an
\n
outflow of resources for their settlement. The provision is established based on amounts claimed and the possible outcome of the legal
\n
dispute.
\n
\n
Contract assets and expected credit losses \u2013 trade receivables
\n
\n
The Group and Parent Company apply the simplified approach set out in the Standard IFRS 9 for the calculation of Expected Credit Losses,
\n
according to which the respective provision is always measured in amount equal to the expected credit losses over the life of customer
\n
receivables. The provision for expected credit losses is formed for high voltage customers on an individual basis in the assessment of the
\n
expected credit loss per customer, while for the estimation of the expected credit losses from medium and low voltage customers and
\n
for contract assets, credit loss provision tables are applied with an ageing analysis of the trade receivables balances, based on the
\n
historical data of the Group and the Parent Company for credit losses and adjusted for future factors with respect to debtors and the
\n
economic environment.
\n
\n\n
4.3 MATERIAL ACCOUNTING JUDGMENTS AND ESTIMATES (CONTINUED)
\n
\n
Provisions for income taxes and recognition of deferred tax receivables
\n
\n
Current provisions for income tax liabilities for current and prior years are calculated at the amounts expected to be paid to the tax
\n
authorities, using the prevailing tax rates at the balance sheet date.
\n
\n
Provision for income tax includes current taxes reported in the respective income tax returns and potential additional taxes that may
\n
be imposed by the tax authorities upon settlement of the unaudited tax years on the basis of the findings of prior tax audits.
\n
Therefore, final settlement of the income taxes might differ from the income taxes that have been accounted for in the financial
\n
statements. From the fiscal year 2011 onwards, the Parent Company and several of its subsidiaries are audited for tax purposes by the
\n
Certified Auditors Accountants in accordance with the provisions of Income Tax Legislation. The audit for the year ended on December
\n
31, 2024 is ongoing and the relative tax conformity report will be issued after the publication of the financial statements for the year
\n
2024.
\n
\n
If, at the completion of the tax audit, additional tax liabilities arise, the Management estimates that these will have no material effect on
\n
the financial statements. Deferred tax receivables are recognized on carried forward tax losses to the extent that it is probable that future
\n
taxable profits will occur to offset carried forward tax losses. Deferred tax receivables that are recognized, require Management to make
\n
assessments as to the time and level of realization of future taxable profits.
\n
\n
Revenue recognition from consumed and non-billed energy and Contract Assets with low voltage customers
\n
\n
Management considers that the customers consume the benefit of electricity over the period of the sale, while the Group and the Parent
\n
Company continues to fulfil its contractual liabilities. For this reason, revenue is recognized based on actual quantities of electricity
\n
consumed or based on an estimation of electricity consumed.
\n
Especially for low voltage customers at each balance sheet date, unbilled revenue is recorded for electricity delivered and consumed by
\n
these customers but not yet billed, by using certain assumptions with respect to quantities of electricity consumed, network losses and
\n
average electricity sale prices. The actual amounts that will be finally billed may differ from those provided for.
\n
\n
Recognition of revenue from customers\u2019 contributions
\n
\n
The Group estimates that customers\u2019 contributions refer to the initial and continuous connection to the distribution network which
\n
is a distinct service, separate from electricity sale. The service which is promised to be delivered is the only one to be executed by
\n
the distribution companies and this transaction is considered a separate contractual obligation. Therefore, revenue from customers\u2019
\n
contributions is recognized as the service transferred to the customer. As the contract with the customer is not of a specific time
\n
duration, the revenue is recognized based on the useful life of the distribution network property, plant and equipment for Greece
\n
(35 years) or based on the remaining useful life of the concession contracts for the use of the distribution network in Romania (31-
\n
32 years).
\n
\n
Concession agreements of distribution network in Romania
\n
\n
The Group considers that for the concession agreements of the distribution network of the distribution subsidiaries in Romania, IFRIC
\n
12 do not apply and as regards it has recognized the tangible assets of their distribution network asset base.
\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag47": { "value": "\n
\n
\n
4.4. MATERIAL ACCOUNTING POLICIES
\n
\n\n
\n
Foreign currency translation
\n
\n
Parent Company\u2019s functional and presentation currency is the Euro. Transactions involving other currencies are translated into Euro
\n
at the exchange rates, ruling on the date of the transactions. At the reporting date, monetary assets and liabilities, which are
\n
denominated in foreign currencies, are retranslated at the exchange rates at that date. Gains or losses resulting from foreign currency
\n
translation are recognized in the income statement. Non-monetary items denominated in foreign currencies that are measured at
\n
historical cost are translated at the exchange rate at the date of the initial transaction. Non-monetary items denominated in foreign
\n
currencies that are measured at fair value are retranslated at the exchange rates at the date that the fair value was determined. The
\n
foreign currency differences arising from the change in the fair value of these items are recognized in the income statement or directly
\n
in other comprehensive income depending on the underlying item.
\n
\n\n
Items included in the financial statements of each of the Group entities are measured using the currency of the primary economic
\n
environment in which the entity operates (\u201cfunctional currency\u201d). Assets and liabilities of entities that have a functional currency
\n
different from the presentation currency, including goodwill and the fair value adjustments to the carrying amounts of assets and
\n
liabilities arising on acquisition, are translated into Euro using exchange rates ruling at the reporting date.
\n
\n\n
\n
Revenues and expenses are translated at rates prevailing at the date of the transaction. All resulting foreign exchange differences
\n
are recognized in other comprehensive income and are reclassified in the income statement on the disposal of the foreign operation.
\n
\n\n
\n\n
Business Combinations
\n
\n
The consolidated financial statements are comprised of the financial statements of the Parent Company and all subsidiaries controlled
\n
by the Parent Company directly or indirectly. Control exists when the Group is exposed to, or has rights to variable returns from its
\n
involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully
\n
consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which control
\n
ceases.
\n
\n
The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of
\n
a subsidiary is calculated by adding the fair values of the assets transferred at the date of acquisition, the liabilities incurred to the
\n
former owners of the acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of
\n
any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent
\n
liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. For each business
\n
combination, the acquirer measures the non-controlling interest in the acquiree either at fair value or at the proportionate share of
\n
the acquiree\u2019s identifiable net assets. Acquisition costs are expensed as incurred in the Group, while in the Parent Company that
\n
makes the acquisition, they are included in the cost of the investment.
\n
\n
Any contingent consideration to be transferred by the acquirer is recognized at fair value at the acquisition date.
\n
\n
If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest
\n
in the acquiree is remeasured to fair value at the acquisition date through profit or loss.
\n
\n
Subsequent changes to the fair value of the contingent consideration are recognized in accordance with IFRS 9 either in profit or loss
\n
or as a change to other comprehensive income. Contingent consideration that is classified as equity is not remeasured, and its
\n
subsequent settlement is accounted for within equity.
\n
\n
Financial Liability for Contingent Consideration for the acquisition of subsidiaries
\n
\n
Contingent consideration for the acquisition of subsidiaries is recognized on the date of completion of the acquisition of a subsidiary
\n
as a financial liability in the Statement of Financial Position based on the fair value of the contingent consideration, increasing the
\n
cost of investment in the new subsidiary in the Parent Company\u2019s financial statements. In the Group, the initial recognition of the
\n
contingent consideration forms the goodwill/bargain of the acquired business.
\n
\n
Subsequent changes in the fair value of the financial liability resulting from the remeasurement of the contingent consideration are
\n
recognized in the Income Statement in the financial expenses of the Group and the Parent company based on IFRS 9.
\n
\n
Upon payment of the contingent consideration, the financial liability is derecognized with the amount that is finally paid by the Group
\n
and the Parent Company. Whereas if, at the expiry of the obligation, no additional consideration is due, the financial liability of the
\n
Parent company is derecognized by reducing the cost of investment in the subsidiary and any difference affects the financial expenses
\n
\n\n
\n\n
\n
\n
\n\n
4.4 MATERIAL ACCOUNTING POLICIES (CONTINUED)
\n
\n
of the Income Statement, while the financial obligation of the Group is derecognized in favor of financial income of the Income
\n
Statement.
\n
\n\n
\n\n
\n
Emissions Allowances (CO
\n
2
\n
)
\n
\n
The Parent Company acquires CO
\n
2
\n
emission allowances in order to meet its obligation arising from the actual CO
\n
2
\n
emissions of its
\n
electricity generation facilities. This liability is measured at fair value to the extent that Parent Company has the obligation to cover
\n
its emissions through purchases (after offseting of any free CO
\n
2
\n
emission rights held) and is presented in Accrued and other current
\n
liabilities. Emission rights purchased and held are recognized as intangible assets, at their acquisition cost less any accumulated
\n
impairment loss. Emission rights are consumed and recognized in the income statement at the cost acquired, based on the CO
\n
2
\n
\n
emissions of liable electricity generation facilities. As the cash flows of CO
\n
2
\n
emission allowances relate to the operating activities of
\n
the Group and the Parent Company, are shown in the cash flows from operating activities in the Cash Flow Statement.
\n
\n\n
Goodwill
\n
\n
Goodwill is initially measured at cost and represents the excess amount between the aggregate consideration transferred and the
\n
fair value of the Group's and Parent Company\u2019s share of the acquiree's identifiable assets and liabilities at the date of the acquisition.
\n
If the fair value of net assets acquired by the Group and the Parent Company is in excess of the aggregate consideration transferred,
\n
the Group re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the
\n
procedures used to measure the amounts to be recognised at the acquisition date. If the meassessment still results in an excess of
\n
the fair value of net assets acquired over the aggregate consideration transferred, then the gain (negative goodwill) is recognised in
\n
profit or loss.
\n
\n
After initial recognition, Goodwill is measured at cost less any aggregate impairments. For the purpose of impairment testing,
\n
Goodwill is allocated to cash-generating units (CGU), on acquisition date. The allocation is made to the generating units that are
\n
expected to be benefit from the business combinations in which the goodwill was identified and is recognized according to the
\n
operating segment.Goodwill is subject to an impairment test annually, or even sooner if there are relevant indications. Goodwill
\n
impairment is determined by estimating the recoverable value of each CGU (or group of CGU\u2019s) to which the goodwill has been
\n
allocated. When the recoverable amount (defined as the greater value between value in use and fair value reduced by the required
\n
cost to sell) of the CGU is less than its book value including goodwill, an impairment loss is recognized. Goodwill impairment cannot
\n
be reversed later.
\n
\n\n
\n
Intangible assets \u2013 Trade name \u201cKotsovolos\u201d
\n
\n
The intangible asset of the trade name \u201cKotsovolos\u201d that arose upon the acquisition of the subsidiary is initially recognized at fair
\n
value on the date of acquisition. After initial recognition and given that the trade name has an indefinite useful life, it is not amortized
\n
but is tested for impairment by comparing its recoverable amount with its carrying amount annually and whenever there is an
\n
indication that the intangible asset may be impaired.
\n
\n\n
\n\n
Property, plant and equipment
\n
\n
Property, plant and equipment are initially recognised at their acquisition cost which includes all direct attributable expenses for their
\n
acquisition or construction. Subsequent to their initial recognition, property, plant and equipment (with the exception of mines and
\n
lakes which are valued at their acquisition cost minus accumulated depreciation and impairment) are valued at fair value minus
\n
accumulated depreciation and impairment.
\n
\n
Fair value estimates are performed periodically by independent appraisers (every three to five years) in order to ensure that fair
\n
value does not differ significantly from net value of the asset. At the date of revaluation, accumulated depreciation is offset against
\n
pre depreciation accounting values and net amounts are restated according to revalued amounts.
\n
\n
Any increase in value is credited to the revaluation surplus in equity net of deferred taxes. However, an increase due to revaluation
\n
will be recognized in the Statement of Income, to the extent that it reverses a previous devaluation of the same asset, which had
\n
previously been recognized in the Income Statement.
\n
\n\n
\n\n
\n
\n
4.4 MATERIAL ACCOUNTING POLICIES (CONTINUED)
\n
\n\n
\n
\n
Any decreases, first offset remaining revaluations surplus and then the remaining amounts burden the Statement of Income. Upon
\n
disposal of revalued property, plant and equipment, the relevant portion of the revaluation surplus is transferred from the
\n
revaluation surplus to the retained earnings.
\n
\n\n
Repairs and maintenance are recorded in expenses in the fiscal year in which they are incurred. Subsequent expenditure is capitalized
\n
if the criteria for recognizing them as property, plant and equipment are met. For all assets withdrawn or sold, their acquisition cost
\n
and depreciation are written \u2013 off when sold or withdrawn. Any gain or loss resulting from the write \u2013 off is included in the Statement
\n
of Income.
\n
\n\n
\n
The use of the own resources for the construction in progress property, plant and equipment constitutes an addition to their
\n
acquisition cost at values which include the direct payroll costs of the staff participated in the construction (corresponding employers\u2019
\n
contributions), the cost of materials used and other general costs.
\n
\n\n
Depreciation
\n
\n
Depreciation of property, plant and equipment is calculated using the straight-line method over the estimated residual useful life of
\n
the asset. The total useful life (in years) used for calculating depreciation is as follows:
\n
\n
\n
2024
\n
2023
\n
Buildings and Technical Works
\n
\n
\n
Buildings of general use
\n
50-70
\n
50-70
\n
Industrial buildings
\n
35-60
\n
35-60
\n
Dams
\n
50
\n
50
\n
Machinery and Equipment
\n
\n
\n
Thermal power plants
\n
35-40
\n
35-40
\n
Gas Turbines
\n
35
\n
35
\n
Mines
\n
20-40
\n
20-40
\n
Large hydro power plants
\n
50
\n
50
\n
Autonomous diesel power plants
\n
25
\n
25
\n
Wind generators
\n
17-20
\n
17-20
\n
Car charging stations
\n
10-12
\n
10-12
\n
Photovoltaic stations
\n
20-30
\n
20-30
\n
Distribution
\n
\n
\n
Substations
\n
30-40
\n
30-40
\n
Low and medium voltage distribution network
\n
35-40
\n
35-40
\n
Electronic meters
\n
10-20
\n
10-20
\n
Transportation assets
\n
5-15
\n
5-15
\n
Furniture, fixtures and equipment
\n
5-35
\n
5-35
\n
\n\n
\n\n
\n\n
Provision for the dismantling and removal of the infrastructure and the equipment of power plants and mines
\n
\n
The provision for the dismantling and removal of the infrastructure and the equipment of power plants is calculated taking into
\n
account the specificities of each unit (type of fuel, generating capacity, co-installation of units), calculating the present value of the
\n
land remediation cost, the cost of dismantling the existing equipment/machinery, the cost of demolition of infrastructure and
\n
collection of any waste by using a discount rate. The cost includes the direct cost of monitoring/managing the project of the
\n
withdrawal of units. The provision is reduced by actual costs (utilization of provision) and increases with the finance cost.
\n
\n
In case the actual costs exceed the estimated ones, the difference is recorded directly in the Income Statement.
\n
\n\n
\n\n
\n
\n
\n
4.4 MATERIAL ACCOUNTING POLICIES (CONTINUED)
\n
\n\n
Moreover, the respective provision does not take into account any income from the sale of machinery, spare parts and materials of
\n
the decommissioned units or from the utilization of the land, as the relevant revenue will be recognized at the time it is considered
\n
certain.
\n
\n
For all units, the present value of their restoration costs, for the demolition of their infrastructure and the removal of their equipment
\n
is first capitalized on the value of assets they concern proportionately following their remaining useful life, while any remaining
\n
amount is then offset by any revaluation surplus existed with direct record in other comprehensive income and if any further amount
\n
remains it is then recognized in the Statement of Income.
\n
\n
Any changes in the provision of decommissioning of power plants due to a change in Management\u2019s estimate (change of the
\n
restoration time, change of the future use of the property, plant and equipment or related cost) affect the assets\u2019 revaluation surplus
\n
or deficit which was previously recognized, so that:
\n
\n
\u2022 a decrease in the liability shall be recognized in other comprehensive income and increase the revaluation surplus included in
\n
equity, with the difference that it will be recognized in the Statement of Income, to the extent that it reverses a previous
\n
revaluation deficit of the assets, which had previously been recognized in the Income
\n
Statement. In the event that a decrease in liability exceeds the book value that would have been recognized if the assets were
\n
recorded in accordance with the cost method, the excess amount will be recognized immediately in the income statement.
\n
\u2022 an increase in the liability shall be recognized in the Statement of Income, with the difference that it will be recognized directly
\n
in other comprehensive income and it will reduce the revaluation surplus included in equity as long as there is such, for those
\n
assets.
\n
\n
The amortized amount of assets is depreciated throughout their useful life. Therefore, when the relevant assets reach the end of
\n
their useful life, any subsequent change in liability is recognized in the income statement when is incurred.
\n
\n
Simultaneously, the Group and the Parent Company recognized a provision for the removal of infrastructure /dismantling of
\n
equipment of its mines that includes the cost of the removal of infrastructure and the cost of dismantling of equipment with the use
\n
of a discount rate, while it does not take into account any income from the sale of machinery, spare parts and materials. The provision
\n
is reduced by the actual costs incurred (utilization of the provision) and is increased with the finance cost. Any change in the provision
\n
of the removal of infrastructure /dismantling of equipment of mines follow the same accounting policies for the provision of
\n
decommissioning of power plants as the assets that they concern are measured based on the revaluation model.
\n
\n\n
\n\n
Provision of mines\u2019 land restoration
\n
\n
The Group and the Parent Company own and operate lignite mines. Provision for the remediation of the mines\u2019 land was established to
\n
meet the Group\u2019s liabilities for the remediation of the affected land, and was calculated on the basis of the affected area and the average
\n
cost of restoration per metric unit.
\n
As the mines\u2019 lands are measured based on the cost method, any changes in the provision of the mines\u2019 land restoration are added or
\n
deducted from the cost of the relevant asset in the current period. The amount deducted from the cost of the asset cannot exceed its
\n
book value.
\n
\u2022 In the event that a decrease in liability exceeds the book value of the asset, the excess amount is recognized immediately in the
\n
income statement.
\n
\u2022 In the event of an increase in the cost of an asset, the Company considers whether this is an indication that the asset\u2019s new book
\n
value may not be fully recoverable.
\n
\n\n
\n\n
Leases
\n
\n
The determination of whether a transaction involves a lease or not is based on the substance of the transaction at the date of the relevant
\n
contract, i.e. whether the fulfillment of the transaction depends on the use of one or more assets or whether the transaction transfers
\n
rights to use the asset.
\n
\n\n
\n\n
\n
\n
4.4 MATERIAL ACCOUNTING POLICIES (CONTINUED)
\n
\n\n
Group as a lessee
\n
\n
The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value
\n
assets. The Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying
\n
assets that are owned by third parties.
\n
\n
i) Right-of-use assets
\n
The Group and the Parent Company recognize right-of-use assets at the commencement date of the lease (i.e., the date the underlying
\n
asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and
\n
adjusted for any re-measurement of lease liabilities.
\n
\n
The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made
\n
at or before the commencement date less any lease incentives received. Unless the Group and the Parent Company are reasonably
\n
certain to obtain ownership of the leased asset at the end of the lease term, the Right-of-use assets are depreciated on a straight-line
\n
basis over the shorter of the lease term and the estimated useful lives of the assets, as follows:
\n
\n
\u2022 Buildings: 2 to 89 years
\n
\u2022 Other equipment: 1 to 4 years
\n
\u2022 Transportation means: 1 to 4 years
\n
\u2022 Vessels: 6 to 24 months
\n
\n
The right-of-use assets are also subject to impairment, when indicators exist.
\n
\n
ii) Lease liabilities
\n
At the commencement date of the lease, the Group and the Parent Company recognize lease liabilities measured at the present value
\n
of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments)
\n
less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under
\n
residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by
\n
the Group and the Parent Company and payments of penalties for terminating the lease, if the lease term reflects the Group and the
\n
Parent Company will exercise the option to terminate.
\n
\n
Variable lease payments that do not depend on an index or a rate are recognized as expenses in the period in which the event or condition
\n
that triggers the payment occurs.
\n
In calculating the present value of lease payments, the Group and the Parent Company use its incremental borrowing rate at the lease
\n
commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the
\n
amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the
\n
carrying amount of lease liabilities is re-measured if there is a modification, a change in the lease term, a change in the lease payments
\n
(e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the
\n
assessment of an option to purchase the underlying asset.
\n
Those re-measurements are included in a separate line in the note Right of Use Assets \u201cmodifications/ re-measurements\u201d.
\n
\n
iii) Short-term leases and leases of low-value asset
\n
The Group and the Parent Company apply the short-term lease recognition exemption to its short-term leases of (i.e. those leases that
\n
have a lease term of 12 months or less from the commencement date and do not contain a purchase option). The Group and the Parent
\n
Company also apply the lease of low-value assets recognition exemption to leases that are considered to be low value (those with value
\n
less than \u20ac 5 thousands). Lease payments on short-term leases and leases of low value assets are recognized as expense on a straight-
\n
line basis over the lease term.
\n
\n\n
\n\n
Investments in subsidiaries
\n
\n
In separate financial statements, investments in subsidiaries are valued at cost less any accumulated impairment losses. Direct
\n
acquisition costs are included in the cost of participation.
\n
\n\n
\n\n
\n
\n
\n
4.4 MATERIAL ACCOUNTING POLICIES (CONTINUED)
\n
\n\n
\n\n
Investments in subsidiaries - merger of business
\n
\n
The absorption of the 100% subsidiary company by exchange of shares of the Parent company is treated in the separate financial
\n
statements as a transaction between companies under common control and management is required to determine an appropriate
\n
accounting policy to depict the transaction. The Company de-recognizes its participation in the subsidiary and recognizes the net
\n
assets of the subsidiary either at fair value or at the carrying value that was reflected in the consolidated financial statements of the
\n
Group at the date of the legal merger (taking into account the commercial substance of the transaction).
\n
\n
The spin-off and contribution of a branch to a wholly-owned subsidiary by an exchange of shares is treated as a transaction between
\n
companies under common control and management judgment is required in determining an appropriate accounting policy to depict
\n
the transaction. The Company recognizes the shares received as consideration, as an addition to the cost of investment in the
\n
subsidiary, to the book value or to the fair value of the branch contributed, based on the effect of the transaction on its future cash
\n
flows (assessing whether there is commercial substance).
\n
\n\n
\n\n
\n\n
Investments in associates
\n
\n
These are entities in which the Group has significant influence and which are neither a subsidiary nor a joint venture of the Group.
\n
Significant influence is the power to participate in the financial and operational policy decisions of the associate, without the power
\n
to control or jointly control the said policies. The Group\u2019s investments in associates are accounted for under the equity method.
\n
Investments in associates are carried on the balance sheet at cost plus post-acquisition changes in the Group\u2019s share of net assets of
\n
the associate, less possible provisions for any impairment in value. In case that the Group\u2019s share in an associate\u2019s losses is equal, or
\n
exceeds its participation in the associate, the Group does not recognise the losses exceeding its participation.
\n
\n
The Statement of Income reflects separately the Group\u2019s share on the results of its associates, while amounts that are recorded by
\n
the associates directly to their equity are recognized directly to the Group\u2019s equity. Non \u2013 realised profit or loss resulting from the
\n
transactions of the Group with the said associates is eliminated to the extent of the interest in the associates. In the separate financial
\n
statements such investments are accounted for at cost less any accumulated impairment losses.
\n
\n\n
\n\n
\n\n
Impairment of non-financial assets
\n
\n
The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists,
\n
the Group makes an estimate of the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s or cash
\n
generating unit\u2019s fair value less cost to sell and its value in use and is determined for an individual asset unless the asset does not
\n
generate cash inflows that are largely independent of those from other assets or groups of assets. Where the carrying amount of an
\n
asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing
\n
value, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market
\n
assessment of the time value of money and the risks specific to the asset.
\n
\n
The fair value of sale (after the deduction of sales costs) is determined, in each case, according to the implementation of a revaluation
\n
model. Impairment losses of continuing operations are recognized to the Statement of Income, except if the particular asset is valued
\n
in fair values and then the impairment loss is recognised as a decrease of the already recognised surplus value. An assessment is
\n
made at each reporting date as to whether there is any indication that previously recognized impairment losses may no longer exist
\n
or may have decreased, for all assets of the Group, except Goodwill. If such indication exists the recoverable amount is estimated. A
\n
previously recognized impairment loss is reversed only if there has been a change in the estimates used to determine the assets\u2019
\n
recoverable amount since the last impairment loss was recognized.
\n
\n\n
\n\n
\n\n
\n
\n
4.4 MATERIAL ACCOUNTING POLICIES (CONTINUED)
\n
\n\n
\n\n
That increased amount resulting from the reversal of the impairment loss, cannot exceed the carrying amount that would have been
\n
determined (net of depreciation), if no impairment loss had been recognized for the asset in prior years. Such reversal is recognized
\n
in profit and loss unless the asset is carried at fair value amounts in which case the reversal is treated as a revaluation increase. After
\n
such a reversal the depreciation charge is adjusted in future periods to allocate the asset\u2019s revised carrying amount, less any residual
\n
value, to be divided equally to future time spans on a systematic basis over its remaining useful life.
\n
\n\n
\n\n
\n\n
Fair value measurement
\n
\n
The Group measures financial instruments such as derivatives, and fair value through other comprehensive income at each reporting
\n
date and non-financial assets such as property, periodically (every 3-5 years) at fair value. Fair value is the price that would be received
\n
to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
\n
\n
The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place
\n
either:
\n
\u2022 In the principal market for the asset or liability, or
\n
\u2022 In the absence of a principal market, in the most advantageous market for the asset or liability.
\n
\n
The principal or the most advantageous market must be accessible to by the Group.
\n
The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset
\n
or liability, assuming that market participants act in their economic best interest.
\n
The fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits
\n
by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and
\n
best use.
\n
\n
The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure
\n
fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
\n
\n
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value
\n
hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:
\n
\u2022 Level 1 \u2014 Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
\n
\u2022 Level 2 \u2014 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or
\n
indirectly observable.
\n
\u2022 Level 3 \u2014 Valuation techniques for which the lowest level input that is significant to the fair value measurement is
\n
unobservable.
\n
\n
For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group determines whether transfers
\n
have occurred between Levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to
\n
the fair value measurement as a whole) at the end of each reporting period.
\n
\n
The Group determines policies and procedures applied for both recurring measurements and assets held for distribution or for sale.
\n
\n
Assets of substantial value, as property, plant and equipment, as well as substantial value liabilities are evaluated by the Group and
\n
the Parent Company with the assistance of external appraisers. External appraisers involvement needs, are annually decided by the
\n
Group. The selection criteria include market knowledge and expertise, reputation, independence and observance of professional
\n
standards.
\n
\n\n
\n\n
\n
\n
4.4 MATERIAL ACCOUNTING POLICIES (CONTINUED)
\n
\n\n
On each reporting date, the Group, according to its accounting policies, assesses if there is any change on the carrying values of assets
\n
and liabilities being subject to periodic reassessment and revaluation. For the above mentioned assessment, the management verifies
\n
considerable inputs applied to the last asset or liability evaluation, confirming data used for the evaluation against contracts and
\n
other relevant documents. For disclosing fair values, the Group\u2019s assets and liabilities are categorized according to their nature,
\n
characteristics, potential risks stemming from specific asset or liability categories, as well as fair value hierarchy described above
\n
(Note 48).
\n
\n\n
\n\n
Investments and financial assets
\n
\n
Financial assets that fall under and are governed by the provisions of IFRS 9 are classified on initial recognition as financial assets
\n
measured at amortized cost, financial assets at fair value through other comprehensive income and financial assets at fair value
\n
through profit or loss. The classification of financial assets at initial recognition depends
\n
on the contractual characteristics of cash flows of the financial asset and the Group's business model for the management of that
\n
financial asset.
\n
\n
With the exception of trade receivables and receivables from electricity customers that do not contain a significant financial
\n
component, the Group initially evaluates the financial assets at their fair value plus, in case of a financial asset that is not valued
\n
through profit or loss, transaction costs. Trade receivables that do not have a significant financial component and also receivables
\n
from electricity customers are valued at the transaction price determined in accordance with IFRS 15.
\n
\n
In order for a financial asset to be classified and measured at amortized cost or at fair value through other comprehensive income,
\n
the resulting cash flows should be \"Solely for Payment of Principal and Interest (SPPI) \"\u03bfn the initial capital.
\n
\n
The Group's business model for managing financial assets refers to the way in which it manages its financial capabilities in order to
\n
generate cash flows. Business model determines whether cash flows arise from collection of contractual cash flows, sale of financial
\n
assets, or both.
\n
\n
Usual sales and purchases of financial assets are recognized on the transaction date (on which Group is committed to purchase the
\n
financial asset). Usual purchases or sales involve purchases or sales of financial assets that require physical receipt of items within
\n
the period and are also governed by a law or a purchase agreement.
\n
\n
Financial assets measured at amortized cost
\n
\n
Non-depreciated cost of a financial asset is defined as the amount at which the financial asset is measured at initial recognition less
\n
the capital repayments plus or minus the cumulative depreciation using the effective interest method of any difference between that
\n
initial amount and the amortized cost adjusted for any loss provision.
\n
\n
A financial asset is measured at amortized cost only if both of the following are met unless it is measured at fair value through profit
\n
or loss on initial recognition:
\n
i. The financial asset is held in a business model whose objective is to hold financial assets for the collection of contractual cash flows
\n
(\"HTC\") and,
\n
ii. The contractual terms of the financial asset result in specific dates in cash flows that are only capital and interest payments on the
\n
outstanding initial capital.
\n
\n
Consequently, the Group classifies financial assets at amortized cost when financial assets are held in the context of a business model
\n
with a view to being held to maturity mostly concentrating their contractual cash flows, and these financial data lead to cash flows
\n
consisting only of capital and interest payments. Financial assets that do not meet the above conditions are classified as financial
\n
assets at fair value through profit or loss, with the exception of investments in equity instruments that are not held for trading and
\n
for which is selected to be measured at financial assets fair value through other comprehensive income on initial recognition.
\n
\n\n
\n\n
\n\n
\n
\n
4.4 MATERIAL ACCOUNTING POLICIES (CONTINUED)
\n
\n
The Group, after initial recognition, measures financial assets of this category at amortized cost using effective interest rate. These
\n
financial assets are subject to impairment in accordance with IFRS 9. Profit and loss are recognized in Statement of Income when the
\n
asset is derecognized, modified or impaired.
\n
\n
Financial assets measured at fair value through profit or loss
\n
\n
A financial asset is measured at fair value through profit or loss, unless it is measured at amortized cost or at fair value through other
\n
comprehensive income.
\n
\n
Any financial asset whose contractual terms do not result in specific cash flow dates that are only capital and interest payments on
\n
the outstanding initial capital are classified by the Group at fair value through profit or loss (unless it is an investment in an equity
\n
instrument that is classified at fair value through other comprehensive income).
\n
\n
Since the option to determine a financial asset at fair value at its initial recognition is irrevocable, if a financial asset is designated as
\n
at fair value through profit or loss on initial recognition, the Group does not reclassify it as measured at amortized cost or fair value
\n
through other comprehensive income in case the business model changes.
\n
\n
Financial assets measured at fair value through profit or loss are transferred to the statement of financial position at their fair value,
\n
and changes in fair value between reporting dates are recorded in the Statement of Income. Financial assets measured at fair value
\n
through profit or loss are not subject to impairment.
\n
\n\n
Impairment of Financial Assets
\n
Group assesses at each reporting date whether the value of a financial asset or group of financial assets has been impaired in
\n
accordance with provisions of IFRS 9.
\n
\n
The Group has adopted the expected credit losses model for each of the abovementioned asset categories.
\n
\n
\u25aa Trade Receivables from the sale of electricity to customers
\n
\u25aa Trade Receivables from intercompany transactions
\n
\u25aa Other financial assets measured at amortized cost.
\n
\u25aa Contract assets
\n
\n\n
\n\n
De-recognition of financial assets
\n
\n
Financial receivables (or, where applicable a part of a financial receivable or part of a group of similar financial receivables) are
\n
derecognized when: (1) the rights to receive cash flows from the asset have expired, (2) The Group retains the right to receive cash
\n
flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a \u201cpass-through\u201d
\n
arrangement and (3) The Group has transferred the right to receive cash from that asset while either: (a) has transferred substantially
\n
all the risks and rewards of the assets, or (b) has not transferred substantially all the risks and rewards but has transferred control of
\n
that asset.
\n
\n
Where the Group has transferred the rights to receive cash inflows from that asset but has not transferred substantially all the risks
\n
and rewards or control of that asset, then the asset is recognized to the extent of the Group\u2019s continuing involvement in the asset.
\n
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the initial carrying
\n
amount of the asset and the maximum amount of consideration that the Group could be required to pay.
\n
\n
Where continuing involvement takes the form of a written and/or purchase option (including a cash-settled option) on the
\n
transferred asset, the extent of the Group\u2019s continuing involvement is the amount of the transferred asset that the Group may
\n
repurchase, except in the case of a written put option on an asset measured at fair value, where the extent of the Parent
\n
Company\u2019s/Group\u2019s continuing involvement is limited to the lower of the fair value of the transferred asset and the option exercise
\n
price.
\n
\n\n
\n\n
\n\n
\n
\n
\n
4.4 MATERIAL ACCOUNTING POLICIES (CONTINUED)
\n
\n\n
\n\n
In the event that the evaluation refers to securitization transactions, the Company applying the aforementioned derecognition
\n
criteria, takes into account the structure of the transaction including its exposure to the subordinated bonds issued, allowances to
\n
the special purpose vehicles, as well as the terms and conditions of the securitization agreements, under which the Company could
\n
retain control over the securitized receivables.
\n
\n\n
\n\n
\n\n
Financial liability from NCI put option
\n
\n
According to IAS 32, the Group recognizes these written put option commitments as a \"Financial liability from NCI put option\" in the
\n
Statement of Financial Position with equal recognition of \"Other Reserves\" in equity. The \"Non-controlling interests\" related with the
\n
above financial liability are recognized in equity according to IFRS 10, while the Group chose their full recognition on the date of initial
\n
recognition.
\n
\n
The above financial liability is initially recognized at the present value of the redemption amount. Subsequent changes in the value
\n
of the financial liability resulting from the remeasurement of the present value of the amount payable upon the exercise of the non-
\n
controlling interest, are recognized in the Income Statement in the results attributable to Company's shareholders and not in the
\n
results attributable to the non-controlling interests.
\n
\n
In the case of exercise of the Put Option (sale) on maturity, the financial liability is de-recognized with the amount paid by the Group
\n
to acquire the shares of the subsidiary. Whereas if the Put Option (sale) expires without being exercised, the financial liability is de-
\n
recognized in other reserves in equity, which have been established on its initial recognition.
\n
\n
On Parent Company level, the Put Option (sale) on subsidiary\u2019s shares is treated as a derivative financial instrument and as its exercise
\n
price is at fair value of the shares, the Put Option (sale) on shares has no value.
\n
\n\n
\n\n
Trade Receivables from the sale of electricity to customers
\n
\n
The Group and the Parent Company apply the simplified approach of IFRS 9 for the calculation of expected credit losses, according
\n
to which the provision for impairment is always measured at the amount of the expected credit losses over the lifetime of trade
\n
receivables. More specifically, in Greece:
\n
\n
Regarding the receivables of High Voltage (HV) customers from the sale of energy, the Group and the Parent Company (due to the
\n
individual characteristics of each client and its credit behavior) evaluate the expected credit loss from each customer individually.
\n
\n
Regarding the receivables from Medium Voltage (MV) and Low Voltage (LV) customers from the sale of energy, the Group and the
\n
Parent Company, considering these contracts as sharing similar characteristics, classified them into four distinct portfolios (Medium
\n
Voltage and Low Voltage receivables from public sector, Medium Voltage receivables from non- public sector, Low Voltage
\n
receivables from non- public sector in settlement, Low Voltage receivables from non- public sector without settlement) and in order
\n
to estimate the expected credit losses, use credit loss provision tables based on the maturity of their balances, following the historical
\n
data of the Group and the Parent Company for credit losses and adjusting appropriately for future events and the economic
\n
environment. For the four distinct portfolios, the Group and the Parent Company determine the probability of default for all time
\n
zones of receivables aging.
\n
\n
Additionally, on June 30, 2023, the Group's and the Parent Company's assessment on calculating the expected credit loss for Low
\n
Voltage receivables from non- public sector in settlement, was revised. In particular, the Group and the Parent company classified
\n
them in a distinct portfolio. This revision was carried out by examining the effectiveness of the non- public sector Low Voltage
\n
customer debt settlement program and the service rate of settled debts.
\n
\n
Since the parameters considered for estimating the expected credit loss on receivables from non- public sector of Low Voltage
\n
customers in settlement are affected by various factors, it is not possible to accurately determine the impact of the change in this
\n
accounting estimate on the amount of future estimated expected credit loss.
\n
\n\n
\n\n
\n
\n
\n
\n
\n
4.4 MATERIAL ACCOUNTING POLICIES (CONTINUED)
\n
\n\n
In Romania, depending on the size of the customer and the credit risk information available, the evaluation of the expected credit
\n
loss is performed on:
\n
\u27a2 individual basis, if receivables are significant in value.
\n
\u27a2 collective basis, for which trade receivables are grouped based on common credit risk characteristics (clustering) and the
\n
probability of defaults is calculated for all time zones of receivables aging, taking into consideration historical data and other
\n
information.
\n
\n\n
\n\n
Customers\u2019 contributions
\n
\n
Consumers or producers connected to the distribution network are required to participate in the initial cost of connecting to the
\n
network (meters, lines, substations, etc.) or other types of infrastructure by paying institutionally fixed amounts of money or by
\n
contributing property, plant and equipment (extremely rare cases). In the event that a customer leaves a facility and a new customer
\n
enters, then the new customer is not obliged to pay for a new contribution.
\n
\n
Customer\u2019s contributions refer to the initial and continuous connection to the distribution network which is a separate service from
\n
the sale of electricity. The promised service is the only one undertaken by the distribution companies and this transaction is
\n
considered a separate contractual obligation. Therefore, revenue from customers\u2019 contributions is recognized during the transfer of
\n
the service to the customer. As the contract with the customer is not of a specific duration, income is recognized on the basis of the
\n
remaining useful life of distribution network\u2019s property, plant and equipment (35 years for Greece). For Romania, the distribution
\n
companies provide their service to customers based on concession agreements with the Ministry of Energy, and income is recognized
\n
based on the remaining duration of those agreements (31-32 years).
\n
\n
Customers\u2019 contributions are classified as \"Long \u2013 term contract liabilities\". As the cash flows from customers\u2019 contributions relate
\n
to the operating activities of the Group and the Parent Company, are shown in the cash flows from operating activities in the Cash
\n
Flow Statement.
\n
\n\n
\n\n
Payments in advance against electricity consumption paid by customers at the time of signing the electricity supply contract.
\n
\n
By signing the electricity supply contract, the customer is required to pay an advance - a guarantee against future electricity
\n
consumption. This amount is not refunded to the customer but is offset by the amount of the last clearing bill following the request
\n
for suspension of electricity supply to the customer. Considering that these amounts are settled in a period over 12 months, the
\n
Group and Parent Company classified them as \"Long \u2013 term Contract Liabilities\".
\n
\n\n
\n\n
Other financial assets measured at amortized cost
\n
\n
For the other financial assets of the Group and the Parent Company, measured at amortized cost, the general approach is used. These
\n
financial assets are considered as having low credit risk and any provision for loss is limited to the expected credit losses of the next
\n
12 months from the respective reporting date.
\n
\n\n
\n\n
Inventories
\n
\n
Inventories include materials and consumables, spare parts, lignite, liquid fuel, green certificates, electrical and electronic inventories.
\n
Provision for slow moving or obsolete materials and consumables is established if necessary.
\n
\n
\u2022 Materials and consumables
\n
Materials and consumables are stated at the lower of cost or net realizable value, which takes under consideration the net realizable
\n
value of the finished product in which they are incorporated. The cost is determined using the weighted average method. These
\n
materials are recorded in inventory when purchased and then are expensed or capitalized upon use.
\n
\n\n
\n\n
\n
\n
\n
\n
\n
4.4 MATERIAL ACCOUNTING POLICIES (CONTINUED)
\n
\n\n
\u2022 Lignite (self-produced and purchased)
\n
The cost of lignite inventories which have been excavated / purchased but not yet consumed at the balance sheet date is stated at
\n
the balance sheet. Lignite inventories are stated at the lower of production cost / purchase cost and net realizable value, which
\n
takes under consideration the net realizable value of the finished product in which they are incorporated with the cost being
\n
determined by using the weighted average production / purchase cost method. Production / purchase cost mainly consists of
\n
expenses incurred in order for lignite inventories to be used for electricity generation.
\n
\n
\u2022 Liquid fuels
\n
Liquid fuel is stated at the lower of cost and net realisable value which takes under consideration the net realisable value of the
\n
finished product in which it is incorporated. The cost of liquid fuel reflects purchase price plus any taxes (excluding VAT), levies and
\n
any other type of expense for the fuel to be stored in the Group warehouses and determined using the weighted average method.
\n
Liquid fuels are expensed on consumption and appear separately in the Statement of Income.
\n
\n
\u2022 Green certificates
\n
The green certificates that the Group and the Parent Company receive from the competent authority as a certification of the energy
\n
produced by the RES Units are free of charge (zero value). These certificates represent goods held for sale in the ordinary course
\n
of business and are recognized in the Group's and Parent Company's inventories at the lower value between their cost and their
\n
net realizable value.
\n
\n
\u2022 Electrical and electronic inventories
\n
Electrical and electronic inventories are valued at the lower of their cost and net realizable value. The cost of inventories includes
\n
the purchase price plus specific purchase costs (transportation, insurance premiums, etc.) and less relevant discounts and other
\n
benefits from suppliers. The cost of inventories is determined using the weighted average cost method.
\n
\n\n
\n\n
Cash and cash equivalents
\n
\n
The Group considers time deposits and other highly liquid investments with original maturity of three months or less
\n
and they are used to cover short-term cash needs, to be cash equivalents.
\n
\n\n
\n\n
Share capital
\n
\n
Share capital reflects the value of the Parent Company\u2019s shares that are fully issued and in circulation. Any proceeds in excess of par
\n
value are recorded in share premium in equity. Expenses related directly to new shares issuance are recognized directly to Equity net
\n
of proceeds.
\n
\n\n
\n\n
Treasury shares
\n
\n
Own equity instruments that are reacquired (treasury shares) are recognized at cost and deducted from equity. No gain or loss is
\n
recognized in the Statement of Income on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Any
\n
difference between the carrying amount and the consideration, if reissued, is recognized in the share premium. In the event of
\n
cancellation of treasury shares, the acquisition cost reduces the Share Capital and any difference is charged to Retained Earnings.
\n
\n\n
\n\n
Equity settled benefits
\n
\n
The Group provides to the executives of PPC S.A. and the Related Companies within the meaning of article 32 of L.4308/2014,
\n
remuneration in the form of share based payments, whereby executives render their services as consideration equity instruments.
\n
The cost of equity- settled transactions is determined by the fair value at the grant date by using an appropriate valuation model.
\n
\n\n
\n\n
\n
\n
\n
\n
\n
4.4 MATERIAL ACCOUNTING POLICIES (CONTINUED)
\n
\n\n
That cost is recognized in the Payroll Cost of the Statement of Income, together with a corresponding increase in equity (other
\n
reserves), over the period in which the service is rendered (the vesting period). The cumulative expense recognized for equity- settled
\n
transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group\u2019s
\n
best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of profit or loss
\n
for a period represents the movement in cumulative expense recognized as at the beginning and end of that period.
\n
\n
Non- market conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the
\n
conditions being met is assessed as part of the Group\u2019s best estimate of the number of equity instruments that will ultimately vest.
\n
In the contrary, market performance conditions are reflected within the grant date fair value. Any other conditions attached to an
\n
award, but without an associate service requirement, are considered to be non-vesting conditions. Non-vesting conditions are
\n
reflected in the fair value of an award and lead to an immediate expensing of an award unless there are also service and/ or
\n
performance conditions.
\n
\n
No expense is recognized for awards that do not ultimately vest because non-market performance and/or service conditions have
\n
not been met. Where awards include a market or non-vesting condition, the transactions are treated as vested irrespective of
\n
whether the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied.
\n
\n
In each reporting date, the Group revises its estimates for the number of equity instruments that will ultimately vest. It recognizes
\n
the effect from the revision of its initial estimates, if it exists, in the Statement of Income with a corresponding adjustment of its
\n
equity.
\n
\n\n
\n\n
De-recognition of financial liabilities
\n
Financial liabilities are derecognized when the obligation under the liability is discontinued, cancelled or expires. In the event that an
\n
existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing
\n
liability are substantially modified, such an exchange or modification is treated as a de-recognition of the original liability and the
\n
recognition of a new liability, and the difference in the respective carrying amounts is recognized in the income statement.
\n
\n\n
\n\n
Offsetting of financial assets and liabilities
\n
Financial assets and liabilities are offset and the net amount is presented in the balance sheet only when the Group has the legally
\n
enforceable right to set off the recognized amounts and intends to either settle such asset and liability on a net basis or claim the
\n
asset and settle the liability at the same time.
\n
\n\n
\n\n
Interest bearing loans and borrowings
\n
\n
All loans and borrowings are initially recognized at cost, which reflects the fair value of the amount received less the cost of borrowing.
\n
After initial recognition, they are subsequently measured at amortized cost using the effective interest rate method. For the
\n
calculation of amortized cost, all types of borrowing and issue costs are taken into account.
\n
\n\n
\n\n
\n\n
Provisions for Risks and Expenses, Contingent Liabilities and Contingent Claims
\n
\n
Provisions are recognised when the Group has present legal, contractual or constructive obligations as a result of past events and it
\n
is probable that they will be cleared through outflows of resources and the estimate of the exact amount of the liability can be reliably
\n
made. Provisions are reviewed at each balance sheet date and adjusted to reflect the present value of the expense expected to be
\n
required to settle the liability. Contingent liabilities are not recognised in the financial statements but are disclosed unless the
\n
possibility of an outflow of resources embodying economic benefits is minimal.
\n
\n
Contingent claims are not recognised in the financial statements but are disclosed when the inflow of economic benefits is probable.
\n
\n\n
\n\n
\n\n

\n

\n

\n

\n
4.4 MATERIAL ACCOUNTING POLICIES (CONTINUED)
\n
\n\n

\n\n
Post-retirement benefits
\n
\n
a) The Group provides to employees and pensioners electricity at a reduced tariff. The reduced invoice to pensioners is recognized
\n
as a liability and is calculated as the present value of future retirement benefits deemed accrued by the end of the year on the basis
\n
of the rights of employees accumulated during their service and are calculated on the basis of economic and actuarial models on the
\n
basis of economic and actuarial assumptions.
\n
\n
b) PPC and its subsidiaries in Greece pay, in accordance with Law 4533/2018 (OG A\u2019 7527/4/2018), a severance payment, which may not
\n
exceed \u20ac 15 (fifteen thousand Euro) to insured persons who leave due to termination of the employment contract, or because the insured
\n
employees reached the age limit or due to another reason for leaving according to the provisions of the law. The retirement indemnity
\n
plan ,due to retirement from the company, in Romania is based on years of service in accordance with local law and meets the criteria
\n
of 2021 IFRIC agenda decision since it provides a benefit which does not increase after 15 or 25 years of service (depending on the Group
\n
entity). Therefore, the retirement benefit obligation is attributed over the last 15 or 25 years before retirement.
\n
\n
c) All entities in Romania offer to their employees jubilee premiums for continuous service, the amount of which depends on the
\n
continuous years of service in the company.
\n
\n
All the above programs are defined benefit plans. The liability recognized in the statement of financial position is the present value
\n
of the defined benefit obligation at the end of the reporting period. These obligations are calculated annually by independent
\n
actuaries using the Projected Unit Credit Method. The discount rate used is the yield of high quality European bonds with maturity
\n
that approximates the term of the related obligation. The current service cost of the defined benefit plan, recognized in the income
\n
statement in personnel costs, reflects the increase in the defined benefit obligation resulting from employee service in the current
\n
year, benefit changes, curtailments and settlements. Past service costs are recognized immediately in the income statement.
\n
Actuarial gains or losses are recognized directly in other comprehensive income in the period in which they occur and are not
\n
reclassified to income statement in a subsequent period. The post- retirement benefit liability is not funded.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n
\n\n
Defined contribution plans
\n
\n
The Parent Company and the Group recognize as an expense the contribution for the employees\u2019 services payable to Social Security
\n
Institution (defined contribution plans) and as a liability the amount that has not been paid yet. At retirement, the pension fund is
\n
responsible for paying pension benefits to retirees.
\n

\n\n\n\n\n\n\n\n\n
\n\n
Subsidies for property, plant and equipment
\n
\n
The Group receives grants from the Greek State and the European Union in order to finance specific projects that are executed
\n
within certain time periods. Subsidies are accounted for when they are collected and are distinctly shown in the balance sheet as
\n
non-current liabilities. Amortization is recognized based on the remaining useful life of the related assets and is included in
\n
depreciation in the Income Statement.
\n

\n\n\n\n\n\n\n\n\n
\n\n

\n\n
Derivative financial instruments and hedging
\n
\n
1.1 Derivative financial instruments
\n
\n
Derivative financial instruments are recognised as financial assets or financial liabilities and measured at fair value through profit and
\n
loss, both at their initial recognition and subsequently, regardless of the purpose of the transaction, unless they are designated in an
\n
effective cash flow hedging relationship.
\n
\n
Gains or losses arising on the valuation of derivative financial instruments are recognized in the income statement in \"Other income\u201d /
\n
\"other expenses\u201d for derivatives on commodities, in \"Financial expenses\" for derivatives on interest rate and other than those designated
\n
as hedges and other than those held for compliance purposes (energy short positions in the derivative energy market) as follows, which
\n
are recognized in the Income Statement in \"Energy Purchases\" together with changes in the fair value of any derivative financial
\n
instruments that hedge the specific items.
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n
4.4 MATERIAL ACCOUNTING POLICIES (CONTINUED)
\n
\n\n

\n\n

\n
As of 31 December 2024, the Group and the Parent Company had entered into derivative financial contracts for: a) cash flow hedging
\n
from fluctuations in electricity prices, fuel prices and interest rates and b) conducting for trading purposes transactions. The fair value of
\n
derivatives is obtained from stock market prices, if available, or based on valuation techniques, that use largely unobservable data.
\n
\n
1.2 Power Purchase Agreements
\n
\n
The Group and the Parent Company review the power purchase agreements (PPAs) and if they do not comply with, the requirements
\n
of IFRS 10, IFRS 11 or IAS 28, for the existence of control over one or more assets or jointed control or significant influence by the
\n
counterparty over one or more assets that produce the sold energy, or the requirements of IFRS 16 for the recognition of a lease are
\n
not met, but comply with the definition of a derivative under IFRS 9, are accounted for as derivative financial instruments to the
\n
extent that the criteria for exemption from IFRS 9 as own-use contracts are not met.
\n
\n
Therefore, the contracts for delivery of non -financial assets in accordance with the expected sales/purchases of the Group and the
\n
Parent Company that meet the criteria for exemption from IFRS 9, are not accounted for as derivative financial instruments, but as
\n
executory contracts.
\n
\n
Power purchase agreements without physical delivery of energy, which also include the sale of guarantees of origin of energy, are
\n
examined in terms of meeting the criteria for exemption from the scope of IFRS 9 as contracts for own use/ executory contracts for
\n
the sale of guarantees of origin, while the exchange mechanism of energy price is examined as to whether it meets the definition of
\n
an embedded derivative under IFRS 9.
\n
\n
If the own use contracts contain embedded derivatives, the embedded derivatives are accounted for separately from the host
\n
contract at fair value through profit and loss, as far as the economic characteristics and risks of the embedded derivatives are not
\n
closely related to the economic characteristics and risks of the host contract.
\n
\n
For the power purchase agreements that comply with the recognition criteria of IFRS 9 as derivative financial instruments, their fair
\n
value is determined based on valuation techniques of unobservable data. In case that, at the initial recognition of the derivative, the
\n
Group and the Parent company conclude that the price is different from the fair value as defined by IFRS 13, then the valuation
\n
technique is recalibrated, so that the value of the transaction on the day of initial recognition to approximate the fair value.
\n
\n
In cases where derivatives resulting from electricity purchase and sale contracts represent embedded derivatives, in accordance with
\n
IFRS 9 upon separation they are always recognized at a value equal to zero.
\n
\n
The subsequent recognition of the change in the fair value of derivative financial instruments is recorded either in the Income
\n
Statement when the transaction is carried out for speculative purposes or in the Statement of Comprehensive Income when the
\n
transaction is carried out for cash flow hedge accounting purposes, to the extent that it is effective.
\n
\n\n
1.3 Hedge Accounting
\n
\n
The Group and the Parent Company apply hedge accounting if the following criteria are met:
\n
\n
- the hedging relationship includes only eligible hedging instruments and eligible hedged items
\n
- at the commencement of the hedging relationship there is a formal identification and documentation of the hedging relationship
\n
and the objective of the entity's risk management and its hedging strategy
\n
-the hedging ratio meets all of the following effectiveness requirements:
\n
(i) there is an economic relationship between the hedged item and the hedging instrument
\n
(ii) the effect of credit risk does not outweigh the changes in value resulting from that economic relationship; and
\n
(iii) the hedging ratio of the hedging relationship is the same as the amount of the hedged item actually offset by the entity and the
\n
amount of the hedging instrument that the entity actually uses to offset that amount of the hedged item.
\n
\n
For the purpose of hedge accounting, hedges are classified either as fair value hedges when hedging the exposure to changes in the
\n
fair value of a recognised asset or liability or as cash flow hedges when hedging the exposure to variability in cash flows that is either
\n
attributable to a particular risk associated with a recognised asset or liability or with a future transaction which is considered highly
\n
probable to occur.
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n

\n
4.4 MATERIAL ACCOUNTING POLICIES (CONTINUED)
\n
\n\n

\n\n

\n\n
Cash flow hedges
\n
\n
The Group and the Parent Company use derivative financial instruments (futures contracts and swaps) in order to hedge the risks arising
\n
from fluctuations in electricity and gas prices. To hedge the fluctuations of cash flows related to future transactions (purchases / sales of
\n
electricity and gas) and have been recognized as hedged items, the Management of the Group and the Parent Company evaluates and
\n
documents that they represent highly probable transactions and reflect the net exposure of the Group and the Parent Company in
\n
changes in their cash flows and affect their results during the period in which they will take place.
\n
\n
Gains or losses relating to the effective part of the hedging arising from changes in the fair value of the derivative financial instrument
\n
are recognized in Equity in a reserve, while the ineffective part of the hedging is recorded directly in the Income Statementin \"Other
\n
income\u201d / \"other expenses\u201d . The (gains) / losses from hedging transactions are transferred from the reserve to the Income Statement
\n
on \"Electricity Purchases\" and \"Natural Gas\" during the period when the hedged item affects the profits or losses of the Group and the
\n
Parent Company.
\n
\n
In cases of hedging of probable future transactions, which result in the recognition of a non-monetary item (eg, stock) or liability, gains
\n
or losses recognized in Equity are transferred to the acquisition cost of the resulting non-financial asset.
\n
\n
The total fair value of a derivative instrument designated as a hedging instrument is classified as non-current asset or long-term liability
\n
if the remaining period of the maturity of the hedged item is longer than 12 months and as current assets or current liabilities if the
\n
remaining period of the maturity of the hedged item is less than 12 months.
\n
\n
Effectiveness test
\n
\n
The Group and the Parent Company evaluate at the inception of the transaction, on a continuous basis and definitely during the
\n
preparation of the interim and annual financial statements, whether the hedging instruments are effective in order to hedge the changes
\n
in the cash flows of the hedged items.
\n
\n
Management of the Group and the Parent Company evaluates the effectiveness of the hedge accounting based on the existence of a
\n
financial correlation between the hedged item and the hedging instrument, the effect of credit risk on price changes and the hedging
\n
ratio as well as through quantitative and qualitative criteria depending on the characteristics of the hedging instrument and the hedged
\n
item.
\n
\n
Hedge accounting discontinuation
\n
\n
The Group and the Parent Company terminate the hedge accounting only when the hedging relationship ceases to meet the application
\n
criteria, taking into account any balancing actions (change in the amount of the hedged instrument or change in the amount of the
\n
hedged item).
\n
\n
When a hedging instrument expires or is sold, or when a hedging relationship no longer meets the accounting hedging criteria,
\n
accumulated gains or losses remain as a reserve and are carried in the Income Statement at the time the hedged item affects gain or
\n
losses.
\n
\n
In the event of hedging a possible future transaction that is no longer expected to occur, the gains or losses accumulated in Equity are
\n
transferred directly to the Income Statement.
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n
\n\n
Income taxes (current and deferred)
\n
\n
Current Income Taxes
\n
Current income tax expense consists of income taxes for the current year based on the Parent Company\u2019s profits and the profits of the
\n
other companies of the Group as adjusted in their tax returns and, provisions for additional income taxes and increments arising from
\n
unaudited tax years and is calculated by using the enacted or substantively enacted tax rates at the balance sheet date.
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n

\n
4.4 MATERIAL ACCOUNTING POLICIES (CONTINUED)
\n
\n\n

\n\n
Deferred Income Taxes
\n
Deferred income tax is calculated, using the liability method, on all temporary differences at the balance sheet date between the tax
\n
base and the book value of assets and liabilities. Deferred income tax liabilities are recognized for all taxable temporary differences,
\n
except where the deferred income tax liability arises from initial recognition of goodwill or of an asset or of a liability in a transaction that
\n
is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.
\n
\n
Deferred tax assets are recognized for all deductible temporary differences carried forward as well as unused tax credits and unused tax
\n
losses, to the extent that it is possible that taxable profit will be available against the deductible temporary differences and the carried
\n
forward of unused tax credits and unused tax losses can be utilized. No deferred income tax asset is recognized when it arises from the
\n
initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects
\n
neither the accounting profit nor taxable profit or loss.
\n
\n
Deferred tax assets are reassessed at each balance sheet date and are reduced at the time where it is not considered possible that
\n
enough taxable profits will appear against which, a part or the total of assets can be utilized. Deferred income tax assets and liabilities
\n
are measured at the tax rates that are expected to be in force in the year when the asset is recovered or the liability is settled, based on
\n
tax rates (and tax laws) that are in force or substantively enacted at the balance sheet date.
\n
Income tax relating to items recognized directly in other comprehensive income is recorded in other comprehensive income and not in
\n
the Statement of Income.
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n
\n\n
Revenue recognition
\n
\n
Revenue from the sale of electricity to customers
\n
\n
The Group and the Parent Company are active in the supply of electricity to high, medium and low voltage customers through the
\n
Operations electricity Supply Sector and in the provision of electricity distribution services. Given the particular characteristics of
\n
electricity, the Group and the Parent Company consider that when their customers buy electricity simultaneously receive and use
\n
the benefits on an ongoing basis resulting from the sale of electricity as the Parent Company fulfills its contractual obligations. For
\n
this reason, revenue recognition (as long as the collection of the total amounts is considered probable) is based on metering data or
\n
on estimation of electricity consumed.
\n
\n
The Group and the Parent Company also assess whether they have the role of principal or agent in any relevant agreement. The
\n
Group's and the Parent Company's assessment is that they have the role of principal in all of its sales transactions, excluding
\n
transaction that involve municipality taxes and taxes that are acting as agents.
\n
\n
If the price agreed under the contract also includes a variable portion, this amount is recognized as revenue to the extent that it is
\n
unlikely to be reversed in the future.
\n
\n
Contract Assets
\n
\n
At each reporting date and taking into account that the invoicing based on the measurement data of the last month of the period is
\n
issued during the first days of the following month, as far as High and Medium Voltage customers are concerned, the total value of
\n
electricity provided that month is recognized as accrued revenue for the period, and is reversed in the following month, after billing
\n
has already been recorded in books. These accruals at the end of each reporting period are classified as \u201cContract Assets\u201d.
\n
\n
Additionally, at each reporting date, the Group and the Parent Company estimates the value of the energy consumed but not yet
\n
billed from Low Voltage customers, since it has developed an estimation method especially for doing so. The estimated values are
\n
recorded as income receivable for periods ending on the reporting date and are reversed during the following month. Those accruals
\n
are also classified as \"Contract Assets\u201d at the end of each reporting period.
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n

\n

\n

\n

\n
4.4 MATERIAL ACCOUNTING POLICIES (CONTINUED)
\n
\n\n

\n
Contract Liabilities
\n
\n
If the customer pays a fee, or the Group reserves an unconditional right to a sum of money, before the Group transfers the goods or
\n
services to the customer, it classified the contract as a contract liability to the customer, either when the payment is made or when
\n
it becomes chargeable (whichever comes first).
\n
\n
For the Group and the Parent Company, contract liabilities come mainly from:
\n
\u2022 Customers\u2019 contibutions
\n
\u2022 Payments in advance against electricity consumption paid by customers at the time of signing the electricity supply contract
\n
\u2022 Prepayments paid by customers against future consumption of electricity
\n
\n
Distribution network revenues
\n
Group considers that when their customers use and benefit from the distribution network simultaneously the Group fulfills its
\n
contractual obligation to them. Distribution network revenues are recognised when customers use the distribution network based
\n
on metering data (either by digital meters, or meter-reading crews, or on estimation of electricity consumed) and by applying the
\n
approved tarriff from regulators.
\n
\n
Distribution network revenues are regulated based on cost-plus system and any over or under recovery of costs is adjusted in the
\n
customers future tariffs.
\n
\n
As such, If revenue earned based on actual metering exceeds the annual amount as approved by the regulator, an adjustment will
\n
be made to future tariffs to reflect this over recovery. No liability is recognized for the over recovery since this adjustment relates to
\n
the provision of future service. If revenue earned based on actual metering is lower than the annual amount as approved by the
\n
regulator, no asset is recognized. The relevant under recovery is recognized in the Income Statement, in the year that the customer
\n
tariffs will be adjusted, according to regulator\u2019s decision.
\n
\n
Interest income
\n
Interest income is recognized on an accrual basis.
\n
\n\n
Dividend income
\n
Dividend income is recognized when it has been approved by the relevant authority of the company that distributes it.
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n
\n\n
Energy purchases
\n
Energy purchases are expensed as purchased and presented separately in the Statement of Income.
\n

\n\n\n\n\n\n\n\n\n
\n\n
Revenue Recognition from Sales of merchandise
\n
\n
Sales of merchandise are recognized in the income statement when they have been delivered and title has transferred. Estimated
\n
discounts and promotions are recorded as a reduction of sales.
\n

\n\n\n\n\n\n\n\n\n
\n\n
Merchandise (Income Statement)
\n
\n
Merchandise in the Income Statement includes their purchasing cost, including all expenses incurred until their delivery to retail
\n
outlets (stores).
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n

\n

\n
4.4 MATERIAL ACCOUNTING POLICIES (CONTINUED)
\n
\n\n
Earnings/ (Losses) per share
\n
\n
Basic earnings per share are computed by dividing the profit for the year attributable to owners of the parent by the weighted average
\n
number of shares outstanding during each year. The weighted average number of ordinary shares outstanding during the year is the
\n
number of ordinary shares outstanding at the beginning of the year, adjusted by the number of ordinary shares bought back or issued
\n
during the year multiplied by a time-weighting factor. Diluted earnings per share are computed by dividing the profit for the year
\n
attributable to owners of the parent by the weighted average number of shares outstanding during the year adjusted for the impact
\n
of share-based payments.
\n

\n\n\n\n\n\n\n\n\n
\n\n
Subsequent events
\n
Subsequent events that provide additional information about events or circumstances that existed at the balance sheet date and
\n
meet their recognition criteria, are reflected in the financial statements. Otherwise, they are disclosed in the notes of the financial
\n
statements.
\n

\n\n\n\n\n\n\n\n\n
\n\n
Operating Segment
\n
\n
The operating segments of activity are defined based on the Group's structure and business activities, as reviewed by those
\n
responsible for evaluating the Group's performance and making financial decisions. The information of functional areas of activity
\n
that are not separate areas for reporting are collected and displayed in a category entitled \"Other\". The accounting policies of the
\n
business areas are the same as those followed in the preparation of the financial statements.
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag60": { "value": "\n
\n
Foreign currency translation
\n
\n
Parent Company\u2019s functional and presentation currency is the Euro. Transactions involving other currencies are translated into Euro
\n
at the exchange rates, ruling on the date of the transactions. At the reporting date, monetary assets and liabilities, which are
\n
denominated in foreign currencies, are retranslated at the exchange rates at that date. Gains or losses resulting from foreign currency
\n
translation are recognized in the income statement. Non-monetary items denominated in foreign currencies that are measured at
\n
historical cost are translated at the exchange rate at the date of the initial transaction. Non-monetary items denominated in foreign
\n
currencies that are measured at fair value are retranslated at the exchange rates at the date that the fair value was determined. The
\n
foreign currency differences arising from the change in the fair value of these items are recognized in the income statement or directly
\n
in other comprehensive income depending on the underlying item.
\n
\n\n
Items included in the financial statements of each of the Group entities are measured using the currency of the primary economic
\n
environment in which the entity operates (\u201cfunctional currency\u201d). Assets and liabilities of entities that have a functional currency
\n
different from the presentation currency, including goodwill and the fair value adjustments to the carrying amounts of assets and
\n
liabilities arising on acquisition, are translated into Euro using exchange rates ruling at the reporting date.
\n
\n\n
\n
Revenues and expenses are translated at rates prevailing at the date of the transaction. All resulting foreign exchange differences
\n
are recognized in other comprehensive income and are reclassified in the income statement on the disposal of the foreign operation.
\n
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag61": { "value": "\n
Items included in the financial statements of each of the Group entities are measured using the currency of the primary economic
\n
environment in which the entity operates (\u201cfunctional currency\u201d). Assets and liabilities of entities that have a functional currency
\n
different from the presentation currency, including goodwill and the fair value adjustments to the carrying amounts of assets and
\n
liabilities arising on acquisition, are translated into Euro using exchange rates ruling at the reporting date.
\n
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag62": { "value": "\n
Business Combinations
\n
\n
The consolidated financial statements are comprised of the financial statements of the Parent Company and all subsidiaries controlled
\n
by the Parent Company directly or indirectly. Control exists when the Group is exposed to, or has rights to variable returns from its
\n
involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully
\n
consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which control
\n
ceases.
\n
\n
The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of
\n
a subsidiary is calculated by adding the fair values of the assets transferred at the date of acquisition, the liabilities incurred to the
\n
former owners of the acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of
\n
any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent
\n
liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. For each business
\n
combination, the acquirer measures the non-controlling interest in the acquiree either at fair value or at the proportionate share of
\n
the acquiree\u2019s identifiable net assets. Acquisition costs are expensed as incurred in the Group, while in the Parent Company that
\n
makes the acquisition, they are included in the cost of the investment.
\n
\n
Any contingent consideration to be transferred by the acquirer is recognized at fair value at the acquisition date.
\n
\n
If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest
\n
in the acquiree is remeasured to fair value at the acquisition date through profit or loss.
\n
\n
Subsequent changes to the fair value of the contingent consideration are recognized in accordance with IFRS 9 either in profit or loss
\n
or as a change to other comprehensive income. Contingent consideration that is classified as equity is not remeasured, and its
\n
subsequent settlement is accounted for within equity.
\n
\n
Financial Liability for Contingent Consideration for the acquisition of subsidiaries
\n
\n
Contingent consideration for the acquisition of subsidiaries is recognized on the date of completion of the acquisition of a subsidiary
\n
as a financial liability in the Statement of Financial Position based on the fair value of the contingent consideration, increasing the
\n
cost of investment in the new subsidiary in the Parent Company\u2019s financial statements. In the Group, the initial recognition of the
\n
contingent consideration forms the goodwill/bargain of the acquired business.
\n
\n
Subsequent changes in the fair value of the financial liability resulting from the remeasurement of the contingent consideration are
\n
recognized in the Income Statement in the financial expenses of the Group and the Parent company based on IFRS 9.
\n
\n
Upon payment of the contingent consideration, the financial liability is derecognized with the amount that is finally paid by the Group
\n
and the Parent Company. Whereas if, at the expiry of the obligation, no additional consideration is due, the financial liability of the
\n
Parent company is derecognized by reducing the cost of investment in the subsidiary and any difference affects the financial expenses
\n
\n\n
4.4 MATERIAL ACCOUNTING POLICIES (CONTINUED)
\n
\n
of the Income Statement, while the financial obligation of the Group is derecognized in favor of financial income of the Income
\n
Statement.
\n
\n\n
Investments in subsidiaries - merger of business
\n
\n
The absorption of the 100% subsidiary company by exchange of shares of the Parent company is treated in the separate financial
\n
statements as a transaction between companies under common control and management is required to determine an appropriate
\n
accounting policy to depict the transaction. The Company de-recognizes its participation in the subsidiary and recognizes the net
\n
assets of the subsidiary either at fair value or at the carrying value that was reflected in the consolidated financial statements of the
\n
Group at the date of the legal merger (taking into account the commercial substance of the transaction).
\n
\n
The spin-off and contribution of a branch to a wholly-owned subsidiary by an exchange of shares is treated as a transaction between
\n
companies under common control and management judgment is required in determining an appropriate accounting policy to depict
\n
the transaction. The Company recognizes the shares received as consideration, as an addition to the cost of investment in the
\n
subsidiary, to the book value or to the fair value of the branch contributed, based on the effect of the transaction on its future cash
\n
flows (assessing whether there is commercial substance).
\n
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag64": { "value": "\n
\n
Emissions Allowances (CO
\n
2
\n
)
\n
\n
The Parent Company acquires CO
\n
2
\n
emission allowances in order to meet its obligation arising from the actual CO
\n
2
\n
emissions of its
\n
electricity generation facilities. This liability is measured at fair value to the extent that Parent Company has the obligation to cover
\n
its emissions through purchases (after offseting of any free CO
\n
2
\n
emission rights held) and is presented in Accrued and other current
\n
liabilities. Emission rights purchased and held are recognized as intangible assets, at their acquisition cost less any accumulated
\n
impairment loss. Emission rights are consumed and recognized in the income statement at the cost acquired, based on the CO
\n
2
\n
\n
emissions of liable electricity generation facilities. As the cash flows of CO
\n
2
\n
emission allowances relate to the operating activities of
\n
the Group and the Parent Company, are shown in the cash flows from operating activities in the Cash Flow Statement.
\n
\n\n
Goodwill
\n
\n
Goodwill is initially measured at cost and represents the excess amount between the aggregate consideration transferred and the
\n
fair value of the Group's and Parent Company\u2019s share of the acquiree's identifiable assets and liabilities at the date of the acquisition.
\n
If the fair value of net assets acquired by the Group and the Parent Company is in excess of the aggregate consideration transferred,
\n
the Group re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the
\n
procedures used to measure the amounts to be recognised at the acquisition date. If the meassessment still results in an excess of
\n
the fair value of net assets acquired over the aggregate consideration transferred, then the gain (negative goodwill) is recognised in
\n
profit or loss.
\n
\n
After initial recognition, Goodwill is measured at cost less any aggregate impairments. For the purpose of impairment testing,
\n
Goodwill is allocated to cash-generating units (CGU), on acquisition date. The allocation is made to the generating units that are
\n
expected to be benefit from the business combinations in which the goodwill was identified and is recognized according to the
\n
operating segment.Goodwill is subject to an impairment test annually, or even sooner if there are relevant indications. Goodwill
\n
impairment is determined by estimating the recoverable value of each CGU (or group of CGU\u2019s) to which the goodwill has been
\n
allocated. When the recoverable amount (defined as the greater value between value in use and fair value reduced by the required
\n
cost to sell) of the CGU is less than its book value including goodwill, an impairment loss is recognized. Goodwill impairment cannot
\n
be reversed later.
\n
\n\n
\n
Intangible assets \u2013 Trade name \u201cKotsovolos\u201d
\n
\n
The intangible asset of the trade name \u201cKotsovolos\u201d that arose upon the acquisition of the subsidiary is initially recognized at fair
\n
value on the date of acquisition. After initial recognition and given that the trade name has an indefinite useful life, it is not amortized
\n
but is tested for impairment by comparing its recoverable amount with its carrying amount annually and whenever there is an
\n
indication that the intangible asset may be impaired.
\n
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag65": { "value": "\n
Goodwill
\n
\n
Goodwill is initially measured at cost and represents the excess amount between the aggregate consideration transferred and the
\n
fair value of the Group's and Parent Company\u2019s share of the acquiree's identifiable assets and liabilities at the date of the acquisition.
\n
If the fair value of net assets acquired by the Group and the Parent Company is in excess of the aggregate consideration transferred,
\n
the Group re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the
\n
procedures used to measure the amounts to be recognised at the acquisition date. If the meassessment still results in an excess of
\n
the fair value of net assets acquired over the aggregate consideration transferred, then the gain (negative goodwill) is recognised in
\n
profit or loss.
\n
\n
After initial recognition, Goodwill is measured at cost less any aggregate impairments. For the purpose of impairment testing,
\n
Goodwill is allocated to cash-generating units (CGU), on acquisition date. The allocation is made to the generating units that are
\n
expected to be benefit from the business combinations in which the goodwill was identified and is recognized according to the
\n
operating segment.Goodwill is subject to an impairment test annually, or even sooner if there are relevant indications. Goodwill
\n
impairment is determined by estimating the recoverable value of each CGU (or group of CGU\u2019s) to which the goodwill has been
\n
allocated. When the recoverable amount (defined as the greater value between value in use and fair value reduced by the required
\n
cost to sell) of the CGU is less than its book value including goodwill, an impairment loss is recognized. Goodwill impairment cannot
\n
be reversed later.
\n
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag66": { "value": "\n
Property, plant and equipment
\n
\n
Property, plant and equipment are initially recognised at their acquisition cost which includes all direct attributable expenses for their
\n
acquisition or construction. Subsequent to their initial recognition, property, plant and equipment (with the exception of mines and
\n
lakes which are valued at their acquisition cost minus accumulated depreciation and impairment) are valued at fair value minus
\n
accumulated depreciation and impairment.
\n
\n
Fair value estimates are performed periodically by independent appraisers (every three to five years) in order to ensure that fair
\n
value does not differ significantly from net value of the asset. At the date of revaluation, accumulated depreciation is offset against
\n
pre depreciation accounting values and net amounts are restated according to revalued amounts.
\n
\n
Any increase in value is credited to the revaluation surplus in equity net of deferred taxes. However, an increase due to revaluation
\n
will be recognized in the Statement of Income, to the extent that it reverses a previous devaluation of the same asset, which had
\n
previously been recognized in the Income Statement.
\n
\n\n
\n
\n
Any decreases, first offset remaining revaluations surplus and then the remaining amounts burden the Statement of Income. Upon
\n
disposal of revalued property, plant and equipment, the relevant portion of the revaluation surplus is transferred from the
\n
revaluation surplus to the retained earnings.
\n
\n\n
Repairs and maintenance are recorded in expenses in the fiscal year in which they are incurred. Subsequent expenditure is capitalized
\n
if the criteria for recognizing them as property, plant and equipment are met. For all assets withdrawn or sold, their acquisition cost
\n
and depreciation are written \u2013 off when sold or withdrawn. Any gain or loss resulting from the write \u2013 off is included in the Statement
\n
of Income.
\n
\n\n
\n
The use of the own resources for the construction in progress property, plant and equipment constitutes an addition to their
\n
acquisition cost at values which include the direct payroll costs of the staff participated in the construction (corresponding employers\u2019
\n
contributions), the cost of materials used and other general costs.
\n
\n\n
Depreciation
\n
\n
Depreciation of property, plant and equipment is calculated using the straight-line method over the estimated residual useful life of
\n
the asset. The total useful life (in years) used for calculating depreciation is as follows:
\n
\n
\n
2024
\n
2023
\n
Buildings and Technical Works
\n
\n
\n
Buildings of general use
\n
50-70
\n
50-70
\n
Industrial buildings
\n
35-60
\n
35-60
\n
Dams
\n
50
\n
50
\n
Machinery and Equipment
\n
\n
\n
Thermal power plants
\n
35-40
\n
35-40
\n
Gas Turbines
\n
35
\n
35
\n
Mines
\n
20-40
\n
20-40
\n
Large hydro power plants
\n
50
\n
50
\n
Autonomous diesel power plants
\n
25
\n
25
\n
Wind generators
\n
17-20
\n
17-20
\n
Car charging stations
\n
10-12
\n
10-12
\n
Photovoltaic stations
\n
20-30
\n
20-30
\n
Distribution
\n
\n
\n
Substations
\n
30-40
\n
30-40
\n
Low and medium voltage distribution network
\n
35-40
\n
35-40
\n
Electronic meters
\n
10-20
\n
10-20
\n
Transportation assets
\n
5-15
\n
5-15
\n
Furniture, fixtures and equipment
\n
5-35
\n
5-35
\n
\n\n
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag68": { "value": "\n
Repairs and maintenance are recorded in expenses in the fiscal year in which they are incurred. Subsequent expenditure is capitalized
\n
if the criteria for recognizing them as property, plant and equipment are met. For all assets withdrawn or sold, their acquisition cost
\n
and depreciation are written \u2013 off when sold or withdrawn. Any gain or loss resulting from the write \u2013 off is included in the Statement
\n
of Income.
\n
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag69": { "value": "\n
Depreciation
\n
\n
Depreciation of property, plant and equipment is calculated using the straight-line method over the estimated residual useful life of
\n
the asset. The total useful life (in years) used for calculating depreciation is as follows:
\n
\n
\n
2024
\n
2023
\n
Buildings and Technical Works
\n
\n
\n
Buildings of general use
\n
50-70
\n
50-70
\n
Industrial buildings
\n
35-60
\n
35-60
\n
Dams
\n
50
\n
50
\n
Machinery and Equipment
\n
\n
\n
Thermal power plants
\n
35-40
\n
35-40
\n
Gas Turbines
\n
35
\n
35
\n
Mines
\n
20-40
\n
20-40
\n
Large hydro power plants
\n
50
\n
50
\n
Autonomous diesel power plants
\n
25
\n
25
\n
Wind generators
\n
17-20
\n
17-20
\n
Car charging stations
\n
10-12
\n
10-12
\n
Photovoltaic stations
\n
20-30
\n
20-30
\n
Distribution
\n
\n
\n
Substations
\n
30-40
\n
30-40
\n
Low and medium voltage distribution network
\n
35-40
\n
35-40
\n
Electronic meters
\n
10-20
\n
10-20
\n
Transportation assets
\n
5-15
\n
5-15
\n
Furniture, fixtures and equipment
\n
5-35
\n
5-35
\n
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag70": { "value": "\n
Provision for the dismantling and removal of the infrastructure and the equipment of power plants and mines
\n
\n
The provision for the dismantling and removal of the infrastructure and the equipment of power plants is calculated taking into
\n
account the specificities of each unit (type of fuel, generating capacity, co-installation of units), calculating the present value of the
\n
land remediation cost, the cost of dismantling the existing equipment/machinery, the cost of demolition of infrastructure and
\n
collection of any waste by using a discount rate. The cost includes the direct cost of monitoring/managing the project of the
\n
withdrawal of units. The provision is reduced by actual costs (utilization of provision) and increases with the finance cost.
\n
\n
In case the actual costs exceed the estimated ones, the difference is recorded directly in the Income Statement.
\n
\n\n
Moreover, the respective provision does not take into account any income from the sale of machinery, spare parts and materials of
\n
the decommissioned units or from the utilization of the land, as the relevant revenue will be recognized at the time it is considered
\n
certain.
\n
\n
For all units, the present value of their restoration costs, for the demolition of their infrastructure and the removal of their equipment
\n
is first capitalized on the value of assets they concern proportionately following their remaining useful life, while any remaining
\n
amount is then offset by any revaluation surplus existed with direct record in other comprehensive income and if any further amount
\n
remains it is then recognized in the Statement of Income.
\n
\n
Any changes in the provision of decommissioning of power plants due to a change in Management\u2019s estimate (change of the
\n
restoration time, change of the future use of the property, plant and equipment or related cost) affect the assets\u2019 revaluation surplus
\n
or deficit which was previously recognized, so that:
\n
\n
\u2022 a decrease in the liability shall be recognized in other comprehensive income and increase the revaluation surplus included in
\n
equity, with the difference that it will be recognized in the Statement of Income, to the extent that it reverses a previous
\n
revaluation deficit of the assets, which had previously been recognized in the Income
\n
Statement. In the event that a decrease in liability exceeds the book value that would have been recognized if the assets were
\n
recorded in accordance with the cost method, the excess amount will be recognized immediately in the income statement.
\n
\u2022 an increase in the liability shall be recognized in the Statement of Income, with the difference that it will be recognized directly
\n
in other comprehensive income and it will reduce the revaluation surplus included in equity as long as there is such, for those
\n
assets.
\n
\n
The amortized amount of assets is depreciated throughout their useful life. Therefore, when the relevant assets reach the end of
\n
their useful life, any subsequent change in liability is recognized in the income statement when is incurred.
\n
\n
Simultaneously, the Group and the Parent Company recognized a provision for the removal of infrastructure /dismantling of
\n
equipment of its mines that includes the cost of the removal of infrastructure and the cost of dismantling of equipment with the use
\n
of a discount rate, while it does not take into account any income from the sale of machinery, spare parts and materials. The provision
\n
is reduced by the actual costs incurred (utilization of the provision) and is increased with the finance cost. Any change in the provision
\n
of the removal of infrastructure /dismantling of equipment of mines follow the same accounting policies for the provision of
\n
decommissioning of power plants as the assets that they concern are measured based on the revaluation model.
\n
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag72": { "value": "\n
Provision of mines\u2019 land restoration
\n
\n
The Group and the Parent Company own and operate lignite mines. Provision for the remediation of the mines\u2019 land was established to
\n
meet the Group\u2019s liabilities for the remediation of the affected land, and was calculated on the basis of the affected area and the average
\n
cost of restoration per metric unit.
\n
As the mines\u2019 lands are measured based on the cost method, any changes in the provision of the mines\u2019 land restoration are added or
\n
deducted from the cost of the relevant asset in the current period. The amount deducted from the cost of the asset cannot exceed its
\n
book value.
\n
\u2022 In the event that a decrease in liability exceeds the book value of the asset, the excess amount is recognized immediately in the
\n
income statement.
\n
\u2022 In the event of an increase in the cost of an asset, the Company considers whether this is an indication that the asset\u2019s new book
\n
value may not be fully recoverable.
\n
\n", "dimensions": { "concept": "ppc:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsForLandExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag73": { "value": "\n
Leases
\n
\n
The determination of whether a transaction involves a lease or not is based on the substance of the transaction at the date of the relevant
\n
contract, i.e. whether the fulfillment of the transaction depends on the use of one or more assets or whether the transaction transfers
\n
rights to use the asset.
\n
\n\n
Group as a lessee
\n
\n
The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value
\n
assets. The Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying
\n
assets that are owned by third parties.
\n
\n
i) Right-of-use assets
\n
The Group and the Parent Company recognize right-of-use assets at the commencement date of the lease (i.e., the date the underlying
\n
asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and
\n
adjusted for any re-measurement of lease liabilities.
\n
\n
The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made
\n
at or before the commencement date less any lease incentives received. Unless the Group and the Parent Company are reasonably
\n
certain to obtain ownership of the leased asset at the end of the lease term, the Right-of-use assets are depreciated on a straight-line
\n
basis over the shorter of the lease term and the estimated useful lives of the assets, as follows:
\n
\n
\u2022 Buildings: 2 to 89 years
\n
\u2022 Other equipment: 1 to 4 years
\n
\u2022 Transportation means: 1 to 4 years
\n
\u2022 Vessels: 6 to 24 months
\n
\n
The right-of-use assets are also subject to impairment, when indicators exist.
\n
\n
ii) Lease liabilities
\n
At the commencement date of the lease, the Group and the Parent Company recognize lease liabilities measured at the present value
\n
of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments)
\n
less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under
\n
residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by
\n
the Group and the Parent Company and payments of penalties for terminating the lease, if the lease term reflects the Group and the
\n
Parent Company will exercise the option to terminate.
\n
\n
Variable lease payments that do not depend on an index or a rate are recognized as expenses in the period in which the event or condition
\n
that triggers the payment occurs.
\n
In calculating the present value of lease payments, the Group and the Parent Company use its incremental borrowing rate at the lease
\n
commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the
\n
amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the
\n
carrying amount of lease liabilities is re-measured if there is a modification, a change in the lease term, a change in the lease payments
\n
(e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the
\n
assessment of an option to purchase the underlying asset.
\n
Those re-measurements are included in a separate line in the note Right of Use Assets \u201cmodifications/ re-measurements\u201d.
\n
\n
iii) Short-term leases and leases of low-value asset
\n
The Group and the Parent Company apply the short-term lease recognition exemption to its short-term leases of (i.e. those leases that
\n
have a lease term of 12 months or less from the commencement date and do not contain a purchase option). The Group and the Parent
\n
Company also apply the lease of low-value assets recognition exemption to leases that are considered to be low value (those with value
\n
less than \u20ac 5 thousands). Lease payments on short-term leases and leases of low value assets are recognized as expense on a straight-
\n
line basis over the lease term.
\n
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag75": { "value": "\n
Investments in subsidiaries
\n
\n
In separate financial statements, investments in subsidiaries are valued at cost less any accumulated impairment losses. Direct
\n
acquisition costs are included in the cost of participation.
\n
\n\n
\n\n
Investments in subsidiaries - merger of business
\n
\n
The absorption of the 100% subsidiary company by exchange of shares of the Parent company is treated in the separate financial
\n
statements as a transaction between companies under common control and management is required to determine an appropriate
\n
accounting policy to depict the transaction. The Company de-recognizes its participation in the subsidiary and recognizes the net
\n
assets of the subsidiary either at fair value or at the carrying value that was reflected in the consolidated financial statements of the
\n
Group at the date of the legal merger (taking into account the commercial substance of the transaction).
\n
\n
The spin-off and contribution of a branch to a wholly-owned subsidiary by an exchange of shares is treated as a transaction between
\n
companies under common control and management judgment is required in determining an appropriate accounting policy to depict
\n
the transaction. The Company recognizes the shares received as consideration, as an addition to the cost of investment in the
\n
subsidiary, to the book value or to the fair value of the branch contributed, based on the effect of the transaction on its future cash
\n
flows (assessing whether there is commercial substance).
\n
\n\n
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag78": { "value": "\n
Investments in associates
\n
\n
These are entities in which the Group has significant influence and which are neither a subsidiary nor a joint venture of the Group.
\n
Significant influence is the power to participate in the financial and operational policy decisions of the associate, without the power
\n
to control or jointly control the said policies. The Group\u2019s investments in associates are accounted for under the equity method.
\n
Investments in associates are carried on the balance sheet at cost plus post-acquisition changes in the Group\u2019s share of net assets of
\n
the associate, less possible provisions for any impairment in value. In case that the Group\u2019s share in an associate\u2019s losses is equal, or
\n
exceeds its participation in the associate, the Group does not recognise the losses exceeding its participation.
\n
\n
The Statement of Income reflects separately the Group\u2019s share on the results of its associates, while amounts that are recorded by
\n
the associates directly to their equity are recognized directly to the Group\u2019s equity. Non \u2013 realised profit or loss resulting from the
\n
transactions of the Group with the said associates is eliminated to the extent of the interest in the associates. In the separate financial
\n
statements such investments are accounted for at cost less any accumulated impairment losses.
\n
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag79": { "value": "\n
\n\n
Impairment of non-financial assets
\n
\n
The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists,
\n
the Group makes an estimate of the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s or cash
\n
generating unit\u2019s fair value less cost to sell and its value in use and is determined for an individual asset unless the asset does not
\n
generate cash inflows that are largely independent of those from other assets or groups of assets. Where the carrying amount of an
\n
asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing
\n
value, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market
\n
assessment of the time value of money and the risks specific to the asset.
\n
\n
The fair value of sale (after the deduction of sales costs) is determined, in each case, according to the implementation of a revaluation
\n
model. Impairment losses of continuing operations are recognized to the Statement of Income, except if the particular asset is valued
\n
in fair values and then the impairment loss is recognised as a decrease of the already recognised surplus value. An assessment is
\n
made at each reporting date as to whether there is any indication that previously recognized impairment losses may no longer exist
\n
or may have decreased, for all assets of the Group, except Goodwill. If such indication exists the recoverable amount is estimated. A
\n
previously recognized impairment loss is reversed only if there has been a change in the estimates used to determine the assets\u2019
\n
recoverable amount since the last impairment loss was recognized.
\n
\n\n
\n\n
\n\n
That increased amount resulting from the reversal of the impairment loss, cannot exceed the carrying amount that would have been
\n
determined (net of depreciation), if no impairment loss had been recognized for the asset in prior years. Such reversal is recognized
\n
in profit and loss unless the asset is carried at fair value amounts in which case the reversal is treated as a revaluation increase. After
\n
such a reversal the depreciation charge is adjusted in future periods to allocate the asset\u2019s revised carrying amount, less any residual
\n
value, to be divided equally to future time spans on a systematic basis over its remaining useful life.
\n
\n\n
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag80": { "value": "\n
Impairment of non-financial assets
\n
\n
The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists,
\n
the Group makes an estimate of the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s or cash
\n
generating unit\u2019s fair value less cost to sell and its value in use and is determined for an individual asset unless the asset does not
\n
generate cash inflows that are largely independent of those from other assets or groups of assets. Where the carrying amount of an
\n
asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing
\n
value, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market
\n
assessment of the time value of money and the risks specific to the asset.
\n
\n
The fair value of sale (after the deduction of sales costs) is determined, in each case, according to the implementation of a revaluation
\n
model. Impairment losses of continuing operations are recognized to the Statement of Income, except if the particular asset is valued
\n
in fair values and then the impairment loss is recognised as a decrease of the already recognised surplus value. An assessment is
\n
made at each reporting date as to whether there is any indication that previously recognized impairment losses may no longer exist
\n
or may have decreased, for all assets of the Group, except Goodwill. If such indication exists the recoverable amount is estimated. A
\n
previously recognized impairment loss is reversed only if there has been a change in the estimates used to determine the assets\u2019
\n
recoverable amount since the last impairment loss was recognized.
\n
\n\n
That increased amount resulting from the reversal of the impairment loss, cannot exceed the carrying amount that would have been
\n
determined (net of depreciation), if no impairment loss had been recognized for the asset in prior years. Such reversal is recognized
\n
in profit and loss unless the asset is carried at fair value amounts in which case the reversal is treated as a revaluation increase. After
\n
such a reversal the depreciation charge is adjusted in future periods to allocate the asset\u2019s revised carrying amount, less any residual
\n
value, to be divided equally to future time spans on a systematic basis over its remaining useful life.
\n
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag83": { "value": "\n
Fair value measurement
\n
\n
The Group measures financial instruments such as derivatives, and fair value through other comprehensive income at each reporting
\n
date and non-financial assets such as property, periodically (every 3-5 years) at fair value. Fair value is the price that would be received
\n
to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
\n
\n
The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place
\n
either:
\n
\u2022 In the principal market for the asset or liability, or
\n
\u2022 In the absence of a principal market, in the most advantageous market for the asset or liability.
\n
\n
The principal or the most advantageous market must be accessible to by the Group.
\n
The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset
\n
or liability, assuming that market participants act in their economic best interest.
\n
The fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits
\n
by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and
\n
best use.
\n
\n
The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure
\n
fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
\n
\n
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value
\n
hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:
\n
\u2022 Level 1 \u2014 Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
\n
\u2022 Level 2 \u2014 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or
\n
indirectly observable.
\n
\u2022 Level 3 \u2014 Valuation techniques for which the lowest level input that is significant to the fair value measurement is
\n
unobservable.
\n
\n
For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group determines whether transfers
\n
have occurred between Levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to
\n
the fair value measurement as a whole) at the end of each reporting period.
\n
\n
The Group determines policies and procedures applied for both recurring measurements and assets held for distribution or for sale.
\n
\n
Assets of substantial value, as property, plant and equipment, as well as substantial value liabilities are evaluated by the Group and
\n
the Parent Company with the assistance of external appraisers. External appraisers involvement needs, are annually decided by the
\n
Group. The selection criteria include market knowledge and expertise, reputation, independence and observance of professional
\n
standards.
\n
\n\n
On each reporting date, the Group, according to its accounting policies, assesses if there is any change on the carrying values of assets
\n
and liabilities being subject to periodic reassessment and revaluation. For the above mentioned assessment, the management verifies
\n
considerable inputs applied to the last asset or liability evaluation, confirming data used for the evaluation against contracts and
\n
other relevant documents. For disclosing fair values, the Group\u2019s assets and liabilities are categorized according to their nature,
\n
characteristics, potential risks stemming from specific asset or liability categories, as well as fair value hierarchy described above
\n
(Note 48).
\n
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag85": { "value": "\n
Investments and financial assets
\n
\n
Financial assets that fall under and are governed by the provisions of IFRS 9 are classified on initial recognition as financial assets
\n
measured at amortized cost, financial assets at fair value through other comprehensive income and financial assets at fair value
\n
through profit or loss. The classification of financial assets at initial recognition depends
\n
on the contractual characteristics of cash flows of the financial asset and the Group's business model for the management of that
\n
financial asset.
\n
\n
With the exception of trade receivables and receivables from electricity customers that do not contain a significant financial
\n
component, the Group initially evaluates the financial assets at their fair value plus, in case of a financial asset that is not valued
\n
through profit or loss, transaction costs. Trade receivables that do not have a significant financial component and also receivables
\n
from electricity customers are valued at the transaction price determined in accordance with IFRS 15.
\n
\n
In order for a financial asset to be classified and measured at amortized cost or at fair value through other comprehensive income,
\n
the resulting cash flows should be \"Solely for Payment of Principal and Interest (SPPI) \"\u03bfn the initial capital.
\n
\n
The Group's business model for managing financial assets refers to the way in which it manages its financial capabilities in order to
\n
generate cash flows. Business model determines whether cash flows arise from collection of contractual cash flows, sale of financial
\n
assets, or both.
\n
\n
Usual sales and purchases of financial assets are recognized on the transaction date (on which Group is committed to purchase the
\n
financial asset). Usual purchases or sales involve purchases or sales of financial assets that require physical receipt of items within
\n
the period and are also governed by a law or a purchase agreement.
\n
\n
Financial assets measured at amortized cost
\n
\n
Non-depreciated cost of a financial asset is defined as the amount at which the financial asset is measured at initial recognition less
\n
the capital repayments plus or minus the cumulative depreciation using the effective interest method of any difference between that
\n
initial amount and the amortized cost adjusted for any loss provision.
\n
\n
A financial asset is measured at amortized cost only if both of the following are met unless it is measured at fair value through profit
\n
or loss on initial recognition:
\n
i. The financial asset is held in a business model whose objective is to hold financial assets for the collection of contractual cash flows
\n
(\"HTC\") and,
\n
ii. The contractual terms of the financial asset result in specific dates in cash flows that are only capital and interest payments on the
\n
outstanding initial capital.
\n
\n
Consequently, the Group classifies financial assets at amortized cost when financial assets are held in the context of a business model
\n
with a view to being held to maturity mostly concentrating their contractual cash flows, and these financial data lead to cash flows
\n
consisting only of capital and interest payments. Financial assets that do not meet the above conditions are classified as financial
\n
assets at fair value through profit or loss, with the exception of investments in equity instruments that are not held for trading and
\n
for which is selected to be measured at financial assets fair value through other comprehensive income on initial recognition.
\n
\n\n
\n
\n
4.4 MATERIAL ACCOUNTING POLICIES (CONTINUED)
\n
\n
The Group, after initial recognition, measures financial assets of this category at amortized cost using effective interest rate. These
\n
financial assets are subject to impairment in accordance with IFRS 9. Profit and loss are recognized in Statement of Income when the
\n
asset is derecognized, modified or impaired.
\n
\n
Financial assets measured at fair value through profit or loss
\n
\n
A financial asset is measured at fair value through profit or loss, unless it is measured at amortized cost or at fair value through other
\n
comprehensive income.
\n
\n
Any financial asset whose contractual terms do not result in specific cash flow dates that are only capital and interest payments on
\n
the outstanding initial capital are classified by the Group at fair value through profit or loss (unless it is an investment in an equity
\n
instrument that is classified at fair value through other comprehensive income).
\n
\n
Since the option to determine a financial asset at fair value at its initial recognition is irrevocable, if a financial asset is designated as
\n
at fair value through profit or loss on initial recognition, the Group does not reclassify it as measured at amortized cost or fair value
\n
through other comprehensive income in case the business model changes.
\n
\n
Financial assets measured at fair value through profit or loss are transferred to the statement of financial position at their fair value,
\n
and changes in fair value between reporting dates are recorded in the Statement of Income. Financial assets measured at fair value
\n
through profit or loss are not subject to impairment.
\n
\n\n
Impairment of Financial Assets
\n
Group assesses at each reporting date whether the value of a financial asset or group of financial assets has been impaired in
\n
accordance with provisions of IFRS 9.
\n
\n
The Group has adopted the expected credit losses model for each of the abovementioned asset categories.
\n
\n
\u25aa Trade Receivables from the sale of electricity to customers
\n
\u25aa Trade Receivables from intercompany transactions
\n
\u25aa Other financial assets measured at amortized cost.
\n
\u25aa Contract assets
\n
\n\n
\n\n
De-recognition of financial assets
\n
\n
Financial receivables (or, where applicable a part of a financial receivable or part of a group of similar financial receivables) are
\n
derecognized when: (1) the rights to receive cash flows from the asset have expired, (2) The Group retains the right to receive cash
\n
flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a \u201cpass-through\u201d
\n
arrangement and (3) The Group has transferred the right to receive cash from that asset while either: (a) has transferred substantially
\n
all the risks and rewards of the assets, or (b) has not transferred substantially all the risks and rewards but has transferred control of
\n
that asset.
\n
\n
Where the Group has transferred the rights to receive cash inflows from that asset but has not transferred substantially all the risks
\n
and rewards or control of that asset, then the asset is recognized to the extent of the Group\u2019s continuing involvement in the asset.
\n
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the initial carrying
\n
amount of the asset and the maximum amount of consideration that the Group could be required to pay.
\n
\n
Where continuing involvement takes the form of a written and/or purchase option (including a cash-settled option) on the
\n
transferred asset, the extent of the Group\u2019s continuing involvement is the amount of the transferred asset that the Group may
\n
repurchase, except in the case of a written put option on an asset measured at fair value, where the extent of the Parent
\n
Company\u2019s/Group\u2019s continuing involvement is limited to the lower of the fair value of the transferred asset and the option exercise
\n
price.
\n
\n\n
\n\n
\n\n
In the event that the evaluation refers to securitization transactions, the Company applying the aforementioned derecognition
\n
criteria, takes into account the structure of the transaction including its exposure to the subordinated bonds issued, allowances to
\n
the special purpose vehicles, as well as the terms and conditions of the securitization agreements, under which the Company could
\n
retain control over the securitized receivables.
\n
\n\n
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag87": { "value": "\n
Impairment of Financial Assets
\n
Group assesses at each reporting date whether the value of a financial asset or group of financial assets has been impaired in
\n
accordance with provisions of IFRS 9.
\n
\n
The Group has adopted the expected credit losses model for each of the abovementioned asset categories.
\n
\n
\u25aa Trade Receivables from the sale of electricity to customers
\n
\u25aa Trade Receivables from intercompany transactions
\n
\u25aa Other financial assets measured at amortized cost.
\n
\u25aa Contract assets
\n
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag88": { "value": "\n
De-recognition of financial assets
\n
\n
Financial receivables (or, where applicable a part of a financial receivable or part of a group of similar financial receivables) are
\n
derecognized when: (1) the rights to receive cash flows from the asset have expired, (2) The Group retains the right to receive cash
\n
flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a \u201cpass-through\u201d
\n
arrangement and (3) The Group has transferred the right to receive cash from that asset while either: (a) has transferred substantially
\n
all the risks and rewards of the assets, or (b) has not transferred substantially all the risks and rewards but has transferred control of
\n
that asset.
\n
\n
Where the Group has transferred the rights to receive cash inflows from that asset but has not transferred substantially all the risks
\n
and rewards or control of that asset, then the asset is recognized to the extent of the Group\u2019s continuing involvement in the asset.
\n
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the initial carrying
\n
amount of the asset and the maximum amount of consideration that the Group could be required to pay.
\n
\n
Where continuing involvement takes the form of a written and/or purchase option (including a cash-settled option) on the
\n
transferred asset, the extent of the Group\u2019s continuing involvement is the amount of the transferred asset that the Group may
\n
repurchase, except in the case of a written put option on an asset measured at fair value, where the extent of the Parent
\n
Company\u2019s/Group\u2019s continuing involvement is limited to the lower of the fair value of the transferred asset and the option exercise
\n
price.
\n
\n\n
In the event that the evaluation refers to securitization transactions, the Company applying the aforementioned derecognition
\n
criteria, takes into account the structure of the transaction including its exposure to the subordinated bonds issued, allowances to
\n
the special purpose vehicles, as well as the terms and conditions of the securitization agreements, under which the Company could
\n
retain control over the securitized receivables.
\n
\n", "dimensions": { "concept": "ppc:DescriptionOfAccountingPolicyForDerecognitionOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag91": { "value": "\n
Financial liability from NCI put option
\n
\n
According to IAS 32, the Group recognizes these written put option commitments as a \"Financial liability from NCI put option\" in the
\n
Statement of Financial Position with equal recognition of \"Other Reserves\" in equity. The \"Non-controlling interests\" related with the
\n
above financial liability are recognized in equity according to IFRS 10, while the Group chose their full recognition on the date of initial
\n
recognition.
\n
\n
The above financial liability is initially recognized at the present value of the redemption amount. Subsequent changes in the value
\n
of the financial liability resulting from the remeasurement of the present value of the amount payable upon the exercise of the non-
\n
controlling interest, are recognized in the Income Statement in the results attributable to Company's shareholders and not in the
\n
results attributable to the non-controlling interests.
\n
\n
In the case of exercise of the Put Option (sale) on maturity, the financial liability is de-recognized with the amount paid by the Group
\n
to acquire the shares of the subsidiary. Whereas if the Put Option (sale) expires without being exercised, the financial liability is de-
\n
recognized in other reserves in equity, which have been established on its initial recognition.
\n
\n
On Parent Company level, the Put Option (sale) on subsidiary\u2019s shares is treated as a derivative financial instrument and as its exercise
\n
price is at fair value of the shares, the Put Option (sale) on shares has no value.
\n
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag92": { "value": "\n
Trade Receivables from the sale of electricity to customers
\n
\n
The Group and the Parent Company apply the simplified approach of IFRS 9 for the calculation of expected credit losses, according
\n
to which the provision for impairment is always measured at the amount of the expected credit losses over the lifetime of trade
\n
receivables. More specifically, in Greece:
\n
\n
Regarding the receivables of High Voltage (HV) customers from the sale of energy, the Group and the Parent Company (due to the
\n
individual characteristics of each client and its credit behavior) evaluate the expected credit loss from each customer individually.
\n
\n
Regarding the receivables from Medium Voltage (MV) and Low Voltage (LV) customers from the sale of energy, the Group and the
\n
Parent Company, considering these contracts as sharing similar characteristics, classified them into four distinct portfolios (Medium
\n
Voltage and Low Voltage receivables from public sector, Medium Voltage receivables from non- public sector, Low Voltage
\n
receivables from non- public sector in settlement, Low Voltage receivables from non- public sector without settlement) and in order
\n
to estimate the expected credit losses, use credit loss provision tables based on the maturity of their balances, following the historical
\n
data of the Group and the Parent Company for credit losses and adjusting appropriately for future events and the economic
\n
environment. For the four distinct portfolios, the Group and the Parent Company determine the probability of default for all time
\n
zones of receivables aging.
\n
\n
Additionally, on June 30, 2023, the Group's and the Parent Company's assessment on calculating the expected credit loss for Low
\n
Voltage receivables from non- public sector in settlement, was revised. In particular, the Group and the Parent company classified
\n
them in a distinct portfolio. This revision was carried out by examining the effectiveness of the non- public sector Low Voltage
\n
customer debt settlement program and the service rate of settled debts.
\n
\n
Since the parameters considered for estimating the expected credit loss on receivables from non- public sector of Low Voltage
\n
customers in settlement are affected by various factors, it is not possible to accurately determine the impact of the change in this
\n
accounting estimate on the amount of future estimated expected credit loss.
\n
\n\n
In Romania, depending on the size of the customer and the credit risk information available, the evaluation of the expected credit
\n
loss is performed on:
\n
\u27a2 individual basis, if receivables are significant in value.
\n
\u27a2 collective basis, for which trade receivables are grouped based on common credit risk characteristics (clustering) and the
\n
probability of defaults is calculated for all time zones of receivables aging, taking into consideration historical data and other
\n
information.
\n
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag94": { "value": "\n
Customers\u2019 contributions
\n
\n
Consumers or producers connected to the distribution network are required to participate in the initial cost of connecting to the
\n
network (meters, lines, substations, etc.) or other types of infrastructure by paying institutionally fixed amounts of money or by
\n
contributing property, plant and equipment (extremely rare cases). In the event that a customer leaves a facility and a new customer
\n
enters, then the new customer is not obliged to pay for a new contribution.
\n
\n
Customer\u2019s contributions refer to the initial and continuous connection to the distribution network which is a separate service from
\n
the sale of electricity. The promised service is the only one undertaken by the distribution companies and this transaction is
\n
considered a separate contractual obligation. Therefore, revenue from customers\u2019 contributions is recognized during the transfer of
\n
the service to the customer. As the contract with the customer is not of a specific duration, income is recognized on the basis of the
\n
remaining useful life of distribution network\u2019s property, plant and equipment (35 years for Greece). For Romania, the distribution
\n
companies provide their service to customers based on concession agreements with the Ministry of Energy, and income is recognized
\n
based on the remaining duration of those agreements (31-32 years).
\n
\n
Customers\u2019 contributions are classified as \"Long \u2013 term contract liabilities\". As the cash flows from customers\u2019 contributions relate
\n
to the operating activities of the Group and the Parent Company, are shown in the cash flows from operating activities in the Cash
\n
Flow Statement.
\n
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerAcquisitionCostsExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag95": { "value": "\n
Payments in advance against electricity consumption paid by customers at the time of signing the electricity supply contract.
\n
\n
By signing the electricity supply contract, the customer is required to pay an advance - a guarantee against future electricity
\n
consumption. This amount is not refunded to the customer but is offset by the amount of the last clearing bill following the request
\n
for suspension of electricity supply to the customer. Considering that these amounts are settled in a period over 12 months, the
\n
Group and Parent Company classified them as \"Long \u2013 term Contract Liabilities\".
\n
\n", "dimensions": { "concept": "ppc:DescriptionOfAccountingPolicyForPaymentsInAdvanceAgainstElectricityConsumptionPaidByCustomersAtTheTimeOfSigningTheElectricitySupplyContractExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag96": { "value": "\n
Other financial assets measured at amortized cost
\n
\n
For the other financial assets of the Group and the Parent Company, measured at amortized cost, the general approach is used. These
\n
financial assets are considered as having low credit risk and any provision for loss is limited to the expected credit losses of the next
\n
12 months from the respective reporting date.
\n
\n", "dimensions": { "concept": "ppc:DescriptionOfAccountingPolicyForOtherFinancialAssetsAtAmortizedCostsExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag97": { "value": "\n
Inventories
\n
\n
Inventories include materials and consumables, spare parts, lignite, liquid fuel, green certificates, electrical and electronic inventories.
\n
Provision for slow moving or obsolete materials and consumables is established if necessary.
\n
\n
\u2022 Materials and consumables
\n
Materials and consumables are stated at the lower of cost or net realizable value, which takes under consideration the net realizable
\n
value of the finished product in which they are incorporated. The cost is determined using the weighted average method. These
\n
materials are recorded in inventory when purchased and then are expensed or capitalized upon use.
\n
\n\n
\u2022 Lignite (self-produced and purchased)
\n
The cost of lignite inventories which have been excavated / purchased but not yet consumed at the balance sheet date is stated at
\n
the balance sheet. Lignite inventories are stated at the lower of production cost / purchase cost and net realizable value, which
\n
takes under consideration the net realizable value of the finished product in which they are incorporated with the cost being
\n
determined by using the weighted average production / purchase cost method. Production / purchase cost mainly consists of
\n
expenses incurred in order for lignite inventories to be used for electricity generation.
\n
\n
\u2022 Liquid fuels
\n
Liquid fuel is stated at the lower of cost and net realisable value which takes under consideration the net realisable value of the
\n
finished product in which it is incorporated. The cost of liquid fuel reflects purchase price plus any taxes (excluding VAT), levies and
\n
any other type of expense for the fuel to be stored in the Group warehouses and determined using the weighted average method.
\n
Liquid fuels are expensed on consumption and appear separately in the Statement of Income.
\n
\n
\u2022 Green certificates
\n
The green certificates that the Group and the Parent Company receive from the competent authority as a certification of the energy
\n
produced by the RES Units are free of charge (zero value). These certificates represent goods held for sale in the ordinary course
\n
of business and are recognized in the Group's and Parent Company's inventories at the lower value between their cost and their
\n
net realizable value.
\n
\n
\u2022 Electrical and electronic inventories
\n
Electrical and electronic inventories are valued at the lower of their cost and net realizable value. The cost of inventories includes
\n
the purchase price plus specific purchase costs (transportation, insurance premiums, etc.) and less relevant discounts and other
\n
benefits from suppliers. The cost of inventories is determined using the weighted average cost method.
\n
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag99": { "value": "\n
Cash and cash equivalents
\n
\n
The Group considers time deposits and other highly liquid investments with original maturity of three months or less
\n
and they are used to cover short-term cash needs, to be cash equivalents.
\n
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag100": { "value": "\n
Share capital
\n
\n
Share capital reflects the value of the Parent Company\u2019s shares that are fully issued and in circulation. Any proceeds in excess of par
\n
value are recorded in share premium in equity. Expenses related directly to new shares issuance are recognized directly to Equity net
\n
of proceeds.
\n
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag101": { "value": "\n
Treasury shares
\n
\n
Own equity instruments that are reacquired (treasury shares) are recognized at cost and deducted from equity. No gain or loss is
\n
recognized in the Statement of Income on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Any
\n
difference between the carrying amount and the consideration, if reissued, is recognized in the share premium. In the event of
\n
cancellation of treasury shares, the acquisition cost reduces the Share Capital and any difference is charged to Retained Earnings.
\n
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag102": { "value": "\n
Equity settled benefits
\n
\n
The Group provides to the executives of PPC S.A. and the Related Companies within the meaning of article 32 of L.4308/2014,
\n
remuneration in the form of share based payments, whereby executives render their services as consideration equity instruments.
\n
The cost of equity- settled transactions is determined by the fair value at the grant date by using an appropriate valuation model.
\n
\n\n
That cost is recognized in the Payroll Cost of the Statement of Income, together with a corresponding increase in equity (other
\n
reserves), over the period in which the service is rendered (the vesting period). The cumulative expense recognized for equity- settled
\n
transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group\u2019s
\n
best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of profit or loss
\n
for a period represents the movement in cumulative expense recognized as at the beginning and end of that period.
\n
\n
Non- market conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the
\n
conditions being met is assessed as part of the Group\u2019s best estimate of the number of equity instruments that will ultimately vest.
\n
In the contrary, market performance conditions are reflected within the grant date fair value. Any other conditions attached to an
\n
award, but without an associate service requirement, are considered to be non-vesting conditions. Non-vesting conditions are
\n
reflected in the fair value of an award and lead to an immediate expensing of an award unless there are also service and/ or
\n
performance conditions.
\n
\n
No expense is recognized for awards that do not ultimately vest because non-market performance and/or service conditions have
\n
not been met. Where awards include a market or non-vesting condition, the transactions are treated as vested irrespective of
\n
whether the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied.
\n
\n
In each reporting date, the Group revises its estimates for the number of equity instruments that will ultimately vest. It recognizes
\n
the effect from the revision of its initial estimates, if it exists, in the Statement of Income with a corresponding adjustment of its
\n
equity.
\n
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag104": { "value": "\n
De-recognition of financial liabilities
\n
Financial liabilities are derecognized when the obligation under the liability is discontinued, cancelled or expires. In the event that an
\n
existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing
\n
liability are substantially modified, such an exchange or modification is treated as a de-recognition of the original liability and the
\n
recognition of a new liability, and the difference in the respective carrying amounts is recognized in the income statement.
\n
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag105": { "value": "\n
Offsetting of financial assets and liabilities
\n
Financial assets and liabilities are offset and the net amount is presented in the balance sheet only when the Group has the legally
\n
enforceable right to set off the recognized amounts and intends to either settle such asset and liability on a net basis or claim the
\n
asset and settle the liability at the same time.
\n
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag106": { "value": "\n
Interest bearing loans and borrowings
\n
\n
All loans and borrowings are initially recognized at cost, which reflects the fair value of the amount received less the cost of borrowing.
\n
After initial recognition, they are subsequently measured at amortized cost using the effective interest rate method. For the
\n
calculation of amortized cost, all types of borrowing and issue costs are taken into account.
\n
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag107": { "value": "\n
\n\n
Provisions for Risks and Expenses, Contingent Liabilities and Contingent Claims
\n
\n
Provisions are recognised when the Group has present legal, contractual or constructive obligations as a result of past events and it
\n
is probable that they will be cleared through outflows of resources and the estimate of the exact amount of the liability can be reliably
\n
made. Provisions are reviewed at each balance sheet date and adjusted to reflect the present value of the expense expected to be
\n
required to settle the liability. Contingent liabilities are not recognised in the financial statements but are disclosed unless the
\n
possibility of an outflow of resources embodying economic benefits is minimal.
\n
\n
Contingent claims are not recognised in the financial statements but are disclosed when the inflow of economic benefits is probable.
\n
\n\n
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag108": { "value": "\n
Provisions for Risks and Expenses, Contingent Liabilities and Contingent Claims
\n
\n
Provisions are recognised when the Group has present legal, contractual or constructive obligations as a result of past events and it
\n
is probable that they will be cleared through outflows of resources and the estimate of the exact amount of the liability can be reliably
\n
made. Provisions are reviewed at each balance sheet date and adjusted to reflect the present value of the expense expected to be
\n
required to settle the liability. Contingent liabilities are not recognised in the financial statements but are disclosed unless the
\n
possibility of an outflow of resources embodying economic benefits is minimal.
\n
\n
Contingent claims are not recognised in the financial statements but are disclosed when the inflow of economic benefits is probable.
\n
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag755": { "value": "\n

\n\n
Post-retirement benefits
\n
\n
a) The Group provides to employees and pensioners electricity at a reduced tariff. The reduced invoice to pensioners is recognized
\n
as a liability and is calculated as the present value of future retirement benefits deemed accrued by the end of the year on the basis
\n
of the rights of employees accumulated during their service and are calculated on the basis of economic and actuarial models on the
\n
basis of economic and actuarial assumptions.
\n
\n
b) PPC and its subsidiaries in Greece pay, in accordance with Law 4533/2018 (OG A\u2019 7527/4/2018), a severance payment, which may not
\n
exceed \u20ac 15 (fifteen thousand Euro) to insured persons who leave due to termination of the employment contract, or because the insured
\n
employees reached the age limit or due to another reason for leaving according to the provisions of the law. The retirement indemnity
\n
plan ,due to retirement from the company, in Romania is based on years of service in accordance with local law and meets the criteria
\n
of 2021 IFRIC agenda decision since it provides a benefit which does not increase after 15 or 25 years of service (depending on the Group
\n
entity). Therefore, the retirement benefit obligation is attributed over the last 15 or 25 years before retirement.
\n
\n
c) All entities in Romania offer to their employees jubilee premiums for continuous service, the amount of which depends on the
\n
continuous years of service in the company.
\n
\n
All the above programs are defined benefit plans. The liability recognized in the statement of financial position is the present value
\n
of the defined benefit obligation at the end of the reporting period. These obligations are calculated annually by independent
\n
actuaries using the Projected Unit Credit Method. The discount rate used is the yield of high quality European bonds with maturity
\n
that approximates the term of the related obligation. The current service cost of the defined benefit plan, recognized in the income
\n
statement in personnel costs, reflects the increase in the defined benefit obligation resulting from employee service in the current
\n
year, benefit changes, curtailments and settlements. Past service costs are recognized immediately in the income statement.
\n
Actuarial gains or losses are recognized directly in other comprehensive income in the period in which they occur and are not
\n
reclassified to income statement in a subsequent period. The post- retirement benefit liability is not funded.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n
Defined contribution plans
\n
\n
The Parent Company and the Group recognize as an expense the contribution for the employees\u2019 services payable to Social Security
\n
Institution (defined contribution plans) and as a liability the amount that has not been paid yet. At retirement, the pension fund is
\n
responsible for paying pension benefits to retirees.
\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag757": { "value": "\n
Post-retirement benefits
\n
\n
a) The Group provides to employees and pensioners electricity at a reduced tariff. The reduced invoice to pensioners is recognized
\n
as a liability and is calculated as the present value of future retirement benefits deemed accrued by the end of the year on the basis
\n
of the rights of employees accumulated during their service and are calculated on the basis of economic and actuarial models on the
\n
basis of economic and actuarial assumptions.
\n
\n
b) PPC and its subsidiaries in Greece pay, in accordance with Law 4533/2018 (OG A\u2019 7527/4/2018), a severance payment, which may not
\n
exceed \u20ac 15 (fifteen thousand Euro) to insured persons who leave due to termination of the employment contract, or because the insured
\n
employees reached the age limit or due to another reason for leaving according to the provisions of the law. The retirement indemnity
\n
plan ,due to retirement from the company, in Romania is based on years of service in accordance with local law and meets the criteria
\n
of 2021 IFRIC agenda decision since it provides a benefit which does not increase after 15 or 25 years of service (depending on the Group
\n
entity). Therefore, the retirement benefit obligation is attributed over the last 15 or 25 years before retirement.
\n
\n
c) All entities in Romania offer to their employees jubilee premiums for continuous service, the amount of which depends on the
\n
continuous years of service in the company.
\n
\n
All the above programs are defined benefit plans. The liability recognized in the statement of financial position is the present value
\n
of the defined benefit obligation at the end of the reporting period. These obligations are calculated annually by independent
\n
actuaries using the Projected Unit Credit Method. The discount rate used is the yield of high quality European bonds with maturity
\n
that approximates the term of the related obligation. The current service cost of the defined benefit plan, recognized in the income
\n
statement in personnel costs, reflects the increase in the defined benefit obligation resulting from employee service in the current
\n
year, benefit changes, curtailments and settlements. Past service costs are recognized immediately in the income statement.
\n
Actuarial gains or losses are recognized directly in other comprehensive income in the period in which they occur and are not
\n
reclassified to income statement in a subsequent period. The post- retirement benefit liability is not funded.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag758": { "value": "\n
Subsidies for property, plant and equipment
\n
\n
The Group receives grants from the Greek State and the European Union in order to finance specific projects that are executed
\n
within certain time periods. Subsidies are accounted for when they are collected and are distinctly shown in the balance sheet as
\n
non-current liabilities. Amortization is recognized based on the remaining useful life of the related assets and is included in
\n
depreciation in the Income Statement.
\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag749": { "value": "\n

\n\n
Derivative financial instruments and hedging
\n
\n
1.1 Derivative financial instruments
\n
\n
Derivative financial instruments are recognised as financial assets or financial liabilities and measured at fair value through profit and
\n
loss, both at their initial recognition and subsequently, regardless of the purpose of the transaction, unless they are designated in an
\n
effective cash flow hedging relationship.
\n
\n
Gains or losses arising on the valuation of derivative financial instruments are recognized in the income statement in \"Other income\u201d /
\n
\"other expenses\u201d for derivatives on commodities, in \"Financial expenses\" for derivatives on interest rate and other than those designated
\n
as hedges and other than those held for compliance purposes (energy short positions in the derivative energy market) as follows, which
\n
are recognized in the Income Statement in \"Energy Purchases\" together with changes in the fair value of any derivative financial
\n
instruments that hedge the specific items.
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n

\n
As of 31 December 2024, the Group and the Parent Company had entered into derivative financial contracts for: a) cash flow hedging
\n
from fluctuations in electricity prices, fuel prices and interest rates and b) conducting for trading purposes transactions. The fair value of
\n
derivatives is obtained from stock market prices, if available, or based on valuation techniques, that use largely unobservable data.
\n
\n
1.2 Power Purchase Agreements
\n
\n
The Group and the Parent Company review the power purchase agreements (PPAs) and if they do not comply with, the requirements
\n
of IFRS 10, IFRS 11 or IAS 28, for the existence of control over one or more assets or jointed control or significant influence by the
\n
counterparty over one or more assets that produce the sold energy, or the requirements of IFRS 16 for the recognition of a lease are
\n
not met, but comply with the definition of a derivative under IFRS 9, are accounted for as derivative financial instruments to the
\n
extent that the criteria for exemption from IFRS 9 as own-use contracts are not met.
\n
\n
Therefore, the contracts for delivery of non -financial assets in accordance with the expected sales/purchases of the Group and the
\n
Parent Company that meet the criteria for exemption from IFRS 9, are not accounted for as derivative financial instruments, but as
\n
executory contracts.
\n
\n
Power purchase agreements without physical delivery of energy, which also include the sale of guarantees of origin of energy, are
\n
examined in terms of meeting the criteria for exemption from the scope of IFRS 9 as contracts for own use/ executory contracts for
\n
the sale of guarantees of origin, while the exchange mechanism of energy price is examined as to whether it meets the definition of
\n
an embedded derivative under IFRS 9.
\n
\n
If the own use contracts contain embedded derivatives, the embedded derivatives are accounted for separately from the host
\n
contract at fair value through profit and loss, as far as the economic characteristics and risks of the embedded derivatives are not
\n
closely related to the economic characteristics and risks of the host contract.
\n
\n
For the power purchase agreements that comply with the recognition criteria of IFRS 9 as derivative financial instruments, their fair
\n
value is determined based on valuation techniques of unobservable data. In case that, at the initial recognition of the derivative, the
\n
Group and the Parent company conclude that the price is different from the fair value as defined by IFRS 13, then the valuation
\n
technique is recalibrated, so that the value of the transaction on the day of initial recognition to approximate the fair value.
\n
\n
In cases where derivatives resulting from electricity purchase and sale contracts represent embedded derivatives, in accordance with
\n
IFRS 9 upon separation they are always recognized at a value equal to zero.
\n
\n
The subsequent recognition of the change in the fair value of derivative financial instruments is recorded either in the Income
\n
Statement when the transaction is carried out for speculative purposes or in the Statement of Comprehensive Income when the
\n
transaction is carried out for cash flow hedge accounting purposes, to the extent that it is effective.
\n
\n\n
1.3 Hedge Accounting
\n
\n
The Group and the Parent Company apply hedge accounting if the following criteria are met:
\n
\n
- the hedging relationship includes only eligible hedging instruments and eligible hedged items
\n
- at the commencement of the hedging relationship there is a formal identification and documentation of the hedging relationship
\n
and the objective of the entity's risk management and its hedging strategy
\n
-the hedging ratio meets all of the following effectiveness requirements:
\n
(i) there is an economic relationship between the hedged item and the hedging instrument
\n
(ii) the effect of credit risk does not outweigh the changes in value resulting from that economic relationship; and
\n
(iii) the hedging ratio of the hedging relationship is the same as the amount of the hedged item actually offset by the entity and the
\n
amount of the hedging instrument that the entity actually uses to offset that amount of the hedged item.
\n
\n
For the purpose of hedge accounting, hedges are classified either as fair value hedges when hedging the exposure to changes in the
\n
fair value of a recognised asset or liability or as cash flow hedges when hedging the exposure to variability in cash flows that is either
\n
attributable to a particular risk associated with a recognised asset or liability or with a future transaction which is considered highly
\n
probable to occur.
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n

\n\n
Cash flow hedges
\n
\n
The Group and the Parent Company use derivative financial instruments (futures contracts and swaps) in order to hedge the risks arising
\n
from fluctuations in electricity and gas prices. To hedge the fluctuations of cash flows related to future transactions (purchases / sales of
\n
electricity and gas) and have been recognized as hedged items, the Management of the Group and the Parent Company evaluates and
\n
documents that they represent highly probable transactions and reflect the net exposure of the Group and the Parent Company in
\n
changes in their cash flows and affect their results during the period in which they will take place.
\n
\n
Gains or losses relating to the effective part of the hedging arising from changes in the fair value of the derivative financial instrument
\n
are recognized in Equity in a reserve, while the ineffective part of the hedging is recorded directly in the Income Statementin \"Other
\n
income\u201d / \"other expenses\u201d . The (gains) / losses from hedging transactions are transferred from the reserve to the Income Statement
\n
on \"Electricity Purchases\" and \"Natural Gas\" during the period when the hedged item affects the profits or losses of the Group and the
\n
Parent Company.
\n
\n
In cases of hedging of probable future transactions, which result in the recognition of a non-monetary item (eg, stock) or liability, gains
\n
or losses recognized in Equity are transferred to the acquisition cost of the resulting non-financial asset.
\n
\n
The total fair value of a derivative instrument designated as a hedging instrument is classified as non-current asset or long-term liability
\n
if the remaining period of the maturity of the hedged item is longer than 12 months and as current assets or current liabilities if the
\n
remaining period of the maturity of the hedged item is less than 12 months.
\n
\n
Effectiveness test
\n
\n
The Group and the Parent Company evaluate at the inception of the transaction, on a continuous basis and definitely during the
\n
preparation of the interim and annual financial statements, whether the hedging instruments are effective in order to hedge the changes
\n
in the cash flows of the hedged items.
\n
\n
Management of the Group and the Parent Company evaluates the effectiveness of the hedge accounting based on the existence of a
\n
financial correlation between the hedged item and the hedging instrument, the effect of credit risk on price changes and the hedging
\n
ratio as well as through quantitative and qualitative criteria depending on the characteristics of the hedging instrument and the hedged
\n
item.
\n
\n
Hedge accounting discontinuation
\n
\n
The Group and the Parent Company terminate the hedge accounting only when the hedging relationship ceases to meet the application
\n
criteria, taking into account any balancing actions (change in the amount of the hedged instrument or change in the amount of the
\n
hedged item).
\n
\n
When a hedging instrument expires or is sold, or when a hedging relationship no longer meets the accounting hedging criteria,
\n
accumulated gains or losses remain as a reserve and are carried in the Income Statement at the time the hedged item affects gain or
\n
losses.
\n
\n
In the event of hedging a possible future transaction that is no longer expected to occur, the gains or losses accumulated in Equity are
\n
transferred directly to the Income Statement.
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag750": { "value": "\n
Derivative financial instruments and hedging
\n
\n
1.1 Derivative financial instruments
\n
\n
Derivative financial instruments are recognised as financial assets or financial liabilities and measured at fair value through profit and
\n
loss, both at their initial recognition and subsequently, regardless of the purpose of the transaction, unless they are designated in an
\n
effective cash flow hedging relationship.
\n
\n
Gains or losses arising on the valuation of derivative financial instruments are recognized in the income statement in \"Other income\u201d /
\n
\"other expenses\u201d for derivatives on commodities, in \"Financial expenses\" for derivatives on interest rate and other than those designated
\n
as hedges and other than those held for compliance purposes (energy short positions in the derivative energy market) as follows, which
\n
are recognized in the Income Statement in \"Energy Purchases\" together with changes in the fair value of any derivative financial
\n
instruments that hedge the specific items.
\n

\n\n\n\n\n\n\n\n\n

\n
As of 31 December 2024, the Group and the Parent Company had entered into derivative financial contracts for: a) cash flow hedging
\n
from fluctuations in electricity prices, fuel prices and interest rates and b) conducting for trading purposes transactions. The fair value of
\n
derivatives is obtained from stock market prices, if available, or based on valuation techniques, that use largely unobservable data.
\n
\n
1.2 Power Purchase Agreements
\n
\n
The Group and the Parent Company review the power purchase agreements (PPAs) and if they do not comply with, the requirements
\n
of IFRS 10, IFRS 11 or IAS 28, for the existence of control over one or more assets or jointed control or significant influence by the
\n
counterparty over one or more assets that produce the sold energy, or the requirements of IFRS 16 for the recognition of a lease are
\n
not met, but comply with the definition of a derivative under IFRS 9, are accounted for as derivative financial instruments to the
\n
extent that the criteria for exemption from IFRS 9 as own-use contracts are not met.
\n
\n
Therefore, the contracts for delivery of non -financial assets in accordance with the expected sales/purchases of the Group and the
\n
Parent Company that meet the criteria for exemption from IFRS 9, are not accounted for as derivative financial instruments, but as
\n
executory contracts.
\n
\n
Power purchase agreements without physical delivery of energy, which also include the sale of guarantees of origin of energy, are
\n
examined in terms of meeting the criteria for exemption from the scope of IFRS 9 as contracts for own use/ executory contracts for
\n
the sale of guarantees of origin, while the exchange mechanism of energy price is examined as to whether it meets the definition of
\n
an embedded derivative under IFRS 9.
\n
\n
If the own use contracts contain embedded derivatives, the embedded derivatives are accounted for separately from the host
\n
contract at fair value through profit and loss, as far as the economic characteristics and risks of the embedded derivatives are not
\n
closely related to the economic characteristics and risks of the host contract.
\n
\n
For the power purchase agreements that comply with the recognition criteria of IFRS 9 as derivative financial instruments, their fair
\n
value is determined based on valuation techniques of unobservable data. In case that, at the initial recognition of the derivative, the
\n
Group and the Parent company conclude that the price is different from the fair value as defined by IFRS 13, then the valuation
\n
technique is recalibrated, so that the value of the transaction on the day of initial recognition to approximate the fair value.
\n
\n
In cases where derivatives resulting from electricity purchase and sale contracts represent embedded derivatives, in accordance with
\n
IFRS 9 upon separation they are always recognized at a value equal to zero.
\n
\n
The subsequent recognition of the change in the fair value of derivative financial instruments is recorded either in the Income
\n
Statement when the transaction is carried out for speculative purposes or in the Statement of Comprehensive Income when the
\n
transaction is carried out for cash flow hedge accounting purposes, to the extent that it is effective.
\n
\n\n
1.3 Hedge Accounting
\n
\n
The Group and the Parent Company apply hedge accounting if the following criteria are met:
\n
\n
- the hedging relationship includes only eligible hedging instruments and eligible hedged items
\n
- at the commencement of the hedging relationship there is a formal identification and documentation of the hedging relationship
\n
and the objective of the entity's risk management and its hedging strategy
\n
-the hedging ratio meets all of the following effectiveness requirements:
\n
(i) there is an economic relationship between the hedged item and the hedging instrument
\n
(ii) the effect of credit risk does not outweigh the changes in value resulting from that economic relationship; and
\n
(iii) the hedging ratio of the hedging relationship is the same as the amount of the hedged item actually offset by the entity and the
\n
amount of the hedging instrument that the entity actually uses to offset that amount of the hedged item.
\n
\n
For the purpose of hedge accounting, hedges are classified either as fair value hedges when hedging the exposure to changes in the
\n
fair value of a recognised asset or liability or as cash flow hedges when hedging the exposure to variability in cash flows that is either
\n
attributable to a particular risk associated with a recognised asset or liability or with a future transaction which is considered highly
\n
probable to occur.
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n
Cash flow hedges
\n
\n
The Group and the Parent Company use derivative financial instruments (futures contracts and swaps) in order to hedge the risks arising
\n
from fluctuations in electricity and gas prices. To hedge the fluctuations of cash flows related to future transactions (purchases / sales of
\n
electricity and gas) and have been recognized as hedged items, the Management of the Group and the Parent Company evaluates and
\n
documents that they represent highly probable transactions and reflect the net exposure of the Group and the Parent Company in
\n
changes in their cash flows and affect their results during the period in which they will take place.
\n
\n
Gains or losses relating to the effective part of the hedging arising from changes in the fair value of the derivative financial instrument
\n
are recognized in Equity in a reserve, while the ineffective part of the hedging is recorded directly in the Income Statementin \"Other
\n
income\u201d / \"other expenses\u201d . The (gains) / losses from hedging transactions are transferred from the reserve to the Income Statement
\n
on \"Electricity Purchases\" and \"Natural Gas\" during the period when the hedged item affects the profits or losses of the Group and the
\n
Parent Company.
\n
\n
In cases of hedging of probable future transactions, which result in the recognition of a non-monetary item (eg, stock) or liability, gains
\n
or losses recognized in Equity are transferred to the acquisition cost of the resulting non-financial asset.
\n
\n
The total fair value of a derivative instrument designated as a hedging instrument is classified as non-current asset or long-term liability
\n
if the remaining period of the maturity of the hedged item is longer than 12 months and as current assets or current liabilities if the
\n
remaining period of the maturity of the hedged item is less than 12 months.
\n
\n
Effectiveness test
\n
\n
The Group and the Parent Company evaluate at the inception of the transaction, on a continuous basis and definitely during the
\n
preparation of the interim and annual financial statements, whether the hedging instruments are effective in order to hedge the changes
\n
in the cash flows of the hedged items.
\n
\n
Management of the Group and the Parent Company evaluates the effectiveness of the hedge accounting based on the existence of a
\n
financial correlation between the hedged item and the hedging instrument, the effect of credit risk on price changes and the hedging
\n
ratio as well as through quantitative and qualitative criteria depending on the characteristics of the hedging instrument and the hedged
\n
item.
\n
\n
Hedge accounting discontinuation
\n
\n
The Group and the Parent Company terminate the hedge accounting only when the hedging relationship ceases to meet the application
\n
criteria, taking into account any balancing actions (change in the amount of the hedged instrument or change in the amount of the
\n
hedged item).
\n
\n
When a hedging instrument expires or is sold, or when a hedging relationship no longer meets the accounting hedging criteria,
\n
accumulated gains or losses remain as a reserve and are carried in the Income Statement at the time the hedged item affects gain or
\n
losses.
\n
\n
In the event of hedging a possible future transaction that is no longer expected to occur, the gains or losses accumulated in Equity are
\n
transferred directly to the Income Statement.
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag753": { "value": "\n
1.3 Hedge Accounting
\n
\n
The Group and the Parent Company apply hedge accounting if the following criteria are met:
\n
\n
- the hedging relationship includes only eligible hedging instruments and eligible hedged items
\n
- at the commencement of the hedging relationship there is a formal identification and documentation of the hedging relationship
\n
and the objective of the entity's risk management and its hedging strategy
\n
-the hedging ratio meets all of the following effectiveness requirements:
\n
(i) there is an economic relationship between the hedged item and the hedging instrument
\n
(ii) the effect of credit risk does not outweigh the changes in value resulting from that economic relationship; and
\n
(iii) the hedging ratio of the hedging relationship is the same as the amount of the hedged item actually offset by the entity and the
\n
amount of the hedging instrument that the entity actually uses to offset that amount of the hedged item.
\n
\n
For the purpose of hedge accounting, hedges are classified either as fair value hedges when hedging the exposure to changes in the
\n
fair value of a recognised asset or liability or as cash flow hedges when hedging the exposure to variability in cash flows that is either
\n
attributable to a particular risk associated with a recognised asset or liability or with a future transaction which is considered highly
\n
probable to occur.
\n

\n\n\n\n\n\n\n\n\n
Cash flow hedges
\n
\n
The Group and the Parent Company use derivative financial instruments (futures contracts and swaps) in order to hedge the risks arising
\n
from fluctuations in electricity and gas prices. To hedge the fluctuations of cash flows related to future transactions (purchases / sales of
\n
electricity and gas) and have been recognized as hedged items, the Management of the Group and the Parent Company evaluates and
\n
documents that they represent highly probable transactions and reflect the net exposure of the Group and the Parent Company in
\n
changes in their cash flows and affect their results during the period in which they will take place.
\n
\n
Gains or losses relating to the effective part of the hedging arising from changes in the fair value of the derivative financial instrument
\n
are recognized in Equity in a reserve, while the ineffective part of the hedging is recorded directly in the Income Statementin \"Other
\n
income\u201d / \"other expenses\u201d . The (gains) / losses from hedging transactions are transferred from the reserve to the Income Statement
\n
on \"Electricity Purchases\" and \"Natural Gas\" during the period when the hedged item affects the profits or losses of the Group and the
\n
Parent Company.
\n
\n
In cases of hedging of probable future transactions, which result in the recognition of a non-monetary item (eg, stock) or liability, gains
\n
or losses recognized in Equity are transferred to the acquisition cost of the resulting non-financial asset.
\n
\n
The total fair value of a derivative instrument designated as a hedging instrument is classified as non-current asset or long-term liability
\n
if the remaining period of the maturity of the hedged item is longer than 12 months and as current assets or current liabilities if the
\n
remaining period of the maturity of the hedged item is less than 12 months.
\n
\n
Effectiveness test
\n
\n
The Group and the Parent Company evaluate at the inception of the transaction, on a continuous basis and definitely during the
\n
preparation of the interim and annual financial statements, whether the hedging instruments are effective in order to hedge the changes
\n
in the cash flows of the hedged items.
\n
\n
Management of the Group and the Parent Company evaluates the effectiveness of the hedge accounting based on the existence of a
\n
financial correlation between the hedged item and the hedging instrument, the effect of credit risk on price changes and the hedging
\n
ratio as well as through quantitative and qualitative criteria depending on the characteristics of the hedging instrument and the hedged
\n
item.
\n
\n
Hedge accounting discontinuation
\n
\n
The Group and the Parent Company terminate the hedge accounting only when the hedging relationship ceases to meet the application
\n
criteria, taking into account any balancing actions (change in the amount of the hedged instrument or change in the amount of the
\n
hedged item).
\n
\n
When a hedging instrument expires or is sold, or when a hedging relationship no longer meets the accounting hedging criteria,
\n
accumulated gains or losses remain as a reserve and are carried in the Income Statement at the time the hedged item affects gain or
\n
losses.
\n
\n
In the event of hedging a possible future transaction that is no longer expected to occur, the gains or losses accumulated in Equity are
\n
transferred directly to the Income Statement.
\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag744": { "value": "\n
Income taxes (current and deferred)
\n
\n
Current Income Taxes
\n
Current income tax expense consists of income taxes for the current year based on the Parent Company\u2019s profits and the profits of the
\n
other companies of the Group as adjusted in their tax returns and, provisions for additional income taxes and increments arising from
\n
unaudited tax years and is calculated by using the enacted or substantively enacted tax rates at the balance sheet date.
\n

\n\n\n\n\n\n\n\n\n

\n\n
Deferred Income Taxes
\n
Deferred income tax is calculated, using the liability method, on all temporary differences at the balance sheet date between the tax
\n
base and the book value of assets and liabilities. Deferred income tax liabilities are recognized for all taxable temporary differences,
\n
except where the deferred income tax liability arises from initial recognition of goodwill or of an asset or of a liability in a transaction that
\n
is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.
\n
\n
Deferred tax assets are recognized for all deductible temporary differences carried forward as well as unused tax credits and unused tax
\n
losses, to the extent that it is possible that taxable profit will be available against the deductible temporary differences and the carried
\n
forward of unused tax credits and unused tax losses can be utilized. No deferred income tax asset is recognized when it arises from the
\n
initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects
\n
neither the accounting profit nor taxable profit or loss.
\n
\n
Deferred tax assets are reassessed at each balance sheet date and are reduced at the time where it is not considered possible that
\n
enough taxable profits will appear against which, a part or the total of assets can be utilized. Deferred income tax assets and liabilities
\n
are measured at the tax rates that are expected to be in force in the year when the asset is recovered or the liability is settled, based on
\n
tax rates (and tax laws) that are in force or substantively enacted at the balance sheet date.
\n
Income tax relating to items recognized directly in other comprehensive income is recorded in other comprehensive income and not in
\n
the Statement of Income.
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag746": { "value": "\n
Deferred Income Taxes
\n
Deferred income tax is calculated, using the liability method, on all temporary differences at the balance sheet date between the tax
\n
base and the book value of assets and liabilities. Deferred income tax liabilities are recognized for all taxable temporary differences,
\n
except where the deferred income tax liability arises from initial recognition of goodwill or of an asset or of a liability in a transaction that
\n
is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.
\n
\n
Deferred tax assets are recognized for all deductible temporary differences carried forward as well as unused tax credits and unused tax
\n
losses, to the extent that it is possible that taxable profit will be available against the deductible temporary differences and the carried
\n
forward of unused tax credits and unused tax losses can be utilized. No deferred income tax asset is recognized when it arises from the
\n
initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects
\n
neither the accounting profit nor taxable profit or loss.
\n
\n
Deferred tax assets are reassessed at each balance sheet date and are reduced at the time where it is not considered possible that
\n
enough taxable profits will appear against which, a part or the total of assets can be utilized. Deferred income tax assets and liabilities
\n
are measured at the tax rates that are expected to be in force in the year when the asset is recovered or the liability is settled, based on
\n
tax rates (and tax laws) that are in force or substantively enacted at the balance sheet date.
\n
Income tax relating to items recognized directly in other comprehensive income is recorded in other comprehensive income and not in
\n
the Statement of Income.
\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag743": { "value": "\n
Revenue recognition
\n
\n
Revenue from the sale of electricity to customers
\n
\n
The Group and the Parent Company are active in the supply of electricity to high, medium and low voltage customers through the
\n
Operations electricity Supply Sector and in the provision of electricity distribution services. Given the particular characteristics of
\n
electricity, the Group and the Parent Company consider that when their customers buy electricity simultaneously receive and use
\n
the benefits on an ongoing basis resulting from the sale of electricity as the Parent Company fulfills its contractual obligations. For
\n
this reason, revenue recognition (as long as the collection of the total amounts is considered probable) is based on metering data or
\n
on estimation of electricity consumed.
\n
\n
The Group and the Parent Company also assess whether they have the role of principal or agent in any relevant agreement. The
\n
Group's and the Parent Company's assessment is that they have the role of principal in all of its sales transactions, excluding
\n
transaction that involve municipality taxes and taxes that are acting as agents.
\n
\n
If the price agreed under the contract also includes a variable portion, this amount is recognized as revenue to the extent that it is
\n
unlikely to be reversed in the future.
\n
\n
Contract Assets
\n
\n
At each reporting date and taking into account that the invoicing based on the measurement data of the last month of the period is
\n
issued during the first days of the following month, as far as High and Medium Voltage customers are concerned, the total value of
\n
electricity provided that month is recognized as accrued revenue for the period, and is reversed in the following month, after billing
\n
has already been recorded in books. These accruals at the end of each reporting period are classified as \u201cContract Assets\u201d.
\n
\n
Additionally, at each reporting date, the Group and the Parent Company estimates the value of the energy consumed but not yet
\n
billed from Low Voltage customers, since it has developed an estimation method especially for doing so. The estimated values are
\n
recorded as income receivable for periods ending on the reporting date and are reversed during the following month. Those accruals
\n
are also classified as \"Contract Assets\u201d at the end of each reporting period.
\n

\n\n\n\n\n\n\n\n\n

\n
Contract Liabilities
\n
\n
If the customer pays a fee, or the Group reserves an unconditional right to a sum of money, before the Group transfers the goods or
\n
services to the customer, it classified the contract as a contract liability to the customer, either when the payment is made or when
\n
it becomes chargeable (whichever comes first).
\n
\n
For the Group and the Parent Company, contract liabilities come mainly from:
\n
\u2022 Customers\u2019 contibutions
\n
\u2022 Payments in advance against electricity consumption paid by customers at the time of signing the electricity supply contract
\n
\u2022 Prepayments paid by customers against future consumption of electricity
\n
\n
Distribution network revenues
\n
Group considers that when their customers use and benefit from the distribution network simultaneously the Group fulfills its
\n
contractual obligation to them. Distribution network revenues are recognised when customers use the distribution network based
\n
on metering data (either by digital meters, or meter-reading crews, or on estimation of electricity consumed) and by applying the
\n
approved tarriff from regulators.
\n
\n
Distribution network revenues are regulated based on cost-plus system and any over or under recovery of costs is adjusted in the
\n
customers future tariffs.
\n
\n
As such, If revenue earned based on actual metering exceeds the annual amount as approved by the regulator, an adjustment will
\n
be made to future tariffs to reflect this over recovery. No liability is recognized for the over recovery since this adjustment relates to
\n
the provision of future service. If revenue earned based on actual metering is lower than the annual amount as approved by the
\n
regulator, no asset is recognized. The relevant under recovery is recognized in the Income Statement, in the year that the customer
\n
tariffs will be adjusted, according to regulator\u2019s decision.
\n
\n
Interest income
\n
Interest income is recognized on an accrual basis.
\n
\n\n
Dividend income
\n
Dividend income is recognized when it has been approved by the relevant authority of the company that distributes it.
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n
Revenue Recognition from Sales of merchandise
\n
\n
Sales of merchandise are recognized in the income statement when they have been delivered and title has transferred. Estimated
\n
discounts and promotions are recorded as a reduction of sales.
\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag742": { "value": "\n
Dividend income
\n
Dividend income is recognized when it has been approved by the relevant authority of the company that distributes it.
\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag740": { "value": "\n
Energy purchases
\n
Energy purchases are expensed as purchased and presented separately in the Statement of Income.
\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ppc:DescriptionOfAccountingPolicyForElectricityCostsExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag739": { "value": "\n
Merchandise (Income Statement)
\n
\n
Merchandise in the Income Statement includes their purchasing cost, including all expenses incurred until their delivery to retail
\n
outlets (stores).
\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag738": { "value": "\n
Earnings/ (Losses) per share
\n
\n
Basic earnings per share are computed by dividing the profit for the year attributable to owners of the parent by the weighted average
\n
number of shares outstanding during each year. The weighted average number of ordinary shares outstanding during the year is the
\n
number of ordinary shares outstanding at the beginning of the year, adjusted by the number of ordinary shares bought back or issued
\n
during the year multiplied by a time-weighting factor. Diluted earnings per share are computed by dividing the profit for the year
\n
attributable to owners of the parent by the weighted average number of shares outstanding during the year adjusted for the impact
\n
of share-based payments.
\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag737": { "value": "\n
Subsequent events
\n
Subsequent events that provide additional information about events or circumstances that existed at the balance sheet date and
\n
meet their recognition criteria, are reflected in the financial statements. Otherwise, they are disclosed in the notes of the financial
\n
statements.
\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ppc:DescriptionOfAccountingPolicyOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag736": { "value": "\n
Operating Segment
\n
\n
The operating segments of activity are defined based on the Group's structure and business activities, as reviewed by those
\n
responsible for evaluating the Group's performance and making financial decisions. The information of functional areas of activity
\n
that are not separate areas for reporting are collected and displayed in a category entitled \"Other\". The accounting policies of the
\n
business areas are the same as those followed in the preparation of the financial statements.
\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag724": { "value": "\n

\n\n

\n\n
5. SPIN-OFF OF POST-LIGNITE EXPLOITATION OF THE CORE LIGNITE PHASE-OUT ZONES BRANCH AND SALE OF SUBSIDIARY
\n
\n
By Law 4956/2022 (OG A' 140/19.07.2022) the Programme Agreement was ratified and acquired the force of law on July 19, 2022
\n
between the Greek State (Ministry of Development and Investments), the public interest company with the distinctive title METAVASI
\n
S.A. and PPC S.A., which provided for the spin-off of the branch Post-Lignite Exploitation of the Core Lignite Phase-out Zones of PPC
\n
(named \u201cthe branch\u201d) to its newly established subsidiary METALIGNITIKI S.A. and then in the sale of its shares to METAVASI S.A.
\n
\n
\u03a4he programme agreement provided, inter alia, for the possibility of assigning to PPC the implementation of the new land uses and
\n
upgrading of the transferred lands, which were included in the attached topographic diagrams, the terms and conditions for their
\n
upgrading, the obligations, the monitoring of the execution of the contract, issues regarding the content of the rehabilitation works
\n
to be made by PPC and any other works that will be required for the implementation of the new land uses according to specific urban
\n
plans, the method of calculating and covering PPC's management costs, as well as the method of transferring to the State the
\n
ownership of the underlying land owned by PPC.
\n
\n
In particular, the terms and conditions of the transfer of the shares, issues concerning the value of the transferred shares in relation
\n
to the value of the assets of METALIGNITIKI S.A., the payment of the consideration for the acquisition of the shares with resources
\n
from the Recovery and Resilience Fund program are regulated and defined.
\n
\n
PPC S.A. may continue the activity of lignite-fired power generation and lignite mining for as long as lignite activity is allowed on the
\n
lands in question under the National Energy and Climate Plan as in force from time to time.
\n
\n
The branch included the rights of all kinds on the properties (approximately 97 km2) included in the land of the Mines of Amynteo,
\n
Ptolemaida, Klidiou (Florina) and Megalopolis as specified in the topographical diagrams of the Programme Agreement, while it did
\n
not include the existing rights to search for and exploit solid fossil fuels that have been granted to PPC, which remained to PPC, as
\n
well as all kinds of permits and approvals, which are related to the mining activity.
\n
\n
On October 4, 2022, PPC's Board of Directors approved the initiation of the spin-off procedures for the branch with a spin-off date of
\n
July 31, 2022, as well as the basic terms of the draft Share Purchase Agreement between PPC, METAVASI S.A. and the Greek State.
\n
\n
On March 30, 2023, the Extraordinary General Meeting of PPC\u2019s Shareholders approved the spin-off of the branch with the
\n
establishment of a new entity and the Draft Demerger Plan including their appendixes.
\n
\n
The spin-off of the branch was completed on June 15, 2023 (decision G.E.MH. 2980019AP/15.06.2023) and its contribution to the
\n
100% newly established subsidiary company METALIGNITIKI S.A. on June 16, 2023 with the establishment of the subsidiary (G.E.MH.
\n
171168001000) in accordance with the provisions of Law 4872/2021 \"Fair Developmental Transition, regulation of more specific de-
\n
lignitization issues and other urgent provisions\", sanctioned by Law 4956 /2022 \"Programme Agreement of par. 4 of article 155 of
\n
Law 4759/2020\", of corporate Law 4548/2018 for anonyme soci\u00e9t\u00e9 companies, Law 4601/2019 on Corporate Transformations and
\n
Tax Law 4172/2013.
\n
\n
On June 16, 2023, the share capital of METALIGNITIKI S.A., as a result of the spin-off and contribution of the above branch, was
\n
formed in the amount of \u20ac 162,182,483 as determined by the 31.10.2022 Valuation Report of the net asset value of the above
\n
contributed branch of PPC with a corresponding recognition of the contributed Property, plants and equipment at their fair value.
\n
\n
The spin-off and contribution of the branch was treated in the financial statements of the Parent Company as a transaction between
\n
companies under common control with a commercial substance, given the subsequent sale of the shareholding. The shares received
\n
were recognized as the cost of the investment in the subsidiary on June 16, 2023 at a value equal to the fair value of the net assets
\n
contributed to METALIGNITIKI S.A. On June 16, 2023, the Parent Company recognized in the Income Statement \"Gain from the spin-
\n
off of the Post-Lignite Exploitation branch\" amounting to \u20ac 124.3 million and resulted as follows:
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n

\n\n
5.SPIN-OFF OF POST-LIGNITE EXPLOITATION OF THE CORE LIGNITE PHASE-OUT ZONES BRANCH AND SALE OF SUBSIDIARY
\n
(CONTINUED)
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Amounts in euro Balances at 15.06.2023
Fair value of net assets contributed (Property, plant and equipment) 162,182,483
Minus: carrying value of transferred assets (Property, plant and equipment)(20,623,239)
Minus: financial expenses from the initial discounting of the receivable (17,264,958)
Gain from the spin-off of the Post-Lignite Exploitation branch 124,294,286
\n\n\n\n\n\n
\n
\n
The fair value of the net assets (property, plant and equipment) contributed differed from their carrying value, as it had taken into
\n
account the valuation at fair value of property, plant and equipment based on the new use of land by the Greek State. At Group level,
\n
the spin-off had no effect on the Group's consolidated financial statements as it was a transaction between related parties.
\n
\n
On June 29, 2023, the transfer was completed and the sale of the shares of the 100% subsidiary METALIGNITIKI S.A. was completed
\n
to METAVASI S.A. in accordance with the Share Purchase Agreement for a consideration of \u20ac162.2 million, which is equal to the value
\n
of the spin-off branch. As a result, the Group lost control of the subsidiary and recognized on June 9, 2023 in the Income Statement
\n
\"Gain from the sale of subsidiary\" amounting to \u20ac124.2 million and in the Statement of Financial Position a Receivable from METAVASI
\n
S.A. of \u20ac 162.2 million (\u20ac140 million after discounting on 31.12.2023) as the consideration for the sale of the shares of METALIGNITIKI
\n
S.A. On the same date, the Parent Company de-recognized the shareholding in the subsidiary METALIGNITIKI S.A. and recognized an
\n
equal amount of Receivable from METAVASI S.A.
\n
\n
The consideration for the sale of the shares will be paid gradually, assuming that METAVASI S.A. will be exclusively responsible to pay
\n
the invoices of the contractors and suppliers who will make the restoration works of the lands to be transferred, being a third party
\n
to the relevant PPC contracts. Within 2024, for the already restored lands, the Parent company has begun to receive part of the
\n
restoration costs of those it had previously paid to contractors. The handover of the restored lands from PPC to METAVASI S.A. it will
\n
be made gradually within next years.
\n
\n
On December 31, 2024 the long-term portion of the discounted receivable from METAVASI S.A. is included in Other long-term
\n
Receivables and amounts to \u20ac69.4 million (31.12.2023: \u20ac91.8 million) and the short-term portion of \u20ac57.3 million (31.12.2023: \u20ac48.2
\n
million) is included in Other Receivables of the Group and the Parent Company.
\n
\n
From the date of classification as Assets Held for Sale, until June 16, 2023 for the Parent Company and June 29, 2023 for the Group,
\n
no depreciation was calculated for the contributed fixed assets as provided by IFRS 5. If depreciation had been calculated, these
\n
would amount to \u20ac0.2 million for the period 01.01.2023-29.06.2023 for the Group's fixed assets and the Parent Company.
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n

\n\n
7. SPIN-OFF OF THE WHOLESALE TELECOMMUNICATION BRANCH
\n
\n
On April 9, 2024, PPC\u2019s Board of Directors approved the initiation of the procedures for the spin-off of the wholesale
\n
telecommunications branch (hereinafter \"the branch\") and absorption by the 100% subsidiary \" DEI OPTIKES EPIKOINONIES SINGLE
\n
MEMBER S.A.\" and tradename \"fibergrid\" in accordance with the provisions of Law 4601/2019, Law 4548/2018 and the more specific
\n
provisions of Article 52 of Law 4172/2013 and Article 61 of Law 4438/2016.
\n
\n
In particular, the spin-off branch consists of the \"old\" urban fiber optic network of PPC, the ownership of which remained with PPC
\n
pursuant to article 129 par. 1 of Law 4819/2021, the \"new\" fiber optic network under development, the other assets and other
\n
liabilities. The right to grant third parties\u2019 access to the Greek Electricity Distribution Network for the installation of optical fibers or
\n
other electronic communications network elements on it, which belongs to PPC, is not an asset of the Branch.
\n
\n
December 31, 2023 had been set as the spin-off date, the date on which the fair value valuation of the contributed net assets of the
\n
branch was carried out. The division through spin-off and absorption is deemed to have been completed on the date of publication
\n
of the relevant approval decision in GEMI (3327843AP / 31.07.2024) of the General Secretariat of Trade and Consumer Protection,
\n
which took place on July 31, 2024. As mentioned in the Demerger Deed with spin-off and absorption, all deeds and transactions that
\n
carried out from the reference date (31 December 2023) until the completion date of the spin-off (31 July 2024) will benefit and be
\n
borne exclusively by PPC. Therefore, the results of the interim period remained with PPC, while the assets and liabilities of July 31,
\n
2024 were transferred to the subsidiary fibergrid.
\n
\n
The share capital of the subsidiary fibergrid as a result of the spin-off and absorption increased by the amount of the net value of the
\n
above contributed branch of PPC, where based on the valuation report it was determined at \u20ac33.6 million and shares of equal value
\n
issued and delivered to PPC while a spin-off reserve of \u20ac44.8 million was regognized.
\n
\n
Given the above, the Management of the Parent Company had classified on April 9, 2024 the value of the contributed assets and
\n
liabilities of the branch as group of assets and liabilities held for sale, as the value of the contributed assets and liabilities is expected
\n
to be recovered from the product of their exchange with shares of equal value.
\n
\n
At Group level, the division through spin-off and absorption of the above branch is a transaction between related parties without
\n
commercial substance and therefore has no effect on the Group's consolidated financial statements.
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n

\n\n
7. SPIN-OFF OF THE WHOLESALE TELECOMMUNICATION BRANCH (CONTINUED)
\n
\n
On July 31, 2024, the Parent Company recognized in the Income Statement \"profit from the spin-off of the wholesale
\n
telecommunication branch\" of \u20ac0.8 million as it increased its participation in the subsidiary by \u20ac78.5 million based on the fair value
\n
of the net assets received by the subsidiary while the book value was \u20ac77.6 million.
\n
\n
The book value of the assets and liabilities contributed to the subsidiary upon completion of the spin-off on July 31, 2024 was as
\n
follows:
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Amounts in thousands of \u20ac31.07.2024
Property, plant and equipment, net 60,657
Intangible assets, net 8,591
Non- Current Assets69,248
Inventories 25,018
Trade and other receivables 1,059
Current Assets26,076
Total Assets 95,325
Asset revaluation reserve (equity) 7,400
Deferred tax liabilities 1,869
Non-Current Liabilities1,869
Trade and other payables 6,688
Accrued and other current liabilities1,747
Current Liabilities 8,436
Total Liabilities17,705
Net Assets77,620
\n\n\n\n\n
\n
\n
The fair value of the net assets contributed differs from accounting, as it has taken into account the fair value valuation of fixed assets
\n
at the reference date and its effect on deferred tax.
\n
\n
From the date of classification as Held for sale of the above assets, i.e. from April 9, 2024, until July 31, 2024, for the contributed
\n
fixed assets, no depreciation was calculated in the corporate financial statements of PPC as provided by IFRS 5. If depreciation had
\n
been calculated in the Parent Company, it would amounted to \u20ac200 thousand for fixed assets.
\n
\n
Additionally, the surplus of \u20ac1.3 million from the valuation carried out on 31.12.2023 of the sector's fixed assets at fair value, was
\n
not recognized in the PPC Group's financial statements. However, due to the revaluation of fixed assets as at 31 December 2024, the
\n
fixed assets of the subsidiary have been revalued and are reported at fair value (Note 19). At the level of the Parent Company,
\n
paragraph 15 of IFRS 5 was applicable and as the book value of the fixed assets was lower than their recoverable value, no adjustment
\n
was made.
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag726": { "value": "\n

\n\n
5. SPIN-OFF OF POST-LIGNITE EXPLOITATION OF THE CORE LIGNITE PHASE-OUT ZONES BRANCH AND SALE OF SUBSIDIARY
\n
\n
By Law 4956/2022 (OG A' 140/19.07.2022) the Programme Agreement was ratified and acquired the force of law on July 19, 2022
\n
between the Greek State (Ministry of Development and Investments), the public interest company with the distinctive title METAVASI
\n
S.A. and PPC S.A., which provided for the spin-off of the branch Post-Lignite Exploitation of the Core Lignite Phase-out Zones of PPC
\n
(named \u201cthe branch\u201d) to its newly established subsidiary METALIGNITIKI S.A. and then in the sale of its shares to METAVASI S.A.
\n
\n
\u03a4he programme agreement provided, inter alia, for the possibility of assigning to PPC the implementation of the new land uses and
\n
upgrading of the transferred lands, which were included in the attached topographic diagrams, the terms and conditions for their
\n
upgrading, the obligations, the monitoring of the execution of the contract, issues regarding the content of the rehabilitation works
\n
to be made by PPC and any other works that will be required for the implementation of the new land uses according to specific urban
\n
plans, the method of calculating and covering PPC's management costs, as well as the method of transferring to the State the
\n
ownership of the underlying land owned by PPC.
\n
\n
In particular, the terms and conditions of the transfer of the shares, issues concerning the value of the transferred shares in relation
\n
to the value of the assets of METALIGNITIKI S.A., the payment of the consideration for the acquisition of the shares with resources
\n
from the Recovery and Resilience Fund program are regulated and defined.
\n
\n
PPC S.A. may continue the activity of lignite-fired power generation and lignite mining for as long as lignite activity is allowed on the
\n
lands in question under the National Energy and Climate Plan as in force from time to time.
\n
\n
The branch included the rights of all kinds on the properties (approximately 97 km2) included in the land of the Mines of Amynteo,
\n
Ptolemaida, Klidiou (Florina) and Megalopolis as specified in the topographical diagrams of the Programme Agreement, while it did
\n
not include the existing rights to search for and exploit solid fossil fuels that have been granted to PPC, which remained to PPC, as
\n
well as all kinds of permits and approvals, which are related to the mining activity.
\n
\n
On October 4, 2022, PPC's Board of Directors approved the initiation of the spin-off procedures for the branch with a spin-off date of
\n
July 31, 2022, as well as the basic terms of the draft Share Purchase Agreement between PPC, METAVASI S.A. and the Greek State.
\n
\n
On March 30, 2023, the Extraordinary General Meeting of PPC\u2019s Shareholders approved the spin-off of the branch with the
\n
establishment of a new entity and the Draft Demerger Plan including their appendixes.
\n
\n
The spin-off of the branch was completed on June 15, 2023 (decision G.E.MH. 2980019AP/15.06.2023) and its contribution to the
\n
100% newly established subsidiary company METALIGNITIKI S.A. on June 16, 2023 with the establishment of the subsidiary (G.E.MH.
\n
171168001000) in accordance with the provisions of Law 4872/2021 \"Fair Developmental Transition, regulation of more specific de-
\n
lignitization issues and other urgent provisions\", sanctioned by Law 4956 /2022 \"Programme Agreement of par. 4 of article 155 of
\n
Law 4759/2020\", of corporate Law 4548/2018 for anonyme soci\u00e9t\u00e9 companies, Law 4601/2019 on Corporate Transformations and
\n
Tax Law 4172/2013.
\n
\n
On June 16, 2023, the share capital of METALIGNITIKI S.A., as a result of the spin-off and contribution of the above branch, was
\n
formed in the amount of \u20ac 162,182,483 as determined by the 31.10.2022 Valuation Report of the net asset value of the above
\n
contributed branch of PPC with a corresponding recognition of the contributed Property, plants and equipment at their fair value.
\n
\n
The spin-off and contribution of the branch was treated in the financial statements of the Parent Company as a transaction between
\n
companies under common control with a commercial substance, given the subsequent sale of the shareholding. The shares received
\n
were recognized as the cost of the investment in the subsidiary on June 16, 2023 at a value equal to the fair value of the net assets
\n
contributed to METALIGNITIKI S.A. On June 16, 2023, the Parent Company recognized in the Income Statement \"Gain from the spin-
\n
off of the Post-Lignite Exploitation branch\" amounting to \u20ac 124.3 million and resulted as follows:
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n
5.SPIN-OFF OF POST-LIGNITE EXPLOITATION OF THE CORE LIGNITE PHASE-OUT ZONES BRANCH AND SALE OF SUBSIDIARY
\n
(CONTINUED)
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Amounts in euro Balances at 15.06.2023
Fair value of net assets contributed (Property, plant and equipment) 162,182,483
Minus: carrying value of transferred assets (Property, plant and equipment)(20,623,239)
Minus: financial expenses from the initial discounting of the receivable (17,264,958)
Gain from the spin-off of the Post-Lignite Exploitation branch 124,294,286
\n\n\n\n\n\n
\n
\n
The fair value of the net assets (property, plant and equipment) contributed differed from their carrying value, as it had taken into
\n
account the valuation at fair value of property, plant and equipment based on the new use of land by the Greek State. At Group level,
\n
the spin-off had no effect on the Group's consolidated financial statements as it was a transaction between related parties.
\n
\n
On June 29, 2023, the transfer was completed and the sale of the shares of the 100% subsidiary METALIGNITIKI S.A. was completed
\n
to METAVASI S.A. in accordance with the Share Purchase Agreement for a consideration of \u20ac162.2 million, which is equal to the value
\n
of the spin-off branch. As a result, the Group lost control of the subsidiary and recognized on June 9, 2023 in the Income Statement
\n
\"Gain from the sale of subsidiary\" amounting to \u20ac124.2 million and in the Statement of Financial Position a Receivable from METAVASI
\n
S.A. of \u20ac 162.2 million (\u20ac140 million after discounting on 31.12.2023) as the consideration for the sale of the shares of METALIGNITIKI
\n
S.A. On the same date, the Parent Company de-recognized the shareholding in the subsidiary METALIGNITIKI S.A. and recognized an
\n
equal amount of Receivable from METAVASI S.A.
\n
\n
The consideration for the sale of the shares will be paid gradually, assuming that METAVASI S.A. will be exclusively responsible to pay
\n
the invoices of the contractors and suppliers who will make the restoration works of the lands to be transferred, being a third party
\n
to the relevant PPC contracts. Within 2024, for the already restored lands, the Parent company has begun to receive part of the
\n
restoration costs of those it had previously paid to contractors. The handover of the restored lands from PPC to METAVASI S.A. it will
\n
be made gradually within next years.
\n
\n
On December 31, 2024 the long-term portion of the discounted receivable from METAVASI S.A. is included in Other long-term
\n
Receivables and amounts to \u20ac69.4 million (31.12.2023: \u20ac91.8 million) and the short-term portion of \u20ac57.3 million (31.12.2023: \u20ac48.2
\n
million) is included in Other Receivables of the Group and the Parent Company.
\n
\n
From the date of classification as Assets Held for Sale, until June 16, 2023 for the Parent Company and June 29, 2023 for the Group,
\n
no depreciation was calculated for the contributed fixed assets as provided by IFRS 5. If depreciation had been calculated, these
\n
would amount to \u20ac0.2 million for the period 01.01.2023-29.06.2023 for the Group's fixed assets and the Parent Company.
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n
7. SPIN-OFF OF THE WHOLESALE TELECOMMUNICATION BRANCH
\n
\n
On April 9, 2024, PPC\u2019s Board of Directors approved the initiation of the procedures for the spin-off of the wholesale
\n
telecommunications branch (hereinafter \"the branch\") and absorption by the 100% subsidiary \" DEI OPTIKES EPIKOINONIES SINGLE
\n
MEMBER S.A.\" and tradename \"fibergrid\" in accordance with the provisions of Law 4601/2019, Law 4548/2018 and the more specific
\n
provisions of Article 52 of Law 4172/2013 and Article 61 of Law 4438/2016.
\n
\n
In particular, the spin-off branch consists of the \"old\" urban fiber optic network of PPC, the ownership of which remained with PPC
\n
pursuant to article 129 par. 1 of Law 4819/2021, the \"new\" fiber optic network under development, the other assets and other
\n
liabilities. The right to grant third parties\u2019 access to the Greek Electricity Distribution Network for the installation of optical fibers or
\n
other electronic communications network elements on it, which belongs to PPC, is not an asset of the Branch.
\n
\n
December 31, 2023 had been set as the spin-off date, the date on which the fair value valuation of the contributed net assets of the
\n
branch was carried out. The division through spin-off and absorption is deemed to have been completed on the date of publication
\n
of the relevant approval decision in GEMI (3327843AP / 31.07.2024) of the General Secretariat of Trade and Consumer Protection,
\n
which took place on July 31, 2024. As mentioned in the Demerger Deed with spin-off and absorption, all deeds and transactions that
\n
carried out from the reference date (31 December 2023) until the completion date of the spin-off (31 July 2024) will benefit and be
\n
borne exclusively by PPC. Therefore, the results of the interim period remained with PPC, while the assets and liabilities of July 31,
\n
2024 were transferred to the subsidiary fibergrid.
\n
\n
The share capital of the subsidiary fibergrid as a result of the spin-off and absorption increased by the amount of the net value of the
\n
above contributed branch of PPC, where based on the valuation report it was determined at \u20ac33.6 million and shares of equal value
\n
issued and delivered to PPC while a spin-off reserve of \u20ac44.8 million was regognized.
\n
\n
Given the above, the Management of the Parent Company had classified on April 9, 2024 the value of the contributed assets and
\n
liabilities of the branch as group of assets and liabilities held for sale, as the value of the contributed assets and liabilities is expected
\n
to be recovered from the product of their exchange with shares of equal value.
\n
\n
At Group level, the division through spin-off and absorption of the above branch is a transaction between related parties without
\n
commercial substance and therefore has no effect on the Group's consolidated financial statements.
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n
7. SPIN-OFF OF THE WHOLESALE TELECOMMUNICATION BRANCH (CONTINUED)
\n
\n
On July 31, 2024, the Parent Company recognized in the Income Statement \"profit from the spin-off of the wholesale
\n
telecommunication branch\" of \u20ac0.8 million as it increased its participation in the subsidiary by \u20ac78.5 million based on the fair value
\n
of the net assets received by the subsidiary while the book value was \u20ac77.6 million.
\n
\n
The book value of the assets and liabilities contributed to the subsidiary upon completion of the spin-off on July 31, 2024 was as
\n
follows:
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Amounts in thousands of \u20ac31.07.2024
Property, plant and equipment, net 60,657
Intangible assets, net 8,591
Non- Current Assets69,248
Inventories 25,018
Trade and other receivables 1,059
Current Assets26,076
Total Assets 95,325
Asset revaluation reserve (equity) 7,400
Deferred tax liabilities 1,869
Non-Current Liabilities1,869
Trade and other payables 6,688
Accrued and other current liabilities1,747
Current Liabilities 8,436
Total Liabilities17,705
Net Assets77,620
\n\n\n\n\n
\n
\n
The fair value of the net assets contributed differs from accounting, as it has taken into account the fair value valuation of fixed assets
\n
at the reference date and its effect on deferred tax.
\n
\n
From the date of classification as Held for sale of the above assets, i.e. from April 9, 2024, until July 31, 2024, for the contributed
\n
fixed assets, no depreciation was calculated in the corporate financial statements of PPC as provided by IFRS 5. If depreciation had
\n
been calculated in the Parent Company, it would amounted to \u20ac200 thousand for fixed assets.
\n
\n
Additionally, the surplus of \u20ac1.3 million from the valuation carried out on 31.12.2023 of the sector's fixed assets at fair value, was
\n
not recognized in the PPC Group's financial statements. However, due to the revaluation of fixed assets as at 31 December 2024, the
\n
fixed assets of the subsidiary have been revalued and are reported at fair value (Note 19). At the level of the Parent Company,
\n
paragraph 15 of IFRS 5 was applicable and as the book value of the fixed assets was lower than their recoverable value, no adjustment
\n
was made.
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag728": { "value": "\n
5. SPIN-OFF OF POST-LIGNITE EXPLOITATION OF THE CORE LIGNITE PHASE-OUT ZONES BRANCH AND SALE OF SUBSIDIARY
\n
\n
By Law 4956/2022 (OG A' 140/19.07.2022) the Programme Agreement was ratified and acquired the force of law on July 19, 2022
\n
between the Greek State (Ministry of Development and Investments), the public interest company with the distinctive title METAVASI
\n
S.A. and PPC S.A., which provided for the spin-off of the branch Post-Lignite Exploitation of the Core Lignite Phase-out Zones of PPC
\n
(named \u201cthe branch\u201d) to its newly established subsidiary METALIGNITIKI S.A. and then in the sale of its shares to METAVASI S.A.
\n
\n
\u03a4he programme agreement provided, inter alia, for the possibility of assigning to PPC the implementation of the new land uses and
\n
upgrading of the transferred lands, which were included in the attached topographic diagrams, the terms and conditions for their
\n
upgrading, the obligations, the monitoring of the execution of the contract, issues regarding the content of the rehabilitation works
\n
to be made by PPC and any other works that will be required for the implementation of the new land uses according to specific urban
\n
plans, the method of calculating and covering PPC's management costs, as well as the method of transferring to the State the
\n
ownership of the underlying land owned by PPC.
\n
\n
In particular, the terms and conditions of the transfer of the shares, issues concerning the value of the transferred shares in relation
\n
to the value of the assets of METALIGNITIKI S.A., the payment of the consideration for the acquisition of the shares with resources
\n
from the Recovery and Resilience Fund program are regulated and defined.
\n
\n
PPC S.A. may continue the activity of lignite-fired power generation and lignite mining for as long as lignite activity is allowed on the
\n
lands in question under the National Energy and Climate Plan as in force from time to time.
\n
\n
The branch included the rights of all kinds on the properties (approximately 97 km2) included in the land of the Mines of Amynteo,
\n
Ptolemaida, Klidiou (Florina) and Megalopolis as specified in the topographical diagrams of the Programme Agreement, while it did
\n
not include the existing rights to search for and exploit solid fossil fuels that have been granted to PPC, which remained to PPC, as
\n
well as all kinds of permits and approvals, which are related to the mining activity.
\n
\n
On October 4, 2022, PPC's Board of Directors approved the initiation of the spin-off procedures for the branch with a spin-off date of
\n
July 31, 2022, as well as the basic terms of the draft Share Purchase Agreement between PPC, METAVASI S.A. and the Greek State.
\n
\n
On March 30, 2023, the Extraordinary General Meeting of PPC\u2019s Shareholders approved the spin-off of the branch with the
\n
establishment of a new entity and the Draft Demerger Plan including their appendixes.
\n
\n
The spin-off of the branch was completed on June 15, 2023 (decision G.E.MH. 2980019AP/15.06.2023) and its contribution to the
\n
100% newly established subsidiary company METALIGNITIKI S.A. on June 16, 2023 with the establishment of the subsidiary (G.E.MH.
\n
171168001000) in accordance with the provisions of Law 4872/2021 \"Fair Developmental Transition, regulation of more specific de-
\n
lignitization issues and other urgent provisions\", sanctioned by Law 4956 /2022 \"Programme Agreement of par. 4 of article 155 of
\n
Law 4759/2020\", of corporate Law 4548/2018 for anonyme soci\u00e9t\u00e9 companies, Law 4601/2019 on Corporate Transformations and
\n
Tax Law 4172/2013.
\n
\n
On June 16, 2023, the share capital of METALIGNITIKI S.A., as a result of the spin-off and contribution of the above branch, was
\n
formed in the amount of \u20ac 162,182,483 as determined by the 31.10.2022 Valuation Report of the net asset value of the above
\n
contributed branch of PPC with a corresponding recognition of the contributed Property, plants and equipment at their fair value.
\n
\n
The spin-off and contribution of the branch was treated in the financial statements of the Parent Company as a transaction between
\n
companies under common control with a commercial substance, given the subsequent sale of the shareholding. The shares received
\n
were recognized as the cost of the investment in the subsidiary on June 16, 2023 at a value equal to the fair value of the net assets
\n
contributed to METALIGNITIKI S.A. On June 16, 2023, the Parent Company recognized in the Income Statement \"Gain from the spin-
\n
off of the Post-Lignite Exploitation branch\" amounting to \u20ac 124.3 million and resulted as follows:
\n

\n\n\n\n\n\n\n\n\n
5.SPIN-OFF OF POST-LIGNITE EXPLOITATION OF THE CORE LIGNITE PHASE-OUT ZONES BRANCH AND SALE OF SUBSIDIARY
\n
(CONTINUED)
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Amounts in euro Balances at 15.06.2023
Fair value of net assets contributed (Property, plant and equipment) 162,182,483
Minus: carrying value of transferred assets (Property, plant and equipment)(20,623,239)
Minus: financial expenses from the initial discounting of the receivable (17,264,958)
Gain from the spin-off of the Post-Lignite Exploitation branch 124,294,286
\n\n\n\n\n\n
\n
\n
The fair value of the net assets (property, plant and equipment) contributed differed from their carrying value, as it had taken into
\n
account the valuation at fair value of property, plant and equipment based on the new use of land by the Greek State. At Group level,
\n
the spin-off had no effect on the Group's consolidated financial statements as it was a transaction between related parties.
\n
\n
On June 29, 2023, the transfer was completed and the sale of the shares of the 100% subsidiary METALIGNITIKI S.A. was completed
\n
to METAVASI S.A. in accordance with the Share Purchase Agreement for a consideration of \u20ac162.2 million, which is equal to the value
\n
of the spin-off branch. As a result, the Group lost control of the subsidiary and recognized on June 9, 2023 in the Income Statement
\n
\"Gain from the sale of subsidiary\" amounting to \u20ac124.2 million and in the Statement of Financial Position a Receivable from METAVASI
\n
S.A. of \u20ac 162.2 million (\u20ac140 million after discounting on 31.12.2023) as the consideration for the sale of the shares of METALIGNITIKI
\n
S.A. On the same date, the Parent Company de-recognized the shareholding in the subsidiary METALIGNITIKI S.A. and recognized an
\n
equal amount of Receivable from METAVASI S.A.
\n
\n
The consideration for the sale of the shares will be paid gradually, assuming that METAVASI S.A. will be exclusively responsible to pay
\n
the invoices of the contractors and suppliers who will make the restoration works of the lands to be transferred, being a third party
\n
to the relevant PPC contracts. Within 2024, for the already restored lands, the Parent company has begun to receive part of the
\n
restoration costs of those it had previously paid to contractors. The handover of the restored lands from PPC to METAVASI S.A. it will
\n
be made gradually within next years.
\n
\n
On December 31, 2024 the long-term portion of the discounted receivable from METAVASI S.A. is included in Other long-term
\n
Receivables and amounts to \u20ac69.4 million (31.12.2023: \u20ac91.8 million) and the short-term portion of \u20ac57.3 million (31.12.2023: \u20ac48.2
\n
million) is included in Other Receivables of the Group and the Parent Company.
\n
\n
From the date of classification as Assets Held for Sale, until June 16, 2023 for the Parent Company and June 29, 2023 for the Group,
\n
no depreciation was calculated for the contributed fixed assets as provided by IFRS 5. If depreciation had been calculated, these
\n
would amount to \u20ac0.2 million for the period 01.01.2023-29.06.2023 for the Group's fixed assets and the Parent Company.
\n

\n\n\n\n\n\n\n\n\n
7. SPIN-OFF OF THE WHOLESALE TELECOMMUNICATION BRANCH
\n
\n
On April 9, 2024, PPC\u2019s Board of Directors approved the initiation of the procedures for the spin-off of the wholesale
\n
telecommunications branch (hereinafter \"the branch\") and absorption by the 100% subsidiary \" DEI OPTIKES EPIKOINONIES SINGLE
\n
MEMBER S.A.\" and tradename \"fibergrid\" in accordance with the provisions of Law 4601/2019, Law 4548/2018 and the more specific
\n
provisions of Article 52 of Law 4172/2013 and Article 61 of Law 4438/2016.
\n
\n
In particular, the spin-off branch consists of the \"old\" urban fiber optic network of PPC, the ownership of which remained with PPC
\n
pursuant to article 129 par. 1 of Law 4819/2021, the \"new\" fiber optic network under development, the other assets and other
\n
liabilities. The right to grant third parties\u2019 access to the Greek Electricity Distribution Network for the installation of optical fibers or
\n
other electronic communications network elements on it, which belongs to PPC, is not an asset of the Branch.
\n
\n
December 31, 2023 had been set as the spin-off date, the date on which the fair value valuation of the contributed net assets of the
\n
branch was carried out. The division through spin-off and absorption is deemed to have been completed on the date of publication
\n
of the relevant approval decision in GEMI (3327843AP / 31.07.2024) of the General Secretariat of Trade and Consumer Protection,
\n
which took place on July 31, 2024. As mentioned in the Demerger Deed with spin-off and absorption, all deeds and transactions that
\n
carried out from the reference date (31 December 2023) until the completion date of the spin-off (31 July 2024) will benefit and be
\n
borne exclusively by PPC. Therefore, the results of the interim period remained with PPC, while the assets and liabilities of July 31,
\n
2024 were transferred to the subsidiary fibergrid.
\n
\n
The share capital of the subsidiary fibergrid as a result of the spin-off and absorption increased by the amount of the net value of the
\n
above contributed branch of PPC, where based on the valuation report it was determined at \u20ac33.6 million and shares of equal value
\n
issued and delivered to PPC while a spin-off reserve of \u20ac44.8 million was regognized.
\n
\n
Given the above, the Management of the Parent Company had classified on April 9, 2024 the value of the contributed assets and
\n
liabilities of the branch as group of assets and liabilities held for sale, as the value of the contributed assets and liabilities is expected
\n
to be recovered from the product of their exchange with shares of equal value.
\n
\n
At Group level, the division through spin-off and absorption of the above branch is a transaction between related parties without
\n
commercial substance and therefore has no effect on the Group's consolidated financial statements.
\n

\n\n\n\n\n\n\n\n\n
7. SPIN-OFF OF THE WHOLESALE TELECOMMUNICATION BRANCH (CONTINUED)
\n
\n
On July 31, 2024, the Parent Company recognized in the Income Statement \"profit from the spin-off of the wholesale
\n
telecommunication branch\" of \u20ac0.8 million as it increased its participation in the subsidiary by \u20ac78.5 million based on the fair value
\n
of the net assets received by the subsidiary while the book value was \u20ac77.6 million.
\n
\n
The book value of the assets and liabilities contributed to the subsidiary upon completion of the spin-off on July 31, 2024 was as
\n
follows:
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Amounts in thousands of \u20ac31.07.2024
Property, plant and equipment, net 60,657
Intangible assets, net 8,591
Non- Current Assets69,248
Inventories 25,018
Trade and other receivables 1,059
Current Assets26,076
Total Assets 95,325
Asset revaluation reserve (equity) 7,400
Deferred tax liabilities 1,869
Non-Current Liabilities1,869
Trade and other payables 6,688
Accrued and other current liabilities1,747
Current Liabilities 8,436
Total Liabilities17,705
Net Assets77,620
\n\n\n\n\n
\n
\n
The fair value of the net assets contributed differs from accounting, as it has taken into account the fair value valuation of fixed assets
\n
at the reference date and its effect on deferred tax.
\n
\n
From the date of classification as Held for sale of the above assets, i.e. from April 9, 2024, until July 31, 2024, for the contributed
\n
fixed assets, no depreciation was calculated in the corporate financial statements of PPC as provided by IFRS 5. If depreciation had
\n
been calculated in the Parent Company, it would amounted to \u20ac200 thousand for fixed assets.
\n
\n
Additionally, the surplus of \u20ac1.3 million from the valuation carried out on 31.12.2023 of the sector's fixed assets at fair value, was
\n
not recognized in the PPC Group's financial statements. However, due to the revaluation of fixed assets as at 31 December 2024, the
\n
fixed assets of the subsidiary have been revalued and are reported at fair value (Note 19). At the level of the Parent Company,
\n
paragraph 15 of IFRS 5 was applicable and as the book value of the fixed assets was lower than their recoverable value, no adjustment
\n
was made.
\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag716": { "value": "\n

\n\n
6. ACQUISITION OF SUBSIDIARIES IN ROMANIA 2023
\n
\n
On March 9, 2023, the Parent Company signed a binding agreement with Enel S.p.A. (\u201cEnel\u201d) for the acquisition of all the holdings
\n
held by Enel and its subsidiaries in Romania for a total initial consideration of approximately \u20ac1,260 million (based on the total
\n
enterprise value determined at approximately \u20ac1,900 million). The final consideration amounted to \u20ac1,240 million after adjustments,
\n
while there is an additional contingent consideration based on the future increase in the value of the Supply activities in Romania to
\n
be determined (if a payment obligation exists) within 2025. For the completion of the transaction of the purchase of ENEL's holdings
\n
as a condition, among other things, included the approval from the relevant antitrust authorities. The acquisition was completed on
\n
October 25, 2023, the date that the consideration was paid and all conditions included in the share purchase agreement, were met.
\n
PPC financed part of the acquisition through a combination of debt and equity capital out of which an amount of \u20ac 315 million
\n
originated from a loan with duration of 18 months from Alpha Bank.
\n
The costs related directly to the transaction amounting to \u20ac43.8 million are included in the investment cost in subsidiaries in the
\n
Parent Company based on accounting policies, while on Group level those costs charged Third party fees in the Statement of Income.
\n
The acquisition represents a transformational event for PPC\u2019s growth strategy with the acquisition of a significant renewable\u2019s
\n
portfolio (both operating and pipeline), leading electricity distribution and supply businesses. The acquisition is PPC\u2019s first material
\n
expansion abroad.
\n
Following the agreement of PPC S.A. with Enel on March 9, 2023 in order to acquire all of Enel's holdings in Romania, the Parent
\n
Company on April 19, 2023 signed an agreement with Fondul Proprietatea S.A. (\u201cFondul\u201d) for the acquisition of all the holdings held
\n
by Fondul in the companies E-Distributie Muntenia S.A. (12%), Enel Energie Muntenia S.A. (12%), E-Distributie Dobrogea S.A. (24.1%),
\n
E-Distributie Banat S.A. (24.1%), and ENEL Energie S.A. (12%) in Romania, for a total consideration of approximately \u20ac130 million. On
\n
October 26, 2023, the acquisition of the minority shares was completed with the payment of the initially agreed consideration.
\n
With the completion of the acquisition, the Parent Company directly and indirectly acquired 29 new subsidiaries (full consolidation
\n
method), namely: Retele Electrice Muntenia S.A. (formerly E-Distributie Muntenia S.A.), PPC Energie Muntenia S.A. (formerly Enel
\n
Energie Muntenia S.A.), Retele Electrice Dobrogea S.A. (formerly E-Distributie Dobrogea S.A.), Retele Electrice Banat S.A. (formerly E-
\n
Distributie Banat S.A.), PPC Energie S.A. (formerly ENEL Energie S.A.), PPC Energy services Co (formerly Enel Romania S.A.), PPC
\n
Renewables Romania S.R.L. (formerly Enel Green Power Romania S.R.L.), PPC Advanced Energy Services Romania S.R.L. (formerly Enel
\n
ex Romania S.R.L.), PPC Blue Romania S.R.L. (formerly Enel x way Romania S.R.L.), PPC Trading S.R.L. (formerly Enel Trade Energy
\n
S.R.L.), PPC Servicii Comune S.A. (formerly Enel Servicii Comune S.A.), Wind Energy Green Park S.R.L., South Wind Energy S.R.L., Dara
\n
Solar investment S.R.L., Energo Sonne S.R.L., Solas Electricity S.R.L., Topwind Energy S.R.L., Prowind Windfarm Viisoara S.R.L., Prowind
\n
Windfarm Bogdanesti S.R.L., Toplet Power Park S.R.L., GV Energie Rigenerabili Ital-ro S.R.L., Elcomex Solar Energy S.R.L., De Rock Intl
\n
S.R.L., Zephir 3 Constanta S.R.L., Oravita Power Park S.R.L., Potoc Power Park S.R.L., Prowind Windfarm Ivesti S.R.L., Prowind
\n
Windfarm Deleni S.R.L, Sun Challenge S.R.L. The shareholding percentages in each new subsidiary after the acquisition of the minority
\n
interests held by Fondul are set out in Note 22.
\n
Based on the terms of the acquisition agreement with ENEL for the payment of an additional consideration of the Supply activities,
\n
the Group and the Parent company recognized on October 25, 2023, a contigent additional consideration of fair value of \u20ac18.0 million.
\n
The fair value of the contigent consideration was determined by the use of a Monte Carlo valuation model. The Parent company
\n
increased its investment in subsidiaries companies PPC Energie S.A., PPC Energie Muntenia S.A., PPC Advanced Energy Services
\n
Romania S.R.L. and to PPC Blue Romania S.R.L. by \u20ac5.2 million, \u20ac10.9 million, \u20ac1.0 million and \u20ac0.7 million respectively and at the
\n
same time recognized a financial liability of \u20ac18.0 million which was included in long-term liabilities.
\n
As of December 31, 2024, this liability was determined by the Parent company to be zero based on calculations of the value of the
\n
Retail activities with reference date 31 December 2024, resulting in a decrease of \u20ac18.0 million of the investment in these subsidiaries,
\n
with an equal reduction in the financial liabilities. In the Group, this amount increased financial income (Note 16). The zero value
\n
consideration is expected to be finalized in the second half of 2025 following an agreement with Enel.
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n
6.ACQUISITION OF SUBSIDIARIES IN ROMANIA 2023 (CONTINUED)
\n
\n
Additionally, on the day of the acquisition, the Parent company paid Enel the amount of \u20ac517.8 million for the acquisition of the
\n
intercompany balances (Short- term loans) between the former shareholder and the Romanian subsidiaries PPC Energie S.A., PPC
\n
Energie Muntenia S.A., PPC Advanced Energy Services Romania S.R.L., PPC Blue Romania S.R.L. and PPC Trading S.R.L. and recognized
\n
total short-term loan receivables of \u20ac516.5 million (RON 2,563.1 million) without guarantees, for general corporate purposes, with
\n
ROBOR of 0.6% to 2.7% (average cost: 7.18%) and accrued interest claim of \u20ac1.3 million (RON 6.5 million). These loans on December
\n
31, 2024 amount to \u20ac508.6 million (RON 2.5 billion), the initial maturity of which was within 2023 and 2024 and it was extended for
\n
one year from their expiration date (Note 24).
\n
\n
The initial accounting of the abovementioned acquisition in the Group's financial statements was made with provisional data as the
\n
Group made use of paragraph 45 of IFRS 3 which provides the possibility of finalizing the relevant amounts for a period of up to one
\n
year from the date of the acquisition. The relevant assessment and valuation was completed within 2024.
\n
Below are the final data of the assets and liabilities of the companies at the acquisition date:
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Fair Value
Amounts in
thousands of \u20ac
Non \u2013 Current Assets :
Property, plant and equipment 2,244,616
Intangible assets 132,651
Right of use assets 32,345
Financial assets measured at fair value through other comprehensive income 12
Other non \u2013 current assets 6,619
Total Non \u2013 Current Assets 2,416,243
Current Assets :
Inventories 139,182
Trade receivables 228,797
Contract assets 294,796
Other receivables 563,976
Income tax receivable 14,250
Cash and cash equivalents 197,914
Total Current Assets 1,438,915
Total Assets 3,855,158
Non \u2013 Current Liabilities :
Post-retirement benefits to employees 21,245
Provisions 45,429
Long- term financial lease liability 29,828
Contract liabilities 550,546
Subsidies 6,967
Deferred tax liabilities 68,380
Total Non \u2013 Current Liabilities722,395
Current Liabilities :
Trade and other payables506,256
Income tax payable 2,453
Short \u2013 term borrowing 688,884
Short \u2013 term financial lease liability 2,220
Accrued and other current liabilities 123,556
Total Current Liabilities 1,323,369
Total Liabilities 2,045,764
Total net assets acquired at fair value 1,809,394
NCI (after the acquisition of Fondul's share) 177,145
Consideration transferred to FONDUL 130,940
Consideration transferred to ENEL 1,240,092
Contingent consideration to ENEL18,041
Bargain gain from Romanian subsidiaries acquisition 243,175
\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n
6.ACQUISITION OF SUBSIDIARIES IN ROMANIA 2023 (CONTINUED)
\n
\n
Below a comparison of the final and provisional data (as published on 31.12.2023) on the day of the acquisition:
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Final amounts Provisional
Fair Value amounts
Amounts in Fair Value Difference
thousands of \u20acAmounts in
thousands of \u20ac
Property, plant and equipment 2,244,616 2,251,379 (6,763)
Intangible assets 132,651 120,417 12,234
Total Non \u2013 Current Assets 2,416,243 2,410,772 5,471
Total Assets 3,855,158 3,849,687 5,471
Deferred tax liabilities 68,380 69,195 (815)
Total Non \u2013 Current Liabilities722,395 723,210 (815)
Total Liabilities 2,045,764 2,046,579 (815)
Total net assets acquired at fair value 1,809,394 1,803,108 6,286
NCI (after the acquisition of Fondul's share) 177,145 180,115 (2,970)
Bargain gain from Romanian subsidiaries acquisition 243,175 233,919 9,256
\n\n\n\n\n\n
\n
\n
The comparative accounts as of 31.12.2024 that were affected by this change in the Group, have been restated in relation to the
\n
published ones as of 31.12.2023 in accordance with paragraph 45 of IFRS 3. Specifically, the following accounts of the Statement of
\n
Financial Position of the Group on 31.12.2023 were restated:
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
31.12.2023Effect of 31.12.2023
Published Restatement Amended
Property, plant and equipment 13,305,792 (6,745) 13,299,047
Intangible assets 1,126,027 12,148 1,138,175
Deferred tax assets 291,832 822292,654
Other reserves (1,190,629) (17) (1,190,646)
Retained earnings (451,071) 9,212 (441,859)
Non-controlling interests 816,411 (2,970) 813,441
\n\n\n\n\n\n
\n
\n
The comparative accounts of the Income Statement as of 31.12.2024 that were affected by this change in the Group, have been
\n
restated in relation to the published ones as of 31.12.2023 in accordance with paragraph 45 of IFRS 3. Specifically, the following
\n
accounts of the Income Statement of the Group on 31.12.2023 were restated as following:
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
31.12.202331.12.2023Effect of
Amended Published Restatement
Depreciation and amortization 672,159 672,105 54
Bargain gain from Romanian subsidiaries acquisition (243,175) (233,919) (9,256)
Profit before tax 631,423 622,221 9,202
Income tax (137,231) (137,239) 8
Profit after tax 494,192 484,982 9,210
\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n
6.ACQUISITION OF SUBSIDIARIES IN ROMANIA 2023 (CONTINUED)
\n
\n
The date of acquisition of control of the subsidiaries was October 25, 2023, the date the consideration was paid and all conditions
\n
included in the share purchase agreement with ENEL, were met. On that date, the Group acquired 78% in Retele Electrice Muntenia
\n
S.A., 51% in Retele Electrice Banat S.A., 51% in Retele Electrice Dobrogea S.A., 51% in PPC Energie S.A., 78% in PPC Energie Muntenia
\n
S.A. and 100% in PPC Advanced Energy Services Romania S.R.L., PPC Blue Romania S.R.L., PPC Energy services Co and PPC Renewables
\n
Romania S.R.L. While, the following day, the Group also acquired the minority share of FONDUL (as above). The acquisition of the
\n
minority stakes is a transaction directly linked to the acquisition of the majority stakes, as it was negotiated at the same time and
\n
would not have been completed without the acquisition of the majority holdings held by ENEL.
\n
The acquisition of the 29 subsidiaries had the purpose to obtain control over the entire operations of Enel in Romania, integrating
\n
substantially all of its assets, liabilities and business activities and benefit from existing synergies between the acquired companies.
\n
For this reason, the acquisition of the 29 subsidiaries was accounted for as a single transaction and based on the Management's
\n
assessment, it was considered a business combination in accordance with IFRS 3 and the allocation of the acquisition costs to the
\n
individual identifiable assets and liabilities was determined, based on valuations at fair value, with the difference being considered
\n
as bargain gain of the acquisition.
\n
The Group re-assessed whether it has correctly recognized all of the assets acquired and all of the liabilities assumed and reviewed
\n
the procedures used to measure the amounts recognized at the acquisition date. As after this re-assessment, the valuation still
\n
resulted in an excess of the fair value of net assets acquired over the aggregate consideration transferred, the bargain gain of \u20ac233.9
\n
million (final amounts 2023: \u20ac 243.2 million) was recognized in the Statement of Income of the Group in the second half of 2023.
\n
\n
In the context of determining the assets of the acquired subsidiaries, an intangible asset was recognized of the customer base of the
\n
supply companies PPC Energie Muntenia S.A. and PPC Energie S.A., amounting to \u20ac 27.3 million (final amounts 25.10.2023: \u20ac 26.8
\n
million) with a useful life of 5 to 8 years.
\n
\n
Finally, the acquisition agreement with ENEL contains terms for indemnification of PPC in the event that the Romanian subsidiaries
\n
are called upon to pay funds for taxes and surcharges relating to a period prior to the acquisition date and for specific legal cases.
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag720": { "value": "\n
6. ACQUISITION OF SUBSIDIARIES IN ROMANIA 2023
\n
\n
On March 9, 2023, the Parent Company signed a binding agreement with Enel S.p.A. (\u201cEnel\u201d) for the acquisition of all the holdings
\n
held by Enel and its subsidiaries in Romania for a total initial consideration of approximately \u20ac1,260 million (based on the total
\n
enterprise value determined at approximately \u20ac1,900 million). The final consideration amounted to \u20ac1,240 million after adjustments,
\n
while there is an additional contingent consideration based on the future increase in the value of the Supply activities in Romania to
\n
be determined (if a payment obligation exists) within 2025. For the completion of the transaction of the purchase of ENEL's holdings
\n
as a condition, among other things, included the approval from the relevant antitrust authorities. The acquisition was completed on
\n
October 25, 2023, the date that the consideration was paid and all conditions included in the share purchase agreement, were met.
\n
PPC financed part of the acquisition through a combination of debt and equity capital out of which an amount of \u20ac 315 million
\n
originated from a loan with duration of 18 months from Alpha Bank.
\n
The costs related directly to the transaction amounting to \u20ac43.8 million are included in the investment cost in subsidiaries in the
\n
Parent Company based on accounting policies, while on Group level those costs charged Third party fees in the Statement of Income.
\n
The acquisition represents a transformational event for PPC\u2019s growth strategy with the acquisition of a significant renewable\u2019s
\n
portfolio (both operating and pipeline), leading electricity distribution and supply businesses. The acquisition is PPC\u2019s first material
\n
expansion abroad.
\n
Following the agreement of PPC S.A. with Enel on March 9, 2023 in order to acquire all of Enel's holdings in Romania, the Parent
\n
Company on April 19, 2023 signed an agreement with Fondul Proprietatea S.A. (\u201cFondul\u201d) for the acquisition of all the holdings held
\n
by Fondul in the companies E-Distributie Muntenia S.A. (12%), Enel Energie Muntenia S.A. (12%), E-Distributie Dobrogea S.A. (24.1%),
\n
E-Distributie Banat S.A. (24.1%), and ENEL Energie S.A. (12%) in Romania, for a total consideration of approximately \u20ac130 million. On
\n
October 26, 2023, the acquisition of the minority shares was completed with the payment of the initially agreed consideration.
\n
With the completion of the acquisition, the Parent Company directly and indirectly acquired 29 new subsidiaries (full consolidation
\n
method), namely: Retele Electrice Muntenia S.A. (formerly E-Distributie Muntenia S.A.), PPC Energie Muntenia S.A. (formerly Enel
\n
Energie Muntenia S.A.), Retele Electrice Dobrogea S.A. (formerly E-Distributie Dobrogea S.A.), Retele Electrice Banat S.A. (formerly E-
\n
Distributie Banat S.A.), PPC Energie S.A. (formerly ENEL Energie S.A.), PPC Energy services Co (formerly Enel Romania S.A.), PPC
\n
Renewables Romania S.R.L. (formerly Enel Green Power Romania S.R.L.), PPC Advanced Energy Services Romania S.R.L. (formerly Enel
\n
ex Romania S.R.L.), PPC Blue Romania S.R.L. (formerly Enel x way Romania S.R.L.), PPC Trading S.R.L. (formerly Enel Trade Energy
\n
S.R.L.), PPC Servicii Comune S.A. (formerly Enel Servicii Comune S.A.), Wind Energy Green Park S.R.L., South Wind Energy S.R.L., Dara
\n
Solar investment S.R.L., Energo Sonne S.R.L., Solas Electricity S.R.L., Topwind Energy S.R.L., Prowind Windfarm Viisoara S.R.L., Prowind
\n
Windfarm Bogdanesti S.R.L., Toplet Power Park S.R.L., GV Energie Rigenerabili Ital-ro S.R.L., Elcomex Solar Energy S.R.L., De Rock Intl
\n
S.R.L., Zephir 3 Constanta S.R.L., Oravita Power Park S.R.L., Potoc Power Park S.R.L., Prowind Windfarm Ivesti S.R.L., Prowind
\n
Windfarm Deleni S.R.L, Sun Challenge S.R.L. The shareholding percentages in each new subsidiary after the acquisition of the minority
\n
interests held by Fondul are set out in Note 22.
\n
Based on the terms of the acquisition agreement with ENEL for the payment of an additional consideration of the Supply activities,
\n
the Group and the Parent company recognized on October 25, 2023, a contigent additional consideration of fair value of \u20ac18.0 million.
\n
The fair value of the contigent consideration was determined by the use of a Monte Carlo valuation model. The Parent company
\n
increased its investment in subsidiaries companies PPC Energie S.A., PPC Energie Muntenia S.A., PPC Advanced Energy Services
\n
Romania S.R.L. and to PPC Blue Romania S.R.L. by \u20ac5.2 million, \u20ac10.9 million, \u20ac1.0 million and \u20ac0.7 million respectively and at the
\n
same time recognized a financial liability of \u20ac18.0 million which was included in long-term liabilities.
\n
As of December 31, 2024, this liability was determined by the Parent company to be zero based on calculations of the value of the
\n
Retail activities with reference date 31 December 2024, resulting in a decrease of \u20ac18.0 million of the investment in these subsidiaries,
\n
with an equal reduction in the financial liabilities. In the Group, this amount increased financial income (Note 16). The zero value
\n
consideration is expected to be finalized in the second half of 2025 following an agreement with Enel.
\n

\n\n\n\n\n\n\n\n\n
6.ACQUISITION OF SUBSIDIARIES IN ROMANIA 2023 (CONTINUED)
\n
\n
Additionally, on the day of the acquisition, the Parent company paid Enel the amount of \u20ac517.8 million for the acquisition of the
\n
intercompany balances (Short- term loans) between the former shareholder and the Romanian subsidiaries PPC Energie S.A., PPC
\n
Energie Muntenia S.A., PPC Advanced Energy Services Romania S.R.L., PPC Blue Romania S.R.L. and PPC Trading S.R.L. and recognized
\n
total short-term loan receivables of \u20ac516.5 million (RON 2,563.1 million) without guarantees, for general corporate purposes, with
\n
ROBOR of 0.6% to 2.7% (average cost: 7.18%) and accrued interest claim of \u20ac1.3 million (RON 6.5 million). These loans on December
\n
31, 2024 amount to \u20ac508.6 million (RON 2.5 billion), the initial maturity of which was within 2023 and 2024 and it was extended for
\n
one year from their expiration date (Note 24).
\n
\n
The initial accounting of the abovementioned acquisition in the Group's financial statements was made with provisional data as the
\n
Group made use of paragraph 45 of IFRS 3 which provides the possibility of finalizing the relevant amounts for a period of up to one
\n
year from the date of the acquisition. The relevant assessment and valuation was completed within 2024.
\n
Below are the final data of the assets and liabilities of the companies at the acquisition date:
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Fair Value
Amounts in
thousands of \u20ac
Non \u2013 Current Assets :
Property, plant and equipment 2,244,616
Intangible assets 132,651
Right of use assets 32,345
Financial assets measured at fair value through other comprehensive income 12
Other non \u2013 current assets 6,619
Total Non \u2013 Current Assets 2,416,243
Current Assets :
Inventories 139,182
Trade receivables 228,797
Contract assets 294,796
Other receivables 563,976
Income tax receivable 14,250
Cash and cash equivalents 197,914
Total Current Assets 1,438,915
Total Assets 3,855,158
Non \u2013 Current Liabilities :
Post-retirement benefits to employees 21,245
Provisions 45,429
Long- term financial lease liability 29,828
Contract liabilities 550,546
Subsidies 6,967
Deferred tax liabilities 68,380
Total Non \u2013 Current Liabilities722,395
Current Liabilities :
Trade and other payables506,256
Income tax payable 2,453
Short \u2013 term borrowing 688,884
Short \u2013 term financial lease liability 2,220
Accrued and other current liabilities 123,556
Total Current Liabilities 1,323,369
Total Liabilities 2,045,764
Total net assets acquired at fair value 1,809,394
NCI (after the acquisition of Fondul's share) 177,145
Consideration transferred to FONDUL 130,940
Consideration transferred to ENEL 1,240,092
Contingent consideration to ENEL18,041
Bargain gain from Romanian subsidiaries acquisition 243,175
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\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n
6.ACQUISITION OF SUBSIDIARIES IN ROMANIA 2023 (CONTINUED)
\n
\n
Below a comparison of the final and provisional data (as published on 31.12.2023) on the day of the acquisition:
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Final amounts Provisional
Fair Value amounts
Amounts in Fair Value Difference
thousands of \u20acAmounts in
thousands of \u20ac
Property, plant and equipment 2,244,616 2,251,379 (6,763)
Intangible assets 132,651 120,417 12,234
Total Non \u2013 Current Assets 2,416,243 2,410,772 5,471
Total Assets 3,855,158 3,849,687 5,471
Deferred tax liabilities 68,380 69,195 (815)
Total Non \u2013 Current Liabilities722,395 723,210 (815)
Total Liabilities 2,045,764 2,046,579 (815)
Total net assets acquired at fair value 1,809,394 1,803,108 6,286
NCI (after the acquisition of Fondul's share) 177,145 180,115 (2,970)
Bargain gain from Romanian subsidiaries acquisition 243,175 233,919 9,256
\n\n\n\n\n\n
\n
\n
The comparative accounts as of 31.12.2024 that were affected by this change in the Group, have been restated in relation to the
\n
published ones as of 31.12.2023 in accordance with paragraph 45 of IFRS 3. Specifically, the following accounts of the Statement of
\n
Financial Position of the Group on 31.12.2023 were restated:
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
31.12.2023Effect of 31.12.2023
Published Restatement Amended
Property, plant and equipment 13,305,792 (6,745) 13,299,047
Intangible assets 1,126,027 12,148 1,138,175
Deferred tax assets 291,832 822292,654
Other reserves (1,190,629) (17) (1,190,646)
Retained earnings (451,071) 9,212 (441,859)
Non-controlling interests 816,411 (2,970) 813,441
\n\n\n\n\n\n
\n
\n
The comparative accounts of the Income Statement as of 31.12.2024 that were affected by this change in the Group, have been
\n
restated in relation to the published ones as of 31.12.2023 in accordance with paragraph 45 of IFRS 3. Specifically, the following
\n
accounts of the Income Statement of the Group on 31.12.2023 were restated as following:
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
31.12.202331.12.2023Effect of
Amended Published Restatement
Depreciation and amortization 672,159 672,105 54
Bargain gain from Romanian subsidiaries acquisition (243,175) (233,919) (9,256)
Profit before tax 631,423 622,221 9,202
Income tax (137,231) (137,239) 8
Profit after tax 494,192 484,982 9,210
\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n\n
6.ACQUISITION OF SUBSIDIARIES IN ROMANIA 2023 (CONTINUED)
\n
\n
The date of acquisition of control of the subsidiaries was October 25, 2023, the date the consideration was paid and all conditions
\n
included in the share purchase agreement with ENEL, were met. On that date, the Group acquired 78% in Retele Electrice Muntenia
\n
S.A., 51% in Retele Electrice Banat S.A., 51% in Retele Electrice Dobrogea S.A., 51% in PPC Energie S.A., 78% in PPC Energie Muntenia
\n
S.A. and 100% in PPC Advanced Energy Services Romania S.R.L., PPC Blue Romania S.R.L., PPC Energy services Co and PPC Renewables
\n
Romania S.R.L. While, the following day, the Group also acquired the minority share of FONDUL (as above). The acquisition of the
\n
minority stakes is a transaction directly linked to the acquisition of the majority stakes, as it was negotiated at the same time and
\n
would not have been completed without the acquisition of the majority holdings held by ENEL.
\n
The acquisition of the 29 subsidiaries had the purpose to obtain control over the entire operations of Enel in Romania, integrating
\n
substantially all of its assets, liabilities and business activities and benefit from existing synergies between the acquired companies.
\n
For this reason, the acquisition of the 29 subsidiaries was accounted for as a single transaction and based on the Management's
\n
assessment, it was considered a business combination in accordance with IFRS 3 and the allocation of the acquisition costs to the
\n
individual identifiable assets and liabilities was determined, based on valuations at fair value, with the difference being considered
\n
as bargain gain of the acquisition.
\n
The Group re-assessed whether it has correctly recognized all of the assets acquired and all of the liabilities assumed and reviewed
\n
the procedures used to measure the amounts recognized at the acquisition date. As after this re-assessment, the valuation still
\n
resulted in an excess of the fair value of net assets acquired over the aggregate consideration transferred, the bargain gain of \u20ac233.9
\n
million (final amounts 2023: \u20ac 243.2 million) was recognized in the Statement of Income of the Group in the second half of 2023.
\n
\n
In the context of determining the assets of the acquired subsidiaries, an intangible asset was recognized of the customer base of the
\n
supply companies PPC Energie Muntenia S.A. and PPC Energie S.A., amounting to \u20ac 27.3 million (final amounts 25.10.2023: \u20ac 26.8
\n
million) with a useful life of 5 to 8 years.
\n
\n
Finally, the acquisition agreement with ENEL contains terms for indemnification of PPC in the event that the Romanian subsidiaries
\n
are called upon to pay funds for taxes and surcharges relating to a period prior to the acquisition date and for specific legal cases.
\n

\n\n\n\n\n\n\n\n\n
22. INVESTMENTS IN SUBSIDIARIES
\n
\n
The direct subsidiaries of the Parent Company and the value of their investment are as follows:
\n
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
COMPANY
Note 31.12.2024 31.12.2023
HEDNO S.A. 547,332 547,332
PPC RENEWABLES S.M.S.A. 757,455 606,349
PPC FINANCE PLC 5959
PPC BULGARIA JSCo 3,405 850
PPC ELEKTRIK TEDARIK VE TICARET A.S. 1,350 1,350
PPC ALBANIA Sh.A. 490490
EDS AD Skopje 10,300 10,300
CARGE S.M.S.A.1,357 1,157
ALEXANDROUPOLIS ELECTRICITY PRODUCTION S.A. 19,484 19,484
DEI OPTIKES EPIKOINONIES SINGLE MEMBER S.A. 149,137 30,000
PPC BELGIUM S.A.5 5
PPC (Public Power Corporation) Romania S.A. 2525
RETELE ELECTRICE ROMANIA SA (ex RETELE ELECTRICE MUNTENIA S.A.) 3.5 - 441,776
RETELE ELECTRICE BANAT SA 3.5 - 176,567
RETELE ELECTRICE DOBROGEA SA 3.5 - 142,005
PPC ENERGIE SA 3.5 - 9,743
PPC ENERGIE MUNTENIA SA 3.5 - 15,478
PPC ADVANCED ENERGY SERVICES ROMANIA SRL 3.5 - 10,006
PPC BLUE ROMANIA SRL 3.5 - 6,264
PPC RENEWABLES ROMANIA SRL 3.5 - 631,086
PPC \u2013 Public Power Corporation Romania S.A. (ex PPC Energy Services Co S.A.) 3.5 1,415,829 1
Next Gen Retail Services S.M.S.A. (KOTSOVOLOS) (former Dixons South East 3.4 274,875 -
Europe Commercial & Industrial S.A.)
OLYMPUS ARTIFICIAL INTELLIGENCE/OLYMPUS AI S.M.S.A. 5,000 -
PPC e-Money Services S.M.S.A. 42,000 -
PPC ITALIA S.R.L.250-
3,228,353 2,650,327
\n\n
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\n
The consolidated financial statements include the financial statements of PPC and its subsidiaries (full consolidation method).
\n
\n
Participation in the subsidiary PPC RENEWABLES S.M.S.A.
\n
\n
By the decision of 12/03/2024 of the Extraordinary General Meeting of the shareholders of the subsidiary company PPC
\n
RENEWABLES S.M.S.A, its share capital was increased by \u20ac 150 million by disbursement of cash by the Parent Company.
\n
\n
Additionally, with the decision of 18/10/2023 of the Extraordinary General Meeting of the shareholders of the same subsidiary,
\n
its share capital was increased by \u20ac150 million by disbursement of cash by the Parent company.
\n

\n\n\n\n\n
22. INVESTMENTS IN SUBSIDIARIES (CONTINUED)
\n
\n
Participation in the subsidiary ALEXANDROUPOLIS ELECTRICITY PRODUCTION S.A.
\n
\n
At the extraordinary General Assembly of the subsidiary company \"ALEXANDROUPOLIS ELECTRICITY PRODUCTION S.A.\u201d held on
\n
February 2, 2023, its shareholders committed to the disbursement of cash amounting to \u20ac106.2 million, of which \u20ac31.8 million
\n
was intended for a share capital increase and \u20ac74.4 million for the issuance of a joint bond loan. PPC paid on February 9, 2023
\n
the amount of \u20ac54.162 million (which corresponds to its participation interest) out of which \u20ac37.9 million are included in other
\n
non-current receivables of the Parent Company and \u20ac16.2 million increased PPC\u2019s investment in subsidiary.
\n
\n
With the extraordinary General Meeting of the subsidiary company held on June 14, 2023, the above increase in the share capital
\n
was approved by the amount of \u20ac31.8 million. On 31 December 2023, the amount of \u20ac15.6 million that was paid by the minority
\n
shareholders increased the Non-controlling interest in the Group\u2019s equity.
\n
\n
Also, on July 3, 2023, the contract for the issuance of a subordinated unsecured joint bond loan between its shareholders, for an
\n
amount up to \u20ac157.27 million, was signed. On December 31, 2024 and December 31, 2023, this bond loan amounted to \u20ac74.3
\n
million and as a result it remains a long-term loan liability (to the minority shareholders) in the Group for the amount of \u20ac36.4
\n
million that was paid by the minority shareholders.
\n
\n
In the Group, from the above transactions in 2023, funds of \u20ac52.0 million were received (\u20ac36.4 million from the issuance of a
\n
joint bond loan and \u20ac15.6 million for the share capital increase from minority shareholders).
\n
\n
Establishment of subsidiary company of \"Artificial Intelligence-AI\" technology
\n
\n
On 02.08.2024, the announcement of the establishment of the new subsidiary company under the name \"OLYMPUS ARTIFICIAL
\n
INTELLIGENCE/OLYMPUS AI S.M.S.A.\" was registered in the General Commercial Register (G.E.M.H.) since 30.07.2024. with d.t.
\n
\"OLYMPUS ARTIFICIAL INTELLIGENCE/OLYMPUS AI\". The main activities of the company will be artificial intelligence (AI) design
\n
and development services in Greece and abroad.The duration of the company is set at 50 years and starts from 02.08.2024. The
\n
Parent company paid the initial share capital of \u20ac5 million, which consists of 100 thousand common registered shares with a
\n
nominal value of \u20ac50 each.
\n
\n
Establishment of a subsidiary company \u201cPPC e-Money services S.M.S.A.\u201d
\n
On 24.09.2024, the Board of Directors of PPC S.A. decided on the establishment of the 100% subsidiary company with the
\n
corporate name \"PPC e-Money services S.M.S.A.\" and d.t. \"PPC e-Money services\" and on September 28, 2024 its establishment
\n
was registered in the General Commercial Registry (G.E.M.H.).
\n
\n
PPC e-Money services will operate as an \u201cElectronic Money Institution\u201d (EMI) within the meaning of Laws 4021/2011 and
\n
4537/2018, as applicable from time to time, the relevant regulatory actions of the Bank of Greece and the operating license of
\n
the Bank of Greece in the name of the company. As mentioned in the company\u2019s article of association, the new company will
\n
provide services that allow cash deposits into a payment account as well as all activities required to maintain a payment account.
\n
It will also provide services that allow cash withdrawals as well as activities required for account maintenance, execution of card
\n
payment transactions, standing orders, as well as other activities. The duration of the company is indefinite.
\n
\n
The share capital of the subsidiary company on 31.12.2024 is amounted to \u20ac42 million by disbursement of cash by the Parent
\n
Company.
\n
\n
Establishment of a 100% subsidiary in Milan, Italy
\n
\n
On November 19, 2024, a 100% subsidiary in Italy was established and on November 21, 2024 it was registered in the Italian
\n
Commercial Register.
\n
The main activity of the company is the development, construction, management, maintenance, installation, operation and
\n
exploitation of electricity generation units from Renewable Energy Sources.
\n
The duration of the company has been set until 31.12.2070. The initial share capital amounts to \u20ac250,000 which was paid by the
\n
Parent company on November 13, 2024.
\n

\n\n\n\n\n
22. INVESTMENTS IN SUBSIDIARIES (CONTINUED)
\n
\n
Establishment of a subsidiary company through \u201cspin-off\u201d
\n
\n
On January 22, 2025, it was registered in the General Commercial Registry (G.E.MH) the decision 3525250\u0391\u03a0/22.01.2025 of the
\n
General Secretariat of Commerce which approved the spin-off by division of the branch Laboratories, Certification & Inspection
\n
Branch of PPC and its contribution to the newly founded 100% subsidiary with the name \u201cPPC LABORATORIES, CERTIFICATION &
\n
INSPECTION\u201d and d.t. \u201cPPC INSPECTRA\u201d, in accordance with the applicable provisions of articles 4, 54 par 3, 57 par. 3, 59-74 and
\n
83-87 of Law 4601/2019 on corporate transformations and the more specific provisions of the Law 1297/1972, the decision of
\n
the Extraordinary General Meeting of the shareholders of PPC SA dated 04/11/2024 and based on the Accounting Statement of
\n
Transformation of the Branch on 31.12.2023.
\n
\n
The share capital of the new subsidiary amounts to \u20ac 300 thousand common registered shares, with a nominal value of one euro
\n
(\u20ac1.00) each. As of December 31, 2024, the criteria of the IFRS 5, for the presentation of the branch's net assets as \u201cHeld for sale\u201d
\n
were not met.
\n
\n
The new subsidiary \u201cPPC INSPECTRA\u201d provides services including laboratory tests, geotechnical researches and studies,
\n
certifications, on-site inspections, monitoring and evaluation of factory acceptance tests, as well as calibration of electrical
\n
quantities. Also, the new subsidiary provides services not only to units of PPC group but has expanded its activities and provides
\n
high-level scientific services to the wider public sector, as well as to a number of Greek industries.
\n
\n
Participation in the subsidiary \u201cDEI OPTIKES EPIKOINONIES S.M.S.A.\u201d
\n
\n
PPC established the 100% special purpose subsidiary company DEI OPTIKES EPIKOINONIES SINGLE MEMBER S.A. in December
\n
2022, which has undertaken the construction, operation, exploitation and maintenance of the optical fibers network. On February
\n
16, 2023, an amount of \u20ac30 million was paid by the Parent Company as the initial share capital of the subsidiary. On July 31, 2024,
\n
the spin-off of the wholesale telecommunications branch by the Parent Company to the said subsidiary, was completed (Note 7),
\n
increasing the Parent Company's participation by \u20ac78.4 million.
\n
\n
Also, on 29.11.2024, the Extraordinary General Meeting of the shareholder of the subsidiary DEI OPTIKES EPIKOINONIES S.M.S.A.
\n
decided to increase its share capital by \u20ac 150 million by disbursement of cash payment in installments of a) \u20ac 40 million paid on
\n
4.12.2024 by the Parent company and b) the remaining \u20ac 110 million until 31.12.2025.
\n
\n
Participation in the subsidiary PPC BULGARIA JSCo
\n
\n
On April 20, 2023, PPC S.A. acquired the remaining share of 15% of the subsidiary PPC BULGARIA JSCO for a consideration of \u20ac328
\n
thousands and as a result it is now a 100% subsidiary.
\n
On October 21, 2024, the Parent company paid \u20ac2.5 million to the subsidiary PPC Bulgaria as a share capital increase of the
\n
subsidiary.
\n
\n
Sale of Renewable Energy subsidiaries within 2024
\n
\n
As part of the restructuring of the Renewable Energy Sources portfolio in Romania, on August 8, 2024, the sale of four 100%
\n
subsidiaries in Romania took place, named Oravita Power Park SRL, Potoc Power Park SRL, Topwind Energy SRL and Wind Energy
\n
Green Park SRL. The sale consideration of the subsidiaries amounted to \u20ac 3.7 million and was settled within 2024. The value of
\n
the net assets of the subsidiary companies at the date of the sale amounted to \u20ac 3.6 million, recording a gain of approximately
\n
\u20ac0.1 million for the Group.
\n

\n\n\n\n\n
22. INVESTMENTS IN SUBSIDIARIES (CONTINUED)
\n
\n
Acquisition of RES portfolio subsidiaries in 2023
\n
\n
In January 2023, following the 22.12.2022 agreement with Piraeus Equity Partners, the Group through its subsidiary WINDARROW
\n
ENERGEIAKI S.M.S.A. entered into an agreement to purchase 100% of the shares of the companies AIOLIKI M\u03a1ELECHER\u0399 ANONYMI
\n
& VIOMICHANIKI ENERGEIAKI ETAIREIA and KPM ENERGY COMPANY OF ELECTRICITY PRODUCTION S.M.S.A.
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Specifically, the Group acquired 100% of the shares of AIOLIKI M\u03a1ELECHER\u0399 ANONYMI KAI VIOMICHANIKI ENERGEIAKI ETAIREIA
\n
which owns two Wind Parks, with a total installed capacity of 43.8 MW in the locations \"LEFKES\" and \"MPELECHERI\" of the
\n
Municipality of Evrotas Lakonia, Region of Peloponnese and 100% of KPM ENERGY COMPANY OF ELECTRICITY PRODUCTION
\n
S.M.S.A, which has a license to operate a Photovoltaic Power Plant with a power of 1.99 MW in the location \"Vlachopigado\" of
\n
the Municipality of Estaiotida, P.E. Trikala.
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The fair value of the assets and liabilities of the companies recognized in the Group's financial statements at the acquisition date
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amounted to:
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Fair Value
Amounts in thousands of \u20ac
Property, plant and equipment 55,276
Intangible assets 23,812
Right of use assets 197
Other non \u2013 current assets 8
Total Non \u2013 Current Assets 79,293
Trade receivables 1,226
Cash and cash equivalents 1,749
Restricted cash 19,026
Total Current Assets 22,001
Total Assets 101,294
Post-retirement benefits to employees (3)
Long - term borrowings (34,927)
Subsidies (Long-term portion) (4,343)
Provision for dismantling cost (233)
Long- term financial lease liability (181)
Deferred tax liabilities (12,481)
Total Non \u2013 Current Liabilities(52,168)
Trade and other payables(2,963)
Current portion of long - term borrowings (1,670)
Short \u2013 term financial lease liability (19)
Accrued and other current liabilities (292)
Income tax payable (36)
Total Current Liabilities (4,980)
Total Liabilities (57,148)
Total net assets acquired at fair value 44,146
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On the acquisition date, an assessment of the definition of \"business\" in accordance with IFRS 3 was carried out and goodwill of
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\u20ac10.7 million was recognized in intangible assets that was not allocated to any specific intangible asset.
\n
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On December 23, 2023, the Group, through its subsidiary PPC Renewables, signed an agreement with the \u201cKopelouzos\u201d and
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\u201cSamaras\u201d groups for the acquisition of 100% of the shares of the company \"THRAKIKI WIND 1 S.A.\" which holds the Production
\n
License for the 216 MW Offshore Wind Park (OWP) off Alexandroupolis. From this acquisition, \u20ac30.6 million was recognized in the
\n
intangible assets of the offshore wind research license. Part of this consideration was paid in 2024.
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22. INVESTMENTS IN SUBSIDIARIES (CONTINUED)
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This acquisition according to IFRS 3 falls under the concept of acquisition of assets and not of a \"business\".
\n
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This Offshore Wind Park falls within the provisions of article 174 of Law 4964/2022 for the Pilot application of Offshore Wind
\n
Parks, and it is planned to be installed in the sea area off Alexandroupolis and to be permanently located.
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The subsidiaries of the Group are as follows:
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Ownership InterestCountry and Year
Subsidiaries31.12.202431.12.2023of IncorporationPrincipal Activities
PPC RENEWABLES S.M.S.A. 100%100%Greece 1998 RES
HEDNO S.A. 51%51%Greece 1999 HEDN
ARCADIAN SUN ONE S.M.S.A. 100%100%Greece 2007 RES
ARCADIAN SUN TWO S.M.S.A. 100%100%Greece 2007 RES
SOLAR ARROW ONE S.M.S.A.100%100%Greece 2007 RES
AMALTHIA ENERGY S.M.S.A. 100%100%Greece 2007 RES
SOLARLAB S.M.S.A. 100%100%Greece 2007 RES
SOLAR PARKS WESTERN MACEDONIA ONE S.M.S.A. 100%100%Greece 2007 RES
SOLAR PARKS WESTERN MACEDONIA TWO S.M.S.A. 100%100%Greece 2007 RES
AIOLIKO PARKO K-R S.M.S.A. PARAGOGIS KAI 100%100%Greece 2014 RES
EMPORIAS ENERGEIAS
AIOLIKO PARKO LYKOVOUNI S.M.S.A. PARAGOGIS KAI 100%100%Greece 2017 RES
EMPORIAS ENERGEIAS
AIOLIKO PARKO DOUKAS S.M.S.A. PARAGOGIS KAI 100%100%Greece 2020 RES
EMPORIAS ENERGEIAS
AIOLIKO PARKO KOUKOULI S.M.S.A. PARAGOGIS KAI 100%100%Greece 2020 RES
EMPORIAS ENERGEIAS
HELIOFANEIA S.M. TECHNIKI EMPORIKI KAI
VIOMICHANIKI ETAIREIA ANANEOSIMON PIGON 100%100%Greece 2007 Supply of power
ENERGEIAS
Management of HO
CARGE S.M.S.A.100%100%Greece 2020 charging points and
development of billing
applications
ALEXANDROUPOLIS ELECTRICITY PRODUCTION S.A. 151%51%Greece 2022 Generation of power
under development
DEI OPTIKES EPIKOINONIES SINGLE MEMBER S.A.100%100%Greece 2022 Installation-operation of
Telecommunications
PPC FINANCE PLC 100%100%UK, 2009 Financing Services
PPC BULGARIA JSCo 100%100%Bulgaria 2014 Supply of power
PPC ELEKTRIK TEDARIK VE TICARET A.S.100%100%Turkey 2014 Supply of power
PHOEBE ENERGY S.M.S.A. 100%100%Greece 2007 RES
PPC ALBANIA Sh.a. 100%100%Albania 2017 Supply of power
ENERGEIAKOS STOCHOS S.M.S.A.100%100%Greece 2017 RES
PPC (Public Power Corporation) Romania S.A. 2100%100%Romania 2023 Supporting Services
PPC BELGIUM S.A. 100%100%Belgium 2023 Supporting Services
PPC \u2013 Public Power Corporation Romania S.A. (former100%100%Romania 2004 Supporting Services
PPC ENERGY SERVICES CO S.A.)12
RETELE ELECTRICE ROMANIA SA (former RETELE 82% 90%Romania 2002 Distribution
ELECTRICE MUNTENIA S.A.)20
PPC ENERGIE MUNTENIA S.A.20- 90%Romania 2008 Supply of power
RETELE ELECTRICE DOBROGEA S.A.20- 75%Romania 2002 Distribution
RETELE ELECTRICE BANAT S.A.20- 75%Romania 2002 Distribution
PPC ENERGIE S.A.1278.6% 63%Romania 2007 Supply of power
PPC RENEWABLES ROMANIA SRL7 100%100%Romania 2011 RES
PPC ADVANCED ENERGY SERVICES ROMANIA SRL7100%100%Romania 2019 Supporting Services
PPC BLUE ROMANIA SRL7 100%100%Romania 2019 E-mobility
PPC TRADING SRL7 100%100%Romania 2020 Financing Services
PPC SERVICII COMUNE SRL782% 75%Romania 2007 Supporting Services
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\n\n\n\n\n
22. INVESTMENTS IN SUBSIDIARIES (CONTINUED)
\n
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
WIND ENERGY GREEN PARK SRL7- 100%Romania 2021 RES
SOUTH WIND ENERGY SRL7100%100%Romania 2021 RES
DARA SOLAR INVESTMENT SRL7100%100%Romania 2021 RES
ENERGO SONNE SRL7100%100%Romania 2021 RES
SOLAS ELECTRICITY SRL7100%100%Romania 2021 RES
TOPWIND ENERGY SRL7- 100%Romania 2021 RES
PROWIND WINDFARM VIISOARA SRL7100%100%Romania 2008 RES
PROWIND WINDFARM BOGDANESTI SRL7100%100%Romania 2008 RES
TOPLET POWER PARK SRL7100%100%Romania 2021 RES
GV ENERGIE RIGENERABILI ITAL-RO SRL7100%100%Romania 2010 RES
ELCOMEX SOLAR ENERGY SRL7100%100%Romania 2014 RES
DE ROCK INT'L S.R.L. 7100%100%Romania 2005 RES
ZEPHIR 3 CONSTANTA S.R.L. 7100%100%Romania 2020 RES
ORAVITA POWER PARK S.R.L.7,14- 100%Romania 2021 RES
POTOC POWER PARK SRL7,14- 100%Romania 2021 RES
PROWIND WINDFARM IVESTI SRL7100%100%Romania 2008 RES
PROWIND WINDFARM DELENI SRL7100%100%Romania 2008 RES
SUN CHALLENGE SRL7100%100%Romania 2020 RES
WINDARROW ENERGEIAKI S.M.S.A.3 100%100%Greece 2018 RES
KPM ENERGY COMPANY OF ELECTRICITY PRODUCTION 100%100%Greece 2012 RES
S.M.S.A. 3
AIOLIKI M\u03a1ELECHER\u0399 MONOPROSOPI ANONYMI KAI 100%100%Greece 2001 RES
VIOMICHANIKI ENERGEIAKI ETAIREIA3
EDS AD Skopje 100%100%Republic of North Supply of power
Macedonia 2012
EDS DOO Belgrade 100%100%Serbia 2016 Supply of power
EDS INTERNATIONAL SK SRO100%100%Slovakia 2012 Supply of power
EDS INTERNATIONAL KS LLC 100%100%Kosovo 2016 Supply of power
SPARK WIND PARK S.R.L.4100%100%Romania 2023 RES
SPARTAKOS ENERGY S.M.S.A. 5100%100%Greece 2023 RES
THRAKIKI WIND 1 S.M.S.A. 6100%100%Greece 2007 RES
LAND POWER S.R.L.8100%- Romania 2023 RES
INKAT ENERGY S.M.S.A.9100%- Greece 2007 RES
CLAMWIND POWER S.M.S.A.10100%- Greece 2020 RES
GREEK WINDPOWER S.M.S.A.10100%- Greece 2001 RES
ALPENER S.M.S.A.10100%- Greece 2005 RES
KASTRI EVIAS S.M.S.A.10100%- Greece 2005 RES
ARCADIA-RE WIND-RENINVEST S.M.S.A.100%- Greece 2006 RES
RENEX AIOLIKI ARTAS S.M.S.A.100%- Greece 2011 RES
Next Gen Retail Services S.M.S.A.(KOTSOVOLOS) Supply of electrical
(former Dixons South East Europe Commercial & 100%- Greece 1950 goods
Industrial S.A.) \u00b9\u00b9
\u039fLYMPUS Artificial Intelligence/OLYMPUS AI13100%- Greece 2024 Information
Technologies
PPC e-Money Services S.M.S.A.15100%- Greece 2024 Electronic Money
Institution
Eko Park Wind Power EOOD16 100%- Bulgaria 2024 RES
Haekon EOOD16 100%- Bulgaria2024 RES
Mesomarket EOOD16 100%- \u0392ulgaria 2024 RES
Chirpan Solar Plant Ltd19100%- \u0392ulgaria 2024 RES
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\n\n\n\n\n
22. INVESTMENTS IN SUBSIDIARIES (CONTINUED)
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Development,
construction,
management,
PPC ITALIA SRL.17100%- Italy 2024 maintenance,
installation, operation
and exploitation of RES
production units
FELIX RENEWABLE HOLDINGS SRL18100%- Romania RES
TMK HYDROENERGY POWER SRL18100%- Romania RES
OVIDIU DEVELOPMENT S.A.18100%- Romania RES
TOMIS TEAM S.A.18100%- Romania RES
MW TEAM INVEST SRL18100%- Romania RES
SOLAR RENEWABLE SRL-18100%- Romania RES
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1.ALEXANDROUPOLIS ELECTRICITY PRODUCTION SINGLE MEMBER S.A.\u201d was acquired on 20.12.2022 and on 01.02.2023 was renamed to \u201cALEXANDROUPOLIS ELECTRICITY
\n
PRODUCTION S.A.\u201d
\n
\n
2. PPC (Public Power Corporation) Romania S.A was incorporated on 15.03.2023 and in its share capital PPC S.A. participates by 99% and PPC RENEWABLES S.M.S.A. by 1%.
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3.\u201cKPM ENERGY COMPANY OF ELECTRICITY PRODUCTION S.M.S.A.\u201d and \u201cAIOLIKI M\u03a1ELECHER\u0399 MONOPROSOPI ANONYMI KAI VIOMICHANIKI ENERGEIAKI ETAIREIA\u201d were acquired
\n
on 31/1/2023 by \u201cWINDARROW ENERGEIAKI S.M.S.A.\u201d and belong to it by 100%.
\n
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4.On 01.08.2023 the company \"SPARK WIND PARK S.R.L.\" was founded.
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5.In November 2023 the company SPARTAKOS ENERGY S.M.S.A. was established.
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6. In December 2023, the company THRAKIKI WIND 1 S.M.S.A. was acquired through PPC RENEWABLES S.M.S.A. by the Kpelouzos-Samaras Group.
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7. On October 25, 2023, the Parent Company acquired ENEL's shares in 29 companies in Romania and on October 26, 2023 Fondul's minority rights in certain subsidiary companies
\n
(Note 7). In the companies that the Parent Company does not own 100%, the minority shareholder is SAPE.S.A. (Romanian state company).
\n
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8. The company \"LAND POWER S.R.L.\" was acquired on 25.03.2024 by SPARK WIND PARK S.R.L. as 100% subsidiary (Note 3.3).
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9. The company \"INKAT ENERGY S.M.S.A\" was acquired by PPC Renewables on 1.03.2024.
\n
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10. The companies \"CLAMWIND POWER S.M.S.A.\" , \"KASTRI EVIAS S.M.S.A. \u201c , \u201cGREEK WINDPOWER S.M.S.A.\u201d and \u201cALPENER S.M.S.A.\u201d are 100% subsidiaries of \"INKAT ENERGY
\n
S.M.S.A\".
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11. On April 10, 2024 the acquisition of the company \u201cKOTSOVOLOS\u201d was completed. On November 22, 2024 the subsidiary company changed its name with a new distinctive
\n
title \"NEXT GEN RETAIL SERVICES S.M.S.A.\".
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12.On May 30, 2024, the subsidiary PPC ENERGY SERVICES CO S.A. changed its name to PPC - PUBLIC POWER CORPORATION ROMANIA S.A. by decision of the Extraordinary
\n
General Meeting of Shareholders of PPC Energy Services CO S.A. (Note 3.5).
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13.On July 30, 2024 the subsidiary company \u201cOLYMPUS ARTIFICIAL INTELLIGENCE/OLYMPUS AI SINGLE MEMBER S.A.\u201d with d.t. \"OLYMPUS ARTIFICIAL INTELLIGENCE/OLYMPUS
\n
AI\" was founded.
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14. On August 8, 2024, the sale of the four 100% subsidiary companies Oravita Power Park SRL, Potoc Power Park SRL, Topwind Energy SRL and Wind Energy Green Park SRL took
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place.
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15.On September 27, 2024 the subsidiary company PPC e-Money services S.M.S.A. was founded.
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16. On September 30, 2024 the companies \u00abEko Park Wind Power EOOD\u00bb, \u00abHaekon EOOD\u00bb & \u00abMesomarket EOOD\u00bb were acquired through the 100% subsidiary PPC BULGARIA
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JSCo (Note. 3.3).
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\n
\n
17. On November 19, 2024 the subsidiary company \u201c PPC ITALIA S.R.L.\u201d was founded in Milan-Italy.
\n
\n
18.On November 20, 2024 the companies \u201cFELIX RENEWABLE HOLDINGS SRL\u201d, \u201cTMK HYDROENERGY POWER SRL\u201d, \u201cOVIDIU DEVELOPMENT SA\u201d, \u201cTOMIS TEAM SA\u201d, \u201cMW TEAM
\n
INVEST SRL\u201d and on November 12, 2024 \u201cSOLAR RENEWABLE SRL-SPV\u201d were acquired through the 100% subsidiary company \u201cPPC RENEWABLES ROMANIA SRL\u201d (Note 3.3)
\n
\n
19. On December 10, 2024 the 100% subsidiary company \"Chirpan Solar Plant Ltd\" was acquired through the subsidiary company PPC BULGARIA EAD (Note 3.3)
\n
\n
20.On December 31, 2024 , the absorption of the following subsidiaries in Romania was completed. More specifically, the absorption of \u201cPPC ENERGIE MUNTENIA S.A.\u201d by the
\n
subsidiary \u201cPPC ENERGIE S.A.\u201d was completed at the end of December 2024. Also, on November 30, 2024, the subsidiaries \u201cRETELE ELECTRICE DOBROGEA S.A.\u201d and \u201cRETELE
\n
ELECTRICE BANAT S.A.\u201d were absorbed by the subsidiary \u201cRETELE ELECTRICE MUNTENIA S.A.\u201d. Also, in Q4 2024, \u201cRETELE ELECTRICE MUNTENIA S.A.\u201d was renamed to \u201cRETELE
\n
ELECTRICE ROMANIA S.A.\u201d (Note 3.5).
\n

\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag706": { "value": "\n

\n\n
8. OPERATING SEGMENTS
\n
\n
The following information refers to the segments regularly reviewed by the Executive Committee, which consists of the Chairman of
\n
the Board and CEO, the Deputy CEOs and the Group General Managers. The Executive Committee reviews the internal financial
\n
information reports to assess the Group's performance, in order to make decisions regarding the Group's resource allocation and
\n
strategic actions.
\n
\n
Due to the acquisition of 29 subsidiary companies by PPC in Romania on October 25, 2023 with similar activities to those in Greece
\n
(Distribution companies, Supply companies, Renewable Energy Sources, E-mobility and other supporting companies) and the internal
\n
restructuring of the Group due to this acquisition, the information by operating segments of the Group is now analyzed by activity.
\n
\n
In the operating segment of Generation/ Supply, is also included the activity of the new subsidiary Next Gen Retail Services S.M.S.A.
\n
(former Dixons South - East Europe Commercial and Industrial S.A.) with the trade name \"Kotsovolos\".
\n
\n
Based on the data examined by the Executive Committee and quantitative criteria of IFRS 8, the following operating segments were
\n
identified:
\n
\n
\u2022 Generation/ Supply sector which includes the activity of production from lignite units, oil stations, natural gas stations and
\n
RES, the activity of mining lignite to support the production and the activity of Supply and sale of electronical merchandises
\n
in Greece and Romania.
\n
\u2022 Distribution network sector includes the distribution activity in Greece and Romania.
\n
\u2022 Other mainly include activities such as e-mobility, telecommunications and Administration.
\n
\n
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
01.01.2024-31.12.2024
Income Statement Items Generation/Distribution Other Total Net-Group
Supply Network offs/adjustments Total
Sales
Total Sales 12,883,8063,682,810168,85816,735,474(7,756,867)8,978,607
Expenses
Financial Expenses 498,604 92,6975,641596,942(16,735) 580,207
Financial Income (307,388)(13,420)(1,685)(322,493)116,038 (206,455)
Depreciation and amortization 482,493 437,398 7,001926,8921,472928,364
(Gains)/losses from associates and joint 2,567 - - 2,5679453,512
ventures
Provisions for impairment loss on assets 136,594 81,2652,489220,348(13,137) 207,211
Gain from the spin-off of branch - - (841) (841)841-
Foreign currency (Gains)/Losses (1,291)27861(952)(495) (1,447)
(Profits)/Losses before tax (264,376)(166,370)326,690(104,056)(102,543)(206,599)
Operating earnings before depreciation,
amortization, impairment, net financial results 1,075,955 764,588 (314,024) 1,526,519191,472 1,717,991
and earnings from related parties
(EBITDA)
\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n
8.OPERATING SEGMENTS (CONTINUED)
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
01.01.2023-31.12.2023
Income Statement Items Generation/SDistribution Other Total Net-Group
upply Network offs/adjustments Total
Sales
Total Sales 11,241,681 2,915,63198,23614,255,548(6,568,781)7,686,767
Expenses
Financial Expenses 354,715 64,5332,889422,137491422,628
Financial Income (183,589) (8,758)(513) (192,860)52,669(140,191)
Depreciation and amortization 322,025 340,180 2,285664,4907,669672,159
(Gains)/losses from associates and joint
ventures 2,190 - 2,8545,044365,080
Provisions for impairment loss on assets 32,745- 1 32,74697233,718
Gain from sale of Subsidiary/Bargain gain from (321,233)(40,765)(5,471)(367,469)1 (367,468)
Romanian subsidiaries acquisition
Foreign currency (Gains)/Losses (2,420)- (7) (2,427)118(2,309)
(Profits)/Losses before tax (221,060)(192,266)5,317(408,009)(223,414)(631,423)
Operating earnings before depreciation,
amortization, impairment, net financial results 425,493 547,456 (3,279)969,670285,370 1,255,039
and earnings from related parties
(EBITDA)
\n\n
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Balance Sheet Items GenerationDistribution Other Total Net-Group Total
/Supply Network offs/adjustments
31.12.2024
Total Assets 24,031,7559,340,4102,658,37436,030,539(8,711,210) 27,319,329
Total Liabilities 16,489,0646,633,589861,22023,983,873(2,705,490) 21,278,383
31.12.2023
Total Assets 20,408,746 8,047,655 496,174 28,952,575 (5,095,247) 23,857,327
Total Liabilities 14,010,689 5,796,348 378,734 20,185,771 (1,692,634) 18,493,137
\n\n
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
GenerationDistribution Other Total Net-Group Total
/Supply Network offs/adjustments
31.12.2024
Assets Additions 643,991 1,042,643 190,847 1,877,481(2,259) 1,875,222
31.12.2023
Assets Additions 497,470 605,052 66,722 1,169,244 (1,188) 1,168,056
\n\n
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
We list the total sales and operating earnings before depreciation, amortization, net financial results and earnings from associates
\n
(EBITDA) of the Group in Greece, Romania, other foreign countries for 2024 and 2023.
\n
As of 31.12.2024 investment in associates of the operating segment Generation/ Supply amounted to \u20ac 136.7 million (31.12.2023: \u20ac
\n
64.5 million) and of the operating segment Other amounted to 17.5 million (31.12.2023: \u20ac0.7 million).
\n

\n\n\n\n

\n\n\n\n

\n\n
8.OPERATING SEGMENTS (CONTINUED)
\n
\n
\n
The above figures in Romania for 2023 concern the period from 26.10.2023 to 31.12.2023. If the Group had acquired the Activity in
\n
Romania (29 new subsidiaries Note 6) from 01.01.2023, its total revenues would amount to \u20ac2.7 billion. It was not possible to
\n
determine the profits before tax from 01.01.2023 for disclosure purposes, due to significant adjustments to harmonize accounting
\n
policies.
\n
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
GreeceRomaniaOther TotalNet-Group
countriesoffs/adjustmentsTotal
31.12.2024
Total Sales 9,432,057 2,096,640 72,99311,601,690(2,623,083)8,978,607
Operating earnings before depreciation,
amortization, impairment, net financial 1,160,317 343,310 (2,132)1,501,495216,4961,717,991
results and earnings from related parties
(EBITDA)
31.12.2023
Total Sales 9,481,935 502,947 80,075 10,064,957 (2,378,190) 7,686,767
Operating earnings before depreciation,
amortization, impairment, net financial
results and earnings from related parties
(EBITDA) 1,188,826 73,448 (25) 1,262,249 (7,210) 1,255,039
\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag708": { "value": "\n
8. OPERATING SEGMENTS
\n
\n
The following information refers to the segments regularly reviewed by the Executive Committee, which consists of the Chairman of
\n
the Board and CEO, the Deputy CEOs and the Group General Managers. The Executive Committee reviews the internal financial
\n
information reports to assess the Group's performance, in order to make decisions regarding the Group's resource allocation and
\n
strategic actions.
\n
\n
Due to the acquisition of 29 subsidiary companies by PPC in Romania on October 25, 2023 with similar activities to those in Greece
\n
(Distribution companies, Supply companies, Renewable Energy Sources, E-mobility and other supporting companies) and the internal
\n
restructuring of the Group due to this acquisition, the information by operating segments of the Group is now analyzed by activity.
\n
\n
In the operating segment of Generation/ Supply, is also included the activity of the new subsidiary Next Gen Retail Services S.M.S.A.
\n
(former Dixons South - East Europe Commercial and Industrial S.A.) with the trade name \"Kotsovolos\".
\n
\n
Based on the data examined by the Executive Committee and quantitative criteria of IFRS 8, the following operating segments were
\n
identified:
\n
\n
\u2022 Generation/ Supply sector which includes the activity of production from lignite units, oil stations, natural gas stations and
\n
RES, the activity of mining lignite to support the production and the activity of Supply and sale of electronical merchandises
\n
in Greece and Romania.
\n
\u2022 Distribution network sector includes the distribution activity in Greece and Romania.
\n
\u2022 Other mainly include activities such as e-mobility, telecommunications and Administration.
\n
\n
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
01.01.2024-31.12.2024
Income Statement Items Generation/Distribution Other Total Net-Group
Supply Network offs/adjustments Total
Sales
Total Sales 12,883,8063,682,810168,85816,735,474(7,756,867)8,978,607
Expenses
Financial Expenses 498,604 92,6975,641596,942(16,735) 580,207
Financial Income (307,388)(13,420)(1,685)(322,493)116,038 (206,455)
Depreciation and amortization 482,493 437,398 7,001926,8921,472928,364
(Gains)/losses from associates and joint 2,567 - - 2,5679453,512
ventures
Provisions for impairment loss on assets 136,594 81,2652,489220,348(13,137) 207,211
Gain from the spin-off of branch - - (841) (841)841-
Foreign currency (Gains)/Losses (1,291)27861(952)(495) (1,447)
(Profits)/Losses before tax (264,376)(166,370)326,690(104,056)(102,543)(206,599)
Operating earnings before depreciation,
amortization, impairment, net financial results 1,075,955 764,588 (314,024) 1,526,519191,472 1,717,991
and earnings from related parties
(EBITDA)
\n\n\n\n\n
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\n
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\n
\n
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\n
\n

\n\n\n\n\n\n\n\n\n
8.OPERATING SEGMENTS (CONTINUED)
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
01.01.2023-31.12.2023
Income Statement Items Generation/SDistribution Other Total Net-Group
upply Network offs/adjustments Total
Sales
Total Sales 11,241,681 2,915,63198,23614,255,548(6,568,781)7,686,767
Expenses
Financial Expenses 354,715 64,5332,889422,137491422,628
Financial Income (183,589) (8,758)(513) (192,860)52,669(140,191)
Depreciation and amortization 322,025 340,180 2,285664,4907,669672,159
(Gains)/losses from associates and joint
ventures 2,190 - 2,8545,044365,080
Provisions for impairment loss on assets 32,745- 1 32,74697233,718
Gain from sale of Subsidiary/Bargain gain from (321,233)(40,765)(5,471)(367,469)1 (367,468)
Romanian subsidiaries acquisition
Foreign currency (Gains)/Losses (2,420)- (7) (2,427)118(2,309)
(Profits)/Losses before tax (221,060)(192,266)5,317(408,009)(223,414)(631,423)
Operating earnings before depreciation,
amortization, impairment, net financial results 425,493 547,456 (3,279)969,670285,370 1,255,039
and earnings from related parties
(EBITDA)
\n\n
\n

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\n

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\n

\n

\n

\n

\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Balance Sheet Items GenerationDistribution Other Total Net-Group Total
/Supply Network offs/adjustments
31.12.2024
Total Assets 24,031,7559,340,4102,658,37436,030,539(8,711,210) 27,319,329
Total Liabilities 16,489,0646,633,589861,22023,983,873(2,705,490) 21,278,383
31.12.2023
Total Assets 20,408,746 8,047,655 496,174 28,952,575 (5,095,247) 23,857,327
Total Liabilities 14,010,689 5,796,348 378,734 20,185,771 (1,692,634) 18,493,137
\n\n
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\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
GenerationDistribution Other Total Net-Group Total
/Supply Network offs/adjustments
31.12.2024
Assets Additions 643,991 1,042,643 190,847 1,877,481(2,259) 1,875,222
31.12.2023
Assets Additions 497,470 605,052 66,722 1,169,244 (1,188) 1,168,056
\n\n
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
We list the total sales and operating earnings before depreciation, amortization, net financial results and earnings from associates
\n
(EBITDA) of the Group in Greece, Romania, other foreign countries for 2024 and 2023.
\n
As of 31.12.2024 investment in associates of the operating segment Generation/ Supply amounted to \u20ac 136.7 million (31.12.2023: \u20ac
\n
64.5 million) and of the operating segment Other amounted to 17.5 million (31.12.2023: \u20ac0.7 million).
\n

\n\n\n\n
8.OPERATING SEGMENTS (CONTINUED)
\n
\n
\n
The above figures in Romania for 2023 concern the period from 26.10.2023 to 31.12.2023. If the Group had acquired the Activity in
\n
Romania (29 new subsidiaries Note 6) from 01.01.2023, its total revenues would amount to \u20ac2.7 billion. It was not possible to
\n
determine the profits before tax from 01.01.2023 for disclosure purposes, due to significant adjustments to harmonize accounting
\n
policies.
\n
\n
\n
\n
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GreeceRomaniaOther TotalNet-Group
countriesoffs/adjustmentsTotal
31.12.2024
Total Sales 9,432,057 2,096,640 72,99311,601,690(2,623,083)8,978,607
Operating earnings before depreciation,
amortization, impairment, net financial 1,160,317 343,310 (2,132)1,501,495216,4961,717,991
results and earnings from related parties
(EBITDA)
31.12.2023
Total Sales 9,481,935 502,947 80,075 10,064,957 (2,378,190) 7,686,767
Operating earnings before depreciation,
amortization, impairment, net financial
results and earnings from related parties
(EBITDA) 1,188,826 73,448 (25) 1,262,249 (7,210) 1,255,039
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\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOperatingSegmentsExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag705": { "value": "\n
9. REVENUES
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The revenues for the year 2024 and 2023 are analyzed in the following tables:
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GROUP COMPANY
01.01.2024 - 01.01.2023 - 01.01.2024 - 01.01.2023 -
31.12.2024 31.12.2023 31.12.2024 31.12.2023
Revenues to Consumers:
High voltage 152,574390,254119,810367,854
Medium voltage 921,0911,007,104657,077919,528
Low voltage 5,333,7714,945,3524,155,7494,640,382
Renewable energy sources 178,83265,816- -
Revenues from e-mobility 2,1956922,078576
6,588,4636,409,2184,934,7145,928,340
Revenues from natural gas sales 189,41858,55818,48320,771
189,41858,55818,48320,771
Other Revenues:
Customers\u2019 contributions120,620101,390248248
Public Service Obligations 245,010230,721245,010230,721
Distribution network revenues 658,835414,194- -
Income from electricity sales from NII 425,006382,732425,006382,732
thermal units
Income from photovoltaics in the roofs 2,1232,1092,1232,109
Income from services from total support 25,481- - -
Income from services to customers 36,31010,675- -
Income from the sale of steam for district 22,7842,11622,7842,116
heating
Income from sales of inventory and scrap 50,2763,7816,3673,781
material
Income from provision of services to - - 16,2869,577
subsidiaries
Income from commissions and reconnection 38,827 23,50825,72423,508
fees
Income from sales of merchandises 497,797- - -
Other 77,65747,7656,0902,862
2,200,7261,218,991749,638657,654
Total 8,978,6077,686,7675,702,8356,606,765
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\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag760": { "value": "\n
10. PAYROLL COST
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GROUP COMPANY
2024 2023 2024 2023
Payroll cost 860,543682,847 399,863387,915
Employer social contributions 169,418156,50394,02093,971
Provision for personnel\u2019s severance payment 13,29323,2269,9399,496
(Note 37)
Provision for supply of electricity at reduced (11,410)(1,073)(2,317)(680)
tariffs (Note 37)
Capitalized payroll cost (98,362)(91,183)(5,938)(8,490)
Free of charge stock awards (Note 25) 16,40215,95712,52214,673
Utilization of the provision for restoration and (10,675)(4,121)(10,675)(4,121)
dismantling of mines and units
Total 939,209782,156497,414492,764
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\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ppc:DisclosureOfPersonnelFeesAndExpensesExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag704": { "value": "\n
11. MERCHANDISE
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GROUP COMPANY
2024202320242023
Cost of Merchandise 422,4271,1261,3261,126
Support Services Costs 2,268- - -
Other cost 3,593 - - -
Total 428,288 1,1261,3261,126
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\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag703": { "value": "\n
12. ENERGY PURCHASES AND RELATED FEES
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GROUP COMPANY
2024 2023 2024 2023
DAS and deviations\u2019 settlement1,326,4141,736,732631,1041,522,515
Energy imports from abroad 133,88743,23742,37723,201
Other domestic energy purchases 270,68388,81849,09245,296
Purchase rights 4,5514,0524,5604,220
Weighted variable cost of thermal units - 1,210- 1,210
Net charge for ancillary services - 8,715- -
\u0399ncremental accounts 4563,7174563,717
Hedging transactions (Note 50.1) (152,664)22,612(152,665)22,612
(Gain)/Loss from short positions due to lignite (2,179)(5,224)(2,179)(5,224)
production (Note 50.3)
Periodic clearance of alternative suppliers - 3,226- 3,226
Rental of power generators 39,87917,50739,87917,507
Green certificates 61,129- - -
Other energy purchase charges 40,19319,62119,65113,383
Total1,722,3491,944,223632,2751,651,663
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The electricity purchases of the Group and the Parent company on December 31, 2024 are significantly reduced compared to 2023
\n
due to the decrease in Market Clearing Prices (MCPs), and due to the decrease in customer shares compared to 2023.
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Additionally, for the year ended on December 31, 2024, the Group includes in this figure the cost of energy purchases of the
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subsidiaries in Romania that amounted to \u20ac1,006.5 million, while for the period 26.10.2023-31.12.2023 amounted to \u20ac279.9 million.
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\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag702": { "value": "\n
13. DEPRECIATION AND AMORTISATION
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GROUP COMPANY
2024 2023 2024 2023
Depreciation / Amortisation
Property, plant and equipment (Note 19) 809,484614,690317,834261,052
Intangible assets (Note 20) 54,07618,12610,5896,633
Right-of-use assets (Note 49) 74,06848,00639,66737,026
Transfer from subsidies (Note 39) (9,264)(8,663)(5,036)(6,107)
Total 928,364672,159363,054298,604
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For the year ended on December 31, 2024, the Group includes in this financial statement line item the depreciation of the subsidiaries
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in Romania amounted to \u20ac157.3 million, while for the period 26.10.2023-31.12.2023 amounted to \u20ac26.6 million.
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19. PROPERTY, PLANT AND EQUIPMENT
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GROUP Land Mines Lakes Buildings and Machinery and Transportation Fixtures and Construction in Total
Technical Works Equipment Assets Furniture progress
Carrying amount
December 31, 2022 448,509 451,913 39,859 1,458,117 7,642,218 32,633 85,259 2,147,032 12,305,544
Impairment of fixed assets - - - - - - - (1,912) (1,912)
Foreign currency differences (126) - - (2,882) (2,508) (32) (6) (390) (5,944)
Carrying amount of fixed assets (subsidiaries acquisition) (Notes 6 & 22)48,179 - - 1,100,503 1,002,390 12,147 2,225 134,843 2,300,287
Additions/(reduction) of decommissioning and removal costs of Power Plants\u2019, and - (8,425) - - 4,792 - - - (3,633)
Mining facilities and mines\u2019 land restoration
Additions294- - 4,138 482,135 1,869 13,931 615,574 1,117,940
Disposals/Sales- - - (321) (16,544) (853) (1,261) (428) (19,406)
Transfers from CIP - 6,649 5 256,487 1,617,505 321591(1,881,557) -
Transfers to intangible assets- - - - - - - (17,680) (17,680)
Other Movements23- - 2731,998 86(2,545) (12,182) (12,346)
December 31, 2023 496,879 450,137 39,864 2,816,314 10,731,986 46,171 98,194 983,300 15,662,845
Accumulated Depreciation
December 31, 2022 (1,590) (410,927) (20,357) (243,870) (1,021,471) (19,231) (37,316) - (1,754,763)
Depreciation charge (364) (8,024) (764) (90,251) (501,844) (4,199) (9,149) - (614,635)
Accumulated depreciation of fixed assets (subsidiaries acquisition) - - - (105) (280) - (9) - (394)
Accumulated depreciation of disposals / sales - - - 384,081 7781,067 - 5,965
Other Movements - - - - (244) - 244- -
Foreign currency differences - - - 10141 - - 25
December 31, 2023 (1,954) (418,951) (21,121) (334,178) (1,519,784) (22,651) (45,163) - (2,363,802)
Net carrying amount December 31, 2023 494,925 31,186 18,743 2,482,136 9,212,202 23,520 53,031 983,300 13,299,043
Carrying amount
December 31, 2023496,879 450,137 39,864 2,816,314 10,731,986 46,171 98,194 983,300 15,662,845
Impairment of fixed assets - (9,588)- 1,295 (865) - (9) (2,772)(11,939)
Revaluation surplus / (Devaluation) of fixed assets91,659 - - 100,503 829,750 19,762 1,963 - 1,043,638
Carrying amount of fixed assets (subsidiaries acquisition) (Note 3)5,675 - - 373,786 483,444 3,400 19,545 30,272 916,121
Additions/(reduction) of decommissioning and removal costs of Power Plants\u2019, and - 9,588 - - 342 - - - 9,930
Mining facilities, mines\u2019 land restoration and parks
Additions244 - - 13,144 687,268 557 34,365 1,008,660 1,744,238
Disposals/Sales(653) (6) - (9,031)(35,422) (416) (1,884)(227) (47,638)
Transfers from CIP5,046 951 - 165,830 257,857 1,981 7,608 (439,272) -
Transfers to intangible assets - - - - - - - (11,511) (11,511)
Other Movements10,456 (22,080) - (3,180)3,004 17 49 179(11,556)
Foreign currency differences 12 - - 4713794 - 39 905
Transfers from/to inventories - - - - (2,412)- 3 3,591 1,182
Sale of subsidiaries - - - - - - - (92) (92)
Set-off of accumulated depreciation with carrying amount due to revaluation of - - - (439,067) (1,970,713) (28,627) (55,627) - (2,494,034)
fixed assets
December 31, 2024 609,318 429,003 39,864 3,020,064 10,984,620 42,849 104,206 1,572,167 16,802,091
Accumulated Depreciation
December 31, 2023 (1,954) (418,951) (21,121) (334,178) (1,519,784) (22,651) (45,163) - (2,363,802)
Depreciation charge (343) (7,084)(764) (147,694) (632,217) (6,384)(14,996) -(809,484)
Accumulated depreciation of disposals / sales-869 (864) 7,909 15,638 375 1,661 -25,589
Other Movements -11,624 - 1,458 (878) - (62) - 12,142
Foreign currency differences -- - 4 29 - - -33
Set-off of accumulated depreciation with carrying amount due to revaluation of ---439,067 1,970,713 28,627 55,627-2,494,034
fixed assets
December 31, 2024 (2,297)(413,542) (22,749)(33,435) (166,500) (34) (2,931) - (641,489)
Net carrying amount December 31, 2024 607,021 15,461 17,115 2,986,62910,818,120 42,816 101,275 1,572,167 16,160,601
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19. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
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COMPANY Land Mines Lakes Buildings and Machinery and Transportation Fixtures and Construction in Total
Technical Works Equipment Assets Furniture progress
Carrying amount
December 31, 2022 238,910 451,910 39,859 1,246,935 2,702,431 15,340 54,555 1,827,854 6,577,794
Impairment of fixed assets - - - - - - - (1,773) (1,773)
Additions/(Decrease) in decommissioning and removal costs of Mines (Note - (8,425) - - 4,278 - - - (4,146)
38)
Additions- - - 66236207,134 183,586 191,042
Disposals/Sales- - - (96) (6,435) (104) (466) - (7,101)
Transfers from CIP - 6,649 5 188,760 1,372,842 - 84(1,568,339) -
Transfers to intangible assets- - - - - - - (6,170) (6,170)
Other Movements- - - - 2,598 - (2,598) (11,009) (11,009)
December 31, 2023 238,910 450,134 39,864 1,435,665 4,075,950 15,257 58,708 424,148 6,738,636
Accumulated Depreciation
December 31, 2022 (1,590) (410,926) (20,357) (219,020) (685,915) (9,690) (19,877) - (1,367,375)
Depreciation charge (364) (8,024) (764) (61,836) (182,395) (1,413) (6,257) - (261,052)
Accumulated depreciation of disposals / sales - - - 381,569 98314- 2,020
Other Movements - - - - (244) - 244- -
December 31, 2023 (1,954) (418,950) (21,121) (280,817) (866,985) (11,005) (25,576) - (1,626,408)
Net carrying amount December 31, 2023236,956 31,184 18,742 1,154,848 3,208,965 4,252 33,133 424,148 5,112,228
Carrying amount
December 31, 2023238,910450,13439,8641,435,6654,075,95015,25758,708424,1486,738,636
Impairment of fixed assets - (9,588) - - - - - (1,914) (11,502)
Revaluation surplus / (Devaluation) of fixed assets53,813 - - (2,618) 304,002 6,862 (282) - 361,777
Additions/(Decrease) in decommissioning and removal costs of Mines (Note - 9,588 - - - - - - 9,588
38)
Additions- - - 2011864610,517 221,888 232,838
Disposals/Sales- (6)- (8,552) (20,374) (51) (505) - (29,488)
Transfers from CIP750951- 21,270 83,705 - 6,304 (112,981) -
Spin-off of the wholesale telecommunications branch - - - - (10,882) - (242) (51,963) (63,088)
Other Movements10,456 (22,080) - - - - - - (11,624)
Set-off of accumulated depreciation with carrying amount due to - - - (316,798) (928,922) (11,913) (32,050) - (1,289,683)
revaluation of fixed assets
December 31, 2024 303,929 429,000 39,864 1,129,168 3,503,664 10,200 42,450 479,178 5,937,454
Accumulated Depreciation
December 31, 2023 (1,954) (418,950) (21,121) (280,817) (866,985) (11,005) (25,576) - (1,626,408)
Depreciation charge (338) (7,084) (764) (70,323) (231,481) (959) (6,884) - (317,834)
Accumulated depreciation of disposals / sales-869(864)7,655 10,900 51374- 18,986
Spin-off of the wholesale telecommunications branch- - - - 2,398 - 34- 2,432
Set-off of accumulated depreciation with carrying amount due to -- - 316,798 928,922 11,913 32,050 - 1,289,683
revaluation of fixed assets
\u039fther Movements - 11,624-- - - - -11,624
December 31, 2024 (2,292) (413,541) (22,749) (26,688) (156,246) - - - (621,517)
Net carrying amount December 31, 2024301,637 15,459 17,115 1,102,480 3,347,418 10,200 42,450 479,178 5,315,938
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31.12.2024
Other Emission Energy sales Offshore wind Cost of Intangibles Customer base
GROUP Software Intangible Allowances Trade namerights research licenseacquiring assets under from acquisitionsTotal
Assets contracts construction
Net book value, January 1 63,392 53,035 789,839 - 67,315 30,623 27,473 54,886 25,992 1,112,555
Additions 21,543 8,972 418,261 - - -13,468 87,040 -549,284
Consumption- - (833,100) - - ----(833,100)
Depreciation (Note 13)(23,786) (7,989) - - (6,494) - (11,291)-(4,517)(54,077)
Disposals/Sales(85) - - ----(604)-(689)
Sale of subsidiaries - (899) - - - - - - - (899)
Transfers from property, plant and equipment 488 83 - ----10,940 -11,511
Transfers from intangibles under construction 26,311 11,517 - - - - - (37,828) - -
Impairments (640) - - ----(15,318)-(15,958)
Exchange differences (8) (10) - - - -7 5 7 -
Other movements(264) 486 - ------222
Intangible assets from acquisitions18,09215,794 - 103,700 50,815 - - - - 188,401
Net book value, December 31 105,042 80,988 375,000 103,700 111,636 30,623 29,657 99,121 21,481 957,249
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31.12.2023
Other Emission Energy sales Offshore wind Cost of Intangibles Customer base
GROUP Software Intangible Allowances rights research license acquiring assets under from acquisitions Total
Assets contracts construction
Net book value, January 1 6,084 32,245 509,137 45,282 - - - - 592,748
Additions 3,925 1,794 1,106,838 - -2,28742,114-1,156,958
Intangible assets from acquisitions 29,916 21,879 - 23,704 30,62326,98927,08126,892187,084
Consumption - - (826,136) - ----(826,136)
Depreciation (Note 13) (4,683) (6,495) - (4,440) -(1,732)- (830)(18,180)
Disposals/Sales (3) (2) - ---(1)-(6)
Transfers from property, plant and equipment - - - ---17,680-17,680
Transfers from intangibles under construction 28,253 3,670 - - - - (31,923) - -
Exchange differences (85) (57) - - -(71)(66)(70)(349)
Other movements (16) - - 2,768----2,752
Net book value, December 31 63,392 53,035 789,839 67,315 30,623 27,473 54,886 25,992 1,112,555
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20.INTANGIBLE ASSETS AND GOODWILL (CONTINUED)
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31.12.2024
COMPANY Software Other Intangible Emission Intangibles assets Total
Assets Allowances under construction
Net book value, January 1 14,669 4,250 789,839 22,779 831,537
Additions 268 175 418,261 49,524 468,228
Consumption- - (833,100) - (833,100)
Depreciation (Note 13)(4,658) (5,933) - - (10,591)
Disposals/Sales(4) - - - (4)
Transfers from intangibles under construction 10,944 9,761 - (20,705) -
Spin-off of the wholesale telecommunications (23) - - (8,570) (8,593)
branch (Note 7)
Net book value, December 31 21,197 8,253 375,000 43,028 447,478
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31.12.2023
Other Emission Intangible assets
COMPANY Software Intangible Allowances under constructionTotal
Assets
Net book value, January 1 2,611 6,346 509,137 -518,094
Additions 539 7 1,106,838 32,6611,140,044
Consumption- - (826,136) -(826,136)
Depreciation (Note 13)(1,501) (5,132) - -(6,633)
Disposals/Sales(3) - - -(3)
Transfers from property, plant and equipment - - - 6,1706,170
Transfers from intangibles under construction 13,023 3,029 - (16,052)-
Net book value, December 3114,669 4,250 789,839 22,779831,537
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The net carrying amount of intangible assets (excluding emission allowances) is further analyzed as follows:
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Offshore Cost of Intangibles assets Customer
GROUP Software Other Intangible Trade Energy sales wind acquiring under base from
Assets namerightsresearch contracts construction acquisitions
license
31.12.2023
Carrying 213,78974,310- 72,982 30,62329,20554,88626,822
amount
Accumulated (150,397)(21,275)- (5,667) -(1,732)-(830)
amortization
Net carrying
amount 63,392 53,035 - 67,315 30,623 27,473 54,886 25,992
31.12.2023
31.12.2024
Carrying 279.225 110,252 103,700 123,797 30,62342,68099,12126,828
amount
Accumulated (174.183) (29,264) - (12,161) -(13,023)- (5,347)
amortization
Net carrying
amount 105,042 80,988 103,700 111,636 30,623 29,657 99,121 21,481
31.12.2024
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PARENT COMPANYSoftware Other Intangible Assets
31.12.2023
Carrying amount89,43118,943
Accumulated amortization(74,763)(14,693)
Net carrying amount 14,669 4,250
31.12.2023
31.12.2024
Carrying amount100,617 28,879
Accumulated amortization (79,421)(20,626)
Net carrying amount 21,196 8,253
31.12.2024
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GROUP
ASSETSPROPERTY OTHER TRANSPORTATION VESSELS SOFTWARE TOTAL
EQUIPMENT MEANS
31.12.2022120,252 28,889 12,529 13,356 444175,470
Right of Use Asset from
acquisition of subsidiaries 29,9881,1461,408--32,542
(Note 3)
Additions34,009 2008,444 1,989 5,545 50,187
Reductions (2,291) - (7) - - (2,298)
Depreciation expense (15,959) (16,804) (5,053) (8,892) (1,297) (48,006)
Exchange Differences (94) (3) (4) - - (100)
31.12.2023165,905 13,428 17,317 6,453 4,692 207,795
Right of Use Asset from new 102,5604182,396-- 105,374
acquisitions (Note 3)
Additions41,5371,413 18,778 21,585 1783,330
Reductions (8,631) (1,127) (84) - - (9,842)
Depreciation expense (35,743) (13,183) (10,456) (12,605) (2,080) (74,067)
Exchange Differences 7 - 1 - - 8
31.12.2024265,635 94927,952 15,433 2,629 312,598
LIABILITIES
31.12.2022126,081 26,129 12,836 13,474 450178,970
Lease liability from
acquisitions of subsidiaries 29,6931,1461,408--32,247
(Note 3)
Additions 34,009 2008,444 1,989 5,545 50,187
Early termination (1,494) - (1) - - (1,495)
Finance cost 6,544 861587324658,381
Payments (18,285) (13,192) (5,548) (9,230) (3,360) (49,615)
Exchange Differences (93) (4) (4) - - (101)
31.12.2023 176,455 15,140 17,722 6,557 2,700 218,572
Lease liability from new 101,256 4192,660 - - 104,335
acquisitions (Note 3)
Additions 43,371 1,413 18,786 21,585 1785,172
Early termination (8,425) (1,081) (49) - - (9,555)
Finance cost 15,029 3771,206 5208717,219
Payments (45,347) (15,252) (11,804) (13,072) (1,155) (86,630)
Exchange Differences 17 - 1 - - 18
31.12.2024 282,356 1,016 28,521 15,591 1,649 329,133
LIABILITIES 31.12.2023
Current 14,326 14,469 6,833 6,557 1,05143,232
Non-Current 162,130 67210,889 - 1,649175,340
LIABILITIES 31.12.2024
Current 35,745 71710,559 9,823 1,17958,023
Non-Current 246,61129917,962 5,768 470271,110
\n\n\n
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\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag761": { "value": "\n
14. EMISSION ALLOWANCES (CO
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According to the current European and National legislation, during the 4th implementation phase of the EU-ETS (period 2021- 2030),
\n
PPC is not entitled to free allocation of emission allowances for its bound stations, with the partial exception of allowances allocated
\n
for emissions corresponding to the generation of thermal power for district heating.
\n
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On 31.03.2024, the verification of the annual emissions reports for the 30 bound plants of Parent Company for 2023 by accredited third
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party verifiers was completed and the reports were promptly submitted to the Competent Authority, according to the current
\n
legislation. The total verified CO2 emissions for 2023 amounted to 9.73 Mt.
\n
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Based on provisional ex-post data, the CO2 emissions of the Parent company\u2019s facilities for the year 2024 amounts approximately 10.30
\n
million tons, which constitute the majority of scope 1 CO2 emissions.
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It is noted that CO
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emissions of 2024 will be considered final only by the end of March 2025, when the verification of the 2024 CO
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emissions reports by accredited third party verifiers will be completed.
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Emission allowances (CO
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GROUPCOMPANY
2024202320242023
Cover of emissions from purchased EUAS833,100 826,136833,100826,136
Managing costs53735373
Total 833,153 826,209833,153826,209
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In the Income Statement \u201cemission allowances\", the amount of \u20ac 833,153 concerns consumption of CO2 as well as their purchasing
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\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ppc:DisclosureOfNaturalGasExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag839": { "value": "\n

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15. FINANCIAL EXPENSES
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GROUP COMPANY
2024 2023 2024 2023
Interest expenses 233,010172,065165,469131,150
Bank charges 28,815 12,0112,454 2,350
Amortization of loans\u2019 issuance costs27,40013,44724,85710,896
Finance cost on right-of-use assets (Note 49) 17,2198,3816,5526,525
Commissions on letter of guarantee 24,80325,7815,8145,726
Financial costs for the provision of decommissioning
and removal of Power Plants\u2019, Mines\u2019 and Wind Parks\u2019 38,70534,14336,99433,103
facilities and mines\u2019 land restoration (Note 38)
Securitization interest expenses and other costs (Note 125,198134,620125,198134,620
51)
Finance cost of the financial liability from NCI put 32,91310,984- -
option
Discount interest on receivables from METAVASI S.A. - 4,836- 4,836
(Note 5)
Loss from interest rate swap valuation (Note 50.2) 7,8574,793- -
Financial cost of employee benefits (Note 37) 6,530- 3,516-
Interest expense from derivative transactions 21,457 - 21,457 -
Other 16,300 1,567 1884
Total 580,207422,628392,499329,210
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16. FINANCIAL INCOME
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GROUP COMPANY
2024 2023 2024 2023
Interest from outstanding energy bills 68,358 86,415 65,380 85,955
Commission on subsidiary loans\u2019 guarantee- - 720720
Interest on bank and time deposits (Note 31) 54,181 47,302 24,905 37,916
Dividends from subsidiaries - - 68,102 43,350
Gain from modification of loan agreement terms (Note 11,992 - 11,992 -
36)
Discount interest on receivables from METAVASI S.A. 9,470 1,187 9,470 1,187
(Note 5)
Interest income from interest rate swaps 8,371 4,411 - -
Interest on intercompany loans - - 43,609 7,985
Reassessment of consideration from acquisition of 18,041 - - -
subsidiaries (Note 6)
Interest income from derivative transactions 33,457 - 33,457 -
Other 2,585 876214299
Total 206,455 140,191 257,849 177,412
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\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag840": { "value": "\n
15. FINANCIAL EXPENSES
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
GROUP COMPANY
2024 2023 2024 2023
Interest expenses 233,010172,065165,469131,150
Bank charges 28,815 12,0112,454 2,350
Amortization of loans\u2019 issuance costs27,40013,44724,85710,896
Finance cost on right-of-use assets (Note 49) 17,2198,3816,5526,525
Commissions on letter of guarantee 24,80325,7815,8145,726
Financial costs for the provision of decommissioning
and removal of Power Plants\u2019, Mines\u2019 and Wind Parks\u2019 38,70534,14336,99433,103
facilities and mines\u2019 land restoration (Note 38)
Securitization interest expenses and other costs (Note 125,198134,620125,198134,620
51)
Finance cost of the financial liability from NCI put 32,91310,984- -
option
Discount interest on receivables from METAVASI S.A. - 4,836- 4,836
(Note 5)
Loss from interest rate swap valuation (Note 50.2) 7,8574,793- -
Financial cost of employee benefits (Note 37) 6,530- 3,516-
Interest expense from derivative transactions 21,457 - 21,457 -
Other 16,300 1,567 1884
Total 580,207422,628392,499329,210
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\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag841": { "value": "\n
16. FINANCIAL INCOME
\n
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GROUP COMPANY
2024 2023 2024 2023
Interest from outstanding energy bills 68,358 86,415 65,380 85,955
Commission on subsidiary loans\u2019 guarantee- - 720720
Interest on bank and time deposits (Note 31) 54,181 47,302 24,905 37,916
Dividends from subsidiaries - - 68,102 43,350
Gain from modification of loan agreement terms (Note 11,992 - 11,992 -
36)
Discount interest on receivables from METAVASI S.A. 9,470 1,187 9,470 1,187
(Note 5)
Interest income from interest rate swaps 8,371 4,411 - -
Interest on intercompany loans - - 43,609 7,985
Reassessment of consideration from acquisition of 18,041 - - -
subsidiaries (Note 6)
Interest income from derivative transactions 33,457 - 33,457 -
Other 2,585 876214299
Total 206,455 140,191 257,849 177,412
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\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag842": { "value": "\n

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17. OTHER (INCOME)/ EXPENSES
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GROUP COMPANY
2024202320242023
OTHER EXPENSES
Transportation and travel expenses 27,48928,0349,7508,061
Taxes and duties 37,06041,8559,52325,710
Losses on dismantling of property, plant and equipment 22,1257,50011,3641,146
Consumables 43,30117,3379,3366,683
Advertisements from press and other media 96,24144,72778,89449,853
Sponsorships-donations 19,57110,14518,20110,212
Benefits in kind 30,47520,25314,77612,171
Penalty clauses from suppliers/contractors 15,5258,38312,9248,383
\u0395xtraordinary suppliers contribution from Romania 7,0877,551- -
Loss from valuation of PPA derivative financial 85,8767,118241,864-
instruments (Note 50.4)
Out-of-court settlement of the Crete bank case (Note 47)11,753- 11,753-
Other expenses 13,90042,15012,51822,808
Total410,403235,053430,903145,027
OTHER INCOME
Penalties to suppliers/contractors (4,305) (1,940) (2,029) (1,062)
Subsidies to expenses (2,917) (2,669) (2,936) (2,669)
Income from leases (14,587) (1,730) (8,910) (6,136)
Gains from transactions of commodity derivatives (Note (12,052) (21,546) (12,052) (21,441)
50.2)
Gains from valuation of PPA derivative financial - - - (25,234)
instruments (Note 50.4)
Income from safety stock (10,943) (9,891) (10,943) (9,891)
Income from consumer loan settlement (16,508) - - -
Co-advertising income (19,275) - - -
Income from the execution of district heating projects (6,292) (686) (6,292) (686)
Other income (19,174) (15,999) (15,688) (13,616)
Total (106,053) (54,461) (58,850) (80,735)
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Ernst & Young's fees for the Group within 2024 amount to \u20ac 4.5 million, of which \u20ac817 thousand relates to permitted non-audit
\n
services whose compliance (in accordance with Regulation (EU) 537/2014 was confirmed by the Audit Committee.
\n

\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag843": { "value": "\n

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17. OTHER (INCOME)/ EXPENSES
\n
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
GROUP COMPANY
2024202320242023
OTHER EXPENSES
Transportation and travel expenses 27,48928,0349,7508,061
Taxes and duties 37,06041,8559,52325,710
Losses on dismantling of property, plant and equipment 22,1257,50011,3641,146
Consumables 43,30117,3379,3366,683
Advertisements from press and other media 96,24144,72778,89449,853
Sponsorships-donations 19,57110,14518,20110,212
Benefits in kind 30,47520,25314,77612,171
Penalty clauses from suppliers/contractors 15,5258,38312,9248,383
\u0395xtraordinary suppliers contribution from Romania 7,0877,551- -
Loss from valuation of PPA derivative financial 85,8767,118241,864-
instruments (Note 50.4)
Out-of-court settlement of the Crete bank case (Note 47)11,753- 11,753-
Other expenses 13,90042,15012,51822,808
Total410,403235,053430,903145,027
OTHER INCOME
Penalties to suppliers/contractors (4,305) (1,940) (2,029) (1,062)
Subsidies to expenses (2,917) (2,669) (2,936) (2,669)
Income from leases (14,587) (1,730) (8,910) (6,136)
Gains from transactions of commodity derivatives (Note (12,052) (21,546) (12,052) (21,441)
50.2)
Gains from valuation of PPA derivative financial - - - (25,234)
instruments (Note 50.4)
Income from safety stock (10,943) (9,891) (10,943) (9,891)
Income from consumer loan settlement (16,508) - - -
Co-advertising income (19,275) - - -
Income from the execution of district heating projects (6,292) (686) (6,292) (686)
Other income (19,174) (15,999) (15,688) (13,616)
Total (106,053) (54,461) (58,850) (80,735)
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Ernst & Young's fees for the Group within 2024 amount to \u20ac 4.5 million, of which \u20ac817 thousand relates to permitted non-audit
\n
services whose compliance (in accordance with Regulation (EU) 537/2014 was confirmed by the Audit Committee.
\n

\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag844": { "value": "\n
17. OTHER (INCOME)/ EXPENSES
\n
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
GROUP COMPANY
2024202320242023
OTHER EXPENSES
Transportation and travel expenses 27,48928,0349,7508,061
Taxes and duties 37,06041,8559,52325,710
Losses on dismantling of property, plant and equipment 22,1257,50011,3641,146
Consumables 43,30117,3379,3366,683
Advertisements from press and other media 96,24144,72778,89449,853
Sponsorships-donations 19,57110,14518,20110,212
Benefits in kind 30,47520,25314,77612,171
Penalty clauses from suppliers/contractors 15,5258,38312,9248,383
\u0395xtraordinary suppliers contribution from Romania 7,0877,551- -
Loss from valuation of PPA derivative financial 85,8767,118241,864-
instruments (Note 50.4)
Out-of-court settlement of the Crete bank case (Note 47)11,753- 11,753-
Other expenses 13,90042,15012,51822,808
Total410,403235,053430,903145,027
OTHER INCOME
Penalties to suppliers/contractors (4,305) (1,940) (2,029) (1,062)
Subsidies to expenses (2,917) (2,669) (2,936) (2,669)
Income from leases (14,587) (1,730) (8,910) (6,136)
Gains from transactions of commodity derivatives (Note (12,052) (21,546) (12,052) (21,441)
50.2)
Gains from valuation of PPA derivative financial - - - (25,234)
instruments (Note 50.4)
Income from safety stock (10,943) (9,891) (10,943) (9,891)
Income from consumer loan settlement (16,508) - - -
Co-advertising income (19,275) - - -
Income from the execution of district heating projects (6,292) (686) (6,292) (686)
Other income (19,174) (15,999) (15,688) (13,616)
Total (106,053) (54,461) (58,850) (80,735)
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Ernst & Young's fees for the Group within 2024 amount to \u20ac 4.5 million, of which \u20ac817 thousand relates to permitted non-audit
\n
services whose compliance (in accordance with Regulation (EU) 537/2014 was confirmed by the Audit Committee.
\n

\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag845": { "value": "\n

\n\n
18. INCOME TAXES (CURRENT AND DEFERRED)
\n
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
GROUP COMPANY
2024202320242023
Current income taxes 76,129 61,994 - -
Additional taxes from tax differences for previous 1,200 4,390 - 4,390
years
Deferred income tax (57,900) 70,847(64,650) 80,992
Total income tax 19,429 137,231 (64,650) 85,382
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Income tax returns for companies residing in Greece are filed annually but profits or losses declared remain provisional, until the tax
\n
authorities audit the Company's returns and records and a final tax audit report is issued. A corresponding obligation exists for foreign
\n
subsidiaries in accordance with local provisions. The current corporate income tax rate in Greece is 22%.
\n
\n
Due to the acquisition of subsidiaries in Romania from 25.10.2023 (Note 6), the Group is liable for income tax in Romania as well. The
\n
current income tax rate in Romania is 16%.
\n
\n
The Group establishes a provision, if deemed necessary, per company and on a case by case basis, against any possible additional
\n
taxes being imposed by the tax authorities.
\n
\n
Based on the applicable Income Tax Code, from the fiscal year 2011 and onwards, for the Group's companies residing in Greece the
\n
Statutory Auditors issue an \u201cAnnual Tax Compliance Report\u201d after conducting a tax audit at the same time with the financial audit
\n
(\"tax certificate\").
\n
\n
The tax audit is conducted on particular tax areas, specified by an audit program, according to the provisions of the tax law. Audit
\n
matters which are not covered by the above-mentioned decision are dealt with in accordance to the ISAE 3000 \u201cAssurance
\n
Engagements other than Audits or Reviews of Historical Financial Information\u201d.
\n
\n
From January 1st, 2016 and onwards, pursuant to Law 4410/2016, the issuance of the tax certificate became optional, however, the
\n
Group continues to apply the procedure for its issuance by the Statutory Auditors for subsidiaries residing in Greece.
\n
\n
The process of issuing the tax certificate of year 2024 is ongoing, while the Management estimates that no additional tax liabilities
\n
are expected for the Group and the Parent Company that will have a significant impact on the financial statements until its issuance.
\n
\n
Global minimum taxation - Pillar II rules
\n
\n
On April 5, 2024, Law 5100/2024 was published (OG A 49/5.4.2024) which ensures that large multinational companies will be subject
\n
to a minimum tax rate of 15% from 2024 onwards, in line with the OECD Pillar -II Global Anti-Base Erosion (GloBE) rules and the
\n
corresponding EU directive 2022/2523 (hereinafter referred to as the \"Pillar II rules\"). The same applies to other jurisdictions in which
\n
the Group operates \u2013 whether the legislative process is ongoing at the reporting date, or it has already been completed.
\n
\n
According to Greek law, it appears that the Company meets the conditions to qualify as the ultimate parent entity of the Group for
\n
the purposes of the Pillar II rules. According to said legislation, the ultimate parent entity is generally liable to pay any additional tax
\n
on the profits of its subsidiaries, which are taxed at an effective tax rate (as determined under the Greek Pillar II rules) lower than
\n
15%.
\n
\n
The Group has made draft calculations for the interim safe harbor of the Country-by-Country Reporting for the purposes of Pillar II
\n
rules, based on OECD administrative guidelines and standards. Based on this data, it appears that all jurisdictions in which the Group
\n
operates fall within one of the criteria of the interim safe harbor of the Country-by-Country Reporting. Therefore, no significant impact
\n
of the Pillar II rules is expected for the Group with respect to the period in question.
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18.INCOME TAXES (CURRENT AND DEFERRED) (CONTINUED)
\n
\n
Finally, the Group applied the temporary exemption from the accounting requirements for deferred taxation, as provided for in the
\n
amendments to IAS 12 issued in May 2023, so that it neither recognizes nor discloses information about deferred tax assets and
\n
liabilities related to Second Pillar income taxes.
\n
\n
Audit by tax authorities in subsidiary with the trade name \u201cKotsovolos\u201d
\n
Within 2022, was notified to the subsidiary company Next Gen Retail Services C.I.S.A (ex Dixons South - East Europe CISA
\n
(KOTSOVOLOS)) a tax audit order from the tax authorities for the years ended on 30.04.2019 and up to 30.04.2020 (two consecutive
\n
years). In December 2024, the audit of the tax authorities and the findings that emerged were insignificant.
\n
\n
Audit by tax authorities in subsidiaries in Romania
\n
\n
On 28.11.2022 and 19.12.2022, tax audit was commenced by the Romanian tax authorities for the subsidiary of the Group PPC Energie
\n
and PPC Energie Muntenia for the open tax years 2016 to 2021, which was completed in 2024. In particular, the Romanian tax
\n
authorities issued on September 18, 2024 and on 7 October 2024 their final tax audit report and a tax assessment decision following
\n
the tax audit. By this assessment, the tax authorities imposed an additional corporation tax payable by the subsidiaries in the amount
\n
of \u20ac 12.6 million, attributable to the period from January 1, 2016 to December 31, 2021 and a reduction in the carried forward losses
\n
from fiscal year 2021 by an amount of \u20ac 26.2 million. In 2024, the Romanian subsidiaries made a portion payment of the additional
\n
tax of \u20ac4.5 million by a way of an offset against an overpayment of corporation tax (due to overpayment in fiscal year 2021), which
\n
was included in other receivables as of December 31, 2023. The remaining amount of \u20ac 8.1 million was paid to the Romanian tax
\n
authorities. Evaluating uncertain tax positions under IFRS Interpretation 23, only \u20ac1.2 million was included in the income tax in the
\n
Statement of Income, as for the remaining amount of \u20ac11.4 million a receivable by the tax authorities has been raised and it is included
\n
in other receivables of the Group.
\n
\n
Tax Audit by the Large Business Audit Center
\n
On 27.07.2022 the Parent Company was notified to partial tax audit orders from the Large Business Control Center for the years 2017
\n
and 2018. The audit was completed in September 2023 and based on its findings an additional tax of \u20ac4.5 million was charged for the
\n
year 2017, which was paid by submitting an amending statement, while for the year 2018 accounting differences of \u20ac11.2 million
\n
arose, the corresponding amending statement was submitted and the accumulated loss of the year was reduced by the said amount.
\n
\n
Tax unaudited years for the subsidiaries of the Group are presented in the following table:
\n

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18.INCOME TAXES (CURRENT AND DEFERRED) (CONTINUED)
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
CompanyCountry Unaudited years since
PPC S.A. (Parent Company)Greece 2019
PPC RENEWABLES S.M.S.A. Greece 2019
HEDNO S.A. Greece 2019
ARCADIAN SUN ONE S.M.S.A.Greece 2019
ARCADIAN SUN TWO S.M.S.A. Greece 2019
SOLAR ARROW ONE S.M.S.A.Greece 2019
AMALTHIA ENERGY S.M.S.A. Greece2019
SOLARLAB S.M.S.A. Greece2019
SOLAR PARKS WESTERN MACEDONIA ONE S.M.S.A. Greece2019
SOLAR PARKS WESTERN MACEDONIA TWO S.M.S.A. Greece2019
PPC FINANCE PLC United Kingdom 2009
AIOLIKO PARKO LYKOVOUNI S.M.S.A. PARAGOGIS KAI EMPORIAS ENERGEIAS Greece 2019
AIOLIKO PARKO K-R S.M.S.A PARAGOGIS KAI EMPORIAS ENERGEIAS Greece 2019
AIOLIKO PARKO KOUKOULI S.M.S.A PARAGOGIS KAI EMPORIAS ENERGEIAS Greece 2020
AIOLIKO PARKO DOUKAS S.M.S.A. PARAGOGIS KAI EMPORIAS ENERGEIASGreece 2020
HELIOFANEIA S.M. TECHNIKI EMPORIKI KAI VIOMICHANIKI ETAIREIA ANANEOSIMON PIGON Greece 2019
ENERGEIAS
KPM ENERGY COMPANY OF ELECTRICITY PRODUCTION S.M.S.A.Greece 2019
AIOLIKI M\u03a1ELECHER\u0399 MONOPROSOPI ANONYMI KAI VIOMICHANIKI ENERGEIAKI ETAIREIA Greece 2019
SPARK WIND PARK S.R.L.*Romania 2023
CARGE S.M.S.A. Greece 2020
ALEXANDROUPOLIS ELECTRICITY PRODUCTION S.A.Greece 2022
DEI OPTIKES EPIKOINONIES SINGLE MEMBER S.A. Greece 2022
PPC (Public Power Corporation) Romania S.A.Romania 2019
PPC Belgium S.A. Belgium 2023
PPC BULGARIA JSCo Bulgaria 2014
PPC ELEKTRIK TEDARIK VE TICARET A.S.Turkey 2014
PPC ALBANIA Sh.a. Albania 2023
PHOEBE ENERGY S.M.S.A. Greece 2019
ENERGEIAKOS STOCHOS S.M.S.A.Greece 2019
WINDARROW ENERGEIAKI S.M.S.A. Greece 2019
EDS AD Skopje Republic of North Macedonia 2012
EDS DOO Belgrade Serbia 2022
EDS International SK SRO Slovakia 2012
EDS International KS LLC Kosovo 2016
PPC \u2013 Public Power Corporation Romania S.A. (former PPC ENERGY SERVICES CO S.A.)Romania 2019
RETELE ELECTRICE ROMANIA SA (former RETELE ELECTRICE MUNTANIA S.E.)Romania 2019
PPC ENERGIE SA Romania 2022
PPC RENEWABLES ROMANIA SRLRomania 2019
PPC ADVANCED ENERGY SERVICES ROMANIA SRL Romania 2019
PPC BLUE ROMANIA SRL Romania 2019
PPC TRADING SRL Romania 2020
PPC SERVICII COMUNE SRLRomania 2018
SOUTH WIND ENERGY SRL Romania 2020
DARA SOLAR INVESTMENT SRLRomania 2020
ENERGO SONNE SRL Romania 2020
SOLAS ELECTRICITY SRLRomania 2020
PROWIND WINDFARM VIISOARA SRLRomania 2019
PROWIND WINDFARM BOGDANESTI SRLRomania 2019
TOPLET POWER PARK SRL Romania 2019
GV ENERGIE RIGENERABILI ITAL-RO SRL Romania 2019
ELCOMEX SOLAR ENERGY SRLRomania 2019
DE ROCK INT'L S.R.L. Romania 2019
ZEPHIR 3 CONSTANTA S.R.L.Romania 2020
PROWIND WINDFARM IVESTI SRLRomania 2019
PROWIND WINDFARM DELENI SRLRomania 2019
SUN CHALLENGE SRL Romania 2020
SPARTAKOS ENERGY S.M.S.A.Greece 2023
THRAKIKI WIND 1 S.M.S.A. Greece 2019
LAND POWER S.R.L.** Romania 2022
INKAT ENERGY S.M.S.A. Greece 2019
CLAMWIND POWER S.M.S.A.Greece 2020
GREEK WINDPOWER S.M.S.A. Greece 2019
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18.INCOME TAXES (CURRENT AND DEFERRED) (CONTINUED)
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ALPENER S.M.S.A. Greece 2019
KASTRI EVIAS S.M.S.A.Greece 2019
ARCADIA-RE WIND-RENINVEST S.M.S.A. Greece 2019
RENEX AIOLIKI ARTAS S.M.S.A.Greece 2019
Next Gen Retail Services S.M.S.A. (KOTSOVOLOS) (ex Dixons South East Europe Commercial & Greece 2020
Industrial S.A.***
OLYMPUS ARTIFICIAL INTELLIGENCE/OLYMPUS AI SINGLE MEMBER S.A.****Greece 2024
PPC e-Money Services S.M.S.A.***** Greece 2024
Eko Park Wind Power EOOD******Bulgaria 2016
Haekon EOOD****** Bulgaria 2010
Mesomarket EOOD******Bulgaria 2010
Chirpan Solar Plant Ltd*********Bulgaria 2024
PPC ITALIA S.R.L.*******Italy 2024
FELIX RENEWABLE HOLDINGS SRL********Romania 2019
TMK HYDROENERGY POWER SRL********Romania 2019
OVIDIU DEVELOPMENT S.A.********Romania 2019
TOMIS TEAM S.A.********Romania 2019
MW TEAM INVEST SRL********Romania 2019
SOLAR RENEWABLE SRL-SPV******** Romania 2020
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* On 01.08.2023 the company \"SPARK WIND PARK S.R.L.\" was founded.
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** On 01.03.2024 the company \u201cLAND POWER S.R.L.\u201d was acquired.
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*** On 10.04.2024, the acquisition of the company \u201cDixons South East Europe C.I.S.A. (KOTSOVOLOS)\u201d was completed. On 22.11.2024 Dixons South East Europe AEBE
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changed its name to Next Gen Retail Services S.M.S.A. (KOTSOVOLOS).
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****On 30.07.2024 the company OLYMPUS ARTIFICIAL INTELLIGENCE/OLYMPUS AI SINGLE MEMBER S.A with d.t. OLYMPUS ARTIFICIAL INTELLIGENCE/OLYMPUS AI was
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incorporated.
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*****On 27.09.2024 the 100% subsidiary company \u201cPPC e-Money Services S.M.S.A. was founded.
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******On 30.09.2024 \"Eko Park Wind Power EOOD\", \"Haekon EOOD\" & \"Mesomarket EOOD\" were acquired through the 100% subsidiary company \"PPC BULGARIA JSCo\".
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******* On 19.11.2024 the100% subsidiary company \u201cPPC ITALIA S.R.L. was founded in Italy (Milan).
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******** On 20.11.2024 the 100% subsidiaries companies \u201cFELIX RENEWABLES HOLDINGS SRL\u201d, \u201cTMK HYDROENERGY POWER SRL\u201d, \u201cOVIDIU DEVELOPMENT S.A.\u201d, \u201c\u03a4\u039fMIS
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TEAM S.A.\u201d, \u201cMW TEAM INVEST SRL\u201d and 12.11.2024 the \u201cSOLAR RENEWABLE SRL-SPV \u201c were acquired by the 100% subsidiary PPC Renewables Romania S.R.L. in Romania.
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********* On 10.12.2024 the company \u201cChirpan Solar Plant Ltd\u201d was acquired through the subsidiary PPC BULGARIA JSCo.
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18.INCOME TAXES (CURRENT AND DEFERRED)(CONTINUED)
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An analysis and numerical reconciliation between the tax expense and the result of multiplying the accounting profit by the nominal
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applicable tax rate is set out below:
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GROUP COMPANY
2024 2023 2024 2023
Gain/(Loss) before tax 206,599 631,423 (74,412) 263,881
Nominal tax rate of Parent Company 22%22%22%22%
Income tax calculated at nominal tax rate 45,452 138,915 (16,371) 58,054
Effect of different tax rates of other countries(3,247) (2,279) - -
Non-deductible expenses/exempted revenues (25,507) 10,814 (33,788) 10,236
Subsidiaries\u2019 dividends- - (14,982) (9,537)
Items for which no deferred tax has been recognized (92,177) (2,199) (92,116) (303)
Derecognition of deferred tax asset due to expiration of tax 102,772 - 102,772 -
losses
Other (9,065) (12,410) (10,165) 22,541
Income tax 18,228 132,841 (64,650) 80,992
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The movement of the deferred income tax account is presented below:
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GROUP COMPANY
2024 2023 2024 2023
Balance, January 1st292,654 426,393 694,835 760,852
(Debit)/ Credit in the income statement 57,900 (70,855) 64,650 (80,992)
Other/Exchange differences (1,160) 32(1) 1
(Debit)/Credit directly in other comprehensive income(262,161) 17,938 (102,179) 14,974
Deferred tax liability for the spin-off of the wholesale - - 1,869 -
telecommunications branch
Adjustments on Group 15,257 - - -
Deferred tax liability due to subsidiaries acquisition (Note 3, (91,865) (80,854) - -
Note 6)
Balance, December 31st 10,625 292,654 659,174694,835
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Due to the PPA contracts between the Parent Company and the associate company METON ENERGY S.A., the deferred tax
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attributable to the losses from the valuation of these agreements has been appropriately adjusted in the Group.
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Deferred income tax receivables and liabilities are disclosed in the accompanying balance sheets as follows:
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GROUP COMPANY
31.12.2024 31.12.2023 31.12.2024 31.12.2023
Deferred income taxes
Receivables 1,468,895 1,425,724 953,435914,186
Liabilities (1,458,270) (1,133,070) (294,261) (219,351)
Total 10,625 292,654 659,174694,835
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18.INCOME TAXES (CURRENT AND DEFERRED)(CONTINUED)
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GROUP COMPANY
31.12.2024 31.12.2023 31.12.2024 31.12.2023
Deferred tax receivables
Inventories 72,93481,400 82,52978,922
Trade receivables 311,879367,893 289,118345,321
Provision for risks and expenses 127,934124,475 92,11988,642
Subsidies 16,42015,405 7,4487,717
Customers\u2019 contributions 317,015320,389 9661,075
Property, plant and equipment1,7154,686 3623,333
Derivative financial instruments 51,874- 46,876-
Financial assets measured at fair value 7,6853,116 7,6853,116
through comprehensive income
Subsidiaries and associates (289)64(289)64
Post retirement benefits 85,48789,888 26,75830,550
Other 75,141119,048 26,11676,987
Free of charge stock awards 5,1771,918 5,1771,918
Provision of Decommissioning and
removal of Power Plants\u2019, Mines\u2019 and 107,241103,662 101,00999,775
Wind Parks\u2019 facilities and mines\u2019 land
restoration
Tax losses 288,682193,779 264,615174,293
IFRS 16 Right-of-use assets--2,9452,474
Deferred tax receivables 1,468,8951,425,724 953,435914,186
Deferred tax liabilities
Long-term loans\u2019 issuance fees and (8,409)(10,742) (7,467)(10,199)
expenses
Depreciation and revaluation of property, (1,444,500)(1,115,482) (286,808)(204,754)
plant and equipment
Foreign currency (gains) 12(87) 13(87)
-Derivative financial instruments -(1,698) -(4,312)
-IFRS 16 Right-of-use assets (5,373)(5,061) --
Deferred tax liabilities (1,458,270)(1,133,070) (294,261)(219,351)
Deferred Tax receivables net 10,625292,654 659,174694,835
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18.INCOME TAXES (CURRENT AND DEFERRED)(CONTINUED)
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The movement of deferred taxes in income statement is analyzed below:
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GROUP COMPANY
2024 2023 2024 2023
Inventories 1,4873,491 3,607 3,339
Trade receivables (56,014)63,688 (56,203) 63,709
Provision for risks and accruals 1,654(4,155) 3,477 (3,042)
Subsidies and customer contributions (2,359)(4,233) (378) (1,273)
Property, plant and equipment (2,971)(19,248) (2,971) (19,248)
IFRS 16 Right-of-use assets 1,5631,836 4711,779
Long-term loans\u2019 issuance fees and expenses 2,3342,115 2,733 2,658
Subsidiaries and associates (352) 32(352) 32
Depreciation - Revaluation of property, plant and 41,653(30,827) 16,318 (55,736)
equipment
Foreign exchange differences 99(35) 99(35)
Financial assets measured at fair value through 4,569(4) 4,569 (4)
comprehensive income
Tax losses 87,311(115,317) 90,322 (111,005)
Post retirement benefits (3,221)(782) (2,272) (1,961)
Other (41,183)30,237 (50,868) 39,822
Free of charge stock awards 3,2581,918 3,258 1,918
Derivative financial instruments 21,912(6,796) 54,126 (8,658)
Provision of Decommissioning and removal of
Power, Mines and Wind Parks\u2019 facilities and mines\u2019 (1,840)7,224 (1,288) 6,712
land Restoration
(Debit)/ Credit in income statement 57,900(70,855) 64,650 (80,992)
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Deferred income tax charged in the statement of comprehensive income is attributable to the following items:
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GROUP COMPANY
2024 2023 2024 2023
Actuarial gains/ (losses) (1,666)2,606 (1,521) 1,536
Provision of Decommissioning and removal of 2,358(3,875) 2,521 (3,823)
Power Plants\u2019, Mines\u2019 and Wind Parks\u2019 facilities
Derivative financial instruments (3,359)17,993 (2,939) 16,396
Revaluation/ impairments of property, plant and (259,494)1,214 (100,241) 866
equipment
Debit/ (Credit) in the statement of comprehensive (262,161)17,938 (102,180) 14,974
income
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\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag852": { "value": "\n
18. INCOME TAXES (CURRENT AND DEFERRED)
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GROUP COMPANY
2024202320242023
Current income taxes 76,129 61,994 - -
Additional taxes from tax differences for previous 1,200 4,390 - 4,390
years
Deferred income tax (57,900) 70,847(64,650) 80,992
Total income tax 19,429 137,231 (64,650) 85,382
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Income tax returns for companies residing in Greece are filed annually but profits or losses declared remain provisional, until the tax
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authorities audit the Company's returns and records and a final tax audit report is issued. A corresponding obligation exists for foreign
\n
subsidiaries in accordance with local provisions. The current corporate income tax rate in Greece is 22%.
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Due to the acquisition of subsidiaries in Romania from 25.10.2023 (Note 6), the Group is liable for income tax in Romania as well. The
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current income tax rate in Romania is 16%.
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The Group establishes a provision, if deemed necessary, per company and on a case by case basis, against any possible additional
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taxes being imposed by the tax authorities.
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Based on the applicable Income Tax Code, from the fiscal year 2011 and onwards, for the Group's companies residing in Greece the
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Statutory Auditors issue an \u201cAnnual Tax Compliance Report\u201d after conducting a tax audit at the same time with the financial audit
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(\"tax certificate\").
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The tax audit is conducted on particular tax areas, specified by an audit program, according to the provisions of the tax law. Audit
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matters which are not covered by the above-mentioned decision are dealt with in accordance to the ISAE 3000 \u201cAssurance
\n
Engagements other than Audits or Reviews of Historical Financial Information\u201d.
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From January 1st, 2016 and onwards, pursuant to Law 4410/2016, the issuance of the tax certificate became optional, however, the
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Group continues to apply the procedure for its issuance by the Statutory Auditors for subsidiaries residing in Greece.
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The process of issuing the tax certificate of year 2024 is ongoing, while the Management estimates that no additional tax liabilities
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are expected for the Group and the Parent Company that will have a significant impact on the financial statements until its issuance.
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Global minimum taxation - Pillar II rules
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On April 5, 2024, Law 5100/2024 was published (OG A 49/5.4.2024) which ensures that large multinational companies will be subject
\n
to a minimum tax rate of 15% from 2024 onwards, in line with the OECD Pillar -II Global Anti-Base Erosion (GloBE) rules and the
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corresponding EU directive 2022/2523 (hereinafter referred to as the \"Pillar II rules\"). The same applies to other jurisdictions in which
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the Group operates \u2013 whether the legislative process is ongoing at the reporting date, or it has already been completed.
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According to Greek law, it appears that the Company meets the conditions to qualify as the ultimate parent entity of the Group for
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the purposes of the Pillar II rules. According to said legislation, the ultimate parent entity is generally liable to pay any additional tax
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on the profits of its subsidiaries, which are taxed at an effective tax rate (as determined under the Greek Pillar II rules) lower than
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15%.
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The Group has made draft calculations for the interim safe harbor of the Country-by-Country Reporting for the purposes of Pillar II
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rules, based on OECD administrative guidelines and standards. Based on this data, it appears that all jurisdictions in which the Group
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operates fall within one of the criteria of the interim safe harbor of the Country-by-Country Reporting. Therefore, no significant impact
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of the Pillar II rules is expected for the Group with respect to the period in question.
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18.INCOME TAXES (CURRENT AND DEFERRED) (CONTINUED)
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Finally, the Group applied the temporary exemption from the accounting requirements for deferred taxation, as provided for in the
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amendments to IAS 12 issued in May 2023, so that it neither recognizes nor discloses information about deferred tax assets and
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liabilities related to Second Pillar income taxes.
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Audit by tax authorities in subsidiary with the trade name \u201cKotsovolos\u201d
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Within 2022, was notified to the subsidiary company Next Gen Retail Services C.I.S.A (ex Dixons South - East Europe CISA
\n
(KOTSOVOLOS)) a tax audit order from the tax authorities for the years ended on 30.04.2019 and up to 30.04.2020 (two consecutive
\n
years). In December 2024, the audit of the tax authorities and the findings that emerged were insignificant.
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Audit by tax authorities in subsidiaries in Romania
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On 28.11.2022 and 19.12.2022, tax audit was commenced by the Romanian tax authorities for the subsidiary of the Group PPC Energie
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and PPC Energie Muntenia for the open tax years 2016 to 2021, which was completed in 2024. In particular, the Romanian tax
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authorities issued on September 18, 2024 and on 7 October 2024 their final tax audit report and a tax assessment decision following
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the tax audit. By this assessment, the tax authorities imposed an additional corporation tax payable by the subsidiaries in the amount
\n
of \u20ac 12.6 million, attributable to the period from January 1, 2016 to December 31, 2021 and a reduction in the carried forward losses
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from fiscal year 2021 by an amount of \u20ac 26.2 million. In 2024, the Romanian subsidiaries made a portion payment of the additional
\n
tax of \u20ac4.5 million by a way of an offset against an overpayment of corporation tax (due to overpayment in fiscal year 2021), which
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was included in other receivables as of December 31, 2023. The remaining amount of \u20ac 8.1 million was paid to the Romanian tax
\n
authorities. Evaluating uncertain tax positions under IFRS Interpretation 23, only \u20ac1.2 million was included in the income tax in the
\n
Statement of Income, as for the remaining amount of \u20ac11.4 million a receivable by the tax authorities has been raised and it is included
\n
in other receivables of the Group.
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Tax Audit by the Large Business Audit Center
\n
On 27.07.2022 the Parent Company was notified to partial tax audit orders from the Large Business Control Center for the years 2017
\n
and 2018. The audit was completed in September 2023 and based on its findings an additional tax of \u20ac4.5 million was charged for the
\n
year 2017, which was paid by submitting an amending statement, while for the year 2018 accounting differences of \u20ac11.2 million
\n
arose, the corresponding amending statement was submitted and the accumulated loss of the year was reduced by the said amount.
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Tax unaudited years for the subsidiaries of the Group are presented in the following table:
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18.INCOME TAXES (CURRENT AND DEFERRED) (CONTINUED)
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CompanyCountry Unaudited years since
PPC S.A. (Parent Company)Greece 2019
PPC RENEWABLES S.M.S.A. Greece 2019
HEDNO S.A. Greece 2019
ARCADIAN SUN ONE S.M.S.A.Greece 2019
ARCADIAN SUN TWO S.M.S.A. Greece 2019
SOLAR ARROW ONE S.M.S.A.Greece 2019
AMALTHIA ENERGY S.M.S.A. Greece2019
SOLARLAB S.M.S.A. Greece2019
SOLAR PARKS WESTERN MACEDONIA ONE S.M.S.A. Greece2019
SOLAR PARKS WESTERN MACEDONIA TWO S.M.S.A. Greece2019
PPC FINANCE PLC United Kingdom 2009
AIOLIKO PARKO LYKOVOUNI S.M.S.A. PARAGOGIS KAI EMPORIAS ENERGEIAS Greece 2019
AIOLIKO PARKO K-R S.M.S.A PARAGOGIS KAI EMPORIAS ENERGEIAS Greece 2019
AIOLIKO PARKO KOUKOULI S.M.S.A PARAGOGIS KAI EMPORIAS ENERGEIAS Greece 2020
AIOLIKO PARKO DOUKAS S.M.S.A. PARAGOGIS KAI EMPORIAS ENERGEIASGreece 2020
HELIOFANEIA S.M. TECHNIKI EMPORIKI KAI VIOMICHANIKI ETAIREIA ANANEOSIMON PIGON Greece 2019
ENERGEIAS
KPM ENERGY COMPANY OF ELECTRICITY PRODUCTION S.M.S.A.Greece 2019
AIOLIKI M\u03a1ELECHER\u0399 MONOPROSOPI ANONYMI KAI VIOMICHANIKI ENERGEIAKI ETAIREIA Greece 2019
SPARK WIND PARK S.R.L.*Romania 2023
CARGE S.M.S.A. Greece 2020
ALEXANDROUPOLIS ELECTRICITY PRODUCTION S.A.Greece 2022
DEI OPTIKES EPIKOINONIES SINGLE MEMBER S.A. Greece 2022
PPC (Public Power Corporation) Romania S.A.Romania 2019
PPC Belgium S.A. Belgium 2023
PPC BULGARIA JSCo Bulgaria 2014
PPC ELEKTRIK TEDARIK VE TICARET A.S.Turkey 2014
PPC ALBANIA Sh.a. Albania 2023
PHOEBE ENERGY S.M.S.A. Greece 2019
ENERGEIAKOS STOCHOS S.M.S.A.Greece 2019
WINDARROW ENERGEIAKI S.M.S.A. Greece 2019
EDS AD Skopje Republic of North Macedonia 2012
EDS DOO Belgrade Serbia 2022
EDS International SK SRO Slovakia 2012
EDS International KS LLC Kosovo 2016
PPC \u2013 Public Power Corporation Romania S.A. (former PPC ENERGY SERVICES CO S.A.)Romania 2019
RETELE ELECTRICE ROMANIA SA (former RETELE ELECTRICE MUNTANIA S.E.)Romania 2019
PPC ENERGIE SA Romania 2022
PPC RENEWABLES ROMANIA SRLRomania 2019
PPC ADVANCED ENERGY SERVICES ROMANIA SRL Romania 2019
PPC BLUE ROMANIA SRL Romania 2019
PPC TRADING SRL Romania 2020
PPC SERVICII COMUNE SRLRomania 2018
SOUTH WIND ENERGY SRL Romania 2020
DARA SOLAR INVESTMENT SRLRomania 2020
ENERGO SONNE SRL Romania 2020
SOLAS ELECTRICITY SRLRomania 2020
PROWIND WINDFARM VIISOARA SRLRomania 2019
PROWIND WINDFARM BOGDANESTI SRLRomania 2019
TOPLET POWER PARK SRL Romania 2019
GV ENERGIE RIGENERABILI ITAL-RO SRL Romania 2019
ELCOMEX SOLAR ENERGY SRLRomania 2019
DE ROCK INT'L S.R.L. Romania 2019
ZEPHIR 3 CONSTANTA S.R.L.Romania 2020
PROWIND WINDFARM IVESTI SRLRomania 2019
PROWIND WINDFARM DELENI SRLRomania 2019
SUN CHALLENGE SRL Romania 2020
SPARTAKOS ENERGY S.M.S.A.Greece 2023
THRAKIKI WIND 1 S.M.S.A. Greece 2019
LAND POWER S.R.L.** Romania 2022
INKAT ENERGY S.M.S.A. Greece 2019
CLAMWIND POWER S.M.S.A.Greece 2020
GREEK WINDPOWER S.M.S.A. Greece 2019
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18.INCOME TAXES (CURRENT AND DEFERRED) (CONTINUED)
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ALPENER S.M.S.A. Greece 2019
KASTRI EVIAS S.M.S.A.Greece 2019
ARCADIA-RE WIND-RENINVEST S.M.S.A. Greece 2019
RENEX AIOLIKI ARTAS S.M.S.A.Greece 2019
Next Gen Retail Services S.M.S.A. (KOTSOVOLOS) (ex Dixons South East Europe Commercial & Greece 2020
Industrial S.A.***
OLYMPUS ARTIFICIAL INTELLIGENCE/OLYMPUS AI SINGLE MEMBER S.A.****Greece 2024
PPC e-Money Services S.M.S.A.***** Greece 2024
Eko Park Wind Power EOOD******Bulgaria 2016
Haekon EOOD****** Bulgaria 2010
Mesomarket EOOD******Bulgaria 2010
Chirpan Solar Plant Ltd*********Bulgaria 2024
PPC ITALIA S.R.L.*******Italy 2024
FELIX RENEWABLE HOLDINGS SRL********Romania 2019
TMK HYDROENERGY POWER SRL********Romania 2019
OVIDIU DEVELOPMENT S.A.********Romania 2019
TOMIS TEAM S.A.********Romania 2019
MW TEAM INVEST SRL********Romania 2019
SOLAR RENEWABLE SRL-SPV******** Romania 2020
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* On 01.08.2023 the company \"SPARK WIND PARK S.R.L.\" was founded.
\n
** On 01.03.2024 the company \u201cLAND POWER S.R.L.\u201d was acquired.
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*** On 10.04.2024, the acquisition of the company \u201cDixons South East Europe C.I.S.A. (KOTSOVOLOS)\u201d was completed. On 22.11.2024 Dixons South East Europe AEBE
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changed its name to Next Gen Retail Services S.M.S.A. (KOTSOVOLOS).
\n
****On 30.07.2024 the company OLYMPUS ARTIFICIAL INTELLIGENCE/OLYMPUS AI SINGLE MEMBER S.A with d.t. OLYMPUS ARTIFICIAL INTELLIGENCE/OLYMPUS AI was
\n
incorporated.
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*****On 27.09.2024 the 100% subsidiary company \u201cPPC e-Money Services S.M.S.A. was founded.
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******On 30.09.2024 \"Eko Park Wind Power EOOD\", \"Haekon EOOD\" & \"Mesomarket EOOD\" were acquired through the 100% subsidiary company \"PPC BULGARIA JSCo\".
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******* On 19.11.2024 the100% subsidiary company \u201cPPC ITALIA S.R.L. was founded in Italy (Milan).
\n
******** On 20.11.2024 the 100% subsidiaries companies \u201cFELIX RENEWABLES HOLDINGS SRL\u201d, \u201cTMK HYDROENERGY POWER SRL\u201d, \u201cOVIDIU DEVELOPMENT S.A.\u201d, \u201c\u03a4\u039fMIS
\n
TEAM S.A.\u201d, \u201cMW TEAM INVEST SRL\u201d and 12.11.2024 the \u201cSOLAR RENEWABLE SRL-SPV \u201c were acquired by the 100% subsidiary PPC Renewables Romania S.R.L. in Romania.
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********* On 10.12.2024 the company \u201cChirpan Solar Plant Ltd\u201d was acquired through the subsidiary PPC BULGARIA JSCo.
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18.INCOME TAXES (CURRENT AND DEFERRED)(CONTINUED)
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An analysis and numerical reconciliation between the tax expense and the result of multiplying the accounting profit by the nominal
\n
applicable tax rate is set out below:
\n
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GROUP COMPANY
2024 2023 2024 2023
Gain/(Loss) before tax 206,599 631,423 (74,412) 263,881
Nominal tax rate of Parent Company 22%22%22%22%
Income tax calculated at nominal tax rate 45,452 138,915 (16,371) 58,054
Effect of different tax rates of other countries(3,247) (2,279) - -
Non-deductible expenses/exempted revenues (25,507) 10,814 (33,788) 10,236
Subsidiaries\u2019 dividends- - (14,982) (9,537)
Items for which no deferred tax has been recognized (92,177) (2,199) (92,116) (303)
Derecognition of deferred tax asset due to expiration of tax 102,772 - 102,772 -
losses
Other (9,065) (12,410) (10,165) 22,541
Income tax 18,228 132,841 (64,650) 80,992
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The movement of the deferred income tax account is presented below:
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GROUP COMPANY
2024 2023 2024 2023
Balance, January 1st292,654 426,393 694,835 760,852
(Debit)/ Credit in the income statement 57,900 (70,855) 64,650 (80,992)
Other/Exchange differences (1,160) 32(1) 1
(Debit)/Credit directly in other comprehensive income(262,161) 17,938 (102,179) 14,974
Deferred tax liability for the spin-off of the wholesale - - 1,869 -
telecommunications branch
Adjustments on Group 15,257 - - -
Deferred tax liability due to subsidiaries acquisition (Note 3, (91,865) (80,854) - -
Note 6)
Balance, December 31st 10,625 292,654 659,174694,835
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Due to the PPA contracts between the Parent Company and the associate company METON ENERGY S.A., the deferred tax
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attributable to the losses from the valuation of these agreements has been appropriately adjusted in the Group.
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Deferred income tax receivables and liabilities are disclosed in the accompanying balance sheets as follows:
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GROUP COMPANY
31.12.2024 31.12.2023 31.12.2024 31.12.2023
Deferred income taxes
Receivables 1,468,895 1,425,724 953,435914,186
Liabilities (1,458,270) (1,133,070) (294,261) (219,351)
Total 10,625 292,654 659,174694,835
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18.INCOME TAXES (CURRENT AND DEFERRED)(CONTINUED)
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GROUP COMPANY
31.12.2024 31.12.2023 31.12.2024 31.12.2023
Deferred tax receivables
Inventories 72,93481,400 82,52978,922
Trade receivables 311,879367,893 289,118345,321
Provision for risks and expenses 127,934124,475 92,11988,642
Subsidies 16,42015,405 7,4487,717
Customers\u2019 contributions 317,015320,389 9661,075
Property, plant and equipment1,7154,686 3623,333
Derivative financial instruments 51,874- 46,876-
Financial assets measured at fair value 7,6853,116 7,6853,116
through comprehensive income
Subsidiaries and associates (289)64(289)64
Post retirement benefits 85,48789,888 26,75830,550
Other 75,141119,048 26,11676,987
Free of charge stock awards 5,1771,918 5,1771,918
Provision of Decommissioning and
removal of Power Plants\u2019, Mines\u2019 and 107,241103,662 101,00999,775
Wind Parks\u2019 facilities and mines\u2019 land
restoration
Tax losses 288,682193,779 264,615174,293
IFRS 16 Right-of-use assets--2,9452,474
Deferred tax receivables 1,468,8951,425,724 953,435914,186
Deferred tax liabilities
Long-term loans\u2019 issuance fees and (8,409)(10,742) (7,467)(10,199)
expenses
Depreciation and revaluation of property, (1,444,500)(1,115,482) (286,808)(204,754)
plant and equipment
Foreign currency (gains) 12(87) 13(87)
-Derivative financial instruments -(1,698) -(4,312)
-IFRS 16 Right-of-use assets (5,373)(5,061) --
Deferred tax liabilities (1,458,270)(1,133,070) (294,261)(219,351)
Deferred Tax receivables net 10,625292,654 659,174694,835
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18.INCOME TAXES (CURRENT AND DEFERRED)(CONTINUED)
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The movement of deferred taxes in income statement is analyzed below:
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GROUP COMPANY
2024 2023 2024 2023
Inventories 1,4873,491 3,607 3,339
Trade receivables (56,014)63,688 (56,203) 63,709
Provision for risks and accruals 1,654(4,155) 3,477 (3,042)
Subsidies and customer contributions (2,359)(4,233) (378) (1,273)
Property, plant and equipment (2,971)(19,248) (2,971) (19,248)
IFRS 16 Right-of-use assets 1,5631,836 4711,779
Long-term loans\u2019 issuance fees and expenses 2,3342,115 2,733 2,658
Subsidiaries and associates (352) 32(352) 32
Depreciation - Revaluation of property, plant and 41,653(30,827) 16,318 (55,736)
equipment
Foreign exchange differences 99(35) 99(35)
Financial assets measured at fair value through 4,569(4) 4,569 (4)
comprehensive income
Tax losses 87,311(115,317) 90,322 (111,005)
Post retirement benefits (3,221)(782) (2,272) (1,961)
Other (41,183)30,237 (50,868) 39,822
Free of charge stock awards 3,2581,918 3,258 1,918
Derivative financial instruments 21,912(6,796) 54,126 (8,658)
Provision of Decommissioning and removal of
Power, Mines and Wind Parks\u2019 facilities and mines\u2019 (1,840)7,224 (1,288) 6,712
land Restoration
(Debit)/ Credit in income statement 57,900(70,855) 64,650 (80,992)
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Deferred income tax charged in the statement of comprehensive income is attributable to the following items:
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GROUP COMPANY
2024 2023 2024 2023
Actuarial gains/ (losses) (1,666)2,606 (1,521) 1,536
Provision of Decommissioning and removal of 2,358(3,875) 2,521 (3,823)
Power Plants\u2019, Mines\u2019 and Wind Parks\u2019 facilities
Derivative financial instruments (3,359)17,993 (2,939) 16,396
Revaluation/ impairments of property, plant and (259,494)1,214 (100,241) 866
equipment
Debit/ (Credit) in the statement of comprehensive (262,161)17,938 (102,180) 14,974
income
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\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag876": { "value": "\n

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19. PROPERTY, PLANT AND EQUIPMENT
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GROUP Land Mines Lakes Buildings and Machinery and Transportation Fixtures and Construction in Total
Technical Works Equipment Assets Furniture progress
Carrying amount
December 31, 2022 448,509 451,913 39,859 1,458,117 7,642,218 32,633 85,259 2,147,032 12,305,544
Impairment of fixed assets - - - - - - - (1,912) (1,912)
Foreign currency differences (126) - - (2,882) (2,508) (32) (6) (390) (5,944)
Carrying amount of fixed assets (subsidiaries acquisition) (Notes 6 & 22)48,179 - - 1,100,503 1,002,390 12,147 2,225 134,843 2,300,287
Additions/(reduction) of decommissioning and removal costs of Power Plants\u2019, and - (8,425) - - 4,792 - - - (3,633)
Mining facilities and mines\u2019 land restoration
Additions294- - 4,138 482,135 1,869 13,931 615,574 1,117,940
Disposals/Sales- - - (321) (16,544) (853) (1,261) (428) (19,406)
Transfers from CIP - 6,649 5 256,487 1,617,505 321591(1,881,557) -
Transfers to intangible assets- - - - - - - (17,680) (17,680)
Other Movements23- - 2731,998 86(2,545) (12,182) (12,346)
December 31, 2023 496,879 450,137 39,864 2,816,314 10,731,986 46,171 98,194 983,300 15,662,845
Accumulated Depreciation
December 31, 2022 (1,590) (410,927) (20,357) (243,870) (1,021,471) (19,231) (37,316) - (1,754,763)
Depreciation charge (364) (8,024) (764) (90,251) (501,844) (4,199) (9,149) - (614,635)
Accumulated depreciation of fixed assets (subsidiaries acquisition) - - - (105) (280) - (9) - (394)
Accumulated depreciation of disposals / sales - - - 384,081 7781,067 - 5,965
Other Movements - - - - (244) - 244- -
Foreign currency differences - - - 10141 - - 25
December 31, 2023 (1,954) (418,951) (21,121) (334,178) (1,519,784) (22,651) (45,163) - (2,363,802)
Net carrying amount December 31, 2023 494,925 31,186 18,743 2,482,136 9,212,202 23,520 53,031 983,300 13,299,043
Carrying amount
December 31, 2023496,879 450,137 39,864 2,816,314 10,731,986 46,171 98,194 983,300 15,662,845
Impairment of fixed assets - (9,588)- 1,295 (865) - (9) (2,772)(11,939)
Revaluation surplus / (Devaluation) of fixed assets91,659 - - 100,503 829,750 19,762 1,963 - 1,043,638
Carrying amount of fixed assets (subsidiaries acquisition) (Note 3)5,675 - - 373,786 483,444 3,400 19,545 30,272 916,121
Additions/(reduction) of decommissioning and removal costs of Power Plants\u2019, and - 9,588 - - 342 - - - 9,930
Mining facilities, mines\u2019 land restoration and parks
Additions244 - - 13,144 687,268 557 34,365 1,008,660 1,744,238
Disposals/Sales(653) (6) - (9,031)(35,422) (416) (1,884)(227) (47,638)
Transfers from CIP5,046 951 - 165,830 257,857 1,981 7,608 (439,272) -
Transfers to intangible assets - - - - - - - (11,511) (11,511)
Other Movements10,456 (22,080) - (3,180)3,004 17 49 179(11,556)
Foreign currency differences 12 - - 4713794 - 39 905
Transfers from/to inventories - - - - (2,412)- 3 3,591 1,182
Sale of subsidiaries - - - - - - - (92) (92)
Set-off of accumulated depreciation with carrying amount due to revaluation of - - - (439,067) (1,970,713) (28,627) (55,627) - (2,494,034)
fixed assets
December 31, 2024 609,318 429,003 39,864 3,020,064 10,984,620 42,849 104,206 1,572,167 16,802,091
Accumulated Depreciation
December 31, 2023 (1,954) (418,951) (21,121) (334,178) (1,519,784) (22,651) (45,163) - (2,363,802)
Depreciation charge (343) (7,084)(764) (147,694) (632,217) (6,384)(14,996) -(809,484)
Accumulated depreciation of disposals / sales-869 (864) 7,909 15,638 375 1,661 -25,589
Other Movements -11,624 - 1,458 (878) - (62) - 12,142
Foreign currency differences -- - 4 29 - - -33
Set-off of accumulated depreciation with carrying amount due to revaluation of ---439,067 1,970,713 28,627 55,627-2,494,034
fixed assets
December 31, 2024 (2,297)(413,542) (22,749)(33,435) (166,500) (34) (2,931) - (641,489)
Net carrying amount December 31, 2024 607,021 15,461 17,115 2,986,62910,818,120 42,816 101,275 1,572,167 16,160,601
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19. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
COMPANY Land Mines Lakes Buildings and Machinery and Transportation Fixtures and Construction in Total
Technical Works Equipment Assets Furniture progress
Carrying amount
December 31, 2022 238,910 451,910 39,859 1,246,935 2,702,431 15,340 54,555 1,827,854 6,577,794
Impairment of fixed assets - - - - - - - (1,773) (1,773)
Additions/(Decrease) in decommissioning and removal costs of Mines (Note - (8,425) - - 4,278 - - - (4,146)
38)
Additions- - - 66236207,134 183,586 191,042
Disposals/Sales- - - (96) (6,435) (104) (466) - (7,101)
Transfers from CIP - 6,649 5 188,760 1,372,842 - 84(1,568,339) -
Transfers to intangible assets- - - - - - - (6,170) (6,170)
Other Movements- - - - 2,598 - (2,598) (11,009) (11,009)
December 31, 2023 238,910 450,134 39,864 1,435,665 4,075,950 15,257 58,708 424,148 6,738,636
Accumulated Depreciation
December 31, 2022 (1,590) (410,926) (20,357) (219,020) (685,915) (9,690) (19,877) - (1,367,375)
Depreciation charge (364) (8,024) (764) (61,836) (182,395) (1,413) (6,257) - (261,052)
Accumulated depreciation of disposals / sales - - - 381,569 98314- 2,020
Other Movements - - - - (244) - 244- -
December 31, 2023 (1,954) (418,950) (21,121) (280,817) (866,985) (11,005) (25,576) - (1,626,408)
Net carrying amount December 31, 2023236,956 31,184 18,742 1,154,848 3,208,965 4,252 33,133 424,148 5,112,228
Carrying amount
December 31, 2023238,910450,13439,8641,435,6654,075,95015,25758,708424,1486,738,636
Impairment of fixed assets - (9,588) - - - - - (1,914) (11,502)
Revaluation surplus / (Devaluation) of fixed assets53,813 - - (2,618) 304,002 6,862 (282) - 361,777
Additions/(Decrease) in decommissioning and removal costs of Mines (Note - 9,588 - - - - - - 9,588
38)
Additions- - - 2011864610,517 221,888 232,838
Disposals/Sales- (6)- (8,552) (20,374) (51) (505) - (29,488)
Transfers from CIP750951- 21,270 83,705 - 6,304 (112,981) -
Spin-off of the wholesale telecommunications branch - - - - (10,882) - (242) (51,963) (63,088)
Other Movements10,456 (22,080) - - - - - - (11,624)
Set-off of accumulated depreciation with carrying amount due to - - - (316,798) (928,922) (11,913) (32,050) - (1,289,683)
revaluation of fixed assets
December 31, 2024 303,929 429,000 39,864 1,129,168 3,503,664 10,200 42,450 479,178 5,937,454
Accumulated Depreciation
December 31, 2023 (1,954) (418,950) (21,121) (280,817) (866,985) (11,005) (25,576) - (1,626,408)
Depreciation charge (338) (7,084) (764) (70,323) (231,481) (959) (6,884) - (317,834)
Accumulated depreciation of disposals / sales-869(864)7,655 10,900 51374- 18,986
Spin-off of the wholesale telecommunications branch- - - - 2,398 - 34- 2,432
Set-off of accumulated depreciation with carrying amount due to -- - 316,798 928,922 11,913 32,050 - 1,289,683
revaluation of fixed assets
\u039fther Movements - 11,624-- - - - -11,624
December 31, 2024 (2,292) (413,541) (22,749) (26,688) (156,246) - - - (621,517)
Net carrying amount December 31, 2024301,637 15,459 17,115 1,102,480 3,347,418 10,200 42,450 479,178 5,315,938
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19. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
\n
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Revaluation surplus Reserve of fixed assets
\n
The following table presents the total impact of the revaluation of property, plant and equipment on the statement of
\n
comprehensive income and profit or loss.
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
GROUP COMPANY
Revaluation surplus of property, plant and equipment directly in the
statement of comprehensive income 1,210,411 455,642
Revaluation loss on property, plant and equipment in the income
statement (166,775) (93,866)
Total Effect of the Revaluation 1,043,637 361,777
Revaluation surplus 1,210,411 455,642
Deferred tax (expense) on revaluation (259,494) (100,241)
Total revaluation of property, plant and equipment recognized directly in 950,917355,401
the statement of other comprehensive income, net of deferred taxes
Revaluation loss on property, plant and equipment in the income (166,775) (93,866)
statement
Deferred tax on devaluation 33,097 20,650
Total revaluation of property, plant and equipment in the income (133,677) (73,215)
statement, net of deferred taxes
Total effect of the revaluation of 2024, net of deferred taxes 817,240 282,186
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The following is a table showing the movement of the revaluation surplus:
\n
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
2024 2023
GROUP COMPANY GROUP COMPANY
Balance 01.01 5,134,571 3,053,026 5,150,332 3,064,597
Change in future outflows of decommissioning and removal costs
of Power Plants\u2019, Mining facilities and mines\u2019 land restoration, (8,564) (8,940) 13,740 13,555
after tax
Increase due to revaluation surplus, after taxes 950,917355,401 - -
Proportion of increase due to revaluation surplus, after taxes to (211,088) - - -
the minority shareholders
Transfer of revaluation surplus reserve of fixed assets to a - (7,400) - -
subsidiary due to spin-off of a branch
Disposal of fixed assets with revaluation surplus, after tax - - (4,304) (3,071)
Fixed asset disposals, after tax (77,813) (71,573) (27,779) (22,055)
Other movements 491- 2,582 -
Balance 31.12 5,788,514 3,320,514 5,134,571 3,053,026
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Revaluation of property, plant and equipment 2024 Group and Parent Company
\n
On 31 December 2024, the Group and the Parent Company proceeded to the revaluation of property, plant and equipment in
\n
operation. The last revaluation of property, plant and equipment was carried out on 31 December 2019. The revaluation was
\n
carried out in accordance with IAS 16 by independent valuation firms and did not include lignite mining areas, lake areas, as well
\n
as projects under construction. In this context, the valuation firms carried out internal and external inspections (autopsy & drive-
\n
by) on a selected representative sample of real estate and production units of the Group and the Parent Company, in accordance
\n
with valuation standards. Finally, no revaluation of property, plant and equipment was performed for subsidiaries with
\n
insignificant fixed assets that are in operation (core activity in Energy supply or services).
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19. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
\n
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The method and significant assumptions applied by the independent valuation firms were the following:
\n
(a) For the calculation of the fair value of the fixed assets, the valuation firms took into account the individual Business Plans of
\n
the Group companies
\n
(b) All of the assessed real estate assets was considered to be fully owned by the Group and the Parent company (except for
\n
those that are joint fixed assets with IPTO SA), while real estate for which the Group and the Parent company notified the
\n
independent valuation firm that there are commitments (e.g. units out of service), were not subject to valuation.
\n
(c) The valuation firms assumed that for all of the real estate assets, the Group and the Parent company have the titles property,
\n
building permits and other similar approvals, or has taken steps to settle any outstanding issues, as required by law.
\n
(d) The majority of the properties valued were considered to be used by the Group and the Parent company for its own purposes,
\n
as well as for the purpose of covering its administrative services, and that the same use is expected throughout their remaining
\n
useful lives.
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(e) In order to determine the fair value of urban properties, the Market Approach was mainly applied (documentation based on
\n
market conditions, i.e. using the comparative data method). In particular, the appraiser based his assessment on market research
\n
data and on data collected from professionals operating in each surveyed area of the relevant properties, adjusting the market
\n
data according to the conditions of each area and the physical characteristics of the Group's and the Parent company's properties
\n
(size, condition and exact location).
\n
In the cases of land and buildings where sufficient comparative data were not identified, the Cost Method was applied, which
\n
takes into account the value of the land - either by comparative data or by applying the Utilization Method - and the depreciated
\n
replacement cost for the buildings.
\n
Regarding the determination of the fair value of technical works (various technical constructions - dams), the Cost Approach was
\n
used and specifically the Trending Method.
\n
Furniture and fixtures and means of transport were valued using the Trending Method. This method is applied to a large number
\n
of fixed assets and is based on the carrying values of the Fixed Assets Register and the Useful Lives applied by the Company.
\n
\n
The fair value for special purpose buildings, machinery and technical works (special purpsose fixed assets), was determined on
\n
the basis of the Cost Approach and in particular by the method of depreciated replacement cost, in the context of which the
\n
needed adjustments were made to reflect their physical, functional, technological and economic obsolescence.
\n
For all electromechanical equipment, the appraisers took into account their acquisition date, their degree of utilization and
\n
maintenance thereof, the special tables with the technical and cost data provided by the Group companies, the contractual
\n
construction cost of the new production units, the schedule for the decommissioning of production units and the corresponding
\n
decommissioning of the mines. Moreover, the valuer calculated a remaining useful life of 5 years for the electromechanical
\n
equipment of the units that is still in operation and has been depreciated, provided that it is not expected to cease operation
\n
earlier. Functional depreciation was calculated for the three lignite units of the Agios Dimitrios Power Plant and the production
\n
units of the small non-interconnected islands.
\n
(f) The economic obsolence was determined by the valuators following a profitability test of the individual subsidiaries and the
\n
Parent Company (Profitability testing) by applying the income approach method, and in particular the discounted cash flow
\n
method. The discount rate used at the level of the Parent company and the subsidiaries HEDNO, PPC Renewables (approach as a
\n
Group of all its subsidiaries), RETELE ELECTRICE ROMANIA, PPC RENEWABLES ROMANIA (approach as a Group of all its
\n
subsidiaries) was calculated based on the WACC (weighted average cost of capital) and amounted to 6.3%, 5.2%, 6.1%, 9.64% (in
\n
RON) and 9.56% (in RON), respectively.
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19. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
\n
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The revalued amounts, from appraisers\u2019 work, compared to Net Book Value of the fixed assets, resulted to a net surplus for the
\n
Group and the Parent Company amounting to \u20ac1,210.4 million and \u20ac455.6 million respectively, which was credited directly to the
\n
statement of comprehensive income (\u20ac 950.9 and \u20ac355.4 million net of deferred taxes for the Group and the Parent Company
\n
respectively). Also, an amount of \u20ac 166.7 million and \u20ac93.8 million for the Group and the Parent Company, which was not covered
\n
by surplus from previous revaluations (no revaluation reserve of fixed assets was recognized for the acquired companies), was
\n
charged in the income statement of the year ended 31 December 2024 (\u20ac133.7 million and \u20ac73.2 million net of deferred taxes
\n
for the Group and the Parent Company respectively).
\n
\n
New additions to fixed assets 2024 Group and Parent Company
\n
In the year ended on December 31, 2024, the additions of the assets under construction of the Group and the Parent company
\n
include an amount of \u20ac 108 million for the installation of new power capacity in the islands of Thira, Rhodes, Chios. Additions of
\n
the assets under construction of the Group include \u20ac 96.4 million, which relates to the cost of the combined cycle Power
\n
Generation Station with natural gas fuel of nominal power of 840 MW at Alexandroupoli, as well as \u20ac 223.9 million for the
\n
development of photovoltaic parks and \u20ac 60 million for wind parks in Greece, respectively, for the year ended on December 31,
\n
2024. Also, the additions to Assets under Construction in Romania for electricity production from RES were \u20ac62.5 million. Finally,
\n
in the year ended on December 31, 2024, the Group proceeded with additions to the development of the distribution network
\n
of \u20ac 1.016 million, which mainly concern many small and low voltage development projects in Greece and Romania, as well as
\n
\u20ac87.5 million for the development of a high-speed fiber optic network (FTTH) in Greece.
\n
Fixed assets from acquisition of subsidiaries -2024
\n
During 2024, the Group proceeded with acquisitions of Renewable Energy Sources companies in Greece, Bulgaria and Romania
\n
and recognized property, plant and equipment of \u20ac888.2 million (Note 3.3) which mainly concern Wind Farms and Photovoltaic
\n
Farms in various stages of development (in commercial operation, in licensing stage) and small Hydroelectric parks.
\n
Finally, from the acquisition of Kotsovolos, the Group recognized property, plant and equipment of \u20ac27.9 million (Note 3.4).
\n
\n
New asset additions 2023 Group and Parent Company
\n
\n
On October 9, 2023, the New Ptolemaida V Unit with a gross capacity of 660 MW, with pulverized lignite fuel, and the ability to
\n
provide thermal power of 140 MWth for district heating, was transferred from fixed assets under construction to fixed assets in
\n
operation, according to the commercial operation start protocol signed with the project contractor. Transfers from projects under
\n
construction of the Group and the Parent Company to fixed assets in operation includes an amount of \u20ac 1,526 million which
\n
concerns the total capitalized cost of construction of the new Unit after impairments.
\n
The additions of the Group's Assets under Construction include an amount of \u20ac161.1 million, which concerns the construction
\n
cost of the combined cycle Power Generation Station with natural gas fuel of nominal power of 840 MW, in the industrial area of
\n
Alexandroupolis for the period ending on December 31, 2023.
\n

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\n
19. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
\n
\n
Finally, in the year ended on December 31, 2023, the Group proceeded with additions of fixed assets for the development of the
\n
Distribution Network amounting to \u20ac 601.7 million, which mainly concern many small medium and low voltage network
\n
development projects.
\n
\n
Fixed assets from acquisition of subsidiaries - 2023
\n
\n
The Group proceeded in January 2023 through its subsidiary WINDARROW ENERGEIAKI S.M.S.A. in an agreement to purchase
\n
100% of the shares of the companies AIOLIKI M\u03a1ELECHER\u0399 ANONYMI KAI VIOMICHANIKI ENERGEIAKI ETAIREIA and KPM ENERGY
\n
COMPANY OF ELECTRICITY PRODUCTION S.M.S.A.
\n
\n
From this acquisition, the Group recognized tangible fixed assets of \u20ac55.3 million (note 22) related to Wind Parks in various stages
\n
(commercial operation, licensing stage).
\n
\n
Additionally, on October 25, 2023, the Group through the Parent Company acquired 29 subsidiaries in Romania (note 6) and
\n
recognized property, plant and equipment amounting to \u20ac2,251 million which mainly concern the Distribution Network in
\n
Romania and a significant portfolio of renewable energy sources.
\n
\n\n
Capitalization of Borrowing cost:
\n
\n
The Group capitalized borrowing costs for ongoing projects totaling \u20ac 12.0 million for the year ended December 31, 2024 (2023:
\n
\u20ac 30 million Group and \u20ac 22 million Parent Company).
\n

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Encumbrances on property, plant and equipment:
\n
Encumbrances on the Group\u2019s Property, plant and equipment are presented in Note 36, while claims from third parties are presented
\n
in Note 47.
\n

\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag861": { "value": "\n
19. PROPERTY, PLANT AND EQUIPMENT
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
GROUP Land Mines Lakes Buildings and Machinery and Transportation Fixtures and Construction in Total
Technical Works Equipment Assets Furniture progress
Carrying amount
December 31, 2022 448,509 451,913 39,859 1,458,117 7,642,218 32,633 85,259 2,147,032 12,305,544
Impairment of fixed assets - - - - - - - (1,912) (1,912)
Foreign currency differences (126) - - (2,882) (2,508) (32) (6) (390) (5,944)
Carrying amount of fixed assets (subsidiaries acquisition) (Notes 6 & 22)48,179 - - 1,100,503 1,002,390 12,147 2,225 134,843 2,300,287
Additions/(reduction) of decommissioning and removal costs of Power Plants\u2019, and - (8,425) - - 4,792 - - - (3,633)
Mining facilities and mines\u2019 land restoration
Additions294- - 4,138 482,135 1,869 13,931 615,574 1,117,940
Disposals/Sales- - - (321) (16,544) (853) (1,261) (428) (19,406)
Transfers from CIP - 6,649 5 256,487 1,617,505 321591(1,881,557) -
Transfers to intangible assets- - - - - - - (17,680) (17,680)
Other Movements23- - 2731,998 86(2,545) (12,182) (12,346)
December 31, 2023 496,879 450,137 39,864 2,816,314 10,731,986 46,171 98,194 983,300 15,662,845
Accumulated Depreciation
December 31, 2022 (1,590) (410,927) (20,357) (243,870) (1,021,471) (19,231) (37,316) - (1,754,763)
Depreciation charge (364) (8,024) (764) (90,251) (501,844) (4,199) (9,149) - (614,635)
Accumulated depreciation of fixed assets (subsidiaries acquisition) - - - (105) (280) - (9) - (394)
Accumulated depreciation of disposals / sales - - - 384,081 7781,067 - 5,965
Other Movements - - - - (244) - 244- -
Foreign currency differences - - - 10141 - - 25
December 31, 2023 (1,954) (418,951) (21,121) (334,178) (1,519,784) (22,651) (45,163) - (2,363,802)
Net carrying amount December 31, 2023 494,925 31,186 18,743 2,482,136 9,212,202 23,520 53,031 983,300 13,299,043
Carrying amount
December 31, 2023496,879 450,137 39,864 2,816,314 10,731,986 46,171 98,194 983,300 15,662,845
Impairment of fixed assets - (9,588)- 1,295 (865) - (9) (2,772)(11,939)
Revaluation surplus / (Devaluation) of fixed assets91,659 - - 100,503 829,750 19,762 1,963 - 1,043,638
Carrying amount of fixed assets (subsidiaries acquisition) (Note 3)5,675 - - 373,786 483,444 3,400 19,545 30,272 916,121
Additions/(reduction) of decommissioning and removal costs of Power Plants\u2019, and - 9,588 - - 342 - - - 9,930
Mining facilities, mines\u2019 land restoration and parks
Additions244 - - 13,144 687,268 557 34,365 1,008,660 1,744,238
Disposals/Sales(653) (6) - (9,031)(35,422) (416) (1,884)(227) (47,638)
Transfers from CIP5,046 951 - 165,830 257,857 1,981 7,608 (439,272) -
Transfers to intangible assets - - - - - - - (11,511) (11,511)
Other Movements10,456 (22,080) - (3,180)3,004 17 49 179(11,556)
Foreign currency differences 12 - - 4713794 - 39 905
Transfers from/to inventories - - - - (2,412)- 3 3,591 1,182
Sale of subsidiaries - - - - - - - (92) (92)
Set-off of accumulated depreciation with carrying amount due to revaluation of - - - (439,067) (1,970,713) (28,627) (55,627) - (2,494,034)
fixed assets
December 31, 2024 609,318 429,003 39,864 3,020,064 10,984,620 42,849 104,206 1,572,167 16,802,091
Accumulated Depreciation
December 31, 2023 (1,954) (418,951) (21,121) (334,178) (1,519,784) (22,651) (45,163) - (2,363,802)
Depreciation charge (343) (7,084)(764) (147,694) (632,217) (6,384)(14,996) -(809,484)
Accumulated depreciation of disposals / sales-869 (864) 7,909 15,638 375 1,661 -25,589
Other Movements -11,624 - 1,458 (878) - (62) - 12,142
Foreign currency differences -- - 4 29 - - -33
Set-off of accumulated depreciation with carrying amount due to revaluation of ---439,067 1,970,713 28,627 55,627-2,494,034
fixed assets
December 31, 2024 (2,297)(413,542) (22,749)(33,435) (166,500) (34) (2,931) - (641,489)
Net carrying amount December 31, 2024 607,021 15,461 17,115 2,986,62910,818,120 42,816 101,275 1,572,167 16,160,601
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19. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
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COMPANY Land Mines Lakes Buildings and Machinery and Transportation Fixtures and Construction in Total
Technical Works Equipment Assets Furniture progress
Carrying amount
December 31, 2022 238,910 451,910 39,859 1,246,935 2,702,431 15,340 54,555 1,827,854 6,577,794
Impairment of fixed assets - - - - - - - (1,773) (1,773)
Additions/(Decrease) in decommissioning and removal costs of Mines (Note - (8,425) - - 4,278 - - - (4,146)
38)
Additions- - - 66236207,134 183,586 191,042
Disposals/Sales- - - (96) (6,435) (104) (466) - (7,101)
Transfers from CIP - 6,649 5 188,760 1,372,842 - 84(1,568,339) -
Transfers to intangible assets- - - - - - - (6,170) (6,170)
Other Movements- - - - 2,598 - (2,598) (11,009) (11,009)
December 31, 2023 238,910 450,134 39,864 1,435,665 4,075,950 15,257 58,708 424,148 6,738,636
Accumulated Depreciation
December 31, 2022 (1,590) (410,926) (20,357) (219,020) (685,915) (9,690) (19,877) - (1,367,375)
Depreciation charge (364) (8,024) (764) (61,836) (182,395) (1,413) (6,257) - (261,052)
Accumulated depreciation of disposals / sales - - - 381,569 98314- 2,020
Other Movements - - - - (244) - 244- -
December 31, 2023 (1,954) (418,950) (21,121) (280,817) (866,985) (11,005) (25,576) - (1,626,408)
Net carrying amount December 31, 2023236,956 31,184 18,742 1,154,848 3,208,965 4,252 33,133 424,148 5,112,228
Carrying amount
December 31, 2023238,910450,13439,8641,435,6654,075,95015,25758,708424,1486,738,636
Impairment of fixed assets - (9,588) - - - - - (1,914) (11,502)
Revaluation surplus / (Devaluation) of fixed assets53,813 - - (2,618) 304,002 6,862 (282) - 361,777
Additions/(Decrease) in decommissioning and removal costs of Mines (Note - 9,588 - - - - - - 9,588
38)
Additions- - - 2011864610,517 221,888 232,838
Disposals/Sales- (6)- (8,552) (20,374) (51) (505) - (29,488)
Transfers from CIP750951- 21,270 83,705 - 6,304 (112,981) -
Spin-off of the wholesale telecommunications branch - - - - (10,882) - (242) (51,963) (63,088)
Other Movements10,456 (22,080) - - - - - - (11,624)
Set-off of accumulated depreciation with carrying amount due to - - - (316,798) (928,922) (11,913) (32,050) - (1,289,683)
revaluation of fixed assets
December 31, 2024 303,929 429,000 39,864 1,129,168 3,503,664 10,200 42,450 479,178 5,937,454
Accumulated Depreciation
December 31, 2023 (1,954) (418,950) (21,121) (280,817) (866,985) (11,005) (25,576) - (1,626,408)
Depreciation charge (338) (7,084) (764) (70,323) (231,481) (959) (6,884) - (317,834)
Accumulated depreciation of disposals / sales-869(864)7,655 10,900 51374- 18,986
Spin-off of the wholesale telecommunications branch- - - - 2,398 - 34- 2,432
Set-off of accumulated depreciation with carrying amount due to -- - 316,798 928,922 11,913 32,050 - 1,289,683
revaluation of fixed assets
\u039fther Movements - 11,624-- - - - -11,624
December 31, 2024 (2,292) (413,541) (22,749) (26,688) (156,246) - - - (621,517)
Net carrying amount December 31, 2024301,637 15,459 17,115 1,102,480 3,347,418 10,200 42,450 479,178 5,315,938
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Goodwill impairment test
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On 31.12.2024, the Group performed an impairment test of the goodwill that it has recognized from acquisitions. This test was
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carried out based on the value in use, which was calculated using the discounted future cash flow method, based on the business
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plan approved by Management. This test resulted in an impairment of \u20ac3.8 million relating to an acquisition in 2023. A sensitivity
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analysis was performed for the key assumptions of the model (EBITDA margin, discount rates and growth rate in perpetuity). The
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relevant analyses did not indicate that in the case of the above changes, a significant change in the impairment recognized for
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the Group could arise.
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\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag863": { "value": "\n
Revaluation surplus Reserve of fixed assets
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The following table presents the total impact of the revaluation of property, plant and equipment on the statement of
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comprehensive income and profit or loss.
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GROUP COMPANY
Revaluation surplus of property, plant and equipment directly in the
statement of comprehensive income 1,210,411 455,642
Revaluation loss on property, plant and equipment in the income
statement (166,775) (93,866)
Total Effect of the Revaluation 1,043,637 361,777
Revaluation surplus 1,210,411 455,642
Deferred tax (expense) on revaluation (259,494) (100,241)
Total revaluation of property, plant and equipment recognized directly in 950,917355,401
the statement of other comprehensive income, net of deferred taxes
Revaluation loss on property, plant and equipment in the income (166,775) (93,866)
statement
Deferred tax on devaluation 33,097 20,650
Total revaluation of property, plant and equipment in the income (133,677) (73,215)
statement, net of deferred taxes
Total effect of the revaluation of 2024, net of deferred taxes 817,240 282,186
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The following is a table showing the movement of the revaluation surplus:
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2024 2023
GROUP COMPANY GROUP COMPANY
Balance 01.01 5,134,571 3,053,026 5,150,332 3,064,597
Change in future outflows of decommissioning and removal costs
of Power Plants\u2019, Mining facilities and mines\u2019 land restoration, (8,564) (8,940) 13,740 13,555
after tax
Increase due to revaluation surplus, after taxes 950,917355,401 - -
Proportion of increase due to revaluation surplus, after taxes to (211,088) - - -
the minority shareholders
Transfer of revaluation surplus reserve of fixed assets to a - (7,400) - -
subsidiary due to spin-off of a branch
Disposal of fixed assets with revaluation surplus, after tax - - (4,304) (3,071)
Fixed asset disposals, after tax (77,813) (71,573) (27,779) (22,055)
Other movements 491- 2,582 -
Balance 31.12 5,788,514 3,320,514 5,134,571 3,053,026
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34. OTHER RESERVES
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GROUP COMPANY
2024 2023 2024 2023
Tax free 7,458 7,458 7,458 7,458
Specially taxed reserves 95,597 95,597 95,597 95,597
Actuarial losses of personnel benefits/Foreign 14,159 9,532 (24,655) (30,046)
exchange differences
Financial liability from NCI Put option (1,410,833) (1,410,833) - -
Financial assets measured at fair value through (450) (426) (375) (383)
other comprehensive income (Note 30)
Reserve from Hedging activities (52,315) 97,067 (50,264) 103,381
Free of charge stock awards (Note 25) 23,531 8,720 23,531 8,720
Gains from associates 4,395 2,239 - -
Total(1,318,458) (1,190,646)51,292 184,727
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Financial Liability from NCI Put Option
\n
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The Shareholders agreement between the Shareholders of PPC and Macquarie Asset Management, for the sale of 49% of the
\n
share capital of HEDNO S.A. on 28 February 2022, included a written Put Option (sale) to the Parent Company under certain
\n
conditions, of the shares acquired by the minority shareholder in HEDNO, after 8 years and within 6 months from the date of sale
\n
with an exercise price at fair value. On 28 February 2022, a valuation of this liability was conducted and on Group level a financial
\n
liability of \u20ac1,410,833 was recognized with an equivalent amount recorded directly in other reserves. On December 31, 2024, the
\n
financial liability increased by the financial cost of \u20ac32.9 million and amounted to \u20ac1,463.9 million (31.12.2023: \u20ac1,431.0 million).
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In the Parent Company's seperate financial statements, the Put Option is treated as a derivative financial instrument and since
\n
the exercise price is the fair value of the share, the Put Option on shares has no value.
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The reserves from cash flow hedging activities as of 31.12.2024 are analyzed as follows:
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34. OTHER RESERVE (CONTINUED)
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GROUP
Hedging Reserves Gas price Electricity Gas Future Electricity Interest Virtual Power
2024 swap Future ContractsFuture swap Purchase Total Effect on:
contractsContracts ContractscontractsAgreements (PPA)
Balance 31/12/2023(7,774) - (63,551)174,705 (7,297) 98697,068
(Debit)/Credit
Gains/(Losses) from Statement of
valuation of effective 2,848 (1,921) 26,208(98,746)(3,506)7,233 (67,883)comprehensive income
hedging operations
Reclassification ofFrom statement of
hedging transactions in comprehensive income
the Results 8,339 - 65,232(152,665) (1,305) - (80,399)to income statement
(Gain)/Losses (energy purchases,
natural gas )
To Reserve for
Other movements - - - - 2,256 - 2,256Actuarial losses / gains
exchange rate
differences
Tax effect(2,611)1,058 (1,477) (3,358) Statement of
(751) 423- comprehensive income
Balance 31/12/20242,662 (1,498) 27,889(79,316)(8,793) 6,742(52,315)
(Debit)/Credit
Effect on:
Income Statement 8,339 - 65,232(152,665) (1,305) - (80,399)
31/12/2024
Statement of 2,848 (1,921) 26,208(98,746)(3,506) 7,233 (67,883)
comprehensive income
(before tax)
31/12/2024
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COMPANY
Gas Virtual Power
Hedging Reserves 2024 Gas price swap Electricity Future Electricity Future Purchase Total Effect on:
contracts Future Contracts Contracts Agreements
Contracts (PPA)
Balance 31/12/2023(7,774) - (63,551) 174,705 - 103,381
(Debit)/Credit
Gains/(Losses) from valuation Statement of
of effective hedging 2,848 (1,921) 26,208 (98,746) (1)(71,612) comprehensive income
operations
Reclassification of hedging From statement of
transactions in the Results 8,339 - 65,232 (152,665) - (79,094) comprehensive income to
(Gain)/Losses income statement(energy
purchases, natural gas )
Tax effect (751) 423 - (2,611) -(2,939) Statement of
comprehensive income
Balance 31/12/20242,662 (1,498) 27,889 (79,317) (1) (50,264)
(Debit)/Credit
Effect on:
Income Statement 8,339- 65,232 (152,665) - (79,094)
31/12/2024
Statement of comprehensive
income (before tax) 2,848 (1,921) 26,208 (98,746) (1) (71,612)
31/12/2024
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34. OTHER RESERVE (CONTINUED)
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The reserves from cash flow hedging activities as of 31.12.2023 are analyzed as follows:
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GROUP
Gas price Gas Future Electricity Future Interest swap Virtual Power
Hedging Reserves 2023 swap Contracts Contracts contracts Purchase Total Effect on:
contracts Agreements (PPA)
Balance 31/12/2022- 80,059 (118,925) 1,607 - (37,259)
(Debit)/Credit
Gains/(Losses) from Statement of
valuation of effective (9,408) (91,970) 251,531 (11,814) 1,264 139,602 comprehensive
hedging operationsincome
Reclassification ofFrom statement of
comprehensive
hedging transactions in 1,634 (48,549) 22,612 1,034 - (23,268) income to income
the Results statement(energy
(Gain)/Losses purchases, natural
gas)
Statement of
Tax effect - (3,091) 19,487 1,875 (278) 17,993 comprehensive
income
Balance 31/12/2023(7,774) (63,551) 174,705 (7,297) 986 97,068
(Debit)/Credit
Effect on:
Income Statement 1,634 (48,549) 22,612 1,034 - (23,268)
31/12/2023
Statement of
comprehensive income (9,408) (91,970) 251,531 (11,814) 1,264 139,602
(before tax)
31/12/2023
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34. OTHER RESERVE (CONTINUED)
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COMPANY
Hedging Reserves 2023 Gas price swap Gas Future Electricity Future Total Effect on:
contracts Contracts Contracts
Balance 31/12/2022- 80,059 (118,925) (38,866)
(Debit)/Credit
Gains/(Losses) from valuation of (9,408) (91,970) 251,531 150,153 Statement of
effective hedging operations comprehensive income
From statement of
Reclassification of hedging transactions 1,634 (48,549) 22,612 (24,302) comprehensive income to
in the Results (Gain)/Losses income statement(energy
purchases, natural gas)
Tax effect - (3,091) 19,487 16,396 Statement of
comprehensive income
Balance 31/12/2023(7,774) (63,551) 174,705 103,381
(Debit)/Credit
Effect on:
Income Statement 31/12/20231,634(48,549) 22,612 (24,302)
Statement of comprehensive income (9,408) (91,970) 251,531 150,153
(before tax) 31/12/2023
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\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag864": { "value": "\n
Capitalization of Borrowing cost:
\n
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The Group capitalized borrowing costs for ongoing projects totaling \u20ac 12.0 million for the year ended December 31, 2024 (2023:
\n
\u20ac 30 million Group and \u20ac 22 million Parent Company).
\n

\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag865": { "value": "\n

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20. INTANGIBLE ASSETS AND GOODWILL
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31.12.2024
Other Emission Energy sales Offshore wind Cost of Intangibles Customer base
GROUP Software Intangible Allowances Trade namerights research licenseacquiring assets under from acquisitionsTotal
Assets contracts construction
Net book value, January 1 63,392 53,035 789,839 - 67,315 30,623 27,473 54,886 25,992 1,112,555
Additions 21,543 8,972 418,261 - - -13,468 87,040 -549,284
Consumption- - (833,100) - - ----(833,100)
Depreciation (Note 13)(23,786) (7,989) - - (6,494) - (11,291)-(4,517)(54,077)
Disposals/Sales(85) - - ----(604)-(689)
Sale of subsidiaries - (899) - - - - - - - (899)
Transfers from property, plant and equipment 488 83 - ----10,940 -11,511
Transfers from intangibles under construction 26,311 11,517 - - - - - (37,828) - -
Impairments (640) - - ----(15,318)-(15,958)
Exchange differences (8) (10) - - - -7 5 7 -
Other movements(264) 486 - ------222
Intangible assets from acquisitions18,09215,794 - 103,700 50,815 - - - - 188,401
Net book value, December 31 105,042 80,988 375,000 103,700 111,636 30,623 29,657 99,121 21,481 957,249
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20. INTANGIBLE ASSETS AND GOODWILL (CONTINUED)
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31.12.2023
Other Emission Energy sales Offshore wind Cost of Intangibles Customer base
GROUP Software Intangible Allowances rights research license acquiring assets under from acquisitions Total
Assets contracts construction
Net book value, January 1 6,084 32,245 509,137 45,282 - - - - 592,748
Additions 3,925 1,794 1,106,838 - -2,28742,114-1,156,958
Intangible assets from acquisitions 29,916 21,879 - 23,704 30,62326,98927,08126,892187,084
Consumption - - (826,136) - ----(826,136)
Depreciation (Note 13) (4,683) (6,495) - (4,440) -(1,732)- (830)(18,180)
Disposals/Sales (3) (2) - ---(1)-(6)
Transfers from property, plant and equipment - - - ---17,680-17,680
Transfers from intangibles under construction 28,253 3,670 - - - - (31,923) - -
Exchange differences (85) (57) - - -(71)(66)(70)(349)
Other movements (16) - - 2,768----2,752
Net book value, December 31 63,392 53,035 789,839 67,315 30,623 27,473 54,886 25,992 1,112,555
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20.INTANGIBLE ASSETS AND GOODWILL (CONTINUED)
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31.12.2024
COMPANY Software Other Intangible Emission Intangibles assets Total
Assets Allowances under construction
Net book value, January 1 14,669 4,250 789,839 22,779 831,537
Additions 268 175 418,261 49,524 468,228
Consumption- - (833,100) - (833,100)
Depreciation (Note 13)(4,658) (5,933) - - (10,591)
Disposals/Sales(4) - - - (4)
Transfers from intangibles under construction 10,944 9,761 - (20,705) -
Spin-off of the wholesale telecommunications (23) - - (8,570) (8,593)
branch (Note 7)
Net book value, December 31 21,197 8,253 375,000 43,028 447,478
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31.12.2023
Other Emission Intangible assets
COMPANY Software Intangible Allowances under constructionTotal
Assets
Net book value, January 1 2,611 6,346 509,137 -518,094
Additions 539 7 1,106,838 32,6611,140,044
Consumption- - (826,136) -(826,136)
Depreciation (Note 13)(1,501) (5,132) - -(6,633)
Disposals/Sales(3) - - -(3)
Transfers from property, plant and equipment - - - 6,1706,170
Transfers from intangibles under construction 13,023 3,029 - (16,052)-
Net book value, December 3114,669 4,250 789,839 22,779831,537
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The net carrying amount of intangible assets (excluding emission allowances) is further analyzed as follows:
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Offshore Cost of Intangibles assets Customer
GROUP Software Other Intangible Trade Energy sales wind acquiring under base from
Assets namerightsresearch contracts construction acquisitions
license
31.12.2023
Carrying 213,78974,310- 72,982 30,62329,20554,88626,822
amount
Accumulated (150,397)(21,275)- (5,667) -(1,732)-(830)
amortization
Net carrying
amount 63,392 53,035 - 67,315 30,623 27,473 54,886 25,992
31.12.2023
31.12.2024
Carrying 279.225 110,252 103,700 123,797 30,62342,68099,12126,828
amount
Accumulated (174.183) (29,264) - (12,161) -(13,023)- (5,347)
amortization
Net carrying
amount 105,042 80,988 103,700 111,636 30,623 29,657 99,121 21,481
31.12.2024
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\n
20.INTANGIBLE ASSETS AND GOODWILL (CONTINUED)
\n
\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
PARENT COMPANYSoftware Other Intangible Assets
31.12.2023
Carrying amount89,43118,943
Accumulated amortization(74,763)(14,693)
Net carrying amount 14,669 4,250
31.12.2023
31.12.2024
Carrying amount100,617 28,879
Accumulated amortization (79,421)(20,626)
Net carrying amount 21,196 8,253
31.12.2024
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\n
Intangible assets from acquisitions in 2024
\n
\n
During 2024, the Group acquired Renewable Energy Sources companies in Greece, Bulgaria and Romania and recognized
\n
intangible assets of \u20ac78.2 million (Note 3.3) mainly relating to energy sales rights for Wind Parks and Photovoltaic Parks.
\n
\n
Since the acquisition of the subsidiary Next Gen Retail Services S.M.S.A. in 2024, the Group recognized intangible assets of \u20ac119.6
\n
million, of which \u20ac103.7 million relate to the trade name \u201cKotsovolos\u201d (Note 3.4).
\n
\n
Intangible assets from acquisitions in 2023
\n
\n
The Group proceeded in January 2023 through its subsidiary WINDARROW ENERGEIAKI S.M.S.A. in an agreement to purchase
\n
100% of the shares of the companies AIOLIKI M\u03a1ELECHER\u0399 MONOPROSOPI ANONYMI KAI VIOMICHANIKI ENERGEIAKI ETAIREIA
\n
and KPM ENERGY COMPANY OF ELECTRICITY PRODUCTION S.M.S.A.
\n
\n
From this acquisition, the Group recognized intangible assets amounting to \u20ac34.5 million which mainly concern rights to sell
\n
electricity amounting to \u20ac23.7 million.
\n
\n
On December 23, 2023, the Group, through its subsidiary PPC Renewables S.M.S.A, signed an agreement with the Kopelouzou
\n
and Samara groups for the acquisition of 100% of the shares of the company \"THRAKIKI WIND 1 S.A.\" which holds the Production
\n
License for the 216 MW Offshore Wind Park (OWP) off Alexandroupolis. From this acquisition, the offshore wind research license
\n
in the amount of \u20ac30.6 million was recognized in intangible assets.
\n
\n
Additionally, on October 25, 2023, the Group through the Parent Company acquired 29 subsidiaries in Romania and recognized
\n
intangible assets of \u20ac132.6 million (restated figures-Note 6), of which \u20ac29.9 million are software, \u20ac26.9 million contract
\n
acquisition costs, \u20ac27 million intangible assets under construction, \u20ac21.7 million other intangible assets and finally \u20ac26.8 million
\n
relate to a customer base recognized under IFRS 3.
\n
\n
GOODWILL
\n
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GROUP
20242023
Net value 1 January25,62021,191
Additions231,27010,697
Transfer of goodwill-(6,271)
Other movements-4
\u039cinus: impairments(3,785)-
Net value 31 December253,10525,620
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\n
20.INTANGIBLE ASSETS AND GOODWILL (CONTINUED)
\n
\n
Additions
\n
\n
Additions in goodwill in 2024 mainly concern the goodwill of \u20ac73.7 million from the acquisition of Next Gen Retail Services
\n
S.M.S.A. with the trade name \"Kotsovolos\" and renewable energy subsidiaries in Romania, Greece and Bulgaria amounting to
\n
\u20ac157.5 million.
\n
\n\n
Goodwill impairment test
\n
\n
On 31.12.2024, the Group performed an impairment test of the goodwill that it has recognized from acquisitions. This test was
\n
carried out based on the value in use, which was calculated using the discounted future cash flow method, based on the business
\n
plan approved by Management. This test resulted in an impairment of \u20ac3.8 million relating to an acquisition in 2023. A sensitivity
\n
analysis was performed for the key assumptions of the model (EBITDA margin, discount rates and growth rate in perpetuity). The
\n
relevant analyses did not indicate that in the case of the above changes, a significant change in the impairment recognized for
\n
the Group could arise.
\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag875": { "value": "\n
21. OTHER NON-CURRENT ASSETS
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
GROUP COMPANY
31.12.2024 31.12.2023 31.12.2024 31.12.2023
Other non-current assets
KWF long-term borrowing costs -1,975-1,975
Cash at banks of former bank of Crete (Note -6,805-6,805
47)
Non-current portion of receivable from 69,38091,84169,38091,841
METABASI S.A. (Note 5)
Receivables from loans to associates 57,02524,930--
Leases guarantees 6,149---
Receivables from bank commissions
(company fee for intermediation of 411---
consumer loans)
Prepayments to banks 3,496---
Advances for acquisitions of subsidiaries 150,000---
Receivables from settlements (Note 2.1) 34,975-34,975-
Other 48,20815,163427594
Total 369,644140,714104,782101,215
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\n
The loan receivable from the subsidiary \"Alexandroupolis Electricity Production S.A.\" of \u20ac 37.9 million as of December 31, 2023
\n
was included in Other Long-term receivables and was reclassified to Long-term loan receivables from subsidiaries for better
\n
presentation and due to the significant increase in these items in 2024 (Note 24).
\n
\n
Receivables from loans to associates
\n
\n
As of December 31, 2023 from the amount of \u20ac 24.9 million, \u20ac 16.1 million concerns the amount that the subsidiary PPC
\n
RENEWABLES S.M.S.A undertook to cover with bonds for the bond loan issued by METON ENERGY S.A. within the year 2023. The
\n
maturity of the loan is on 31.01.2045.
\n
\n
On 04.01.2024, the subsidiary PPC RENEWABLES S.M.S.A paid the amount of \u20ac27.8 million to the related company METON
\n
ENERGY S.A., to cover a Bond Loan issued by the related party maturing on 31.01.2046. The loan will be used for the development
\n
of the projects of METON's 100% subsidiary companies and more specifically: i) \u20ac23.3 million for the capital needs regarding the
\n
imminent start of construction of the P/V Park with a capacity of 449.98MW at the position Orycheio PPC Amynteo, of the
\n
company AMYNTEO SOLAR PARK NINE SINGLE MEMBER S.A and ii) \u20ac4.5 million for the needs of further licensing development of
\n
the projects of IDEA FOS SINGLE MEMBER S.A..
\n
\n
Within the year 2024, the subsidiary PPC RENEWABLES covered long-term bond loans issued by its associate company METON
\n
ENERGY S.A. amounting to \u20ac 27.8 million (as above), BALIAGA S.A. \u20ac 1.6 million, TEICHIO S.A. \u20ac 823 thousand, ALYSTRATI SOLAR
\n
SA \u20ac 196 thousand, SPILAIO SOLAR SA \u20ac 235 thousand, ARSINOE SOLAR SA \u20ac 313 thousand, ATLAS SOLAR SA \u20ac 1 million, PTELEOS
\n
SOLAR SA \u20ac 600 thousand, EVRYNOMI SOLAR SA \u20ac 857 thousand, MEDIUM SOLAR SA \u20ac 637 thousand, KORMISTA SOLAR SA \u20ac
\n
343 thousand, NIKOPOLI SOLAR SA \u20ac 1.2 million, THERMES SOLAR SA \u20ac 882 thousand, PHIVOS SOLAR SA \u20ac 367 thousand,
\n
MAGOULA SOLARS S.A. \u20ac 1.2 million and PTOLEMY SOLAR, S.A. \u20ac 1.1 million.
\n
\n
Also, the bond loan issued by OROS ENERGY S.A. amounting to \u20ac 0.9 million was modified regarding the repayment schedule, the
\n
duration with an extension of maturity by one year and the interest margin.
\n
\n
Advance payments for acquisitions of subsidiaries
\n
\n
In December 2024, the Parent Company made an advance payment of \u20ac50 million to METKA - EGN LTD under this framework
\n
agreement with MYTILINEOS Energy & Metals for future acquisition of subsidiaries (Note 47). This amount is included in the
\n
Group's long-term receivables and in current other receivables of the Parent Company (Note 29).
\n
\n
In December 2024, the subsidiary PPC Renewables Romania made an advance payment of \u20ac100 million to METKA - EGN LTD
\n
under a share purchase agreement (SPA) (Note 25).
\n

\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag260": { "value": "\n
23. INVESTMENTS IN ASSOCIATES
\n
\n
The Group\u2019s and the Parent Company\u2019s associates as of December 31
\n
st
\n
, 2024 and December 31
\n
st
\n
, 2023 are as follows (equity
\n
method):
\n
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
GROUP COMPANY
31.12.202431.12.202331.12.202431.12.2023
PPCR-ROKAS INDUSTRIAL AND COMMERCIAL S.A. 2,803 2,664 - -
PPCR - TERNA ENERGY S.A. 1,052 2,336 - -
PPCR - NANKO ENERGEIA M.Y.I.E GITANI ANONYMOS 2,258 2,298 - -
ETAIREIA
PPCR - MEK ENERGY S.A OF ELECTRICITY PRODUCTION 539659- -
FROM RENEWABLE SOURCES OF ENERGY
MYIS SMIXIOTIKOU S.A. 2,813 2,825 - -
PPCR \u2013 EDF RENEWABLES HELLAS S.A. OF ELECTRICTY 10,269 8,747 - -
PRODUCTION FROM RENEWABLE SOURCES OF ENERGY
Aioliko Parko KILIZA S.A. 2 4 - -
Aioliko Parko LEFKIVARI S.A. - 2 - -
Aioliko Parko AGIOS ONOUFRIOS S.A. 5 7 - -
OROS ENERGY S.A. 308314- -
GREENESCO ENERGY S.A. 638595- -
BALIAGA S.A. 594387- -
TEICHIO S.A. 707528- -
PIVOT SOLAR S.A. 670222- -
GEOTHERMAL TARGET II S.A. 7283- -
METON ENERGY S.A. 88,669 36,510 - -
NVISIONIST S.A. 8267223,397 3,397
HELLENIC HYDROGEN S.A. 5,850 6,267 6,468 6,468
Data in Scale S.A. 1,800 - 1,800 -
EMC Subsea Cable Co. Ltd 14,916 - 16,865 -
GREEKSTREAM ENERGY S.A. 1,542 - - -
INTRAKAT AIOLIKI ANATOLIKIS ARGITHEAS S.A. 229- - -
INTRAKAT NWG S.M.S.A. 181- - -
INTRA-K ENERGY S.A. 16,744 - - -
PTOLEMAIOS SOLAR S.A. 84- - -
\u039cAGOULA SOLAR S.A.85- - -
\u0395VRYNOMI SOLAR S.A.89- - -
\u0391LYSTRATI SOLAR S.A. 92- - -
SPILAIO SOLAR S.A. 92- - -
\u0391RSINOI SOLAR S.A.92- - -
\u0391\u03a4LAS SOLAR S.A.92- - -
PTELEOS SOLAR S.A. 92- - -
M\u0395SAIO SOLAR S.A.17- - -
\u039a\u039fRMISTA SOLAR S.A.19- - -
\u039d\u0399KOPOLI SOLAR S.A.11- - -
THERMES SOLAR S.A. 17- - -
FOIVOS SOLAR S.A. 19- - -
Total 154,28765,170 28,530 9,865
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Due to the PPA contracts between the Parent Company and the associate company METON ENERGY SA, the loss from associates
\n
in the Group has been adjusted to exclude the gain from the valuation of these agreements, both in the Income Statement and
\n
in the Statement of Comprehensive Income up to the Group's participation in the investment of the associate.
\n

\n\n\n\n\n
23.INVESTMENTS IN ASSOCIATES (CONTINUED)
\n
\n
Shareholders\u2019 agreement with Motor Oil
\n
\n
On 23 January 2023 the new associate company \u201cHellenic Hydrogen S.A.\u201d was established, in which Motor Oil\u2019s stake is 51% of
\n
its share capital and PPC\u2019s stake is 49%, paying the amount of \u20ac6.5 million.
\n
\n
The new company aim at the development of green hydrogen generation and storage projects in the country, thus facilitating
\n
Greece\u2019s energy transition to Net Zero CO
\n
2
\n
emissions.
\n
\n
Shareholders\u2019 agreement to construct, operate, manage, own and sell Capacity through the East Med Corridor System
\n
\n
On July 26, 2022, PPC S.A. signed a Shareholders' Agreement for the creation of a joint venture scheme for constructing,
\n
operating, managing, owning and selling capacity through a new submarine cable system and ancillary infrastructure and network
\n
(the \u201cEast Med Corridor System\u201d or the project EMC\"), which will connect Europe with Asia.
\n
\n
On January 11, 2024, PPC S.A. acquired from TTSA Cyprus limited the 25% the minority shareholding in the newly established
\n
EMC Subsea Cable Company Limited for USD 50 thousand as initial capital. The remaining shareholders of the consortium are the
\n
subsidiary Center3 of STC from Saudi Arabia and the TTSA Cyprus limited, Cypriot company.
\n
\n
In December 2023, PPC paid an amount of $9.7 million (\u20ac8.5 million) as an advance included in Current Receivables for which it
\n
was expected to issue and deliver to PPC, preferred shares in proportion to the percentage of its participation. In December 2024,
\n
these shares were issued, resulting in an increase in company's investment by the amount of \u20ac8.5 million. Additionally, the Parent
\n
company, based on a Share Purchase Agreement, recognized on 31.12.2024 a liability to the associated company for capital to
\n
be paid, for an amount of \u20ac 2.6 million, which is included in long-term liabilities (Note 41).
\n
\n
Establishment of a related company for digital infrastructures (Data Centers)
\n
\n
On 13.09.2024, the company Data in Scale S.A. was established with the d.t. \"Data in Scale S.A.\" after the conclusion of PPC's
\n
agreement with CAIO Holding Company Limited (interests of the Emirati DAMAC based in London). The object and purpose of
\n
the company is the design, construction, development and operation of data centers as well as the promotion of data centers for
\n
sale or lease.
\n
\n
The duration of the company is set at 30 years and can be extended according to the decision of the general meeting of
\n
shareholders.
\n
\n
The initial share capital of the company amounts to \u20ac4 million divided into \u20ac160,000 thousand common registered voting shares
\n
with a nominal value of \u20ac25 each.
\n
\n
The initial share capital is 55% owned by CAIO Holding Company Limited, and 45% by PPC.
\n
\n
On 06.11.2024 PPC S.A. paid an amount of \u20ac 1.8 million based on its participation percentage.
\n
\n
The full list of the Group\u2019s and the Parent Company\u2019s associates are as follows:
\n

\n\n\n\n\n
23.INVESTMENTS IN ASSOCIATES (CONTINUED)
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Ownership Interest Country and Year Principal Activities
of Incorporation
Associates 31.12.2024 31.12.2023
PPCR-ROKAS INDUSTRIAL AND COMMERCIAL S.A. 49.00% 49.00% Greece, 2000 RES
PPCR - TERNA ENERGY S.A. 49.00% 49.00% Greece, 2000 RES
PPCR - NANKO ENERGEIA M.Y.I.E GITANI ANONYMOS ETAIREIA 49.00% 49.00% Greece, 2000 RES
PPCR - MEK ENERGY S.A OF ELECTRICITY PRODUCTION FROM 49.00% 49.00% Greece, 2001 RES
RENEWABLE SOURCES OF ENERGY
MYIS SMIXIOTIKOU S.A.\u207949.00% 49.00% Greece, 2004 RES
PPCR \u2013 EDF RENEWABLES HELLAS S.A. OF ELECTRICTY 49.00% 49.00% Greece, 2007 RES
PRODUCTION FROM RENEWABLE SOURCES OF ENERGY
E.E.N VOIOTIA ENERGY S.A.46.55% 46.55% Greece, 2007 RES
WIND PARK LOUKO S.A. 49.00% 49.00% Greece, 2008RES
WIND PARK MPAMPO VIGLIES S.A. 49.00% 49.00% Greece, 2008 RES
WIND PARK KILIZA S.A. 49.00% 49.00% Greece, 2008 RES
WIND PARK LEFKIVARI S.A. 49.00% 49.00% Greece, 2008 RES
WIND PARK AGIOS ONOUFRIOS S.A. 49.00% 49.00% Greece, 2008 RES
NVISIONIST S.A. 33.34% 33.34% Greece, 2021 Specialized systems &
software
HELLENIC HYDROGEN S.A. 149.00% 49.00% Greece, 2023 Production, Storage &
Supply of hydrogen
OROS ENERGY S.A. 49.00% 49.00% Greece 2017RES
GREENESCO ENERGY S.A. 249.00% 49.00% Greece 2017En. Services
BALIAGA S.A. 49.00% 49.00% Greece, 2020 RES
TEICHIO S.A. 49.00% 49.00% Greece, 2020 RES
PIVOT SOLAR S.A. 49.00% 49.00% Greece, 2021 RES
GEOTHERMAL TARGET TWO (II) S.A. 49.00% 49.00% Greece, 2020 RES
METON ENERGY S.A.. 49.00% 49.00% Greece, 2021 RES
\u0399DEA FOS SINGLE MEMBER S.A. 449.00% 49.00% Greece, 2020 RES
AMYNTEO SOLAR PARK ONE SINGLE MEMBER S.A. 349.00% 49.00% Greece, 2021 RES
AMYNTEO SOLAR PARK TWO SINGLE MEMBER S.A. 349.00% 49.00% Greece 2021RES
AMYNTEO SOLAR PARK THREE SINGLE MEMBER S.A. 349.00% 49.00% Greece 2021RES
AMYNTEO SOLAR PARK FOUR SINGLE MEMBER S.A. 349.00% 49.00% Greece, 2021 RES
AMYNTEO SOLAR PARK FIVE SINGLE MEMBER S.A. 349.00% 49.00% Greece, 2021 RES
AMYNTEO SOLAR PARK SIX SINGLE MEMBER S.A. 349.00% 49.00% Greece, 2021 RES
AMYNTEO SOLAR PARK SEVEN SINGLE MEMBER S.A. 349.00% 49.00% Greece 2021RES
AMYNTEO SOLAR PARK EIGHT SINGLE MEMBER S.A. 349.00% 49.00% Greece, 2021 RES
AMYNTEO SOLAR PARK NINE SINGLE MEMBER S.A. 349.00% 49.00% Greece, 2021 RES
GREEKSTREAM ENERGY S.A. 49.00% - Greece, 2020 RES
INTRAKAT AIOLIKI ANATOLIKIS ARGITHEAS S.A. 49.00% - Greece, 2011RES
INTRA-K ENERGY S.A. 49.00% - Greece, 2021 RES
INTRAKAT NWG S.M.S.A. 49.00% - Greece, 2005RES
WIND DEVELOPMENT ENERGY EPIRUS S.M.S.A.1249.00% - Greece, 2012RES
PV SOTIRAS ENERGY S.M.S.A..1249.00% - Greece, 2021 RES
\u0391\u039d\u0395\u039c\u039fS KIRFIS S.M.S.A.1249.00% - Greece, 2022 RES
\u0391GKATHAKI ARGITHEAS ENERGY S.M.S.A.1249.00% - Greece, 2022 RES
LIVADOR ENERGY S.M.S.A.1249.00% - Greece, 2022 RES
PV \u0391\u039cPELIA ENERGY S.M.S.A.1249.00% - Greece, 2022 RES
FICHTHI ENERGY S.M.S.A.1249.00% - Greece, 2022 RES
\u0399NTRAKAT-PV-SOLAR S.M.P.C. 1249.00% - Greece, 2019RES
PV \u0391LATARIA ENERGY S.M.S.A. 1249.00% --Greece, 2022 RES
\u0391\u0399\u039fLOS MACEDONIA S.A.1249.00% - Greece, 2005RES
DNC ENERGY S.M.S.A.1249.00% - Greece, 2020 RES
IRIDA 2 S.M.P.C. 1349.00% - Greece, 2021 RES
IRIDA 5 S.M.P.C. 1349.00% - Greece, 2021 RES
\u0395VRYNOMI SOLAR S.A.1449.00% - Greece, 2024RES
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23.INVESTMENTS IN ASSOCIATES (CONTINUED)
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u039cAGOULA SOLAR S.A.1449.00% - Greece, 2024RES
PTOLEMAIOS SOLAR S.A.1449.00% - Greece, 2024RES
Construction-operation-
EMC Subsea Cable Co. Ltd1025.00% - Cyprus, 2024management-ownership
and selling capacity
Design, construction,
Data in Scale S.A.1145.00% - Greece, 2024development and operation
of data centers
SPILAIO SOLAR S.A.\u207549.00% - Greece, 2024RES
\u0391RSINOI SOLAR S.A.1249.00% - Greece, 2024RES
\u0391\u03a4LAS SOLAR S.A.1249.00% - Greece, 2024RES
PTELEOS SOLAR S.A.1249.00% - Greece, 2024RES
\u0391LYSTRATI SOLAR S.A.1249.00% - Greece, 2024RES
FOIVOS SOLAR S.A.\u207649.00% - Greece, 2024RES
THERMES SOLAR S.A.\u207749.00% - Greece, 2024RES
\u039d\u0399KOPOLI SOLAR S.A.\u207849.00% - Greece, 2024RES
\u039a\u039fRMISTA SOLAR S.A.\u207849.00% - Greece, 2024RES
M\u0395SAIO SOLAR S.A.\u207849.00% - Greece, 2024RES
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23.INVESTMENTS IN ASSOCIATES (CONTINUED)
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1. HELLENIC HYDROGEN S.A. was incorporated on 23.01.2023 with principal activity the production, storage and supply of hydrogen with shareholders by 49% PPC
\n
S.A. and 51% by the Motor Oil Group
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2. \u03a4he subsidiary of PPC Renewables S.M.S.A., AMALTHIA ENERGY S.M.S.A. was acquired the 49% of the company and the company ATTICA GREENESCO PCC owns
\n
the 51%
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3. Participation through METON ENERGY S.A.. The companies were 100% subsidiaries of PPC RENEWABLES S.M.S.A. until January 14, 2022, until were contributed to
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\"METON ENERGY S.A.\" for the acquisition of 49% of its share capital. In the current financial statements, they are consolidated using the equity method through
\n
\"METON ENERGY S.A.\". The company METON ENERGY S.A. on 31.12.2024 owns the 100%
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4. Participation through METON ENERGY S.A.. New subsidiary of METON ENERGY S.A. with a percentage of 100% and acquisition date 26/10/2022. In the current
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financial statements it is consolidated through METON ENERGY S.A.
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5. The company was incorporated on 4.6.2024 with the shareholders by 49% PPC RENEWABLES S.M.S.A. and 51% by UNAGI S.A. (subsidiary of the Motor Oil Group)
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6. The company was incorporated on 20.6.2024 with the shareholders by 49% PPC RENEWABLES S.M.S.A. and 51% by UNAGI S.A. (subsidiary of the Motor Oil
\n
Group)
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7. The company was incorporated on 21.06.2024 with the shareholders by 49% PPC RENEWABLES S.M.S.A. and 51% by UNAGI S.A. (subsidiary of the Motor Oil
\n
Group)
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8. The companies were incorporated on 25.06.2024 with the shareholders by 49% PPC RENEWABLES S.M.S.A. and 51% by UNAGI S.A. (subsidiary of the Motor Oil
\n
Group)
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9. On 19.4.2024 the related company PPCR ELTEV S.A. was renamed to MYIS SMIXIOTIKOU S.A. according to the decision of the general meeting of the shareholders
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by 49% PPC RENEWABLES S.M.S.A. and 51% by ELLAKTOR S.A.
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10.On January 11, 2024, PPC acquired from TTSA Cyprus limited the 25% minority stake in the newly established EMC Subsea Cable Company Limited
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11.On September 13, 2024, the subsidiary company Data in Scale S.A. was established, after entering into an agreement between PPC and CAIO Holding Company
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Limited
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12.The share capital structures of the companies is defined by 49% subsidiaries companies of PPC RENWABLES S.A. and 51% by UNAGI S.A. (subsidiary company of
\n
Motor Oil Group)
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13.The companies are 100% subsidiaries companies of GREEKSTREAM ENERGY S.A. which is owned by PPC RENEWABLES S.A. by 49% and 51% by thw companies
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Aktor (INTRAKAT) and ENVIRTUS INVESTMENTS LTD (with a percentage of 26% and 25%, respectively)
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14.The companies were established on 27.3.2024 with the shareholders by 49% PPC RENEWABLES S.M.S.A. and 51% by UNAGI S.A. (subsidiary of the Motor Oil
\n
Group)
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The following tables present PPC\u2019s share (directly or indirectly) of its associates\u2019 financial figures as of 31.12.2024 and 31.12.2023
\n
respectively:
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23.INVESTMENTS IN ASSOCIATES (CONTINUED)
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December 31, 2024
Assets Liabilities Equity
PPCR-ROKAS INDUSTRIAL AND COMMERCIAL S.A. 3,556 7532,803
PPCR - TERNA ENERGY S.A. 5,847 4,796 1,051
PPCR - NANKO ENERGEIA M.Y.I.E GITANI ANONYMOS 2,627 3692,258
ETAIREIA
PPCR - MEK ENERGY S.A OF ELECTRICITY PRODUCTION FROM 1,141 602539
RENEWABLE SOURCES OF ENERGY
MYIS SMIXIOTIKOU S.A. 3,670 8582,812
PPCR \u2013 EDF RENEWABLES HELLAS S.A. OF ELECTRICTY 14,189 3,936 10,253
PRODUCTION FROM RENEWABLE SOURCES OF ENERGY
Aioliko Parko LOYKO S.A. 5 8 (3)
Aioliko Parko MBAMBO VIGLIES S.A.7 11(4)
Aioliko Parko KILIZA S.A. 7 5 2
Aioliko Parko LEFKIVARI S.A. 2 3 (1)
Aioliko Parko AGIOS ONOUFRIOS S.A. 8 3 5
OROS ENERGY S.A.742550192
GREENESCO ENERGY S.A. 1,649 1,017 632
BALIAGA S.A. 2,016 1,824 192
TEICHIO S.A. 1,181 892289
PIVOT SOLAR S.A.551365186
GEOTHERMAL TARGET II S.A. 754 71
METON ENERGY S.A. 368,522 309,649 58,873
GREEKSTREAM ENERGY S.A. 1,555 698857
INTRAKAT AIOLIKI ANATOLIKIS ARGITHEAS S.A. 5 36(31)
INTRAKAT NWG S.M.S.A. 32381242
INTRA-K ENERGY S.A. 15,338 4,326 11,012
PTOLEMAIOS SOLAR S.A. 1,266 1,182 84
\u039cAGOULA SOLAR S.A.1,345 1,260 85
\u0395VRYNOMI SOLAR S.A.96387489
\u0391LYSTRATI SOLAR S.A.29620492
SPILAIO SOLAR S.A.33624492
\u0391RSINOI SOLAR S.A.41532491
\u0391\u03a4LAS SOLAR S.A.1,205 1,113 92
PTELEOS SOLAR S.A. 70861791
M\u0395SAIO SOLAR S.A.66765017
\u039a\u039fRMISTA SOLAR S.A.37035119
\u039d\u0399KOPOLI SOLAR S.A.1,285 1,274 11
THERMES SOLAR S.A.91489816
FOIVOS SOLAR S.A.39537619
HELLENIC HYDROGEN S.A. 5,907 575,850
NVISIONIST S.A.91488826
EMC Subsea Cable Co. Ltd 31,101 19,560 11,541
Data in Scale S.A. 1,794 1,786 8
Total 472,897 361,644111,253
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23.INVESTMENTS IN ASSOCIATES (CONTINUED)
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
December 31, 2023
Assets Liabilities Equity
PPCR-ROKAS INDUSTRIAL AND COMMERCIAL S.A. 3,377 7132,664
PPCR - TERNA ENERGY S.A. 8,119 5,783 2,336
PPCR - NANKO ENERGEIA M.Y.I.E GITANI ANONYMOS 2,695 3972,298
ETAIREIA
PPCR - MEK ENERGY S.A OF ELECTRICITY PRODUCTION FROM 1,204 545659
RENEWABLE SOURCES OF ENERGY
MYIS SMIXIOTIKOU S.A. 3,840 1,057 2,783
PPCR \u2013 EDF RENEWABLES HELLAS S.A. OF ELECTRICTY 12,561 3,814 8,747
PRODUCTION FROM RENEWABLE SOURCES OF ENERGY
Aioliko Parko LOYKO S.A. 5 6 (1)
Aioliko Parko M\u0392AMBO VIGLIES S.A. 6 8 (2)
Aioliko Parko KILIZA S.A. 9 5 4
Aioliko Parko LEFKIVARI A.E. 3 1 2
Aioliko Parko AGIOS ONOUFRIOS S.A. 103 7
OROS ENERGY S.A.784586198
GREENESCO Energiaki S.A. 2,134 1,546 588
BALIAGA S.A. 2,7722,787(15)
TEICHIO S.A. 2,1262,016110
PIVOT SOLAR S.A.4,2184,480(262)
GEOTHERMAL TARGET II S.A. 1214081
METON ENERGY S.A. 181,675108,57473,101
HELLENIC HYDROGEN S.A. 6,341 1146,227
NVISIONIST S.A.74624722
Total 232,746 132,499100,247
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The following table presents PPC\u2019s share of its associates\u2019 revenues and results:
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23.INVESTMENTS IN ASSOCIATES (CONTINUED)
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
December 31, 2024 December 31, 2023
Revenues Profit/ Revenues Profit/
(Loss) (Loss)
PPCR-ROKAS INDUSTRIAL AND COMMERCIAL
S.A. 780494682357
PPCR - TERNA ENERGY S.A. 1,092 1231,386 355
PPCR - NANKO ENERGEIA M.Y.I.E GITANI
ANONYMOS ETAIREIA 38845412107
PPCR - MEK ENERGY S.A OF ELECTRICITY
PRODUCTION FROM RENEWABLE SOURCES
OF ENERGY 9884191,133 582
MYIS SMIXIOTIKOU S.A. 379165499186
PPCR \u2013 EDF RENEWABLES HELLAS S.A. OF
ELECTRICTY PRODUCTION FROM RENEWABLE
SOURCES OF ENERGY 2,466 8882,177 709
Aioliko Parko LOYKO S.A. - (2) - (2)
Aioliko Parko MBAMBO VIGLIES S.A. - (2) - (2)
Aioliko Parko KILIZA S.A. - (2) - (2)
Aioliko Parko LEFKIVARI S.A. - (2) - (2)
Aioliko Parko AGIOS ONOUFRIOS S.A. - (2) - (2)
OROS ENERGY S.A. 113(9) 1228
GREENESCO ENERGY S.A. 971232,125 202
BALIAGA S.A. - (129) - (207)
TEICHIO S.A. - (59) - (156)
PIVOT SOLAR S.A. - (164) - (394)
GEOTHERMAL TARGET II S.A. - (39) - (60)
METON ENERGY S.A. 60(5,073) 198(3,379)
GREEKSTREAM ENERGY S.A. - (239) - -
INTRAKAT AIOLIKI ANATOLIKIS ARGITHEAS
S.A. - (641) - -
INTRAKAT NWG S.M.S.A. - 3 - -
INTRA-K ENERGY S.A. - (689) - -
PTOLEMAIOS SOLAR S.A. - (14) - -
\u039cAGOULA SOLAR S.A.- (13) - -
\u0395VRYNOMI SOLAR S.A.- (9) - -
\u0391LYSTRATI SOLAR S.A.- (6) - -
SPILAIO SOLAR S.A. - (6) - -
\u0391RSINOI SOLAR S.A.- (7) - -
\u0391\u03a4LAS SOLAR S.A.- (6) - -
PTELEOS SOLAR S.A. - (7) - -
M\u0395SAIO SOLAR S.A.- (7) - -
\u039a\u039fRMISTA SOLAR S.A.- (5) - -
\u039d\u0399KOPOLI SOLAR S.A.- (13) - -
THERMES SOLAR S.A. - (8) - -
FOIVOS SOLAR S.A. - (5) - -
HELLENIC HYDROGEN S.A.- (222) - (241)
NVISIONIST S.A.5683455725
EMC Subsea Cable Co. Ltd- (1,853) - -
Data in Scale S.A.- (14) - -
Total 7,805 (7,053) 9,291 (1,916)
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\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag267": { "value": "\n

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24. INTERCOMPANY RECEIVABLE LOANS WITH SUBSIDIARIES
\n
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
COMPANY
31.12.202431.12.2023
Total Long-term borrowing 708,651 37,913
Minus: Current portion of long-term borrowing 26,250 -
Long-term borrowing682,401 37,913
Total Short-term borrowing 619,648 515,148
Plus: Current portion of long-term borrowing26,250 -
Short-term borrowing645,898 515,148
Total Borrowing 1,328,300 553,061
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On 03.07.2023, the subsidiary company, Alexandroupolis Electricity Production Single Member S.A, signed a contract for the
\n
issuance of a subordinated unsecured common bond loan, amounting to \u20ac157.3 million, as the issuer-borrowing company, with
\n
the Company's shareholders, namely PPC S.A., DAMCO ENERGY and DEPA, as bondholders, as an equity contribution for the
\n
financing of project, expiring on 30.06.2042.
\n
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As of 31.12.2024, the part of the disbursed bond loan, as regards the parent company, PPC SA, which holds 51% of the company\u2019s
\n
share capital, amounted to \u20ac41.1 million.
\n
\n
On 23.09.2024, the Parent Company signed an intercompany loan agreement, as the lending company, for an amount of up to
\n
\u20ac19.2 million with its subsidiary company PPC Bulgaria EAD, as the borrowing company, to cover the subsidiary's general corporate
\n
purposes with a duration of 15 years and a fixed interest rate. As of 31.12.2024 the whole amount was disbursed.
\n
\n
On 31.10.2024, the Parent Company signed an intercompany loan agreement, as the lending company, for an amount of up to
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\u20ac500.0 million with its subsidiary company, PPC Renewables Romania SRL, as the borrowing company, to cover the subsidiary's
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general corporate purposes, with a duration of 1 year with a possibility of extension and a Euribor interest rate plus spread. As of
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31.12.2024 the disbursed balance of the loan amounted to \u20ac111.0 million.
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On 18.11.2024, the Parent Company signed an intercompany loan agreement, as the lending company, for an amount of up to
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\u20ac640.0 million with its subsidiary company, PPC Renewables Romania SRL, as the borrowing company, to cover the subsidiary's
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general corporate purposes with a duration of 15 years and a fixed interest rate. As of 31.12.2024 the disbursed balance of the
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loan amounted to \u20ac630.8 million.
\n
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On 03.12.2024, the Parent Company signed an intercompany loan agreement, as the lending company, for an amount of up to
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\u20ac114.5 million with its subsidiary company, PPC Bulgaria EAD, as the borrowing company, to cover the subsidiary's general
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corporate purposes with a duration of 15 years and a fixed interest rate. As of 31.12.2024 the disbursed balance of the loan
\n
amounted to \u20ac17.5 million.
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Additionally, on 25.10.2023, the day of the acquisition (Note 6), the Parent company paid Enel the amount of \u20ac517.8 million for
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the acquisition of the intercompany balances (Short- term loans) between the former shareholder and the Romanian subsidiaries
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PPC Energie S.A., PPC Energie Muntenia S.A., PPC Advanced Energy Services Romania S.R.L., PPC Blue Romania S.R.L. and PPC
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Trading S.R.L. and recognized total short-term loan receivables of \u20ac515.1 million (RON 2,563.1 million) plus interest of \u20ac8.3 million,
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i.e. a total of \u20ac523.4 million without guarantees, for general corporate purposes, with ROBOR of 0.6% to 2.7% (average cost:
\n
7.18%). These loans on December 31, 2024, amounted to \u20ac508.6 million (RON 2.5 billion), the maturity of which was within 2023
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and 2024, and it will be extended for one year from their expiration date.
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The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuing technique:
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Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.
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Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either
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directly or indirectly.
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Level 3: techniques which use inputs that have a significant effect on the recorded fair value and are not based on observable
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market data.
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During the reporting period there were no transfers between level 1 and level 2 fair value measurement, and no transfers into
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and out of level 3 fair value measurement.
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The following tables compare the carrying amount of the Group\u2019s and the Parent Company\u2019s financial instruments that are carried
\n
at amortized cost and their fair value:
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Carrying amount Fair value
GROUP 31.12.2024 31.12.2023 31.12.2024 31.12.2023
Financial Assets
Trade receivables 1,593,040 1,552,674 1,593,040 1,552,674
Restricted cash 379,452 177,487 379,452 177,487
Cash and cash equivalents 1,998,590 2,599,802 1,998,590 2,599,802
Financial Liabilities
Long-term borrowings 6,931,910 5,600,166 6,931,910 5,600,166
Long- term financial liabilities from the securitization 255,998 377,126 255,998 377,126
of trade receivables
Financial liability from NCI Put option 1,463,914 1,431,001 1,463,914 1,431,001
Trade payables 2,729,1402,095,150 2,729,1402,095,150
Short- term financial liabilities from the 115,614 10,198 115,614 10,198
securitization of trade receivables
Short-term borrowing 223,681 240,760 223,681 240,760
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Carrying amount Fair value
PARENT COMPANY 31.12.2024 31.12.2023 31.12.2024 31.12.2023
Financial Assets
Trade receivables 1,181,335 1,207,131 1,181,335 1,207,131
Restricted cash 230,966 42,169 230,966 42,169
Cash and cash equivalents 1,183,276 1,853,051 1,183,276 1,853,051
Financial Liabilities
Long-term borrowings 3,937,377 3,439,426 3,937,377 3,439,426
Long-term financial liabilities from the securitization
of trade receivables 255,998 377,126 255,998 377,126
Trade payables 970,196 925,021 970,196 925,021
Short- term financial liabilities from the
securitization of trade receivables 115,614 10,198 115,614 10,198
Short-term borrowing 70,000 - 70,000 -
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The fair value of trade receivables and trade payable accounts approximates their carrying amounts.
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The fair value of other financial assets and financial liabilities is determined by discounting future cash flows using either directly
\n
or indirectly observable inputs and is included in Level 2 of the fair value hierarchy.
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As of December 31
\n
st
\n
, 2024, the Group and the Parent Company held the following financial instruments measured at fair value:
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\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Fair Value Fair value Hierarchy
GROUP 31.12.2024 31.12.2023
Financial Assets
Financial Assets at fair value through Other 315308Level 1
Comprehensive Income
Derivative Financial Instruments \u2013 Non current Assets 10,65514,641 Level 1, Level 3
Derivative Financial Instruments \u2013 Current Assets 5,415 1,521 Level 1, Level 3
Financial Liabilities
Derivative Financial Instruments \u2013 Current Liabilities38,617 12,163 Level 1, Level 3
Parent Company
Financial Assets
Financial Assets at fair value through Other 303295Level 1
Comprehensive Income
Derivative Financial Instruments \u2013 Non current Assets 52,406 24,748 Level 1, Level 3
Derivative Financial Instruments \u2013 Current assets 5,717 7,429Level 1, Level 3
Financial Liabilities
Derivative Financial Instruments \u2013 Current Liabilities 10,295 11,945 Level 1, Level 3
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There were no transfers between Level 1 and 2 of the fair value hierarchy and transfers to / from Level 3 for the calculation of
\n
the fair value of financial receivables and liabilities for the year ended 31 December 2024.
\n
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Financial Risk Management Policies
\n
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Fair Value
\n
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The amounts reflected in the accompanying balance sheets for cash, current assets and current liabilities approximate their
\n
respective fair values due to their short-term maturity.
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The fair values of financial Assets at fair value through Other Comprehensive Income that are traded on stock markets are based
\n
on their quoted market prices at the balance sheet date.
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The carrying values of long-term borrowing approximate their fair value as these loans are in local currency and mainly of floating
\n
interest rate.
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For derivative financial instruments, their fair values are confirmed either by financial institutions with which the Group has
\n
entered into the relevant contracts or on the basis of their stock market prices of the derivative futures market. While the power
\n
purchase agreements PPA (Note 50.4) are based on valuation techniques that use inputs that have a significant effect on recorded
\n
fair value and are not based on observable market data.
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50. DERIVATIVE FINANCIAL INSTRUMENTS
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50.1. Hedging Transactions
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Commodities hedging transactions (energy, natural gas)
\n
In the ordinary course of business, as a vertically integrated electricity company, the Group and the Parent Company participate
\n
in the Greek energy wholesale market both as producer and as supplier of electricity, which exposes them to market price risk
\n
stemming from commodity price fluctuations. Their generation business is exposed to the fluctuations of natural gas, oil, the
\n
selling price of electricity in the wholesale market and CO
\n
2
\n
emission rights prices which are traded in international commodity
\n
markets.
\n
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The exposure of the Group and the Parent company to the fluctuation of the purchase prices of CO
\n
2
\n
emission allowances is
\n
partially covered by futures market positions on the European Energy Exchange. These positions are taken for compliance
\n
purposes, with the exception of IFRS 9 (exception due to own use) and are included in intangible assets (Note 20).
\n
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The exposure of the Group and the Parent Company to the risk of the wholesale electricity market is determined by its net
\n
exposure, ie the amount of energy required to be purchased from (or sold to) the wholesale market to meet the supply needs
\n
(or production respectively) that can not be covered by its own portfolio of production units (or customers respectively). Any
\n
change in both the commercial portfolio and the production portfolio of the Group and the Parent Company, leads to fluctuations
\n
of the net exposure either to a position of \"buy\" or to a position of \"sell\" of electricity. For either two positions, the variable
\n
wholesale electricity prices may have a material adverse effect on the Group's and Parent Company's operating results and
\n
financial position.
\n
\n
Due to the application from 08.07.2022 of the Temporary Mechanism for Returning Part of Next Day and Intraday Electricity
\n
Market (the \u201dMechanism\u201d), the Group and the Parent Company had no exposure to the risk of price fluctuations due to their
\n
participation in the Greek wholesale electricity market and the risk of fluctuating natural gas prices for the period when the
\n
mechanism was in force, i.e. from 08.07.2022 until 31.12.2023 (the Mechanism was gradually implemented throughout the year
\n
2023).
\n
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The accumulated amounts in the reserve from cash flow hedges until the time of the discontinuation of hedging positions as
\n
Producer affected the Group\u2019s and the Parent Company\u2019s results at the time the hedged item (energy, natural gas) affected the
\n
results of the Group and the Parent company.
\n
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The Group and the Parent Company in order to hedge the risk of future fluctuations in natural gas prices has entered until
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December 31, 2024 into futures contracts on the Commodities European Energy Exchange (mainly in ICE) with settlement dates
\n
within 2025 (hedge for the year 2025). Respectively, the open positions on December 31, 2023 were related to the year 2024
\n
(hedge for the year 2024) and are analyzed as follows:
\n
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Position\u2019s Nominal Cash/Other
Hedging Instruments PositionNominal quantity value reserves
(MW/h)(in thousand euro) (debit)/credit
(in thousand euro)
Futures Gas Commodity as of Buy 2,785,910 105,338 27,889
31.12.2024
Futures Gas Commodity as of Buy 4,403,605 194,545 (63,550)
31.12.2023
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The Group and the Parent Company, in order to hedge the risk of future fluctuations in energy prices, entered until December
\n
31, 2024 and December 31, 2023 in futures contracts on the Hellenic Energy Exchange (Henex) and the European Energy Exchange
\n
(EEX) with maturity dates within 2025 (hedging for 2025) and within 2024 (hedging for 2024) respectively, which are analyzed as
\n
below:
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Nominal quantity Position\u2019s Nominal Cash/Other reserves
Hedging Instruments Position (MW/h) value (debit)/credit
(in thousand euro) (in thousand euro)
Futures Energy commodity as of Sell(3,673,817)(354,370)(79,317)
31.12.2024
Futures Energy commodity as of Sell (4,504,582) (618,989) 172,094
31.12.2023
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50. DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)
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As futures contracts are valued and settled on a daily basis through the Energy Exchanges, the valuation of open positions on
\n
31.12.2024 and 31.12.2023 has directly affected the cash and cash equivalence of the Group and the Parent Company.
\n
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In order to hedge the risk of future fluctuations in natural gas prices, the Group and the Parent Company had entered into, until
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December 31, 2024, over the counter gas swap agreements with financial institutions and entities in the energy sector with
\n
settlement dates within 2025, which are analyzed as below:
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Derivative financial
Nominal quantity Position\u2019s Nominal valueinstruments/Other
Hedging Instruments- swap contracts Position (MW/h) (in thousand euro) reserves
(debit)/credit
(in thousand euro)
Swap Gas Commodity as of Buy 590,990 24,051 3,414
31.12.2024
Swap Gas Commodity as of Buy 394,500 21,306 (7,774)
31.12.2023
\n\n\n
\n
\n
In order to hedge the risk of future fluctuations in energy prices, the Group and the Parent Company had entered into, until
\n
December 31, 2024, over the counter energy swap agreements with financial institutions with settlement dates within 2025,
\n
which are analyzed as below:
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Derivative financial
Nominal quantity Position\u2019s Nominal valueinstruments/Other
Hedging Instruments- swap contracts Position (MW/h) (in thousand euro) reserves
(debit)/credit
(in thousand euro)
Swap Energy Commodity as of Sell (220,464) (23,930) (1,921)
31.12.2024
Swap Energy Commodity as of Sell - - -
31.12.2023
\n\n\n
\n
\n
The hedged items for the natural gas follow the Title Transfer Facility (TTF) index, as well as the hedged instruments and as a
\n
result the hedged ratio is 1:1. Hedging items for electricity follow the Day Ahead Market (DAM) of Greece and the European
\n
Energy Exchanges. As the characteristics of the hedged instrument and the hedged item are highly correlated, the hedged ratio
\n
is 1:1.
\n
\n
All cash flow hedging transactions for both year 2024 and 2023 are considered to be effective in the future and the hedged items
\n
are highly probable future transactions.
\n
\n
The valuation of the swap contracts and futures contracts was carried out based on prices provided by financial institutions with
\n
which the Group has concluded the relevant contracts, or based on their prices in the derivative futures market.
\n
\n
From the hedging transactions of the fluctuation of the price of electricity and natural gas products within 2024, Energy gains
\n
before tax of \u20ac 152.6 million (2023: losses \u20ac22.6 million) (Note 12) and Natural Gas losses before tax \u20ac73.6 million (2023: gains
\n
\u20ac46.9 million) were reclassified from the Statement of Comprehensive Income to the Statement of Income of the Group and the
\n
Parent Company i.e. total gains \u20ac79.0 million.
\n
\n
Interest rate swap agreements-Group
\n
To hedge the interest rate risk arising from floating interest rate loan contracts, the Group has entered into over the counter
\n
derivative interest rate swap agreements with banks and follows cash flow hedge accounting.
\n
As of December 31, 2024, the nominal value of those contracts amounted to \u20ac 201.8 million (31.12.2023: \u20ac 177.8 million) while
\n
the fair value of the contracts amounted to \u20ac11.3 million (31.12.2023: \u20ac6.5 million). The amount of \u20ac0.6 million (31.12.2023: \u20ac1.7
\n
million) is included in non-current derivative financial instruments in Total Assets and the amount of \u20ac11.9 million (31.12.2023:
\n
\u20ac 8.2 million) is included in non-current derivative financial instruments in Total Liabilities. The nominal value of these contracts
\n
changes to follow the capital repayments/gradual disbursement plan of each loan contract that expires until 2043. Within 2024,
\n
new interest rate swap agreements were signed of nominal value \u20ac27.6 million, in the context of obtaining new loans. The
\n
valuation of the interest rate swap contracts was carried out based on prices provided by financial institutions with which the
\n
Group has concluded the relevant contracts. For 2024 and 2023, no ineffective portion of cash flow hedge has arisen.
\n

\n\n\n\n\n

\n\n\n\n\n

\n\n
50. DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)
\n
\n
An analysis of the above open positions in derivative financial instruments for cash flow hedging as of 31.12.2024 based on their
\n
maturity date is presented:
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
GROUP 31/12/2024Up to 12 >1 to 5 years > 5 years Total Fair value Statement of financial
months position
Nominal
Quantity 2,785,910--2,785,910-
Gas commodity (MW/h) Cash / other reserves
future contracts Position\u2019s (debit)/credit
Nominal price 105,338--105,33827,889
in thousand \u20ac
Nominal
Quantity (3,673,817)--(3,673,817)-
Energy commodity (MW/h) Cash / other reserves
future contracts Position\u2019s (debit)/credit
Nominal price (354,370)--(354,370)(79,317)
in thousand \u20ac
Interest rate swap Position\u2019s Financial instruments
agreementsNominal price / other reserves
in thousand \u20ac(406)52,007150,192201,793(11,274)(debit)/credit
Nominal
Quantity 590,990--590,990-
Gas commodity (MW/h) Financial instruments
swaps Position\u2019s / other reserves
Nominal price 24,051--24,0513,414(debit)/credit
in thousand \u20ac
Nominal
Quantity (220,464)--(220,464)-
Energy commodity (MW/h) Financial instruments
swaps / other reserves
Position\u2019s (debit)/credit
Nominal price (23,930)--(23,930)(1,921)
in thousand \u20ac
\n\n\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
COMPANY 31/12/2024Up to 12 >1 to 5 years > 5 years Total Fair value Statement of financial
months position
Nominal
Quantity 2,785,910- - 2,785,910-
Gas commodity (MW/h) Cash / other reserves
future contracts Position\u2019s (debit)/credit
Nominal price 105,338- - 105,33827,889
in thousand \u20ac
Nominal
Quantity (3,673,817)- - (3,673,817)-
Energy commodity (MW/h) Cash / other reserves
future contracts Position\u2019s (debit)/credit
Nominal price (354,370)- - (354,370)(79,317)
in thousand \u20ac
Nominal
Quantity 590,990- - 590,990- Financial instruments /
Gas commodity (MW/h) other reserves
swaps Position\u2019s (debit)/credit
Nominal price 24,051- - 24,0513,414
in thousand \u20ac
Nominal
Quantity (220,464)- - (220,464)- Financial instruments /
Energy commodity (MW/h) other reserves
swaps Position\u2019s (debit)/credit
Nominal price (23,930)- - (23,930)(1,921)
in thousand \u20ac
\n\n
\n

\n\n\n\n\n

\n\n\n\n\n

\n\n
50. DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)
\n
\n
An analysis of the above open positions in derivative financial instruments for cash flow hedging as of 31.12.2023 based on their
\n
maturity date is presented:
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
GROUP 31/12/2023Up to 12 >1 to 5 years > 5 years Total Fair value Statement of financial
months position
Nominal
Quantity 4,403,605 - - 4,403,605-
Gas commodity (MW/h) Cash / other reserves
future contracts Position\u2019s (debit)/credit
Nominal price 194,545 - - 194,545 (63,550)
in thousand \u20ac
Nominal
Quantity (4,504,582) - - (4,504,582)-
Energy commodity (MW/h) Cash / other reserves
future contracts Position\u2019s (debit)/credit
Nominal price (618,989) - - (618,989)172,094
in thousand \u20ac
Interest rate swap Position\u2019s Financial instruments /
agreementsNominal price 4,315 42,143 131,428 177,886 (6,463) other reserves
in thousand \u20ac(debit)/credit
Nominal
Quantity 394,500 - - 394,500 -
Gas commodity (MW/h) Financial instruments /
swaps Position\u2019s other reserves
Nominal price 21,306 - - 21,306 (7,774) (debit)/credit
in thousand \u20ac
\n\n\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
COMPANY 31/12/2023Up to 12 >1 to 5 years > 5 years Total Fair value Statement of financial
months position
Nominal
Quantity 4,403,605- - 4,403,605-
Gas commodity (MW/h) Cash / other reserves
future contracts Position\u2019s (debit)/credit
Nominal price 194,545 - - 194,545 (63,550)
in thousand \u20ac
Nominal
Quantity (4,504,582)- - (4,504,582)-
Energy commodity (MW/h) Cash / other reserves
future contracts Position\u2019s (debit)/credit
Nominal price (618,989) - - (618,989)172,094
in thousand \u20ac
Nominal
Quantity 394,500 - - 394,500 - Financial instruments /
Gas commodity (MW/h) other reserves
swaps Position\u2019s (debit)/credit
Nominal price 21,306 - - 21,306 (7,774)
in thousand \u20ac
\n\n
\n
\n
Additionally, in the reserve from cash flow hedging transactions there were gains of \u20ac50,944 (hedged item natural gas) and losses
\n
of \u20ac68,321 (hedged item electricity) from positions for which hedge accounting was discontinued due to the application of the
\n
Temporary Mechanism from 08.07.2022 Return of Part of the Next Day and Intraday Markets Revenue and which were
\n
recognized in the results of 2023 at the time the hedged item affected the results of the Group and the Parent Company.
\n

\n\n\n\n\n

\n\n\n\n\n

\n\n
50. DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)
\n
\n
50.2. Transactions for speculative purposes
\n
\n
The Parent Company, in the context of its business activity has carried out transactions for trading porpuses. From these
\n
transactions, the Group and the Parent Company recorded gains of \u20ac 12.0 million (31.12.2023: losses \u20ac 5.2 mil.) and are included
\n
in the Income Statement in \"Other \u0399ncome \" (Note 17).
\n
Additionally, on 31.12.2023 gains of \u20ac16.2 million are included in the Statement of Income under \"Other income\" (Note 17)
\n
related to the result of buy positions of natural gas and sell positions of energy contracts that arose from the date of
\n
discontinuance of the cash flow hedging relationship due to the gradual extension of the Mechanism throughout the year 2023
\n
(initially the Mechanism was valid for the period 01.01.2023-01.06.2023).
\n
As of 31 December 2024 and 31 December 2023, the open positions for the Group and the Parent Company in commodities
\n
derivative financial instruments for speculative purposes, that mature in the next year were as follows:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Financial Instrument Position Nominal quantity Position\u2019s Nominal Cash/Results
(MW/h) value in thousands\u2019 \u20ac
Energy commodity futures 31.12.2024Buy 116,299 15,537 116
Natural Gas commodity futures 31.12.2024Buy 63,570 2,489 (191)
Energy commodity futures 31.12.2023Buy 33,963 6,906 (169)
Natural Gas commodity futures 31.12.2023Buy 64,520 3,292 (1,205)
\n\n
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Financial Instrument Position Nominal quantity Position\u2019s Nominal Financial
(MW/h) value in thousands\u2019 \u20acinstruments/Results
Energy commodity swaps 31.12.2024Sell (87,600) (10,008) (216)
Natural gas commodity swaps 31.12.2023Buy 218,300 6,891 (3,993)
Energy commodity Swaps 31.12.2023Sell (93,600) (12,460) 861
\n\n
\n
\n
As futures contracts are valued and settled on a daily basis through the Energy Exchanges, the valuation of open positions on
\n
31.12.2024 and 31.12.2023 has directly affected the cash and cash equivalence of the Group and the Parent Company.
\n
\n
The valuation of the swap contracts and futures contracts was carried out based on prices provided by financial institutions with
\n
which the Group has concluded the relevant contracts, or based on their prices in the derivative futures market.
\n
\n
Interest rate swap agreements-Group
\n
In order to hedge the interest rate risk arising from two floating rate loan agreements (Eurobank and NBG amounting to \u20ac660
\n
million and \u20ac22.52 million respectively), the Group proceeded in 2022 to conclude over-the-counter interest rate derivative
\n
contracts (Interest Rate Cap) with each banking institution. Hedge accounting is not followed for these contracts. As of December
\n
31, 2024, there is one active interest rate contract as one of the two loans was repaid in 2024, due to its maturity. As of December
\n
31, 2024, the nominal value of the contract amounts to \u20ac18 million (maturity on 31.12.2036) and its fair value to \u20ac0.5 million
\n
(2023: \u20ac6.8 million), which is reflected in long-term liabilities.
\n
\n
Since the acquisition on 20 November 2024 of the new renewable energy subsidiaries in Romania (Note 3.3), the Group has
\n
recognized Derivative financial instruments \u2013 Receivables of \u20ac5.9 million relating to the valuation of two interest rate swap
\n
contracts maturing on 30.06.2029 with a banking institution (contract currency in euros). No hedge accounting is followed for
\n
these contracts. The fair value of these contracts as at 31 December 2024 amounted to \u20ac5.3 million (nominal position value
\n
\u20ac107.9 million) of which \u20ac2.0 million and \u20ac3.3 million are included in the Group\u2019s Derivative financial instruments in short-term
\n
and long-term Receivables respectively.
\n
\n
The change in the fair value of all the above contracts amounted to \u20ac7.8 million (2023: \u20ac4.8 million) and is included in the Group's
\n
financial expenses (Note 15). The nominal value of the contracts is changing to follow the principal repayments of the
\n
corresponding loan contracts.
\n
\n
The valuation of the interest rate swap contracts was carried out based on prices from financial institutions with which the Group
\n
has entered into the relevant contracts.
\n

\n\n\n\n\n

\n\n\n\n\n

\n\n
50. DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)
\n
\n
50.3. Derivatives for antitrust compliance purposes
\n
\n
Since September 1, 2021, PPC due to its exclusive access to lignite power generation assumed the obligation (Article 44 of
\n
N4348/2021) to create a Seller's Net Position in quarterly futures contracts corresponding to 50% of the electricity production
\n
from lignite of the corresponding calendar quarter of the previous calendar year and up to the third quarter of the year 2022 and
\n
to 40% of the electricity production from lignite of the corresponding calendar quarter of the previous calendar year, during the
\n
following quarters, until 31 December 2024 at the latest.
\n
\n
In this context, PPC from the positions that it has taken within 2024 to comply with the anti-trust rules, it has recorded gains
\n
reflected in the \"Energy Purchases\" of the Income Statement amounting to \u20ac2.2 million (2023: gains of \u20ac5.2 million) including
\n
changes in the fair value of the opposite market positions (long), it took in energy futures contracts and energy swap contracts
\n
to cover its exposure to this specific obligation. As of 31 December 2024, there is no open position in derivative financial
\n
instruments, as there is no longer a relevant liability for the Parent Company (31.12.2023: gains of \u20ac660 thousand).
\n
\n
50.4. Energy Purchase Agreements
\n
\n
Within 2023 the Group and the Parent company concluded for the first time into long-term bilateral power purchase agreements
\n
(\"PPAs\") with end customers (sell positions), with subsidiaries (buy positions) and with associated companies (buy positions).
\n
\n
These contracts are designed to exchange the price of energy between the Producer and the end customer so that the end customer
\n
achieve fixed energy charges over the time. Also, for those contracts concerning \"green\" energy, the end customer achieves a
\n
reduction of the carbon footprint. For the other hand, the Producer (subsidiaries and associates) ensures a) fixed cash flows/income
\n
in the future from the operation of the Photovoltaic Parks Units/Wind Parks that operate without operating subsidies (merchant
\n
assets) and b) financing for their construction.
\n
\n
As of December 31, 2024, all PPA\u2019s signed by the Parent company are for speculative purpose, excluding PPA (buy positions of energy)
\n
that cover the agriculture tariffs \u201cGAIA\u201d, for which cash flow hedge accounting is followed.
\n
\n
On Group, for two PPA, the Group as Producer has taken an energy sell position to hedge the risk of future Electricity price
\n
fluctuations (cash flow hedge).
\n
\n
On December 31, 2024 and 2023, the positions in PPAs with financial settlement without physical delivery for the Parent Company
\n
were as follows:
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Derivative Nominal Derivative FinancialLong - Term Long - Term Short - Term Short - Term
Financial Position quantity Instrument Assets / Asset (Liability) Asset (Liability)
Instruments (MW/h) (Liabilities)
Energy Contract
for differences Sell(291,144)6,597 6,653 - - (56)
31.12.2024
Energy Contract
for differences Buy44,860,007(223,227)45,753 (263,182)2,303 (8,101)
31.12.2024
TOTAL 44,568,863(216,631)52,406(263,182)2,303(8,157)
Energy Contract
for differences Sell(3,253,208)(455)1,442(1,718)-(178)
31.12.2023
Energy Contract
for differences Buy28,658,44825,68923,307(3,525)5,908-
31.12.2023
TOTAL25,405,24025,23424,748(5,244)5,908(178)
\n\n
\n
\n
\n

\n\n\n\n\n

\n\n\n\n\n

\n\n
50. DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)
\n
\n
Buy positions
\n
\n
As of December 31, 2023, the energy buy positions concerned PPA of the Parent company with the subsidiaries
\n
ALEXANDROUPOLIS ELECTRICITY PRODUCTION S.A., ARCADIAN SUN ONE S.M.S.A., SOLARLAB S.M.S. A. and the associate
\n
companies Amyntaio Solar Park 4 S.M.S.A., Amyntaio Solar Park 7 S.M.S.A., Amyntaio Solar Park 8 S.M.S.A., Amyntaio Solar Park
\n
9 S.M.S.A. Some contracts have fixed price and some others variable price throughout the duration of the PPA.
\n
\n
On March 4, 2024, the Parent Company signed power purchase agreement (buy position) with the subsidiary company PHOEBE
\n
ENERGY S.M.S.A.
\n
\n
On November 29, 2024, the Parent Company signed power purchase agreement (buy position) with the associates \u039d\u0399KOPOLI
\n
SOLAR S.A., SPILAIO SOLAR S.A., \u0391LYSTRATI SOLAR S.A., \u0391\u03a4LAS SOLAR S.A., BALIAGA S.A., the subsidiary PPC Renewables S.M.S.A.
\n
and Aioliki Thrakis S.M.S.A. in the context of the provision of the agricultural tariff \"GAIA\" with a fixed price from 3rd to 10th year,
\n
to cover 30% of the annual electricity consumption of the supplies that have been included in \"GAIA\".
\n
\n
The price exchange period of the PPAs is for a peri\u03bfd of 8 to 15 years and starts only when certain conditions are fulfilled. Also,
\n
most of these agreements concern quantities of energy with the term \"pay as produced\", i.e. based on the energy produced by
\n
the asset/ Park (either 100% or a percentage of the energy produced). All agreements concern specific assets/ Photovoltaic Parks/
\n
Wind Parks, which are either in the financing stage, under construction or in operation.
\n
\n
Sell positions
\n
\n
On December 31, 2023, the energy sell positions concerned PPAs of the Parent company with end consumers of electricity. All
\n
contracts are of fixed price throughout the duration of the PPAs and the price exchange period is for a period of 8 to 10 years,
\n
starting when certain conditions are met. Also, most of these agreements concern quantities of electricity with the term \"pay as
\n
produced\", i.e. based on the energy produced by the asset/Park (at 100% of the energy produced).
\n
\n
In August 2024, amendments to certain power purchase agreements (sell positions) were signed with end customers, which led
\n
to the derecognition of the derivative financial instrument, benefiting the results of 2024 by \u20ac1.7 million. Specifically, the delivery
\n
of energy was changed from virtual (financial) to physical, using an injection and absorption declaration to the Day-Ahead Market
\n
through an intermediary energy supplier, as the criteria of the own use were met.
\n
\n
Among these contracts, there were PPAs relating to Photovoltaic Parks that had not received connection terms and had not been
\n
included in category B under \u03a5\u0391 \u03a5\u03a0\u0395\u039d/\u0393\u0394\u0395/84014/7123 (OG 4333/B\u2019/12.08.2022) and on 31/12/2023 the significant uncertainty
\n
around their construction had been taken into account and the \"pay as produced\" quantity had been determined as zero for
\n
valuation purposes. These contracts were amended to meet the requirements of the Law for obtaining connection terms from
\n
the operator.
\n
\n
On December 31, 2024 and December 31, 2023, some agreements concern specific assets/Photovoltaic Parks, which are in the
\n
process of receiving connection terms or have received connection terms, while others refer to the sale of energy from the
\n
Group's Renewable Energy portfolio.
\n
\n
The nominal quantity in MWh based on which the fair value of the contract for differences was determined for the PPA
\n
agreements with the term \"pay as produced\", was derived based on simulation results from the Park's technical specifications
\n
and weather scenarios. On the contrary, the expected Settlement Price was derived based on estimates from available market
\n
data. A discount rate was determined on the basis of the risk-free Euribor (curve based on the duration of the PPAs) and
\n
counterparty risk, that was used to discount future cash flows.
\n
\n
Also, all the contracts, excluding one, include the delivery of guarantees of origin of green energy (they met the criteria of own
\n
use \u2013exception of IFRS 9) and were considered to represent embedded derivatives, and as a result the initial valuation of the
\n
derivatives (contract for differences) was recalibrated to be equal to zero.
\n
\n
Finally, some of the PPA contracts sell positions include 2 periods. In period A, a physical delivery of energy produced by the Units
\n
of the existing production portfolio of the Parent Company takes place to the end customer, with a settlement of the price
\n
difference, which was evaluated as own use (IFRS 9 exception). While period B, as of 31.12.2023 it was assessed as a swap contract
\n
with financial settlement without physical delivery of electricity. On 31.12.2024 after the amendment of these contracts (as
\n
above), period B was considered as a physical delivery contract (excluding IFRS 9).
\n
On December 31, 2024 and December 31, 2023, the Group's positions in PPA sap contracts with financial settlement without
\n
physical delivery for the Group were as follows:
\n

\n\n\n\n\n

\n\n\n\n\n

\n\n
50. DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Derivative Nominal Derivative Financial Long - Term Long - Term Short - Term
Financial Position quantity Instrument Assets / Asset (Liability) (Liability)
Instruments (MW/h) (Liabilities)
Energy Contract (119,236)
for differences Sell (11,571,829)(145,833) 6,653 (33,250)
31.12.2024
Energy Contract
for differences Buy 12,004,862 (137,159) - (133,929) (3,230)
31.12.2024
TOTAL 433,033(282,992)6,653(253,165)(36,480)
Energy Contract
for differences Sell(13,131,333)(10,226)1,442(11,490)(178)
31.12.2023
Energy Contract
for differences Buy7,504,7724,3724,383(11)-
31.12.2023
TOTAL (5,626,561)(5,854)5,824(11,501)(178)
\n\n
\n
\n
\n
\n
\n
On December 31, 2023, the energy buy positions concerned the Group's PPA with the associate companies Amyntaio Solar Park
\n
4 S.M.S.A., Amyntaio Solar Park 7 S.M.S.A., Amyntaio Solar Park 8 S.M.S.A., Amyntaio Solar Park 9 S.M.S.A. and are described as
\n
above (Parent company\u2019 buy positions).
\n
\n
As of December 31, 2024, the energy buy positions include the PPAs signed in 2024 with the associate companies Nikopoli Solar
\n
S.A., Spilaio Solar S.A., Alistrati Solar S.A., Atlas Solar S.A., Baliaga S.A., and Aioliki Thrakis S.M.S.A. (associate company in 2025) in
\n
the context of the provision of the agricultural tariff \"GAIA\".
\n
\n
As of December 31, 2023, Group's energy sell positions included, in addition to the parent company's sell positions (as above -
\n
sell positions) with end customers, and the PPA that PPC's subsidiary has signed with a minority shareholder. This agreement is
\n
of variable price throughout its duration, based on the variable cost of the Unit, and the price exchange period is for a period of
\n
15 years, which begins when certain conditions are met.
\n
\n
From the acquisition, on 20 November 2024, of the new renewable subsidiaries in Romania (Note 3.3), the Group recognized in
\n
its liabilities Derivative Financial Instruments amounting to \u20ac129.1 million which at 31 December 2024 amounted to a liability of
\n
\u20ac127.2 million. These relate to PPA (sell position) contracts of fixed quantity of energy and price, with a financial settlement
\n
expiring on 31.12.2028, with a counterparty an energy company. The Group, as a Producer, performs hedge accounting (cash
\n
flow hedging). Also, the new subsidiaries in Romania have entered interest rate swaps (Note 50.2).
\n
\n
As of December 31, 2024, from the valuation of the PPA contracts, the Group and the Parent Company recognized in \"Other
\n
Expenses\" losses of \u20ac85.8 million (31.12.2023: losses \u20ac7.1 million) and losses of \u20ac241.8 million (31.12.2023: gains \u20ac25.2 million),
\n
respectively (Note 17), while the Group recognized in reserves from hedging transactions a gain of \u20ac5.6 million (31.12.2023: gains
\n
\u20ac0.9 million) (after deferred tax) for a PPA contract with the purpose of cash flow hedging against future fluctuations in energy
\n
prices.
\n
\n
The decrease in the estimated future prices of 31.12.2024 compared to 31.12.2023, led to the negative valuation of the buy
\n
positions and the positive valuation of the PPA sell positions for the Group and the Parent company.
\n
\n
The impact on the Group of the change in the valuation price of the buy positions of PPA contracts with associates affected the
\n
Group's Income Statement only in terms of the majority shareholder's shareholding.
\n
\n
Finally, it should be noted that the valuations of all the above contracts belong to the level 3 hierarchy, i.e. are based on
\n
techniques using inputs that have a significant effect on recorded fair value and are not based on observable market data. This
\n
implies that actual cash flows in the future may differ significantly from the valuation result.
\n
\n
Below is an analysis of the above open positions as of 31.12.2024 and 31.12.2023 based on the exchange dates of the future cash
\n
flows.
\n

\n\n\n\n\n

\n\n\n\n\n

\n\n
50. DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)
\n
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Nominal quantity (MW/h)
GROUP Positionup to 12 months >1 to 5 Years> 5 years Total
Energy Contract for differences Sell(381,060) (3,902,613)(7,288,157)(11,571,829)
31.12.2024
Energy Contract for differences Buy 259,748 4,385,4067,359,70812,004,862
31.12.2024
TOTAL (121,312)482,79371,552433,033
Energy Contract for differences Sell (15,456)(3,393,015)(9,722,861)(13,131,333)
31.12.2023
Energy Contract for differences Buy -2,114,0915,390,6807,504,772
31.12.2023
TOTAL (15,456)(1,278,924)(4,332,181)(5,626,561)
\n\n\n\n
\n
\n
\n
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Nominal quantity (MW/h)
COMPANY Positionup to 12 months >1 to 5 Years> 5 years Total
Energy Contract for differences Sell (30,660) (122,640) (137,844) (291,144)
31.12.2024
Energy Contract for differences Buy 730,824 14,513,650 29,615,533 44,860,007
31.12.2024
TOTAL700,16414,391,01029,477,68944,568,863
Energy Contract for differences Sell(15,456) (1,444,578)(1,793,174) (3,253,208)
31.12.2023
Energy Contract for differences Buy 253,519 6,867,42721,537,502 28,658,448
31.12.2023
TOTAL238,0635,422,84919,744,32825,405,240
\n\n\n\n
\n
\n
\n
\n
An analysis of certain assumptions as of 31.12.2024 and 31.12.2023 follows below:
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
31.12.2024up to 12 months>1 to 5 Years> 5 years
Expected DAM prices(\u20ac/MWh)1189395
Average risk free interest rate 2.69% 2.23% 2.34%
31.12.2023up to 12 months>1 to 5 Years> 5 years
Expected DAM prices(\u20ac/MWh)125115108
Average risk free interest rate 3.17% 1.99% 2.55%
\n\n\n\n
\n
\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag269": { "value": "\n

\n\n
24. INTERCOMPANY RECEIVABLE LOANS WITH SUBSIDIARIES
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
COMPANY
31.12.202431.12.2023
Total Long-term borrowing 708,651 37,913
Minus: Current portion of long-term borrowing 26,250 -
Long-term borrowing682,401 37,913
Total Short-term borrowing 619,648 515,148
Plus: Current portion of long-term borrowing26,250 -
Short-term borrowing645,898 515,148
Total Borrowing 1,328,300 553,061
\n
\n
\n
\n
\n
On 03.07.2023, the subsidiary company, Alexandroupolis Electricity Production Single Member S.A, signed a contract for the
\n
issuance of a subordinated unsecured common bond loan, amounting to \u20ac157.3 million, as the issuer-borrowing company, with
\n
the Company's shareholders, namely PPC S.A., DAMCO ENERGY and DEPA, as bondholders, as an equity contribution for the
\n
financing of project, expiring on 30.06.2042.
\n
\n
As of 31.12.2024, the part of the disbursed bond loan, as regards the parent company, PPC SA, which holds 51% of the company\u2019s
\n
share capital, amounted to \u20ac41.1 million.
\n
\n
On 23.09.2024, the Parent Company signed an intercompany loan agreement, as the lending company, for an amount of up to
\n
\u20ac19.2 million with its subsidiary company PPC Bulgaria EAD, as the borrowing company, to cover the subsidiary's general corporate
\n
purposes with a duration of 15 years and a fixed interest rate. As of 31.12.2024 the whole amount was disbursed.
\n
\n
On 31.10.2024, the Parent Company signed an intercompany loan agreement, as the lending company, for an amount of up to
\n
\u20ac500.0 million with its subsidiary company, PPC Renewables Romania SRL, as the borrowing company, to cover the subsidiary's
\n
general corporate purposes, with a duration of 1 year with a possibility of extension and a Euribor interest rate plus spread. As of
\n
31.12.2024 the disbursed balance of the loan amounted to \u20ac111.0 million.
\n
\n
On 18.11.2024, the Parent Company signed an intercompany loan agreement, as the lending company, for an amount of up to
\n
\u20ac640.0 million with its subsidiary company, PPC Renewables Romania SRL, as the borrowing company, to cover the subsidiary's
\n
general corporate purposes with a duration of 15 years and a fixed interest rate. As of 31.12.2024 the disbursed balance of the
\n
loan amounted to \u20ac630.8 million.
\n
\n
On 03.12.2024, the Parent Company signed an intercompany loan agreement, as the lending company, for an amount of up to
\n
\u20ac114.5 million with its subsidiary company, PPC Bulgaria EAD, as the borrowing company, to cover the subsidiary's general
\n
corporate purposes with a duration of 15 years and a fixed interest rate. As of 31.12.2024 the disbursed balance of the loan
\n
amounted to \u20ac17.5 million.
\n
\n
Additionally, on 25.10.2023, the day of the acquisition (Note 6), the Parent company paid Enel the amount of \u20ac517.8 million for
\n
the acquisition of the intercompany balances (Short- term loans) between the former shareholder and the Romanian subsidiaries
\n
PPC Energie S.A., PPC Energie Muntenia S.A., PPC Advanced Energy Services Romania S.R.L., PPC Blue Romania S.R.L. and PPC
\n
Trading S.R.L. and recognized total short-term loan receivables of \u20ac515.1 million (RON 2,563.1 million) plus interest of \u20ac8.3 million,
\n
i.e. a total of \u20ac523.4 million without guarantees, for general corporate purposes, with ROBOR of 0.6% to 2.7% (average cost:
\n
7.18%). These loans on December 31, 2024, amounted to \u20ac508.6 million (RON 2.5 billion), the maturity of which was within 2023
\n
and 2024, and it will be extended for one year from their expiration date.
\n

\n\n\n\n\n

\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag268": { "value": "\n
24. INTERCOMPANY RECEIVABLE LOANS WITH SUBSIDIARIES
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
COMPANY
31.12.202431.12.2023
Total Long-term borrowing 708,651 37,913
Minus: Current portion of long-term borrowing 26,250 -
Long-term borrowing682,401 37,913
Total Short-term borrowing 619,648 515,148
Plus: Current portion of long-term borrowing26,250 -
Short-term borrowing645,898 515,148
Total Borrowing 1,328,300 553,061
\n
\n
\n
\n
\n
On 03.07.2023, the subsidiary company, Alexandroupolis Electricity Production Single Member S.A, signed a contract for the
\n
issuance of a subordinated unsecured common bond loan, amounting to \u20ac157.3 million, as the issuer-borrowing company, with
\n
the Company's shareholders, namely PPC S.A., DAMCO ENERGY and DEPA, as bondholders, as an equity contribution for the
\n
financing of project, expiring on 30.06.2042.
\n
\n
As of 31.12.2024, the part of the disbursed bond loan, as regards the parent company, PPC SA, which holds 51% of the company\u2019s
\n
share capital, amounted to \u20ac41.1 million.
\n
\n
On 23.09.2024, the Parent Company signed an intercompany loan agreement, as the lending company, for an amount of up to
\n
\u20ac19.2 million with its subsidiary company PPC Bulgaria EAD, as the borrowing company, to cover the subsidiary's general corporate
\n
purposes with a duration of 15 years and a fixed interest rate. As of 31.12.2024 the whole amount was disbursed.
\n
\n
On 31.10.2024, the Parent Company signed an intercompany loan agreement, as the lending company, for an amount of up to
\n
\u20ac500.0 million with its subsidiary company, PPC Renewables Romania SRL, as the borrowing company, to cover the subsidiary's
\n
general corporate purposes, with a duration of 1 year with a possibility of extension and a Euribor interest rate plus spread. As of
\n
31.12.2024 the disbursed balance of the loan amounted to \u20ac111.0 million.
\n
\n
On 18.11.2024, the Parent Company signed an intercompany loan agreement, as the lending company, for an amount of up to
\n
\u20ac640.0 million with its subsidiary company, PPC Renewables Romania SRL, as the borrowing company, to cover the subsidiary's
\n
general corporate purposes with a duration of 15 years and a fixed interest rate. As of 31.12.2024 the disbursed balance of the
\n
loan amounted to \u20ac630.8 million.
\n
\n
On 03.12.2024, the Parent Company signed an intercompany loan agreement, as the lending company, for an amount of up to
\n
\u20ac114.5 million with its subsidiary company, PPC Bulgaria EAD, as the borrowing company, to cover the subsidiary's general
\n
corporate purposes with a duration of 15 years and a fixed interest rate. As of 31.12.2024 the disbursed balance of the loan
\n
amounted to \u20ac17.5 million.
\n
\n
Additionally, on 25.10.2023, the day of the acquisition (Note 6), the Parent company paid Enel the amount of \u20ac517.8 million for
\n
the acquisition of the intercompany balances (Short- term loans) between the former shareholder and the Romanian subsidiaries
\n
PPC Energie S.A., PPC Energie Muntenia S.A., PPC Advanced Energy Services Romania S.R.L., PPC Blue Romania S.R.L. and PPC
\n
Trading S.R.L. and recognized total short-term loan receivables of \u20ac515.1 million (RON 2,563.1 million) plus interest of \u20ac8.3 million,
\n
i.e. a total of \u20ac523.4 million without guarantees, for general corporate purposes, with ROBOR of 0.6% to 2.7% (average cost:
\n
7.18%). These loans on December 31, 2024, amounted to \u20ac508.6 million (RON 2.5 billion), the maturity of which was within 2023
\n
and 2024, and it will be extended for one year from their expiration date.
\n

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25. BALANCES AND TRANSACTIONS WITH RELATED PARTIES
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\n
PPC balances with its subsidiaries as of December 31
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st
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, 2024 and December 31
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st
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, 2023 are as follows:
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December 31, 2024 December 31, 2023
Receivables (Payables) Receivables (Payables)
Subsidiaries
PPC Renewables S.M.S.A 9,297 (1,997) 5,278 (222)
HEDNO S.A. 226,303 (318,833) 219,742 (383,406)
SOLAR PARKS WESTERN MACEDONIA ONE S.M.S.A.6 - 5 -
SOLAR PARKS WESTERN MACEDONIA TWO S.M.S.A. 5 (225) 5 -
SOLAR ARROW ONE S.M.S.A 80(3,073) 139(1,224)
ARCADIAN SUN ONE S.M.S.A. 548(721) 7 (167)
ARCADIAN SUN TWO S.M.S.A. 8 (2) 2 -
AIOLIKO PARKO K-R S.M.S.A. PARAGOGIS KAI EMPORIAS 3 (1,009) 1 (227)
ENERGEIAS
AIOLIKO PARKO LYKOVOUNI S.M.S.A. PARAGOGIS KAI 7 (2,233) 2 (584)
EMPORIAS ENERGEIAS
HELIOFANEIA S.M. TECHNIKI EMPORIKI KAI
VIOMICHANIKI ETAIREIA ANANEOSIMON PIGON - (49) - (14)
ENERGEIAS
SOLARLAB S.M.S.A. 1,150 (2,564) - (247)
AIOLIKO PARKO KOUKOULI S.M.S.A PARAGOGIS KAI 7 (725) - -
EMPORIAS ENERGEIAS
AIOLIKI M\u03a1ELECHER\u0399 MONOPROSOPI ANONYMI KAI 16- - -
VIOMICHANIKI ENERGEIAKI ETAIREIA
GREEK WINDPOWER S.M.S.A. 7 - - -
KASTRI EVIAS S.M.S.A. 2 - - -
DEI OPTIKES EPIKOINONIES SINGLE MEMBER S.A. 8,060 (875) 159(927)
CARGE S.M.S.A.789(594) 638(503)
ALEXANDROUPOLIS ELECTRICITY PRODUCTION S.A. 41,330 - 38,987 -
Next Gen Retail Services S.M.S.A. (KOTSOVOLOS) (ex 781(233) - -
Dixons South East Europe Commercial & Industrial S.A.
PPC e-Money Services S.M.S.A. 42- - -
PPC Finance Plc - (57) 41(171)
PPC ELEKTRIK TEDARIK VE TICARET AS - (18) - (16)
PPC Bulgaria JSCo 36,703 - - -
PPC Albania Sh.a. - (18) - (18)
EDS AD Skopje 36,812 (1,841) 36,418 (990)
Eds doo Belgrade- - - (18)
EDS International SK S.R.O..- - - (952)
PPC Belgium S.A.188- 147-
PPC Energie S.A.309,577 - 315,571 -
PPC Energie Muntenia S.A.199,145 - 212,803 -
PPC Trading S.R.L2 - 5,806 -
PPC Advanced Energy Services Romania S.R.L3 - 2,091 -
PPC Blue Romania S.R.L4,346 - 5,133 -
PPC RENEWABLES ROMANIA S.R.L. 741,987 - - -
PPC Servicii Comune S.R.L 96- - -
PPC \u2013 Public Power Corporation Romania S.A. (ex PPC 95- - -
ENERGY SERVICES CO S.A.)
RETELE ELECTRICE BANAT SA 297- - -
RETELE ELECTRICE DOBROGEA SA 214- - -
RETELE ELECTRICE MUNTENIA SA 418- - -
Total 1,618,324 (335,067) 842,975 (389,686)
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25. BALANCES AND TRANSACTIONS WITH RELATED PARTIES (CONTINUED)
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Also, the Parent Company signed for the first time in 2023 power purchase agreements (PPA) (Electricity long positions) with the
\n
subsidiary companies Alexandroupolis Electricity Production S.A., ARCADIAN SUN ONE S.M.S.A., SOLARLAB S.M.S.A. and within
\n
2024 with PHOEBE ENERGY S.M.S.A.,PPC Renewables S.M.S.A. whose valuation is included in derivative financial instruments and
\n
on December 31, 2024 and December 31, 2023 amounted to liability \u20ac86.0 million and receivable \u20ac21.3 million respectively.
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Additionally, the Parent Company signed for the first time in 2023 power purchase agreements (PPA) (Electricity long positions)
\n
with the related companies AMYNTEO SOLAR PARK SEVEN S.M.S.A., AMYNTEO SOLAR PARK EIGHT S.M.S.A., AMYNTEO SOLAR
\n
PARK NINE S.M.S.A. and within 2024 with te related companies NIKOPOLI SOLAR S.A., SPILAIO SOLAR S.A., ALYSTRATI SOLAR S.A.,
\n
ATLAS SOLAR S.A., BALIAGA S.A. whose valuation is included in derivative financial instruments and on December 31, 2024 and
\n
December 31, 2023 amounted to liability \u20ac 137.1 million and receivable \u20ac 4.4 million, respectively.
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Dividend from the subsidiary HEDNO
\n
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The General Meeting of Shareholders of the subsidiary HEDNO approved on 10.06.2024 the distribution of a dividend of \u20ac 133.5
\n
million for the year ended 31.12.2023, which was paid to the shareholders on 27.6.2024 with a disbursement of \u20ac 91 million, as
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an amount of \u20ac 42.5 million was given as an interim dividend on 4.12.2023 based on the decision of the subsidiary's Board of
\n
Directors.
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The Board of Directors of the subsidiary company HEDNO, at its meeting held on 30.07.2024, decided to distribute an interim
\n
dividend for the fiscal year 2024 to the shareholders of PPC SA and MSCIF DYNAMI BIDCO SA, amounting to \u20ac 42.5 million,
\n
proportionally to each according to their percentage of participation, which was paid to them in October 2024. In the Statement
\n
of Cash Flows that ended on 31 December 2024, the Group includes the amount of \u20ac 65.4 million as dividend payment to the
\n
minority shareholders. From the distribution of the subsidiary's dividend, non-controlling interests were reduced by \u20ac 65.4
\n
million.
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The Transactions of the Parent Company with subsidiaries for the year ended December 31, 2024 and December 31, 2023 are as
\n
follows:
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\n\n\n\n\n
25.BALANCES AND TRANSACTIONS WITH RELATED PARTIES (CONTINUED)
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
December 31, 2024 December 31, 2023
Invoiced to Invoiced from Invoiced to Invoiced from
Subsidiaries
PPC Renewables S.M.S.A. 8,973 (7,119) 7,157 (1,491)
HEDNO S.A. 1,554,244 (1,792,914) 1,435,887 (1,644,557)
SOLAR PARKS WESTERN MACEDONIA ONE S.M.S.A. 146- 36-
SOLAR PARKS WESTERN MACEDONIA TWO S.M.S.A.137(1,224) 34-
SOLAR ARROW ONE S.M.S.A 729(23,245) 517(5,948)
ARCADIAN SUN ONE S.M.S.A. 773(5,125) 75(1,780)
ARCADIAN SUN TWO S.M.S.A. 38(2) 19-
AIOLIKO PARKO K-R S.M.S.A. PARAGOGIS KAI EMPORIAS 11(3,348) 6 (1,747)
ENERGEIAS
AIOLIKO PARKO LYKOVOUNI S.M.S.A. PARAGOGIS KAI EMPORIAS 34(9,075) 27(6,324)
ENERGEIAS
HELIOFANEIA S.M. TECHNIKI EMPORIKI KAI VIOMICHANIKI 3 (282) 1 (229)
ETAIREIA ANANEOSIMON PIGON ENERGEIAS
SOLARLAB S.M.S.A.1,229 (9,439) - (247)
AIOLIKO PARKO KOUKOULI S.M.S.A PARAGOGIS KAI EMPORIAS19(1,697) - -
ENERGEIAS
AIOLIKI M\u03a1ELECHER\u0399 MONOPROSOPI ANONYMI KAI141- - -
VIOMICHANIKI ENERGEIAKI ETAIREIA
GREEK WINDPOWER S.M.S.A. 1 - - -
KASTRI EVIAS S.M.S.A. 23- - -
DEI OPTIKES EPIKOINONIES SINGLE MEMBER S.A. 7,880 (875) 152(927)
CARGE S.M.S.A.46(1,121) 9 (503)
ALEXANDROUPOLIS ELECTRICITY PRODUCTION S.A. 2,344 - 1,073 -
Next Gen Retail Services S.M.S.A. (KOTSOVOLOS) (ex Dixons South613(361) - -
East Europe Commercial & Industrial S.A.
PPC e-Money Services S.M.S.A 42- - -
PPC Finance Plc - (69) - (53)
PPC ELEKTRIK TEDARIK VE TICARET AS - (542) - (221)
PPC Bulgaria JSCo 355- - -
PPC Albania Sh.a.- (216) - (216)
EDS AD Skopje 50,564 (13,587) 31,167 (17,388)
Eds doo Belgrade- - 461(108)
EDS International SK S.R.O.- - 8,331 (61)
PPC Belgium S.A.246(1,145) 106(109)
PPC Energie S.A. 26,903 - 4,082 -
PPC Energie Muntenia S.A. 40,453-2,655-
PPC Trading S.R.L439- 92-
PPC Advanced Energy Services Romania S.R.L85- 17-
PPC Blue Romania S.R.L332- 57-
PPC RENEWABLES ROMANIA S.R.L.4,438 - - -
PPC Servicii Comune S.R.L 96- - -
PPC \u2013 Public Power Corporation Romania S.A. (ex PPC ENERGY 95- - -
SERVICES CO S.A.)
RETELE ELECTRICE BANAT SA 297- - -
RETELE ELECTRICE DOBROGEA SA 214- - -
RETELE ELECTRICE MUNTENIA SA418- - -
Total 1,702,361(1,871,386)1,491,961(1,681,909)
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25.BALANCES AND TRANSACTIONS WITH RELATED PARTIES (CONTINUED)
\n
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Guaranties in favor of subsidiaries/accosiates
\n
\n
As of 31.12.2024 there is a corporate guarantee of PPC S.A. to PPC RENEWABLES S.M.S.A., for an overdraft facility of up to \u20ac3
\n
million, of which an amount of \u20ac360 thousand has been used, for the issuance of letters of guarantee.
\n
\n
As of 31.12.2024 there were active letters of guarantee confirming the Producer Licenses R/L totaling \u20ac137.9 million, issued by
\n
PPC SA, on behalf of PPC Renewables S.M.S.A.
\n
\n
As of 31.12.2024, the Parent Company is a guarantor in loans of the subsidiary company Energy Delivery Solutions EDS AD (EDS)
\n
for working capital and letters of guarantee of \u20ac 33 million for which there is a pledge in bank deposits amounting to \u20ac 21 million
\n
of the Parent Company. On 31.12.2024 the use of the above limit amounted to \u20ac 16 million.
\n
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Also, the Parent Company had issued letters of guarantee amounting to \u20ac2.35 million, \u20ac1.81 million and \u20ac0.69 million in favor of
\n
the associate companies AMYNTEO SOLAR PARK EIGHT SINGLE MEMBER S.A., AMYNTEO SOLAR PARK SEVEN SINGLE MEMBER
\n
S.A. and AMYNTEO SOLAR PARK FOUR SINGLE MEMBER S.A. in the framework of the 15-year power purchase agreements with
\n
financial settlement signed between the parties on June 2, 2023.
\n
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On 19.9.2023 it was decided by the Board of Directors of the Parent Company, the provision of a corporate guarantee in favor of
\n
the company METKA - EGN LTD, amounting to \u20ac228 million in the context of the Share Purchase Agreement (SPA) between the
\n
Company METKA - EGN LTD and the subsidiary PPC Renewables for the acquisition of the option to purchase from the latter of
\n
100% of the share capital of SOLAR REVOLUTION S.R.L. and SUNLIGHT VENTURE S.R.L after the 30.06.2023 supplement to this,
\n
to cover the relevant financial obligations of PPC Renewables S.M.S.A. On 19.12.2024 and on 15.01.2025, there were signed
\n
transfer agreements regarding the substitution of PPC Renewables S.M.S.A (Original Buyer) from PPC Renewables Romania S.R.L.
\n
(Substitute Buyer) with relevant amendments on the Parent Company\u2019s corporate guarantees. On this SPA\u2019s context, on
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December 2024, PPC Renewables Romania S.R.L. made an advance payment of \u20ac100 million to \u039c\u0395\u03a4\u039a\u0391 - EGN LTD against the
\n
purchase price and received an equivalent bank letter of guarantee from the latter. The completion of the acquisition will take
\n
place upon the fulfillment of specific conditions.
\n
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In April 2024, a Pending Credit Guarantee was issued, amounting to \u20ac 53.9 million ($ 56 million) in favor of the associate company
\n
EMC SUBSEA CABLE COMPANY LIMITED, which concerns the liability of the PPC shareholder to pay Equity to cover part of the
\n
investment costs, as derived from the Shareholder Support Agreement, with an expiry date of 29.04.2029.
\n
\n
In June 2024, the Board of Directors of the Parent Company decided to provide two (2) Corporate Guarantees in favor of its 100%
\n
indirect subsidiaries Prowind Windfarm Viisoara S.R.L. and Prowind Windfarm Deleni S.R.L., for a total amount of up to \u20ac128
\n
million, with beneficiaries GE Energy Wind GmbH and General Electric International LLC for the accurate and timely repayment
\n
of the purchase price of the wind turbines and the provision of other electromechanical equipment and related services,
\n
specifically for the projects in the Deleni and Viisoara areas up to \u20ac50 million and \u20ac78 million respectively, as well as all other
\n
financial obligations that may arise during the execution of the Contracts, with an estimated completion date of December 2025.
\n
\n
On 27.09.2024, as part of the Parent Company's contractual obligations, a bank Letter of Guarantee was issued in the amount of
\n
\u20ac6.2 million in favor of the subsidiary of ALEXANDROUPOLIS ELECTRICITY PRODUCTION S.A. as well as the National Bank to cover
\n
cost overruns in the 840MW Natural Gas unit under construction in which the parent company has a 51% stake.
\n

\n\n\n\n\n
25.BALANCES AND TRANSACTIONS WITH RELATED PARTIES (CONTINUED)
\n
\n
Significant transactions and balances with other companies into which the Greek State participates
\n
\n
The following table presents transactions and balances with companies HELLENIC FUELS AND LUBRICANTS INDUSTRIAL AND
\n
COMMERCIAL and National Gas Company (\u201cDEPA\u201d) (subsidiaries of the Parent Company HELLENiQ ENERGY Holdings S.A.), which
\n
are PPC\u2019s liquid fuel and natural gas suppliers, respectively, and into which the Greek State participates. Additionally, transactions
\n
and balances with DAPEEP S.A., HEnEx S.A., ENEXCLEAR S.A., IPTO S.A., and LARCO S.A. are presented. The below tables include
\n
also accrued receivables and payables and accrued income and expenses.
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
1.1.2024\u2013 31.12.2024 1.1.2023 \u2013 31.12.2023
Invoiced to Invoiced from Invoiced to Invoiced from
HELLENIC FUELS &
LUBRICANTS INDUSTRIAL - 181,129 - 179,752
& COMMERCIAL
DEPA - 393,446 - 344,163
DAPEEP S.A. 847,037 (375,824) 2,408,634 (341,529)
HEnEx S.A. - (2,550) - (3,432)
IPTO S.A 662(184,035) 600(175,751)
ENEXCLEAR S.A. 3,014,789 (3,563,617) 2,686,198 (4,267,660)
LARCO S.A. (944) - (512) -
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December 31, 2024 December 31, 2023
Receivables (Payables) Receivables (Payables)
HELLENIC FUELS &
LUBRICANTS INDUSTRIAL - (19,188) - (41,882)
& COMMERCIAL
DEPA - (45,828) - (39,028)
DAPEEP S.A. 447,724 (245,497) 586,621 (56,968)
HEnEx S.A. - (7) - (9)
IPTO S.A. 3,424 (10,037) 15,006 (12,680)
ENEXCLEAR S.A. 66,051 (53,108) 23,818 (31,918)
LARCO S.A.* 16,178 - 355,075 -
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\n
\n
\n
\n
\n
*The Parent Company, by BoD decision 128/12.12.2024, approved the write-off of PPC's receivables up to \u20ac 340.50 million against
\n
the company \"LARCO S.A.\".
\n
\n
In addition to the above mentioned transactions, PPC S.A. enters into commercial transactions with many state-owned entities,
\n
both profit and non for profit, within its normal course of business (sale of electricity, services received, etc.). All transactions
\n
with state-owned entities are performed at arm\u2019s length terms and are not disclosed, with the exception of transactions that the
\n
Group and the Parent Company enter into with the Hellenic Corporation of Assets and Participations S.A. (HCAP S.A.) and the
\n
companies in which HCAP S.A. participates.
\n

\n\n\n\n\n
25.BALANCES AND TRANSACTIONS WITH RELATED PARTIES (CONTINUED)
\n
\n
The Group\u2019s and the Parent Company\u2019s balances as of December 31, 2024 and December 31, 2023 with HCAP S.A. and the
\n
companies, in which HCAP S.A. participates, are presented below:
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
GROUP PARENT COMPANY
December 31, 2024 December 31, 2024
Receivables (Payables) Receivables (Payables)
HCAP S.A. 1 - - -
ATHENS INTERNATIONAL AIRPORT S.A. 1,379(16) 1,318(14)
ELTA S.A. 279(5,091)- (4,988)
ELTA COURIER S.A. 1 (55) 1 (13)
ETVA INDUSTRIAL PARKS S.A. 63(43) 63(39)
THESSALONIKI INTERNATIONAL FAIR S.A.41- 41-
ODIKES SYNGKOINONIES S.A. 3,059- 3,035-
PUBLIC PROPERTIES COMPANY S.A. 6,640- 6,640-
URBAN RAIL TRANSPORT S.A. 34(44) 34(43)
C.M.F.O. S.A. 168(1) 168(1)
\u039f.\u0391.S.\u0391. S.A.10- 10-
CASINO PARNITHA S.A. 5 - - -
GEA OSE S.A 11- 2 -
AEDIK 3 - 3 -
HELLENIC SALTWORKS S.A. 15- 15-
TOTAL11,709(5,250)11,330(5,098)
\n\n\n\n
\n
\n
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
GROUP PARENT COMPANY
December 31, 2023 December 31, 2023
Receivables (Payables) Receivables (Payables)
ATHENS INTERNATIONAL AIRPORT S.A. 1,383 - 1,335 -
ELTA S.A. 208(3,694) - (3,599)
ELTA COURIER S.A. 1 (71) - (22)
EYDAP S.A. 5,939 (49) 5,939 (3)
ETVA INDUSTRIAL PARKS S.A. 420(38) 420(34)
THESSALONIKI INTERNATIONAL FAIR S.A.94- 94-
ODIKES SYNGKOINONIES S.A. 8,822 (1,149) 8,822 -
PUBLIC PROPERTIES COMPANY S.A. 7,258 - 7,258 -
URBAN RAIL TRANSPORT S.A. 1,134 - 1,134 -
C.M.F.O. S.A. 118(5) 118-
\u039f.\u0391.S.\u0391. S.A.4 - 4 -
\u0395.\u03a5.\u0391.TH. S.A3,851 - 3,851 -
MANAGEMENT OF INDUSTRIAL PARK OF KASTORIA - (1) - (1)
GEA OSE S.A 11- 2 -
AEDIK 16- 16-
HELLENIC SALTWORKS S.A. 12- 12-
TOTAL29,271(5,007)29,005(3,659)
\n\n\n\n
\n
\n
\n
\n
It is noted that \u201cReceivables\u201d and \u201cPayables\u201d with the companies E.YD.AP. S.A. and E.Y.A.TH. S.A. are reported as of 30.06.2023.
\n
Since then, these companies ceased to be subsidiaries of HCAP S.A.
\n

\n\n\n\n\n\n\n\n\n
25.BALANCES AND TRANSACTIONS WITH RELATED PARTIES (CONTINUED)
\n
\n
The transactions made by the Group and the Parent company with HCAP S.A. and the companies in which participates for the
\n
years ended December 31
\n
st
\n
2024 and December 31
\n
st
\n
2023 are as follows:
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
GROUP PARENT COMPANY
1.1.2024 \u201331.12.2024 1.1.2024 \u201331.12.2024
Invoiced to Invoiced from Invoiced to Invoiced from
HCAP S.A. 19- 18-
T.A.I.P.E.D S.A. 1 - - -
ATHENS INTERNATIONAL AIRPORT S.A. 675(324) 371(165)
ELTA S.A. 1,128 (16,145)5 (15,588)
ELTA COURIER S.A. 38(185) 38(42)
ETVA INDUSTRIAL PARKS S.A. 1,188 (244) 1,183(135)
THESSALONIKI INTERNATIONAL FAIR S.A.912(165) 912(158)
ODIKES SYNGKOINONIES S.A. 5,852 (6) 4,873(2)
PUBLIC PROPERTIES COMPANY S.A. 1,597 (2) 1,595-
URBAN RAIL TRANSPORT S.A. 30,967 (2) 30,967-
C.M.F.O. S.A. 1,566 (3) 1,562(3)
\u039f.\u0391.S.\u0391. S.A.70- 70-
CENTRAL THESSALONIKI MARKET S.A. 34- 34-
CASINO PARNITHA S.A. 18- 8 -
HELLENIC SALTWORKS S.A. 282- 282-
MANAGEMENT OF INDUSTRIAL PARK OF KASTORIA 4 - 4 -
GAIA- OSE S.A. 19- 17-
A.E.DI.K 27- 27-
MARINA FLOISVOU 1 - - -
MARINA ZEAS 1 - - -
TOTAL44,399(17,076)41,966(16,093)
\n\n\n\n
\n
\n
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
GROUP PARENT COMPANY
1.1.2023 \u201331.12.2023 1.1.2023 \u201331.12.2023
Invoiced to Invoiced from Invoiced to Invoiced from
HCAP S.A. 20- 20-
ATHENS INTERNATIONAL AIRPORT S.A. 694(151) 447(151)
ELTA S.A. 3,045 (11,448) 4 (11,426)
ELTA COURIER S.A. 11(81) 11(72)
EYDAP S.A. 21,565 (71) 21,551 (49)
ETVA INDUSTRIAL PARKS S.A. 1,798 (153) 1,798 (91)
THESSALONIKI INTERNATIONAL FAIR S.A.1,401 (55) 1,401 (54)
ODIKES SYNGKOINONIES S.A. 6,110 (5) 6,106 -
PUBLIC PROPERTIES COMPANY S.A. 3,068 (2) 3,067 (2)
URBAN RAIL TRANSPORT S.A. 46,381 (526) 46,381 (524)
C.M.F.O. S.A. 2,213 - 2,213 -
\u039f.\u0391.S.\u0391. S.A.106- 106-
CENTRAL THESSALONIKI MARKET S.A. 125- 125-
CASINO PARNITHA S.A. 11- 11-
\u0395.\u03a5.\u0391.TH. S.A.14,753 (4) 14,744 -
HELLENIC SALTWORKS S.A. 331- 331-
MANAGEMENT OF INDUSTRIAL PARK OF KASTORIA 5 - 5 -
GAIA- OSE S.A. 23- 23-
A.E.DI.K 32- 32-
TOTAL101,692 (12,496) 98,376 (12,369)
\n\n\n\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n

\n
25.BALANCES AND TRANSACTIONS WITH RELATED PARTIES (CONTINUED)
\n

\n
It is noted that invoicing \"from\" and \"to\" with the companies E.YD.AP. S.A. and E.Y.A.TH. S.A. concerns the period from 01.01.2023
\n
up to 30.06.2023. Since then, these companies ceased to be subsidiaries of HCAP S.A.
\n

\n\n
Management remuneration
\n

\n
Management Members remuneration (Board of Directors and General Managers) for the year ended December 31
\n
st
\n
, 2024 and
\n
December 31
\n
st
\n
, 2023 is as follows:
\n

\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
GROUP COMPANY
2024 2023 2024 2023
Remuneration of the Board of Directors\u2019 members
- Remuneration of executive members 3,7172,080 1,630 1,630
- Remuneration of non-executive members 633417- -
- Compensation / extraordinary fees and Other benefits 2,7121,088 1,743 866
- Employer\u2019s social contributions367271144128
7,4293,856 3,5172,624
Remuneration of the Deputy Chief Executive Officers
and General Managers
- Regular remuneration 6,7673,968 2,627 2,768
- Employer\u2019s Social Contributions675427332288
- Compensation / extraordinary fees 4,9622,268 2,270 1,421
12,4046,663 5,229 4,477
Total 19,83310,519 8,746 7,101
\n\n\n\n
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Remuneration to members of the Board of Directors does not include standard salaries and employer\u2019s social contribution,
\n
relating to the representatives of employees that participate in the Parent Company\u2019s Board of Directors. Also, it does not include
\n
the benefit of electricity supply based on the PPC personnel tariff to the executive members of the Board of Directors, the Deputy
\n
Chief Executive Officers and the General Managers, as well as Free of charge stock awards.
\n

\n
Remuneration Policy
\n

\n
On December 14, 2022, the Extraordinary General Meeting of the shareholders of the Parent Company approved the new
\n
Remuneration Policy of PPC S.A. which is a supplement to the regulations of the Remuneration Policy, as it was formulated
\n
pursuant to the relevant Decisions of the Company's General Assembly of June 4, 2021. Additionally, on December 14, 2023, the
\n
Extraordinary General Meeting of the shareholders of the Parent Company approved the amendment of the Remuneration Policy
\n
of PPC S.A. Finally, on April 30, 2024, the Extraordinary General Meeting of the shareholders of the Parent Company approved
\n
the further amendment of the Remuneration Policy of PPC SA.
\n

\n
Free of charge stock awards program
\n

\n
For the period 2020-2025, it had been decided to provide an additional reward incentive for the executives of PPC S.A. and PPC
\n
Renewables S.M.S.A. for their contribution to the achievement of the Group's medium-term goals in the form of 4 rolling cycles
\n
of the equity settled stock awards program and the framework for granting them was determined based on the provisions of
\n
article 49 of Law 4548/2018. While the Board of Directors had been authorized to determine the Key Performance Indicators
\n
which would be linked to market conditions for each cycle of the free of charge stock awards distribution program.
\n

\n
The 4 cycles were as follows: a\u2019 cycle 01.01.2020 to 31.12.2021 with distribution of shares in 2022, b\u2019 cycle 01.01.2021 to
\n
31.12.2022 with distribution of shares in 2023, c\u2019 cycle 01.01.2022 to 31.12.2023 with distribution of shares in 2024 and the end
\n
of the d\u2019 cycle 01.01.2023 to 31.12.2024 with distribution of shares on December 31, 2025, the end date of the program.
\n

\n\n\n\n\n\n

\n

\n\n\n\n\n\n

\n

\n
25. BALANCES AND TRANSACTIONS WITH RELATED PARTIES (CONTINUED)
\n
\n\n
In August 2023, the shares corresponding to the first and second cycles were distributed free of charge to the beneficiaries after
\n
the determination of the key Performance Indicators and the approval of their achievement by the Board of Directors of the
\n
Parent company on July 18, 2023, a date which constituted the grant date of the free of charge shares.
\n
\n
The maturity date of each cycle had been defined as the last day of each cycle.
\n
\n
On June 30, 2023, it was not possible to determine the fair value of the Free of charge stock awards as the Key Performance
\n
Indicators had not been determined.
\n
\n
With the Board of Directors meeting of the Parent Company from July 18, 2023, the key Performance Indicators for the specific
\n
provision were determined and as a result, the Parent Company determined the fair value of the Rights to distribute shares for
\n
free on this date (grant date) for cycles c\u2019 and d\u2019 with vesting period of rights from 01.01.2022 to 31.12.2023 and from 01.01.2023
\n
to 31.12.2024. The number of shares per cycle was set at 464,000 shares (by taking into account the achievement of the
\n
sustainability and sustainable development clause) as of December 31, 2023, in accordance with the remuneration policy.
\n
\n
On December 31, 2023, the expense for cycle c\u2019 was recognized in the amount of \u20ac 5.5 million and \u20ac 5.0 million for the Group
\n
and the Parent Company respectively and the expense for cycle d\u2019 was recognized in the amount of \u20ac 3.2 million and \u20ac 2.9 million
\n
for the Group and the Parent Company respectively, which reflected the vesting period of the rights and the Group's best estimate
\n
of the number of equity securities that will ultimately vest.
\n
\n
On June 6, 2024, the 231,897 common shares corresponding to cycle c\u2019 were distributed free of charge to the beneficiaries in
\n
accordance with the provisions of articles 49 and 114 of Law 4548/2018.
\n
\n
With the above distribution, for the year ended on December 31, 2024, Payroll Cost was reduced by \u20ac3.9 million in the Statement
\n
of Income, the investment in the subsidiary PPC Renewables by \u20ac0.4 million for the Parent company, the Other reserves by \u20ac5.5
\n
million and the treasury shares by \u20ac1.3 million of the Group and the Parent company.
\n
\n
The cost of these benefits had been determined as of December 31, 2023 based on the fair value of the related rights, using the
\n
Monte Carlo valuation model. In this model, a zero-risk discount rate of 3.78% (c\u2019 cycle) and 3.36% (d' cycle) was used and took
\n
into account the future dividend distribution of the Parent company, which occurred withing July 2024.
\n
\n
The cycle d\u2019 of the free of charge stock awards program with an evaluation period of 01.01.2023 to 31.12.2024, was replaced by
\n
the new share program below and was treated in the financial statements as an amendment. As this amendment increases the
\n
fair value of the equity securities vested by the beneficiaries, the additional fair value is gradually recognized in the Results based
\n
on the remaining modified vesting period of the shares by the beneficiaries, i.e. the period from 30.04.2024 to 30.06.2027.
\n
\n
Within the framework of the above free of charge shares distribution programs, the Group and the Parent Company had
\n
purchased own shares within 2022 based on the provisions of article 49 of Law 4548/2018 (Note 32).
\n
\n
The new Free of charge stock awards program effective from April 30, 2024, introduces as beneficiaries of the Program the
\n
executive members of the board of directors, managers of levels A and B of the hierarchy and/or the Affiliated Companies within
\n
the meaning of article 32 of Law 4308/2014. The final selection of the Beneficiaries is made based on criteria related with the
\n
importance of the position, and following a relevant recommendation of the Nomination, Remuneration and Recruitment
\n
Committee and the approval by the Company's Board of Directors.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n

\n
25. BALANCES AND TRANSACTIONS WITH RELATED PARTIES (CONTINUED)
\n
\n\n
The Program is rolling and comprises of 4 individual cycles, each lasting 3 years, and the final number of shares to be distributed
\n
at the end of each cycle will be determined by the difference in the company's performance indicators between the first and last
\n
day of each cycle, as follows:
\n
\n
The 1st cycle has a performance period of 01.01.2022-31.12.2024. The final number of shares to be distributed for the 1st cycle
\n
will be decided within the first half of 2025 and the shares will be distributed in installments. Specifically, 70% of the shares that
\n
constitute the immediately distributable part will be distributed within the year 2025, 20% within the year 2026 and the remaining
\n
10% within the year 2027.
\n
\n
The 2nd cycle has a performance period of 01.01.2023-31.12.2025. The final number of shares to be distributed for the 2nd cycle
\n
will be decided by February 28, 2026 and the shares will be allocated in installments. Specifically, 60% of the shares that constitute
\n
the immediately distributable part will be distributed within the year 2026, 30% within the year 2027 and the remaining 10%
\n
within the year 2028.
\n
\n
The 3rd cycle has a performance period of 01.01.2024-31.12.2026. The final number of shares to be distributed for the 3rd cycle
\n
will be decided by February 28, 2027 and the shares will be allocated in installments. Specifically, 50% of the shares that constitute
\n
the immediately distributable part will be distributed within the year 2027, 30% within the year 2028 and the remaining 20%
\n
within the year 2029.
\n
\n
The 4th cycle has a performance period of 01.01.2025-31.12.2027. The final number of shares to be distributed for the 4th cycle
\n
will be decided by February 29, 2028 and the shares will be allocated in installments. Specifically, 40% of the shares that constitute
\n
the immediately distributable part will be distributed within the year 2028, 30% within the year 2029 and the remaining 30%
\n
within the year 2030.
\n
\n
Business performance indicators are linked to market conditions for each free of charge stock awards program cycle. There is
\n
also a clause of sustainability and sustainable development which is activated only in case of achieving a specific goal. The
\n
determination of the sustainable development goal is subject to a Board of Directors Decision, which is authorized to determine
\n
the goals in question as well as the overachievement goals. The weight given will change for each of the four performance cycles.
\n
\n
In addition, a Matching Shares Program was established where the Beneficiaries can receive free of charge shares of the Parent
\n
Company, on a 1:1 basis with the shares they have purchased (Matching Shares) under the following conditions:
\n
\n
-To invest a percentage of 10% to 100% of the short-term variable fees they receive during the first year of maturity of each
\n
cycle, in Company\u2019s shares.
\n
- To overachieve the target of the Total Share Return (TSR), at a level of at least 110% for each cycle of the Program.
\n
- Beneficiaries must have held the shares for a period of at least 3 years from the date of their acquisition.
\n
- To continue to have an active employment contract or mandate relationship with the Parent company and/or its affiliated
\n
companies on the date of distribution of the respective shares, i.e. after the completion of the three-year retention period.
\n
\n
The vesting period for equity securities was determined to commence on 30.04.2024 for the first 3 cycles as the new free of
\n
charge stock awards program was then approved and the beneficiaries began to provide their service to the Group and the Parent
\n
company for the new program. The cycle d\u2019 has a vesting period that was determined to start from 01.07.2024 and ends on
\n
30.09.2030. Each cycle has a vesting period that ends based on the date the shares are distributed to the beneficiaries.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n

\n
25. BALANCES AND TRANSACTIONS WITH RELATED PARTIES (CONTINUED)
\n
\n\n
On December 31, 2024, the new cost of Free of charge stock awards program including the proportion of free shares of the
\n
Matching shares program, recognized in the Statement of Income in Payroll Cost amounted to \u20ac20.3 million and \u20ac16.4 million in
\n
the Group and the Parent company respectively, while at the same time the investment of the Parent company in subsidiary
\n
companies increased by \u20ac3.9 million and the Other Reserves of the Group and the Parent company increased by \u20ac20.3 million.
\n
\n
The Free of charge stock awards was determined on the basis of the fair value of the relevant rights, using the Monte Carlo
\n
valuation model. In this model, a discount rate of 9.24% was used, in order to determine their value.
\n
\n
> Additional incentive (bonus)
\n
\n
The amount of the additional incentive for 2024 amounted to \u20ac13.2 million (2023: \u20ac8.6 million) and \u20ac8.6 million (2023: \u20ac5.1
\n
million) respectively and is included in the remuneration of the Group and the Parent Company in the Income Statement for the
\n
year ended December 31, 2024.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag701": { "value": "\n
Management remuneration
\n

\n
Management Members remuneration (Board of Directors and General Managers) for the year ended December 31
\n
st
\n
, 2024 and
\n
December 31
\n
st
\n
, 2023 is as follows:
\n

\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
GROUP COMPANY
2024 2023 2024 2023
Remuneration of the Board of Directors\u2019 members
- Remuneration of executive members 3,7172,080 1,630 1,630
- Remuneration of non-executive members 633417- -
- Compensation / extraordinary fees and Other benefits 2,7121,088 1,743 866
- Employer\u2019s social contributions367271144128
7,4293,856 3,5172,624
Remuneration of the Deputy Chief Executive Officers
and General Managers
- Regular remuneration 6,7673,968 2,627 2,768
- Employer\u2019s Social Contributions675427332288
- Compensation / extraordinary fees 4,9622,268 2,270 1,421
12,4046,663 5,229 4,477
Total 19,83310,519 8,746 7,101
\n\n\n\n
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\n

\n
Remuneration to members of the Board of Directors does not include standard salaries and employer\u2019s social contribution,
\n
relating to the representatives of employees that participate in the Parent Company\u2019s Board of Directors. Also, it does not include
\n
the benefit of electricity supply based on the PPC personnel tariff to the executive members of the Board of Directors, the Deputy
\n
Chief Executive Officers and the General Managers, as well as Free of charge stock awards.
\n

\n
Remuneration Policy
\n

\n
On December 14, 2022, the Extraordinary General Meeting of the shareholders of the Parent Company approved the new
\n
Remuneration Policy of PPC S.A. which is a supplement to the regulations of the Remuneration Policy, as it was formulated
\n
pursuant to the relevant Decisions of the Company's General Assembly of June 4, 2021. Additionally, on December 14, 2023, the
\n
Extraordinary General Meeting of the shareholders of the Parent Company approved the amendment of the Remuneration Policy
\n
of PPC S.A. Finally, on April 30, 2024, the Extraordinary General Meeting of the shareholders of the Parent Company approved
\n
the further amendment of the Remuneration Policy of PPC SA.
\n

\n
Free of charge stock awards program
\n

\n
For the period 2020-2025, it had been decided to provide an additional reward incentive for the executives of PPC S.A. and PPC
\n
Renewables S.M.S.A. for their contribution to the achievement of the Group's medium-term goals in the form of 4 rolling cycles
\n
of the equity settled stock awards program and the framework for granting them was determined based on the provisions of
\n
article 49 of Law 4548/2018. While the Board of Directors had been authorized to determine the Key Performance Indicators
\n
which would be linked to market conditions for each cycle of the free of charge stock awards distribution program.
\n

\n
The 4 cycles were as follows: a\u2019 cycle 01.01.2020 to 31.12.2021 with distribution of shares in 2022, b\u2019 cycle 01.01.2021 to
\n
31.12.2022 with distribution of shares in 2023, c\u2019 cycle 01.01.2022 to 31.12.2023 with distribution of shares in 2024 and the end
\n
of the d\u2019 cycle 01.01.2023 to 31.12.2024 with distribution of shares on December 31, 2025, the end date of the program.
\n

\n\n\n\n\n\n
In August 2023, the shares corresponding to the first and second cycles were distributed free of charge to the beneficiaries after
\n
the determination of the key Performance Indicators and the approval of their achievement by the Board of Directors of the
\n
Parent company on July 18, 2023, a date which constituted the grant date of the free of charge shares.
\n
\n
The maturity date of each cycle had been defined as the last day of each cycle.
\n
\n
On June 30, 2023, it was not possible to determine the fair value of the Free of charge stock awards as the Key Performance
\n
Indicators had not been determined.
\n
\n
With the Board of Directors meeting of the Parent Company from July 18, 2023, the key Performance Indicators for the specific
\n
provision were determined and as a result, the Parent Company determined the fair value of the Rights to distribute shares for
\n
free on this date (grant date) for cycles c\u2019 and d\u2019 with vesting period of rights from 01.01.2022 to 31.12.2023 and from 01.01.2023
\n
to 31.12.2024. The number of shares per cycle was set at 464,000 shares (by taking into account the achievement of the
\n
sustainability and sustainable development clause) as of December 31, 2023, in accordance with the remuneration policy.
\n
\n
On December 31, 2023, the expense for cycle c\u2019 was recognized in the amount of \u20ac 5.5 million and \u20ac 5.0 million for the Group
\n
and the Parent Company respectively and the expense for cycle d\u2019 was recognized in the amount of \u20ac 3.2 million and \u20ac 2.9 million
\n
for the Group and the Parent Company respectively, which reflected the vesting period of the rights and the Group's best estimate
\n
of the number of equity securities that will ultimately vest.
\n
\n
On June 6, 2024, the 231,897 common shares corresponding to cycle c\u2019 were distributed free of charge to the beneficiaries in
\n
accordance with the provisions of articles 49 and 114 of Law 4548/2018.
\n
\n
With the above distribution, for the year ended on December 31, 2024, Payroll Cost was reduced by \u20ac3.9 million in the Statement
\n
of Income, the investment in the subsidiary PPC Renewables by \u20ac0.4 million for the Parent company, the Other reserves by \u20ac5.5
\n
million and the treasury shares by \u20ac1.3 million of the Group and the Parent company.
\n
\n
The cost of these benefits had been determined as of December 31, 2023 based on the fair value of the related rights, using the
\n
Monte Carlo valuation model. In this model, a zero-risk discount rate of 3.78% (c\u2019 cycle) and 3.36% (d' cycle) was used and took
\n
into account the future dividend distribution of the Parent company, which occurred withing July 2024.
\n
\n
The cycle d\u2019 of the free of charge stock awards program with an evaluation period of 01.01.2023 to 31.12.2024, was replaced by
\n
the new share program below and was treated in the financial statements as an amendment. As this amendment increases the
\n
fair value of the equity securities vested by the beneficiaries, the additional fair value is gradually recognized in the Results based
\n
on the remaining modified vesting period of the shares by the beneficiaries, i.e. the period from 30.04.2024 to 30.06.2027.
\n
\n
Within the framework of the above free of charge shares distribution programs, the Group and the Parent Company had
\n
purchased own shares within 2022 based on the provisions of article 49 of Law 4548/2018 (Note 32).
\n
\n
The new Free of charge stock awards program effective from April 30, 2024, introduces as beneficiaries of the Program the
\n
executive members of the board of directors, managers of levels A and B of the hierarchy and/or the Affiliated Companies within
\n
the meaning of article 32 of Law 4308/2014. The final selection of the Beneficiaries is made based on criteria related with the
\n
importance of the position, and following a relevant recommendation of the Nomination, Remuneration and Recruitment
\n
Committee and the approval by the Company's Board of Directors.
\n

\n\n\n\n\n\n\n\n
The Program is rolling and comprises of 4 individual cycles, each lasting 3 years, and the final number of shares to be distributed
\n
at the end of each cycle will be determined by the difference in the company's performance indicators between the first and last
\n
day of each cycle, as follows:
\n
\n
The 1st cycle has a performance period of 01.01.2022-31.12.2024. The final number of shares to be distributed for the 1st cycle
\n
will be decided within the first half of 2025 and the shares will be distributed in installments. Specifically, 70% of the shares that
\n
constitute the immediately distributable part will be distributed within the year 2025, 20% within the year 2026 and the remaining
\n
10% within the year 2027.
\n
\n
The 2nd cycle has a performance period of 01.01.2023-31.12.2025. The final number of shares to be distributed for the 2nd cycle
\n
will be decided by February 28, 2026 and the shares will be allocated in installments. Specifically, 60% of the shares that constitute
\n
the immediately distributable part will be distributed within the year 2026, 30% within the year 2027 and the remaining 10%
\n
within the year 2028.
\n
\n
The 3rd cycle has a performance period of 01.01.2024-31.12.2026. The final number of shares to be distributed for the 3rd cycle
\n
will be decided by February 28, 2027 and the shares will be allocated in installments. Specifically, 50% of the shares that constitute
\n
the immediately distributable part will be distributed within the year 2027, 30% within the year 2028 and the remaining 20%
\n
within the year 2029.
\n
\n
The 4th cycle has a performance period of 01.01.2025-31.12.2027. The final number of shares to be distributed for the 4th cycle
\n
will be decided by February 29, 2028 and the shares will be allocated in installments. Specifically, 40% of the shares that constitute
\n
the immediately distributable part will be distributed within the year 2028, 30% within the year 2029 and the remaining 30%
\n
within the year 2030.
\n
\n
Business performance indicators are linked to market conditions for each free of charge stock awards program cycle. There is
\n
also a clause of sustainability and sustainable development which is activated only in case of achieving a specific goal. The
\n
determination of the sustainable development goal is subject to a Board of Directors Decision, which is authorized to determine
\n
the goals in question as well as the overachievement goals. The weight given will change for each of the four performance cycles.
\n
\n
In addition, a Matching Shares Program was established where the Beneficiaries can receive free of charge shares of the Parent
\n
Company, on a 1:1 basis with the shares they have purchased (Matching Shares) under the following conditions:
\n
\n
-To invest a percentage of 10% to 100% of the short-term variable fees they receive during the first year of maturity of each
\n
cycle, in Company\u2019s shares.
\n
- To overachieve the target of the Total Share Return (TSR), at a level of at least 110% for each cycle of the Program.
\n
- Beneficiaries must have held the shares for a period of at least 3 years from the date of their acquisition.
\n
- To continue to have an active employment contract or mandate relationship with the Parent company and/or its affiliated
\n
companies on the date of distribution of the respective shares, i.e. after the completion of the three-year retention period.
\n
\n
The vesting period for equity securities was determined to commence on 30.04.2024 for the first 3 cycles as the new free of
\n
charge stock awards program was then approved and the beneficiaries began to provide their service to the Group and the Parent
\n
company for the new program. The cycle d\u2019 has a vesting period that was determined to start from 01.07.2024 and ends on
\n
30.09.2030. Each cycle has a vesting period that ends based on the date the shares are distributed to the beneficiaries.
\n

\n\n\n\n\n\n\n\n
On December 31, 2024, the new cost of Free of charge stock awards program including the proportion of free shares of the
\n
Matching shares program, recognized in the Statement of Income in Payroll Cost amounted to \u20ac20.3 million and \u20ac16.4 million in
\n
the Group and the Parent company respectively, while at the same time the investment of the Parent company in subsidiary
\n
companies increased by \u20ac3.9 million and the Other Reserves of the Group and the Parent company increased by \u20ac20.3 million.
\n
\n
The Free of charge stock awards was determined on the basis of the fair value of the relevant rights, using the Monte Carlo
\n
valuation model. In this model, a discount rate of 9.24% was used, in order to determine their value.
\n
\n
> Additional incentive (bonus)
\n
\n
The amount of the additional incentive for 2024 amounted to \u20ac13.2 million (2023: \u20ac8.6 million) and \u20ac8.6 million (2023: \u20ac5.1
\n
million) respectively and is included in the remuneration of the Group and the Parent Company in the Income Statement for the
\n
year ended December 31, 2024.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag681": { "value": "\n
26. INVENTORIES
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
GROUP COMPANY
2024 2023 2024 2023
Lignite 33,106 50,402 33,106 50,402
Liquid fuel and natural gas 303,961 326,101 303,960 326,101
Materials and consumables 1,150,102 1,072,356 646,471 629,926
Purchased in transit 5,350 28,644 3,128 7,333
Inventories of electromobility , P/V, retail, 172,167 3,682 3,643 3,682
electrical and electronic goods
Green Certicates 65,478 - - -
1,730,164 1,481,185 990,308 1,017,444
Provision for impairment of inventories (439,816) (434,654) (432,851) (416,455)
Total 1,290,348 1,046,531 557,457 600,989
\n\n\n\n
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On December 31, 2024, the Group's inventories appear increased by \u20ac243.8 million compared to December 31, 2023 which is
\n
mainly due to a) the inventories of the new subsidiary named \u201cKotsovolos\u201d amounting to \u20ac 165.7 million and b) the inventories
\n
of the new subsidiaries from acquisitions in Romania amounting to \u20ac 65.5 million.
\n
\n
Finally, on December 31, 2024, the Parent Company's inventories appear reduced by \u20ac43.5 million compared to December 31,
\n
2023, as the lignite inventories were reduced by \u20ac17.3 million due to the gradual withdrawal of lignite units and the reduction
\n
in liquid fuels and natural gas by \u20ac22.1 million mainly due to the reduction in fuel oil purchases.
\n
\n
The inventories of the Group and the Parent Company are held free of encumbrance.
\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag690": { "value": "\n

\n\n
27. TRADE RECEIVABLES
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
GROUP COMPANY
2024 2023 2024 2023
High voltage 317,456 797,710298,703784,293
Medium and Low voltage 3,021,638 3,091,3932,796,6382,859,550
Customers\u2019 contributions2,741 2,7412,7412,741
Other energy suppliers 344,901 331,711- -
Natural gas receivables 23,232 20,8132,3432,072
Receivables from photovoltaics in the roofs 1341,8401341,840
Receivables from electromobility 155311158311
Other trade receivables 62,266 - - -
Cheques receivable 3,047 - - -
Cheques overdue 329- - -
3,775,899 4,246,5193,100,7173,650,807
Provision for expected credit losses (113,530)(517,630)(113,530)(517,630)
High voltage
Provision for expected credit losses (1,922,703)(2,033,371)(1,805,852)(1,926,046)
Medium and Low voltage
Provision for expected credit losses (3,704)- - -
Other trade receivables
Provision for expected credit losses (142,922)(142,844)- -
Other energy suppliers
Provision for expected credit losses (2,182,859) (2,693,845) (1,919,382) (2,443,676)
Total 1,593,0401,552,6741,181,3351,207,131
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As of December 31, 2024, the Group includes Trade receivables (before provision for expected credit losses) of subsidiaries
\n
acquired within 2024 amounting to \u20ac99.7 million.
\n
\n
The provision for expected credit losses is stated as follows:
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
GROUP COMPANY
2024 2023 20242023
Balance, as at January 1 2,693,845 2,500,179 2,443,676 2,380,342
-Increase/ (Decrease) in provision (505,264) 64,637 (524,294) 63,334
-From acquisition of subsidiaries 3,430 131,647 - -
-Provision usage (9,187) (2,275) - -
-Exchange differences 35(343) - -
Balance, as at December 31 2,182,859 2,693,8451,919,382 2,443,676
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In 2024, the Parent Company proceeded to write offs of overdue trade receivables, derived from energy sales to Low, Medium
\n
and High Voltage customers, the total amount of which was \u20ac 558,100 (31.12.2023: Low and Medium Voltage customers \u20ac
\n
121,790). For the majority of trade receivales that were written-off, a provision for expected credit losses has been recorded in
\n
previous years.
\n
\n
The Group and the Parent Company apply the simplified approach provided for in IFRS 9 for the calculation of expected credit
\n
losses for trade receivables arising from energy sales, according to which the provision for loss is always measured at an amount
\n
equal to the expected credit losses over the entire life of the receivables from customers.
\n

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\n\n\n\n\n\n\n\n\n

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27.TRADE RECEIVABLES (CONTINUED)
\n
\n
High voltage customer balances relate to (a) receivables from sales of energy to 119 companies with 206 installations (power
\n
supplies), including large industrial companies, which are invoiced at the end of each calendar month, based on individual
\n
agreements and actual monthly metering that is sent from IPTO and (b) receivables from exports to customers abroad.
\n
\n
Medium voltage customers are mainly industrial and commercial companies. Billing is made on a monthly basis and it is based
\n
on actual meter readings send by HEDNO. Low voltage customers are mainly residential and small commercial companies.
\n
\n
Historically, the majority of low voltage customers were billed every four months based on actual meter readings, while interim
\n
bills were issued every two months based mainly on the energy consumed during the corresponding prior period. Within 2024,
\n
HEDNO announced the gradual start of metering of low-voltage customers' electricity supplies on a monthly basis, which was
\n
implemented in a large part of the customer base by the end of 2024.
\n
\n
There are different types of tariffs for both Medium and Low Voltage customers based on different types of energy use
\n
(commercial, residential, etc).
\n
\n
The provision for expected credit losses for the high voltage customers is established by making a personalized assessment of the
\n
expected credit loss per customer.
\n
\n
For the determination of expected credit losses regarding the receivables from Medium and Low voltage customers, the Group
\n
and the Parent Company use credit loss provision tables based on the ageing of the balances and the historical data of the Group
\n
and the Parent Company for credit losses, adjusted for future factors with respect to debtors and the economic environment,
\n
when deemed necessary.
\n
\n
As at 31 December 2024 and 31 December 2023, the maturity of the invoiced trade receivables and the expected credit loss on
\n
them is as follows:
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Ageing analysis of the trade receivables balances (Group)
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Non past 30 \u2013 60 60 \u2013 90 180 \u2013365
31.12.2024due <30 days days days 90 \u2013 180 days days >365 days Total
balance
Expected 5.18% 8.43%21.15%30.53%41.48%39.56% 85.90% 57.81%
credit loss
Total 641,200173,780115,167112,699197,044396,9552,139,054 3,775,899
receivables
Expected 33,18314,65124,35234,40781,738157,0351,837,493 2,182,859
credit loss
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Non past30 \u2013 60 60 \u2013 90 180 \u2013 365
31.12.2023 due <30 days days days 90 \u2013 180 days days >365 days Total
balance
Expected 7.64% 13.11%26.11%28.03%40.68% 58.81%93.72%63.44%
credit loss
Total 827,065 231,137 108,061 97,478 232,084 365,242 2,385,452 4,246,519
receivables
Expected 63,181 30,311 28,216 27,323 94,412214,793 2,235,6092,693,845
credit loss
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27.TRADE RECEIVABLES (CONTINUED)
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Ageing analysis of the trade receivables balances (Parent Company)
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Non past 30 \u2013 60 60 \u2013 90 180- 365
31.12.2024 due < 30 days days days 90 \u2013 180 days days >365 days Total
balance
Expected 9.10% 10.39% 25.16% 32.00% 40.83% 35.03% 85.36% 61.90%
credit loss
Total 348,965 120,346 88,313 101,545 180,728 363,852 1,896,968 3,100,717
receivables
Expected 31,743 12,509 22,219 32,491 73,791 127,445 1,619,184 1,919,382
credit loss
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Non past 60 \u2013 90 180 \u2013 365
31.12.2023 due <30 days 30 \u2013 60 days days 90 \u2013 180 days days>365 days Total
balance
Expected 10.90% 13.74% 26.97% 26.75% 39.64% 60.18% 93.64% 66.75%
credit loss
Total 578,963 186,181 96,789 90,804 213,593 318,440 2,166,037 3,650,807
receivables
Expected 63,087 25,578 26,107 24,294 84,664191,650 2,028,296 2,443,676
credit loss
\n\n\n
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\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ppc:DisclosureOfTradeReceivablesExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag678": { "value": "\n
27. TRADE RECEIVABLES
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GROUP COMPANY
2024 2023 2024 2023
High voltage 317,456 797,710298,703784,293
Medium and Low voltage 3,021,638 3,091,3932,796,6382,859,550
Customers\u2019 contributions2,741 2,7412,7412,741
Other energy suppliers 344,901 331,711- -
Natural gas receivables 23,232 20,8132,3432,072
Receivables from photovoltaics in the roofs 1341,8401341,840
Receivables from electromobility 155311158311
Other trade receivables 62,266 - - -
Cheques receivable 3,047 - - -
Cheques overdue 329- - -
3,775,899 4,246,5193,100,7173,650,807
Provision for expected credit losses (113,530)(517,630)(113,530)(517,630)
High voltage
Provision for expected credit losses (1,922,703)(2,033,371)(1,805,852)(1,926,046)
Medium and Low voltage
Provision for expected credit losses (3,704)- - -
Other trade receivables
Provision for expected credit losses (142,922)(142,844)- -
Other energy suppliers
Provision for expected credit losses (2,182,859) (2,693,845) (1,919,382) (2,443,676)
Total 1,593,0401,552,6741,181,3351,207,131
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As of December 31, 2024, the Group includes Trade receivables (before provision for expected credit losses) of subsidiaries
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acquired within 2024 amounting to \u20ac99.7 million.
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The provision for expected credit losses is stated as follows:
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
GROUP COMPANY
2024 2023 20242023
Balance, as at January 1 2,693,845 2,500,179 2,443,676 2,380,342
-Increase/ (Decrease) in provision (505,264) 64,637 (524,294) 63,334
-From acquisition of subsidiaries 3,430 131,647 - -
-Provision usage (9,187) (2,275) - -
-Exchange differences 35(343) - -
Balance, as at December 31 2,182,859 2,693,8451,919,382 2,443,676
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In 2024, the Parent Company proceeded to write offs of overdue trade receivables, derived from energy sales to Low, Medium
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and High Voltage customers, the total amount of which was \u20ac 558,100 (31.12.2023: Low and Medium Voltage customers \u20ac
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121,790). For the majority of trade receivales that were written-off, a provision for expected credit losses has been recorded in
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previous years.
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The Group and the Parent Company apply the simplified approach provided for in IFRS 9 for the calculation of expected credit
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losses for trade receivables arising from energy sales, according to which the provision for loss is always measured at an amount
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equal to the expected credit losses over the entire life of the receivables from customers.
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27.TRADE RECEIVABLES (CONTINUED)
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High voltage customer balances relate to (a) receivables from sales of energy to 119 companies with 206 installations (power
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supplies), including large industrial companies, which are invoiced at the end of each calendar month, based on individual
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agreements and actual monthly metering that is sent from IPTO and (b) receivables from exports to customers abroad.
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Medium voltage customers are mainly industrial and commercial companies. Billing is made on a monthly basis and it is based
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on actual meter readings send by HEDNO. Low voltage customers are mainly residential and small commercial companies.
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Historically, the majority of low voltage customers were billed every four months based on actual meter readings, while interim
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bills were issued every two months based mainly on the energy consumed during the corresponding prior period. Within 2024,
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HEDNO announced the gradual start of metering of low-voltage customers' electricity supplies on a monthly basis, which was
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implemented in a large part of the customer base by the end of 2024.
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There are different types of tariffs for both Medium and Low Voltage customers based on different types of energy use
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(commercial, residential, etc).
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The provision for expected credit losses for the high voltage customers is established by making a personalized assessment of the
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expected credit loss per customer.
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For the determination of expected credit losses regarding the receivables from Medium and Low voltage customers, the Group
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and the Parent Company use credit loss provision tables based on the ageing of the balances and the historical data of the Group
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and the Parent Company for credit losses, adjusted for future factors with respect to debtors and the economic environment,
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when deemed necessary.
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As at 31 December 2024 and 31 December 2023, the maturity of the invoiced trade receivables and the expected credit loss on
\n
them is as follows:
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Ageing analysis of the trade receivables balances (Group)
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Non past 30 \u2013 60 60 \u2013 90 180 \u2013365
31.12.2024due <30 days days days 90 \u2013 180 days days >365 days Total
balance
Expected 5.18% 8.43%21.15%30.53%41.48%39.56% 85.90% 57.81%
credit loss
Total 641,200173,780115,167112,699197,044396,9552,139,054 3,775,899
receivables
Expected 33,18314,65124,35234,40781,738157,0351,837,493 2,182,859
credit loss
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Non past30 \u2013 60 60 \u2013 90 180 \u2013 365
31.12.2023 due <30 days days days 90 \u2013 180 days days >365 days Total
balance
Expected 7.64% 13.11%26.11%28.03%40.68% 58.81%93.72%63.44%
credit loss
Total 827,065 231,137 108,061 97,478 232,084 365,242 2,385,452 4,246,519
receivables
Expected 63,181 30,311 28,216 27,323 94,412214,793 2,235,6092,693,845
credit loss
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27.TRADE RECEIVABLES (CONTINUED)
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Ageing analysis of the trade receivables balances (Parent Company)
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Non past 30 \u2013 60 60 \u2013 90 180- 365
31.12.2024 due < 30 days days days 90 \u2013 180 days days >365 days Total
balance
Expected 9.10% 10.39% 25.16% 32.00% 40.83% 35.03% 85.36% 61.90%
credit loss
Total 348,965 120,346 88,313 101,545 180,728 363,852 1,896,968 3,100,717
receivables
Expected 31,743 12,509 22,219 32,491 73,791 127,445 1,619,184 1,919,382
credit loss
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Non past 60 \u2013 90 180 \u2013 365
31.12.2023 due <30 days 30 \u2013 60 days days 90 \u2013 180 days days>365 days Total
balance
Expected 10.90% 13.74% 26.97% 26.75% 39.64% 60.18% 93.64% 66.75%
credit loss
Total 578,963 186,181 96,789 90,804 213,593 318,440 2,166,037 3,650,807
receivables
Expected 63,087 25,578 26,107 24,294 84,664191,650 2,028,296 2,443,676
credit loss
\n\n\n
\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag676": { "value": "\n
28. CONTRACT ASSETS
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GROUP COMPANY
2024 2023 2024 2023
Unbilled revenue from energy/natural gas 795,221 951,579 416,612 602,638
Other contract assets 6,620 - - -
Provision for expected credit losses (29,125) (58,292) (23,988) (46,854)
Total 772,716 893,287 392,624 555,784
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Revenues from the supply of power to High, Medium and Low voltage customers during the interval from the last measurement
\n
or billing until the reporting date are accounted for as energy consumed but not yet billed (unbilled revenue). At each reporting
\n
date and taking into account that the billing which is based on measurement data of the last month of the period, is carried out
\n
in the first days of the next month with respect to High and Medium Voltage customers, the total value of energy of that month
\n
is recognized as accrued income for the period, which is billed in the next month.
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Additionally, at each reporting date, the Parent Company estimates the unbilled revenue from Low Voltage customers, having
\n
developed a specific estimation method. The resulting amounts are accounted for as accrued income for the periods ending until
\n
the reporting date and are billed in the next months. All accrued income from the energy consumed but not yet billed is impaired
\n
at each reporting date with provision for expected credit losses. This provision is calculated on the basis of the possibility of
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default for non-past due trade receivables, arising from the expected credit loss provision table.
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Within 2024, HEDNO announced the gradual start of metering of electricity supplies to low-voltage customers on a monthly basis,
\n
which was implemented in a large part of the low-voltage customer base by the end of 2024.
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On December 31, 2024, the consumed and unbilled energy of the Parent Company appears decreased by \u20ac186,026 or 31%
\n
compared to December 31, 2023 due to a parallel decrease in average income compared to 2023 and the amount of unbilled
\n
energy, while there was also a decrease in the share of high-voltage customers compared to 2023.
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28.CONTRACT ASSETS (CONTINUED)
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On 10.04.2024, contract assets amounted to \u20ac17.4 million were recognised in the Group, from the acquisition of the subsidiary
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under the trade name Kotsovolos, which on 31.12.2024 amounted to \u20ac6.6 milion and they mainly come from the public voucher
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program \"Recycle\".
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The analysis of the provision for expected credit losses on the value of the consumed and unbilled energy is as follows:
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GROUP COMPANY
2024 2023 2024 2023
Balance as at January 1 58,292 54,73146,854 54,731
- Increase/(Decrease) in provision (29,170) (5,662) (22,866) (7,877)
- Acquisition of subsidiaries - 9,250 - -
- Exchange differences 3 (27) - -
Balance as at December 31 29,125 58,292 23,988 46,854
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\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag693": { "value": "\n
29. OTHER RECEIVABLES
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
GROUP COMPANY
2024 2023 2024 2023
Value Added Tax 174,300 127,944 71,575 86,921
Assessed taxes and penalties 21,846 23,176 6867
Social security funds (in dispute and current) 24,286 22,488 22,485 22,485
State participation in employees\u2019 social security contributions 1,546 1,546 1,546 1,546
Pensioners\u2019 advances, in dispute 5,262 5,262 5,262 5,262
Loans to employees 4,835 4,711 3,102 3,035
Receivables from contractors (Note 21) 5,144 5,144 55,146 5,146
Receivables from PPC Renewables - - 6,863 4,461
Advances and prepayments 76,031 62,450 41,233 48,344
Accrued receivables \u0395\u039d\u0395\u03a751,608 40,980 51,608 40,980
Small photovoltaics 9,774 12,805 9,774 12,805
Unbilled revenue from other electricity suppliers 53,548 66,326 - -
Accrued receivables HEDNO from others 73,052 80,547 - -
State subsidy from DAPEEP 437,950 547,621 437,950 547,621
Accrued income 89,944 52,505 61,913 47,712
Accrued receivables from the execution of district heating 14,780 - 14,780 -
projects
Income receivable from PSO 376,071 176,273 376,071 176,273
Receivables from third parties from hedge accounting 11,638 11,638 11,638 11,638
transactions through derivative financial instruments
Claims from over the counter agreements for physical delivery 22,894 22,894 22,894 22,894
of energy
Electricity and CO2 insurance margin 344,934 445,288 344,934 445,288
Receivables from consignment Deposit and Loans Fund 39,014 39,014 39,014 39,014
Pledged deposits for EDS loan (Note 25) 21,112 21,084 21,112 21,084
Current portion of receivable from Metalignitiki S.A. (Note 5) 57,351 48,241 57,351 48,241
Interim dividend HEDNO (Note 46) 20,825 20,825 - -
Receivables from electricity purchases - - 36,424 36,259
State subsidy of Romania for electricity and natural gas (Note391,653 531,974 - -
2.8)
Connection fees from Romanian subsidiaries 19,465 28,013 - -
Receivables from bank commissions 11,717 - - -
Various receivables from foreign subsidiaries 76,213 73,503 - -
Receivables from power larceny (Romania) 4,867 5,041 - -
Other 99,453 81,871 76,588 69,758
2,541,113 2,559,164 1,769,331 1,696,834
Provision for expected credit losses (182,762) (170,358) (149,127) (141,706)
Total 2,358,351 2,388,806 1,620,204 1,555,128
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29. OTHER RECEIVABLES (CONTINUED)
\n
\n
VAT refunds:
\n
For the year 2024, due to the VAT credit balances that arised mainly from outflows subject to a rate lower than that of the input
\n
tax, VAT refund requests for a total amount of \u20ac290 million were submitted by the Parent Company to the Athens Tax Office (year
\n
2023: \u20ac160 million) and the specific amounts were refunded to the Company.
\n
\n
State subsidy from DAPEEP:
\n
On December 31, 2024, other receivables include the accrued receivable from DAPEEP of \u20ac437,950 (31.12.2023: \u20ac547,621) for
\n
the subsidy of energy consumption provided as discount on variable energy supply tarrifs of the company's customers. For further
\n
details on those subsidies refer to Note 2.1. Of the above amount, \u20ac 24,320 concerns a state subsidy for heating.
\n
\n
Electricity and CO
\n
2
\n
insurance margin:
\n
On December 31, 2024, the Group's and Parent Company's energy and CO2 insurance margin requirements mainly come from
\n
positions in the energy/ TTF/ CO2 forward market and appear reduced by \u20ac100.3 million compared to December 31 2023,
\n
decrease which is mainly due to the decrease in open positions.
\n
\n
Accrued income from PSO:
\n
The Group and the Parent Company have recognized accrued income from PSO as a supplier of electricity as it provided electricity
\n
to the residents of thermal units at the same prices as those of the Board of Direcors covering the excess costs and provided
\n
electricity at lower prices in special categories of consumers.
\n
\n
Since 04/2023 in the framework of each monthly settlement by its manager (HEDNO), ELYKO account was in deficit because the
\n
credits of the month were less than the charges and there was no sufficient reserve in ELYKO account to cover all the charges.
\n
This deficit will be covered through the state budget in 2025 (Note 2.2).
\n
\n
Social Security Funds in Dispute:
\n
The amount relates to social security contributions and deductions (during years 1983-1993) for employees who have worked
\n
with other employers before joining PPC. As PPC undertook the obligation to cover the whole amount of their pensions and other
\n
related benefits, part of their contributions to other social security funds mainly IKA (SII, i.e. Social Insurance Institute which was
\n
the major Greek social security fund) have been claimed by PPC.
\n
Since the claim was not accepted by IKA, PPC resorted to the courts. Following an adverse court decision, PPC together with PPC
\n
\u2013 PIO (currently EFKA, Greek Single Social Security Institution) appealed against the said decision. The court rejected PPC\u2019s appeal,
\n
whereas PPC \u2013 PIO\u2019s (currently EFKA, Greek Single Social Security Institution) appeal against IKA is still pending. For the
\n
abovementioned amount, an equal provision has been established in the financial statements.
\n
\n
Advances to Pensioners in Dispute:
\n
The amount of \u20ac 5,262 represents an advance payment made in 1993 to pensioners. An equal provision has been established of
\n
this amount.
\n

\n\n\n\n\n\n\n\n\n
29. OTHER RECEIVABLES (CONTINUED)
\n
\n
State Participation in Employees\u2019 Social Security Contributions:
\n
\n
The amount represents the State\u2019s participation to the social security contributions of employees who started working after
\n
January 1
\n
st
\n
, 1993. For the above mentioned amount, an equal provision has been established.
\n
\n
The analysis of the provision for expected credit losses of other receivables is as follows:
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
GROUP COMPANY
2024 2023 2024 2023
Balance, January 1 170,358 142,618 141,706 141,706
- Provision charge 13,156 5,495 7,421 -
- Reversal of unused provision (828) (91) - -
-Acquisition of subsidiaries 6822,401 - -
-Exchange differences 8 (65) - -
Balance, December 31 182,762 170,358 149,127 141,706
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\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ppc:DisclosureOfOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag696": { "value": "\n
30. FINANCIAL ASSETS MEASURED AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME
\n
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
GROUP COMPANY
2024 2023 2024 2023
National Bank of Greece 53435343
Evetam 251251250250
Attica Bank - 3 - 2
Other 1111- -
Total 315308303295
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\n
The total change in the fair value of the above financial assets was recorded in \"Other reserves\" in Equity (Note 34).
\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ppc:DisclosureOfFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag674": { "value": "\n

\n
31. CASH AND CASH EQUIVALENTS
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
GROUP COMPANY
2024 2023 2024 2023
Cash in hand 1,656 2,593 703466
Cash at banks 1,074,157 989,278 331,573 382,585
Time deposits 922,777 1,607,931 851,000 1,470,000
Total 1,998,590 2,599,802 1,183,276 1,853,051
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Interest earned on cash at banks and time deposits are accounted for on an accrual basis and amounted to \u20ac54,181 (2023: \u20ac
\n
47,302 ) for the Group and to \u20ac 24,905 (2023: \u20ac 37,916) for the Parent Company and are included in financial income in the
\n
accompanying statements of income (Note 16). All cash and cash equivalents are denominated in Euro.
\n
\n\n
Additionally, on December 31
\n
st
\n
, 2024 the Group and the Parent Company kept restricted cash in deposit accounts of \u20ac 379,452
\n
and \u20ac 230,966 respectively (2023: \u20ac 177,487 Group and \u20ac 42,169 Parent Company). An amount of \u20ac15,207 concerns the restricted
\n
cash for a pledged deposit in favor of the Consortium of Banks for the financing of the PTOLEMAIDA V project, while for the Group
\n
an amount of \u20ac147,436 concerns pledged accounts of RES subsidiaries in Greece in the context of their financing. Of the above
\n
amounts, \u20ac 215,759 for the Group and the Parent Company (31.12.23: \u20ac23,041) do not concern restricted deposits related with
\n
loan agreements. More specifically, an amount of \u20ac 197.5 million concerns deposits of DAPEEP in a deposit account of the Parent
\n
Company, which is blocked until the fulfillment of specific conditions that are prescripted in Law 5167/2024 on subsidizing part
\n
of the debts of the Municipal Water Supply and Sewerage Enterprises (Note 2.1).
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag675": { "value": "\n
Additionally, on December 31
\n
st
\n
, 2024 the Group and the Parent Company kept restricted cash in deposit accounts of \u20ac 379,452
\n
and \u20ac 230,966 respectively (2023: \u20ac 177,487 Group and \u20ac 42,169 Parent Company). An amount of \u20ac15,207 concerns the restricted
\n
cash for a pledged deposit in favor of the Consortium of Banks for the financing of the PTOLEMAIDA V project, while for the Group
\n
an amount of \u20ac147,436 concerns pledged accounts of RES subsidiaries in Greece in the context of their financing. Of the above
\n
amounts, \u20ac 215,759 for the Group and the Parent Company (31.12.23: \u20ac23,041) do not concern restricted deposits related with
\n
loan agreements. More specifically, an amount of \u20ac 197.5 million concerns deposits of DAPEEP in a deposit account of the Parent
\n
Company, which is blocked until the fulfillment of specific conditions that are prescripted in Law 5167/2024 on subsidizing part
\n
of the debts of the Municipal Water Supply and Sewerage Enterprises (Note 2.1).
\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag670": { "value": "\n

\n
32. SHARE CAPITAL AND SHARE PREMIUM
\n
\n\n
Under Law 2773/1999 and P.D. 333/2000, PPC was transformed, into a soci\u00e9t\u00e9 anonyme.
\n
\n
Pursuant to the decision of October 19, 2021 of the Extraordinary General Meeting of the shareholders of the Parent Company
\n
and of the decision of October 29, 2021 of its Board of Directors, PPC SA proceeded to Share Capital increase through a public
\n
offering in Greece, to private investors and outside Greece, to institutional and other eligible investors, through a process of
\n
private placement book building.
\n
\n
On November 11, 2021, the share capital increase was completed by cash payment and a chartered accountant certified the
\n
share capital increase by \u20ac 372.0 million and the share premium increase by \u20ac 978.0 million in cash, with total amount of \u20ac 1.350
\n
billion, with the issuance of 150,000,000 new common shares with a nominal value of \u20ac 2.48 each and with share premium of \u20ac
\n
6.52 each.
\n
\n
Therefore, on December 31, 2023 the Share Capital of PPC SA. amounted to \u20ac 947,360 consisting of 382,000,000 common shares
\n
with a nominal value of \u20ac 2.48 each, while the Share Premium amounted to \u20ac 1,018.7 million minus expenses for the share capital
\n
increase of \u20ac 65.9 million.
\n
\n
The total funds raised through the Share Capital Increase amounted to \u20ac1.35 bil. and, after deduction of the expenses of \u20ac 65.9
\n
million, were used, in accordance with section 16.2 ''Reasons for the Share Capital Increase and use of proceeds'' of the
\n
Company's Prospectus dated 01.11.2021 (the \u201cProspectus\u201d), by PPC and/or other Group companies or existing or future joint
\n
ventures between 2022 and 2024 as follows:
\n
\n
a) up to \u20ac1.284 bil. of the approximately \u20ac3.2 bil. the Company had budgeted for capital expenditures on renewable energy
\n
projects through 2024, including hydroelectric power generation and projects in adjacent markets, aiming to reach an installed
\n
RES capacity of 7.2 GW by 2024; and/or
\n
(b) up to \u20ac1.284 bil. of the approximately \u20ac1.7 bil. the Company had budgeted for capital expenditures through 2024 on
\n
conventional power generation, supply business unit, the construction of a waste-to-energy plant, digitalization,
\n
telecommunications, electric vehicle charge-points; and
\n
(c) to the extent reasonably necessary and only up to amounts that are not material for the Group\u2019s financial condition, for other
\n
general corporate and other investment purposes. It is noted that, within the first half of 2024, the use of the funds raised was
\n
completed.
\n
\n
On November 4, 2024, the Extraordinary General Meeting of Shareholders approved a) the cancellation of 12,730,000 treasury
\n
shares held by the Company within the context of the approved share buyback programs corresponding to 3.3% of its total shares
\n
and b) the reduction of the Company's share capital by the amount of \u20ac31,570,400. in accordance with article 29 of Law
\n
4548/2018 and c) the amendment of article 5 of the Company's Articles of Association regarding share capital, in order to reflect
\n
the above reduction.
\n
\n
Following the above and the delisting of these shares from the Athens Stock Exchange on 13 December 2024, the share capital
\n
of the Parent Company amounts to \u20ac 915,789,600 divided into 369,270,000 common registered shares, with a nominal value of
\n
\u20ac 2.48 each.
\n
\n
Since the value of the treasury shares that were cancelled amounted to \u20ac 96.5 million, the difference of \u20ac 64.9 million between
\n
the acquisition value and the nominal value of these shares was recorded as a reduction in the retained earnings in the Parent
\n
Company's equity.
\n
\n
On 31 December 2024, the percentage of participation of the Hellenic Corporation of Assets and Participations S.A. (\"HCAP\") in
\n
the voting rights of PPC S.A. amounts to 35.30%, following the share capital reduction on 4.11.2024 as mentioned above, while
\n
on 31 December 2023 it amounted to 34.12% respectively, which is the largest shareholder of PPC.
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n
32.SHARE CAPITAL AND SHARE PREMIUM (CONTINUED)
\n
\n\n
Acquisition of treasury shares for free stock awards program to executives
\n
\n
In the context of the free equity settled stock awards to the executives of PPC S.A. and PPC RENEWABLES S.M.S.A., the Parent
\n
Company proceeded with the purchase of own shares based on the provisions of article 49 of Law 4548/2018. Specifically, the
\n
Parent Company within the year ended as of December 31, 2022 acquired through the Athens Stock Exchange 1,856,000 own
\n
treasury shares with an average purchase price of \u20ac 6.6896 per share, with a total value of \u20ac 12.163 million, corresponding to
\n
0.4859% of the total shares of the Company, completing the program of stock awards.
\n
\n
On August 16, 2023, a total of 695,887 own treasury shares were distributed free of charge by the Parent Company, through
\n
over-the-counter transactions, to 112 beneficiaries, executives of PPC S.A. and PPC Renewables S.M.S.A., the value of which
\n
based on the purchases made amounted to \u20ac5.9 million.
\n
\n
On June 10, 2024, a total of 231,897 own treasury shares were distributed free of charge by the Parent Company, through over-
\n
the-counter transactions, to 127 beneficiaries, executives of PPC S.A. and PPC Renewables S.M.S.A., the value of which based on
\n
the purchases made amounted to \u20ac1.3 million.
\n
\n
Finally, since the cancellation of the treasury shares completed on December 13, 2024, the remaining treasury shares of this
\n
program (a total of 928,216 shares) were cancelled. On December 31, 2023, the Parent Company held a total of 1,160,113
\n
treasury shares, with a total value of \u20ac6.2 million for this program.
\n
\n
Establishment of treasury shares buyback program
\n
\n
The extraordinary General Meeting of shareholders that took place on August 3, 2022 approved the establishment of a treasury
\n
shares program and authorized the Board of Directors of the Parent Company in order to take all the necessary actions for the
\n
implementation of the said program. The main features of the program are as follows:
\n
\n
-Maximum number of shares: existing common registered shares issued by PPC, which correspond to a maximum of up to 10%
\n
of its paid-up share capital, after excluding the 1,856,000 treasury shares that have been already acquired, thus up to 36,344,000
\n
shares.
\n
\n
-Duration of the Buyback Program: up to 24 months from the day immediately after the day of its approval by the general meeting
\n
of shareholders. The exact starting date of the Buyback Program was set by the 20.09.2022 Board of Directors Decision.
\n
\n
-Range of purchase price of treasury Shares: a minimum price of \u20ac2.48, which is equal to the nominal value of the share and a
\n
maximum price of \u20ac 17, per own Share.
\n
\n
-Funding of the Buyback Program: exclusively through free cash flows and other available cash resources of PPC, expressly
\n
excluding funds that a) have been raised through its share capital increase that was completed on November 2021, and/or b) are
\n
required to be allocated to specific purposes, in accordance with the relevant commitments undertaken by the company.
\n
\n
Within 2023, the Parent Company acquired through the Athens Stock Exchange 11,855,579 own treasury shares with an average
\n
purchase price of \u20ac 9.2 per share, with a total value of \u20ac 109.1 million.
\n
\n
Within 2024, the Parent Company acquired through the Athens Stock Exchange 14,777,391 own treasury shares with an average
\n
purchase price of \u20ac 11.6 per share, with a total value of \u20ac 171.5 million.
\n
\n
Finally, since the cancellation of treasury shares completed on December 13, 2024, a total of 11,801,784 treasury shares of this
\n
program were canceled.
\n
\n
As of December 31, 2024, the Parent Company acquired a total of 19,518,539 treasury shares (31.12.2023: 17,703,045), valued
\n
at \u20ac217.5 million (31.12.2023: \u20ac143.8 million) for both share buyback programs, corresponding to 5.3% of the total shares of the
\n
Company.
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag672": { "value": "\n
Under Law 2773/1999 and P.D. 333/2000, PPC was transformed, into a soci\u00e9t\u00e9 anonyme.
\n
\n
Pursuant to the decision of October 19, 2021 of the Extraordinary General Meeting of the shareholders of the Parent Company
\n
and of the decision of October 29, 2021 of its Board of Directors, PPC SA proceeded to Share Capital increase through a public
\n
offering in Greece, to private investors and outside Greece, to institutional and other eligible investors, through a process of
\n
private placement book building.
\n
\n
On November 11, 2021, the share capital increase was completed by cash payment and a chartered accountant certified the
\n
share capital increase by \u20ac 372.0 million and the share premium increase by \u20ac 978.0 million in cash, with total amount of \u20ac 1.350
\n
billion, with the issuance of 150,000,000 new common shares with a nominal value of \u20ac 2.48 each and with share premium of \u20ac
\n
6.52 each.
\n
\n
Therefore, on December 31, 2023 the Share Capital of PPC SA. amounted to \u20ac 947,360 consisting of 382,000,000 common shares
\n
with a nominal value of \u20ac 2.48 each, while the Share Premium amounted to \u20ac 1,018.7 million minus expenses for the share capital
\n
increase of \u20ac 65.9 million.
\n
\n
The total funds raised through the Share Capital Increase amounted to \u20ac1.35 bil. and, after deduction of the expenses of \u20ac 65.9
\n
million, were used, in accordance with section 16.2 ''Reasons for the Share Capital Increase and use of proceeds'' of the
\n
Company's Prospectus dated 01.11.2021 (the \u201cProspectus\u201d), by PPC and/or other Group companies or existing or future joint
\n
ventures between 2022 and 2024 as follows:
\n
\n
a) up to \u20ac1.284 bil. of the approximately \u20ac3.2 bil. the Company had budgeted for capital expenditures on renewable energy
\n
projects through 2024, including hydroelectric power generation and projects in adjacent markets, aiming to reach an installed
\n
RES capacity of 7.2 GW by 2024; and/or
\n
(b) up to \u20ac1.284 bil. of the approximately \u20ac1.7 bil. the Company had budgeted for capital expenditures through 2024 on
\n
conventional power generation, supply business unit, the construction of a waste-to-energy plant, digitalization,
\n
telecommunications, electric vehicle charge-points; and
\n
(c) to the extent reasonably necessary and only up to amounts that are not material for the Group\u2019s financial condition, for other
\n
general corporate and other investment purposes. It is noted that, within the first half of 2024, the use of the funds raised was
\n
completed.
\n
\n
On November 4, 2024, the Extraordinary General Meeting of Shareholders approved a) the cancellation of 12,730,000 treasury
\n
shares held by the Company within the context of the approved share buyback programs corresponding to 3.3% of its total shares
\n
and b) the reduction of the Company's share capital by the amount of \u20ac31,570,400. in accordance with article 29 of Law
\n
4548/2018 and c) the amendment of article 5 of the Company's Articles of Association regarding share capital, in order to reflect
\n
the above reduction.
\n
\n
Following the above and the delisting of these shares from the Athens Stock Exchange on 13 December 2024, the share capital
\n
of the Parent Company amounts to \u20ac 915,789,600 divided into 369,270,000 common registered shares, with a nominal value of
\n
\u20ac 2.48 each.
\n
\n
Since the value of the treasury shares that were cancelled amounted to \u20ac 96.5 million, the difference of \u20ac 64.9 million between
\n
the acquisition value and the nominal value of these shares was recorded as a reduction in the retained earnings in the Parent
\n
Company's equity.
\n
\n
On 31 December 2024, the percentage of participation of the Hellenic Corporation of Assets and Participations S.A. (\"HCAP\") in
\n
the voting rights of PPC S.A. amounts to 35.30%, following the share capital reduction on 4.11.2024 as mentioned above, while
\n
on 31 December 2023 it amounted to 34.12% respectively, which is the largest shareholder of PPC.
\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag673": { "value": "\n
Acquisition of treasury shares for free stock awards program to executives
\n
\n
In the context of the free equity settled stock awards to the executives of PPC S.A. and PPC RENEWABLES S.M.S.A., the Parent
\n
Company proceeded with the purchase of own shares based on the provisions of article 49 of Law 4548/2018. Specifically, the
\n
Parent Company within the year ended as of December 31, 2022 acquired through the Athens Stock Exchange 1,856,000 own
\n
treasury shares with an average purchase price of \u20ac 6.6896 per share, with a total value of \u20ac 12.163 million, corresponding to
\n
0.4859% of the total shares of the Company, completing the program of stock awards.
\n
\n
On August 16, 2023, a total of 695,887 own treasury shares were distributed free of charge by the Parent Company, through
\n
over-the-counter transactions, to 112 beneficiaries, executives of PPC S.A. and PPC Renewables S.M.S.A., the value of which
\n
based on the purchases made amounted to \u20ac5.9 million.
\n
\n
On June 10, 2024, a total of 231,897 own treasury shares were distributed free of charge by the Parent Company, through over-
\n
the-counter transactions, to 127 beneficiaries, executives of PPC S.A. and PPC Renewables S.M.S.A., the value of which based on
\n
the purchases made amounted to \u20ac1.3 million.
\n
\n
Finally, since the cancellation of the treasury shares completed on December 13, 2024, the remaining treasury shares of this
\n
program (a total of 928,216 shares) were cancelled. On December 31, 2023, the Parent Company held a total of 1,160,113
\n
treasury shares, with a total value of \u20ac6.2 million for this program.
\n
\n
Establishment of treasury shares buyback program
\n
\n
The extraordinary General Meeting of shareholders that took place on August 3, 2022 approved the establishment of a treasury
\n
shares program and authorized the Board of Directors of the Parent Company in order to take all the necessary actions for the
\n
implementation of the said program. The main features of the program are as follows:
\n
\n
-Maximum number of shares: existing common registered shares issued by PPC, which correspond to a maximum of up to 10%
\n
of its paid-up share capital, after excluding the 1,856,000 treasury shares that have been already acquired, thus up to 36,344,000
\n
shares.
\n
\n
-Duration of the Buyback Program: up to 24 months from the day immediately after the day of its approval by the general meeting
\n
of shareholders. The exact starting date of the Buyback Program was set by the 20.09.2022 Board of Directors Decision.
\n
\n
-Range of purchase price of treasury Shares: a minimum price of \u20ac2.48, which is equal to the nominal value of the share and a
\n
maximum price of \u20ac 17, per own Share.
\n
\n
-Funding of the Buyback Program: exclusively through free cash flows and other available cash resources of PPC, expressly
\n
excluding funds that a) have been raised through its share capital increase that was completed on November 2021, and/or b) are
\n
required to be allocated to specific purposes, in accordance with the relevant commitments undertaken by the company.
\n
\n
Within 2023, the Parent Company acquired through the Athens Stock Exchange 11,855,579 own treasury shares with an average
\n
purchase price of \u20ac 9.2 per share, with a total value of \u20ac 109.1 million.
\n
\n
Within 2024, the Parent Company acquired through the Athens Stock Exchange 14,777,391 own treasury shares with an average
\n
purchase price of \u20ac 11.6 per share, with a total value of \u20ac 171.5 million.
\n
\n
Finally, since the cancellation of treasury shares completed on December 13, 2024, a total of 11,801,784 treasury shares of this
\n
program were canceled.
\n
\n
As of December 31, 2024, the Parent Company acquired a total of 19,518,539 treasury shares (31.12.2023: 17,703,045), valued
\n
at \u20ac217.5 million (31.12.2023: \u20ac143.8 million) for both share buyback programs, corresponding to 5.3% of the total shares of the
\n
Company.
\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag697": { "value": "\n
33. LEGAL RESERVE
\n
\n
Under Greek corporate law, corporations are required to transfer a minimum of 5% of their annual net profit as reflected in their
\n
financial statements to a legal reserve, until such reserve equals one-third of the paid-in share capital. This reserve cannot be
\n
distributed through the life of the corporation.
\n
\n
The legal reserve of \u20ac 13,194 formed in 2024 results from the profits of the year 2023.
\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ppc:DisclosureOfStatutoryReserveExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag665": { "value": "\n
35. DIVIDENDS
\n
\n
Pursuant to the provisions of the Code for Societe Anonyme L.4548/18, companies are required to pay dividends of at least 35%
\n
of after-tax profit, after necessary deductions for the formation of the legal reserve, and other credit accounts in the income
\n
statement that do not arise from realized earnings. By decision of the General Meeting which is obtained with an increased
\n
quorum and majority that rate may be reduced, but not below 10%.
\n
\n
The non-distribution of a dividend is possible by decision of the General Meeting of Shareholders, which is obtained with an
\n
increased quorum and a majority of 80% of the capital represented in the meeting. Furthermore, Greek corporate law (L. 4548/18
\n
art. 159) requires certain conditions to be met for the dividend distribution. Based on L.4646/2019 which amended the articles
\n
40 and 64 of L.4172/2013, the distributable earnings approved by the General Meetings are subject to a withholding tax of 5%
\n
since 01.01.2019.
\n
\n
In addition, the amount distributed to the shareholders may not exceed the amount of the results of the last year, added with
\n
the profits from previous years that have not been distributed and the reserves for which their distribution is allowed and
\n
approved by the general meeting, and reduced: (a) by the amount of the income statement credits, which do not constitute
\n
realized profits, (b) by the amount of the losses of previous years and (c) by the amounts to be used to form reserves, in
\n
accordance the law and the statute.
\n
\n
The year ended in December 31, 2023 was profitable for the Parent Company and the Board of Directors proposed the
\n
distribution of a dividend of \u20ac0.25/share.
\n
\n
On June 27, 2024, the Annual General Meeting of PPC\u2019s Shareholders was held and a dividend distribution of \u20ac0.25 per share was
\n
approved for the year 2023. In accordance with the applicable tax provisions, the dividend to be distributed is subject to a
\n
withholding tax of 5% (with an exception or variation of the withholding rate for shareholders who are subject to special
\n
provisions). Consequently, the net amount to be collected from the shareholders amounts to \u20ac0.2375 per share. Within 2024,
\n
the Group and the Parent Company recognized dividends payable amounting to \u20ac89.5 million.
\n
\n
The ex-date of the dividend took place on July 22, 2024 and the process of paying the dividend to the beneficiaries began on July
\n
26, 2024. Dividends that will not be collected within five (5) years from the end of the current year, i.e. December 31, 2029, are
\n
time-barred in favor of the Greek State.
\n
\n
Since the year ended on December 31, 2024 is profitable for the Parent Company (excluding valuation items), the Board of
\n
directors will propose the distribution of \u20ac0.40/ share (which includes the exclusion of treasury shares acquired by the Company
\n
and are not entitled to dividends). The decision of dividend\u2019s distribution will be finalized by the General Meeting of Shareholders
\n
based on the provisions of law, as above.
\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag698": { "value": "\n
36. LONG-TERM BORROWING
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
GROUP COMPANY
31.12.202431.12.202331.12.202431.12.2023
Banks loans 1,589,660 1,550,047 112,879 148,017
Bonds payable 5,439,063 4,131,573 3,891,457 3,357,520
Unamortized portion of loans issuance fees and (96,813) (81,454) (66,959) (66,111)
adjustments IFRS 9*
Total Long-Term borrowing 6,931,910 5,600,166 3,937,377 3,439,426
Less short- term portion:
Bank Loans 229,659 321,005 25,985 25,985
Bonds Payable 493,862 881,932 397,139 836,130
Unamortized portion of loans issuance fees and (24,627) (22,566) (21,336) (21,380)
adjustments IFRS 9*
Total Short-Term portion 698,894 1,180,371 401,787840,735
Total Long-Term portion 6,233,016 4,419,795 3,535,5902,598,691
Short Term Loans 223,681 240,760 70,000 -
Loan Total 7,155,591 5,840,926 4,007,377 3,439,426
\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
*IFRS 9 adjustments relate to presentation of loans after loan terms modifications and and due to low interest borrowings
\n
received.
\n
\n
Within the fiscal year 2024, the Group and the Parent Company proceeded to debt repayments of \u20ac1,194.9 million and \u20ac869.9
\n
million respectively.
\n
\n
The above repayments do not include funds for which the Parent Company proceeded to redistribution and repurchase within
\n
the period 1.01.2024 \u2013 31.12.2024 from existing credit facilities of RCF Revolving Credit Bond Loans, in the context of better
\n
management of its cash reserves.
\n
\n
The following is a further analysis of the long-term debt (excluding overdrafts, short-term loans and unamortized portion of
\n
borrowing costs and adjustments according to IFRS 9) of the Group and the Parent Company:
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
GROUP COMPANY
31.12.202431.12.202331.12.202431.12.2023
Bank loans and bonds
Fixed rate 4,280,0282,880,1692,029,143 1,413,864
Floating rate 2,748,6952,790,3591,975,1932,082,520
Total 7,028,7235,670,5284,004,336 3,496,384
\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
The weighted average borrowing cost of the Group and the Parent Company for 2024 was 4.2% and 4.7% respectively compared
\n
to 4.6% and 5.4% of 2023.
\n
\n
For part of the long-term floating rate borrowing, the Group has entered into interest rate swap agreements (Notes 50.1, 50.2).
\n
\n
The annual repayment plan for long- and short-term borrowing after 31 December 2024 and 2023 is as follows:
\n

\n\n\n\n\n\n\n\n\n
36.LONG-TERM BORROWING (CONTINUED)
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
GROUP COMPANY
2024202320242023
Within one year 945,7231,243,257493,123862,115
In the second year 1,321,212600,5651,033,633427,115
Between three and five years 2,556,2102,649,9041,827,0772,183,821
After five years 2,429,2591,241,301720,50223,333
Total 7,252,4045,735,0274,074,3363,496,384
\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Below is a brief description of the new loan agreements/bond loans/amendments to existing loan agreements/bond loans signed
\n
within 2024 by the Parent Company:
\n
\n
Issuance of Common Bond Loans with Greek Banks by the Parent Company
\n
\n
On 12.6.2024, the Parent Company signed a Common Bond Loan under Law 4548/2018 and Law 3156/2003 up to \u20ac200 million in
\n
the form of revolving credit (RCF), with Piraeus Bank S.A. as Bondholder-Organizer-Representative to cover general business needs
\n
with a maturity of 5 years without collateral, with a floating Euribor rate plus margin. As of 31 December 2024, the drawn amount
\n
was \u20ac150 million.
\n
\n
On 30.9.2024, the Parent Company signed a Common Bond Loan under Law 4548/2018 and Law 3156/2003 up to \u20ac140 million in
\n
the form of revolving credit (RCF) with Optima bank S.A. and ATTICA BANK S.A. as bondholders with a maturity of 7 years, with a
\n
floating Euribor rate plus margin without collateral. The proceeds of the Common Bond Loan were used for the full repayment of
\n
the \u20ac53 million Common Bond Loan dated 15.11.2022 from the specific Banks and to cover for general business needs. The Parent
\n
Company proceeded with a repurchase of \u20ac87 million in October 2024. As of 31 December 2024, the disbursed amount was \u20ac53
\n
million.
\n
\n
On 12.12.2024, the Parent Company signed a Common Bond Loan of Law 4548/2018 and Law 3156/2003, of an amount up to
\n
\u20ac300 million in the form of revolving credit (RCF), with Bondholders National Bank of Greece S.A. and Piraeus Bank S.A. with a
\n
maturity of 3 years, with a floating Euribor rate plus margin, without collateral. The proceeds of the Common Bond Loan were
\n
used for the refinancing of the \u20ac300 million Common Bond Loan dated 15.12.2021 from the specific Banks and to cover for
\n
working capital needs and other general business purposes. The Parent Company proceeded with the full disbursement of the
\n
amount in December 2024 with the total outstanding balance amounting to \u20ac300 million on 31.12.2024.
\n
\n
On 12.12.2024, the Parent Company signed a Common Bond Loan of Law 4548/2018 and Law 3156/2003, of an amount up to
\n
\u20ac100 million in the form of revolving credit (RCF), with National Bank of Greece S.A. as bondholder with a maturity of 5 years,
\n
with a floating Euribor rate plus margin, without collateral. In December 2024, the full amount was drawn.
\n
\n
On 18.12.2024, the Parent Company signed a Common Bond Loan under Law 4548/2018 and Law 3156/2003, up to \u20ac150 million.
\n
with Eurobank S.A. as Bondholder with a maturity of 5 years, with a fixed interest rate plus margin without collateral for general
\n
business needs. As of 31.12.2024 the total amount remained undisbursed.
\n
\n
On 28.12.2023, the Parent Company signed a Common Bond Loan up to \u20ac 150 million with Eurobank S.A. as bondholder, maturing
\n
in March 2027, at a floating Euribor rate plus margin. As of 31 December 2024, the full amount was disbursed.
\n
\n
On 18.12.2024, the Parent Company signed the extension by 2 years of the Common Bond Loan from 12/8/2021 (Law 4548/2018),
\n
amounting to \u20ac300 million in the form of revolving credit (RCF) with Alpha Bank S.A. and Eurobank S.A. as bondholders with an
\n
initial maturity in September 2024 without collateral. As of 31 December 2024, the disbursed amount was \u20ac150 million.
\n

\n\n\n\n\n\n\n\n\n
36.LONG-TERM BORROWING (CONTINUED)
\n
\n
Issuance of International Senior Notes expiring in 2031
\n
\n
The Parent Company raised on October 30, 2024, through the issuance of senior notes, an amount of \u20ac 600 million, at an interest
\n
rate of 4.625% maturing in 2031, with an issue price of 100%. The Bonds were issued in accordance with Article 59, paragraph 2,
\n
and Article 74 of Law 4548/2018, governed by New York law and are traded on the Dublin Stock Exchange.
\n
\n
The proceeds of the Offering will be used to finance the ongoing capital expenditure projects of the Parent Company and its
\n
subsidiaries as well as to pay the costs and expenses of the Offering.
\n
\n
New Loan Agreement of the Parent Company with the European Investment Bank
\n
\n
On 16.12.2024 the Parent Company signed a loan agreement with the European Investment Bank up to the amount of \u20ac195
\n
million for the construction of photovoltaic plants and battery energy storage systems by PPC Renewables S.A., on premises owned
\n
by the Company,
\n
\n
which will be leased to PPC Renewables S.A. The maturity of the loan will be up to 12 years upon signing, with the option between
\n
fixed or variable interest rate plus margin. As of December 31, 2024, the total amount remained undisbursed.
\n
\n
Existing borrowing of the Parent Company
\n
\n
On 4.08.2023, the Parent Company signed a Common Bond Loan under Law 4548/2018 and Law 3156/2003, of an amount up to
\n
\u20ac485 million, with a maturity of 5 years, with a floating Euribor rate plus margin with Greek Banks without collateral, with Piraeus
\n
Bank as Payment Agent. Proceeds of the facility were used for general corporate purposes, including among others the partial
\n
financing of the acquisition of all the shares held by Enel and its subsidiaries in Romania. The outstanding balance of the loan as
\n
of 31 December 2024 was \u20ac485 million.
\n
\n
On 29.8.2023, the Parent Company signed a Common Bond Loan, of Law 4548/2018 and Law 3156/2003, amounting to \u20ac315
\n
million, with a duration of 18 months, with floating interest rate Euribor plus margin without collateral or guarantees, with Alpha
\n
Bank S.A., to finance part of the consideration for the acquisition of all the shares held by Enel and its subsidiaries in Romania. On
\n
December 31, 2024, the full amount of the facility was fully drawn.
\n
\n
In April 2024, the Parent Company made a repayment of \u20ac60 million regarding the Common Bond Loan of up to \u20ac100 million of 7
\n
October 2022 in the form of Revolving Credit (RCF), without collateral with Piraeus Bank S.A.
\n
\n
In July 2024, the Parent Company proceeded with an early repayment of \u20ac11.3 million regarding the 5-year Common Bond Loan
\n
of \u20ac30 million of 10 September 2020 from the CoViD-19 Business Guarantee Fund, guaranteed by the Hellenic Development Bank.
\n
\n
In July 2024, the Parent Company proceeded with the repayment of \u20ac100 million regarding the Common Bond Loan of up to \u20ac100
\n
million of 14 October 2022 in the form of unsecured Revolving Credit (RCF) with National Bank of Greece S.A.
\n
\n
Issuance of Sustainability Bonds by the Parent Company
\n
\n
Issuance of Sustainability Bonds (SLB \"sustainability-linked bonds\") expiring in 2026
\n
\n
The Parent Company raised on March 18, 2021, through the issuance of viability bonds with a sustainability clause, an amount of
\n
\u20ac 650 million, with an interest rate of 3.875% and maturing in 2026, with an issue price of 100%. On March 24, 2021, through an
\n
additional issue, it raised an amount of \u20ac 125.0 million, with an interest rate of 3.875% and maturity in 2026, with an issue price
\n
of 100.75% and a yield of 3.672%, which corresponds to a savings of 0.205% compared to the original issue rate. The Bonds were
\n
issued in accordance with Article 59, paragraph 2, and Article 74 of Law4548/2018, and Article 14 of Law 3156/2003, governed
\n
by New York law and traded on the Dublin Stock Exchange.
\n

\n\n\n
36.LONG-TERM BORROWING (CONTINUED)
\n
\n
The proceeds from the sustainability bonds were used to repay existing borrowing, for general corporate purposes and to pay the
\n
costs and expenses of the issue. Both issues have a sustainability clause according to which in case of no reduction of CO2
\n
emissions by 40% in December 2022 compared to those of December 2019, will result an interest rate increased. Based on data
\n
of CO2 emissions for the period 01.01.2022-31.12.2022, this clause had not been achieved as a result of measures for the energy
\n
sufficiency of the country. Failure to meet the target had a result of an interest rate increase, by 0.50% starting from October 2023
\n
onwards.
\n
\n
Issuance of Sustainability Bonds (SLB \"sustainability-linked bonds\") expiring in 2028
\n
\n
The Parent Company raised on July 21, 2021, through the issuance of sustainability bonds with a sustainability clause, an amount
\n
of \u20ac500.0 million, at an interest rate of 3.375% maturing in 2028, at an issue price of 100%. The Notes were issued in accordance
\n
with Article 59, paragraph 2, Article 74 of Law 4548/2018, and Article 14 of Law 3156/2003, are governed by New York law and
\n
traded on the Dublin Stock Exchange. Amount of \u20ac 495.0 million From the proceeds from the sustainability bonds, they were used
\n
for the partial repayment of existing bank borrowings on 30.09.2021, while an amount of \u20ac 5.0 million. It was used to pay the
\n
costs and expenses of the publication.
\n
\n
The Notes have a sustainability clause according to which in case of failure to achieve a 57% reduction in CO2 emissions in
\n
December 2023 compared to those of December 2019, the interest rate is increased by 0.50% from January 2025. Based on final
\n
data, the reduction of greenhouse gas emissions (Scope 1) for the year 2023 compared to 2019 was 57.81% compared to the 57%
\n
reduction target that had been set. Consequently, the Key Performance Indicator (KPI) has been achieved and therefore no
\n
increase in the interest of Bonds will be made.
\n
\n
Loan Agreements with the European Investment Bank
\n
\n
Existing Loans with the European Investment Bank
\n
\n
The Group is party to a number of loan agreements with the European Investment Bank (\"EIB\"), which have been provided in the
\n
context of investment project development. EIB loans generally have a maturity of fifteen years from the date of disbursement.
\n
\n
As of 31 December 2024, EIB loans for the Group and the Parent Company amounted to \u20ac1,369.8 million and \u20ac112.9 million
\n
respectively, of which approximately \u20ac 1,220 million are guaranteed by the Greek State. For the provision of the Greek State
\n
guarantee for all loans from the European Investment Bank, the Parent Company pays a relevant guarantee fee to the Greek State.
\n
\n
Bond loan with the participation of the Recovery and Resilience Fund.
\n
\n
On 14.11.2023 the Parent Company signed a Common Bond Loan of Law 4548/2018 and Law 3156/2003, through the Recovery
\n
and Resilience Fund for the financing of the Group's Digital Transformation projects up to \u20ac396.4 million with
\n
Bondholders/Organizers National Bank of Greece S.A. and Eurobank S.A. On April 9, 2024, the Parent Company signed a letter of
\n
cancellation of Series C (VAT Tranche) amounting to \u20ac70 million. As of 31 December 2024, the total disbursed amount was to \u20ac66
\n
million of which \u20ac41.3 million concerned the Recovery and Resilience Fund.
\n
\n
Loan Agreements with Foreign Banks
\n
\n
KfW Syndicated Bond Loan
\n
\n
The Parent Company has disbursed until 31 December 2024 an amount of \u20ac 663.0 million, of which \u20ac 11.8 million within the
\n
financial year 2024, from the \u20ac680.0 million Bond Loan to finance part of the construction cost of the new Lignite plant with a
\n
consortium of foreign banks supported by the German Export Insurance Agency Credits ''Euler Hermes''. As of 31 December 2024,
\n
the outstanding balance amounts to \u20ac 247.4 million.
\n

\n\n\n

\n
36.LONG-TERM BORROWING (CONTINUED)
\n
\n\n
In addition, as of 31 December 2024, there is a first-class pledge on bank account of \u20ac15.2 million regarding this bond loan and is
\n
included in \u201cRestricted cash\u201d of the Group and the Parent Company.
\n

\n\n\n
\n
Borrowings of HEDNO S.A.
\n
\n
Loans from the European Investment Bank (EIB)
\n
\n
With the spin-off of the Electricity Distribution Network Sector on 30.11.2021 loans amounting to \u20ac 1,256.3 million were
\n
contributed by PPC S.A. to the subsidiary HEDNO S.A. These are loans with a total maturity of 15-20 years from the date of
\n
disbursement, guaranteed by the Greek State.
\n
\n
New Loan Agreements from the European Investment Bank (EIB)
\n
\n
In the context of the installation of smart electricity consumption measurement systems in Greece, the subsidiary HEDNO S.A.
\n
has undertaken an investment program of a total amount of \u20ac 1.42 billion with a time horizon until 2030. The first phase of the
\n
project's implementation (\u201cSMART METERS I\u201d) will take place in the period 2023-2026 and it is estimated that an investment
\n
expenditure amounting to \u20ac 546.42 million is required for its completion.
\n
\n
For the financing of the first phase of this project, the subsidiary HEDNO signed the following two contracts:
\n
\n
On 6 November 2023, the subsidiary HEDNO S.A. signed a contract with the EIB amounting to \u20ac 90.75 million, with the possibility
\n
of increasing the loan amount up to \u20ac 150 million. It is a loan with a maturity of 15 years without a guarantee by the Greek State.
\n
As of December 31, 2024, no amount was disbursed.
\n
\n
On December 21, 2023, the subsidiary HEDNO S.A. signed a second contract with the EIB for the financing of the project exclusively
\n
through RRF resources amounting to \u20ac 151.25 million. As of December 31, 2024, no amount was disbursed.
\n
\n
In the context of financing the investment program under the general name \"HEDNO DISTRIBUTION I\", HEDNO S.A. signed on 27
\n
May 2024 a new loan agreement for an amount of \u20ac 150 million with the EIB with a maturity of 15 years. The aim of the project
\n
is to strengthen, modernize and expand the electricity distribution network in Greece covering the period 2024-2026. On October
\n
24, 2024, the subsidiary disbursed the total amount of \u20ac150 million.
\n
\n
On 6 December 2024, the subsidiary signed a second loan agreement of \u20ac296.15 million with the EIB with a maturity of 15 years
\n
to finance this project exclusively with RRF resources. As of December 31, 2024, no amount was disbursed.
\n
\n
As of 31 December,2024, total EIB loans amounted to \u20ac 1,179.6 million compared to \u20ac 1,159.7 million on 31 December 2023. In
\n
2024, the subsidiary company HEDNO S.A. repaid capital amounting to \u20ac 130.2 million to EIB.
\n
\n
Bond Loan with Eurobank
\n
\n
On July 19, 2022, the subsidiary HEDNO S.A. signed a contract with Eurobank S.A. for the issuance of an unsecured common bond
\n
loan with a total amount of up to \u20ac 660 million with the possibility of extension for an additional \u20ac 440 million. Eurobank
\n
participates in the coverage of the loan by 54.55% and National Bank, Piraeus Bank and Alpha Bank by 15.15% each. The purpose
\n
of the loan is to finance the investment plan of the distribution network, the repayment of part of the loans contributed by PPC
\n
S.A., coverage for working capital needs and the repayment of the expenses of this loan.
\n
\n
On February 21, 2024, the subsidiary HEDNO S.A. proceeded with the third issuance of bonds of \u20ac 140 million, on June 21, 2024
\n
with the fourth issuance of bonds of \u20ac 130 million and on 16 December 2024 with the fifth issuance of bonds of \u20ac 80 million. As
\n
of 31 December 2024, the total amount disbursed from this loan agreement was \u20ac 650 million.
\n

\n\n\n
36.LONG-TERM BORROWING (CONTINUED)
\n
\n
Bond Loans with the National Bank of Greece (NBG)
\n
\n
On 19 July 2022, the subsidiary HEDNO S.A. signed a contract with National Bank of Greece S.A. for the issuance of a common
\n
bond loan with a maturity of 15 years of \u20ac 22.52 million. The purpose of the loan was to finance the cost of purchasing three
\n
properties, which will house the administration services of HEDNO S.A., plus the repair & improvement costs of the properties. It
\n
is noted that NBG has been granted a first-class mortgage on the properties to secure the claims from the bond loan. The
\n
outstanding amount of the bond loan as of 31 December 2024 amounted to \u20ac 19.5 million.
\n
\n
On May 13, 2024, subsidiary HEDNO signed a new bond loan with NBG for the partial refinancing of Black Sea Trade &
\n
Development Bank's \u20ac80 million loan. On May 14, 2024, the subsidiary disbursed this amount and on May 15, 2024, proceeded
\n
to partial repayment of the loan of Black Sea Trade & Development Bank.
\n
\n
Bond Loans with Alpha Bank
\n
\n
On May 13, 2024, subsidiary HEDNO S.A. signed a new bond loan with Alpha Bank S.A. for the partial refinancing of Black Sea
\n
Trade & Development Bank's \u20ac80 million loan. On May 14, 2024, the subsidiary proceeded with the disbursement of this amount
\n
and on May 15, 2024, proceeded in combination with the above-mentioned bond loan with National Bank of Greece S.A. to full
\n
repayment of the Black Sea Trade & Development Bank loan of \u20ac 160 million.
\n
\n
In addition, in the context of the implementation of the project under the general title \" Projects on Automation and Intelligence
\n
Enhancement of the Network\", the subsidiary HEDNO S.A. entered on October 30, 2024, into an agreement with Alpha Bank S.A.
\n
It is an unsecured bond loan agreement with a total amount of up to \u20ac 83.56 million, which is composed of two series of bonds,
\n
one with RRF resources and one with Alpha Bank S.A. funds, with a maturity of 10 years. As of December 31, 2024, no capital was
\n
disbursed.
\n
\n
In summary, the total outstanding debt balance of the subsidiary HEDNO S.A. as of 31 December 2024 amounted to \u20ac 1,999.3
\n
million compared to \u20ac 1,637.1 million on 31 December 2023. In 2024, the subsidiary HEDNO S.A. repaid capital of \u20ac 291.7 million
\n
regarding long-term borrowing.
\n
\n
Borrowings of PPC RENEWABLES S.\u039c.S.A
\n
\n
The subsidiary PPC Renewables S.M.S.A. signed a loan agreement with the European Investment Bank in December 2017 to
\n
finance finally 17 projects (13 Wind Parks and 4 Small Hydroelectric Power Plants) for an amount of \u20ac85.0 million. The full amount
\n
of the approved loan has been disbursed. Principal repayments are semi-annual starting on 24.04.2023 and will be completed on
\n
24.04.2036. On 31.12.2024 the outstanding balance of the loan was \u20ac77.4 million.
\n
\n
In addition, in September 2018, PPC Renewables S.M.S.A. signed a Bond Loan secured by collateral for an amount of up to \u20ac17.5
\n
million, subscribed by the National Bank of Greece S.A., of which an amount of \u20ac16.7 million was eventually disbursed. Principal
\n
repayments are semi-annual starting on 30.06.2021 and ending on 31.12.2026. On 31.12.2024 the loan balance was \u20ac5.9 million.
\n
\n
To secure the loan obligations of PPC Renewables SA, an irrevocable notarial letter of attorney has been provided for the
\n
establishment, in the event of a Complaint Event, of a fictitious pledge on the premises and of the mechanical and other
\n
equipment of each project that was funded. In addition, there is a first-class pledge on all claims arising from the Revenue
\n
Contracts for each of the funded projects, a pledge on the Proceeds Account, the Reserve Accounts on Loan Liabilities (DSRA), of
\n
its receivables deriving from the insurance contracts which is obliged to sign for each of the financed projects.
\n
\n
Bond Loan issued by AIOLIKO PARKO DOUKAS S.M.S.A. PARAGOGIS KAI EMPORIAS ENERGEIAS
\n
\n
The subsidiary AIOLIKO PARKO DOUKAS S.M.S.A. PARAGOGIS KAI EMPORIAS ENERGEIAS is developing a Wind Farm for the
\n
generation of electric power with a capacity of 26 MW, at the location \"Doukas\", Regional Unit of Kastoria. On 04.08.2023, a
\n
Bond Loan Agreement was signed for an amount of \u20ac28.5 million issued by AIOLIKO PARKO DOUKAS S.M.S.A. PARAGOGIS KAI
\n
EMPORIAS ENERGEIAS and subscribed for by the National Bank of Greece S.A., maturing on 31.12.2043. Up to date, \u20ac18.2 million
\n
have been disbursed, with \u20ac6.7 million remaining to be drawn, after deducting a Letter of Guarantee amounting to \u20ac3.6 million,
\n
which has been issued in ordered to cover the needs of the project. As of 31.12.2024 the loan balance amounted to \u20ac18.2 million.
\n

\n\n\n

\n

\n

\n

\n
36.LONG-TERM BORROWING (CONTINUED)
\n
\n
All the shares of the subsidiary PPC RENEWABLES S.M.S.A have been pledged by the National Bank of Greece, for obtaining the
\n
bond loan.
\n
\n
Bond Loan issued by AIOLIKO PARKO KOUKOULI S.M.S.A. PARAGOGIS KAI EMPORIAS ENERGEIAS
\n
\n
The subsidiary AIOLIKO PARKO KOUKOULI S.M.S.A. PARAGOGIS KAI EMPORIAS ENERGEIAS is developing a wind farm for the
\n
generation of electric power with a capacity of 13.5 MW at the location \"Koukouli\", Regional Unit of Kozani. On 04/08/2023 an
\n
Ordinary Bond Loan was signed for an amount of \u20ac17.6 issued by AIOLIKO PARKO KOUKOULI S.M.S.A. PARAGOGIS KAI EMPORIAS
\n
ENERGEIAS and subscribed by the National Bank of Greece S.A., maturing on 31.12.2043. On 31.12.2024 the loan balance
\n
amounted to \u20ac15.3 million.
\n
\n\n
All the shares of the subsidiary PPC RENEWABLES S.M.S.A have been pledged by the National Bank of Greece, for obtaining the
\n
bond loan.
\n

\n\n\n
\n
Bond Loan issued by AIOLIKO PARKO AIOLIKO PARKO K-R S.M.S.A. PARAGOGIS KAI EMPORIAS ENERGEIAS
\n
\n
The subsidiary AIOLIKO PARKO AIOLIKO PARKO K-R S.M.S.A. PARAGOGIS KAI EMPORIAS ENERGEIAS has two operating Wind Parks
\n
with a total capacity of 16 \u039cW in Viotia. On 27.12.2023, an amendment was signed regarding the amount of the Bond Loan dated
\n
20.09.2023 subscribed for by the National Bank of Greece S.A., maturing on 30/06/2039, amounting now to \u20ac20.2 million, while
\n
initially it amounted to \u20ac20.4 million. Up to date, the entire amount of the loan has been disbursed. At 31.12.2024 the loan
\n
balance was \u20ac18.6 million.
\n
\n\n
All the shares of the subsidiary PPC RENEWABLES S.M.S.A have been pledged by the National Bank of Greece, for obtaining the
\n
bond loan.
\n

\n\n\n
\n
Bond Loan issued by AIOLIKO PARKO LYKOVOUNI S.M.S.A. PARAGOGIS KAI EMPORIAS ENERGEIAS
\n
\n
The subsidiary AIOLIKO PARKO LYKOVOUNI S.M.S.A. PARAGOGIS KAI EMPORIAS ENERGEIAS has two operating Wind Parks with
\n
a total capacity of 53.7 \u039cW in Viotia. On 27.12.2023, an amendment was signed regarding the repayment schedule of the Bond
\n
Loan dated 20.09.2023 subscribed for by the National Bank of Greece S.A., maturing on 30.06.2042. Up to date, the entire amount
\n
of the loan has been disbursed. As of 31.12.2024 the loan balance was \u20ac60.5 million.
\n
\n\n
All the shares of the subsidiary PPC RENEWABLES S.M.S.A have been pledged by the National Bank of Greece, for obtaining the
\n
bond loan.
\n

\n\n\n
\n
Bond Loan issued by AIOLIKI M\u03a1ELECHER\u0399 ANONYMI KAI VIOMICHANIKI ENERGEIAKI ETAIREIA
\n
\n
\u0399n January 2023, following the agreement of 22.12.2022 with Piraeus Equity Partners, the acquisition of the companies AIOLIKI
\n
M\u03a1ELECHER\u0399 ANONYMI KAI VIOMICHANIKI ENERGEIAKI ETAIREIA and KPM ENERGY COMPANY OF ELECTRICITY PRODUCTION
\n
S.M.S.A was completed (note 22). AIOLIKI M\u03a1ELECHER\u0399 ANONYMI KAI VIOMICHANIKI ENERGEIAKI ETAIREIA owns two operating
\n
Wind Parks (W/F) located in \"Belecheri\" and \"Lefkes\".
\n
\n
In order to finance the construction of the wind parks, AIOLIKI M\u03a1ELECHER\u0399 ANONYMI KAI VIOMICHANIKI ENERGEIAKI ETAIREIA
\n
had entered into a Bond Loan Agreement dated 02.11.2018 with Piraeus Bank. The principal of the above loan was fully repaid
\n
on 30.06.2023 and was refinanced by Ordinary Bond Loan dated 28.06.2023 for an amount of up to \u20ac62.3 million, issued by
\n
AIOLIKI M\u03a1ELECHER\u0399 ANONYMI KAI VIOMICHANIKI ENERGEIAKI ETAIREIA and subscribed for by Piraeus Bank, maturing on
\n
30.06.2035. To date, a total amount of \u20ac 58.8 million has been disbursed. On 31.12.2024 the outstanding amount of the loan
\n
amounted to \u20ac48.9 million.
\n
\n\n
All the shares of the subsidiary PPC RENEWABLES S.M.S.A and KPM ENERGY COMPANY OF ELECTRICITY PRODUCTION S.M.S.A
\n
have been pledged by the Piraeus Bank, for obtaining the bond loan.
\n

\n\n\n

\n\n\n

\n

\n

\n

\n
36.LONG-TERM BORROWING (CONTINUED)
\n
\n
Bond Loan issued by SOLAR PARKS WESTERN MACEDONIA ONE S.M.S.A.
\n
\n
The company SOLAR PARKS WESTERN MACEDONIA ONE S.M.S.A. (a 100% subsidiary of PPC RENEWABLES S.M.S.A.), signed a
\n
Bond Loan Agreement on 8 April 2021 for an amount of \u20ac8.7 million for the financing of the development of a 14.99 MW
\n
photovoltaic power plant in Ptolemaida, Region of Kozani. This amount is part of a broader financing agreement for the
\n
construction of a portfolio of photovoltaic power plants with a total installed capacity of 230 MW, in the same area, in which the
\n
National Bank of Greece S.A. and Eurobank S.A. participate as initial bondholders, whilst from the outset the right of the European
\n
Investment Bank to participate in the financing of the entire 230 MW portfolio had been provided for. To date, the company has
\n
drawn the entire amount of the loan. On December 4, 2023, an amendment to the bond loan was signed in order for the European
\n
Investment Bank to participate. On 31.12.2024 the loan balance was \u20ac6.4 million.
\n
\n\n
All the shares of the subsidiary PPC RENEWABLES S.M.S.A have been pledged by Eurobank in favor of Eurobank, National Bank of
\n
Greece and European Investment Bank, for obtaining the bond loan.
\n

\n\n\n
\n
Bond Loan issued by SOLAR PARKS WESTERN MACEDONIA TWO S.M.S.A.
\n
\n
The company SOLAR PARKS WESTERN MACEDONIA TWO S.M.S.A. signed a loan agreement on 01.07.2021 for an amount of \u20ac9.9
\n
million in the form of a Bond Loan Agreement for the financing of the development of a photovoltaic power plant with an installed
\n
capacity of 14.99 MW in Ptolemaida, Region of Kozani. This amount is part of a broader financing agreement for the construction
\n
of a portfolio of photovoltaic power plants with a total installed capacity of 230 MW, in the same area, in which the National
\n
Bank of Greece S.A. and Eurobank S.A. participate as initial bondholders, whilst from the outset the right of the European
\n
Investment Bank to participate in the financing of the entire 230 MW portfolio had been provided for. The subsidiary has drawn
\n
the entire amount of the loan. On 4 December 2023, an amendment to the bond loan was signed in order for the European
\n
Investment Bank to participate. On 31.12.2024 the loan balance was \u20ac7.6 million.
\n
\n\n
All the shares of the subsidiary PPC RENEWABLES S.M.S.A have been pledged by Eurobank in favor of Eurobank, National Bank of
\n
Greece and European Investment Bank, for obtaining the bond loan.
\n

\n\n\n
\n
Bond Loan issued by SOLAR ARROW ONE S.M.S.A.
\n
\n
The subsidiary SOLAR ARROW ONE S.M.S.A. has a 200MW photovoltaic power plant at the location \"West Macedonia Lignite
\n
Center\", Prefecture of Kozani. For the financing of the project, a Bond Loan dated 21.12.2022 was signed for the amount of \u20ac102.4
\n
million between
\n
\n
SOLAR ARROW ONE S.M.S.A. as issuer and Eurobank S.A., National Bank of Greece S.A. and the European Investment Bank, as
\n
initial Bondholders. Up to date, the entire amount has been disbursed. On 31.12.2024 the outstanding balance of the loan was
\n
\u20ac89.4 million.
\n
\n\n
All the shares of the subsidiary PPC RENEWABLES S.M.S.A have been pledged by Eurobank in favor of Eurobank, National Bank of
\n
Greece and European Investment Bank, for obtaining the bond loan.
\n

\n\n\n
\n
Bond Loan issued by SOLARLAB S.M.S.A.
\n
\n
The subsidiary SOLARLAB S.A. constructs 5 photovoltaic plants with a total capacity of 159MW.
\n
\n
On 12.04.2023, a Bond Loan Agreement was signed for an amount of \u20ac85.8 million issued by SOLARLAB S.A. and subscribed for
\n
by Alpha Bank S.A., using funds from the Recovery and Resilience Fund, which participates in the loan with 46% of the investment.
\n
To date, \u20ac76.7 million have been disbursed which is the final capital raised as long as the remaining \u20ac 9.1 million will not be
\n
disbursed due to revision of the project\u2019s plan. On 31.12.2024 the loan balance amounted to \u20ac72.9 million.
\n
\n
On 04.08.2023 an Additional Bond Loan Agreement was signed for an amount of \u20ac11.6 million issued by SOLARLAB SINGLE-
\n
MEMBER S.A. and subscribed for by Alpha Bank S.A. An amount of \u20ac4.2 million concerns Debt Service Reserve Facility (DSRF),
\n
which will be activated in case the company isn\u2019t able to fully cover its loan obligations, for a 6-month period. To date, a total of
\n
\u20ac7.4 million has been disbursed. On 31.12.2024 the loan balance amounted to \u20ac5.0 million.
\n
\n\n
All the shares of the subsidiary PPC RENEWABLES S.M.S.A have been pledged by the Alpha Bank of Greece, for obtaining the bond
\n
loan.
\n

\n\n\n

\n\n\n

\n
36.LONG-TERM BORROWING (CONTINUED)
\n
\n
Bond Loan issued by PHIBE ENERGY SINGLE MEMBER S.A.
\n
\n
The subsidiary PHOEBE ENERGY S.M.S.A. is developing a Photovoltaic Power Plant with a capacity of approximately 550MW at
\n
the location \"PPC ORICHEIO PTOLEMAIDA\", Prefecture of Kozani. On 19.12.2024, an amendment to the Common Bond Loan of
\n
up to \u20ac294.4m was signed between PHIBE ENERGY SINGLE MEMBER S.A. as issuer and Eurobank S.A. and Piraeus Bank S.A. as
\n
Bondholders, using funds of the Recovery and Resilience Fund, as well as the Additional Bond Loan of up to \u20ac47 million to cover
\n
VAT and any loan obligations (if necessary).
\n
\n
On 31.12.2024, part of it was disbursed, fully repaying the Credit Agreement with an Open (Overdraft) Account of Eurobank S.A.
\n
The loan balance on 31.12.2024 amounted to \u20ac79.5 million.
\n
\n
Bond Loan issued by ARCADIKOS HELIOS ONE SINGLE MEMBER S.A.
\n
\n
The subsidiary company ARCADIKOS HELIOS ONE S.M.S.A. is developing a photovoltaic plant with a total capacity of
\n
approximately 39MW at the location \"Megala Lakkes\", in Megalopoli, Arcadia. On 06.08.2024, a Common Bond Loan of up to
\n
\u20ac24.5 million was signed between ARCADIKOS HELIOS ONE S.M.S.A. as issuer and Eurobank S.A. as Bondholder, maturing on
\n
31.12.2042.
\n
\n
On 6.11.2024 the total amount was disbursed, with the loan balance at 31.12.2024 amounting to \u20ac22.5 million.
\n
\n
Bond Loan issued by ARCADIKOS HELIOS TWO SINGLE MEMBER S.A.
\n
\n
The subsidiary company ARCADIKOS HELIOS TWO S.M.S.A. is developing a photovoltaic plant with a total capacity of
\n
approximately 11MW at the location \"Megala Lakkes\" in Megalopoli, Arcadia. On 06.08.2024 a Common Bond Loan of up to \u20ac8
\n
million was signed between ARCADIKOS HELIOS TWO S.M.S.A. as issuer and Eurobank S.A. as Bondholder, maturing on
\n
31.12.2042.
\n
\n
On 6.11.2024 the total amount was disbursed, with the loan balance on 31.12.2024 amounting to \u20ac6.9 million.
\n
\n
Bond Loan issued by GREEK WINDPOWER S.M.S.A
\n
\n
On 29.02.2024 the acquisition by PPC Renewables of GREEK WINDPOWER S.M.S.A. was completed.
\n
\n
This company, in order to finance the construction of a 15MW wind farm at the \"FRAGAKI\" site of the Municipality of Andros,
\n
Regional Unit of Andros, had concluded the Common Bond Loan Agreement dated 18.03.2021 with Piraeus Bank S.A., amounting
\n
to \u20ac26.5 million.
\n
\n
On 31.12.2024 the loan amounted to \u20ac21.3 million. The Bond Loan matures on 18.09.2038, following the Additional Act of
\n
Amendment to the Repayment Plan of the Bond Loan signed on 12.10.2023.
\n
\n
Borrowing ALEXANDROUPOLIS POWER GENERATION S.A.
\n
\n
Bond Loan of subsidiary ILEKTROGENERATION ALEXANDROUPOLIS S.A.
\n
\n
The subsidiary company ALEXANDROUPOLIS ELECTRICITY PRODUCTION S.A. signed at 3.7.2023 a Bond Loan coverage agreement,
\n
for the issuance of a common collateral secured bond loan through a project financing structure, with the original bondholder
\n
and representative of the bondholders, NATIONAL BANK OF GREECE S.A (NBG) for up to \u20ac436.1 million. The main purpose is the
\n
partial financing of the construction costs of the Combined Cycle Power Generation Station fueled by natural gas with a nominal
\n
capacity of 840 MW, in the industrial area of Alexandroupolis of the Municipality of Evros. The above financing is expected to
\n
cover a leverage ratio of 60-65%.
\n
In 31.12.2024, the total capital raised from this loan agreement amounted to \u20ac 187.3 million (31.12.2023: \u20ac79.2 million).
\n
\n\n
The shares of the subsidiary were pledged by NBG in accordance with the share pledge agreement, in the context of the collateral
\n
provided by shareholders to the bank. In addition, letters of bank guarantee were issued by all the shareholders as collateral for
\n
the loan.
\n

\n\n\n

\n\n\n
36.LONG-TERM BORROWING (CONTINUED)
\n
\n
In addition, the above subsidiary signed on July 3, 2023 a contract for the issuance of a subordinated unsecured common bond
\n
loan of up to \u20ac157.3 million with the Company\u2019s shareholders, namely PPC, DAMCO ENERGY and DEPA, as bondholders, as an
\n
equity contribution for the financing of the above project expiring on 30.06.2042. On December 31, 2024, this bond loan
\n
amounted to \u20ac 80.7 million and as a result it remains a long-term loan liability (to the minority shareholders) in the Group for the
\n
amount of \u20ac39.5 million.
\n
\n
Next Gen Retail Services Single Member S.A. (former Dixons South - East Europe SA)
\n
\n
Due to the acquisition as of April 10, 2024, of the subsidiary company Next Gen Retail S.M.S.A. under with the trade name
\n
\"Kotsovolos\", the Group's long-term borrowings increased on 31.12.2024 by \u20ac10.8 million. In particular, in November 2022, the
\n
subsidiary company entered into a bond loan with Alpha Bank under the framework defined by the Recovery and Resilience Fund.
\n
The approved amount of the loan amounts to \u20ac12.2 million with the full amount been disbursed to finance the automation
\n
project of the Distribution and Repair Center. The interest rate for the Recovery Fund is fixed while the co-financing rate (Alpha
\n
Bank) is calculated at Euribor plus margin. In December 2024, the first instalment of \u20ac1.4 million was repaid.
\n
\n
New loan agreements from acquisitions in Romania
\n
\n
On 20.11.2024, PPC Group, through its Romanian entity PPC Renewables Romania S.R.L. acquired the renewable energy portfolio
\n
of EVRYO (Macquarie Group), including the five companies Felix Renewable Holdings S.R.L., Tomis Team S.A., Ovidiu Development
\n
S.A., MW Team Invest S.R.L. and TMK Hidroenergy Power S.R.L.
\n
\n
Felix Renewable Holdings S.R.L. is part of a Senior Facilities Agreement (Term Facility in euros) dated 1 July 2021 for an amount
\n
of \u20ac225 million with maturity date on 30.06.2029 and repayment in sculpted annual installments. As of 31.12.2024 the
\n
outstanding debt balance was \u20ac143.9 million.
\n
\n
In addition, on July 18, 2024, the subsidiaries in Romania Retele Electrice Banat S.A., Retele Electrice Muntenia S.A. and Retele
\n
Electrice Dobrogea S.A. (later from November 2024 merged under the name Retele Electrice Romania S.A.) signed a loan
\n
agreement for the amount of RON 1.0 billion (\u20ac201.0 million) with the European Bank for Reconstruction and Development
\n
(EBRD), Banca Comerciala Romana S.A., Banca Transilvania S.A. and ING Bank N.V. Amsterdam with payment manager Banca
\n
Comerciala Romana S.A. with a maturity of 5 years, at a floating Robor rate plus margin. In December 2024, RON 378.0 million
\n
(\u20ac75.9 million) had been raised.
\n
\n
Credit Rating
\n
\n
As of 31.12.2024, the credit rating by S&P and Fitch is set at \"BB-\" with a stable outlook and by ICAP at \"BB\".
\n
\n
Compliance with financial ratios
\n
\n
Most loan agreements of the Group and Parent Company, include financial covenants, the non-compliance of which may lead to
\n
the contract defaulting or, if necessary, a change in the margin.
\n
\n
The Parent Company are in compliance with the financial ratios included in their loan agreements on 31.12.2024.
\n
\n
The Group as of 31.12.2024 is not in compliance with the financial indicator \"Net Income to Debt (Debt Service Coverage Ratio)
\n
\u2264 1.10\" for loan agreements it maintains with the National Bank of Greece. This deviation was identified before 31.12.2024 and
\n
the National Bank of Greece has provided a waiver, as a result of which the loan obligations in question are reflected in the
\n
financial statements, based on their contractual repayments.
\n

\n\n", "dimensions": { "concept": "ppc:DisclosureOfLongTermBorrowingsExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag229": { "value": "\n
In addition, as of 31 December 2024, there is a first-class pledge on bank account of \u20ac15.2 million regarding this bond loan and is
\n
included in \u201cRestricted cash\u201d of the Group and the Parent Company.
\n

\n\n\n
All the shares of the subsidiary PPC RENEWABLES S.M.S.A have been pledged by the National Bank of Greece, for obtaining the
\n
bond loan.
\n

\n\n\n
All the shares of the subsidiary PPC RENEWABLES S.M.S.A have been pledged by the National Bank of Greece, for obtaining the
\n
bond loan.
\n

\n\n\n
All the shares of the subsidiary PPC RENEWABLES S.M.S.A have been pledged by the National Bank of Greece, for obtaining the
\n
bond loan.
\n

\n\n\n
All the shares of the subsidiary PPC RENEWABLES S.M.S.A and KPM ENERGY COMPANY OF ELECTRICITY PRODUCTION S.M.S.A
\n
have been pledged by the Piraeus Bank, for obtaining the bond loan.
\n

\n\n\n
All the shares of the subsidiary PPC RENEWABLES S.M.S.A have been pledged by Eurobank in favor of Eurobank, National Bank of
\n
Greece and European Investment Bank, for obtaining the bond loan.
\n

\n\n\n
All the shares of the subsidiary PPC RENEWABLES S.M.S.A have been pledged by Eurobank in favor of Eurobank, National Bank of
\n
Greece and European Investment Bank, for obtaining the bond loan.
\n

\n\n\n
All the shares of the subsidiary PPC RENEWABLES S.M.S.A have been pledged by Eurobank in favor of Eurobank, National Bank of
\n
Greece and European Investment Bank, for obtaining the bond loan.
\n

\n\n\n
All the shares of the subsidiary PPC RENEWABLES S.M.S.A have been pledged by the Alpha Bank of Greece, for obtaining the bond
\n
loan.
\n

\n\n\n
The shares of the subsidiary were pledged by NBG in accordance with the share pledge agreement, in the context of the collateral
\n
provided by shareholders to the bank. In addition, letters of bank guarantee were issued by all the shareholders as collateral for
\n
the loan.
\n

\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag239": { "value": "\n
37. POST-RETIREMENT BENEFITS
\n
\n
37.1 Supply of electricity at reduced tariff
\n
\n
The Group\u2019s employees and pensioners are entitled to the supply of electricity which the Parent Company provides at reduced
\n
tariffs. Such reduced tariffs to pensioners are considered to be retirement obligations and are calculated at the discounted value
\n
of the future retirement benefits deemed to have accrued at year-end based on the employees earning retirement benefit rights
\n
steadily throughout their service period. The relevant retirement obligations are calculated on the basis of financial and actuarial
\n
assumptions.
\n
\n
Net costs for the year are included in the payroll cost in the accompanying income statement consisting of the interest cost, as
\n
well as current service cost, reduced by the benefits granted in the year.
\n
\n
The actuarial gains or losses are recorded in comprehensive income statement. Retirement benefit obligations are not funded.
\n
\n
By the Decision of the Board of Directors of the Parent Company dated on 21.01.2020, the percentage of the discount received
\n
by the employees and pensioners of the Group in Greece was set at 30% of the value of the electricity consumed.
\n
\n
The Group in Romania provides its staff and pensioners with a reduced value electricity tariff with an average consumption of
\n
1,200 KWh per year. On 3 June 2024 a new Collective Labour Agreement was signed in Romania, based on which the benefit of
\n
electricity at reduced tariff ceased for all pensioners as of 31 December 2024 and on 3 June 2024 for the employees. The active
\n
employees who were eligible to receive the benefit of the electricity plan as at 3 June 2024, are entitle to receive an additional
\n
lump sum amount as compensation at their retirement, that depends on the years of service in the Group.
\n
\n
The termination of the benefit of electricity at reduced tarrifs has caused a curtailment gain, which was recognized in the Profit
\n
and Loss of the current year, while the additional lump sum amount at retirement was treated as a Past Service Cost which was
\n
recognized in the Profit and Loss of the year and increased the provision for staff leave indemnities (Note 37.2).
\n
\n
The results of the actuarial study regarding the supply of electricity at reduced tariffs for the fiscal year ended December 31
\n
st
\n
,
\n
2024 and December 31
\n
st
\n
, 2023 are as follows:
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
GROUP COMPANY
2024 2023 2024 2023
Changes in the Present Value of the Liability
Liability at the beginning of the year 68,460 58,95138,880 37,487
From acquisition - 7,625- -
Exchange differences 2 (21)- -
Current service cost 585418304271
Interest cost 2,190 2,1091,244 1,284
Gain from termination of service (7,065) -- -
Actuarial (gains)/losses (9,652) 2,975(7,677) 2,073
Benefits provided (4,924) (3,598)(2,621) (2,235)
Liability at the end of the year 49,595 68,46030,130 38,880
Short-term liability -91--
Long-term liability 49,59568,36930,13038,880
Components that burden the Income Statement
Current service cost/termination of service cost (6,480) 418304271
Interest cost 2,190 2,1091,244 1,284
Benefits granted (4,924) (3,598)(2,621) (2,235)
Total (9,214) (1,070)(1,073) (680)
Statement of Comprehensive income
Actuarial (gains)/losses (9,652) 2,975(7,677) 2,073
Total (9,652) 2,975(7,677) 2,073
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\n\n\n
37.POST-RETIREMENT BENEFITS (CONTINUED)
\n
Assumption values in the Actuarial Study
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Valuation date Discount rate Tariff increases Profit margin Expectancy of future
services
2025:9.0%
31/12/2024 3.4%0.0% 2026:11.0%12.23
2027+:10.0%
2024:5.0%
31/12/2023 3.3% 2025:7.0% 11.30
0.0% 2026:10.0%
2027+:9.0%
\n
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\n
\n
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Sensitivity disclosures 31.12.2024Percentage change
Increase in discount rate by 0.5% (5.6%)
Decrease in discount rate by 0.5% 6.1%
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Sensitivity disclosures 31.12.2023Percentage change
Increase in discount rate by 0.5% (5.4%)
Decrease in discount rate by 0.5% 5.9%
\n
\n
\n
Actuarial Study Assumptions \u2013 Romania
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Valuation Date Discount Rate Salary Increase Inflation
31.12.20247.50%3.50%3.00%
31.12.20236.35%4.00%3.50%
\n
\n
\n
37.2 PROVISION FOR SEVERANCE PAY
\n
Voluntary retirement programs
\n
On October 16, 2024, the Board of Directors of the Parent Company decided and approved the implementation, for the current
\n
year, of a voluntary retirement plan by providing a financial incentive to the employees of the Megalopolis Lignite Units and Meliti
\n
and all those who are subordinate to other General Directorates and work in the facilities of the units, as well as the executives
\n
and employees who are employed on three-year employment contracts, regardless of the establishment of a pension right.
\n
\n
Employees who will participate in the said program will receive an amount of compensation as a percentage of the regular
\n
remuneration they would receive based on the years remaining for the establishment of full pension rights and in addition the
\n
completion of an age limit.
\n
\n
Also, additional compensation will be given in relation to the completion or non-continuous service of 10 years at PPC, the age
\n
and number of protected children of the employees as well as an amount to cover their insurance outstandings.
\n
\n
The total amount that will be paid to the employees who will participate in the said program cannot be less than \u20ac35,000 and
\n
will not exceed the amount:
\n
\u2022 of \u20ac70,000 for employees who have established the right to retire by the date of leave from the Company based on the program
\n
\u2022 of \u20ac100,000 for employees who will not have established the right to retire by the date of leave from the Company based on
\n
the program and
\n
\u2022 of \u20ac110,000 for the employees of the Administrative and Financial Staff devision who will not have established the right to
\n
retire by the date of leave from the Company based on the program.
\n
\n
Employees who met the program's requirements and wished to join it, were required to declare their voluntary participation by
\n
March 14, 2025.
\n

\n\n\n
37.POST-RETIREMENT BENEFITS (CONTINUED)
\n
On November 2, 2023, with Decision no. 78, the Board of Directors of the Parent Company decided to implement the voluntary
\n
retirement plan by providing additional financial incentives based on regular remuneration depending on the previous service,
\n
age and number of protected children of employees as well as a fixed amount of \u20ac 10,000 to cover their insurance issues.
\n
The program was addressed to all employees of the Parent Company including the employees who are seconded to organizations
\n
outside PPC, who are employed on an indefinite contract, aged 50 and over, including those who reach the age of 50 by December
\n
31, 2023 and have completed at least 15 years of continuous service in the Company or complete the 15-year period up to and
\n
including December 31, 2023 regardless of the establishment of a pension right.
\n
Employees who met the requirements of the program and wished to join it, had to declare their voluntary participation until
\n
February 15, 2024. Those employees who declared their participation within the month of December 2023, received as an
\n
incentive for short registration, the payroll cost of one month. From this program, additional compensations of \u20ac13.7 million
\n
arised for the Parent Company for the year ended on December 31, 2023.
\n
Additionally, on 2 March 2023, the Board of Directors of the subsidiary HEDNO decided to implement a new voluntary retirement
\n
program with the provision of financial incentives to its staff. This program resulted in additional compensation of \u20ac 11.6 million,
\n
which was not included in the analysis below of the Group's personnel compensation provision as of 31 December 2023, as this
\n
liability was formed within 2023 and an amount of \u20ac3.7 million had been included in the Group's Accrued and other liabilities.
\n
\n
As of 31 December 2024, Current portion of post-retirement benefits include amounts of \u20ac17.7 million for the Group and the
\n
Parent Company (31.12.2023: \u20ac12.4 million and \u20ac8.7 million) respectively, relating to obligations to personnel from voluntary
\n
retirement programs that ran within 2024.
\n
\n
All above are defined benefit plans in accordance with the provisions of IAS 19.
\n
\n
HEDNO-Voluntary retirement program
\n
\n
With the decision no. 1/14.01.2025 of the subsidiary company's Board of Directors, it was decided to approve the granting of a
\n
voluntary retirement incentive, as a voluntary benefit, compensation, of \u20ac 30 thousand to employees who resign due to meeting
\n
retirement requirements and age limit.
\n
\n
Provision for staff leave indemnities - Actuarial study
\n
The present value of the liability undertaken by PPC and its subsidiaries is calculated using actuarial methods.
\n
\n
As of October 25, 2023, the Group includes in the staff leave indemnites the liability to compensate the personnel in Romania
\n
based on the compensation provisions of the local legislation and meets the criteria of the 2021 Interpretation decision, as it
\n
provides a benefit that does not increase after from 15 or 25 years of service (depending on the subsidiary of the Group). The
\n
present value of the respective liability was calculated using actuarial methods.
\n
\n
The results of the actuarial study regarding the obligation for compensation to staff due to retirement for the year ended
\n
December 31, 2024 and the year ended December 31, 2023 are as follows:
\n

\n\n\n
37.POST-RETIREMENT BENEFITS (CONTINUED)
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
GROUP COMPANY
2024 2023 2024 2023
Liability, at beginning of year 142,569 143,24799,984 103,308
From acquisition 1,878 2,894--
Exchange differences - (8)--
Current service cost 1,797 1,259732595
Interest cost 3,703 3,9852,272 2,609
Curtailment cost/settlements/termination of service 9,312 6,2929,207 6,292
Actuarial (gains)/losses 1,909 9,0487654,908
Benefits provided (27,912) (24,148)(21,465) (17,728)
Service costs 1,490 -- -
Liability, end of the year 134,747 142,56991,495 99,984
Short term portion of liability 53,527 62,42849,301 59,297
Long term portion of liability 81,220 80,14142,194 40,687
Components that burden the results
Current service cost 1,797 978732595
Interest cost 3,703 3,9852,272 2,609
Curtailment cost/settlements/termination of service9,312 6,2929,207 6,292
Recognition of service costs 1,490 -- -
Total 16,303 11,25512,211 9,496
Statement of Comprehensive income
Actuarial (gains)/losses 1,909 9,0407654,908
Total 1,909 9,0407654,908
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Assumptions values in the Actuarial Study
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Valuation Discount Rate Salary Increase Inflation Resignations Future Service
date Expectancy
31.12.20243.25%2.00%2.00%0.00%8.51
31.12.20233.23%2.10%2.10%0.00%10.20
\n
\n
\n
Actuarial Study Assumptions \u2013 Romania
\n
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Valuation Discount Rate Salary Increase Inflation
Date
31.12.20247.50%3.50%3.00%
31.12.2023 6.35%4.00%3.50%
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.
\n
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Sensitivity Analysis 31.12.2024Percentage change
Increase in the discount rate by 0.5% (4.0%)
Decrease in the discount rate by 0.5% 4.2%
Increase in the expected salary increase by 0.5% 0.4%
Decrease in the expected salary increase by 0.5%(0.6%)
\n
\n
\n

\n\n\n
37.POST-RETIREMENT BENEFITS (CONTINUED)
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Sensitivity Analysis 31.12.2023Percentage change
Increase in the discount rate by 0.5% (4.8%)
Decrease in the discount rate by 0.5% 5.1%
Increase in the expected salary increase by 0.5% 0.5%
Decrease in the expected salary increase by 0.5%(0.7%)
\n
\n
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\n
37.3 PROVISION FOR STAFF ANNIVERSARY COMPENSATION
\n
\n
All subsidiaries in Romania offer their employees an anniversary compensation in specific years of service as a benefit for their
\n
continuous service, the amount of which depends on the years of continuous service to the company. This plan is a defined
\n
benefit plan.
\n
\n
The results of the actuarial study regarding the calculation of this benefit for the year ending December 31, 2024 and December
\n
31, 2023 are as follows for the Group:
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
GROUP GROUP
20242023
Liability, at beginning of year 11,110 -
Liability from acquisition6910,725
Exchange differences 2 (28)
Current service cost 694 312
Interest cost 679101
Benefits granted (1,148) -
Liability, end of the year 11,406 11,110
Short term portion of liability 1,284469
Long term portion of liability 10,12210,641
Components that burden the results
Current service cost 694 312
Interest cost 679101
Total 1,373 413
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Actuarial Study Assumptions \u2013 Romania
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Valuation Date Discount Rate Salary Increase Inflation
31.12.20247.50%3.50%3.00%
31.12.20236.35%4.00%3.50%
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\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag244": { "value": "\n
38. PROVISIONS
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GROUP COMPANY
2024 2023 2024 2023
Litigation against employees/ 320,146 354,211 406,725 391,348
third parties (Note 47)
Non-current portion of provision of decommissioning
and removal of Power Plants\u2019, Mines\u2019 and Wind Parks\u2019 408,296429,592 363,650 405,387
facilities and mines\u2019 land restoration
PPC-PIO fixed assets2,400 2,400 2,400 2,400
Provisions for contracts for the promotion of personal7,281 - - -
consumer loans
Other 5,550 13,652 - -
Total 743,673799,855 772,775 799,135
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During the year ended December 31, 2024, the Group and the Parent Company reduced the provision for disputes by \u20ac 34 million
\n
and \u20ac15 million respectively. For further details refer to Note 47.
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Provision of Decommissioning and removal of Power Plants\u2019, Mines\u2019 and Wind Parks\u2019 facilities and provision for mines\u2019 land
\n
restoration
\n
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The Group and the Parent Company has undertaken the commitment to dismantle or alternatively use of the power plants\u2019 and
\n
mining facilities, to remove their equipment and to fully restore mines\u2019 lands when the facilities cease to operate.
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The provision is recognized at the present value of future cash flows that will be required to settle the relevant liabilities and has not
\n
taken into account any income from the sale of machinery, spare parts and materials or from the utilization of land.
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During 2024, the Group and the Parent Company proceeded with land restoration and removal of equipment in the mines, as a result
\n
of which the relevant provision was reduced by \u20ac 53.8 million (31.12.2023: \u20ac 23 million). At the same time, they carried out
\n
decommissioning work in various Production Units, reducing the relevant provision by \u20ac6.1 million (31.12.2023: \u20ac8.7 million). In
\n
particular, within 2024 buildings were demolished and equipment was dismantled in the mines, equipment was dismantled at Kardia
\n
Power Plant and Ptolemaida (Units I-IV) , buildings were demolished in Aliveri and gas turbines were dismantled at Chania Power
\n
Plant and Soroni Power Plant. Within 2023, the demolition of the LIPTOL power plant was completed. In addition, the rehabilitation
\n
studies of specific Production Units had been updated and the schedule for the rehabilitation of the mines and the decommissioning
\n
and removal of the Production Units had been changed based on the most recent available data.
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The provision for the decommissioning of Units, Mines and Wind Parks is as follows:
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38.PROVISIONS (CONTINUED)
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
GROUP
Provision of
Provision for dismantling of Provision of Provision for
mines\u2019 land mining decommissioning of Wind Parks\u2019 Total
restoration facilities/ power plantsrestoration
equipment
Balance, January 1, 2024 175,984 70,576 233,877 24,205 504,643
From subsidiaries acquisition (Note 3)---20,45620,456
Exchange differences ---55
Change in future outflows (property, 9,588 - - 3429,930
plant and equipment- note 19)
Change in future outflows through 9433433,651 (839) 4,098
income statement
Change in future outflows through - (5,424) 16,886 (1,235) 10,226
comprehensive income statement
Finance cost (Note 15) 13,551 5,434 18,009 1,712 38,706
Utilization of the provision (45,744) (8,066) (6,138) - (59,947)
Balance, December 31, 2024 154,323 62.863266,285 44,646528,117
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Provision of
Provision for dismantling of Provision of Provision for
mines\u2019 land mining decommissioning of Wind Parks\u2019 Total
restoration facilities/ power plantsrestoration
equipment
Current portion 59,969 25,030 34,822 - 119,821
Non-current portion 94,354 37,834 231,462 44,646408,296
Balance, December 31, 2024 154,323 62,863 266,285 44,646528,117
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GROUP
Provision of
Provision for dismantling of Provision of Provision for
mines\u2019 land mining decommissioning of Wind Parks\u2019 Total
restoration facilities/ power plantsrestoration
equipment
Balance, January 1, 2023 190,867 75,561 210,721 6,192 483,341
From subsidiaries acquisition (Note ---15,76315,763
3)
Exchange differences ---(41)(41)
Change in future outflows (property, (8,425) - 4,278 514(3,632)
plant and equipment- note 19)
Change in future outflows through (2,363) (1,364) 27,236 97324,481
income statement
Change in future outflows through - (2,992) (14,387) (235) (17,614)
comprehensive income statement
Finance cost (Note 15) 13,114 5,186 14,803 1,040 34,143
Utilization of the provision (17,209) (5,816) (8,774) - (31,798)
Balance, December 31, 2023 175,984 70,576 233,877 24,205 504,642
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Provision of
Provision for dismantling of Provision of Provision for
mines\u2019 land mining decommissioning of Wind Parks\u2019 Total
restoration facilities/ power plantsrestoration
equipment
Current portion 46,556 18,145 10,349 - 75,050
Non-current portion 129,429 52,431 223,528 24,205 429,592
Balance, December 31, 2023 175,984 70,576 233,877 24,205 504,642
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38.PROVISIONS (CONTINUED)
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Provision of Provision of
Provision for mines\u2019 dismantling of decommissioning of Total
land restorationmining facilities/ power plants
equipment
Balance, January 1, 2024 175,985 70,576 233,877 480,438
Change in future outflows (property, 9,588 - - 9,588
plant and equipment- Note 19)
Change in future outflows through 9433433,651 4,937
income statement
Change in future outflows through - (5,424) 16,886 11,461
comprehensive income statement
Finance cost (Note 15) 13,551 5,434 18,009 36,994
Utilization of the provision (45,744) (8,066) (6,138) (59,947)
Balance, December 31, 2024 154,323 62,863 266,285 483,471
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Provision of Provision of
Provision for mines\u2019 dismantling of decommissioning of Total
land restorationmining facilities/ power plants
equipment
Current portion 59,969 25,030 34,822 119,821
Non-current portion 94,354 37,834 231,462 363,650
Balance, December 31, 2024 154,323 62,863 266,285 483,471
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Provision of
Provision for dismantling of Provision of
mines\u2019 land mining decommissioning of Total
restoration facilities/ power plants
equipment
Balance, January 1, 2023 190,867 75,561 210,721 477,149
Change in future outflows (property, (8,425) - 4,278 (4,146)
plant and equipment- note 19)
Change in future outflows through (2,363) (1,364) 27,236 23,509
income statement
Change in future outflows through - (2,992) (14,387) (17,379)
comprehensive income statement
Finance cost (Note 15) 13,114 5,186 14,803 33,103
Utilization of the provision (17,209) (5,816) (8,774) (31,798)
Balance, December 31, 2023 175,985 70,576 233,877 480,438
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Provision of
Provision for dismantling of Provision of
mines\u2019 land mining decommissioning of Total
restoration facilities/ power plants
equipment
Current portion 46,556 18,145 10,349 75,050
Non-current portion 129,429 52,431 223,528 405,388
Balance, December 31, 2023 175,985 70,576 233,877 480,438
\n\n\n
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As of December 31, 2024, the present value of the provision for the dismantling and removal of Production Units, Mines and the
\n
rehabilitation of the Group and the Parent Mine was estimated at the total cost of land rehabilitation, dismantling of existing
\n
equipment/ installations and equipment, demolition any waste by applying an average inflation rate of 2% (31.12.2023: 2%) and
\n
a discount rate of 6.3% (2023: 7.7%).
\n

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38.PROVISIONS (CONTINUED)
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Below we present a sensitivity analysis of the forecast for the dismantling and removal of facilities of Production Units, Mines
\n
and restoration of areas of Mines from the change of the discount rate used.
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Sensitivity Analysis
Present value of the provision 2024 2023
of decommissioning
202420230.25%(0.25)% 0.25%(0.25)%
Provision for dismantling and removal of units and mines and 483,471 480,438 477,191 489,994 474,517 486,552
restoration of units and mines
Balance, December 31, 483,471480,438 477,191489,994474,517 486,552
Positive / (Negative) effect on the Results of the Group and - - 6,280(6,523)5,921 (6,114)
the Company
\n
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\n
\n

\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag278": { "value": "\n
39. SUBSIDIES
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Net book values GROUP
31.12.2022182,955
New subsidies for fixed assets of distribution network21,398
Acquisition of subsidiaries (Note 6) 11,602
Transfer to revenues (Note 13)(8,663)
Exchange differences (22)
31.12.2023207,270
New subsidies for fixed assets 11,031
Transfer to revenues (Note 13)(9,265)
Low-interest loan subsidy 9,524
Exchange differences3
31.12.2024218,563
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Net book values COMPANY
31.12.202289,217
Transfer to revenues (Note 13)(6,108)
31.12.202383,109
New subsidies for fixed assets540
Transfer to revenues (Note 13)(5,036)
Low-interest loan subsidy2,954
31.12.202481,567
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Within 2024, the Group's and the Parent company's Fixed Asset Subsidies include an amount of \u20ac9.5 million and \u20ac2.9 million
\n
respectively, which was recognized due to the receipt of loans for capital expenditures at a reduced interest rate (from the
\n
Recovery and Resilience Fund) compared to the market rate.
\n

\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag323": { "value": "\n
40. LONG-TERM CONTRACT LIABILITIES
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As stated in Note 4.4, Group and the Parent Company classify Customers\u2019 Contributions and Customers\u2019 Advances for Electricity
\n
Consumption to Long-Term Contract Liabilities under the provisions of IFRS 15. The following table presents in detail the
\n
corresponding figures, as well as the balance on December 31
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st
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, 2024 and December 31
\n
st
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, 2023 of the Long-Term Contract
\n
Liabilities.
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
GROUP COMPANY
Balance, December 31, 2022 2,384,657435,732
Customers\u2019 contributions receipts95,472 -
Transfer to revenues (Note 9) (101,390) (248)
Customers contribution from acquisition of subsidiaries (Note 6) 550,546 -
Reduction of customers advances for electricity consumption (10,033) (10,033)
Exchange differences (1,449) -
Balance, December 31, 20232,917,803425,451
Customers\u2019 contributions receipts154,691 -
Transfer to revenues (Note 9) (120,620) (248)
From acquisition of subsidiary (Note 3.4) 2,553 -
Deferred revenue from total support sales and corporate credit (268) -
interest
Reduction of customers advances for electricity consumption (6,796) (6,708)
Exchange differences 149-
Other (2,808) -
Balance, December 31, 20242,944,704 418,495
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\n\n\n\n", "dimensions": { "concept": "ppc:DisclosureOfNonCurrentLiabilitiesRecognisedFromCostsToObtainOrFulfilContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag279": { "value": "\n
41. OTHER NON-CURRENT LIABILITIES
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GROUPCOMPANY
31.12.202431.12.202331.12.202431.12.2023
Financial liability to pay contingent
consideration for the acquisition of 10,16732,412 -18,041
subsidiaries (Note 3 and 6)
Cargo representation guarantees1,2731,469 --
Reserve for electricity stealing24,60818,457 --
Subsidies for expenses4,9954,813 --
Financial liability to associate company
EMC Subsea Cable Company Limited (Note2,681- 2,681-
23)
Other non-current liabilities 3,5483,172 6,300 4,483
Total47,27260,323 8,981 22,524
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\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag280": { "value": "\n
42. IMPAIRMENT LOSS ON ASSETS
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The provisions for the impairment loss on assets of the Income Statements include the following:
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
GROUP COMPANY
2024 2023 2024 2023
Decrease in the provision for impairment 4,709 7,324 4,709 7,324
of inventories (Note 26)
Impairment loss on decommissioning
assets/ mines land and under construction 1,173 1,774 1,173 1,774
mines
Decommissioning provision of Units and 4,098 24,481 4,937 23,509
Mines (Note 38)
Impairment of restoration assets (Note 19) 9,588 - 9,588 -
Impairment of intangible assets (Note 20) 15,958 - - -
Losses from revaluation of propertly, plant 166,775 - 93,866 -
and equipment (Note 19)
Impairment of Goodwill (Note 20) 3,785 - - -
Other impairment losses on property, plant 1,125 139219-
and equipment
Total 207,21133,718 114,492 32,607
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\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentLossAndReversalOfImpairmentLossExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag281": { "value": "\n
43. TRADE AND OTHER PAYABLES
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
GROUP COMPANY
2024 2023 2024 2023
Trade Payables:
Suppliers and contractors 1,526,955 1,116,506 298,726 409,145
Municipalities\u2019 duties79,262 75,953 79,262 75,953
Social security funds 51,301 44,385 25,112 24,720
Greek TV 29,323 28,549 29,323 28,549
DAPEEP S.A. 218,621 8,517 218,621 8,517
Taxes withheld 56,325 52,017 25,153 23,265
Special consumption tax 5,485 6,867 5,485 6,867
Customers\u2019 credit balances102,126 140,101 102,126 140,101
IPTO S.A. 8,230 2638,230 263
HEDNO S.A. - - 61,313 73,200
Bank of Crete - 12,053 - 12,053
Lignite levy 55,749 51,109 55,749 51,109
HEnEx S.A. 38,667 49,080 38,666 49,080
VAT 65,923 96,319 - -
Advances from RES customers/HEDNO 93,755 81,873 - -
Transitional credits of photovoltaic scheme 63,092 107,246 - -
and vulnerable consumers
Customer advances of Romanian 149,903 132,528 - -
subsidiaries
Various liabilities from Romanian 99,982 23,710 - -
subsidiaries
Various liabilities from PPC RENEWABLES 27,637 24,855 - -
S.M.S.A. subsidiary
Other 56,804 43,219 22,430 22,199
Total 2,729,140 2,095,150 970,196 925,021
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\n\n\n\n\n
43.TRADE AND OTHER PAYABLES (CONTINUED)
\n
\n
As of December 31, 2024, Trade and Other Payables include an amount of \u20ac363.4 million arising from the acquisitions of
\n
subsidiaries in 2024.
\n
\n
Transitional credits of photovoltaic scheme and vulnerable consumers
\n
\n
The amount of \u20ac 95,220 as of 31.12.2023 concerned an amount deposited on 27.10.2023 to HEDNO by the Ministry of
\n
Environment and Energy as an advance/first installment of the financing of the \"Photovoltaics on the roof\" Program. This amount
\n
is awarded to customers who joined the \"Photovoltaics on the roof\" Program and are entitled to a subsidy. This amount as of
\n
31.12.2024, is \u20ac52,997.
\n

\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag324": { "value": "\n
44. SHORT-TERM BORROWING
\n
\n
An analysis of the short-term borrowings of the Group and the Parent Company is presented in the table below:
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
GROUP COMPANY
2024 2023 2024 2023
Overdraft facilities
Credit lines available 937,426 1,026,433 142,000 220,000
Unused portion 729,425795,585 72,000 220,000
Used portion 208,001 230,848 70,000 -
Short-Term borrowing
Credit lines available 117,496 71,245 - -
Unused portion 101,81661,333 - -
Used portion 15,6809,912 - -
Short-Term borrowing 223,681240,760 70,000 -
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\n
As of 31.12.2024, the Group's short-term borrowings include an amount of \u20ac118.3 million (31.12.2023: \u20ac176.3 million) related to
\n
overdraft facilities of Romanian subsidiaries and \u20ac12.5 million (31.12.2023: \u20ac 9.9 million) related to overdraft accounts of the
\n
subsidiary company Energy Delivery Solutions EDS AD.
\n
\n
In December 2024, the Parent Company proceeded to a draw down of \u20ac 70 million from the Open Overdraft Account with Alpha
\n
Bank S.A. It is noted that in the aforementioned facility an amendment (reduction) in margin has occured, effective from
\n
27.12.2024.
\n
\n
Overdraft Facility of SPARTAKOS ENERGY S.M.S.A.
\n
\n
On 24.07.2024 a Credit Agreement with an Open (Overdraft) Account of up to \u20ac30 million was signed between SPARTAKOS
\n
ENERGY S.A. and Alpha Bank S.A. Following the additional amendment acts signed on 29.10.2024 and 9.12.2024, its expiration
\n
was gradually extended until 31.03.2025 and the contract amount was increased up to \u20ac45 million.
\n
\n
As of 31.12.2024 the balance of the Open (Overdraft) Account was \u20ac34.9 million of which the amount of \u20ac12 million concerned
\n
letter of guarantee.
\n
\n
Within the first quarter of 2025, the signing and issuance of a syndicated bond loan is expected to refinance the future balance
\n
of the Open (Overdraft) Account.
\n
\n
Overdraft Facility of PHOEBE ENERGY S.M.S.A.
\n
\n
On 31.12.2024, the Credit Agreement with an Open (Overdraft) Account dated from 21.07.2024 of \u20ac 79.4 million was fully repaid
\n
which the company had signed with EUROBANK S.A., through a new joint bond loan from Eurobank S.A. and Piraeus Bank S.A.
\n
using funds of the Recovery and Resilience Fund.
\n

\n\n\n\n\n
44.SHORT TERM BORROWING (CONTINUED)
\n
\n
Overdraft Facility of PPC RENEWABLES S.M.S.A.
\n
\n
On 14.05.2024, the overdraft Facility of PPC RENEWABLES S.M.S.A. with the National Bank of Greece S.A. was increased by \u20ac50
\n
million, which now amounts to \u20ac250 million for the issuance of Letters of Guarantee and/or the financing for Working Capital
\n
purposes for an amount of up to \u20ac50 million and duration up to 6 months.
\n

\n\n\n\n", "dimensions": { "concept": "ppc:DisclosureOfShortTermBorrowingsExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag326": { "value": "\n
45. CONCTRACT LIABILITIES
\n
\n
Short-term liabilities from contracts with customers mainly include the advance payment that the Parent Company receives each
\n
year from the Greek State against the value of electricity consumption of its entities for the following fiscal year.
\n
\n
On December 31, 2024, part of the settlement of the advance payments for the years 2020 to 2024 is pending and a large part
\n
of them is expected to be finalized within 2025 after a series of deposits between the parties.
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
GROUP COMPANY
2024 2023 2024 2023
Balance, January 1 2,015,265 1,490,085 2,015,265 1,490,085
Advance received from the Greek State for the value
of the electricity consumed by the government 818,300 968,367 818,300 968,367
owned entities (Note 2.1)
Decrease in the Greek State\u2019s advance for the value
of the electricity consumed by the government (408,985) (443,187) (408,985) (443,187)
owned entities
Acquisition of subsidiary (Note 3.4) 4,755 - - -
Movement of short-term portion of deferred
revenue from sales of total support and corporate (1,614) - - -
credit interest
Balance, December 31 2,427,721 2,015,265 2,424,580 2,015,265
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\n\n\n\n", "dimensions": { "concept": "ppc:DisclosureOfCurrentLiabilitiesRecognisedFromCostsToObtainOrFulfilContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag283": { "value": "\n
46. ACCRUED AND OTHER CURRENT LIABILITIES
\n
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
GROUPCOMPANY
2024202320242023
Accrued interest on loans and borrowings57,06160,39047,66854,177
Natural gas and liquid fuel purchases112,16475,185112,16475,185
Energy purchases69,79377,135--
Personnel day off and overtIme61,40859,67236,40035,970
RAE fees13,37013,52013,37013,520
Purchase of CO2 emission allowances956,4941,378,332956,4941,378,332
Discounts on medium voltage customers9,1719,1719,1719,171
HEDNO S.A.6545439,54568,750
Variation margin of CO2 emission allowances44,77151,02044,77151,020
Extraordinary levy of suppliers (Note 2.1)-200,000-200,000
Unbilled liability PSO/other and HEDNO19,31513,267--
Energy purchases net-off/HEDNO3,9313,357--
Interim dividend from HEDNO-- 21,67521,675
Extraordinary contribution on electricity generators of17,63756,645--
Romania (Note 2.8)
Accrued operating expenses of subsidiaries30,72110,284 --
DAPEEP S.A.26,87622,255 26,87622,255
Other 76,19380,840 68,67968,184
Total1,499,5592,111,6161,346,8131,998,239
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Interim Dividend HEDNO
\n
\n
The Board of Directors of the subsidiary HEDNO with Decision No. 8/30.07.2024 decided the distribution of interim dividend for
\n
the financial year 2024 amounting to \u20ac 42,500. With this collection, the Parent Company recognized an amount of \u20ac 21,675 under
\n
Accrued and other liabilities until its approval by the General Meeting of the Subsidiary. The Group has a claim of \u20ac 20,825 (Note
\n
29) corresponding to the Minority which has been recorded under Other receivables.
\n

\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag284": { "value": "\n

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\n\n
47. COMMITMENTS, CONTINGENCIES AND LITIGATION
\n
OWNERSHIP AND INSURANCE OF PROPERTY
\n
\n
1. The National Cadastral process is in progress. The Parent Company has already completed its Real Estate\u2019s recording. Those
\n
properties are recorded in total in the Land Registries throughout Greece in the Cadastral Offices and at the same time the
\n
cadastral process is monitored, and all pending issues from this process are settled (it has been completed the 52% of the
\n
Country). In this context, over 80 cadastral lawsuits are pending, out of which 20 are in Athens, for which the relevant
\n
judgements have not yet been issued. From 20.03.2023, the Athens Land Registry Office operates for Athens. Land Registration
\n
has been completed in Athens and we are expecting the beginning or completion of Land Registration in areas in the rest of
\n
the country.
\n
2. In several cases, expropriated land, as presented in the expropriation statements, differs from the cadastral or ownership
\n
survey, a reason for which PPC is in the process of cadastral settlement (registration of registrable deeds, filing of declarations,
\n
requests for manifest errors) in collaboration with the Cadastral Offices. In particular, for the properties in question, PPC has
\n
the right till December 2026 (before the year 2016 cadastral areas) to proceed with lawsuits for the said land which are mainly
\n
located in expropriated lignite-bearing areas and in the official records appear to have an unknown owner or third-party owner.
\n
Cadastral lawsuits have not yet been filed, because an out-of-court settlement is being attempted in cooperation with the
\n
central Cadastral Service. At a pre-trial/preliminary stage, 150 objections are still pending, a procedure which, according to the
\n
competent authority, has been reactivated in areas such as Layrion.
\n
3. Agricultural land acquired by the Parent Company through expropriation in order to be used for the operation of hydroelectric
\n
power plants, must be transferred to the State at no charge, following a decision of the Parent Company\u2019s Board of Directors
\n
and a related approval by the Ministry of Development, if such land is no longer needed by the Parent Company for the
\n
fulfilment of its purposes according to article 9, of Law 2941/01.
\n
4. All applications for the removal of expropriations concerning abolished HV Transmission Lines have been served and there are
\n
no pending actions required by PPC S.A.
\n
5. The Group does not carry any form of insurance coverage on its fixed assets in operation (except for its information technology
\n
infrastructures), and as a result if a sizable damage occurs to its properties, it might affect its profitability. Material spare parts
\n
as well as liability risks against third parties are not insured.
\n
\n
LITIGATION AND CLAIMS
\n
The Group is a defendant in several legal proceedings arising from its operations. On December 31, 2024 the total amount claimed
\n
by third parties amounts to \u20ac 984.0 million (31.12.2023: \u20ac974.0 million) as analysed below. Against all cases 1 to 7 below, the
\n
Group and the Parent Company have established a provision which on 31 December 2024 amounts to \u20ac 320.0 million and \u20ac 407.0
\n
million respectively (31.12.2023: \u20ac 354.0 million Group and \u20ac 392.0 million, Parent), which is considered sufficient against the
\n
expected losses that will result from the final adjudication of the above cases.
\n
\n
1. Claims with contractors, suppliers and other claims:
\n
Third parties as well as a number of contractors and suppliers have raised claims against the Group. These claims are either
\n
pending before courts or under arbitration and mediation proceedings. Total claims amount to \u20ac 406.0 million (31.12.2023:
\n
\u20ac424.0 million). In most cases the Group has raised counter claims, which are not reflected in the accounting records, until the
\n
time of collection.
\n
\n
2. Fire incidents and floods:
\n
A number of individuals have raised claims against the Group for damages incurred as a result of alleged electricity-generated
\n
fires and floods. Total claims amount to \u20ac 102.0 million (31.12.2023: \u20ac95.0 million).
\n
\n
3. Claims by employees:
\n
A number of the Groups\u2019 Employees are claiming the amount of \u20ac 74.0 million (31.12.2023: \u20ac75.0 million), for allowances and
\n
other benefits that according to the employees should have been paid by PPC.
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47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
\n
4. Lawsuits and extrajudicial documents of IPTO against PPC S.A.
\n
\n
\u0391) Extrajudicial document of IPTO against PPC
\n
\n
On 29.11.2018, IPTO served an extrajudicial document to PPC with which asks from PPC:
\n
-to pay-off debts of \u20ac 495.3 million from PPC\u2019s participation in the wholesale electricity market for the period January 2018 to
\n
August 2018, which have become overdue, plus overdue interest.
\n
-to pay overdue interest amounting to \u20ac 83.4 million arising from the overdue payment of PPC\u2019s debts from its participation in
\n
the wholesale electricity market for the period August 2016 to September 2018.
\n
Claims relating to overdue receivables have been paid-off by PPC in previous years.
\n
Claims relating to interest on overdue receivables, for which IPTO remained the beneficiary (after Law 4585/2018, art. 4), were
\n
incorporated in IPTO\u2019s later lawsuit, brought in 2021 (4
\n
th
\n
lawsuit).
\n
\n
B) 1st & 2nd Lawsuit of IPTO against PPC
\n
\n
On 28.02.2019, two IPTO\u2019s lawsuits, no. \u0393\u0391\u039a/\u0395\u0391\u039a 10679/355/2015 and 10682/356/2015 (February 2015) against PPC for a total
\n
amount of \u20ac 540.0 million, for amounts due from the Parent Company\u2019s participation in the wholesale electricity market, were
\n
discussed before the Multimember Court of First Instance in Athens. By its first lawsuit IPTO was asking for an amount of \u20ac 242.7
\n
million (with interest) for amounts due which PPC collects from electricity bills and conveys to IPTO, that in turn conveys them to
\n
EMO. By its second lawsuit, IPTO was asking for the payment of \u20ac 232.6 million (with interest) for amounts due which PPC collects
\n
from electricity bills and conveys to IPTO.
\n
Decision 944/2020 of the Multimember Court of First Instance in Athens was issued and was sent to PPC on 08.07.2020, which is
\n
not provisionally enforceable and obliges PPC to pay:
\n
- regarding the first lawsuit, to IPTO: a) the legal interest on the amount of \u20ac 188.3 million for the period from 03.02.2015 until
\n
the payment of each of the invoices included in the lawsuit and paid after that date, and b) the amount of \u20ac 18.9 million with the
\n
legal interest from the service of the lawsuit until the full repayment,
\n
- regarding the second lawsuit, to IPTO: a) the legal interest on the amount of \u20ac 227.6 million for the period from 03.02.2015 until
\n
the payment of each of the invoices included in the lawsuit and paid after that date, and b) the amount of \u20ac 40.3 million with the
\n
legal interest from the service of the lawsuit until the full payment.
\n
-to HEDNO: a) the legal interest on the amount of \u20ac5.0 million for the period from 03.02.2015 until the payment of each of the
\n
invoices included in the lawsuit and paid after that date and b) the amount of \u20ac244.6 thousands with the legal interest from the
\n
service of the lawsuit until the full payment.
\n
Interests corresponding to these overdue receivables amount to \u20ac 62.0 million. PPC has filed an appeal against the above decision,
\n
which was heard on 23.02.2023 before the Three-Member Court of Appeal of Athens and on 21.09.2023, Decision no. 4447/2023
\n
was issued, which accepted PPC\u2019s appeal and fully rejected IPTO\u2019s two initial lawsuits. An appeal has been filed at the Supreme
\n
Court by the parties against PPC and against decision 4447/2023 with filing numbers GAK/EAK 5538/537/2024, which has not yet
\n
been notified to PPC and so we are not aware of a trial date. On its side, PPC has served an extrajudicial document to IPTO
\n
(without the latter having answered), requesting the payment of a total amount of \u20ac 14.0 million for overdue interest on invoices
\n
which incorporate debts to PPC from March 2012 until 02.02.2015.
\n
\n
C) 3d Lawsuit of IPTO against PPC
\n
\n
\u039fn 5.10.2017, a new (third) lawsuit (no.\u0393\u0391\u039a/\u0395\u0391\u039a 508791/2833/2016 and after the redefinition \u0393\u0391\u039a/\u0395\u0391\u039a 72442/794/2020) of IPTO
\n
against PPC was discussed and furthermore re-discussed on 07.01.2021, due to a long delay in the issuance of a decision by the
\n
first composition of the Athens Multi-Member Court of First Instance, by which IPTO asks PPC to pay an amount of \u20ac 406.4 million
\n
(with interest) for overdue receivables arising also from PPC\u2019s participation in the wholesale electricity market and specifically
\n
relating to non-competitive charges of IPTOs\u2019 invoices for the year 2015 - 2016.
\n
Decision no. 1494/2021 of the Athens Multi-Member Court of First Instance was issued on this lawsuit, which rejected the claim
\n
for interest. The interest corresponding to these overdue receivables, amounted to \u20ac 59.0 million. IPTO, together with HEDNO
\n
and DAPEEP (who entered by law in part of the original claim) appealed against the above decision, which was discussed before
\n
the Tri-member Court of Appeal of Athens on 13.10.2022 and on 29.06.2023 the non-final decision no. 3173/2023 was issued, by
\n
which the appeal of the opposing parties was accepted.
\n
\n
By this decision, PPC is required to pay the above interest on overdue receivables, and the Court orders, for the issuance of a final
\n
decision, the carrying out of an accounting expert opinion. On 12.12.2024 the accounting expert opinion was completed and was
\n
submitted to the Court but is still pending the resumption of the discussion of the case with the care of the most diligent of the
\n
parties, and the issuance of a final decision.
\n

\n\n\n\n\n

\n\n\n\n\n

\n\n\n\n\n

\n\n

\n\n
47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
\n
\n
D) 4th Lawsuit of IPTO against PPC
\n
\n
On 31.12.2021 the lawsuit No. \u0393A\u039a/\u0395\u0391\u039a/106878/4124/2021 (new fourth lawsuit) was served to PPC by IPTO, as it was filed in the
\n
Multi-Member Court of First Instance of Athens on 30.12.2021, by which IPTO requests PPC to pay:
\n
a) an amount of \u20ac 78.2 million for interest on arrears, with legal interest from the service of the lawsuit until the full payment.
\n
b) an amount of \u20ac 6.5 million for outstanding capital, with legal interest from the respective declared day, otherwise from the
\n
notification, otherwise from the service of the lawsuit until the full repayment.
\n
\n
The above amounts relate to invoices issued by IPTO, that PPC allegedly did not pay or paid late and relate to the years 2016 to
\n
2020. The proposals were submitted on 11.04.2022 and with an addition on 19.04.2022.
\n
The case was discussed on 01.02.2024 and the decision \u03a0\u03a0\u0391 2549/2024 was issued which partially accepted the lawsuit. The
\n
decision has not yet been served, PPC will file an appeal.
\n
\n
All the above amounts of overdue receivables of the lawsuits have been paid to date except for the interest for which the
\n
Parent Company has established a provision in previous years.
\n
\n
5. Alleged claims of DAPEEP (former EMO) against PPC S.A. due to deficits of the Day Ahead Schedule (DAS)
\n
\n
Due to the deficits created by electricity suppliers ENERGA POWER TRADING S.A. and HELLAS POWER S.A. during the years 2011
\n
and 2012, PPC was obligated under RAE\u2019s Decision No. 285/2013 (whose legality was confirmed by the State Council\u2019s decision
\n
No.1761/2016), as well as by the Power Exchange Code for Electricity, to pay to EMO a total amount of \u20ac 126.3 million (after a
\n
final clearing according to Article 61 of the Power Exchange Code for Electricity) within 2017.
\n
\n
A. Although EMO explicitly accepted the proposed debt settlement, in December 2016 filed a lawsuit against PPC asking the
\n
(then) residual amount of \u20ac 78.0 million (with interest), which the Parent Company paid in 2017. In February 2017, PPC filed a
\n
counter lawsuit asking EMO to be ordered to pay the amount of \u20ac 126.0 million (plus an amount of \u20ac 100 thousands for PPC\u2019s
\n
moral damages). On these lawsuits, the Multimember Court of First Instance in Athens issued the decision 4810/2018 which
\n
accepted EMO\u2019s lawsuit and rejected PPC\u2019s counterclaim. PPC has filed a relevant appeal which was discussed after
\n
postponement on 19.05.2022 (from initial hearing on 16.09.2021), before the 13th section of the Three-Member Court of Appeal
\n
in Athens.
\n
\n
B. In December 2017, EMO sent to PPC two new Information Notes on the Allocation of Monthly Deficits of the Day Ahead
\n
Schedule (DAS), totalling to \u20ac 833 thousand with which, EMO claimed that its new claims arose from the second settlement of
\n
the Deficit for the years 2011 and 2012, due to the disappearance or insolvency of the previous third-party electricity suppliers
\n
of that time.
\n
\n
In this context, in March 2018, PPC filed before the Multimember Court of First Instance in Athens its lawsuit against EMO,
\n
requesting a declaration that it does not owe the above-mentioned amount and EMO to be condemned to pay an amount of \u20ac
\n
50 thousand as compensation for PPC\u2019s moral damages. In May 2018, EMO filed its counterclaim. The two opposite lawsuits were
\n
discussed, and the Multimember Court of First Instance in Athens issued the decision No. 932/2020, which justifies EMO (now
\n
DAPEEP), a reason for which a relevant appeal has already been filed, which was to be heard on 17.02.2022. It has been agreed
\n
to postpone them for co-adjudication with the above initial case on 19.5.2022. The cases were discussed on 19.05.2022 and the
\n
decisions MCFI 6663 & 6664/22 were issued, which PPC challenge before the Supreme Court.
\n
\n
6. Claims of third parties against real estate properties
\n
\n
As of December 31, 2024, there are claims from third parties against the Parent Company\u2019s properties with a net book value of
\n
\u20ac5.3 million (31.12.2023: \u20ac13.2 million) for which the Parent Company has established an adequate provision.
\n
\n
7. HEDNO lawsuits against PPC
\n
\n
HEDNO has so far filed 6 lawsuits against PPC seeking regulated charges and interest on them, the most important of which are
\n
described below:
\n

\n\n\n\n\n

\n\n\n\n\n

\n\n\n\n\n

\n\n

\n\n
47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
\n
\n
Lawsuit \u0393A\u039a/\u0395\u0391\u039a 121583/4693/2018
\n
\n
On 31.12.2018, the lawsuit No. \u0393A\u039a/\u0395\u0391\u039a 121583/4693/2018 (1st lawsuit) was served to PPC, requesting it to pay the total amount
\n
of \u20ac 1.9 million with the legal interest of the lawsuit from the service of the lawsuit until full payment. This amount refers to
\n
interest on arrears due to alleged late payment by PPC of invoices for the year 2013 issued by HEDNO. The case was heard on
\n
1.10.2020, however due to non-issuance of a decision within 8 months and after the submission of a relevant letter of protest by
\n
PPC to the Court of First Instance, the case was assigned to another judge by a decision of 19.04.2022 and received new No.
\n
54481/799/2022. The case was re-heard on 10.11.2022 and on 01.11.2023 the decision No 3775/2023 was issued, which partially
\n
accepted HEDNO\u2019s lawsuit and condemned PPC to pay an amount of \u20ac 421,271.71 for overdue interest. This decision has not yet
\n
been served to PPC. PPC with the \u0393\u0391\u039a/EAK 5351/4018/2024 appealed to the Court of Appeal against the part of the decision that
\n
accepted the lawsuit, the discussion of which has been determined for 27.02.2025.
\n
\n
Lawsuit \u0393A\u039a/\u0395\u0391\u039a 115464/3775/2019
\n
\n
On 30.12.2019 the lawsuit No. \u0393\u0391\u039a/\u0395\u0391\u039a 115464/3775/2019 was served (2nd lawsuit), with which PPC is requested to pay to
\n
HEDNO the total amount of \u20ac 1.4 million with the legal interest from the service date until full payment. This amount refers to
\n
interest on arrears due to alleged late payment by PPC of invoices for the year 2014 issued by HEDNO. The case was heard on
\n
18.11.2021 and on 18.02.2022 decision no. \u03a0\u03a0\u0391 417/2022 was issued which partially accepted the lawsuit of HEDNO and ordered
\n
PPC to pay to HEDNO the amount of \u20ac1.2 million for interest on delayed payments. The decision was served to PPC on 05.05.2022.
\n
PPC filed an appeal on 02.06.2022 with the trial date on 16.11.2023 and following a postponement, it was discussed on
\n
18.04.2024 and a decision is expected.
\n
\n
Lawsuits \u0393A\u039a/\u0395\u0391\u039a 93423/2020 and 2989/2020
\n
\n
The case is a first instance case concerning the payment of interest on arrears due to delays in the payments of regulated charges
\n
by PPC.
\n
\n
With this 3
\n
rd
\n
lawsuit, PPC is requested to pay interest on arrears amounting to \u20ac5.0 million (with legal interest from its delivery
\n
on 31.12.2020 - until payment) relating to late payment of invoices of the disputed year 2015. This lawsuit was discussed on
\n
26.05.2022 in the Multimember Court of First Instance in Athens and on 02.10.2023 the 3518/2023 decision was issued which
\n
has partially accepted the HEDNO\u2019s lawsuit and condemned PPC to pay the amount of \u20ac 4.6 million for overdue interest to HEDNO.
\n
This decision has not yet been served to PPC. PPC with \u0393AK/EAK 5354/4020/2024 appealed to the Court of Appeal against the
\n
part of the decision that accepted the lawsuit, the discussion of which has been determined for 06.03.2025.
\n
\n
The above amount of interest relates to invoices for the following charges:
\n
a) Distribution use charges, b) recovery of cost of purchase of electricity from RES in the NII, c) sale of electricity from PV rooftops
\n
in the NII, d) ETMEAR in the NII, e) intra-group contracts SLAs, ie, repetitive projects, branded projects, supply transport services,
\n
services to PPC customers, vehicle maintenance, PPC staff benefits.
\n
\n
Lawsuit \u0393A\u039a/\u0395\u0391\u039a 105062/4055/2021
\n
\n
On 29.12.2021, lawsuit No. \u0393A\u039a/\u0395\u0391\u039a 105062/4055/2021 (4th lawsuit) was served to PPC by HEDNO, which HEDNO filed before
\n
the Athens Multi-Member Court of First Instance on 24.12.2021, requesting PPC to pay the total amount of \u20ac 22.5 million with
\n
the legal interest from the service of the lawsuit until the full payment. No official trial date has been set. This amount refers to
\n
interest on arrears due to alleged late payment by PPC of the invoices issued for the year 2016. Proposals were submitted on
\n
04.04.2022 and an addition on 18.04.2022. The case was discussed on 01.02.2024 and the decision no \u03a0\u03a0\u0391 2311/2024 was issued
\n
which partially accepted the lawsuit. PPC will file an appeal against this decision, which has not yet been served.
\n

\n\n\n\n\n

\n\n\n\n\n

\n\n\n\n\n

\n\n

\n\n
47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
\n
\n
Lawsuit \u0393A\u039a/\u0395\u0391\u039a 128343/3501/2022
\n
\n
On 27.12.2022, the lawsuit No. \u0393A\u039a/\u0395\u0391\u039a 128343/3501/2022 (5th lawsuit) was served to PPC, filed by HEDNO before the Athens
\n
Multi-Member Court of First Instance, with which it requests PPC to pay the total amount of \u20ac 16.9 million with the legal interest
\n
from the service of the lawsuit until full payment. This amount refers to interest on arrears due to alleged late payment by PPC
\n
of the invoices issued for the year 2017. The proposals were submitted on 19.4.2023 and the addition on 04.05.2023.
\n
\n
The case was discussed on 07.03.2024 and the decision \u03a0\u03a0A 2487/2024 was issued which partially accepts the lawsuit, and it has
\n
not yet been served to PPC. PPC will file an appeal.
\n
\n
Lawsuit \u0393A\u039a/\u0395\u0391\u039a 137044/3102/2023
\n
\n
On 27.12.2023, PPC was served with the lawsuit No. \u0393A\u039a/\u0395\u0391\u039a 137044/3102/2023 (6th lawsuit), filed by HEDNO before the Multi-
\n
Member Court of First Instance of Athens, with which it requests PPC to pay the total amount of \u20ac 45 million with legal interest
\n
from the service of the lawsuit until full payment. This amount concerns overdue interest due to the late payment by PPC of the
\n
invoices for the year 2018. The proposals were submitted on 22.4.2024 and the addition on 8.5.2024 and the discussion has been
\n
determined for 14.11.2024.
\n
\n
Lawsuit \u0393A\u039a/\u0395\u0391\u039a 231384/3454/2024
\n
\n
On 27.12.2024, PPC was served with the lawsuit No. \u0393A\u039a/\u0395\u0391\u039a 231384/3454/2024 (7th lawsuit), filed by HEDNO before the Multi-
\n
Member Court of First Instance of Athens, with which it requests PPC to pay the total amount of \u20ac 29,544,381.19 million with
\n
legal interest from the service of the lawsuit until full payment. This amount concerns overdue interest due to the late payment
\n
by PPC of the invoices for the year 2019. The proposals were submitted on 22.4.2025 and the addition on 7.5.2025.
\n
\n
PPC\u2019s lawsuit against ETAA/ Department of Engineers and Public Works Contractors (former TSMEDE)
\n
\n
1. ETAA/ Department of Engineers and Public Works Contractors (former TSMEDE) by its Decision 7/2012 has imposed on PPC
\n
the amount of \u20ac 27.4 million by applying article 4 of L. 3518/2006, relating to employer\u2019s contributions due to the main
\n
pension branch for the period 01.01.2007 \u2013 30.04.2012 and pertaining to the engineers insured before 01.01.1993 to the
\n
above-mentioned Insurance Fund, that have been employed by PPC with a dependent work relationship for the above-
\n
mentioned period.
\n
\n
Against the above mentioned 7/2012 decision of the Insurance Fund in question, PPC has filed legally and timely the 05.09.2012
\n
appeal to the Athens Administrative Court of First Instance. The discussion of the appeal took place on 03.11.2014. The
\n
preliminary ruling 11872/2016 was issued, which obliges TSMEDE to produce to the Court the documents referred to the
\n
judgment and then the case will be discussed again in order to issue a final decision. The case was finally discussed on December
\n
14, 2021 and the decision no. 4476/23 was issued in favour of PPC, however, e-EFKA has filed an appeal against this decision
\n
before the Athens Administrative Court of Appeal, the hearing of this appeal had been set for 20 January 2025 and was discussed.
\n
\n
2. Certificate of debt 64784/2022
\n
\n
With the No. 64784/15.12.2022 Debt Confirmation Decision with no. prot. 595212/15.12.2022 of the Head of the 4th Pensions
\n
Division of e-EFKA, which was notified on 21.12.2022, the amount of 16,072,423.50 euros (main debt 8,529,388.36 and additional
\n
fees 7,543,035.14 euros) was attributed to PPC as differences in personal contributions for the Main Pension sector and employer
\n
contributions in their entirety, as well as personal and employer contributions on Easter and Christmas gifts and leave allowance
\n
for the period from 1.5.2012 to 31.12.2014, for the insurance settlement of the employees of PPC SA referred to in the said
\n
decision.
\n
Against the above debt certificate, we filed the appeal dated 16.2.2023 with no. \u0395\u03af\u03c3. \u03a0\u03a1 1013/16.2.2023, which was supplemented
\n
by the additional grounds dated 31.10.2023 with no. \u03a0\u039b385/3.11.2023. On the above appeal, decision no. 8807/2024 of the DPA
\n
(Department 30th Trim) was issued, which accepted the appeal due to its issuance by an unauthorized body, annulled the
\n
contested act and referred the case to e-EFKA in order to carry out the legal proceedings. An appeal has been filed by e-EFKA
\n
against this decision, the discussion of which has not yet been determined.
\n

\n\n\n\n\n

\n\n\n\n\n

\n\n\n\n\n

\n\n

\n\n
47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
\n
\n
3. Certificate of debt 64785/2022
\n
\n
With the no. 64785/15.12.2022 Debt Confirmation Decision with no. prot. 595248/15.12.2022 of the Head of the 4th Pensions
\n
Division of e-EFKA, which was notified on 21.12.2022, the amount of 12,586,811.10 euros (main debt 7,454,759.51 and additional
\n
fees 5,132,051.59 euros) was charged to PPC SA as differences in personal contributions for the Main Pension sector and
\n
employer contributions in their entirety, as well as personal and employer contributions on Easter and Christmas gifts and leave
\n
allowance for the period from 1.1.2015 to 31.12.2016, for the insurance settlement of the PPC SA employee engineers referred
\n
to in the said decision.
\n
\n
Against the above debt certificate, we filed the appeal dated 16.2.2023 with no. \u0395\u03af\u03c3. \u03a0\u03a1 1011/16.2.2023, which was
\n
supplemented by the additional grounds dated 31.10.2023 with no. \u03a0\u039b384/3.11.2023. On the above appeal, decision no.
\n
8810/2024 of the DPA (Department 30th Trim) was issued, which accepted the appeal due to its issuance by an unauthorized
\n
body, annulled the contested act and referred the case to e-EFKA in order to carry out the legal proceedings. An appeal has been
\n
filed by e-EFKA against this decision, the discussion of which has not yet been determined.
\n
\n
Similarly, on 21.12.2022, a debt certificate was submitted to the subsidiary DEDDIE (i.e. No. 64787/16.12.2022) for a total amount
\n
of \u20ac 15.3 million, as differences between personal contributions in the main pension sector and employer contributions, as well
\n
as contributions on the benefits for the period from 1.5.2012 to 31.12.2016 of its insured. The said appeal was discussed on
\n
24.11.23 and decision no. 8.943/2024 of the Administrative Court of First Instance of Athens was issued, which annuls the decision
\n
- certificate of debt. e-EFKA has filed an appeal against this decision, the hearing of which has not yet been determined.
\n
\n
Similarly, objections were filed against relevant enforcement procedures against PPC, HEDNO and their management (individuals)
\n
over time. PPC\u2019s requests for suspension have already been accepted by the Court of First Instance the decisions No 350/2023
\n
and 351/2023 suspending the execution of the dept certificates No 7/2012, No 67784/2022 and No 67785/2022 on PPC's
\n
applications for suspension. In addition, the Athens Administrative Court of First Instance has issued decision No 430/2023
\n
suspending the execution of dept certificate No 67787/2022 on the suspension request of HEDNO.
\n
\n
Given that the employed engineers are compulsorily insured by the relevant insurance institution based on Law 4491/1966 and
\n
the Group and the Parent Company pay the corresponding employer contributions on their behalf to the said insurance
\n
institution, while the parallel insurance of the said engineers at ETAA is optional and is done at their choice, by paying the
\n
corresponding insurance contributions provided for self-employed engineers, the Group and the Parent Company consider that
\n
the chances of PPC and HEDNO\u2019s appeals not being accepted are limited and no provision has been established.
\n
\n
Lawsuit of former EMO against HEDNO in which a notice was served to PPC
\n
\n
On 19.06.2017, HEDNO S.A. served a notice to PPC on EMO\u2019s lawsuit against HEDNO S.A. With this notice HEDNO S.A. requested
\n
PPC S.A. to intervene in favour of HEDNO S.A. in the court in which EMO claims from HEDNO S.A. overdue amounts from invoices
\n
issued. In particular, EMO S.A. with its lawsuit claims amounts with interest from partially paid and unpaid invoices which
\n
incorporate receivables from the RES Special Account in the Non-Interconnected Islands (mainly debts from ETMEAR, PVs on
\n
rooftops, RES Generation in the Non-Interconnected Islands and balancing of the Special Account in the Non-Interconnected
\n
Islands). The claim from EMO\u2019s part amounted to approximately \u20ac 140.0 million, while interest due for late payment amounted
\n
to \u20ac 3.9 million.
\n
\n
The Multimember Court of First Instance in Athens, with its decision No.\u03a0\u03a0\u03911302/2019, rejected in favor of PPC HEDNO\u2019s notice
\n
to PPC as unlawful considering that there is no relationship of procedural guarantee between HEDNO and PPC, and that, on the
\n
contrary, the only relationship that binds them is a contractual one. In particular, the Court considered that according to the NII
\n
Code there is no obligation of PPC to pay-off HEDNO\u2019s lenders other than PPC\u2019s contractual obligations towards HEDNO regarding
\n
the timely payment of invoices under the NII Load Representatives contract.
\n
\n
HEDNO filed an appeal before the Three-Member Court of Appeal in Athens that was discussed on 22.09.2022 and the decision
\n
n. 2643/2023 was issued. With its 2643/2023 Decision, the Court of Appeals confirms what the Court of First Instance had
\n
previously ruled with its 1302/2019 Decision, namely that no procedural guarantee between the notified party (PPC) and the
\n
notifying party (HEDNO), is founded and, on that ground, HEDNO\u2019s notice to PPC is unlawful. In particular, according to the legal
\n
framework governing the relationship of the parties -notably the Non-Interconnected Islands Code-, beyond the contractual
\n
obligations of the notified company regarding the timely payment of invoices, PPC S.A. is not required to pay off any lenders of
\n
the notifying party HEDNO S.A. in case of the breach of the contractual obligations.
\n
\n
Thus, this claim must be rejected as unlawful. The Decision has not been officially notified between the litigants.
\n

\n\n\n\n\n

\n\n\n\n\n

\n\n\n\n\n

\n\n

\n\n
47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
\n
\n
Corrective settlements of IPTO, concerning the Special Account of art. 143 L. 4001/2011
\n
\n
According to L.4152/2013, RES energy purchases in the Interconnected System are paid through the market operation, on the
\n
higher amount of either their revenue from DAS plus Deviations or the value of energy they inject to the system multiplied by
\n
the weighted average variable cost of the conventional thermal power plants. This amendment started being applied from August
\n
14, 2013, when RAE\u2019s Decision No. 366/2013 was published in the O.G., amending the relevant articles of the Power Exchange
\n
Code and specifying the methodology of calculations, with which the provision of the law was implemented.
\n
\n
In October 2013, IPTO sent to PPC S.A. corrective clearing statements for months May, June, July and part of August of 2013,
\n
totalling to an amount of \u20ac 48.2 million, which was derived from the retrospective application of the relevant methodology. PPC\u2019s
\n
lawsuit against IPTO for the invoices in question was accepted by the Multimember Court of First Instance in Athens (Decision
\n
No. 2260/2016) and is considered that PPC does not have to pay the invoices issued totalling \u20ac 54.4 million, which incorporate
\n
claims for the weighted average variable cost of the conventional thermal power plants for the months May to August 2013. IPTO
\n
(which, in the meantime, was substituted in this claim by DAPEEP) filed an appeal which was finally dismissed by the Court of
\n
Appeal in Athens with its decision 4928/2020. Finally, an appeal was filed by DAPEEP, before the Supreme Court, which was
\n
discussed on 15.01.2024 and on which the A\u03a0 738/2024 Decision was issued. With this, the Court rejects DAPEEP's appeal and
\n
irrevocably confirms the first instance judgment regarding PPC's lack of obligation to pay the disputed tariffs. The case has been
\n
settled by the Supreme Court and in the last instance.
\n
\n
Lawsuits from EKPIZO and INKA against PPC S.A.
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In May 2022 (04.05.2022 and 05.05.2022) two (2) collective lawsuits (article 10 par. 16 of Law 2251/1994) were served to PPC
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S.A.:
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a) of the non-profit Union with the name NION OF CONSUMERS THE QUALITY OF LIFE (hereinafter \"EKPIZO\") and
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b) of the Second level Consumer Union under the name of \u201cINKA - GENERAL CONSUMER FEDERATION OF GREECE (GCFG)\u201d and
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of the First level Consumers' Union with the name CONSUMERS UNION OF AETOLOAKARNANIA PREFECTURE (hereinafter
\n
\"Unions\").
\n
\n
Both lawsuits concerned the cessation of the application of the Supply Charge Adjustment Clause to residential variable tariffs
\n
and the cessation of formulation and use of its terms in electricity supply contracts by PPC.
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In addition, the lawsuit of 05.05.2022 was also directed against a) PPC ZEUS DESIGNATED ACTIVITY COMPANY and b) PPC ENERGY
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FINANCE DESIGNATED ACTIVITY COMPANY, companies managing receivables from the electricity supply contracts.
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The lawsuits were heard on 06.07.2022 and decisions no. 67/2023 and no. 68/2023 of the Multi-Member Court of First Instance
\n
of Athens were issued on 02.03.2023 respectively, which ruled, among other things, in favor of the legality of the Supply Charge
\n
Adjustment Clause applied by PPC. Within a period of one month, an appeal may be filed against the service of these decisions
\n
before the Athens Court of Appeal.
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An appeal was filed within the deadline against decision 68/2023 concerning EKPOIZO, while no appeal was filed against decision
\n
67/2023 concerning INKA within the deadline and it appears to be final.
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Legal Claim by PPC of Public Service Obligations (PSO)
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With RAE\u2019s decision 1526/2011 \"Calculation of the Annual Compensation for the Coverage of the Costs of PSO for the year 2011\"
\n
(OG B' 2991/28.12.2011), the compensation of the Public Service Obligation (\"PSO\") for the year 2011 was determined at an
\n
amount of \u20ac681.7 million. This amount had to be recovered in 2012, by virtue of the heterochronism system that was in force at
\n
that time. In 2012, however, PPC recovered only the 2012 PSO compensation, due to the change in the recovery system of PSO
\n
compensations established by art. 36 of Law 4076/2012, which was incorrectly interpreted by RAE with its opinion 10/2017. Thus,
\n
the 2011 PSO compensation was not recovered. PPC then filed, from 31.10.2018, a compensation claim against the Greek State
\n
for the 2011 PSO before the Administrative Court of First Instance of Athens.
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On 30.10.2019, L.4635/2019 was published, in which Article 16 authorized RAE to determine the PSO compensation due for the
\n
period 2007-2011 that had not been paid to PPC. Pursuant to this provision, RAE issued on 1.11.2019 the decision 1019/2019
\n
(OG \u0392\u03844583/2019), by which it determined as due, only the amount of \u20ac 194.6 million, which was collected by PPC for the PSO
\n
compensation of the period 2007-2011.
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47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
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PPC appealed this decision before the Athens Administrative Court of Appeal and a decision numbered 2917/2023 was issued
\n
whereby the Court postponed the issuance of a final decision for the reasons stated in the decision and set a new hearing for the
\n
discussion of the case on 11.6.2024 which was postponed for January 21, 2025, was discussed and a decision is expected.
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\n
On the 31.10.2018 compensation claim against the Greek State, a decision number 14383/2023 was initially issued by virtue of
\n
which the issuance of a final decision was suspended until a final decision is published by the Athens Administrative Court of
\n
Appeal on the above 10.6.2020 appeal of the PPC against the of RAE decision 1019/2019, discussed on 11.6.2024 and after
\n
postponement to 21.1.2025. Subsequently, and because the Administrative Court of First Instance of Athens reinstated the above
\n
action with its summons number KL 1358/2024, even though no decision had yet been issued on the above appeal of PPC against
\n
RAE decision 1019/2019, on 19.4.2024 the lawsuit in question was discussed again and the decision numbered 7243/2024 of the
\n
Administrative Court of First Instance of Athens was published, which once again postpones the issuance of a final decision, until
\n
a final decision is published by the Administrative Court of Appeal of Athens on the above pending before PPC's appeal against
\n
the 1019/2019 decision of the RAE.
\n
\n
With the passing of the provision of article 69 of Law 4876/2021, RAE was authorized to \"clear in full\" with a decision that it
\n
should issue within 3 months from the entry into force of this law, \"debts from Public Services Obligations of past years, which
\n
relate to the years before the entry into force of article 36 of Law 4067/2012 (A' 79) and have not been fully recovered\".
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\n
Former Bank of Crete
\n
\n
The dispute with the former \u201cBank of Crete\u201d is dating back to 1989, when the bank was under liquidation. More precisely, by a
\n
mandatory action of the then Trustee of the Bank, PPC\u2019s deposits were mandatorily converted to stake-holding in the share
\n
capital of the Bank and to obligatory credit to the Bank. PPC filed a lawsuit in 1991 against the bank asking to be compensated
\n
for GRD 2.2 billion approximately, (\u20ac 6.5 million) because the above-mentioned Act of the Trustee of the Bank was held invalid.
\n
Moreover, PPC had outstanding loan balances, received under six (6) loan agreements for which it was agreed upon to be repaid
\n
gradually through instalments. However, on June 10th, 1991, although PPC has paid the overdue instalments, the Bank has
\n
terminated all the above-mentioned loan agreements and thus on that date the claim against PPC became overdue for the whole
\n
amount of the loans.
\n
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For that reason, in the context of hearing of PPC\u2019s above mentioned lawsuit, the Bank proposed before Court an offset of its claim
\n
resulting by the above-mentioned loans, amounting to GRD 4 billion approximately, and furthermore has asked the payment of
\n
this amount by PPC by a lawsuit in 1995.
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After a series of court decisions, the case was heard at the Supreme Court on March 9, 2020, and on July 12, 2022, the no.
\n
1272/2022 decision of the Supreme Court where it rejected PPC's appeal, in which case the admissions of the Court of Appeal's
\n
decision (3680/2014) became binding also for the court that has heard the second action, i.e. the Bank's action against PPC.
\n
\n
Eurobank (as the successor of the above-mentioned Bank of Crete under liquidation) reinstated with a summons the Bank of
\n
Crete lawsuit of 1995, which was to be heard on 19.09.2024 and was postponed by the plaintiff to November 2024. The content
\n
of the summons included the same requests that were included in the lawsuit of the Bank of Crete against PPC dated 28.12.1995,
\n
due to the termination of the loan agreements by the Bank on 10.6.1991, i.e. a demand of approximately 4 billion drachmas, with
\n
default interest of 28% ( but with different starting times of interest per loan amount, from the year 1993 to the year 1995) and
\n
with compound interest every three months until full repayment.
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Following an out-of-court settlement with Eurobank, signed on 15.12.2024 and approved by the PPC Board of Directors (decision
\n
no. 119/12.12.2024) and by the Bank's Board of Directors (BoD\u2019s record 18.12.2024), it was agreed that, PPC would pay the Bank
\n
the one-time amount of \u20ac17 million by 30.12.2024 and the Bank would waive the petition and the right to the above-filed lawsuit
\n
against PPC, with a parallel declaration by the Bank that it has no further claim against PPC for the reasons stated in the Bank's
\n
above lawsuit and in decision no. 3680/2014 of the Athens Court of Appeal.
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In execution of the above agreement, PPC paid Eurobank the amount of \u20ac17 million on 20.12.2024 and subsequently, the Bank,
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with the 30.01.2025 writ of waiver of writ and right, filed with the Multi-Member Court of First Instance of Athens on 17.02.2025
\n
with General Filing Number 38115/2025 and Special Filing Number 51/2025 and served on PPC on 18.02.2025, waived the writ
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and its right of 29.12.1995 with General Filing Number 500005/1995 and Special Filing Number 12187/1995 of its lawsuit against
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PPC. This case is now closed.
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47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
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PPC\u2019s claims from HALYVOURGIKI S.A.
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\n
In September 2024, after and in favor of PPC that of September 19, 2023 (ref. no. 71 /2023) Decision of the Paris Court of Appeal
\n
on the annulment action of \"HALYVOURGIKI SA\" against PPC and against the (May 2021) Decision of the Arbitration of ICC
\n
(INTERNATIONAL COURT OF ARBITRATION) on the appeal of \"HALYVOURGIKI SA\" against PPC from February 15, 2019, PPC
\n
received a \"Certificate of Non-Exercise of Remedies\" issued by the Supreme Court of Cassation of Paris, by which it is certified
\n
that, the aforementioned Decision of the ICC Arbitration on the 15 February 2019 appeal of \"HALYVOURGIKI SA\" against PPC,
\n
with which \"HALYVOURGIKI SA\" requested to be paid the amount of \u20ac270 million for collateral damage plus \u20ac1 million for moral
\n
damage, after court costs and legal expenses and which was dismissed in its entirety by the said ICC Arbitral Tribunal by
\n
condemning \"HALYVOURGIKI SA\" to court costs and legal expenses, has now become irrevocable.
\n
\n
Pricing of High Voltage Energy:
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\n
Cases C-701/21 and C-739/21, Mytilineos S.A \u2013 Group of Companies (now Metlen Energy & Metals) and European
\n
Commission against PPC S.A.
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\n
On 22.02.2024 the Court of Justice of the European Union issued a decision for the above cases concerning the appeals of
\n
Mytilineos S.A. \u2013 Group of Companies and the European Commission respectively against a first-instance decision (of 22.09.2021)
\n
of the General Court of the European Union which had vindicated PPC (T-639/14 RENV, T-352/15 & T-740/17), had accepted the
\n
appeals brought by PPC and had annulled each of the three decisions, with which the Commission had rejected the two
\n
complaints of PPC against the state aid in Mytilineos which arose, initially, from the decision of RAE which had imposed on PPC
\n
to sell electricity to Mytilineos at a price which, according to PPC, was below the cost of electricity and, subsequently, from the
\n
31.10.2013 under No. 1/2013 decision of the special arbitration court in RAE, which had imposed an even lower price on PPC.
\n
With its decision of 22.02.2024, the Court annulled the above-mentioned first-instance decision and referred the case to the
\n
General Court of Justice which decided on those reasons, which PPC had raised with its appeals and the which it had not
\n
examined.
\n
\n
With the referral of the case to the General Court, and particularly for the issues on which the General Court has been called
\n
upon to rule, the decision of the Court of 22.02.2024 in no way leads to a definitive solution to the dispute and a retrial on the
\n
substance of the case before the General Court. is expected. Subsequently, the General Court, with its letters of 07.03.2024 and
\n
08.03.2024, invited the Parties in Cases T-639/14 RENV II, T-352/15 RENV and T-740/17 RENV to submit their observations
\n
following the referral of the cases in question by the Court's decision of 22.02.2024. PPC submitted its observations on time and
\n
requested that the General Court 1) deem PPC's appeals in each of the three Cases T-639/14 RENV II, T-352/15 RENV and T-
\n
740/17 RENV as well-founded, 2) cancel, the First Contested Decision and the Second Contested Decision respectively and 3)
\n
order the Commission and Mytilineos to pay the legal costs of PPC in the context of Joined Cases C-701/21 P and C-739/21 P. The
\n
decision of the General Court is awaited.
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Judgement of a tax dispute case for the years 2006-2008
\n
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In July 2011, the final audit reports of the Company\u2019s tax audit for the years 2006 \u2013 2008, as far as the Income Tax is concerned,
\n
were released after a relevant decision of the Ministry of Finance that electricity benefit from the personnel electricity tariff to
\n
the Group\u2019s employees and pensioners \u201cconstitutes the Company\u2019s own discretion and free will and cannot be deducted from its
\n
gross revenue\u201d. The difference between the tariff for residential use and the personnel tariff to the Group\u2019s employees and
\n
pensioners for the years 2006-2007-2008 amounted to \u20ac107 million that were included in the taxable income of PPC. Given that
\n
PPC in the years 2006-2008 had tax losses which were carried forward to year 2009, a Partial Tax Audit Report was issued for the
\n
year 2009, as a result of which a tax amount of \u20ac26.7 million plus surcharges amounting to \u20ac9.1 million (Total amount: \u20ac35.8
\n
million) was charged to PPC for the year 2009.
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Against the Audit Reports for the years 2006 \u2013 2008, an appeal was brought to the Administrative Court of First Instance of
\n
Athens, which was dismissed for formal reasons pursuant to the no.10769/2016 decision. Then, in 2017, a second appeal with
\n
the same content was brought again (registration no. \u03a0\u03a110518/2017), which was discussed on 19.10.2022. On this second appeal,
\n
published on 16.11.2022, under decision no. 15884/2022, by which the issuance of a final decision was postponed, until the
\n
publication of the decision of the Plenary of the Council of State on the referral decision no. 2460/2021 of its 6th Section, which
\n
would judge whether the possibility of a second appeal is in accordance with the Constitution. Subsequently, the decision no.
\n
1828/2023 of the Plenary of the Council of Ministers, which deemed constitutional the procedural arrangements regarding the
\n
possibility of a second appeal, when the first has been rejected for a formal reason. Following this, we await the appointment of
\n
a new trial in which the above second appeal of PPC SA will be discussed again.
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47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
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An appeal was filed against the Partial Tax Audit Report for the year 2009 before the Athens Administrative Court of Appeal. With
\n
the filing of the appeal, the 50% of the debt was suspended and the Parent Company paid an amount of \u20ac17.9 million. The
\n
Administrative Court of Appeal accepted the appeal of PPC SA with decision no. 5677/2013. Following this, the Greek State
\n
returned to PPC the amount of \u20ac17.9 million. Subsequently, the Greek State appealed against the decision of the Athens
\n
Administrative Court of Appeal, which was accepted by virtue of decision no. 289/2022 of the Council of State, which, however,
\n
did not examine the stated legal issue as to its substance.
\n
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As a consequence of this, on 11.11.2022 PPC was once again served with a partial Tax Audit Report under no. 174/201, where an
\n
amount of \u20ac47.4 million plus surcharges of \u20ac17.8 million, totaling to \u20ac65.2 million was marked as certified, which was settled
\n
through netting off receivables from the Greek State within 2022 of \u20ac56.7 million and within 2023 of \u20ac8.5 million.
\n
PPC SA filed before the Administrative Court of First Instance of Athens on 12.12.2022 an appeal for the suspension for all the
\n
cash certificates as well as a contested appeal on 12.12.2022 before the Dispute Resolution Department against the imposition
\n
of the additional tax. The above-mentioned objection was discussed before the Administrative Court of First Instance of Athens
\n
and a decision is expected. The obvious appeal was rejected and against the rejection decision an appeal was filed \u03c4\u03bf the
\n
Administrative Court of First Instance of Athens and a decision is expected.
\n
\n
Although PPC cannot exercise legal remedies against the decision of the Council of State, it can nevertheless claim the return of
\n
the imposed tax differences, in the event that its pending appeal before the Administrative Court of First Instance of Athens,
\n
concerning the years 2006 - 2008 is accepted.
\n
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For those tax differences, the Parent Company had established in previous years a provision for this case amounting to \u20ac57.1
\n
million and as result, the results for the year 2022 were burdened only for the remaining amount of \u20ac8.1 million.
\n
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Lawsuit against the Hellenic Capital Market Commission
\n
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The Group (through its subsidiary HEDNO) at each balance sheet date calculates based on an estimation method the Network
\n
Usage Fees related to the consumed and unbilled energy for the non-monthly metered connections in the Non-Interconnected
\n
Network of Low Voltage. This estimate was invoiced by HEDNO to the electricity providers and in the next period the relevant
\n
settlement was carried out. The specific procedure was done on a monthly basis due to the specific obligations of the relevant
\n
department based on RAE guidance and the additional role it has in the energy market in non\u2013interconnected islands.
\n
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On the contrary, for the non-monthly metered connections of Low Voltage in the Interconnected Network, due to the complexity,
\n
the significant number of connections, but also the different obligations of the Company in the Interconnected Network and the
\n
way of pricing the relevant Network Usage Fees, HEDNO and as well the Group did not recognize a corresponding provision of
\n
accrued income until the year ended 31.12.2019.
\n
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During the year ended 31.12.2020, HEDNO re-examined the method of recognizing the revenue from Network Usage Fees in the
\n
Interconnected Network, in order to reflect those revenues that correspond to the consumed and unmetered energy and which
\n
has not been invoiced for those connections.
\n
\n
Based on the specific estimates (Note 44 of the annual financial statements of PPC as of 31.12.2021), it was concluded that the
\n
Group's retained earnings as of December 31, 2019 appear underestimated, as the revenue accrual mentioned above was not
\n
recognized. In addition, the Parent Company did not recognize part of the accrued income as the owner of property, plant,
\n
equipment of the distribution network sector and respectively the accrued expense for the payment of distribution network
\n
usage fees as electricity provider to HEDNO.
\n
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In the Group\u2019s and the Parent Company\u2019s financial statements as of December 31, 2020, there was no restatement of the figures
\n
of the comparative period for the above adjustment that took place, as the effect of the non-restatement on the financial figures
\n
of the Group and the Parent Company was not considered significant and especially on \"EBITDA\" and \"EBITDA Recurring\", which
\n
are the ratios that have been evaluated by the Group and the Parent Company as the key ones used by the main users of the
\n
financial statements to evaluate the Group\u2019s and the Parent Company\u2019s financial performance.
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47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
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With the letter dated 1.2.2022, the Hellenic Capital Market Commission requested the Parent Company (PPC SA) to proceed with
\n
the restatement of the relevant figures in the Group\u2019s financial statements of December 31, 2021, in accordance with the
\n
provisions of IAS 8. The Group and the Parent Company keep their position that their initial judgement is correct, that the effect
\n
of the non-restatement does not meet the criteria of significance and do not agree with the request by the Hellenic Capital Market
\n
Commission toward the Parent Company to restate relevant figures and have already challenged the above act before the
\n
competent courts.
\n
Exclusively, for the avoidance of imposition of sanctions against them, the Group and the Parent Company proceeded to restate
\n
the relevant comparative figures in the financial statements of December 31, 2021, reserving all their rights and especially their
\n
right to request the cancellation of the above action.
\n
\n
Therefore, and in accordance with the above, the Group and the Parent Company restated the comparative amounts of the
\n
previously presented periods in their financial statements of the year ended 31.12.2021, with the earlier of the presented periods,
\n
i.e. 01.01.2020.
\n
\n
The trial of the case was initially set for 18.11.2022. Four adjournments followed and a new hearing was set for 14.6.2024 which
\n
was postponed to 18.10.2024 and with a new adjournment a new trial was set for 24.01.2025 which was postponed to
\n
23.05.2025.
\n
\n
PPC\u2019s relation to its personnel\u2019s Social Security Funds
\n
\n
Despite the fact that under the current legislation the Group does not have any obligation to cover in the future any deficit
\n
between revenues and expenses to PPC\u2019s personnel Social Security Funds, there can be no assurance that this regime will not
\n
change in the future. PPC S.A. has not established a provision for the subject in question.
\n
\n
PPC\u2019s audit by the European Commission's Directorate-General for Competition
\n
\n
In February 2017, the European Commission's Directorate-General for Competition conducted a drawn raid audit to PPC in
\n
accordance with Article 102 of the Treaty on the Functioning of the European Union Regulation
\n
and pursuant to the relevant decision of the Commission dated 01.02.2017, for alleged abuse of a dominant position on the
\n
wholesale market for the generation of electricity from 2010 and onwards.
\n
\n
In March 2021, the European Commission announced that it has opened a formal antitrust investigation to assess PPC's activity
\n
in the Greek wholesale electricity market.
\n
\n
On 07.02.2024 the European Commission sent PPC a statement of objections regarding alleged aggressive pricing in the Greek
\n
wholesale electricity market, alleging that PPC violated EU antitrust rules by selling electricity in the Greek wholesale market
\n
below cost in order to impede competition, for the period from 01.07.2013 to 31.12.2019.
\n
\n
On 24.07.2024, the hearing was held before the European Commission. The investigation is ongoing and the outcome and
\n
potential financial impact on the company cannot be estimated at this time, due to the inherently uncertain nature of
\n
investigations into possible infringements of competition rules.
\n
\n
ENVIRONMENTAL OBLIGATIONS
\n
\n
Key uncertainties that may impact the final level of environmental investment which the Group will be required to undertake,
\n
over the forthcoming decade, include:
\n
\n
1. With the Decision E' 144/2024, an application against the Decision on the Approval of the Environmental Conditions (AEPO)
\n
of the Project is rejected and its legality is confirmed. Also, on 27.01.2023 a Partial Installation Permit for Mesochora HPP
\n
was issued.
\n

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\n\n
47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
\n
Based on the actions to date by the competent local Agencies and Authorities, regarding the fulfillment by PPC of the
\n
Conditions of the AEPO, which are a condition for the Blocking of the Diversion Tunnel, the possibility of blockage and the
\n
beginning of filling the Reservoir, are placed within 2028, with estimated operation of the project in the end of 2028.
\n
However, it should be noted that the effort made by PPC S.A continues so that, in cooperation with the State and the
\n
competent Agencies and Authorities, the blockage to become possible earlier. The total cost for the project as of December
\n
31, 2024 (after impairments of \u20ac 8 million) amounted to \u20ac 284.7 million.
\n
2. In December 2010, the new Directive (2010/75/EU) was issued for industrial emissions (Industrial Emissions Directive \u2013 IED),
\n
revising Directives IPPC and 2001/80/ EC, which is effective from January 6th, 2011.
\n
\n
With the end of the Transitional National Emissions Reduction Plan (TNERP), i.e. on 30.06.2020, Units I and II of Ag. Dimitrios
\n
were included in a restricted operation regime (from 01.07.2020, 1500 hours per year as a rolling average of five years),
\n
while in Units III, IV and V the necessary environmental investments have been completed for the continuation of their
\n
operation.
\n
\n
Ptolemaida, Amyntaio, and Kardia stations, as well as Units I-II & III of Megalopolis station, have already ceased operations
\n
permanently.
\n
\n
3. Within the framework of Directive 2010/75/EU and after the issuance of the legally binding conclusions of the revised Manual
\n
on the Best Available Techniques for Large Combustion Plants (executive decision EU 2021/2326 published on 20.11.2021),
\n
the required investments in the thermal plants were examined.
\n
\n
To this date, requests for deviation from the emission levels of \u0395\u0391 2021/2326/\u0395U have been submitted based on Article 15.4
\n
of the IED for specific Units taking into account, inter alia, their remaining life, for which PPC has received the approval of the
\n
Ministry of Environment.
\n
\n
The Directive (2010/75/EU) has been recently revised by Directive 2024/1785/\u0395U. Greece must adopt the necessary laws,
\n
regulations and administrative provisions to comply with the new directive no later than 1 July 2026. PPC SA monitors the
\n
developments and analyzes possible effects in order to take the necessary compliance actions in a timely manner.
\n
\n
4. On November 28, 2015 Directive 2015/2193 of the European Parliament and the Council of November 25, 2015 was published
\n
in the Official Journal of the European Union, on the limitation of emissions of certain pollutants into the air from Medium
\n
Combustion Plants, regardless of the type of fuel used and PPC SA took all necessary measures for its timely compliance. For
\n
existing units in Small Isolated Systems, compliance with the new Emission Limit Values is expected from 01.01.2030 onwards.
\n
The provisions of the directive to limit the emissions of certain pollutants into the atmosphere of Medium-sized Combustion
\n
Plants (MCPD) are thoroughly examined by the competent Services of PPC, so that, in cooperation with the co-competent
\n
authorities of the country, appropriate strategies for the electrification of the islands can be promoted in a timely manner
\n
with technically and economically viable solutions, which must also be implemented in a timely manner, and in any case
\n
before the expiry of the provisions of the Directive deadlines. For existing units in Small Isolated Systems, compliance with
\n
the new Emission Limit Values is foreseen from 01.01.2030.
\n
\n
Within the period 2020-2030, almost all the islands of the Aegean will have been interconnected, starting with the
\n
interconnection of Crete, in accordance with the Ten-Year Development Program 2021-2030 of IPTO and the National Plan
\n
for Energy and Climate (ESEK), while any remaining electricity generation units will operate as a backup only in case of
\n
emergency in accordance with the provisions of the Directive for these cases. It is noted that already in the first months of
\n
2018, the interconnection of Syros, Mykonos and Paros with the continental system has been completed and these units are
\n
now in reserve.
\n
5. The extent of land contamination is assessed by PPC for its liable facilities, following the provisions of art. 22 of Directive
\n
2010/75/EU and Environmental Terms Approval taking all appropriate precautionary measures. Indicatively, it is mentioned
\n
that the necessary basic reports were submitted to the Ministry of Environment.
\n

\n\n\n\n\n

\n\n\n\n\n

\n\n\n\n\n

\n\n

\n\n
47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
\n
6. PPC has performed studies on the presence of asbestos-containing materials, at its facilities and any dismantling/ removal of
\n
materials containing asbestos from PPC\u2019s facilities is carried out by companies properly licensed for this purpose.
\n
\n
7. In view of PPC\u2019s decarbonization project and the relevant provisions included in the AEPO of the facilities that have already
\n
permanently ceased operation, PPC is proceeding with withdrawals and rehabilitation of Lignite Units, mine rehabilitation,
\n
as wells as the utilization of materials and equipment. Already, complete rehabilitation studies have been submitted and
\n
approved by the licensing authority of the Ministry of Environment for the units Kardia (I-IV), Amyntaio (I-II), Ptolemaida (I-
\n
IV), LIPTOL, Lavrio (I-III), while the approval for the restoration of Aliveri (I- IV) is still pending. A restoration study has also
\n
been submitted to the Ministry of the Environment for the unit Megalopolis. Reclamations of the areas of the Western
\n
Macedonia and Megalopolis mines continue to be implemented, in order for them to be assigned to post-lignite uses.
\n
\n
8. In the same context, after the submission of an AEPO (Decision Approving Environmental Conditions) amendment file for the
\n
Amynteo-Lakkia\u2019s mine and updates for the Ptolemaida and Megalopolis\u2019 mines Environmental Impact Assessment (EIA)
\n
studies the relevant new AEPO have been issued. Also, an Environmental Impact Assessment (EIA) Amendment File for Kleidi
\n
mine is being prepared. These studies include a mining planning corresponding to the decarbonization project, provisions for
\n
mines closure and their final reclamation, in order for their lands to be assigned to post-lignite uses.
\n
\n
In addition to the other environmental obligations arising from the approvals of environmental conditions of the Production
\n
Stations and Mines, in 2019 PPC voluntarily undertook the obligation to proceed with the dismantling or alternative utilization
\n
of the facilities of all Production Stations and Mines and removal of their equipment, when these facilities cease to operate,
\n
as well as in the restoration of land areas.
\n
\n
For this obligation, the required provisions amounting to \u20ac 483.5 million were recognized on December 31, 2024 (31
\n
December 2023: \u20ac 480.4 million) for the Group and the Parent Company (Note 38).
\n
\n
9. PPC comes under the ETS II provisions for the quantities of natural gas sold in the retail market and the fuels used for
\n
electricity production in energy plants that do not fall under ETS I (categories (i) and (ii) of article 3la of JMD no.
\n
86227/2245/2024, Government Gazette 4674/B/2024). For these activities, in December 2024, PPC obtained a \"Greenhouse
\n
Gas Emissions Permit\" (GHG) for the period 2025-2030. As part of its obligations, PPC will submit to the competent
\n
authorities, by April 30, 2025, a report on its historical emissions for the year 2024. From 2026 onwards, PPC will submit a
\n
verified report of emissions for the previous year. From 2028, once annual verified emissions are reported for the previous
\n
year, an equivalent number of allowances will be surrendered by 31 May of the same year.
\n
\n
INVESTMENTS
\n
\n
Metsovitiko Hydroelectric Power Plant (HPP)
\n
\n
Metsovitiko HPP of an installed capacity of 29 MW is expected to enter commercial operation in the second half of 2025 and the
\n
outstanding price of the two main contracts as of December 31, 2024 amounts to \u20ac 8.0 million (31.12.2023: \u20ac10.1 million).
\n

\n\n\n\n\n

\n\n\n\n\n

\n\n\n\n\n

\n\n

\n\n
47.COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
\n
A new Steam Electric Unit 660 MW in Ptolemaida
\n
With the Contract No 11 09 5052, that entered into force on 29.03.2013, TERNA S.A. was awarded the execution of the Project:
\n
\"SES PTOLEMAIDA - Engineering, procurement, transportation, installation and commissioning of a new steam Unit V of 660 MW
\n
gross power, firing pulverized lignite and capable to supply 140 MWth thermal power for district heating\", for a contractual price
\n
of \u20ac1.388 billion. Following the issuance of Supplements No1, No2, No3, No5 and No6 (No3, No5 refer to district heating, and
\n
No6 incorporates the result of the Amicable Settlement procedure between PPC and the Contractor as approved by the BoD of
\n
the Parent Company) the total contractual price amounts to \u20ac 1.4 billion.
\n
\n
In November 2022, the unit was put into trial operation and as of October 9, 2023, it was transferred from assets under
\n
construction to the fixed assets used in operation according to the protocol of commencement of commercial operation signed
\n
with the project contractor.
\n
The outstanding balance of the main Contract as of December 31, 2024 amounts to \u20ac10,6 million and mainly concerns spare parts
\n
of fixed assets while the outstanding balance of Supplements No 3 & No 5 (concerning district heating) on December 31, 2024
\n
amounts to \u20ac 0.6 million and \u20ac 0.1 million, respectively.
\n
The Unit \u201cSES Ptolemaida V\u201d was granted an operating license and the permission to participate in the Emission Trading Scheme
\n
from March 6, 2024 on the basis of the competent Ministry relevant decisions, and it was registered in Unit Register of the System
\n
Operator on May 21, 2024.
\n
\n
A new natural gas Unit of 840 MW capacity
\n
PPC S.A. purchased on December 20, 2022 the 51% of the shares of the Company \u201cPower Generation Alexandroupolis Sole
\n
Shareholder S.A.\u201d from the company Damco Energy paying an amount of \u20ac3.2 million. The remaining shareholders of the
\n
company are DEPA Supply with 29% and Damco Energy with 20%. The new subsidiary company plans the construction and
\n
operation of a new natural gas-fired power plant, with a nominal capacity of 840 MW, in Alexandroupolis. The new unit will be
\n
directly connected to Gastrade's under construction Floating Natural Gas Storage and Gasification Unit (FSRU). The equipment
\n
that will be installed in the unit will be able to burn hydrogen and will be able to operate with mixed gas fuel.
\n
The project has received the Decision of Approval of the Environmental Conditions (AEPO) and its construction works started at
\n
the end of 2022 while it is expected to be completed in the fourth quarter of 2027. The contract price of the project after revisions
\n
at the beginning of 2024 amounts to \u20ac393.9 million while the outstanding balance is \u20ac180.1 million on December 31, 2024.
\n
\n
Research, Development and Exploitation of Geothermal potential
\n
PPC Renewables has leased from the Greek State the Research and Management rights of the geothermal potential of four public
\n
mining sites: a) Milos-Kimolos-Polyaigos, b) Nisyros, c) Lesvos and d) Methana.
\n
In agreement with the associate company GEOTHERMAL TARGET II S.A., which took on the development of geothermal power
\n
plants in the aforementioned areas, the development programme that was foreseen for recent years has progressed. Currently,
\n
geophysical surveys are being completed in the field of Lesvos, and design studies are being carried out for the construction of a
\n
small geothermal power plant in Lesvos, which is expected to be operational by 2025. Within days, the Environmental Impact
\n
Assessment (EIA) for conducting exploratory drilling in Milos will be submitted for approval, with operations expected to
\n
commence within the first semester of 2025. The Environmental Impact Study (EIS) for the conduct of exploratory drilling in Milos
\n
has been submitted for approval, the tenders for the construction of which are expected to be announced within the first half of
\n
2025. At the same time, contracts have been concluded with consulting companies for the evaluation of the research results and
\n
the investigation of the most suitable locations for the execution, in principle, of deep geothermal exploratory drilling in the three
\n
other areas, with the expectation of the subsequent productive exploitation of the geothermal potential.
\n
The total capital expenditures of the geothermal projects of the PPC Renewables Group in 2024 amounted to \u20ac 0.8 million.
\n
Wind Parks
\n
Construction works for the Doukas Wind Park, by PPC Renewables, \u201cDOUKAS WIND PARK SOLE SHAREHOLDER S.A.\u201d, with a
\n
capacity of 26MW of a total budget of \u20ac31.6 million, in \u201cDOUKAS\u201d location of St. Anargyroi, Kleisoura and Lehovo locations of
\n
the Municipalities of Kastoria and Amyntaio, of the prefectures of Kastoria and Florina in the Region of Western Macedonia,
\n
started in September 2022. Construction works are expected to be completed in 2025.
\n

\n\n\n\n\n\n

\n\n\n\n\n\n

\n\n\n\n\n\n

\n\n

\n\n
47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
\n
Construction works for the Koukouli Wind Park, by PPC Renewables, \u201cKOUKOULI WIND PARK SOLE SHAREHOLDER S.A.\u201d, with a
\n
capacity of 13.2 MW, of a total budget of \u20ac17 million, in the \u201cKoukouli-Grivas\u201d location in Shiatista of the Municipality of Voi, of
\n
the Kozani prefecture in the Region of Western Macedonia, started in September 2022. Construction works and the electrification
\n
of the park were completed in March 2024.
\n
Construction works for the Karkaros Wind Park, by PPC Renewables, \u201cALTERNATIVE POWER & ENERGY ALPENER SINGLE MEMBER
\n
S.A.\u201d with a capacity of 36.4 MW of a total budget of \u20ac45.5 million, in the \u201cKarkaros\u201d location of the Municipality of Delfi of the
\n
Fokis prefecture, started in January 2024. Construction works and electrification are expected to be completed in 2025.
\n
The EPC Contract for the construction of a wind power plant with a maximum installed capacity of 35.4 MW in the Timenio Oros
\n
location of Arcadia and Argolis prefectures, as well as the road construction and electrical interconnection projects of the plant
\n
with the National Electricity Transmission System with the construction of a new substation 33/150kV Timenio Oros, was signed
\n
in October 2024. Construction works are expected to start in the first quarter of 2025.
\n
\n
Regarding the new Wind Park with a total nominal power of 60 MW in the locations of Gerakas (15 MW) and Milia-Kapetanios-
\n
Livadokorfi (45 MW) of the Rodopi prefecture, 2 BoP Contracts were signed in December 2024. The first BoP Contract includes
\n
the infrastructure works of the Wind Park, the Connection of the Park to the New 33/150 kV Organi Substation and the
\n
construction of a High Voltage transmission line to connect the Organi Substation to the KYT Nea Santa in the Rodopi Regional
\n
Unit. The other BoP Contract includes all works related to the supply, installation and commissioning of the new 150/33 kV
\n
Outdoor Type Substation in Organi location of the Rodopi prefecture, the new cable section of the 150 kV transmission line as
\n
well as the expansion works of the existing KYT Nea Santa. A Supply and Installation Agreement for 11 Wind Turbines for the
\n
Wind Park was also signed in the same month. Construction works are expected to start in the first quarter of 2025.
\n
With regards to the Wind Park with a total nominal power of 11 MW in Livadaki location of the Municipality of Dorida, of the
\n
prefecture of. Fokida (company LIVADOR in which PPC Renewables participates with 49% percentage), the Supply and Installation
\n
Agreement was signed in December 2024, while the BoP Contract is expected to be signed in the first quarter of 2025.
\n
The Group has, including offshore wind, additional wind projects in operation or under development.
\n
\n
The total capital expenditure for Wind Parks of the PPC Renewables Group in 2024 amounted to 60.8 million.
\n
\n
Photovoltaic Stations
\n
Construction works of \u201cPteleonas 1\u201d, \u201cPteleonas 2\u201d, \u201cCharavgi 1\u201d and \u201cCharavgi 5\u201d PV Plants of 94.9 MW capacity, with horizontal
\n
single-axis trackers and bifacial PV modules and the extension of the \u201cCharavgy\u201d 150kV substation, of a total budget of \u20ac 64
\n
million, in the Municipalities of Eordea and Kozani, at Kozani Regional Unit, began in September 2022. Construction works and
\n
electrification were completed in third quarter of 2024.
\n
\n
With respect to the 550MW \u201cOrychio DEI Ptolemaida\u201d PV plant, with horizontal single-axis trackers and bifacial PV modules, and
\n
the necessary grid connection works, of an indicative total budget of \u20ac 300 million, in the Municipalities of Eordea and Kozani, at
\n
Kozani Regional Unit, the signing of the contract tool place in July 2023. Construction works started in December 2023.
\n
\n
In addition, PPC, based on the implementation of the National Energy and Climate Plan and the utilization of existing
\n
infrastructures that are permanently decommissioned, has designed and implemented energy storage projects (at the Kardias
\n
Mine) as well as the installation of new means of thermal energy production for covering the thermal needs of the interconnected
\n
district heating system (SITHYA). At the same time, PPC Renewables is developing projects of PV stations and energy storage
\n
stations with BESS which are planned to be interconnected in a common substation utilizing the infrastructure of the Gates of
\n
Units I & II of the former AIS KARDIAS. The contract for AIS KARDIAS was signed in September 2023. The estimated completion
\n
and commissioning of the project is placed in 2025 with a total investment budget of \u20ac4.4 million for PPC and \u20ac11.5 million for
\n
PPC Renewables. Additionally, in April 2024, a Contract was signed for the commissioning of a 400kV/150kV/30kV
\n
Autotransformer at the KYT Kardias, The projects are necessary conditions for the operation of the whole of 550MW PV Station
\n
ORYCHIO PPC PTOLEMAIDA.
\n
\n
For the new \"Akrini\" PV plant with a total capacity of 80 MW, which will be installed within the Lignite Center of Western
\n
Macedonia, at the \"AKRINI\" location, of the Hellespont Municipal Authority, the Municipality of Kozani, the Regional Authority of
\n
Kozani, the Region of Western Macedonia on a fixed support system, with an indicative total budget of \u20ac36 million, the contract
\n
was signed in July 2024, when construction work began.
\n

\n\n\n\n\n\n

\n\n\n\n\n\n

\n\n\n\n\n\n

\n\n

\n\n
47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
\n
The contract for the construction of PV plants \u201cEksochi 7\u201d, \u201c Eksochi 8\u201d, \u201c Kardia 1\u201dof 170,95426 MW capacity with fixed mounting
\n
system, and their connection to the existing Substations 33/150 kV \u201cCharavgi\u201d and \u201cA1 Kardias-Kleitos\u201d, of an indicative total
\n
budget of \u20ac 68 million, in the Municipalities of Eordea and Kozani, at Kozani Regional Unit, was signed in March 2024, when also
\n
construction works started.
\n
\n
With respect to the new PV plant at Katarrachia and Tripotamos location of 125 MW capacity, of an indicative total budget of
\n
\u20ac60 million, with fixed mounting system, which is going to be installed in the Municipality of Megalopoli, at Peloponnese Regional
\n
Unit, in location \u201cOrycheio Megalopoli\u201d of total capacity of 490 MW, the EPC contract was signed in June 2024.
\n
\n
47.COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
\n
\n
Regarding the new PV Station at the location \"Orycheio Megalopoli\" with a capacity of 125 MW, with fixed mounting system,
\n
which is going to be installed within the Municipality of Megalopoli, at Peloponnese Regional Unit, in location \u201cOrycheio
\n
Megalopoli\u201d of total capacity of 490 MW, the contract is expected to be signed within the first quarter of 2025.
\n
\n
PPC Renewables Group has additional PV projects either in operation or under development, while its total capital expenditures
\n
for PV projects amounted to \u20ac223.9 million in 2024.
\n
\n
Hybrid Projects
\n
\n
Regarding the project of the 3.0 MW guaranteed capacity Hybrid Plant, consisting of a PV Plant with a maximum production
\n
capacity of 3.531 MW in Marmari location and a Battery Energy Storage System with accumulators with a storage capacity of at
\n
least 10.16 MWh and a maximum charging capacity at least 5.5 MW in Paliomylos location, of Municipality of Astypalea in
\n
Kalymnos prefecture in the Region of South Aegean, the BESS Supply Agreement was signed in December 2024 and construction
\n
works are expected to start in first quarter of 2025.
\n
\n
Capital expenditures for Hybrid Projects amounted to \u20ac1.0 million in 2024.
\n
\n
Energy Storage Projects
\n
With respect to the project of the Battery Energy Storage Station with a guaranteed capacity of 100 MWh, maximum incoming
\n
and outcoming power of 50 MW and consisting of accumulators in Ptolemaida 4 location of the Municipal Unit of Dimitrios
\n
Ypsilantis of the Municipality of Kozani, of the prefecture of.Kozani, in the Region of Western Macedonia, the BESS Supply
\n
Agreement and the BoP Contract are expected to be signed in the first quarter of 2025.
\n
With respect to the project of the Battery Energy Storage Station with a guaranteed capacity of 96 MWh, maximum incoming
\n
and outcoming power of 48 MW and consisting of accumulators in Meliti 1 location of the Municipal Unit of Melitis of the
\n
Municipality of Florina, of the prefecture of Florina, in the Region of Western Macedonia, the BESS Supply Agreement and the
\n
BoP Contract are expected to be signed in the first quarter of 2025. The project will be connected to the new KYT Melitis II, where
\n
construction works for the installation of a new 400/33/33kV Transformer and for the Connection and Extension works to the
\n
existing KYT Melitis have already started through a separate Contract.
\n
The Group has additional Energy Storage projects under development. Total capital expenditure for Energy Storage projects in
\n
2024 amounted to \u20ac0.2 million.
\n
Small Hydroelectric Power Plants (SHPPs)
\n
\n
Completion of the construction works for Makrochori II SHPP with nominal capacity of 4.84 MW and a total budget of \u20ac7.4 million
\n
at the Rapsomaniki location of the Municipality of Alexandria, Prefectural Government of Imathia in the Central Macedonia
\n
Region. The contract was signed in June 2020, when construction works began with the final acceptance of the project expected
\n
within the 1st - 2nd quarter of 2025.
\n
\n
PPC Renewables Group has additional MHP projects either in operation or under development, while its total capital expenditures
\n
for Small Hydropower Plants amounted to \u20ac1.8 million in 2024.
\n

\n\n\n\n\n\n

\n\n\n\n\n\n

\n\n\n\n\n\n

\n\n

\n\n
47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
\n
Partnerships for the joint development of RES portfolios
\n
\n
The joint venture company Meton Energy S.A., in which PPC Renewables and RWE Renewables Europe and Australia participate
\n
with 49% and 51%, respectively, has taken the final investment decision for the construction of an additional photovoltaic project
\n
with a total capacity of approximately 450 MW, located in Western Macedonia in Northern Greece, within the boundaries of the
\n
former Amynteo open pit lignite mine. This solar farm, which is now entering the construction phase, is the last project of the
\n
940 MW Amynteo portfolio.
\n
In April 2024, PPC signed a Cooperation Framework Agreement (CFA) with MYTILINEOS Energy & Metals for the development
\n
and construction of a portfolio of solar projects up to 2 GW in Italy (503 MW), Bulgaria (500 MW), Croatia (445 MW) and Romania
\n
(516 MW), which is expected to be implemented in the next three years. The agreement includes approximately 90 solar projects
\n
that MYTILINEOS will fully develop and construct and, which upon completion of their connection to the electricity grid, will be
\n
acquired by PPC Group. Construction of the first two solar projects in Italy with a total capacity of 32 MW has completed and the
\n
projects are expected to commence commercial operations within the first quarter 2025.
\n
In September 2024, PPC signed a strategic agreement-collaboration framework with the Copelouzos and Samaras Groups for the
\n
acquisition of an RES portfolio of 66.6 MW in operation, a pipeline of up to 1.7 GW under development which will be jointly
\n
developed with Copelouzos and Samaras Groups, as well as for the acquisition of a 20% share in the Company Ilektroparagogi
\n
Alexandroupolis S.A., which develops a CCGT unit (840 MW), in which PPC already holds a majority stake (51%).
\n
In November 2024, PPC Renewables entered into an agreement to acquire the minority shareholding percentage developing a
\n
wind project with a total installed capacity of 38.4 MW located in Rodopi.
\n
\n
Pumped-storage hydroelectricity - production-storage of electricity
\n
PPC is in the process of research and project maturation, for the construction of Pumped-Storage Hydroelectricity (PSH) projects
\n
in selected locations within the Greek Territory, for which projects it received a license from the RAEWW and are as follows:
\n
1. Pumped-Storage Hydroelectricity project with a maximum injection power of 304 MW and a maximum absorption power
\n
of 294 MW in the \"Kardia Mine\" location of the Dimitriou Ypsilanti\u2019s Municipal Unit of the Kozani\u2019s Municipality of the
\n
Kozani\u2019s Regional Unit of the Western Macedonia Region (RAE Decision 122/202/24.10.2023)(AD-05319).
\n
2. Pumped-Storage Hydroelectricity project with a maximum injection power of 183 MW and a maximum absorption power
\n
of 181 MW at the \"Megalopolis Mine\" site of the Megalopolis Municipal Unit of the Megalopolis Municipality of the
\n
Arcadia Regional Unit of the Peloponnese Region (RAEWW Decision 1234.2023/24.10.2023)(AD-05319).
\n
3. Pumped-Storage Hydroelectricity project with a maximum injection power of 475 MW and a maximum absorption power
\n
of 448 MW at the location \"HP Sfikias (Bravas) reservoir\" of the Veria Municipal Unit of the Municipality of Veria of the
\n
Imathia Regional Unit of the Region of Central Macedonia (RAEWW Decision 1236.2023/24.10.2023)( AD-05321).
\n
4. Pumped-Storage Hydroelectricity project with a maximum injection power of 238 MW and a maximum absorption power
\n
of 231 MW at the location \"South Field\" of the Municipal Unit of Elispondou of the Municipality of Kozani of the Regional
\n
Unit of Kozani of the Region of Western Macedonia in replacement (for technical-economic reasons) of the planned
\n
Pumped-Storage Hydroelectricity project with a maximum injection power of 156 MW and a maximum aborption power
\n
of 150 MW at the location \"Mavropigis Mine\" of the Municipal Unit of Ptolemaida of the Municipality of Eordaia of the
\n
Regional Unit of Kozani of the Region of Western Macedonia (RAEWW Decision 1237.2023/24.10.2023)(AD-05322).
\n
In addition, PPC is in the process of research and project maturation for the construction of additional pumping (electricity
\n
storage) projects at the existing Pournari and Kastraki hydroelectric plants.
\n

\n\n\n\n\n\n

\n\n\n\n\n\n

\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag285": { "value": "\n

\n\n
47. COMMITMENTS, CONTINGENCIES AND LITIGATION
\n
OWNERSHIP AND INSURANCE OF PROPERTY
\n
\n
1. The National Cadastral process is in progress. The Parent Company has already completed its Real Estate\u2019s recording. Those
\n
properties are recorded in total in the Land Registries throughout Greece in the Cadastral Offices and at the same time the
\n
cadastral process is monitored, and all pending issues from this process are settled (it has been completed the 52% of the
\n
Country). In this context, over 80 cadastral lawsuits are pending, out of which 20 are in Athens, for which the relevant
\n
judgements have not yet been issued. From 20.03.2023, the Athens Land Registry Office operates for Athens. Land Registration
\n
has been completed in Athens and we are expecting the beginning or completion of Land Registration in areas in the rest of
\n
the country.
\n
2. In several cases, expropriated land, as presented in the expropriation statements, differs from the cadastral or ownership
\n
survey, a reason for which PPC is in the process of cadastral settlement (registration of registrable deeds, filing of declarations,
\n
requests for manifest errors) in collaboration with the Cadastral Offices. In particular, for the properties in question, PPC has
\n
the right till December 2026 (before the year 2016 cadastral areas) to proceed with lawsuits for the said land which are mainly
\n
located in expropriated lignite-bearing areas and in the official records appear to have an unknown owner or third-party owner.
\n
Cadastral lawsuits have not yet been filed, because an out-of-court settlement is being attempted in cooperation with the
\n
central Cadastral Service. At a pre-trial/preliminary stage, 150 objections are still pending, a procedure which, according to the
\n
competent authority, has been reactivated in areas such as Layrion.
\n
3. Agricultural land acquired by the Parent Company through expropriation in order to be used for the operation of hydroelectric
\n
power plants, must be transferred to the State at no charge, following a decision of the Parent Company\u2019s Board of Directors
\n
and a related approval by the Ministry of Development, if such land is no longer needed by the Parent Company for the
\n
fulfilment of its purposes according to article 9, of Law 2941/01.
\n
4. All applications for the removal of expropriations concerning abolished HV Transmission Lines have been served and there are
\n
no pending actions required by PPC S.A.
\n
5. The Group does not carry any form of insurance coverage on its fixed assets in operation (except for its information technology
\n
infrastructures), and as a result if a sizable damage occurs to its properties, it might affect its profitability. Material spare parts
\n
as well as liability risks against third parties are not insured.
\n
\n
LITIGATION AND CLAIMS
\n
The Group is a defendant in several legal proceedings arising from its operations. On December 31, 2024 the total amount claimed
\n
by third parties amounts to \u20ac 984.0 million (31.12.2023: \u20ac974.0 million) as analysed below. Against all cases 1 to 7 below, the
\n
Group and the Parent Company have established a provision which on 31 December 2024 amounts to \u20ac 320.0 million and \u20ac 407.0
\n
million respectively (31.12.2023: \u20ac 354.0 million Group and \u20ac 392.0 million, Parent), which is considered sufficient against the
\n
expected losses that will result from the final adjudication of the above cases.
\n
\n
1. Claims with contractors, suppliers and other claims:
\n
Third parties as well as a number of contractors and suppliers have raised claims against the Group. These claims are either
\n
pending before courts or under arbitration and mediation proceedings. Total claims amount to \u20ac 406.0 million (31.12.2023:
\n
\u20ac424.0 million). In most cases the Group has raised counter claims, which are not reflected in the accounting records, until the
\n
time of collection.
\n
\n
2. Fire incidents and floods:
\n
A number of individuals have raised claims against the Group for damages incurred as a result of alleged electricity-generated
\n
fires and floods. Total claims amount to \u20ac 102.0 million (31.12.2023: \u20ac95.0 million).
\n
\n
3. Claims by employees:
\n
A number of the Groups\u2019 Employees are claiming the amount of \u20ac 74.0 million (31.12.2023: \u20ac75.0 million), for allowances and
\n
other benefits that according to the employees should have been paid by PPC.
\n

\n\n\n\n\n

\n\n\n\n\n

\n\n
47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
\n
4. Lawsuits and extrajudicial documents of IPTO against PPC S.A.
\n
\n
\u0391) Extrajudicial document of IPTO against PPC
\n
\n
On 29.11.2018, IPTO served an extrajudicial document to PPC with which asks from PPC:
\n
-to pay-off debts of \u20ac 495.3 million from PPC\u2019s participation in the wholesale electricity market for the period January 2018 to
\n
August 2018, which have become overdue, plus overdue interest.
\n
-to pay overdue interest amounting to \u20ac 83.4 million arising from the overdue payment of PPC\u2019s debts from its participation in
\n
the wholesale electricity market for the period August 2016 to September 2018.
\n
Claims relating to overdue receivables have been paid-off by PPC in previous years.
\n
Claims relating to interest on overdue receivables, for which IPTO remained the beneficiary (after Law 4585/2018, art. 4), were
\n
incorporated in IPTO\u2019s later lawsuit, brought in 2021 (4
\n
th
\n
lawsuit).
\n
\n
B) 1st & 2nd Lawsuit of IPTO against PPC
\n
\n
On 28.02.2019, two IPTO\u2019s lawsuits, no. \u0393\u0391\u039a/\u0395\u0391\u039a 10679/355/2015 and 10682/356/2015 (February 2015) against PPC for a total
\n
amount of \u20ac 540.0 million, for amounts due from the Parent Company\u2019s participation in the wholesale electricity market, were
\n
discussed before the Multimember Court of First Instance in Athens. By its first lawsuit IPTO was asking for an amount of \u20ac 242.7
\n
million (with interest) for amounts due which PPC collects from electricity bills and conveys to IPTO, that in turn conveys them to
\n
EMO. By its second lawsuit, IPTO was asking for the payment of \u20ac 232.6 million (with interest) for amounts due which PPC collects
\n
from electricity bills and conveys to IPTO.
\n
Decision 944/2020 of the Multimember Court of First Instance in Athens was issued and was sent to PPC on 08.07.2020, which is
\n
not provisionally enforceable and obliges PPC to pay:
\n
- regarding the first lawsuit, to IPTO: a) the legal interest on the amount of \u20ac 188.3 million for the period from 03.02.2015 until
\n
the payment of each of the invoices included in the lawsuit and paid after that date, and b) the amount of \u20ac 18.9 million with the
\n
legal interest from the service of the lawsuit until the full repayment,
\n
- regarding the second lawsuit, to IPTO: a) the legal interest on the amount of \u20ac 227.6 million for the period from 03.02.2015 until
\n
the payment of each of the invoices included in the lawsuit and paid after that date, and b) the amount of \u20ac 40.3 million with the
\n
legal interest from the service of the lawsuit until the full payment.
\n
-to HEDNO: a) the legal interest on the amount of \u20ac5.0 million for the period from 03.02.2015 until the payment of each of the
\n
invoices included in the lawsuit and paid after that date and b) the amount of \u20ac244.6 thousands with the legal interest from the
\n
service of the lawsuit until the full payment.
\n
Interests corresponding to these overdue receivables amount to \u20ac 62.0 million. PPC has filed an appeal against the above decision,
\n
which was heard on 23.02.2023 before the Three-Member Court of Appeal of Athens and on 21.09.2023, Decision no. 4447/2023
\n
was issued, which accepted PPC\u2019s appeal and fully rejected IPTO\u2019s two initial lawsuits. An appeal has been filed at the Supreme
\n
Court by the parties against PPC and against decision 4447/2023 with filing numbers GAK/EAK 5538/537/2024, which has not yet
\n
been notified to PPC and so we are not aware of a trial date. On its side, PPC has served an extrajudicial document to IPTO
\n
(without the latter having answered), requesting the payment of a total amount of \u20ac 14.0 million for overdue interest on invoices
\n
which incorporate debts to PPC from March 2012 until 02.02.2015.
\n
\n
C) 3d Lawsuit of IPTO against PPC
\n
\n
\u039fn 5.10.2017, a new (third) lawsuit (no.\u0393\u0391\u039a/\u0395\u0391\u039a 508791/2833/2016 and after the redefinition \u0393\u0391\u039a/\u0395\u0391\u039a 72442/794/2020) of IPTO
\n
against PPC was discussed and furthermore re-discussed on 07.01.2021, due to a long delay in the issuance of a decision by the
\n
first composition of the Athens Multi-Member Court of First Instance, by which IPTO asks PPC to pay an amount of \u20ac 406.4 million
\n
(with interest) for overdue receivables arising also from PPC\u2019s participation in the wholesale electricity market and specifically
\n
relating to non-competitive charges of IPTOs\u2019 invoices for the year 2015 - 2016.
\n
Decision no. 1494/2021 of the Athens Multi-Member Court of First Instance was issued on this lawsuit, which rejected the claim
\n
for interest. The interest corresponding to these overdue receivables, amounted to \u20ac 59.0 million. IPTO, together with HEDNO
\n
and DAPEEP (who entered by law in part of the original claim) appealed against the above decision, which was discussed before
\n
the Tri-member Court of Appeal of Athens on 13.10.2022 and on 29.06.2023 the non-final decision no. 3173/2023 was issued, by
\n
which the appeal of the opposing parties was accepted.
\n
\n
By this decision, PPC is required to pay the above interest on overdue receivables, and the Court orders, for the issuance of a final
\n
decision, the carrying out of an accounting expert opinion. On 12.12.2024 the accounting expert opinion was completed and was
\n
submitted to the Court but is still pending the resumption of the discussion of the case with the care of the most diligent of the
\n
parties, and the issuance of a final decision.
\n

\n\n\n\n\n

\n\n\n\n\n

\n\n
47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
\n
\n
D) 4th Lawsuit of IPTO against PPC
\n
\n
On 31.12.2021 the lawsuit No. \u0393A\u039a/\u0395\u0391\u039a/106878/4124/2021 (new fourth lawsuit) was served to PPC by IPTO, as it was filed in the
\n
Multi-Member Court of First Instance of Athens on 30.12.2021, by which IPTO requests PPC to pay:
\n
a) an amount of \u20ac 78.2 million for interest on arrears, with legal interest from the service of the lawsuit until the full payment.
\n
b) an amount of \u20ac 6.5 million for outstanding capital, with legal interest from the respective declared day, otherwise from the
\n
notification, otherwise from the service of the lawsuit until the full repayment.
\n
\n
The above amounts relate to invoices issued by IPTO, that PPC allegedly did not pay or paid late and relate to the years 2016 to
\n
2020. The proposals were submitted on 11.04.2022 and with an addition on 19.04.2022.
\n
The case was discussed on 01.02.2024 and the decision \u03a0\u03a0\u0391 2549/2024 was issued which partially accepted the lawsuit. The
\n
decision has not yet been served, PPC will file an appeal.
\n
\n
All the above amounts of overdue receivables of the lawsuits have been paid to date except for the interest for which the
\n
Parent Company has established a provision in previous years.
\n
\n
5. Alleged claims of DAPEEP (former EMO) against PPC S.A. due to deficits of the Day Ahead Schedule (DAS)
\n
\n
Due to the deficits created by electricity suppliers ENERGA POWER TRADING S.A. and HELLAS POWER S.A. during the years 2011
\n
and 2012, PPC was obligated under RAE\u2019s Decision No. 285/2013 (whose legality was confirmed by the State Council\u2019s decision
\n
No.1761/2016), as well as by the Power Exchange Code for Electricity, to pay to EMO a total amount of \u20ac 126.3 million (after a
\n
final clearing according to Article 61 of the Power Exchange Code for Electricity) within 2017.
\n
\n
A. Although EMO explicitly accepted the proposed debt settlement, in December 2016 filed a lawsuit against PPC asking the
\n
(then) residual amount of \u20ac 78.0 million (with interest), which the Parent Company paid in 2017. In February 2017, PPC filed a
\n
counter lawsuit asking EMO to be ordered to pay the amount of \u20ac 126.0 million (plus an amount of \u20ac 100 thousands for PPC\u2019s
\n
moral damages). On these lawsuits, the Multimember Court of First Instance in Athens issued the decision 4810/2018 which
\n
accepted EMO\u2019s lawsuit and rejected PPC\u2019s counterclaim. PPC has filed a relevant appeal which was discussed after
\n
postponement on 19.05.2022 (from initial hearing on 16.09.2021), before the 13th section of the Three-Member Court of Appeal
\n
in Athens.
\n
\n
B. In December 2017, EMO sent to PPC two new Information Notes on the Allocation of Monthly Deficits of the Day Ahead
\n
Schedule (DAS), totalling to \u20ac 833 thousand with which, EMO claimed that its new claims arose from the second settlement of
\n
the Deficit for the years 2011 and 2012, due to the disappearance or insolvency of the previous third-party electricity suppliers
\n
of that time.
\n
\n
In this context, in March 2018, PPC filed before the Multimember Court of First Instance in Athens its lawsuit against EMO,
\n
requesting a declaration that it does not owe the above-mentioned amount and EMO to be condemned to pay an amount of \u20ac
\n
50 thousand as compensation for PPC\u2019s moral damages. In May 2018, EMO filed its counterclaim. The two opposite lawsuits were
\n
discussed, and the Multimember Court of First Instance in Athens issued the decision No. 932/2020, which justifies EMO (now
\n
DAPEEP), a reason for which a relevant appeal has already been filed, which was to be heard on 17.02.2022. It has been agreed
\n
to postpone them for co-adjudication with the above initial case on 19.5.2022. The cases were discussed on 19.05.2022 and the
\n
decisions MCFI 6663 & 6664/22 were issued, which PPC challenge before the Supreme Court.
\n
\n
6. Claims of third parties against real estate properties
\n
\n
As of December 31, 2024, there are claims from third parties against the Parent Company\u2019s properties with a net book value of
\n
\u20ac5.3 million (31.12.2023: \u20ac13.2 million) for which the Parent Company has established an adequate provision.
\n
\n
7. HEDNO lawsuits against PPC
\n
\n
HEDNO has so far filed 6 lawsuits against PPC seeking regulated charges and interest on them, the most important of which are
\n
described below:
\n

\n\n\n\n\n

\n\n\n\n\n

\n\n
47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
\n
\n
Lawsuit \u0393A\u039a/\u0395\u0391\u039a 121583/4693/2018
\n
\n
On 31.12.2018, the lawsuit No. \u0393A\u039a/\u0395\u0391\u039a 121583/4693/2018 (1st lawsuit) was served to PPC, requesting it to pay the total amount
\n
of \u20ac 1.9 million with the legal interest of the lawsuit from the service of the lawsuit until full payment. This amount refers to
\n
interest on arrears due to alleged late payment by PPC of invoices for the year 2013 issued by HEDNO. The case was heard on
\n
1.10.2020, however due to non-issuance of a decision within 8 months and after the submission of a relevant letter of protest by
\n
PPC to the Court of First Instance, the case was assigned to another judge by a decision of 19.04.2022 and received new No.
\n
54481/799/2022. The case was re-heard on 10.11.2022 and on 01.11.2023 the decision No 3775/2023 was issued, which partially
\n
accepted HEDNO\u2019s lawsuit and condemned PPC to pay an amount of \u20ac 421,271.71 for overdue interest. This decision has not yet
\n
been served to PPC. PPC with the \u0393\u0391\u039a/EAK 5351/4018/2024 appealed to the Court of Appeal against the part of the decision that
\n
accepted the lawsuit, the discussion of which has been determined for 27.02.2025.
\n
\n
Lawsuit \u0393A\u039a/\u0395\u0391\u039a 115464/3775/2019
\n
\n
On 30.12.2019 the lawsuit No. \u0393\u0391\u039a/\u0395\u0391\u039a 115464/3775/2019 was served (2nd lawsuit), with which PPC is requested to pay to
\n
HEDNO the total amount of \u20ac 1.4 million with the legal interest from the service date until full payment. This amount refers to
\n
interest on arrears due to alleged late payment by PPC of invoices for the year 2014 issued by HEDNO. The case was heard on
\n
18.11.2021 and on 18.02.2022 decision no. \u03a0\u03a0\u0391 417/2022 was issued which partially accepted the lawsuit of HEDNO and ordered
\n
PPC to pay to HEDNO the amount of \u20ac1.2 million for interest on delayed payments. The decision was served to PPC on 05.05.2022.
\n
PPC filed an appeal on 02.06.2022 with the trial date on 16.11.2023 and following a postponement, it was discussed on
\n
18.04.2024 and a decision is expected.
\n
\n
Lawsuits \u0393A\u039a/\u0395\u0391\u039a 93423/2020 and 2989/2020
\n
\n
The case is a first instance case concerning the payment of interest on arrears due to delays in the payments of regulated charges
\n
by PPC.
\n
\n
With this 3
\n
rd
\n
lawsuit, PPC is requested to pay interest on arrears amounting to \u20ac5.0 million (with legal interest from its delivery
\n
on 31.12.2020 - until payment) relating to late payment of invoices of the disputed year 2015. This lawsuit was discussed on
\n
26.05.2022 in the Multimember Court of First Instance in Athens and on 02.10.2023 the 3518/2023 decision was issued which
\n
has partially accepted the HEDNO\u2019s lawsuit and condemned PPC to pay the amount of \u20ac 4.6 million for overdue interest to HEDNO.
\n
This decision has not yet been served to PPC. PPC with \u0393AK/EAK 5354/4020/2024 appealed to the Court of Appeal against the
\n
part of the decision that accepted the lawsuit, the discussion of which has been determined for 06.03.2025.
\n
\n
The above amount of interest relates to invoices for the following charges:
\n
a) Distribution use charges, b) recovery of cost of purchase of electricity from RES in the NII, c) sale of electricity from PV rooftops
\n
in the NII, d) ETMEAR in the NII, e) intra-group contracts SLAs, ie, repetitive projects, branded projects, supply transport services,
\n
services to PPC customers, vehicle maintenance, PPC staff benefits.
\n
\n
Lawsuit \u0393A\u039a/\u0395\u0391\u039a 105062/4055/2021
\n
\n
On 29.12.2021, lawsuit No. \u0393A\u039a/\u0395\u0391\u039a 105062/4055/2021 (4th lawsuit) was served to PPC by HEDNO, which HEDNO filed before
\n
the Athens Multi-Member Court of First Instance on 24.12.2021, requesting PPC to pay the total amount of \u20ac 22.5 million with
\n
the legal interest from the service of the lawsuit until the full payment. No official trial date has been set. This amount refers to
\n
interest on arrears due to alleged late payment by PPC of the invoices issued for the year 2016. Proposals were submitted on
\n
04.04.2022 and an addition on 18.04.2022. The case was discussed on 01.02.2024 and the decision no \u03a0\u03a0\u0391 2311/2024 was issued
\n
which partially accepted the lawsuit. PPC will file an appeal against this decision, which has not yet been served.
\n

\n\n\n\n\n

\n\n\n\n\n

\n\n
47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
\n
\n
Lawsuit \u0393A\u039a/\u0395\u0391\u039a 128343/3501/2022
\n
\n
On 27.12.2022, the lawsuit No. \u0393A\u039a/\u0395\u0391\u039a 128343/3501/2022 (5th lawsuit) was served to PPC, filed by HEDNO before the Athens
\n
Multi-Member Court of First Instance, with which it requests PPC to pay the total amount of \u20ac 16.9 million with the legal interest
\n
from the service of the lawsuit until full payment. This amount refers to interest on arrears due to alleged late payment by PPC
\n
of the invoices issued for the year 2017. The proposals were submitted on 19.4.2023 and the addition on 04.05.2023.
\n
\n
The case was discussed on 07.03.2024 and the decision \u03a0\u03a0A 2487/2024 was issued which partially accepts the lawsuit, and it has
\n
not yet been served to PPC. PPC will file an appeal.
\n
\n
Lawsuit \u0393A\u039a/\u0395\u0391\u039a 137044/3102/2023
\n
\n
On 27.12.2023, PPC was served with the lawsuit No. \u0393A\u039a/\u0395\u0391\u039a 137044/3102/2023 (6th lawsuit), filed by HEDNO before the Multi-
\n
Member Court of First Instance of Athens, with which it requests PPC to pay the total amount of \u20ac 45 million with legal interest
\n
from the service of the lawsuit until full payment. This amount concerns overdue interest due to the late payment by PPC of the
\n
invoices for the year 2018. The proposals were submitted on 22.4.2024 and the addition on 8.5.2024 and the discussion has been
\n
determined for 14.11.2024.
\n
\n
Lawsuit \u0393A\u039a/\u0395\u0391\u039a 231384/3454/2024
\n
\n
On 27.12.2024, PPC was served with the lawsuit No. \u0393A\u039a/\u0395\u0391\u039a 231384/3454/2024 (7th lawsuit), filed by HEDNO before the Multi-
\n
Member Court of First Instance of Athens, with which it requests PPC to pay the total amount of \u20ac 29,544,381.19 million with
\n
legal interest from the service of the lawsuit until full payment. This amount concerns overdue interest due to the late payment
\n
by PPC of the invoices for the year 2019. The proposals were submitted on 22.4.2025 and the addition on 7.5.2025.
\n
\n
PPC\u2019s lawsuit against ETAA/ Department of Engineers and Public Works Contractors (former TSMEDE)
\n
\n
1. ETAA/ Department of Engineers and Public Works Contractors (former TSMEDE) by its Decision 7/2012 has imposed on PPC
\n
the amount of \u20ac 27.4 million by applying article 4 of L. 3518/2006, relating to employer\u2019s contributions due to the main
\n
pension branch for the period 01.01.2007 \u2013 30.04.2012 and pertaining to the engineers insured before 01.01.1993 to the
\n
above-mentioned Insurance Fund, that have been employed by PPC with a dependent work relationship for the above-
\n
mentioned period.
\n
\n
Against the above mentioned 7/2012 decision of the Insurance Fund in question, PPC has filed legally and timely the 05.09.2012
\n
appeal to the Athens Administrative Court of First Instance. The discussion of the appeal took place on 03.11.2014. The
\n
preliminary ruling 11872/2016 was issued, which obliges TSMEDE to produce to the Court the documents referred to the
\n
judgment and then the case will be discussed again in order to issue a final decision. The case was finally discussed on December
\n
14, 2021 and the decision no. 4476/23 was issued in favour of PPC, however, e-EFKA has filed an appeal against this decision
\n
before the Athens Administrative Court of Appeal, the hearing of this appeal had been set for 20 January 2025 and was discussed.
\n
\n
2. Certificate of debt 64784/2022
\n
\n
With the No. 64784/15.12.2022 Debt Confirmation Decision with no. prot. 595212/15.12.2022 of the Head of the 4th Pensions
\n
Division of e-EFKA, which was notified on 21.12.2022, the amount of 16,072,423.50 euros (main debt 8,529,388.36 and additional
\n
fees 7,543,035.14 euros) was attributed to PPC as differences in personal contributions for the Main Pension sector and employer
\n
contributions in their entirety, as well as personal and employer contributions on Easter and Christmas gifts and leave allowance
\n
for the period from 1.5.2012 to 31.12.2014, for the insurance settlement of the employees of PPC SA referred to in the said
\n
decision.
\n
Against the above debt certificate, we filed the appeal dated 16.2.2023 with no. \u0395\u03af\u03c3. \u03a0\u03a1 1013/16.2.2023, which was supplemented
\n
by the additional grounds dated 31.10.2023 with no. \u03a0\u039b385/3.11.2023. On the above appeal, decision no. 8807/2024 of the DPA
\n
(Department 30th Trim) was issued, which accepted the appeal due to its issuance by an unauthorized body, annulled the
\n
contested act and referred the case to e-EFKA in order to carry out the legal proceedings. An appeal has been filed by e-EFKA
\n
against this decision, the discussion of which has not yet been determined.
\n

\n\n\n\n\n

\n\n\n\n\n

\n\n
47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
\n
\n
3. Certificate of debt 64785/2022
\n
\n
With the no. 64785/15.12.2022 Debt Confirmation Decision with no. prot. 595248/15.12.2022 of the Head of the 4th Pensions
\n
Division of e-EFKA, which was notified on 21.12.2022, the amount of 12,586,811.10 euros (main debt 7,454,759.51 and additional
\n
fees 5,132,051.59 euros) was charged to PPC SA as differences in personal contributions for the Main Pension sector and
\n
employer contributions in their entirety, as well as personal and employer contributions on Easter and Christmas gifts and leave
\n
allowance for the period from 1.1.2015 to 31.12.2016, for the insurance settlement of the PPC SA employee engineers referred
\n
to in the said decision.
\n
\n
Against the above debt certificate, we filed the appeal dated 16.2.2023 with no. \u0395\u03af\u03c3. \u03a0\u03a1 1011/16.2.2023, which was
\n
supplemented by the additional grounds dated 31.10.2023 with no. \u03a0\u039b384/3.11.2023. On the above appeal, decision no.
\n
8810/2024 of the DPA (Department 30th Trim) was issued, which accepted the appeal due to its issuance by an unauthorized
\n
body, annulled the contested act and referred the case to e-EFKA in order to carry out the legal proceedings. An appeal has been
\n
filed by e-EFKA against this decision, the discussion of which has not yet been determined.
\n
\n
Similarly, on 21.12.2022, a debt certificate was submitted to the subsidiary DEDDIE (i.e. No. 64787/16.12.2022) for a total amount
\n
of \u20ac 15.3 million, as differences between personal contributions in the main pension sector and employer contributions, as well
\n
as contributions on the benefits for the period from 1.5.2012 to 31.12.2016 of its insured. The said appeal was discussed on
\n
24.11.23 and decision no. 8.943/2024 of the Administrative Court of First Instance of Athens was issued, which annuls the decision
\n
- certificate of debt. e-EFKA has filed an appeal against this decision, the hearing of which has not yet been determined.
\n
\n
Similarly, objections were filed against relevant enforcement procedures against PPC, HEDNO and their management (individuals)
\n
over time. PPC\u2019s requests for suspension have already been accepted by the Court of First Instance the decisions No 350/2023
\n
and 351/2023 suspending the execution of the dept certificates No 7/2012, No 67784/2022 and No 67785/2022 on PPC's
\n
applications for suspension. In addition, the Athens Administrative Court of First Instance has issued decision No 430/2023
\n
suspending the execution of dept certificate No 67787/2022 on the suspension request of HEDNO.
\n
\n
Given that the employed engineers are compulsorily insured by the relevant insurance institution based on Law 4491/1966 and
\n
the Group and the Parent Company pay the corresponding employer contributions on their behalf to the said insurance
\n
institution, while the parallel insurance of the said engineers at ETAA is optional and is done at their choice, by paying the
\n
corresponding insurance contributions provided for self-employed engineers, the Group and the Parent Company consider that
\n
the chances of PPC and HEDNO\u2019s appeals not being accepted are limited and no provision has been established.
\n
\n
Lawsuit of former EMO against HEDNO in which a notice was served to PPC
\n
\n
On 19.06.2017, HEDNO S.A. served a notice to PPC on EMO\u2019s lawsuit against HEDNO S.A. With this notice HEDNO S.A. requested
\n
PPC S.A. to intervene in favour of HEDNO S.A. in the court in which EMO claims from HEDNO S.A. overdue amounts from invoices
\n
issued. In particular, EMO S.A. with its lawsuit claims amounts with interest from partially paid and unpaid invoices which
\n
incorporate receivables from the RES Special Account in the Non-Interconnected Islands (mainly debts from ETMEAR, PVs on
\n
rooftops, RES Generation in the Non-Interconnected Islands and balancing of the Special Account in the Non-Interconnected
\n
Islands). The claim from EMO\u2019s part amounted to approximately \u20ac 140.0 million, while interest due for late payment amounted
\n
to \u20ac 3.9 million.
\n
\n
The Multimember Court of First Instance in Athens, with its decision No.\u03a0\u03a0\u03911302/2019, rejected in favor of PPC HEDNO\u2019s notice
\n
to PPC as unlawful considering that there is no relationship of procedural guarantee between HEDNO and PPC, and that, on the
\n
contrary, the only relationship that binds them is a contractual one. In particular, the Court considered that according to the NII
\n
Code there is no obligation of PPC to pay-off HEDNO\u2019s lenders other than PPC\u2019s contractual obligations towards HEDNO regarding
\n
the timely payment of invoices under the NII Load Representatives contract.
\n
\n
HEDNO filed an appeal before the Three-Member Court of Appeal in Athens that was discussed on 22.09.2022 and the decision
\n
n. 2643/2023 was issued. With its 2643/2023 Decision, the Court of Appeals confirms what the Court of First Instance had
\n
previously ruled with its 1302/2019 Decision, namely that no procedural guarantee between the notified party (PPC) and the
\n
notifying party (HEDNO), is founded and, on that ground, HEDNO\u2019s notice to PPC is unlawful. In particular, according to the legal
\n
framework governing the relationship of the parties -notably the Non-Interconnected Islands Code-, beyond the contractual
\n
obligations of the notified company regarding the timely payment of invoices, PPC S.A. is not required to pay off any lenders of
\n
the notifying party HEDNO S.A. in case of the breach of the contractual obligations.
\n
\n
Thus, this claim must be rejected as unlawful. The Decision has not been officially notified between the litigants.
\n

\n\n\n\n\n

\n\n\n\n\n

\n\n
47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
\n
\n
Corrective settlements of IPTO, concerning the Special Account of art. 143 L. 4001/2011
\n
\n
According to L.4152/2013, RES energy purchases in the Interconnected System are paid through the market operation, on the
\n
higher amount of either their revenue from DAS plus Deviations or the value of energy they inject to the system multiplied by
\n
the weighted average variable cost of the conventional thermal power plants. This amendment started being applied from August
\n
14, 2013, when RAE\u2019s Decision No. 366/2013 was published in the O.G., amending the relevant articles of the Power Exchange
\n
Code and specifying the methodology of calculations, with which the provision of the law was implemented.
\n
\n
In October 2013, IPTO sent to PPC S.A. corrective clearing statements for months May, June, July and part of August of 2013,
\n
totalling to an amount of \u20ac 48.2 million, which was derived from the retrospective application of the relevant methodology. PPC\u2019s
\n
lawsuit against IPTO for the invoices in question was accepted by the Multimember Court of First Instance in Athens (Decision
\n
No. 2260/2016) and is considered that PPC does not have to pay the invoices issued totalling \u20ac 54.4 million, which incorporate
\n
claims for the weighted average variable cost of the conventional thermal power plants for the months May to August 2013. IPTO
\n
(which, in the meantime, was substituted in this claim by DAPEEP) filed an appeal which was finally dismissed by the Court of
\n
Appeal in Athens with its decision 4928/2020. Finally, an appeal was filed by DAPEEP, before the Supreme Court, which was
\n
discussed on 15.01.2024 and on which the A\u03a0 738/2024 Decision was issued. With this, the Court rejects DAPEEP's appeal and
\n
irrevocably confirms the first instance judgment regarding PPC's lack of obligation to pay the disputed tariffs. The case has been
\n
settled by the Supreme Court and in the last instance.
\n
\n
Lawsuits from EKPIZO and INKA against PPC S.A.
\n
\n
In May 2022 (04.05.2022 and 05.05.2022) two (2) collective lawsuits (article 10 par. 16 of Law 2251/1994) were served to PPC
\n
S.A.:
\n
\n
a) of the non-profit Union with the name NION OF CONSUMERS THE QUALITY OF LIFE (hereinafter \"EKPIZO\") and
\n
b) of the Second level Consumer Union under the name of \u201cINKA - GENERAL CONSUMER FEDERATION OF GREECE (GCFG)\u201d and
\n
of the First level Consumers' Union with the name CONSUMERS UNION OF AETOLOAKARNANIA PREFECTURE (hereinafter
\n
\"Unions\").
\n
\n
Both lawsuits concerned the cessation of the application of the Supply Charge Adjustment Clause to residential variable tariffs
\n
and the cessation of formulation and use of its terms in electricity supply contracts by PPC.
\n
\n
In addition, the lawsuit of 05.05.2022 was also directed against a) PPC ZEUS DESIGNATED ACTIVITY COMPANY and b) PPC ENERGY
\n
FINANCE DESIGNATED ACTIVITY COMPANY, companies managing receivables from the electricity supply contracts.
\n
\n
The lawsuits were heard on 06.07.2022 and decisions no. 67/2023 and no. 68/2023 of the Multi-Member Court of First Instance
\n
of Athens were issued on 02.03.2023 respectively, which ruled, among other things, in favor of the legality of the Supply Charge
\n
Adjustment Clause applied by PPC. Within a period of one month, an appeal may be filed against the service of these decisions
\n
before the Athens Court of Appeal.
\n
\n
An appeal was filed within the deadline against decision 68/2023 concerning EKPOIZO, while no appeal was filed against decision
\n
67/2023 concerning INKA within the deadline and it appears to be final.
\n
\n
Legal Claim by PPC of Public Service Obligations (PSO)
\n
\n
With RAE\u2019s decision 1526/2011 \"Calculation of the Annual Compensation for the Coverage of the Costs of PSO for the year 2011\"
\n
(OG B' 2991/28.12.2011), the compensation of the Public Service Obligation (\"PSO\") for the year 2011 was determined at an
\n
amount of \u20ac681.7 million. This amount had to be recovered in 2012, by virtue of the heterochronism system that was in force at
\n
that time. In 2012, however, PPC recovered only the 2012 PSO compensation, due to the change in the recovery system of PSO
\n
compensations established by art. 36 of Law 4076/2012, which was incorrectly interpreted by RAE with its opinion 10/2017. Thus,
\n
the 2011 PSO compensation was not recovered. PPC then filed, from 31.10.2018, a compensation claim against the Greek State
\n
for the 2011 PSO before the Administrative Court of First Instance of Athens.
\n
\n
On 30.10.2019, L.4635/2019 was published, in which Article 16 authorized RAE to determine the PSO compensation due for the
\n
period 2007-2011 that had not been paid to PPC. Pursuant to this provision, RAE issued on 1.11.2019 the decision 1019/2019
\n
(OG \u0392\u03844583/2019), by which it determined as due, only the amount of \u20ac 194.6 million, which was collected by PPC for the PSO
\n
compensation of the period 2007-2011.
\n

\n\n\n\n\n

\n\n\n\n\n

\n\n
47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
\n
\n
PPC appealed this decision before the Athens Administrative Court of Appeal and a decision numbered 2917/2023 was issued
\n
whereby the Court postponed the issuance of a final decision for the reasons stated in the decision and set a new hearing for the
\n
discussion of the case on 11.6.2024 which was postponed for January 21, 2025, was discussed and a decision is expected.
\n
\n
On the 31.10.2018 compensation claim against the Greek State, a decision number 14383/2023 was initially issued by virtue of
\n
which the issuance of a final decision was suspended until a final decision is published by the Athens Administrative Court of
\n
Appeal on the above 10.6.2020 appeal of the PPC against the of RAE decision 1019/2019, discussed on 11.6.2024 and after
\n
postponement to 21.1.2025. Subsequently, and because the Administrative Court of First Instance of Athens reinstated the above
\n
action with its summons number KL 1358/2024, even though no decision had yet been issued on the above appeal of PPC against
\n
RAE decision 1019/2019, on 19.4.2024 the lawsuit in question was discussed again and the decision numbered 7243/2024 of the
\n
Administrative Court of First Instance of Athens was published, which once again postpones the issuance of a final decision, until
\n
a final decision is published by the Administrative Court of Appeal of Athens on the above pending before PPC's appeal against
\n
the 1019/2019 decision of the RAE.
\n
\n
With the passing of the provision of article 69 of Law 4876/2021, RAE was authorized to \"clear in full\" with a decision that it
\n
should issue within 3 months from the entry into force of this law, \"debts from Public Services Obligations of past years, which
\n
relate to the years before the entry into force of article 36 of Law 4067/2012 (A' 79) and have not been fully recovered\".
\n
\n
Former Bank of Crete
\n
\n
The dispute with the former \u201cBank of Crete\u201d is dating back to 1989, when the bank was under liquidation. More precisely, by a
\n
mandatory action of the then Trustee of the Bank, PPC\u2019s deposits were mandatorily converted to stake-holding in the share
\n
capital of the Bank and to obligatory credit to the Bank. PPC filed a lawsuit in 1991 against the bank asking to be compensated
\n
for GRD 2.2 billion approximately, (\u20ac 6.5 million) because the above-mentioned Act of the Trustee of the Bank was held invalid.
\n
Moreover, PPC had outstanding loan balances, received under six (6) loan agreements for which it was agreed upon to be repaid
\n
gradually through instalments. However, on June 10th, 1991, although PPC has paid the overdue instalments, the Bank has
\n
terminated all the above-mentioned loan agreements and thus on that date the claim against PPC became overdue for the whole
\n
amount of the loans.
\n
\n
For that reason, in the context of hearing of PPC\u2019s above mentioned lawsuit, the Bank proposed before Court an offset of its claim
\n
resulting by the above-mentioned loans, amounting to GRD 4 billion approximately, and furthermore has asked the payment of
\n
this amount by PPC by a lawsuit in 1995.
\n
\n
After a series of court decisions, the case was heard at the Supreme Court on March 9, 2020, and on July 12, 2022, the no.
\n
1272/2022 decision of the Supreme Court where it rejected PPC's appeal, in which case the admissions of the Court of Appeal's
\n
decision (3680/2014) became binding also for the court that has heard the second action, i.e. the Bank's action against PPC.
\n
\n
Eurobank (as the successor of the above-mentioned Bank of Crete under liquidation) reinstated with a summons the Bank of
\n
Crete lawsuit of 1995, which was to be heard on 19.09.2024 and was postponed by the plaintiff to November 2024. The content
\n
of the summons included the same requests that were included in the lawsuit of the Bank of Crete against PPC dated 28.12.1995,
\n
due to the termination of the loan agreements by the Bank on 10.6.1991, i.e. a demand of approximately 4 billion drachmas, with
\n
default interest of 28% ( but with different starting times of interest per loan amount, from the year 1993 to the year 1995) and
\n
with compound interest every three months until full repayment.
\n
\n
Following an out-of-court settlement with Eurobank, signed on 15.12.2024 and approved by the PPC Board of Directors (decision
\n
no. 119/12.12.2024) and by the Bank's Board of Directors (BoD\u2019s record 18.12.2024), it was agreed that, PPC would pay the Bank
\n
the one-time amount of \u20ac17 million by 30.12.2024 and the Bank would waive the petition and the right to the above-filed lawsuit
\n
against PPC, with a parallel declaration by the Bank that it has no further claim against PPC for the reasons stated in the Bank's
\n
above lawsuit and in decision no. 3680/2014 of the Athens Court of Appeal.
\n
\n
In execution of the above agreement, PPC paid Eurobank the amount of \u20ac17 million on 20.12.2024 and subsequently, the Bank,
\n
with the 30.01.2025 writ of waiver of writ and right, filed with the Multi-Member Court of First Instance of Athens on 17.02.2025
\n
with General Filing Number 38115/2025 and Special Filing Number 51/2025 and served on PPC on 18.02.2025, waived the writ
\n
and its right of 29.12.1995 with General Filing Number 500005/1995 and Special Filing Number 12187/1995 of its lawsuit against
\n
PPC. This case is now closed.
\n

\n\n\n\n\n

\n\n\n\n\n

\n\n
47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
\n
\n
PPC\u2019s claims from HALYVOURGIKI S.A.
\n
\n
In September 2024, after and in favor of PPC that of September 19, 2023 (ref. no. 71 /2023) Decision of the Paris Court of Appeal
\n
on the annulment action of \"HALYVOURGIKI SA\" against PPC and against the (May 2021) Decision of the Arbitration of ICC
\n
(INTERNATIONAL COURT OF ARBITRATION) on the appeal of \"HALYVOURGIKI SA\" against PPC from February 15, 2019, PPC
\n
received a \"Certificate of Non-Exercise of Remedies\" issued by the Supreme Court of Cassation of Paris, by which it is certified
\n
that, the aforementioned Decision of the ICC Arbitration on the 15 February 2019 appeal of \"HALYVOURGIKI SA\" against PPC,
\n
with which \"HALYVOURGIKI SA\" requested to be paid the amount of \u20ac270 million for collateral damage plus \u20ac1 million for moral
\n
damage, after court costs and legal expenses and which was dismissed in its entirety by the said ICC Arbitral Tribunal by
\n
condemning \"HALYVOURGIKI SA\" to court costs and legal expenses, has now become irrevocable.
\n
\n
Pricing of High Voltage Energy:
\n
\n
Cases C-701/21 and C-739/21, Mytilineos S.A \u2013 Group of Companies (now Metlen Energy & Metals) and European
\n
Commission against PPC S.A.
\n
\n
On 22.02.2024 the Court of Justice of the European Union issued a decision for the above cases concerning the appeals of
\n
Mytilineos S.A. \u2013 Group of Companies and the European Commission respectively against a first-instance decision (of 22.09.2021)
\n
of the General Court of the European Union which had vindicated PPC (T-639/14 RENV, T-352/15 & T-740/17), had accepted the
\n
appeals brought by PPC and had annulled each of the three decisions, with which the Commission had rejected the two
\n
complaints of PPC against the state aid in Mytilineos which arose, initially, from the decision of RAE which had imposed on PPC
\n
to sell electricity to Mytilineos at a price which, according to PPC, was below the cost of electricity and, subsequently, from the
\n
31.10.2013 under No. 1/2013 decision of the special arbitration court in RAE, which had imposed an even lower price on PPC.
\n
With its decision of 22.02.2024, the Court annulled the above-mentioned first-instance decision and referred the case to the
\n
General Court of Justice which decided on those reasons, which PPC had raised with its appeals and the which it had not
\n
examined.
\n
\n
With the referral of the case to the General Court, and particularly for the issues on which the General Court has been called
\n
upon to rule, the decision of the Court of 22.02.2024 in no way leads to a definitive solution to the dispute and a retrial on the
\n
substance of the case before the General Court. is expected. Subsequently, the General Court, with its letters of 07.03.2024 and
\n
08.03.2024, invited the Parties in Cases T-639/14 RENV II, T-352/15 RENV and T-740/17 RENV to submit their observations
\n
following the referral of the cases in question by the Court's decision of 22.02.2024. PPC submitted its observations on time and
\n
requested that the General Court 1) deem PPC's appeals in each of the three Cases T-639/14 RENV II, T-352/15 RENV and T-
\n
740/17 RENV as well-founded, 2) cancel, the First Contested Decision and the Second Contested Decision respectively and 3)
\n
order the Commission and Mytilineos to pay the legal costs of PPC in the context of Joined Cases C-701/21 P and C-739/21 P. The
\n
decision of the General Court is awaited.
\n
\n
Judgement of a tax dispute case for the years 2006-2008
\n
\n
In July 2011, the final audit reports of the Company\u2019s tax audit for the years 2006 \u2013 2008, as far as the Income Tax is concerned,
\n
were released after a relevant decision of the Ministry of Finance that electricity benefit from the personnel electricity tariff to
\n
the Group\u2019s employees and pensioners \u201cconstitutes the Company\u2019s own discretion and free will and cannot be deducted from its
\n
gross revenue\u201d. The difference between the tariff for residential use and the personnel tariff to the Group\u2019s employees and
\n
pensioners for the years 2006-2007-2008 amounted to \u20ac107 million that were included in the taxable income of PPC. Given that
\n
PPC in the years 2006-2008 had tax losses which were carried forward to year 2009, a Partial Tax Audit Report was issued for the
\n
year 2009, as a result of which a tax amount of \u20ac26.7 million plus surcharges amounting to \u20ac9.1 million (Total amount: \u20ac35.8
\n
million) was charged to PPC for the year 2009.
\n
\n
Against the Audit Reports for the years 2006 \u2013 2008, an appeal was brought to the Administrative Court of First Instance of
\n
Athens, which was dismissed for formal reasons pursuant to the no.10769/2016 decision. Then, in 2017, a second appeal with
\n
the same content was brought again (registration no. \u03a0\u03a110518/2017), which was discussed on 19.10.2022. On this second appeal,
\n
published on 16.11.2022, under decision no. 15884/2022, by which the issuance of a final decision was postponed, until the
\n
publication of the decision of the Plenary of the Council of State on the referral decision no. 2460/2021 of its 6th Section, which
\n
would judge whether the possibility of a second appeal is in accordance with the Constitution. Subsequently, the decision no.
\n
1828/2023 of the Plenary of the Council of Ministers, which deemed constitutional the procedural arrangements regarding the
\n
possibility of a second appeal, when the first has been rejected for a formal reason. Following this, we await the appointment of
\n
a new trial in which the above second appeal of PPC SA will be discussed again.
\n

\n\n\n\n\n

\n\n\n\n\n

\n\n
47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
\n
\n
An appeal was filed against the Partial Tax Audit Report for the year 2009 before the Athens Administrative Court of Appeal. With
\n
the filing of the appeal, the 50% of the debt was suspended and the Parent Company paid an amount of \u20ac17.9 million. The
\n
Administrative Court of Appeal accepted the appeal of PPC SA with decision no. 5677/2013. Following this, the Greek State
\n
returned to PPC the amount of \u20ac17.9 million. Subsequently, the Greek State appealed against the decision of the Athens
\n
Administrative Court of Appeal, which was accepted by virtue of decision no. 289/2022 of the Council of State, which, however,
\n
did not examine the stated legal issue as to its substance.
\n
\n
As a consequence of this, on 11.11.2022 PPC was once again served with a partial Tax Audit Report under no. 174/201, where an
\n
amount of \u20ac47.4 million plus surcharges of \u20ac17.8 million, totaling to \u20ac65.2 million was marked as certified, which was settled
\n
through netting off receivables from the Greek State within 2022 of \u20ac56.7 million and within 2023 of \u20ac8.5 million.
\n
PPC SA filed before the Administrative Court of First Instance of Athens on 12.12.2022 an appeal for the suspension for all the
\n
cash certificates as well as a contested appeal on 12.12.2022 before the Dispute Resolution Department against the imposition
\n
of the additional tax. The above-mentioned objection was discussed before the Administrative Court of First Instance of Athens
\n
and a decision is expected. The obvious appeal was rejected and against the rejection decision an appeal was filed \u03c4\u03bf the
\n
Administrative Court of First Instance of Athens and a decision is expected.
\n
\n
Although PPC cannot exercise legal remedies against the decision of the Council of State, it can nevertheless claim the return of
\n
the imposed tax differences, in the event that its pending appeal before the Administrative Court of First Instance of Athens,
\n
concerning the years 2006 - 2008 is accepted.
\n
\n
For those tax differences, the Parent Company had established in previous years a provision for this case amounting to \u20ac57.1
\n
million and as result, the results for the year 2022 were burdened only for the remaining amount of \u20ac8.1 million.
\n
\n
Lawsuit against the Hellenic Capital Market Commission
\n
\n
The Group (through its subsidiary HEDNO) at each balance sheet date calculates based on an estimation method the Network
\n
Usage Fees related to the consumed and unbilled energy for the non-monthly metered connections in the Non-Interconnected
\n
Network of Low Voltage. This estimate was invoiced by HEDNO to the electricity providers and in the next period the relevant
\n
settlement was carried out. The specific procedure was done on a monthly basis due to the specific obligations of the relevant
\n
department based on RAE guidance and the additional role it has in the energy market in non\u2013interconnected islands.
\n
\n
On the contrary, for the non-monthly metered connections of Low Voltage in the Interconnected Network, due to the complexity,
\n
the significant number of connections, but also the different obligations of the Company in the Interconnected Network and the
\n
way of pricing the relevant Network Usage Fees, HEDNO and as well the Group did not recognize a corresponding provision of
\n
accrued income until the year ended 31.12.2019.
\n
\n
During the year ended 31.12.2020, HEDNO re-examined the method of recognizing the revenue from Network Usage Fees in the
\n
Interconnected Network, in order to reflect those revenues that correspond to the consumed and unmetered energy and which
\n
has not been invoiced for those connections.
\n
\n
Based on the specific estimates (Note 44 of the annual financial statements of PPC as of 31.12.2021), it was concluded that the
\n
Group's retained earnings as of December 31, 2019 appear underestimated, as the revenue accrual mentioned above was not
\n
recognized. In addition, the Parent Company did not recognize part of the accrued income as the owner of property, plant,
\n
equipment of the distribution network sector and respectively the accrued expense for the payment of distribution network
\n
usage fees as electricity provider to HEDNO.
\n
\n
In the Group\u2019s and the Parent Company\u2019s financial statements as of December 31, 2020, there was no restatement of the figures
\n
of the comparative period for the above adjustment that took place, as the effect of the non-restatement on the financial figures
\n
of the Group and the Parent Company was not considered significant and especially on \"EBITDA\" and \"EBITDA Recurring\", which
\n
are the ratios that have been evaluated by the Group and the Parent Company as the key ones used by the main users of the
\n
financial statements to evaluate the Group\u2019s and the Parent Company\u2019s financial performance.
\n

\n\n\n\n\n

\n\n\n\n\n

\n\n
47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
\n
\n
With the letter dated 1.2.2022, the Hellenic Capital Market Commission requested the Parent Company (PPC SA) to proceed with
\n
the restatement of the relevant figures in the Group\u2019s financial statements of December 31, 2021, in accordance with the
\n
provisions of IAS 8. The Group and the Parent Company keep their position that their initial judgement is correct, that the effect
\n
of the non-restatement does not meet the criteria of significance and do not agree with the request by the Hellenic Capital Market
\n
Commission toward the Parent Company to restate relevant figures and have already challenged the above act before the
\n
competent courts.
\n
Exclusively, for the avoidance of imposition of sanctions against them, the Group and the Parent Company proceeded to restate
\n
the relevant comparative figures in the financial statements of December 31, 2021, reserving all their rights and especially their
\n
right to request the cancellation of the above action.
\n
\n
Therefore, and in accordance with the above, the Group and the Parent Company restated the comparative amounts of the
\n
previously presented periods in their financial statements of the year ended 31.12.2021, with the earlier of the presented periods,
\n
i.e. 01.01.2020.
\n
\n
The trial of the case was initially set for 18.11.2022. Four adjournments followed and a new hearing was set for 14.6.2024 which
\n
was postponed to 18.10.2024 and with a new adjournment a new trial was set for 24.01.2025 which was postponed to
\n
23.05.2025.
\n
\n
PPC\u2019s relation to its personnel\u2019s Social Security Funds
\n
\n
Despite the fact that under the current legislation the Group does not have any obligation to cover in the future any deficit
\n
between revenues and expenses to PPC\u2019s personnel Social Security Funds, there can be no assurance that this regime will not
\n
change in the future. PPC S.A. has not established a provision for the subject in question.
\n
\n
PPC\u2019s audit by the European Commission's Directorate-General for Competition
\n
\n
In February 2017, the European Commission's Directorate-General for Competition conducted a drawn raid audit to PPC in
\n
accordance with Article 102 of the Treaty on the Functioning of the European Union Regulation
\n
and pursuant to the relevant decision of the Commission dated 01.02.2017, for alleged abuse of a dominant position on the
\n
wholesale market for the generation of electricity from 2010 and onwards.
\n
\n
In March 2021, the European Commission announced that it has opened a formal antitrust investigation to assess PPC's activity
\n
in the Greek wholesale electricity market.
\n
\n
On 07.02.2024 the European Commission sent PPC a statement of objections regarding alleged aggressive pricing in the Greek
\n
wholesale electricity market, alleging that PPC violated EU antitrust rules by selling electricity in the Greek wholesale market
\n
below cost in order to impede competition, for the period from 01.07.2013 to 31.12.2019.
\n
\n
On 24.07.2024, the hearing was held before the European Commission. The investigation is ongoing and the outcome and
\n
potential financial impact on the company cannot be estimated at this time, due to the inherently uncertain nature of
\n
investigations into possible infringements of competition rules.
\n
\n
ENVIRONMENTAL OBLIGATIONS
\n
\n
Key uncertainties that may impact the final level of environmental investment which the Group will be required to undertake,
\n
over the forthcoming decade, include:
\n
\n
1. With the Decision E' 144/2024, an application against the Decision on the Approval of the Environmental Conditions (AEPO)
\n
of the Project is rejected and its legality is confirmed. Also, on 27.01.2023 a Partial Installation Permit for Mesochora HPP
\n
was issued.
\n

\n\n\n\n\n

\n\n\n\n\n

\n\n
47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
\n
Based on the actions to date by the competent local Agencies and Authorities, regarding the fulfillment by PPC of the
\n
Conditions of the AEPO, which are a condition for the Blocking of the Diversion Tunnel, the possibility of blockage and the
\n
beginning of filling the Reservoir, are placed within 2028, with estimated operation of the project in the end of 2028.
\n
However, it should be noted that the effort made by PPC S.A continues so that, in cooperation with the State and the
\n
competent Agencies and Authorities, the blockage to become possible earlier. The total cost for the project as of December
\n
31, 2024 (after impairments of \u20ac 8 million) amounted to \u20ac 284.7 million.
\n
2. In December 2010, the new Directive (2010/75/EU) was issued for industrial emissions (Industrial Emissions Directive \u2013 IED),
\n
revising Directives IPPC and 2001/80/ EC, which is effective from January 6th, 2011.
\n
\n
With the end of the Transitional National Emissions Reduction Plan (TNERP), i.e. on 30.06.2020, Units I and II of Ag. Dimitrios
\n
were included in a restricted operation regime (from 01.07.2020, 1500 hours per year as a rolling average of five years),
\n
while in Units III, IV and V the necessary environmental investments have been completed for the continuation of their
\n
operation.
\n
\n
Ptolemaida, Amyntaio, and Kardia stations, as well as Units I-II & III of Megalopolis station, have already ceased operations
\n
permanently.
\n
\n
3. Within the framework of Directive 2010/75/EU and after the issuance of the legally binding conclusions of the revised Manual
\n
on the Best Available Techniques for Large Combustion Plants (executive decision EU 2021/2326 published on 20.11.2021),
\n
the required investments in the thermal plants were examined.
\n
\n
To this date, requests for deviation from the emission levels of \u0395\u0391 2021/2326/\u0395U have been submitted based on Article 15.4
\n
of the IED for specific Units taking into account, inter alia, their remaining life, for which PPC has received the approval of the
\n
Ministry of Environment.
\n
\n
The Directive (2010/75/EU) has been recently revised by Directive 2024/1785/\u0395U. Greece must adopt the necessary laws,
\n
regulations and administrative provisions to comply with the new directive no later than 1 July 2026. PPC SA monitors the
\n
developments and analyzes possible effects in order to take the necessary compliance actions in a timely manner.
\n
\n
4. On November 28, 2015 Directive 2015/2193 of the European Parliament and the Council of November 25, 2015 was published
\n
in the Official Journal of the European Union, on the limitation of emissions of certain pollutants into the air from Medium
\n
Combustion Plants, regardless of the type of fuel used and PPC SA took all necessary measures for its timely compliance. For
\n
existing units in Small Isolated Systems, compliance with the new Emission Limit Values is expected from 01.01.2030 onwards.
\n
The provisions of the directive to limit the emissions of certain pollutants into the atmosphere of Medium-sized Combustion
\n
Plants (MCPD) are thoroughly examined by the competent Services of PPC, so that, in cooperation with the co-competent
\n
authorities of the country, appropriate strategies for the electrification of the islands can be promoted in a timely manner
\n
with technically and economically viable solutions, which must also be implemented in a timely manner, and in any case
\n
before the expiry of the provisions of the Directive deadlines. For existing units in Small Isolated Systems, compliance with
\n
the new Emission Limit Values is foreseen from 01.01.2030.
\n
\n
Within the period 2020-2030, almost all the islands of the Aegean will have been interconnected, starting with the
\n
interconnection of Crete, in accordance with the Ten-Year Development Program 2021-2030 of IPTO and the National Plan
\n
for Energy and Climate (ESEK), while any remaining electricity generation units will operate as a backup only in case of
\n
emergency in accordance with the provisions of the Directive for these cases. It is noted that already in the first months of
\n
2018, the interconnection of Syros, Mykonos and Paros with the continental system has been completed and these units are
\n
now in reserve.
\n
5. The extent of land contamination is assessed by PPC for its liable facilities, following the provisions of art. 22 of Directive
\n
2010/75/EU and Environmental Terms Approval taking all appropriate precautionary measures. Indicatively, it is mentioned
\n
that the necessary basic reports were submitted to the Ministry of Environment.
\n

\n\n\n\n\n

\n\n\n\n\n

\n\n
47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
\n
6. PPC has performed studies on the presence of asbestos-containing materials, at its facilities and any dismantling/ removal of
\n
materials containing asbestos from PPC\u2019s facilities is carried out by companies properly licensed for this purpose.
\n
\n
7. In view of PPC\u2019s decarbonization project and the relevant provisions included in the AEPO of the facilities that have already
\n
permanently ceased operation, PPC is proceeding with withdrawals and rehabilitation of Lignite Units, mine rehabilitation,
\n
as wells as the utilization of materials and equipment. Already, complete rehabilitation studies have been submitted and
\n
approved by the licensing authority of the Ministry of Environment for the units Kardia (I-IV), Amyntaio (I-II), Ptolemaida (I-
\n
IV), LIPTOL, Lavrio (I-III), while the approval for the restoration of Aliveri (I- IV) is still pending. A restoration study has also
\n
been submitted to the Ministry of the Environment for the unit Megalopolis. Reclamations of the areas of the Western
\n
Macedonia and Megalopolis mines continue to be implemented, in order for them to be assigned to post-lignite uses.
\n
\n
8. In the same context, after the submission of an AEPO (Decision Approving Environmental Conditions) amendment file for the
\n
Amynteo-Lakkia\u2019s mine and updates for the Ptolemaida and Megalopolis\u2019 mines Environmental Impact Assessment (EIA)
\n
studies the relevant new AEPO have been issued. Also, an Environmental Impact Assessment (EIA) Amendment File for Kleidi
\n
mine is being prepared. These studies include a mining planning corresponding to the decarbonization project, provisions for
\n
mines closure and their final reclamation, in order for their lands to be assigned to post-lignite uses.
\n
\n
In addition to the other environmental obligations arising from the approvals of environmental conditions of the Production
\n
Stations and Mines, in 2019 PPC voluntarily undertook the obligation to proceed with the dismantling or alternative utilization
\n
of the facilities of all Production Stations and Mines and removal of their equipment, when these facilities cease to operate,
\n
as well as in the restoration of land areas.
\n
\n
For this obligation, the required provisions amounting to \u20ac 483.5 million were recognized on December 31, 2024 (31
\n
December 2023: \u20ac 480.4 million) for the Group and the Parent Company (Note 38).
\n
\n
9. PPC comes under the ETS II provisions for the quantities of natural gas sold in the retail market and the fuels used for
\n
electricity production in energy plants that do not fall under ETS I (categories (i) and (ii) of article 3la of JMD no.
\n
86227/2245/2024, Government Gazette 4674/B/2024). For these activities, in December 2024, PPC obtained a \"Greenhouse
\n
Gas Emissions Permit\" (GHG) for the period 2025-2030. As part of its obligations, PPC will submit to the competent
\n
authorities, by April 30, 2025, a report on its historical emissions for the year 2024. From 2026 onwards, PPC will submit a
\n
verified report of emissions for the previous year. From 2028, once annual verified emissions are reported for the previous
\n
year, an equivalent number of allowances will be surrendered by 31 May of the same year.
\n
\n
INVESTMENTS
\n
\n
Metsovitiko Hydroelectric Power Plant (HPP)
\n
\n
Metsovitiko HPP of an installed capacity of 29 MW is expected to enter commercial operation in the second half of 2025 and the
\n
outstanding price of the two main contracts as of December 31, 2024 amounts to \u20ac 8.0 million (31.12.2023: \u20ac10.1 million).
\n

\n\n\n\n\n

\n\n\n\n\n

\n\n
47.COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
\n
A new Steam Electric Unit 660 MW in Ptolemaida
\n
With the Contract No 11 09 5052, that entered into force on 29.03.2013, TERNA S.A. was awarded the execution of the Project:
\n
\"SES PTOLEMAIDA - Engineering, procurement, transportation, installation and commissioning of a new steam Unit V of 660 MW
\n
gross power, firing pulverized lignite and capable to supply 140 MWth thermal power for district heating\", for a contractual price
\n
of \u20ac1.388 billion. Following the issuance of Supplements No1, No2, No3, No5 and No6 (No3, No5 refer to district heating, and
\n
No6 incorporates the result of the Amicable Settlement procedure between PPC and the Contractor as approved by the BoD of
\n
the Parent Company) the total contractual price amounts to \u20ac 1.4 billion.
\n
\n
In November 2022, the unit was put into trial operation and as of October 9, 2023, it was transferred from assets under
\n
construction to the fixed assets used in operation according to the protocol of commencement of commercial operation signed
\n
with the project contractor.
\n
The outstanding balance of the main Contract as of December 31, 2024 amounts to \u20ac10,6 million and mainly concerns spare parts
\n
of fixed assets while the outstanding balance of Supplements No 3 & No 5 (concerning district heating) on December 31, 2024
\n
amounts to \u20ac 0.6 million and \u20ac 0.1 million, respectively.
\n
The Unit \u201cSES Ptolemaida V\u201d was granted an operating license and the permission to participate in the Emission Trading Scheme
\n
from March 6, 2024 on the basis of the competent Ministry relevant decisions, and it was registered in Unit Register of the System
\n
Operator on May 21, 2024.
\n
\n
A new natural gas Unit of 840 MW capacity
\n
PPC S.A. purchased on December 20, 2022 the 51% of the shares of the Company \u201cPower Generation Alexandroupolis Sole
\n
Shareholder S.A.\u201d from the company Damco Energy paying an amount of \u20ac3.2 million. The remaining shareholders of the
\n
company are DEPA Supply with 29% and Damco Energy with 20%. The new subsidiary company plans the construction and
\n
operation of a new natural gas-fired power plant, with a nominal capacity of 840 MW, in Alexandroupolis. The new unit will be
\n
directly connected to Gastrade's under construction Floating Natural Gas Storage and Gasification Unit (FSRU). The equipment
\n
that will be installed in the unit will be able to burn hydrogen and will be able to operate with mixed gas fuel.
\n
The project has received the Decision of Approval of the Environmental Conditions (AEPO) and its construction works started at
\n
the end of 2022 while it is expected to be completed in the fourth quarter of 2027. The contract price of the project after revisions
\n
at the beginning of 2024 amounts to \u20ac393.9 million while the outstanding balance is \u20ac180.1 million on December 31, 2024.
\n
\n
Research, Development and Exploitation of Geothermal potential
\n
PPC Renewables has leased from the Greek State the Research and Management rights of the geothermal potential of four public
\n
mining sites: a) Milos-Kimolos-Polyaigos, b) Nisyros, c) Lesvos and d) Methana.
\n
In agreement with the associate company GEOTHERMAL TARGET II S.A., which took on the development of geothermal power
\n
plants in the aforementioned areas, the development programme that was foreseen for recent years has progressed. Currently,
\n
geophysical surveys are being completed in the field of Lesvos, and design studies are being carried out for the construction of a
\n
small geothermal power plant in Lesvos, which is expected to be operational by 2025. Within days, the Environmental Impact
\n
Assessment (EIA) for conducting exploratory drilling in Milos will be submitted for approval, with operations expected to
\n
commence within the first semester of 2025. The Environmental Impact Study (EIS) for the conduct of exploratory drilling in Milos
\n
has been submitted for approval, the tenders for the construction of which are expected to be announced within the first half of
\n
2025. At the same time, contracts have been concluded with consulting companies for the evaluation of the research results and
\n
the investigation of the most suitable locations for the execution, in principle, of deep geothermal exploratory drilling in the three
\n
other areas, with the expectation of the subsequent productive exploitation of the geothermal potential.
\n
The total capital expenditures of the geothermal projects of the PPC Renewables Group in 2024 amounted to \u20ac 0.8 million.
\n
Wind Parks
\n
Construction works for the Doukas Wind Park, by PPC Renewables, \u201cDOUKAS WIND PARK SOLE SHAREHOLDER S.A.\u201d, with a
\n
capacity of 26MW of a total budget of \u20ac31.6 million, in \u201cDOUKAS\u201d location of St. Anargyroi, Kleisoura and Lehovo locations of
\n
the Municipalities of Kastoria and Amyntaio, of the prefectures of Kastoria and Florina in the Region of Western Macedonia,
\n
started in September 2022. Construction works are expected to be completed in 2025.
\n

\n\n\n\n\n\n

\n\n\n\n\n\n

\n\n
47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
\n
Construction works for the Koukouli Wind Park, by PPC Renewables, \u201cKOUKOULI WIND PARK SOLE SHAREHOLDER S.A.\u201d, with a
\n
capacity of 13.2 MW, of a total budget of \u20ac17 million, in the \u201cKoukouli-Grivas\u201d location in Shiatista of the Municipality of Voi, of
\n
the Kozani prefecture in the Region of Western Macedonia, started in September 2022. Construction works and the electrification
\n
of the park were completed in March 2024.
\n
Construction works for the Karkaros Wind Park, by PPC Renewables, \u201cALTERNATIVE POWER & ENERGY ALPENER SINGLE MEMBER
\n
S.A.\u201d with a capacity of 36.4 MW of a total budget of \u20ac45.5 million, in the \u201cKarkaros\u201d location of the Municipality of Delfi of the
\n
Fokis prefecture, started in January 2024. Construction works and electrification are expected to be completed in 2025.
\n
The EPC Contract for the construction of a wind power plant with a maximum installed capacity of 35.4 MW in the Timenio Oros
\n
location of Arcadia and Argolis prefectures, as well as the road construction and electrical interconnection projects of the plant
\n
with the National Electricity Transmission System with the construction of a new substation 33/150kV Timenio Oros, was signed
\n
in October 2024. Construction works are expected to start in the first quarter of 2025.
\n
\n
Regarding the new Wind Park with a total nominal power of 60 MW in the locations of Gerakas (15 MW) and Milia-Kapetanios-
\n
Livadokorfi (45 MW) of the Rodopi prefecture, 2 BoP Contracts were signed in December 2024. The first BoP Contract includes
\n
the infrastructure works of the Wind Park, the Connection of the Park to the New 33/150 kV Organi Substation and the
\n
construction of a High Voltage transmission line to connect the Organi Substation to the KYT Nea Santa in the Rodopi Regional
\n
Unit. The other BoP Contract includes all works related to the supply, installation and commissioning of the new 150/33 kV
\n
Outdoor Type Substation in Organi location of the Rodopi prefecture, the new cable section of the 150 kV transmission line as
\n
well as the expansion works of the existing KYT Nea Santa. A Supply and Installation Agreement for 11 Wind Turbines for the
\n
Wind Park was also signed in the same month. Construction works are expected to start in the first quarter of 2025.
\n
With regards to the Wind Park with a total nominal power of 11 MW in Livadaki location of the Municipality of Dorida, of the
\n
prefecture of. Fokida (company LIVADOR in which PPC Renewables participates with 49% percentage), the Supply and Installation
\n
Agreement was signed in December 2024, while the BoP Contract is expected to be signed in the first quarter of 2025.
\n
The Group has, including offshore wind, additional wind projects in operation or under development.
\n
\n
The total capital expenditure for Wind Parks of the PPC Renewables Group in 2024 amounted to 60.8 million.
\n
\n
Photovoltaic Stations
\n
Construction works of \u201cPteleonas 1\u201d, \u201cPteleonas 2\u201d, \u201cCharavgi 1\u201d and \u201cCharavgi 5\u201d PV Plants of 94.9 MW capacity, with horizontal
\n
single-axis trackers and bifacial PV modules and the extension of the \u201cCharavgy\u201d 150kV substation, of a total budget of \u20ac 64
\n
million, in the Municipalities of Eordea and Kozani, at Kozani Regional Unit, began in September 2022. Construction works and
\n
electrification were completed in third quarter of 2024.
\n
\n
With respect to the 550MW \u201cOrychio DEI Ptolemaida\u201d PV plant, with horizontal single-axis trackers and bifacial PV modules, and
\n
the necessary grid connection works, of an indicative total budget of \u20ac 300 million, in the Municipalities of Eordea and Kozani, at
\n
Kozani Regional Unit, the signing of the contract tool place in July 2023. Construction works started in December 2023.
\n
\n
In addition, PPC, based on the implementation of the National Energy and Climate Plan and the utilization of existing
\n
infrastructures that are permanently decommissioned, has designed and implemented energy storage projects (at the Kardias
\n
Mine) as well as the installation of new means of thermal energy production for covering the thermal needs of the interconnected
\n
district heating system (SITHYA). At the same time, PPC Renewables is developing projects of PV stations and energy storage
\n
stations with BESS which are planned to be interconnected in a common substation utilizing the infrastructure of the Gates of
\n
Units I & II of the former AIS KARDIAS. The contract for AIS KARDIAS was signed in September 2023. The estimated completion
\n
and commissioning of the project is placed in 2025 with a total investment budget of \u20ac4.4 million for PPC and \u20ac11.5 million for
\n
PPC Renewables. Additionally, in April 2024, a Contract was signed for the commissioning of a 400kV/150kV/30kV
\n
Autotransformer at the KYT Kardias, The projects are necessary conditions for the operation of the whole of 550MW PV Station
\n
ORYCHIO PPC PTOLEMAIDA.
\n
\n
For the new \"Akrini\" PV plant with a total capacity of 80 MW, which will be installed within the Lignite Center of Western
\n
Macedonia, at the \"AKRINI\" location, of the Hellespont Municipal Authority, the Municipality of Kozani, the Regional Authority of
\n
Kozani, the Region of Western Macedonia on a fixed support system, with an indicative total budget of \u20ac36 million, the contract
\n
was signed in July 2024, when construction work began.
\n

\n\n\n\n\n\n

\n\n\n\n\n\n

\n\n
47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
\n
The contract for the construction of PV plants \u201cEksochi 7\u201d, \u201c Eksochi 8\u201d, \u201c Kardia 1\u201dof 170,95426 MW capacity with fixed mounting
\n
system, and their connection to the existing Substations 33/150 kV \u201cCharavgi\u201d and \u201cA1 Kardias-Kleitos\u201d, of an indicative total
\n
budget of \u20ac 68 million, in the Municipalities of Eordea and Kozani, at Kozani Regional Unit, was signed in March 2024, when also
\n
construction works started.
\n
\n
With respect to the new PV plant at Katarrachia and Tripotamos location of 125 MW capacity, of an indicative total budget of
\n
\u20ac60 million, with fixed mounting system, which is going to be installed in the Municipality of Megalopoli, at Peloponnese Regional
\n
Unit, in location \u201cOrycheio Megalopoli\u201d of total capacity of 490 MW, the EPC contract was signed in June 2024.
\n
\n
47.COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
\n
\n
Regarding the new PV Station at the location \"Orycheio Megalopoli\" with a capacity of 125 MW, with fixed mounting system,
\n
which is going to be installed within the Municipality of Megalopoli, at Peloponnese Regional Unit, in location \u201cOrycheio
\n
Megalopoli\u201d of total capacity of 490 MW, the contract is expected to be signed within the first quarter of 2025.
\n
\n
PPC Renewables Group has additional PV projects either in operation or under development, while its total capital expenditures
\n
for PV projects amounted to \u20ac223.9 million in 2024.
\n
\n
Hybrid Projects
\n
\n
Regarding the project of the 3.0 MW guaranteed capacity Hybrid Plant, consisting of a PV Plant with a maximum production
\n
capacity of 3.531 MW in Marmari location and a Battery Energy Storage System with accumulators with a storage capacity of at
\n
least 10.16 MWh and a maximum charging capacity at least 5.5 MW in Paliomylos location, of Municipality of Astypalea in
\n
Kalymnos prefecture in the Region of South Aegean, the BESS Supply Agreement was signed in December 2024 and construction
\n
works are expected to start in first quarter of 2025.
\n
\n
Capital expenditures for Hybrid Projects amounted to \u20ac1.0 million in 2024.
\n
\n
Energy Storage Projects
\n
With respect to the project of the Battery Energy Storage Station with a guaranteed capacity of 100 MWh, maximum incoming
\n
and outcoming power of 50 MW and consisting of accumulators in Ptolemaida 4 location of the Municipal Unit of Dimitrios
\n
Ypsilantis of the Municipality of Kozani, of the prefecture of.Kozani, in the Region of Western Macedonia, the BESS Supply
\n
Agreement and the BoP Contract are expected to be signed in the first quarter of 2025.
\n
With respect to the project of the Battery Energy Storage Station with a guaranteed capacity of 96 MWh, maximum incoming
\n
and outcoming power of 48 MW and consisting of accumulators in Meliti 1 location of the Municipal Unit of Melitis of the
\n
Municipality of Florina, of the prefecture of Florina, in the Region of Western Macedonia, the BESS Supply Agreement and the
\n
BoP Contract are expected to be signed in the first quarter of 2025. The project will be connected to the new KYT Melitis II, where
\n
construction works for the installation of a new 400/33/33kV Transformer and for the Connection and Extension works to the
\n
existing KYT Melitis have already started through a separate Contract.
\n
The Group has additional Energy Storage projects under development. Total capital expenditure for Energy Storage projects in
\n
2024 amounted to \u20ac0.2 million.
\n
Small Hydroelectric Power Plants (SHPPs)
\n
\n
Completion of the construction works for Makrochori II SHPP with nominal capacity of 4.84 MW and a total budget of \u20ac7.4 million
\n
at the Rapsomaniki location of the Municipality of Alexandria, Prefectural Government of Imathia in the Central Macedonia
\n
Region. The contract was signed in June 2020, when construction works began with the final acceptance of the project expected
\n
within the 1st - 2nd quarter of 2025.
\n
\n
PPC Renewables Group has additional MHP projects either in operation or under development, while its total capital expenditures
\n
for Small Hydropower Plants amounted to \u20ac1.8 million in 2024.
\n

\n\n\n\n\n\n

\n\n\n\n\n\n

\n\n
47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
\n
Partnerships for the joint development of RES portfolios
\n
\n
The joint venture company Meton Energy S.A., in which PPC Renewables and RWE Renewables Europe and Australia participate
\n
with 49% and 51%, respectively, has taken the final investment decision for the construction of an additional photovoltaic project
\n
with a total capacity of approximately 450 MW, located in Western Macedonia in Northern Greece, within the boundaries of the
\n
former Amynteo open pit lignite mine. This solar farm, which is now entering the construction phase, is the last project of the
\n
940 MW Amynteo portfolio.
\n
In April 2024, PPC signed a Cooperation Framework Agreement (CFA) with MYTILINEOS Energy & Metals for the development
\n
and construction of a portfolio of solar projects up to 2 GW in Italy (503 MW), Bulgaria (500 MW), Croatia (445 MW) and Romania
\n
(516 MW), which is expected to be implemented in the next three years. The agreement includes approximately 90 solar projects
\n
that MYTILINEOS will fully develop and construct and, which upon completion of their connection to the electricity grid, will be
\n
acquired by PPC Group. Construction of the first two solar projects in Italy with a total capacity of 32 MW has completed and the
\n
projects are expected to commence commercial operations within the first quarter 2025.
\n
In September 2024, PPC signed a strategic agreement-collaboration framework with the Copelouzos and Samaras Groups for the
\n
acquisition of an RES portfolio of 66.6 MW in operation, a pipeline of up to 1.7 GW under development which will be jointly
\n
developed with Copelouzos and Samaras Groups, as well as for the acquisition of a 20% share in the Company Ilektroparagogi
\n
Alexandroupolis S.A., which develops a CCGT unit (840 MW), in which PPC already holds a majority stake (51%).
\n
In November 2024, PPC Renewables entered into an agreement to acquire the minority shareholding percentage developing a
\n
wind project with a total installed capacity of 38.4 MW located in Rodopi.
\n
\n
Pumped-storage hydroelectricity - production-storage of electricity
\n
PPC is in the process of research and project maturation, for the construction of Pumped-Storage Hydroelectricity (PSH) projects
\n
in selected locations within the Greek Territory, for which projects it received a license from the RAEWW and are as follows:
\n
1. Pumped-Storage Hydroelectricity project with a maximum injection power of 304 MW and a maximum absorption power
\n
of 294 MW in the \"Kardia Mine\" location of the Dimitriou Ypsilanti\u2019s Municipal Unit of the Kozani\u2019s Municipality of the
\n
Kozani\u2019s Regional Unit of the Western Macedonia Region (RAE Decision 122/202/24.10.2023)(AD-05319).
\n
2. Pumped-Storage Hydroelectricity project with a maximum injection power of 183 MW and a maximum absorption power
\n
of 181 MW at the \"Megalopolis Mine\" site of the Megalopolis Municipal Unit of the Megalopolis Municipality of the
\n
Arcadia Regional Unit of the Peloponnese Region (RAEWW Decision 1234.2023/24.10.2023)(AD-05319).
\n
3. Pumped-Storage Hydroelectricity project with a maximum injection power of 475 MW and a maximum absorption power
\n
of 448 MW at the location \"HP Sfikias (Bravas) reservoir\" of the Veria Municipal Unit of the Municipality of Veria of the
\n
Imathia Regional Unit of the Region of Central Macedonia (RAEWW Decision 1236.2023/24.10.2023)( AD-05321).
\n
4. Pumped-Storage Hydroelectricity project with a maximum injection power of 238 MW and a maximum absorption power
\n
of 231 MW at the location \"South Field\" of the Municipal Unit of Elispondou of the Municipality of Kozani of the Regional
\n
Unit of Kozani of the Region of Western Macedonia in replacement (for technical-economic reasons) of the planned
\n
Pumped-Storage Hydroelectricity project with a maximum injection power of 156 MW and a maximum aborption power
\n
of 150 MW at the location \"Mavropigis Mine\" of the Municipal Unit of Ptolemaida of the Municipality of Eordaia of the
\n
Regional Unit of Kozani of the Region of Western Macedonia (RAEWW Decision 1237.2023/24.10.2023)(AD-05322).
\n
In addition, PPC is in the process of research and project maturation for the construction of additional pumping (electricity
\n
storage) projects at the existing Pournari and Kastraki hydroelectric plants.
\n

\n\n\n\n\n\n

\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag286": { "value": "\n
47. COMMITMENTS, CONTINGENCIES AND LITIGATION
\n
OWNERSHIP AND INSURANCE OF PROPERTY
\n
\n
1. The National Cadastral process is in progress. The Parent Company has already completed its Real Estate\u2019s recording. Those
\n
properties are recorded in total in the Land Registries throughout Greece in the Cadastral Offices and at the same time the
\n
cadastral process is monitored, and all pending issues from this process are settled (it has been completed the 52% of the
\n
Country). In this context, over 80 cadastral lawsuits are pending, out of which 20 are in Athens, for which the relevant
\n
judgements have not yet been issued. From 20.03.2023, the Athens Land Registry Office operates for Athens. Land Registration
\n
has been completed in Athens and we are expecting the beginning or completion of Land Registration in areas in the rest of
\n
the country.
\n
2. In several cases, expropriated land, as presented in the expropriation statements, differs from the cadastral or ownership
\n
survey, a reason for which PPC is in the process of cadastral settlement (registration of registrable deeds, filing of declarations,
\n
requests for manifest errors) in collaboration with the Cadastral Offices. In particular, for the properties in question, PPC has
\n
the right till December 2026 (before the year 2016 cadastral areas) to proceed with lawsuits for the said land which are mainly
\n
located in expropriated lignite-bearing areas and in the official records appear to have an unknown owner or third-party owner.
\n
Cadastral lawsuits have not yet been filed, because an out-of-court settlement is being attempted in cooperation with the
\n
central Cadastral Service. At a pre-trial/preliminary stage, 150 objections are still pending, a procedure which, according to the
\n
competent authority, has been reactivated in areas such as Layrion.
\n
3. Agricultural land acquired by the Parent Company through expropriation in order to be used for the operation of hydroelectric
\n
power plants, must be transferred to the State at no charge, following a decision of the Parent Company\u2019s Board of Directors
\n
and a related approval by the Ministry of Development, if such land is no longer needed by the Parent Company for the
\n
fulfilment of its purposes according to article 9, of Law 2941/01.
\n
4. All applications for the removal of expropriations concerning abolished HV Transmission Lines have been served and there are
\n
no pending actions required by PPC S.A.
\n
5. The Group does not carry any form of insurance coverage on its fixed assets in operation (except for its information technology
\n
infrastructures), and as a result if a sizable damage occurs to its properties, it might affect its profitability. Material spare parts
\n
as well as liability risks against third parties are not insured.
\n
\n
LITIGATION AND CLAIMS
\n
The Group is a defendant in several legal proceedings arising from its operations. On December 31, 2024 the total amount claimed
\n
by third parties amounts to \u20ac 984.0 million (31.12.2023: \u20ac974.0 million) as analysed below. Against all cases 1 to 7 below, the
\n
Group and the Parent Company have established a provision which on 31 December 2024 amounts to \u20ac 320.0 million and \u20ac 407.0
\n
million respectively (31.12.2023: \u20ac 354.0 million Group and \u20ac 392.0 million, Parent), which is considered sufficient against the
\n
expected losses that will result from the final adjudication of the above cases.
\n
\n
1. Claims with contractors, suppliers and other claims:
\n
Third parties as well as a number of contractors and suppliers have raised claims against the Group. These claims are either
\n
pending before courts or under arbitration and mediation proceedings. Total claims amount to \u20ac 406.0 million (31.12.2023:
\n
\u20ac424.0 million). In most cases the Group has raised counter claims, which are not reflected in the accounting records, until the
\n
time of collection.
\n
\n
2. Fire incidents and floods:
\n
A number of individuals have raised claims against the Group for damages incurred as a result of alleged electricity-generated
\n
fires and floods. Total claims amount to \u20ac 102.0 million (31.12.2023: \u20ac95.0 million).
\n
\n
3. Claims by employees:
\n
A number of the Groups\u2019 Employees are claiming the amount of \u20ac 74.0 million (31.12.2023: \u20ac75.0 million), for allowances and
\n
other benefits that according to the employees should have been paid by PPC.
\n

\n\n\n\n\n
47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
\n
4. Lawsuits and extrajudicial documents of IPTO against PPC S.A.
\n
\n
\u0391) Extrajudicial document of IPTO against PPC
\n
\n
On 29.11.2018, IPTO served an extrajudicial document to PPC with which asks from PPC:
\n
-to pay-off debts of \u20ac 495.3 million from PPC\u2019s participation in the wholesale electricity market for the period January 2018 to
\n
August 2018, which have become overdue, plus overdue interest.
\n
-to pay overdue interest amounting to \u20ac 83.4 million arising from the overdue payment of PPC\u2019s debts from its participation in
\n
the wholesale electricity market for the period August 2016 to September 2018.
\n
Claims relating to overdue receivables have been paid-off by PPC in previous years.
\n
Claims relating to interest on overdue receivables, for which IPTO remained the beneficiary (after Law 4585/2018, art. 4), were
\n
incorporated in IPTO\u2019s later lawsuit, brought in 2021 (4
\n
th
\n
lawsuit).
\n
\n
B) 1st & 2nd Lawsuit of IPTO against PPC
\n
\n
On 28.02.2019, two IPTO\u2019s lawsuits, no. \u0393\u0391\u039a/\u0395\u0391\u039a 10679/355/2015 and 10682/356/2015 (February 2015) against PPC for a total
\n
amount of \u20ac 540.0 million, for amounts due from the Parent Company\u2019s participation in the wholesale electricity market, were
\n
discussed before the Multimember Court of First Instance in Athens. By its first lawsuit IPTO was asking for an amount of \u20ac 242.7
\n
million (with interest) for amounts due which PPC collects from electricity bills and conveys to IPTO, that in turn conveys them to
\n
EMO. By its second lawsuit, IPTO was asking for the payment of \u20ac 232.6 million (with interest) for amounts due which PPC collects
\n
from electricity bills and conveys to IPTO.
\n
Decision 944/2020 of the Multimember Court of First Instance in Athens was issued and was sent to PPC on 08.07.2020, which is
\n
not provisionally enforceable and obliges PPC to pay:
\n
- regarding the first lawsuit, to IPTO: a) the legal interest on the amount of \u20ac 188.3 million for the period from 03.02.2015 until
\n
the payment of each of the invoices included in the lawsuit and paid after that date, and b) the amount of \u20ac 18.9 million with the
\n
legal interest from the service of the lawsuit until the full repayment,
\n
- regarding the second lawsuit, to IPTO: a) the legal interest on the amount of \u20ac 227.6 million for the period from 03.02.2015 until
\n
the payment of each of the invoices included in the lawsuit and paid after that date, and b) the amount of \u20ac 40.3 million with the
\n
legal interest from the service of the lawsuit until the full payment.
\n
-to HEDNO: a) the legal interest on the amount of \u20ac5.0 million for the period from 03.02.2015 until the payment of each of the
\n
invoices included in the lawsuit and paid after that date and b) the amount of \u20ac244.6 thousands with the legal interest from the
\n
service of the lawsuit until the full payment.
\n
Interests corresponding to these overdue receivables amount to \u20ac 62.0 million. PPC has filed an appeal against the above decision,
\n
which was heard on 23.02.2023 before the Three-Member Court of Appeal of Athens and on 21.09.2023, Decision no. 4447/2023
\n
was issued, which accepted PPC\u2019s appeal and fully rejected IPTO\u2019s two initial lawsuits. An appeal has been filed at the Supreme
\n
Court by the parties against PPC and against decision 4447/2023 with filing numbers GAK/EAK 5538/537/2024, which has not yet
\n
been notified to PPC and so we are not aware of a trial date. On its side, PPC has served an extrajudicial document to IPTO
\n
(without the latter having answered), requesting the payment of a total amount of \u20ac 14.0 million for overdue interest on invoices
\n
which incorporate debts to PPC from March 2012 until 02.02.2015.
\n
\n
C) 3d Lawsuit of IPTO against PPC
\n
\n
\u039fn 5.10.2017, a new (third) lawsuit (no.\u0393\u0391\u039a/\u0395\u0391\u039a 508791/2833/2016 and after the redefinition \u0393\u0391\u039a/\u0395\u0391\u039a 72442/794/2020) of IPTO
\n
against PPC was discussed and furthermore re-discussed on 07.01.2021, due to a long delay in the issuance of a decision by the
\n
first composition of the Athens Multi-Member Court of First Instance, by which IPTO asks PPC to pay an amount of \u20ac 406.4 million
\n
(with interest) for overdue receivables arising also from PPC\u2019s participation in the wholesale electricity market and specifically
\n
relating to non-competitive charges of IPTOs\u2019 invoices for the year 2015 - 2016.
\n
Decision no. 1494/2021 of the Athens Multi-Member Court of First Instance was issued on this lawsuit, which rejected the claim
\n
for interest. The interest corresponding to these overdue receivables, amounted to \u20ac 59.0 million. IPTO, together with HEDNO
\n
and DAPEEP (who entered by law in part of the original claim) appealed against the above decision, which was discussed before
\n
the Tri-member Court of Appeal of Athens on 13.10.2022 and on 29.06.2023 the non-final decision no. 3173/2023 was issued, by
\n
which the appeal of the opposing parties was accepted.
\n
\n
By this decision, PPC is required to pay the above interest on overdue receivables, and the Court orders, for the issuance of a final
\n
decision, the carrying out of an accounting expert opinion. On 12.12.2024 the accounting expert opinion was completed and was
\n
submitted to the Court but is still pending the resumption of the discussion of the case with the care of the most diligent of the
\n
parties, and the issuance of a final decision.
\n

\n\n\n\n\n
47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
\n
\n
D) 4th Lawsuit of IPTO against PPC
\n
\n
On 31.12.2021 the lawsuit No. \u0393A\u039a/\u0395\u0391\u039a/106878/4124/2021 (new fourth lawsuit) was served to PPC by IPTO, as it was filed in the
\n
Multi-Member Court of First Instance of Athens on 30.12.2021, by which IPTO requests PPC to pay:
\n
a) an amount of \u20ac 78.2 million for interest on arrears, with legal interest from the service of the lawsuit until the full payment.
\n
b) an amount of \u20ac 6.5 million for outstanding capital, with legal interest from the respective declared day, otherwise from the
\n
notification, otherwise from the service of the lawsuit until the full repayment.
\n
\n
The above amounts relate to invoices issued by IPTO, that PPC allegedly did not pay or paid late and relate to the years 2016 to
\n
2020. The proposals were submitted on 11.04.2022 and with an addition on 19.04.2022.
\n
The case was discussed on 01.02.2024 and the decision \u03a0\u03a0\u0391 2549/2024 was issued which partially accepted the lawsuit. The
\n
decision has not yet been served, PPC will file an appeal.
\n
\n
All the above amounts of overdue receivables of the lawsuits have been paid to date except for the interest for which the
\n
Parent Company has established a provision in previous years.
\n
\n
5. Alleged claims of DAPEEP (former EMO) against PPC S.A. due to deficits of the Day Ahead Schedule (DAS)
\n
\n
Due to the deficits created by electricity suppliers ENERGA POWER TRADING S.A. and HELLAS POWER S.A. during the years 2011
\n
and 2012, PPC was obligated under RAE\u2019s Decision No. 285/2013 (whose legality was confirmed by the State Council\u2019s decision
\n
No.1761/2016), as well as by the Power Exchange Code for Electricity, to pay to EMO a total amount of \u20ac 126.3 million (after a
\n
final clearing according to Article 61 of the Power Exchange Code for Electricity) within 2017.
\n
\n
A. Although EMO explicitly accepted the proposed debt settlement, in December 2016 filed a lawsuit against PPC asking the
\n
(then) residual amount of \u20ac 78.0 million (with interest), which the Parent Company paid in 2017. In February 2017, PPC filed a
\n
counter lawsuit asking EMO to be ordered to pay the amount of \u20ac 126.0 million (plus an amount of \u20ac 100 thousands for PPC\u2019s
\n
moral damages). On these lawsuits, the Multimember Court of First Instance in Athens issued the decision 4810/2018 which
\n
accepted EMO\u2019s lawsuit and rejected PPC\u2019s counterclaim. PPC has filed a relevant appeal which was discussed after
\n
postponement on 19.05.2022 (from initial hearing on 16.09.2021), before the 13th section of the Three-Member Court of Appeal
\n
in Athens.
\n
\n
B. In December 2017, EMO sent to PPC two new Information Notes on the Allocation of Monthly Deficits of the Day Ahead
\n
Schedule (DAS), totalling to \u20ac 833 thousand with which, EMO claimed that its new claims arose from the second settlement of
\n
the Deficit for the years 2011 and 2012, due to the disappearance or insolvency of the previous third-party electricity suppliers
\n
of that time.
\n
\n
In this context, in March 2018, PPC filed before the Multimember Court of First Instance in Athens its lawsuit against EMO,
\n
requesting a declaration that it does not owe the above-mentioned amount and EMO to be condemned to pay an amount of \u20ac
\n
50 thousand as compensation for PPC\u2019s moral damages. In May 2018, EMO filed its counterclaim. The two opposite lawsuits were
\n
discussed, and the Multimember Court of First Instance in Athens issued the decision No. 932/2020, which justifies EMO (now
\n
DAPEEP), a reason for which a relevant appeal has already been filed, which was to be heard on 17.02.2022. It has been agreed
\n
to postpone them for co-adjudication with the above initial case on 19.5.2022. The cases were discussed on 19.05.2022 and the
\n
decisions MCFI 6663 & 6664/22 were issued, which PPC challenge before the Supreme Court.
\n
\n
6. Claims of third parties against real estate properties
\n
\n
As of December 31, 2024, there are claims from third parties against the Parent Company\u2019s properties with a net book value of
\n
\u20ac5.3 million (31.12.2023: \u20ac13.2 million) for which the Parent Company has established an adequate provision.
\n
\n
7. HEDNO lawsuits against PPC
\n
\n
HEDNO has so far filed 6 lawsuits against PPC seeking regulated charges and interest on them, the most important of which are
\n
described below:
\n

\n\n\n\n\n
47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
\n
\n
Lawsuit \u0393A\u039a/\u0395\u0391\u039a 121583/4693/2018
\n
\n
On 31.12.2018, the lawsuit No. \u0393A\u039a/\u0395\u0391\u039a 121583/4693/2018 (1st lawsuit) was served to PPC, requesting it to pay the total amount
\n
of \u20ac 1.9 million with the legal interest of the lawsuit from the service of the lawsuit until full payment. This amount refers to
\n
interest on arrears due to alleged late payment by PPC of invoices for the year 2013 issued by HEDNO. The case was heard on
\n
1.10.2020, however due to non-issuance of a decision within 8 months and after the submission of a relevant letter of protest by
\n
PPC to the Court of First Instance, the case was assigned to another judge by a decision of 19.04.2022 and received new No.
\n
54481/799/2022. The case was re-heard on 10.11.2022 and on 01.11.2023 the decision No 3775/2023 was issued, which partially
\n
accepted HEDNO\u2019s lawsuit and condemned PPC to pay an amount of \u20ac 421,271.71 for overdue interest. This decision has not yet
\n
been served to PPC. PPC with the \u0393\u0391\u039a/EAK 5351/4018/2024 appealed to the Court of Appeal against the part of the decision that
\n
accepted the lawsuit, the discussion of which has been determined for 27.02.2025.
\n
\n
Lawsuit \u0393A\u039a/\u0395\u0391\u039a 115464/3775/2019
\n
\n
On 30.12.2019 the lawsuit No. \u0393\u0391\u039a/\u0395\u0391\u039a 115464/3775/2019 was served (2nd lawsuit), with which PPC is requested to pay to
\n
HEDNO the total amount of \u20ac 1.4 million with the legal interest from the service date until full payment. This amount refers to
\n
interest on arrears due to alleged late payment by PPC of invoices for the year 2014 issued by HEDNO. The case was heard on
\n
18.11.2021 and on 18.02.2022 decision no. \u03a0\u03a0\u0391 417/2022 was issued which partially accepted the lawsuit of HEDNO and ordered
\n
PPC to pay to HEDNO the amount of \u20ac1.2 million for interest on delayed payments. The decision was served to PPC on 05.05.2022.
\n
PPC filed an appeal on 02.06.2022 with the trial date on 16.11.2023 and following a postponement, it was discussed on
\n
18.04.2024 and a decision is expected.
\n
\n
Lawsuits \u0393A\u039a/\u0395\u0391\u039a 93423/2020 and 2989/2020
\n
\n
The case is a first instance case concerning the payment of interest on arrears due to delays in the payments of regulated charges
\n
by PPC.
\n
\n
With this 3
\n
rd
\n
lawsuit, PPC is requested to pay interest on arrears amounting to \u20ac5.0 million (with legal interest from its delivery
\n
on 31.12.2020 - until payment) relating to late payment of invoices of the disputed year 2015. This lawsuit was discussed on
\n
26.05.2022 in the Multimember Court of First Instance in Athens and on 02.10.2023 the 3518/2023 decision was issued which
\n
has partially accepted the HEDNO\u2019s lawsuit and condemned PPC to pay the amount of \u20ac 4.6 million for overdue interest to HEDNO.
\n
This decision has not yet been served to PPC. PPC with \u0393AK/EAK 5354/4020/2024 appealed to the Court of Appeal against the
\n
part of the decision that accepted the lawsuit, the discussion of which has been determined for 06.03.2025.
\n
\n
The above amount of interest relates to invoices for the following charges:
\n
a) Distribution use charges, b) recovery of cost of purchase of electricity from RES in the NII, c) sale of electricity from PV rooftops
\n
in the NII, d) ETMEAR in the NII, e) intra-group contracts SLAs, ie, repetitive projects, branded projects, supply transport services,
\n
services to PPC customers, vehicle maintenance, PPC staff benefits.
\n
\n
Lawsuit \u0393A\u039a/\u0395\u0391\u039a 105062/4055/2021
\n
\n
On 29.12.2021, lawsuit No. \u0393A\u039a/\u0395\u0391\u039a 105062/4055/2021 (4th lawsuit) was served to PPC by HEDNO, which HEDNO filed before
\n
the Athens Multi-Member Court of First Instance on 24.12.2021, requesting PPC to pay the total amount of \u20ac 22.5 million with
\n
the legal interest from the service of the lawsuit until the full payment. No official trial date has been set. This amount refers to
\n
interest on arrears due to alleged late payment by PPC of the invoices issued for the year 2016. Proposals were submitted on
\n
04.04.2022 and an addition on 18.04.2022. The case was discussed on 01.02.2024 and the decision no \u03a0\u03a0\u0391 2311/2024 was issued
\n
which partially accepted the lawsuit. PPC will file an appeal against this decision, which has not yet been served.
\n

\n\n\n\n\n
47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
\n
\n
Lawsuit \u0393A\u039a/\u0395\u0391\u039a 128343/3501/2022
\n
\n
On 27.12.2022, the lawsuit No. \u0393A\u039a/\u0395\u0391\u039a 128343/3501/2022 (5th lawsuit) was served to PPC, filed by HEDNO before the Athens
\n
Multi-Member Court of First Instance, with which it requests PPC to pay the total amount of \u20ac 16.9 million with the legal interest
\n
from the service of the lawsuit until full payment. This amount refers to interest on arrears due to alleged late payment by PPC
\n
of the invoices issued for the year 2017. The proposals were submitted on 19.4.2023 and the addition on 04.05.2023.
\n
\n
The case was discussed on 07.03.2024 and the decision \u03a0\u03a0A 2487/2024 was issued which partially accepts the lawsuit, and it has
\n
not yet been served to PPC. PPC will file an appeal.
\n
\n
Lawsuit \u0393A\u039a/\u0395\u0391\u039a 137044/3102/2023
\n
\n
On 27.12.2023, PPC was served with the lawsuit No. \u0393A\u039a/\u0395\u0391\u039a 137044/3102/2023 (6th lawsuit), filed by HEDNO before the Multi-
\n
Member Court of First Instance of Athens, with which it requests PPC to pay the total amount of \u20ac 45 million with legal interest
\n
from the service of the lawsuit until full payment. This amount concerns overdue interest due to the late payment by PPC of the
\n
invoices for the year 2018. The proposals were submitted on 22.4.2024 and the addition on 8.5.2024 and the discussion has been
\n
determined for 14.11.2024.
\n
\n
Lawsuit \u0393A\u039a/\u0395\u0391\u039a 231384/3454/2024
\n
\n
On 27.12.2024, PPC was served with the lawsuit No. \u0393A\u039a/\u0395\u0391\u039a 231384/3454/2024 (7th lawsuit), filed by HEDNO before the Multi-
\n
Member Court of First Instance of Athens, with which it requests PPC to pay the total amount of \u20ac 29,544,381.19 million with
\n
legal interest from the service of the lawsuit until full payment. This amount concerns overdue interest due to the late payment
\n
by PPC of the invoices for the year 2019. The proposals were submitted on 22.4.2025 and the addition on 7.5.2025.
\n
\n
PPC\u2019s lawsuit against ETAA/ Department of Engineers and Public Works Contractors (former TSMEDE)
\n
\n
1. ETAA/ Department of Engineers and Public Works Contractors (former TSMEDE) by its Decision 7/2012 has imposed on PPC
\n
the amount of \u20ac 27.4 million by applying article 4 of L. 3518/2006, relating to employer\u2019s contributions due to the main
\n
pension branch for the period 01.01.2007 \u2013 30.04.2012 and pertaining to the engineers insured before 01.01.1993 to the
\n
above-mentioned Insurance Fund, that have been employed by PPC with a dependent work relationship for the above-
\n
mentioned period.
\n
\n
Against the above mentioned 7/2012 decision of the Insurance Fund in question, PPC has filed legally and timely the 05.09.2012
\n
appeal to the Athens Administrative Court of First Instance. The discussion of the appeal took place on 03.11.2014. The
\n
preliminary ruling 11872/2016 was issued, which obliges TSMEDE to produce to the Court the documents referred to the
\n
judgment and then the case will be discussed again in order to issue a final decision. The case was finally discussed on December
\n
14, 2021 and the decision no. 4476/23 was issued in favour of PPC, however, e-EFKA has filed an appeal against this decision
\n
before the Athens Administrative Court of Appeal, the hearing of this appeal had been set for 20 January 2025 and was discussed.
\n
\n
2. Certificate of debt 64784/2022
\n
\n
With the No. 64784/15.12.2022 Debt Confirmation Decision with no. prot. 595212/15.12.2022 of the Head of the 4th Pensions
\n
Division of e-EFKA, which was notified on 21.12.2022, the amount of 16,072,423.50 euros (main debt 8,529,388.36 and additional
\n
fees 7,543,035.14 euros) was attributed to PPC as differences in personal contributions for the Main Pension sector and employer
\n
contributions in their entirety, as well as personal and employer contributions on Easter and Christmas gifts and leave allowance
\n
for the period from 1.5.2012 to 31.12.2014, for the insurance settlement of the employees of PPC SA referred to in the said
\n
decision.
\n
Against the above debt certificate, we filed the appeal dated 16.2.2023 with no. \u0395\u03af\u03c3. \u03a0\u03a1 1013/16.2.2023, which was supplemented
\n
by the additional grounds dated 31.10.2023 with no. \u03a0\u039b385/3.11.2023. On the above appeal, decision no. 8807/2024 of the DPA
\n
(Department 30th Trim) was issued, which accepted the appeal due to its issuance by an unauthorized body, annulled the
\n
contested act and referred the case to e-EFKA in order to carry out the legal proceedings. An appeal has been filed by e-EFKA
\n
against this decision, the discussion of which has not yet been determined.
\n

\n\n\n\n\n
47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
\n
\n
3. Certificate of debt 64785/2022
\n
\n
With the no. 64785/15.12.2022 Debt Confirmation Decision with no. prot. 595248/15.12.2022 of the Head of the 4th Pensions
\n
Division of e-EFKA, which was notified on 21.12.2022, the amount of 12,586,811.10 euros (main debt 7,454,759.51 and additional
\n
fees 5,132,051.59 euros) was charged to PPC SA as differences in personal contributions for the Main Pension sector and
\n
employer contributions in their entirety, as well as personal and employer contributions on Easter and Christmas gifts and leave
\n
allowance for the period from 1.1.2015 to 31.12.2016, for the insurance settlement of the PPC SA employee engineers referred
\n
to in the said decision.
\n
\n
Against the above debt certificate, we filed the appeal dated 16.2.2023 with no. \u0395\u03af\u03c3. \u03a0\u03a1 1011/16.2.2023, which was
\n
supplemented by the additional grounds dated 31.10.2023 with no. \u03a0\u039b384/3.11.2023. On the above appeal, decision no.
\n
8810/2024 of the DPA (Department 30th Trim) was issued, which accepted the appeal due to its issuance by an unauthorized
\n
body, annulled the contested act and referred the case to e-EFKA in order to carry out the legal proceedings. An appeal has been
\n
filed by e-EFKA against this decision, the discussion of which has not yet been determined.
\n
\n
Similarly, on 21.12.2022, a debt certificate was submitted to the subsidiary DEDDIE (i.e. No. 64787/16.12.2022) for a total amount
\n
of \u20ac 15.3 million, as differences between personal contributions in the main pension sector and employer contributions, as well
\n
as contributions on the benefits for the period from 1.5.2012 to 31.12.2016 of its insured. The said appeal was discussed on
\n
24.11.23 and decision no. 8.943/2024 of the Administrative Court of First Instance of Athens was issued, which annuls the decision
\n
- certificate of debt. e-EFKA has filed an appeal against this decision, the hearing of which has not yet been determined.
\n
\n
Similarly, objections were filed against relevant enforcement procedures against PPC, HEDNO and their management (individuals)
\n
over time. PPC\u2019s requests for suspension have already been accepted by the Court of First Instance the decisions No 350/2023
\n
and 351/2023 suspending the execution of the dept certificates No 7/2012, No 67784/2022 and No 67785/2022 on PPC's
\n
applications for suspension. In addition, the Athens Administrative Court of First Instance has issued decision No 430/2023
\n
suspending the execution of dept certificate No 67787/2022 on the suspension request of HEDNO.
\n
\n
Given that the employed engineers are compulsorily insured by the relevant insurance institution based on Law 4491/1966 and
\n
the Group and the Parent Company pay the corresponding employer contributions on their behalf to the said insurance
\n
institution, while the parallel insurance of the said engineers at ETAA is optional and is done at their choice, by paying the
\n
corresponding insurance contributions provided for self-employed engineers, the Group and the Parent Company consider that
\n
the chances of PPC and HEDNO\u2019s appeals not being accepted are limited and no provision has been established.
\n
\n
Lawsuit of former EMO against HEDNO in which a notice was served to PPC
\n
\n
On 19.06.2017, HEDNO S.A. served a notice to PPC on EMO\u2019s lawsuit against HEDNO S.A. With this notice HEDNO S.A. requested
\n
PPC S.A. to intervene in favour of HEDNO S.A. in the court in which EMO claims from HEDNO S.A. overdue amounts from invoices
\n
issued. In particular, EMO S.A. with its lawsuit claims amounts with interest from partially paid and unpaid invoices which
\n
incorporate receivables from the RES Special Account in the Non-Interconnected Islands (mainly debts from ETMEAR, PVs on
\n
rooftops, RES Generation in the Non-Interconnected Islands and balancing of the Special Account in the Non-Interconnected
\n
Islands). The claim from EMO\u2019s part amounted to approximately \u20ac 140.0 million, while interest due for late payment amounted
\n
to \u20ac 3.9 million.
\n
\n
The Multimember Court of First Instance in Athens, with its decision No.\u03a0\u03a0\u03911302/2019, rejected in favor of PPC HEDNO\u2019s notice
\n
to PPC as unlawful considering that there is no relationship of procedural guarantee between HEDNO and PPC, and that, on the
\n
contrary, the only relationship that binds them is a contractual one. In particular, the Court considered that according to the NII
\n
Code there is no obligation of PPC to pay-off HEDNO\u2019s lenders other than PPC\u2019s contractual obligations towards HEDNO regarding
\n
the timely payment of invoices under the NII Load Representatives contract.
\n
\n
HEDNO filed an appeal before the Three-Member Court of Appeal in Athens that was discussed on 22.09.2022 and the decision
\n
n. 2643/2023 was issued. With its 2643/2023 Decision, the Court of Appeals confirms what the Court of First Instance had
\n
previously ruled with its 1302/2019 Decision, namely that no procedural guarantee between the notified party (PPC) and the
\n
notifying party (HEDNO), is founded and, on that ground, HEDNO\u2019s notice to PPC is unlawful. In particular, according to the legal
\n
framework governing the relationship of the parties -notably the Non-Interconnected Islands Code-, beyond the contractual
\n
obligations of the notified company regarding the timely payment of invoices, PPC S.A. is not required to pay off any lenders of
\n
the notifying party HEDNO S.A. in case of the breach of the contractual obligations.
\n
\n
Thus, this claim must be rejected as unlawful. The Decision has not been officially notified between the litigants.
\n

\n\n\n\n\n
47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
\n
\n
Corrective settlements of IPTO, concerning the Special Account of art. 143 L. 4001/2011
\n
\n
According to L.4152/2013, RES energy purchases in the Interconnected System are paid through the market operation, on the
\n
higher amount of either their revenue from DAS plus Deviations or the value of energy they inject to the system multiplied by
\n
the weighted average variable cost of the conventional thermal power plants. This amendment started being applied from August
\n
14, 2013, when RAE\u2019s Decision No. 366/2013 was published in the O.G., amending the relevant articles of the Power Exchange
\n
Code and specifying the methodology of calculations, with which the provision of the law was implemented.
\n
\n
In October 2013, IPTO sent to PPC S.A. corrective clearing statements for months May, June, July and part of August of 2013,
\n
totalling to an amount of \u20ac 48.2 million, which was derived from the retrospective application of the relevant methodology. PPC\u2019s
\n
lawsuit against IPTO for the invoices in question was accepted by the Multimember Court of First Instance in Athens (Decision
\n
No. 2260/2016) and is considered that PPC does not have to pay the invoices issued totalling \u20ac 54.4 million, which incorporate
\n
claims for the weighted average variable cost of the conventional thermal power plants for the months May to August 2013. IPTO
\n
(which, in the meantime, was substituted in this claim by DAPEEP) filed an appeal which was finally dismissed by the Court of
\n
Appeal in Athens with its decision 4928/2020. Finally, an appeal was filed by DAPEEP, before the Supreme Court, which was
\n
discussed on 15.01.2024 and on which the A\u03a0 738/2024 Decision was issued. With this, the Court rejects DAPEEP's appeal and
\n
irrevocably confirms the first instance judgment regarding PPC's lack of obligation to pay the disputed tariffs. The case has been
\n
settled by the Supreme Court and in the last instance.
\n
\n
Lawsuits from EKPIZO and INKA against PPC S.A.
\n
\n
In May 2022 (04.05.2022 and 05.05.2022) two (2) collective lawsuits (article 10 par. 16 of Law 2251/1994) were served to PPC
\n
S.A.:
\n
\n
a) of the non-profit Union with the name NION OF CONSUMERS THE QUALITY OF LIFE (hereinafter \"EKPIZO\") and
\n
b) of the Second level Consumer Union under the name of \u201cINKA - GENERAL CONSUMER FEDERATION OF GREECE (GCFG)\u201d and
\n
of the First level Consumers' Union with the name CONSUMERS UNION OF AETOLOAKARNANIA PREFECTURE (hereinafter
\n
\"Unions\").
\n
\n
Both lawsuits concerned the cessation of the application of the Supply Charge Adjustment Clause to residential variable tariffs
\n
and the cessation of formulation and use of its terms in electricity supply contracts by PPC.
\n
\n
In addition, the lawsuit of 05.05.2022 was also directed against a) PPC ZEUS DESIGNATED ACTIVITY COMPANY and b) PPC ENERGY
\n
FINANCE DESIGNATED ACTIVITY COMPANY, companies managing receivables from the electricity supply contracts.
\n
\n
The lawsuits were heard on 06.07.2022 and decisions no. 67/2023 and no. 68/2023 of the Multi-Member Court of First Instance
\n
of Athens were issued on 02.03.2023 respectively, which ruled, among other things, in favor of the legality of the Supply Charge
\n
Adjustment Clause applied by PPC. Within a period of one month, an appeal may be filed against the service of these decisions
\n
before the Athens Court of Appeal.
\n
\n
An appeal was filed within the deadline against decision 68/2023 concerning EKPOIZO, while no appeal was filed against decision
\n
67/2023 concerning INKA within the deadline and it appears to be final.
\n
\n
Legal Claim by PPC of Public Service Obligations (PSO)
\n
\n
With RAE\u2019s decision 1526/2011 \"Calculation of the Annual Compensation for the Coverage of the Costs of PSO for the year 2011\"
\n
(OG B' 2991/28.12.2011), the compensation of the Public Service Obligation (\"PSO\") for the year 2011 was determined at an
\n
amount of \u20ac681.7 million. This amount had to be recovered in 2012, by virtue of the heterochronism system that was in force at
\n
that time. In 2012, however, PPC recovered only the 2012 PSO compensation, due to the change in the recovery system of PSO
\n
compensations established by art. 36 of Law 4076/2012, which was incorrectly interpreted by RAE with its opinion 10/2017. Thus,
\n
the 2011 PSO compensation was not recovered. PPC then filed, from 31.10.2018, a compensation claim against the Greek State
\n
for the 2011 PSO before the Administrative Court of First Instance of Athens.
\n
\n
On 30.10.2019, L.4635/2019 was published, in which Article 16 authorized RAE to determine the PSO compensation due for the
\n
period 2007-2011 that had not been paid to PPC. Pursuant to this provision, RAE issued on 1.11.2019 the decision 1019/2019
\n
(OG \u0392\u03844583/2019), by which it determined as due, only the amount of \u20ac 194.6 million, which was collected by PPC for the PSO
\n
compensation of the period 2007-2011.
\n

\n\n\n\n\n
47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
\n
\n
PPC appealed this decision before the Athens Administrative Court of Appeal and a decision numbered 2917/2023 was issued
\n
whereby the Court postponed the issuance of a final decision for the reasons stated in the decision and set a new hearing for the
\n
discussion of the case on 11.6.2024 which was postponed for January 21, 2025, was discussed and a decision is expected.
\n
\n
On the 31.10.2018 compensation claim against the Greek State, a decision number 14383/2023 was initially issued by virtue of
\n
which the issuance of a final decision was suspended until a final decision is published by the Athens Administrative Court of
\n
Appeal on the above 10.6.2020 appeal of the PPC against the of RAE decision 1019/2019, discussed on 11.6.2024 and after
\n
postponement to 21.1.2025. Subsequently, and because the Administrative Court of First Instance of Athens reinstated the above
\n
action with its summons number KL 1358/2024, even though no decision had yet been issued on the above appeal of PPC against
\n
RAE decision 1019/2019, on 19.4.2024 the lawsuit in question was discussed again and the decision numbered 7243/2024 of the
\n
Administrative Court of First Instance of Athens was published, which once again postpones the issuance of a final decision, until
\n
a final decision is published by the Administrative Court of Appeal of Athens on the above pending before PPC's appeal against
\n
the 1019/2019 decision of the RAE.
\n
\n
With the passing of the provision of article 69 of Law 4876/2021, RAE was authorized to \"clear in full\" with a decision that it
\n
should issue within 3 months from the entry into force of this law, \"debts from Public Services Obligations of past years, which
\n
relate to the years before the entry into force of article 36 of Law 4067/2012 (A' 79) and have not been fully recovered\".
\n
\n
Former Bank of Crete
\n
\n
The dispute with the former \u201cBank of Crete\u201d is dating back to 1989, when the bank was under liquidation. More precisely, by a
\n
mandatory action of the then Trustee of the Bank, PPC\u2019s deposits were mandatorily converted to stake-holding in the share
\n
capital of the Bank and to obligatory credit to the Bank. PPC filed a lawsuit in 1991 against the bank asking to be compensated
\n
for GRD 2.2 billion approximately, (\u20ac 6.5 million) because the above-mentioned Act of the Trustee of the Bank was held invalid.
\n
Moreover, PPC had outstanding loan balances, received under six (6) loan agreements for which it was agreed upon to be repaid
\n
gradually through instalments. However, on June 10th, 1991, although PPC has paid the overdue instalments, the Bank has
\n
terminated all the above-mentioned loan agreements and thus on that date the claim against PPC became overdue for the whole
\n
amount of the loans.
\n
\n
For that reason, in the context of hearing of PPC\u2019s above mentioned lawsuit, the Bank proposed before Court an offset of its claim
\n
resulting by the above-mentioned loans, amounting to GRD 4 billion approximately, and furthermore has asked the payment of
\n
this amount by PPC by a lawsuit in 1995.
\n
\n
After a series of court decisions, the case was heard at the Supreme Court on March 9, 2020, and on July 12, 2022, the no.
\n
1272/2022 decision of the Supreme Court where it rejected PPC's appeal, in which case the admissions of the Court of Appeal's
\n
decision (3680/2014) became binding also for the court that has heard the second action, i.e. the Bank's action against PPC.
\n
\n
Eurobank (as the successor of the above-mentioned Bank of Crete under liquidation) reinstated with a summons the Bank of
\n
Crete lawsuit of 1995, which was to be heard on 19.09.2024 and was postponed by the plaintiff to November 2024. The content
\n
of the summons included the same requests that were included in the lawsuit of the Bank of Crete against PPC dated 28.12.1995,
\n
due to the termination of the loan agreements by the Bank on 10.6.1991, i.e. a demand of approximately 4 billion drachmas, with
\n
default interest of 28% ( but with different starting times of interest per loan amount, from the year 1993 to the year 1995) and
\n
with compound interest every three months until full repayment.
\n
\n
Following an out-of-court settlement with Eurobank, signed on 15.12.2024 and approved by the PPC Board of Directors (decision
\n
no. 119/12.12.2024) and by the Bank's Board of Directors (BoD\u2019s record 18.12.2024), it was agreed that, PPC would pay the Bank
\n
the one-time amount of \u20ac17 million by 30.12.2024 and the Bank would waive the petition and the right to the above-filed lawsuit
\n
against PPC, with a parallel declaration by the Bank that it has no further claim against PPC for the reasons stated in the Bank's
\n
above lawsuit and in decision no. 3680/2014 of the Athens Court of Appeal.
\n
\n
In execution of the above agreement, PPC paid Eurobank the amount of \u20ac17 million on 20.12.2024 and subsequently, the Bank,
\n
with the 30.01.2025 writ of waiver of writ and right, filed with the Multi-Member Court of First Instance of Athens on 17.02.2025
\n
with General Filing Number 38115/2025 and Special Filing Number 51/2025 and served on PPC on 18.02.2025, waived the writ
\n
and its right of 29.12.1995 with General Filing Number 500005/1995 and Special Filing Number 12187/1995 of its lawsuit against
\n
PPC. This case is now closed.
\n

\n\n\n\n\n
47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
\n
\n
PPC\u2019s claims from HALYVOURGIKI S.A.
\n
\n
In September 2024, after and in favor of PPC that of September 19, 2023 (ref. no. 71 /2023) Decision of the Paris Court of Appeal
\n
on the annulment action of \"HALYVOURGIKI SA\" against PPC and against the (May 2021) Decision of the Arbitration of ICC
\n
(INTERNATIONAL COURT OF ARBITRATION) on the appeal of \"HALYVOURGIKI SA\" against PPC from February 15, 2019, PPC
\n
received a \"Certificate of Non-Exercise of Remedies\" issued by the Supreme Court of Cassation of Paris, by which it is certified
\n
that, the aforementioned Decision of the ICC Arbitration on the 15 February 2019 appeal of \"HALYVOURGIKI SA\" against PPC,
\n
with which \"HALYVOURGIKI SA\" requested to be paid the amount of \u20ac270 million for collateral damage plus \u20ac1 million for moral
\n
damage, after court costs and legal expenses and which was dismissed in its entirety by the said ICC Arbitral Tribunal by
\n
condemning \"HALYVOURGIKI SA\" to court costs and legal expenses, has now become irrevocable.
\n
\n
Pricing of High Voltage Energy:
\n
\n
Cases C-701/21 and C-739/21, Mytilineos S.A \u2013 Group of Companies (now Metlen Energy & Metals) and European
\n
Commission against PPC S.A.
\n
\n
On 22.02.2024 the Court of Justice of the European Union issued a decision for the above cases concerning the appeals of
\n
Mytilineos S.A. \u2013 Group of Companies and the European Commission respectively against a first-instance decision (of 22.09.2021)
\n
of the General Court of the European Union which had vindicated PPC (T-639/14 RENV, T-352/15 & T-740/17), had accepted the
\n
appeals brought by PPC and had annulled each of the three decisions, with which the Commission had rejected the two
\n
complaints of PPC against the state aid in Mytilineos which arose, initially, from the decision of RAE which had imposed on PPC
\n
to sell electricity to Mytilineos at a price which, according to PPC, was below the cost of electricity and, subsequently, from the
\n
31.10.2013 under No. 1/2013 decision of the special arbitration court in RAE, which had imposed an even lower price on PPC.
\n
With its decision of 22.02.2024, the Court annulled the above-mentioned first-instance decision and referred the case to the
\n
General Court of Justice which decided on those reasons, which PPC had raised with its appeals and the which it had not
\n
examined.
\n
\n
With the referral of the case to the General Court, and particularly for the issues on which the General Court has been called
\n
upon to rule, the decision of the Court of 22.02.2024 in no way leads to a definitive solution to the dispute and a retrial on the
\n
substance of the case before the General Court. is expected. Subsequently, the General Court, with its letters of 07.03.2024 and
\n
08.03.2024, invited the Parties in Cases T-639/14 RENV II, T-352/15 RENV and T-740/17 RENV to submit their observations
\n
following the referral of the cases in question by the Court's decision of 22.02.2024. PPC submitted its observations on time and
\n
requested that the General Court 1) deem PPC's appeals in each of the three Cases T-639/14 RENV II, T-352/15 RENV and T-
\n
740/17 RENV as well-founded, 2) cancel, the First Contested Decision and the Second Contested Decision respectively and 3)
\n
order the Commission and Mytilineos to pay the legal costs of PPC in the context of Joined Cases C-701/21 P and C-739/21 P. The
\n
decision of the General Court is awaited.
\n
\n
Judgement of a tax dispute case for the years 2006-2008
\n
\n
In July 2011, the final audit reports of the Company\u2019s tax audit for the years 2006 \u2013 2008, as far as the Income Tax is concerned,
\n
were released after a relevant decision of the Ministry of Finance that electricity benefit from the personnel electricity tariff to
\n
the Group\u2019s employees and pensioners \u201cconstitutes the Company\u2019s own discretion and free will and cannot be deducted from its
\n
gross revenue\u201d. The difference between the tariff for residential use and the personnel tariff to the Group\u2019s employees and
\n
pensioners for the years 2006-2007-2008 amounted to \u20ac107 million that were included in the taxable income of PPC. Given that
\n
PPC in the years 2006-2008 had tax losses which were carried forward to year 2009, a Partial Tax Audit Report was issued for the
\n
year 2009, as a result of which a tax amount of \u20ac26.7 million plus surcharges amounting to \u20ac9.1 million (Total amount: \u20ac35.8
\n
million) was charged to PPC for the year 2009.
\n
\n
Against the Audit Reports for the years 2006 \u2013 2008, an appeal was brought to the Administrative Court of First Instance of
\n
Athens, which was dismissed for formal reasons pursuant to the no.10769/2016 decision. Then, in 2017, a second appeal with
\n
the same content was brought again (registration no. \u03a0\u03a110518/2017), which was discussed on 19.10.2022. On this second appeal,
\n
published on 16.11.2022, under decision no. 15884/2022, by which the issuance of a final decision was postponed, until the
\n
publication of the decision of the Plenary of the Council of State on the referral decision no. 2460/2021 of its 6th Section, which
\n
would judge whether the possibility of a second appeal is in accordance with the Constitution. Subsequently, the decision no.
\n
1828/2023 of the Plenary of the Council of Ministers, which deemed constitutional the procedural arrangements regarding the
\n
possibility of a second appeal, when the first has been rejected for a formal reason. Following this, we await the appointment of
\n
a new trial in which the above second appeal of PPC SA will be discussed again.
\n

\n\n\n\n\n
47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
\n
\n
An appeal was filed against the Partial Tax Audit Report for the year 2009 before the Athens Administrative Court of Appeal. With
\n
the filing of the appeal, the 50% of the debt was suspended and the Parent Company paid an amount of \u20ac17.9 million. The
\n
Administrative Court of Appeal accepted the appeal of PPC SA with decision no. 5677/2013. Following this, the Greek State
\n
returned to PPC the amount of \u20ac17.9 million. Subsequently, the Greek State appealed against the decision of the Athens
\n
Administrative Court of Appeal, which was accepted by virtue of decision no. 289/2022 of the Council of State, which, however,
\n
did not examine the stated legal issue as to its substance.
\n
\n
As a consequence of this, on 11.11.2022 PPC was once again served with a partial Tax Audit Report under no. 174/201, where an
\n
amount of \u20ac47.4 million plus surcharges of \u20ac17.8 million, totaling to \u20ac65.2 million was marked as certified, which was settled
\n
through netting off receivables from the Greek State within 2022 of \u20ac56.7 million and within 2023 of \u20ac8.5 million.
\n
PPC SA filed before the Administrative Court of First Instance of Athens on 12.12.2022 an appeal for the suspension for all the
\n
cash certificates as well as a contested appeal on 12.12.2022 before the Dispute Resolution Department against the imposition
\n
of the additional tax. The above-mentioned objection was discussed before the Administrative Court of First Instance of Athens
\n
and a decision is expected. The obvious appeal was rejected and against the rejection decision an appeal was filed \u03c4\u03bf the
\n
Administrative Court of First Instance of Athens and a decision is expected.
\n
\n
Although PPC cannot exercise legal remedies against the decision of the Council of State, it can nevertheless claim the return of
\n
the imposed tax differences, in the event that its pending appeal before the Administrative Court of First Instance of Athens,
\n
concerning the years 2006 - 2008 is accepted.
\n
\n
For those tax differences, the Parent Company had established in previous years a provision for this case amounting to \u20ac57.1
\n
million and as result, the results for the year 2022 were burdened only for the remaining amount of \u20ac8.1 million.
\n
\n
Lawsuit against the Hellenic Capital Market Commission
\n
\n
The Group (through its subsidiary HEDNO) at each balance sheet date calculates based on an estimation method the Network
\n
Usage Fees related to the consumed and unbilled energy for the non-monthly metered connections in the Non-Interconnected
\n
Network of Low Voltage. This estimate was invoiced by HEDNO to the electricity providers and in the next period the relevant
\n
settlement was carried out. The specific procedure was done on a monthly basis due to the specific obligations of the relevant
\n
department based on RAE guidance and the additional role it has in the energy market in non\u2013interconnected islands.
\n
\n
On the contrary, for the non-monthly metered connections of Low Voltage in the Interconnected Network, due to the complexity,
\n
the significant number of connections, but also the different obligations of the Company in the Interconnected Network and the
\n
way of pricing the relevant Network Usage Fees, HEDNO and as well the Group did not recognize a corresponding provision of
\n
accrued income until the year ended 31.12.2019.
\n
\n
During the year ended 31.12.2020, HEDNO re-examined the method of recognizing the revenue from Network Usage Fees in the
\n
Interconnected Network, in order to reflect those revenues that correspond to the consumed and unmetered energy and which
\n
has not been invoiced for those connections.
\n
\n
Based on the specific estimates (Note 44 of the annual financial statements of PPC as of 31.12.2021), it was concluded that the
\n
Group's retained earnings as of December 31, 2019 appear underestimated, as the revenue accrual mentioned above was not
\n
recognized. In addition, the Parent Company did not recognize part of the accrued income as the owner of property, plant,
\n
equipment of the distribution network sector and respectively the accrued expense for the payment of distribution network
\n
usage fees as electricity provider to HEDNO.
\n
\n
In the Group\u2019s and the Parent Company\u2019s financial statements as of December 31, 2020, there was no restatement of the figures
\n
of the comparative period for the above adjustment that took place, as the effect of the non-restatement on the financial figures
\n
of the Group and the Parent Company was not considered significant and especially on \"EBITDA\" and \"EBITDA Recurring\", which
\n
are the ratios that have been evaluated by the Group and the Parent Company as the key ones used by the main users of the
\n
financial statements to evaluate the Group\u2019s and the Parent Company\u2019s financial performance.
\n

\n\n\n\n\n
47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
\n
\n
With the letter dated 1.2.2022, the Hellenic Capital Market Commission requested the Parent Company (PPC SA) to proceed with
\n
the restatement of the relevant figures in the Group\u2019s financial statements of December 31, 2021, in accordance with the
\n
provisions of IAS 8. The Group and the Parent Company keep their position that their initial judgement is correct, that the effect
\n
of the non-restatement does not meet the criteria of significance and do not agree with the request by the Hellenic Capital Market
\n
Commission toward the Parent Company to restate relevant figures and have already challenged the above act before the
\n
competent courts.
\n
Exclusively, for the avoidance of imposition of sanctions against them, the Group and the Parent Company proceeded to restate
\n
the relevant comparative figures in the financial statements of December 31, 2021, reserving all their rights and especially their
\n
right to request the cancellation of the above action.
\n
\n
Therefore, and in accordance with the above, the Group and the Parent Company restated the comparative amounts of the
\n
previously presented periods in their financial statements of the year ended 31.12.2021, with the earlier of the presented periods,
\n
i.e. 01.01.2020.
\n
\n
The trial of the case was initially set for 18.11.2022. Four adjournments followed and a new hearing was set for 14.6.2024 which
\n
was postponed to 18.10.2024 and with a new adjournment a new trial was set for 24.01.2025 which was postponed to
\n
23.05.2025.
\n
\n
PPC\u2019s relation to its personnel\u2019s Social Security Funds
\n
\n
Despite the fact that under the current legislation the Group does not have any obligation to cover in the future any deficit
\n
between revenues and expenses to PPC\u2019s personnel Social Security Funds, there can be no assurance that this regime will not
\n
change in the future. PPC S.A. has not established a provision for the subject in question.
\n
\n
PPC\u2019s audit by the European Commission's Directorate-General for Competition
\n
\n
In February 2017, the European Commission's Directorate-General for Competition conducted a drawn raid audit to PPC in
\n
accordance with Article 102 of the Treaty on the Functioning of the European Union Regulation
\n
and pursuant to the relevant decision of the Commission dated 01.02.2017, for alleged abuse of a dominant position on the
\n
wholesale market for the generation of electricity from 2010 and onwards.
\n
\n
In March 2021, the European Commission announced that it has opened a formal antitrust investigation to assess PPC's activity
\n
in the Greek wholesale electricity market.
\n
\n
On 07.02.2024 the European Commission sent PPC a statement of objections regarding alleged aggressive pricing in the Greek
\n
wholesale electricity market, alleging that PPC violated EU antitrust rules by selling electricity in the Greek wholesale market
\n
below cost in order to impede competition, for the period from 01.07.2013 to 31.12.2019.
\n
\n
On 24.07.2024, the hearing was held before the European Commission. The investigation is ongoing and the outcome and
\n
potential financial impact on the company cannot be estimated at this time, due to the inherently uncertain nature of
\n
investigations into possible infringements of competition rules.
\n
\n
ENVIRONMENTAL OBLIGATIONS
\n
\n
Key uncertainties that may impact the final level of environmental investment which the Group will be required to undertake,
\n
over the forthcoming decade, include:
\n
\n
1. With the Decision E' 144/2024, an application against the Decision on the Approval of the Environmental Conditions (AEPO)
\n
of the Project is rejected and its legality is confirmed. Also, on 27.01.2023 a Partial Installation Permit for Mesochora HPP
\n
was issued.
\n

\n\n\n\n\n
47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
\n
Based on the actions to date by the competent local Agencies and Authorities, regarding the fulfillment by PPC of the
\n
Conditions of the AEPO, which are a condition for the Blocking of the Diversion Tunnel, the possibility of blockage and the
\n
beginning of filling the Reservoir, are placed within 2028, with estimated operation of the project in the end of 2028.
\n
However, it should be noted that the effort made by PPC S.A continues so that, in cooperation with the State and the
\n
competent Agencies and Authorities, the blockage to become possible earlier. The total cost for the project as of December
\n
31, 2024 (after impairments of \u20ac 8 million) amounted to \u20ac 284.7 million.
\n
2. In December 2010, the new Directive (2010/75/EU) was issued for industrial emissions (Industrial Emissions Directive \u2013 IED),
\n
revising Directives IPPC and 2001/80/ EC, which is effective from January 6th, 2011.
\n
\n
With the end of the Transitional National Emissions Reduction Plan (TNERP), i.e. on 30.06.2020, Units I and II of Ag. Dimitrios
\n
were included in a restricted operation regime (from 01.07.2020, 1500 hours per year as a rolling average of five years),
\n
while in Units III, IV and V the necessary environmental investments have been completed for the continuation of their
\n
operation.
\n
\n
Ptolemaida, Amyntaio, and Kardia stations, as well as Units I-II & III of Megalopolis station, have already ceased operations
\n
permanently.
\n
\n
3. Within the framework of Directive 2010/75/EU and after the issuance of the legally binding conclusions of the revised Manual
\n
on the Best Available Techniques for Large Combustion Plants (executive decision EU 2021/2326 published on 20.11.2021),
\n
the required investments in the thermal plants were examined.
\n
\n
To this date, requests for deviation from the emission levels of \u0395\u0391 2021/2326/\u0395U have been submitted based on Article 15.4
\n
of the IED for specific Units taking into account, inter alia, their remaining life, for which PPC has received the approval of the
\n
Ministry of Environment.
\n
\n
The Directive (2010/75/EU) has been recently revised by Directive 2024/1785/\u0395U. Greece must adopt the necessary laws,
\n
regulations and administrative provisions to comply with the new directive no later than 1 July 2026. PPC SA monitors the
\n
developments and analyzes possible effects in order to take the necessary compliance actions in a timely manner.
\n
\n
4. On November 28, 2015 Directive 2015/2193 of the European Parliament and the Council of November 25, 2015 was published
\n
in the Official Journal of the European Union, on the limitation of emissions of certain pollutants into the air from Medium
\n
Combustion Plants, regardless of the type of fuel used and PPC SA took all necessary measures for its timely compliance. For
\n
existing units in Small Isolated Systems, compliance with the new Emission Limit Values is expected from 01.01.2030 onwards.
\n
The provisions of the directive to limit the emissions of certain pollutants into the atmosphere of Medium-sized Combustion
\n
Plants (MCPD) are thoroughly examined by the competent Services of PPC, so that, in cooperation with the co-competent
\n
authorities of the country, appropriate strategies for the electrification of the islands can be promoted in a timely manner
\n
with technically and economically viable solutions, which must also be implemented in a timely manner, and in any case
\n
before the expiry of the provisions of the Directive deadlines. For existing units in Small Isolated Systems, compliance with
\n
the new Emission Limit Values is foreseen from 01.01.2030.
\n
\n
Within the period 2020-2030, almost all the islands of the Aegean will have been interconnected, starting with the
\n
interconnection of Crete, in accordance with the Ten-Year Development Program 2021-2030 of IPTO and the National Plan
\n
for Energy and Climate (ESEK), while any remaining electricity generation units will operate as a backup only in case of
\n
emergency in accordance with the provisions of the Directive for these cases. It is noted that already in the first months of
\n
2018, the interconnection of Syros, Mykonos and Paros with the continental system has been completed and these units are
\n
now in reserve.
\n
5. The extent of land contamination is assessed by PPC for its liable facilities, following the provisions of art. 22 of Directive
\n
2010/75/EU and Environmental Terms Approval taking all appropriate precautionary measures. Indicatively, it is mentioned
\n
that the necessary basic reports were submitted to the Ministry of Environment.
\n

\n\n\n\n\n
47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
\n
6. PPC has performed studies on the presence of asbestos-containing materials, at its facilities and any dismantling/ removal of
\n
materials containing asbestos from PPC\u2019s facilities is carried out by companies properly licensed for this purpose.
\n
\n
7. In view of PPC\u2019s decarbonization project and the relevant provisions included in the AEPO of the facilities that have already
\n
permanently ceased operation, PPC is proceeding with withdrawals and rehabilitation of Lignite Units, mine rehabilitation,
\n
as wells as the utilization of materials and equipment. Already, complete rehabilitation studies have been submitted and
\n
approved by the licensing authority of the Ministry of Environment for the units Kardia (I-IV), Amyntaio (I-II), Ptolemaida (I-
\n
IV), LIPTOL, Lavrio (I-III), while the approval for the restoration of Aliveri (I- IV) is still pending. A restoration study has also
\n
been submitted to the Ministry of the Environment for the unit Megalopolis. Reclamations of the areas of the Western
\n
Macedonia and Megalopolis mines continue to be implemented, in order for them to be assigned to post-lignite uses.
\n
\n
8. In the same context, after the submission of an AEPO (Decision Approving Environmental Conditions) amendment file for the
\n
Amynteo-Lakkia\u2019s mine and updates for the Ptolemaida and Megalopolis\u2019 mines Environmental Impact Assessment (EIA)
\n
studies the relevant new AEPO have been issued. Also, an Environmental Impact Assessment (EIA) Amendment File for Kleidi
\n
mine is being prepared. These studies include a mining planning corresponding to the decarbonization project, provisions for
\n
mines closure and their final reclamation, in order for their lands to be assigned to post-lignite uses.
\n
\n
In addition to the other environmental obligations arising from the approvals of environmental conditions of the Production
\n
Stations and Mines, in 2019 PPC voluntarily undertook the obligation to proceed with the dismantling or alternative utilization
\n
of the facilities of all Production Stations and Mines and removal of their equipment, when these facilities cease to operate,
\n
as well as in the restoration of land areas.
\n
\n
For this obligation, the required provisions amounting to \u20ac 483.5 million were recognized on December 31, 2024 (31
\n
December 2023: \u20ac 480.4 million) for the Group and the Parent Company (Note 38).
\n
\n
9. PPC comes under the ETS II provisions for the quantities of natural gas sold in the retail market and the fuels used for
\n
electricity production in energy plants that do not fall under ETS I (categories (i) and (ii) of article 3la of JMD no.
\n
86227/2245/2024, Government Gazette 4674/B/2024). For these activities, in December 2024, PPC obtained a \"Greenhouse
\n
Gas Emissions Permit\" (GHG) for the period 2025-2030. As part of its obligations, PPC will submit to the competent
\n
authorities, by April 30, 2025, a report on its historical emissions for the year 2024. From 2026 onwards, PPC will submit a
\n
verified report of emissions for the previous year. From 2028, once annual verified emissions are reported for the previous
\n
year, an equivalent number of allowances will be surrendered by 31 May of the same year.
\n
\n
INVESTMENTS
\n
\n
Metsovitiko Hydroelectric Power Plant (HPP)
\n
\n
Metsovitiko HPP of an installed capacity of 29 MW is expected to enter commercial operation in the second half of 2025 and the
\n
outstanding price of the two main contracts as of December 31, 2024 amounts to \u20ac 8.0 million (31.12.2023: \u20ac10.1 million).
\n

\n\n\n\n\n
47.COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
\n
A new Steam Electric Unit 660 MW in Ptolemaida
\n
With the Contract No 11 09 5052, that entered into force on 29.03.2013, TERNA S.A. was awarded the execution of the Project:
\n
\"SES PTOLEMAIDA - Engineering, procurement, transportation, installation and commissioning of a new steam Unit V of 660 MW
\n
gross power, firing pulverized lignite and capable to supply 140 MWth thermal power for district heating\", for a contractual price
\n
of \u20ac1.388 billion. Following the issuance of Supplements No1, No2, No3, No5 and No6 (No3, No5 refer to district heating, and
\n
No6 incorporates the result of the Amicable Settlement procedure between PPC and the Contractor as approved by the BoD of
\n
the Parent Company) the total contractual price amounts to \u20ac 1.4 billion.
\n
\n
In November 2022, the unit was put into trial operation and as of October 9, 2023, it was transferred from assets under
\n
construction to the fixed assets used in operation according to the protocol of commencement of commercial operation signed
\n
with the project contractor.
\n
The outstanding balance of the main Contract as of December 31, 2024 amounts to \u20ac10,6 million and mainly concerns spare parts
\n
of fixed assets while the outstanding balance of Supplements No 3 & No 5 (concerning district heating) on December 31, 2024
\n
amounts to \u20ac 0.6 million and \u20ac 0.1 million, respectively.
\n
The Unit \u201cSES Ptolemaida V\u201d was granted an operating license and the permission to participate in the Emission Trading Scheme
\n
from March 6, 2024 on the basis of the competent Ministry relevant decisions, and it was registered in Unit Register of the System
\n
Operator on May 21, 2024.
\n
\n
A new natural gas Unit of 840 MW capacity
\n
PPC S.A. purchased on December 20, 2022 the 51% of the shares of the Company \u201cPower Generation Alexandroupolis Sole
\n
Shareholder S.A.\u201d from the company Damco Energy paying an amount of \u20ac3.2 million. The remaining shareholders of the
\n
company are DEPA Supply with 29% and Damco Energy with 20%. The new subsidiary company plans the construction and
\n
operation of a new natural gas-fired power plant, with a nominal capacity of 840 MW, in Alexandroupolis. The new unit will be
\n
directly connected to Gastrade's under construction Floating Natural Gas Storage and Gasification Unit (FSRU). The equipment
\n
that will be installed in the unit will be able to burn hydrogen and will be able to operate with mixed gas fuel.
\n
The project has received the Decision of Approval of the Environmental Conditions (AEPO) and its construction works started at
\n
the end of 2022 while it is expected to be completed in the fourth quarter of 2027. The contract price of the project after revisions
\n
at the beginning of 2024 amounts to \u20ac393.9 million while the outstanding balance is \u20ac180.1 million on December 31, 2024.
\n
\n
Research, Development and Exploitation of Geothermal potential
\n
PPC Renewables has leased from the Greek State the Research and Management rights of the geothermal potential of four public
\n
mining sites: a) Milos-Kimolos-Polyaigos, b) Nisyros, c) Lesvos and d) Methana.
\n
In agreement with the associate company GEOTHERMAL TARGET II S.A., which took on the development of geothermal power
\n
plants in the aforementioned areas, the development programme that was foreseen for recent years has progressed. Currently,
\n
geophysical surveys are being completed in the field of Lesvos, and design studies are being carried out for the construction of a
\n
small geothermal power plant in Lesvos, which is expected to be operational by 2025. Within days, the Environmental Impact
\n
Assessment (EIA) for conducting exploratory drilling in Milos will be submitted for approval, with operations expected to
\n
commence within the first semester of 2025. The Environmental Impact Study (EIS) for the conduct of exploratory drilling in Milos
\n
has been submitted for approval, the tenders for the construction of which are expected to be announced within the first half of
\n
2025. At the same time, contracts have been concluded with consulting companies for the evaluation of the research results and
\n
the investigation of the most suitable locations for the execution, in principle, of deep geothermal exploratory drilling in the three
\n
other areas, with the expectation of the subsequent productive exploitation of the geothermal potential.
\n
The total capital expenditures of the geothermal projects of the PPC Renewables Group in 2024 amounted to \u20ac 0.8 million.
\n
Wind Parks
\n
Construction works for the Doukas Wind Park, by PPC Renewables, \u201cDOUKAS WIND PARK SOLE SHAREHOLDER S.A.\u201d, with a
\n
capacity of 26MW of a total budget of \u20ac31.6 million, in \u201cDOUKAS\u201d location of St. Anargyroi, Kleisoura and Lehovo locations of
\n
the Municipalities of Kastoria and Amyntaio, of the prefectures of Kastoria and Florina in the Region of Western Macedonia,
\n
started in September 2022. Construction works are expected to be completed in 2025.
\n

\n\n\n\n\n\n
47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
\n
Construction works for the Koukouli Wind Park, by PPC Renewables, \u201cKOUKOULI WIND PARK SOLE SHAREHOLDER S.A.\u201d, with a
\n
capacity of 13.2 MW, of a total budget of \u20ac17 million, in the \u201cKoukouli-Grivas\u201d location in Shiatista of the Municipality of Voi, of
\n
the Kozani prefecture in the Region of Western Macedonia, started in September 2022. Construction works and the electrification
\n
of the park were completed in March 2024.
\n
Construction works for the Karkaros Wind Park, by PPC Renewables, \u201cALTERNATIVE POWER & ENERGY ALPENER SINGLE MEMBER
\n
S.A.\u201d with a capacity of 36.4 MW of a total budget of \u20ac45.5 million, in the \u201cKarkaros\u201d location of the Municipality of Delfi of the
\n
Fokis prefecture, started in January 2024. Construction works and electrification are expected to be completed in 2025.
\n
The EPC Contract for the construction of a wind power plant with a maximum installed capacity of 35.4 MW in the Timenio Oros
\n
location of Arcadia and Argolis prefectures, as well as the road construction and electrical interconnection projects of the plant
\n
with the National Electricity Transmission System with the construction of a new substation 33/150kV Timenio Oros, was signed
\n
in October 2024. Construction works are expected to start in the first quarter of 2025.
\n
\n
Regarding the new Wind Park with a total nominal power of 60 MW in the locations of Gerakas (15 MW) and Milia-Kapetanios-
\n
Livadokorfi (45 MW) of the Rodopi prefecture, 2 BoP Contracts were signed in December 2024. The first BoP Contract includes
\n
the infrastructure works of the Wind Park, the Connection of the Park to the New 33/150 kV Organi Substation and the
\n
construction of a High Voltage transmission line to connect the Organi Substation to the KYT Nea Santa in the Rodopi Regional
\n
Unit. The other BoP Contract includes all works related to the supply, installation and commissioning of the new 150/33 kV
\n
Outdoor Type Substation in Organi location of the Rodopi prefecture, the new cable section of the 150 kV transmission line as
\n
well as the expansion works of the existing KYT Nea Santa. A Supply and Installation Agreement for 11 Wind Turbines for the
\n
Wind Park was also signed in the same month. Construction works are expected to start in the first quarter of 2025.
\n
With regards to the Wind Park with a total nominal power of 11 MW in Livadaki location of the Municipality of Dorida, of the
\n
prefecture of. Fokida (company LIVADOR in which PPC Renewables participates with 49% percentage), the Supply and Installation
\n
Agreement was signed in December 2024, while the BoP Contract is expected to be signed in the first quarter of 2025.
\n
The Group has, including offshore wind, additional wind projects in operation or under development.
\n
\n
The total capital expenditure for Wind Parks of the PPC Renewables Group in 2024 amounted to 60.8 million.
\n
\n
Photovoltaic Stations
\n
Construction works of \u201cPteleonas 1\u201d, \u201cPteleonas 2\u201d, \u201cCharavgi 1\u201d and \u201cCharavgi 5\u201d PV Plants of 94.9 MW capacity, with horizontal
\n
single-axis trackers and bifacial PV modules and the extension of the \u201cCharavgy\u201d 150kV substation, of a total budget of \u20ac 64
\n
million, in the Municipalities of Eordea and Kozani, at Kozani Regional Unit, began in September 2022. Construction works and
\n
electrification were completed in third quarter of 2024.
\n
\n
With respect to the 550MW \u201cOrychio DEI Ptolemaida\u201d PV plant, with horizontal single-axis trackers and bifacial PV modules, and
\n
the necessary grid connection works, of an indicative total budget of \u20ac 300 million, in the Municipalities of Eordea and Kozani, at
\n
Kozani Regional Unit, the signing of the contract tool place in July 2023. Construction works started in December 2023.
\n
\n
In addition, PPC, based on the implementation of the National Energy and Climate Plan and the utilization of existing
\n
infrastructures that are permanently decommissioned, has designed and implemented energy storage projects (at the Kardias
\n
Mine) as well as the installation of new means of thermal energy production for covering the thermal needs of the interconnected
\n
district heating system (SITHYA). At the same time, PPC Renewables is developing projects of PV stations and energy storage
\n
stations with BESS which are planned to be interconnected in a common substation utilizing the infrastructure of the Gates of
\n
Units I & II of the former AIS KARDIAS. The contract for AIS KARDIAS was signed in September 2023. The estimated completion
\n
and commissioning of the project is placed in 2025 with a total investment budget of \u20ac4.4 million for PPC and \u20ac11.5 million for
\n
PPC Renewables. Additionally, in April 2024, a Contract was signed for the commissioning of a 400kV/150kV/30kV
\n
Autotransformer at the KYT Kardias, The projects are necessary conditions for the operation of the whole of 550MW PV Station
\n
ORYCHIO PPC PTOLEMAIDA.
\n
\n
For the new \"Akrini\" PV plant with a total capacity of 80 MW, which will be installed within the Lignite Center of Western
\n
Macedonia, at the \"AKRINI\" location, of the Hellespont Municipal Authority, the Municipality of Kozani, the Regional Authority of
\n
Kozani, the Region of Western Macedonia on a fixed support system, with an indicative total budget of \u20ac36 million, the contract
\n
was signed in July 2024, when construction work began.
\n

\n\n\n\n\n\n
47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
\n
The contract for the construction of PV plants \u201cEksochi 7\u201d, \u201c Eksochi 8\u201d, \u201c Kardia 1\u201dof 170,95426 MW capacity with fixed mounting
\n
system, and their connection to the existing Substations 33/150 kV \u201cCharavgi\u201d and \u201cA1 Kardias-Kleitos\u201d, of an indicative total
\n
budget of \u20ac 68 million, in the Municipalities of Eordea and Kozani, at Kozani Regional Unit, was signed in March 2024, when also
\n
construction works started.
\n
\n
With respect to the new PV plant at Katarrachia and Tripotamos location of 125 MW capacity, of an indicative total budget of
\n
\u20ac60 million, with fixed mounting system, which is going to be installed in the Municipality of Megalopoli, at Peloponnese Regional
\n
Unit, in location \u201cOrycheio Megalopoli\u201d of total capacity of 490 MW, the EPC contract was signed in June 2024.
\n
\n
47.COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
\n
\n
Regarding the new PV Station at the location \"Orycheio Megalopoli\" with a capacity of 125 MW, with fixed mounting system,
\n
which is going to be installed within the Municipality of Megalopoli, at Peloponnese Regional Unit, in location \u201cOrycheio
\n
Megalopoli\u201d of total capacity of 490 MW, the contract is expected to be signed within the first quarter of 2025.
\n
\n
PPC Renewables Group has additional PV projects either in operation or under development, while its total capital expenditures
\n
for PV projects amounted to \u20ac223.9 million in 2024.
\n
\n
Hybrid Projects
\n
\n
Regarding the project of the 3.0 MW guaranteed capacity Hybrid Plant, consisting of a PV Plant with a maximum production
\n
capacity of 3.531 MW in Marmari location and a Battery Energy Storage System with accumulators with a storage capacity of at
\n
least 10.16 MWh and a maximum charging capacity at least 5.5 MW in Paliomylos location, of Municipality of Astypalea in
\n
Kalymnos prefecture in the Region of South Aegean, the BESS Supply Agreement was signed in December 2024 and construction
\n
works are expected to start in first quarter of 2025.
\n
\n
Capital expenditures for Hybrid Projects amounted to \u20ac1.0 million in 2024.
\n
\n
Energy Storage Projects
\n
With respect to the project of the Battery Energy Storage Station with a guaranteed capacity of 100 MWh, maximum incoming
\n
and outcoming power of 50 MW and consisting of accumulators in Ptolemaida 4 location of the Municipal Unit of Dimitrios
\n
Ypsilantis of the Municipality of Kozani, of the prefecture of.Kozani, in the Region of Western Macedonia, the BESS Supply
\n
Agreement and the BoP Contract are expected to be signed in the first quarter of 2025.
\n
With respect to the project of the Battery Energy Storage Station with a guaranteed capacity of 96 MWh, maximum incoming
\n
and outcoming power of 48 MW and consisting of accumulators in Meliti 1 location of the Municipal Unit of Melitis of the
\n
Municipality of Florina, of the prefecture of Florina, in the Region of Western Macedonia, the BESS Supply Agreement and the
\n
BoP Contract are expected to be signed in the first quarter of 2025. The project will be connected to the new KYT Melitis II, where
\n
construction works for the installation of a new 400/33/33kV Transformer and for the Connection and Extension works to the
\n
existing KYT Melitis have already started through a separate Contract.
\n
The Group has additional Energy Storage projects under development. Total capital expenditure for Energy Storage projects in
\n
2024 amounted to \u20ac0.2 million.
\n
Small Hydroelectric Power Plants (SHPPs)
\n
\n
Completion of the construction works for Makrochori II SHPP with nominal capacity of 4.84 MW and a total budget of \u20ac7.4 million
\n
at the Rapsomaniki location of the Municipality of Alexandria, Prefectural Government of Imathia in the Central Macedonia
\n
Region. The contract was signed in June 2020, when construction works began with the final acceptance of the project expected
\n
within the 1st - 2nd quarter of 2025.
\n
\n
PPC Renewables Group has additional MHP projects either in operation or under development, while its total capital expenditures
\n
for Small Hydropower Plants amounted to \u20ac1.8 million in 2024.
\n

\n\n\n\n\n\n
47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
\n
Partnerships for the joint development of RES portfolios
\n
\n
The joint venture company Meton Energy S.A., in which PPC Renewables and RWE Renewables Europe and Australia participate
\n
with 49% and 51%, respectively, has taken the final investment decision for the construction of an additional photovoltaic project
\n
with a total capacity of approximately 450 MW, located in Western Macedonia in Northern Greece, within the boundaries of the
\n
former Amynteo open pit lignite mine. This solar farm, which is now entering the construction phase, is the last project of the
\n
940 MW Amynteo portfolio.
\n
In April 2024, PPC signed a Cooperation Framework Agreement (CFA) with MYTILINEOS Energy & Metals for the development
\n
and construction of a portfolio of solar projects up to 2 GW in Italy (503 MW), Bulgaria (500 MW), Croatia (445 MW) and Romania
\n
(516 MW), which is expected to be implemented in the next three years. The agreement includes approximately 90 solar projects
\n
that MYTILINEOS will fully develop and construct and, which upon completion of their connection to the electricity grid, will be
\n
acquired by PPC Group. Construction of the first two solar projects in Italy with a total capacity of 32 MW has completed and the
\n
projects are expected to commence commercial operations within the first quarter 2025.
\n
In September 2024, PPC signed a strategic agreement-collaboration framework with the Copelouzos and Samaras Groups for the
\n
acquisition of an RES portfolio of 66.6 MW in operation, a pipeline of up to 1.7 GW under development which will be jointly
\n
developed with Copelouzos and Samaras Groups, as well as for the acquisition of a 20% share in the Company Ilektroparagogi
\n
Alexandroupolis S.A., which develops a CCGT unit (840 MW), in which PPC already holds a majority stake (51%).
\n
In November 2024, PPC Renewables entered into an agreement to acquire the minority shareholding percentage developing a
\n
wind project with a total installed capacity of 38.4 MW located in Rodopi.
\n
\n
Pumped-storage hydroelectricity - production-storage of electricity
\n
PPC is in the process of research and project maturation, for the construction of Pumped-Storage Hydroelectricity (PSH) projects
\n
in selected locations within the Greek Territory, for which projects it received a license from the RAEWW and are as follows:
\n
1. Pumped-Storage Hydroelectricity project with a maximum injection power of 304 MW and a maximum absorption power
\n
of 294 MW in the \"Kardia Mine\" location of the Dimitriou Ypsilanti\u2019s Municipal Unit of the Kozani\u2019s Municipality of the
\n
Kozani\u2019s Regional Unit of the Western Macedonia Region (RAE Decision 122/202/24.10.2023)(AD-05319).
\n
2. Pumped-Storage Hydroelectricity project with a maximum injection power of 183 MW and a maximum absorption power
\n
of 181 MW at the \"Megalopolis Mine\" site of the Megalopolis Municipal Unit of the Megalopolis Municipality of the
\n
Arcadia Regional Unit of the Peloponnese Region (RAEWW Decision 1234.2023/24.10.2023)(AD-05319).
\n
3. Pumped-Storage Hydroelectricity project with a maximum injection power of 475 MW and a maximum absorption power
\n
of 448 MW at the location \"HP Sfikias (Bravas) reservoir\" of the Veria Municipal Unit of the Municipality of Veria of the
\n
Imathia Regional Unit of the Region of Central Macedonia (RAEWW Decision 1236.2023/24.10.2023)( AD-05321).
\n
4. Pumped-Storage Hydroelectricity project with a maximum injection power of 238 MW and a maximum absorption power
\n
of 231 MW at the location \"South Field\" of the Municipal Unit of Elispondou of the Municipality of Kozani of the Regional
\n
Unit of Kozani of the Region of Western Macedonia in replacement (for technical-economic reasons) of the planned
\n
Pumped-Storage Hydroelectricity project with a maximum injection power of 156 MW and a maximum aborption power
\n
of 150 MW at the location \"Mavropigis Mine\" of the Municipal Unit of Ptolemaida of the Municipality of Eordaia of the
\n
Regional Unit of Kozani of the Region of Western Macedonia (RAEWW Decision 1237.2023/24.10.2023)(AD-05322).
\n
In addition, PPC is in the process of research and project maturation for the construction of additional pumping (electricity
\n
storage) projects at the existing Pournari and Kastraki hydroelectric plants.
\n

\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag776": { "value": "\n

\n
48. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT
\n\n

\n\n

\n\n
The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuing technique:
\n
Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.
\n
Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either
\n
directly or indirectly.
\n
Level 3: techniques which use inputs that have a significant effect on the recorded fair value and are not based on observable
\n
market data.
\n
During the reporting period there were no transfers between level 1 and level 2 fair value measurement, and no transfers into
\n
and out of level 3 fair value measurement.
\n
The following tables compare the carrying amount of the Group\u2019s and the Parent Company\u2019s financial instruments that are carried
\n
at amortized cost and their fair value:
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Carrying amount Fair value
GROUP 31.12.2024 31.12.2023 31.12.2024 31.12.2023
Financial Assets
Trade receivables 1,593,040 1,552,674 1,593,040 1,552,674
Restricted cash 379,452 177,487 379,452 177,487
Cash and cash equivalents 1,998,590 2,599,802 1,998,590 2,599,802
Financial Liabilities
Long-term borrowings 6,931,910 5,600,166 6,931,910 5,600,166
Long- term financial liabilities from the securitization 255,998 377,126 255,998 377,126
of trade receivables
Financial liability from NCI Put option 1,463,914 1,431,001 1,463,914 1,431,001
Trade payables 2,729,1402,095,150 2,729,1402,095,150
Short- term financial liabilities from the 115,614 10,198 115,614 10,198
securitization of trade receivables
Short-term borrowing 223,681 240,760 223,681 240,760
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Carrying amount Fair value
PARENT COMPANY 31.12.2024 31.12.2023 31.12.2024 31.12.2023
Financial Assets
Trade receivables 1,181,335 1,207,131 1,181,335 1,207,131
Restricted cash 230,966 42,169 230,966 42,169
Cash and cash equivalents 1,183,276 1,853,051 1,183,276 1,853,051
Financial Liabilities
Long-term borrowings 3,937,377 3,439,426 3,937,377 3,439,426
Long-term financial liabilities from the securitization
of trade receivables 255,998 377,126 255,998 377,126
Trade payables 970,196 925,021 970,196 925,021
Short- term financial liabilities from the
securitization of trade receivables 115,614 10,198 115,614 10,198
Short-term borrowing 70,000 - 70,000 -
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The fair value of trade receivables and trade payable accounts approximates their carrying amounts.
\n
\n
The fair value of other financial assets and financial liabilities is determined by discounting future cash flows using either directly
\n
or indirectly observable inputs and is included in Level 2 of the fair value hierarchy.
\n
\n
As of December 31
\n
st
\n
, 2024, the Group and the Parent Company held the following financial instruments measured at fair value:
\n

\n\n\n\n\n\n

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48. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (CONTINUED)
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\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Fair Value Fair value Hierarchy
GROUP 31.12.2024 31.12.2023
Financial Assets
Financial Assets at fair value through Other 315308Level 1
Comprehensive Income
Derivative Financial Instruments \u2013 Non current Assets 10,65514,641 Level 1, Level 3
Derivative Financial Instruments \u2013 Current Assets 5,415 1,521 Level 1, Level 3
Financial Liabilities
Derivative Financial Instruments \u2013 Current Liabilities38,617 12,163 Level 1, Level 3
Parent Company
Financial Assets
Financial Assets at fair value through Other 303295Level 1
Comprehensive Income
Derivative Financial Instruments \u2013 Non current Assets 52,406 24,748 Level 1, Level 3
Derivative Financial Instruments \u2013 Current assets 5,717 7,429Level 1, Level 3
Financial Liabilities
Derivative Financial Instruments \u2013 Current Liabilities 10,295 11,945 Level 1, Level 3
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There were no transfers between Level 1 and 2 of the fair value hierarchy and transfers to / from Level 3 for the calculation of
\n
the fair value of financial receivables and liabilities for the year ended 31 December 2024.
\n
\n
Financial Risk Management Policies
\n
\n
Fair Value
\n
\n
The amounts reflected in the accompanying balance sheets for cash, current assets and current liabilities approximate their
\n
respective fair values due to their short-term maturity.
\n
\n
The fair values of financial Assets at fair value through Other Comprehensive Income that are traded on stock markets are based
\n
on their quoted market prices at the balance sheet date.
\n
\n
The carrying values of long-term borrowing approximate their fair value as these loans are in local currency and mainly of floating
\n
interest rate.
\n
\n
For derivative financial instruments, their fair values are confirmed either by financial institutions with which the Group has
\n
entered into the relevant contracts or on the basis of their stock market prices of the derivative futures market. While the power
\n
purchase agreements PPA (Note 50.4) are based on valuation techniques that use inputs that have a significant effect on recorded
\n
fair value and are not based on observable market data.
\n

\n\n\n\n\n\n

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\n\n

\n\n
Interest rate risk and foreign currency risk
\n
\n
The Group\u2019s and the Parent Company\u2019s debt obligations consist of bank loans, bonds and overdraft facilities. It is the Group\u2019s and
\n
the Parent Company\u2019s policy to have a balanced distribution of the loan portfolio between fixed and floating interest rates
\n
according to the prevailing conditions and to hedge on a case by case basis through derivatives, solely to mitigate risk, against
\n
the fluctuation of floating interest rates and/or foreign currency exchange rates affecting their debt portfolio.
\n
\n
Furthermore, the fluctuation of the Euro against the U.S. dollar exchange rate may adversely impact the prices of the Parent
\n
Company\u2019s liquid fuel purchases (diesel and heavy fuel oil) and natural gas. As oil prices are expressed in U.S. dollars, the Parent
\n
Company is exposed to foreign currency risk in the event of an appreciation of the U.S. dollar against the euro. In order to mitigate
\n
the foreign currency risk arising from liquid fuel purchases, the Parent Company examines the possibility of undertaking, on a
\n
case by case basis and according to the prevailing market liquidity circumstances, hedging transactions for this risk. It should be
\n
noted that any undertaken hedging transactions may not provide full or adequate protection against these risks.
\n

\n\n\n\n\n\n

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\n

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48. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (CONTINUED)
\n
\n\n

\n\n
The recent activity of the Parent Company in the Romanian power market (a member state of the European Union but not of the
\n
Eurozone), through the acquisition at the end of October 2023 of all the power activities of the multinational organization ENEL
\n
in Romania, exposes it to potential foreign exchange risk, due to the potential fluctuation of the EUR / RON exchange rate.
\n
Although the monetary policy followed by the Central Bank in Romania consists of maintaining the exchange rate within a narrow
\n
range of values, a potential broad devaluation of the local currency against the Euro, will negatively affect both the value of the
\n
Parent Company's investment and the level of the Group's operating results.
\n
\n
The following table presents the sensitivity analysis to pre-tax income from reasonable possible interest rate fluctuations with
\n
the other variables remaining fixed, through the effect on existing floating rate borrowing (in millions of Euro):
\n
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Increase / Decrease in Effect on profit before tax Effect on profit before tax
basis points (%) (Group) (Company)
2024
\u0395uro50(13.1) (9.3)
\u0395uro(50) 13.1 9.3
2023
\u0395uro50(13.9)(10.4)
\u0395uro(50) 13.9 10.4
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\n\n\n\n\n\n
\n\n
Liquidity Risk
\n
\n
The Group and the Parent Company face working capital risk, due to the nature of the energy market (price volatility, customer
\n
trading behaviour) which may lead to additional liquidity requirements. The Group and the Parent Company may also face,
\n
following decisions by the Regulator, increased working capital requirements in relation to their payments to and from other
\n
market operators and increased capital expenditure, that could have a significant effect on their liquidity.
\n
\n
The Group and Parent Company are exposed to the risk that counterparties that owe us financial instruments, energy or other
\n
commodities as a result of market transactions, will not fulfil their obligations. The Group and Parent Company also face the risk
\n
of potential default or delay by their counterparties, which include their partners, contractors, subcontractors and suppliers.
\n
\n
Furthermore, the Parent Company may experience difficulties or delays in collecting outstanding debt from Low, Medium and
\n
High Voltage customers. The inability of customers to pay in full and timely amounts billed in relation to their electricity
\n
consumption, the increased availability of competitors\u2019 offers, or the outcome of negotiations with Medium and High Voltage
\n
industrial customers in key economic sectors in Greece on financial and other terms for extending their contracts, may lead to
\n
increase liquidity risk and have an adverse effect on the Group and Parent Company\u2019s business, financial condition and results of
\n
operations.
\n
\n
The contractual maturities of the main financial liabilities (borrowings), not including interest payments are as follows:
\n

\n\n\n\n\n\n

\n\n\n\n\n\n

\n

\n
48. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (CONTINUED)
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u22651 to 5
(In mil. Euro) < 1 year Years > 5 years Total
Overdraft facilities 230.8 - - 230.8
Short term borrowings 9.9 - - 9.9
Long term borrowings 1,178.8 3,397.5 1,094.2 5,670.5
31 December 20231,419.5 3,397.5 1,094.2 5,911.2
(Group)
Overdraft facilities 208.0 - - 208.0
Short term borrowings 15.7 - - 15.7
Long term borrowings 722.0 3,877.4 2,429.3 7,028.7
31 December 2024945.7 3,877.4 2,429.37,252.4
(Group)
Overdraft facilities - - - -
Short term borrowings - - - -
Long term borrowings 862.1 2,618.4 15.8 3,496.4
31 December 2023862.1 2,618.4 15.8 3,496.4
(Company)
Overdraft facilities 70.0 - - 70.0
Short term borrowings - - - -
Long term borrowings 423.1 2,860.7 720.5 4,004.3
31 December 2024 493.1 2,860.7 720.5 4,074.3
(Company)
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Future interest payments on loan financial liabilities, excluding overdraft facilities are as follows:
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Group (in million \u20ac)
Future Interest < 1 year\u2265 1 to 5 > 5 yearsTotal
Payments
31 December 2023 230.9 433.3 247.6 911.8
31 December 2024 234.9 548.3 310.0 1,093.2
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Parent Company (in million \u20ac)
Future Interest \u2265 1 to 5 > 5
Payments < 1 yearYearsyearsTotal
31 December 2023 162.3 237.2 0.3399.8
31 December 2024 149.1 304.5 63.3 516.9
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The future interest payments for 2024 and 2023 of the Revolving Bond Loans are based on their balance as of 31.12.2024 and 31.12.2023
\n
respectively.
\n

\n\n\n\n\n\n
\n
\n\n
Market risk
\n
\n
The Group and the Parent Company participate in the wholesale energy market in the countries where they operate both as a
\n
producer and as a supplier of electricity, which exposes them to market price risk arising from fluctuations in the prices of natural
\n
gas, oil and CO2 emission allowances, which are traded on international markets of energy goods, as well as fluctuations in the price
\n
of electricity which is also traded on the markets. Significant fluctuations in the prices or quantities of electricity, natural gas, fuels
\n
and CO2 emission allowances affect, directly or indirectly through the effect on the price of the wholesale EU market, the financial
\n
position, results and cash flows of the Group and the Parent Company as well as their business activities and prospects.
\n

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\n

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48. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (CONTINUED)
\n
\n\n
As an electricity supplier, the Company's exposure to market price risk depends on the type of tariffs it offers to its customers. Fixed
\n
tariffs (fixed price products) expose the Company to Greek wholesale electricity prices, as price increases increase the cost of energy
\n
supply. In contrast, floating tariffs that are adjusted to wholesale electricity prices (variable price products) involve less price risk. A
\n
significant part of the Company's customer base is on floating tariffs, which limits its exposure to market price risk from the retail
\n
activity. The Company\u2019s production costs and the Day-Ahead Market Clearing Price (DAQ) are significantly affected by fluctuations in
\n
the price of natural gas. The crisis in Ukraine and sanctions in Russia increased natural gas prices in 2022, leading to higher costs in
\n
the electricity market since then. In 2024, natural gas covered 53% of the electricity generation of the Company\u2019s thermal units.
\n
\n
Although CO2 emissions have been significantly reduced due to the ongoing delignitization project, thereby reducing exposure to the
\n
price of CO2 emission allowances, significant quantities of CO2 emission allowances still need to be purchased each year. The Group
\n
and the Parent Company continuously monitor the markets and developments in Europe, as well as changes in the relevant regulatory
\n
framework, as CO2 allowance prices may be further affected by the expected tightening of the EU 2030 emissions targets, which may
\n
be influenced by the EU's commitments under the Paris Agreement, the ongoing dialogue on the EU 2050 climate targets and the EU
\n
Green Deal. In order to limit exposure to market risk, the Group and the Parent Company have adopted risk management policies to
\n
hedge price risk in accordance with the limits and targets set by the Board of Directors and the relevant committees (i.e. the Risk
\n
Management Committee and the Energy Management Committee). Hedging activities typically include the use of derivative
\n
instruments with the aim of reducing risk. However, exposure to these risks has not been completely eliminated and sufficient
\n
hedging of the volatility of energy commodity prices and wholesale electricity market prices may not be achieved, either due to low
\n
liquidity in the Electricity Futures Market or due to other reasons. In addition, the execution of hedging activities through participation
\n
in organized commodity exchanges creates new needs for financing and settlement with cash, as well as coverage of adverse price
\n
changes or loss limitation procedures, which could lead to significant liquidity needs. In addition, the diversification of the energy
\n
portfolio through increased investments in RES in various geographical areas and efforts to reduce dependence on imported energy
\n
aim to mitigate the impact of external market turbulence.
\n

\n\n\n\n\n\n
\n\n
Progression of net debt ratio
\n
\n
The Group\u2019s net debt/equity ratio is as follows:
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
2024 2023
Long-term borrowing 6,233,016 4,419,795
Current portion of long-term borrowing 698,894 1,180,371
Short-term borrowing 223,681 240,760
Cash and cash equivalents (1,998,590) (2,599,802)
Restricted cash (162,643) (154,446)
Financial assets measured at fair value through other comprehensive income (315) (308)
Unamortized portion of loans\u2019 issuance fees and loan amendments IFRS 9 96,81381,454
TOTAL 5,090,8563,167,824
Shareholders\u2019 equity6,040,946 5,364,190
Net debt/equity ratio 84%59%
\n\n\n
\n
\n
It is noted that the deducted amounts of the restricted cash in the above table refer only to pledged deposits related to loan
\n
agreements.
\n

\n\n\n\n\n\n

\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag779": { "value": "\n

\n\n
The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuing technique:
\n
Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.
\n
Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either
\n
directly or indirectly.
\n
Level 3: techniques which use inputs that have a significant effect on the recorded fair value and are not based on observable
\n
market data.
\n
During the reporting period there were no transfers between level 1 and level 2 fair value measurement, and no transfers into
\n
and out of level 3 fair value measurement.
\n
The following tables compare the carrying amount of the Group\u2019s and the Parent Company\u2019s financial instruments that are carried
\n
at amortized cost and their fair value:
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Carrying amount Fair value
GROUP 31.12.2024 31.12.2023 31.12.2024 31.12.2023
Financial Assets
Trade receivables 1,593,040 1,552,674 1,593,040 1,552,674
Restricted cash 379,452 177,487 379,452 177,487
Cash and cash equivalents 1,998,590 2,599,802 1,998,590 2,599,802
Financial Liabilities
Long-term borrowings 6,931,910 5,600,166 6,931,910 5,600,166
Long- term financial liabilities from the securitization 255,998 377,126 255,998 377,126
of trade receivables
Financial liability from NCI Put option 1,463,914 1,431,001 1,463,914 1,431,001
Trade payables 2,729,1402,095,150 2,729,1402,095,150
Short- term financial liabilities from the 115,614 10,198 115,614 10,198
securitization of trade receivables
Short-term borrowing 223,681 240,760 223,681 240,760
\n\n\n
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\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Carrying amount Fair value
PARENT COMPANY 31.12.2024 31.12.2023 31.12.2024 31.12.2023
Financial Assets
Trade receivables 1,181,335 1,207,131 1,181,335 1,207,131
Restricted cash 230,966 42,169 230,966 42,169
Cash and cash equivalents 1,183,276 1,853,051 1,183,276 1,853,051
Financial Liabilities
Long-term borrowings 3,937,377 3,439,426 3,937,377 3,439,426
Long-term financial liabilities from the securitization
of trade receivables 255,998 377,126 255,998 377,126
Trade payables 970,196 925,021 970,196 925,021
Short- term financial liabilities from the
securitization of trade receivables 115,614 10,198 115,614 10,198
Short-term borrowing 70,000 - 70,000 -
\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
The fair value of trade receivables and trade payable accounts approximates their carrying amounts.
\n
\n
The fair value of other financial assets and financial liabilities is determined by discounting future cash flows using either directly
\n
or indirectly observable inputs and is included in Level 2 of the fair value hierarchy.
\n
\n
As of December 31
\n
st
\n
, 2024, the Group and the Parent Company held the following financial instruments measured at fair value:
\n

\n\n\n\n\n\n

\n\n\n\n\n\n

\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Fair Value Fair value Hierarchy
GROUP 31.12.2024 31.12.2023
Financial Assets
Financial Assets at fair value through Other 315308Level 1
Comprehensive Income
Derivative Financial Instruments \u2013 Non current Assets 10,65514,641 Level 1, Level 3
Derivative Financial Instruments \u2013 Current Assets 5,415 1,521 Level 1, Level 3
Financial Liabilities
Derivative Financial Instruments \u2013 Current Liabilities38,617 12,163 Level 1, Level 3
Parent Company
Financial Assets
Financial Assets at fair value through Other 303295Level 1
Comprehensive Income
Derivative Financial Instruments \u2013 Non current Assets 52,406 24,748 Level 1, Level 3
Derivative Financial Instruments \u2013 Current assets 5,717 7,429Level 1, Level 3
Financial Liabilities
Derivative Financial Instruments \u2013 Current Liabilities 10,295 11,945 Level 1, Level 3
\n\n\n
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\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
There were no transfers between Level 1 and 2 of the fair value hierarchy and transfers to / from Level 3 for the calculation of
\n
the fair value of financial receivables and liabilities for the year ended 31 December 2024.
\n
\n
Financial Risk Management Policies
\n
\n
Fair Value
\n
\n
The amounts reflected in the accompanying balance sheets for cash, current assets and current liabilities approximate their
\n
respective fair values due to their short-term maturity.
\n
\n
The fair values of financial Assets at fair value through Other Comprehensive Income that are traded on stock markets are based
\n
on their quoted market prices at the balance sheet date.
\n
\n
The carrying values of long-term borrowing approximate their fair value as these loans are in local currency and mainly of floating
\n
interest rate.
\n
\n
For derivative financial instruments, their fair values are confirmed either by financial institutions with which the Group has
\n
entered into the relevant contracts or on the basis of their stock market prices of the derivative futures market. While the power
\n
purchase agreements PPA (Note 50.4) are based on valuation techniques that use inputs that have a significant effect on recorded
\n
fair value and are not based on observable market data.
\n

\n\n\n\n\n\n

\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag781": { "value": "\n
The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuing technique:
\n
Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.
\n
Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either
\n
directly or indirectly.
\n
Level 3: techniques which use inputs that have a significant effect on the recorded fair value and are not based on observable
\n
market data.
\n
During the reporting period there were no transfers between level 1 and level 2 fair value measurement, and no transfers into
\n
and out of level 3 fair value measurement.
\n
The following tables compare the carrying amount of the Group\u2019s and the Parent Company\u2019s financial instruments that are carried
\n
at amortized cost and their fair value:
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Carrying amount Fair value
GROUP 31.12.2024 31.12.2023 31.12.2024 31.12.2023
Financial Assets
Trade receivables 1,593,040 1,552,674 1,593,040 1,552,674
Restricted cash 379,452 177,487 379,452 177,487
Cash and cash equivalents 1,998,590 2,599,802 1,998,590 2,599,802
Financial Liabilities
Long-term borrowings 6,931,910 5,600,166 6,931,910 5,600,166
Long- term financial liabilities from the securitization 255,998 377,126 255,998 377,126
of trade receivables
Financial liability from NCI Put option 1,463,914 1,431,001 1,463,914 1,431,001
Trade payables 2,729,1402,095,150 2,729,1402,095,150
Short- term financial liabilities from the 115,614 10,198 115,614 10,198
securitization of trade receivables
Short-term borrowing 223,681 240,760 223,681 240,760
\n\n\n
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\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Carrying amount Fair value
PARENT COMPANY 31.12.2024 31.12.2023 31.12.2024 31.12.2023
Financial Assets
Trade receivables 1,181,335 1,207,131 1,181,335 1,207,131
Restricted cash 230,966 42,169 230,966 42,169
Cash and cash equivalents 1,183,276 1,853,051 1,183,276 1,853,051
Financial Liabilities
Long-term borrowings 3,937,377 3,439,426 3,937,377 3,439,426
Long-term financial liabilities from the securitization
of trade receivables 255,998 377,126 255,998 377,126
Trade payables 970,196 925,021 970,196 925,021
Short- term financial liabilities from the
securitization of trade receivables 115,614 10,198 115,614 10,198
Short-term borrowing 70,000 - 70,000 -
\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
The fair value of trade receivables and trade payable accounts approximates their carrying amounts.
\n
\n
The fair value of other financial assets and financial liabilities is determined by discounting future cash flows using either directly
\n
or indirectly observable inputs and is included in Level 2 of the fair value hierarchy.
\n
\n
As of December 31
\n
st
\n
, 2024, the Group and the Parent Company held the following financial instruments measured at fair value:
\n

\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Fair Value Fair value Hierarchy
GROUP 31.12.2024 31.12.2023
Financial Assets
Financial Assets at fair value through Other 315308Level 1
Comprehensive Income
Derivative Financial Instruments \u2013 Non current Assets 10,65514,641 Level 1, Level 3
Derivative Financial Instruments \u2013 Current Assets 5,415 1,521 Level 1, Level 3
Financial Liabilities
Derivative Financial Instruments \u2013 Current Liabilities38,617 12,163 Level 1, Level 3
Parent Company
Financial Assets
Financial Assets at fair value through Other 303295Level 1
Comprehensive Income
Derivative Financial Instruments \u2013 Non current Assets 52,406 24,748 Level 1, Level 3
Derivative Financial Instruments \u2013 Current assets 5,717 7,429Level 1, Level 3
Financial Liabilities
Derivative Financial Instruments \u2013 Current Liabilities 10,295 11,945 Level 1, Level 3
\n\n\n
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\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
There were no transfers between Level 1 and 2 of the fair value hierarchy and transfers to / from Level 3 for the calculation of
\n
the fair value of financial receivables and liabilities for the year ended 31 December 2024.
\n
\n
Financial Risk Management Policies
\n
\n
Fair Value
\n
\n
The amounts reflected in the accompanying balance sheets for cash, current assets and current liabilities approximate their
\n
respective fair values due to their short-term maturity.
\n
\n
The fair values of financial Assets at fair value through Other Comprehensive Income that are traded on stock markets are based
\n
on their quoted market prices at the balance sheet date.
\n
\n
The carrying values of long-term borrowing approximate their fair value as these loans are in local currency and mainly of floating
\n
interest rate.
\n
\n
For derivative financial instruments, their fair values are confirmed either by financial institutions with which the Group has
\n
entered into the relevant contracts or on the basis of their stock market prices of the derivative futures market. While the power
\n
purchase agreements PPA (Note 50.4) are based on valuation techniques that use inputs that have a significant effect on recorded
\n
fair value and are not based on observable market data.
\n

\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag783": { "value": "\n

\n\n
Interest rate risk and foreign currency risk
\n
\n
The Group\u2019s and the Parent Company\u2019s debt obligations consist of bank loans, bonds and overdraft facilities. It is the Group\u2019s and
\n
the Parent Company\u2019s policy to have a balanced distribution of the loan portfolio between fixed and floating interest rates
\n
according to the prevailing conditions and to hedge on a case by case basis through derivatives, solely to mitigate risk, against
\n
the fluctuation of floating interest rates and/or foreign currency exchange rates affecting their debt portfolio.
\n
\n
Furthermore, the fluctuation of the Euro against the U.S. dollar exchange rate may adversely impact the prices of the Parent
\n
Company\u2019s liquid fuel purchases (diesel and heavy fuel oil) and natural gas. As oil prices are expressed in U.S. dollars, the Parent
\n
Company is exposed to foreign currency risk in the event of an appreciation of the U.S. dollar against the euro. In order to mitigate
\n
the foreign currency risk arising from liquid fuel purchases, the Parent Company examines the possibility of undertaking, on a
\n
case by case basis and according to the prevailing market liquidity circumstances, hedging transactions for this risk. It should be
\n
noted that any undertaken hedging transactions may not provide full or adequate protection against these risks.
\n

\n\n\n\n\n\n

\n\n\n\n\n\n

\n\n
The recent activity of the Parent Company in the Romanian power market (a member state of the European Union but not of the
\n
Eurozone), through the acquisition at the end of October 2023 of all the power activities of the multinational organization ENEL
\n
in Romania, exposes it to potential foreign exchange risk, due to the potential fluctuation of the EUR / RON exchange rate.
\n
Although the monetary policy followed by the Central Bank in Romania consists of maintaining the exchange rate within a narrow
\n
range of values, a potential broad devaluation of the local currency against the Euro, will negatively affect both the value of the
\n
Parent Company's investment and the level of the Group's operating results.
\n
\n
The following table presents the sensitivity analysis to pre-tax income from reasonable possible interest rate fluctuations with
\n
the other variables remaining fixed, through the effect on existing floating rate borrowing (in millions of Euro):
\n
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Increase / Decrease in Effect on profit before tax Effect on profit before tax
basis points (%) (Group) (Company)
2024
\u0395uro50(13.1) (9.3)
\u0395uro(50) 13.1 9.3
2023
\u0395uro50(13.9)(10.4)
\u0395uro(50) 13.9 10.4
\n\n\n
\n
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\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n

\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag784": { "value": "\n
Interest rate risk and foreign currency risk
\n
\n
The Group\u2019s and the Parent Company\u2019s debt obligations consist of bank loans, bonds and overdraft facilities. It is the Group\u2019s and
\n
the Parent Company\u2019s policy to have a balanced distribution of the loan portfolio between fixed and floating interest rates
\n
according to the prevailing conditions and to hedge on a case by case basis through derivatives, solely to mitigate risk, against
\n
the fluctuation of floating interest rates and/or foreign currency exchange rates affecting their debt portfolio.
\n
\n
Furthermore, the fluctuation of the Euro against the U.S. dollar exchange rate may adversely impact the prices of the Parent
\n
Company\u2019s liquid fuel purchases (diesel and heavy fuel oil) and natural gas. As oil prices are expressed in U.S. dollars, the Parent
\n
Company is exposed to foreign currency risk in the event of an appreciation of the U.S. dollar against the euro. In order to mitigate
\n
the foreign currency risk arising from liquid fuel purchases, the Parent Company examines the possibility of undertaking, on a
\n
case by case basis and according to the prevailing market liquidity circumstances, hedging transactions for this risk. It should be
\n
noted that any undertaken hedging transactions may not provide full or adequate protection against these risks.
\n

\n\n\n\n\n\n
The recent activity of the Parent Company in the Romanian power market (a member state of the European Union but not of the
\n
Eurozone), through the acquisition at the end of October 2023 of all the power activities of the multinational organization ENEL
\n
in Romania, exposes it to potential foreign exchange risk, due to the potential fluctuation of the EUR / RON exchange rate.
\n
Although the monetary policy followed by the Central Bank in Romania consists of maintaining the exchange rate within a narrow
\n
range of values, a potential broad devaluation of the local currency against the Euro, will negatively affect both the value of the
\n
Parent Company's investment and the level of the Group's operating results.
\n
\n
The following table presents the sensitivity analysis to pre-tax income from reasonable possible interest rate fluctuations with
\n
the other variables remaining fixed, through the effect on existing floating rate borrowing (in millions of Euro):
\n
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Increase / Decrease in Effect on profit before tax Effect on profit before tax
basis points (%) (Group) (Company)
2024
\u0395uro50(13.1) (9.3)
\u0395uro(50) 13.1 9.3
2023
\u0395uro50(13.9)(10.4)
\u0395uro(50) 13.9 10.4
\n\n\n
\n
\n
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\n
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\n
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\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n
Market risk
\n
\n
The Group and the Parent Company participate in the wholesale energy market in the countries where they operate both as a
\n
producer and as a supplier of electricity, which exposes them to market price risk arising from fluctuations in the prices of natural
\n
gas, oil and CO2 emission allowances, which are traded on international markets of energy goods, as well as fluctuations in the price
\n
of electricity which is also traded on the markets. Significant fluctuations in the prices or quantities of electricity, natural gas, fuels
\n
and CO2 emission allowances affect, directly or indirectly through the effect on the price of the wholesale EU market, the financial
\n
position, results and cash flows of the Group and the Parent Company as well as their business activities and prospects.
\n

\n\n\n\n\n\n
As an electricity supplier, the Company's exposure to market price risk depends on the type of tariffs it offers to its customers. Fixed
\n
tariffs (fixed price products) expose the Company to Greek wholesale electricity prices, as price increases increase the cost of energy
\n
supply. In contrast, floating tariffs that are adjusted to wholesale electricity prices (variable price products) involve less price risk. A
\n
significant part of the Company's customer base is on floating tariffs, which limits its exposure to market price risk from the retail
\n
activity. The Company\u2019s production costs and the Day-Ahead Market Clearing Price (DAQ) are significantly affected by fluctuations in
\n
the price of natural gas. The crisis in Ukraine and sanctions in Russia increased natural gas prices in 2022, leading to higher costs in
\n
the electricity market since then. In 2024, natural gas covered 53% of the electricity generation of the Company\u2019s thermal units.
\n
\n
Although CO2 emissions have been significantly reduced due to the ongoing delignitization project, thereby reducing exposure to the
\n
price of CO2 emission allowances, significant quantities of CO2 emission allowances still need to be purchased each year. The Group
\n
and the Parent Company continuously monitor the markets and developments in Europe, as well as changes in the relevant regulatory
\n
framework, as CO2 allowance prices may be further affected by the expected tightening of the EU 2030 emissions targets, which may
\n
be influenced by the EU's commitments under the Paris Agreement, the ongoing dialogue on the EU 2050 climate targets and the EU
\n
Green Deal. In order to limit exposure to market risk, the Group and the Parent Company have adopted risk management policies to
\n
hedge price risk in accordance with the limits and targets set by the Board of Directors and the relevant committees (i.e. the Risk
\n
Management Committee and the Energy Management Committee). Hedging activities typically include the use of derivative
\n
instruments with the aim of reducing risk. However, exposure to these risks has not been completely eliminated and sufficient
\n
hedging of the volatility of energy commodity prices and wholesale electricity market prices may not be achieved, either due to low
\n
liquidity in the Electricity Futures Market or due to other reasons. In addition, the execution of hedging activities through participation
\n
in organized commodity exchanges creates new needs for financing and settlement with cash, as well as coverage of adverse price
\n
changes or loss limitation procedures, which could lead to significant liquidity needs. In addition, the diversification of the energy
\n
portfolio through increased investments in RES in various geographical areas and efforts to reduce dependence on imported energy
\n
aim to mitigate the impact of external market turbulence.
\n

\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag798": { "value": "\n
Liquidity Risk
\n
\n
The Group and the Parent Company face working capital risk, due to the nature of the energy market (price volatility, customer
\n
trading behaviour) which may lead to additional liquidity requirements. The Group and the Parent Company may also face,
\n
following decisions by the Regulator, increased working capital requirements in relation to their payments to and from other
\n
market operators and increased capital expenditure, that could have a significant effect on their liquidity.
\n
\n
The Group and Parent Company are exposed to the risk that counterparties that owe us financial instruments, energy or other
\n
commodities as a result of market transactions, will not fulfil their obligations. The Group and Parent Company also face the risk
\n
of potential default or delay by their counterparties, which include their partners, contractors, subcontractors and suppliers.
\n
\n
Furthermore, the Parent Company may experience difficulties or delays in collecting outstanding debt from Low, Medium and
\n
High Voltage customers. The inability of customers to pay in full and timely amounts billed in relation to their electricity
\n
consumption, the increased availability of competitors\u2019 offers, or the outcome of negotiations with Medium and High Voltage
\n
industrial customers in key economic sectors in Greece on financial and other terms for extending their contracts, may lead to
\n
increase liquidity risk and have an adverse effect on the Group and Parent Company\u2019s business, financial condition and results of
\n
operations.
\n
\n
The contractual maturities of the main financial liabilities (borrowings), not including interest payments are as follows:
\n

\n\n\n\n\n\n
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u22651 to 5
(In mil. Euro) < 1 year Years > 5 years Total
Overdraft facilities 230.8 - - 230.8
Short term borrowings 9.9 - - 9.9
Long term borrowings 1,178.8 3,397.5 1,094.2 5,670.5
31 December 20231,419.5 3,397.5 1,094.2 5,911.2
(Group)
Overdraft facilities 208.0 - - 208.0
Short term borrowings 15.7 - - 15.7
Long term borrowings 722.0 3,877.4 2,429.3 7,028.7
31 December 2024945.7 3,877.4 2,429.37,252.4
(Group)
Overdraft facilities - - - -
Short term borrowings - - - -
Long term borrowings 862.1 2,618.4 15.8 3,496.4
31 December 2023862.1 2,618.4 15.8 3,496.4
(Company)
Overdraft facilities 70.0 - - 70.0
Short term borrowings - - - -
Long term borrowings 423.1 2,860.7 720.5 4,004.3
31 December 2024 493.1 2,860.7 720.5 4,074.3
(Company)
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Future interest payments on loan financial liabilities, excluding overdraft facilities are as follows:
\n
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Group (in million \u20ac)
Future Interest < 1 year\u2265 1 to 5 > 5 yearsTotal
Payments
31 December 2023 230.9 433.3 247.6 911.8
31 December 2024 234.9 548.3 310.0 1,093.2
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Parent Company (in million \u20ac)
Future Interest \u2265 1 to 5 > 5
Payments < 1 yearYearsyearsTotal
31 December 2023 162.3 237.2 0.3399.8
31 December 2024 149.1 304.5 63.3 516.9
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The future interest payments for 2024 and 2023 of the Revolving Bond Loans are based on their balance as of 31.12.2024 and 31.12.2023
\n
respectively.
\n

\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag792": { "value": "\n
Progression of net debt ratio
\n
\n
The Group\u2019s net debt/equity ratio is as follows:
\n
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
2024 2023
Long-term borrowing 6,233,016 4,419,795
Current portion of long-term borrowing 698,894 1,180,371
Short-term borrowing 223,681 240,760
Cash and cash equivalents (1,998,590) (2,599,802)
Restricted cash (162,643) (154,446)
Financial assets measured at fair value through other comprehensive income (315) (308)
Unamortized portion of loans\u2019 issuance fees and loan amendments IFRS 9 96,81381,454
TOTAL 5,090,8563,167,824
Shareholders\u2019 equity6,040,946 5,364,190
Net debt/equity ratio 84%59%
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\n
\n
It is noted that the deducted amounts of the restricted cash in the above table refer only to pledged deposits related to loan
\n
agreements.
\n

\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag785": { "value": "\n
49. LEASES
\n
\n
Leases: the Group and the Parent Company as Lessee
\n
\n
The Group and the Parent company have signed contracts for the lease of property, transportation assets, other equipment,
\n
software and vessels that they use for their activity.
\n
\n
Part of the leases of transportation assets and other equipment fall under the recognition exemption as they concern either
\n
short-term leases or low-value leases. Property leases concern leases with a remaining lease term on 31.12.2024 from 1 to 12
\n
years, except for the property of the former military camp \u201cPlessas Michael\" which has a remaining lease term on 31.12.2024 of
\n
47 years (assuming that the right to extend the lease by 10 years will be considered) where PPC\u2019s central office will be placed.
\n
The time charters of vessels concern leases of vessels with a duration of 6 to within the next 12 months.
\n
\n
The leases of the subsidiaries in Romania mainly concern land leases with a remaining lease term on 31.12.2024 from 1 to 86
\n
years, building leases with a remaining lease term on 31.12.2024 from 1 to 89 years and transportation leases with a remaining
\n
lease term on 31.12.2024 from 1 to 4 years. In addition, approximately half of the lease agreements of the subsidiaries in Romania
\n
are paid in euros and the rest in ron.
\n
\n
The following table contains the recognition amount of the rights of use of assets and the value of the financial liabilities, as well
\n
as their movement during the year ended 31 December 2024 and 31 December 2023:
\n

\n\n\n\n\n\n

\n

\n
49.LEASES (CONTINUED)
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
GROUP
ASSETSPROPERTY OTHER TRANSPORTATION VESSELS SOFTWARE TOTAL
EQUIPMENT MEANS
31.12.2022120,252 28,889 12,529 13,356 444175,470
Right of Use Asset from
acquisition of subsidiaries 29,9881,1461,408--32,542
(Note 3)
Additions34,009 2008,444 1,989 5,545 50,187
Reductions (2,291) - (7) - - (2,298)
Depreciation expense (15,959) (16,804) (5,053) (8,892) (1,297) (48,006)
Exchange Differences (94) (3) (4) - - (100)
31.12.2023165,905 13,428 17,317 6,453 4,692 207,795
Right of Use Asset from new 102,5604182,396-- 105,374
acquisitions (Note 3)
Additions41,5371,413 18,778 21,585 1783,330
Reductions (8,631) (1,127) (84) - - (9,842)
Depreciation expense (35,743) (13,183) (10,456) (12,605) (2,080) (74,067)
Exchange Differences 7 - 1 - - 8
31.12.2024265,635 94927,952 15,433 2,629 312,598
LIABILITIES
31.12.2022126,081 26,129 12,836 13,474 450178,970
Lease liability from
acquisitions of subsidiaries 29,6931,1461,408--32,247
(Note 3)
Additions 34,009 2008,444 1,989 5,545 50,187
Early termination (1,494) - (1) - - (1,495)
Finance cost 6,544 861587324658,381
Payments (18,285) (13,192) (5,548) (9,230) (3,360) (49,615)
Exchange Differences (93) (4) (4) - - (101)
31.12.2023 176,455 15,140 17,722 6,557 2,700 218,572
Lease liability from new 101,256 4192,660 - - 104,335
acquisitions (Note 3)
Additions 43,371 1,413 18,786 21,585 1785,172
Early termination (8,425) (1,081) (49) - - (9,555)
Finance cost 15,029 3771,206 5208717,219
Payments (45,347) (15,252) (11,804) (13,072) (1,155) (86,630)
Exchange Differences 17 - 1 - - 18
31.12.2024 282,356 1,016 28,521 15,591 1,649 329,133
LIABILITIES 31.12.2023
Current 14,326 14,469 6,833 6,557 1,05143,232
Non-Current 162,130 67210,889 - 1,649175,340
LIABILITIES 31.12.2024
Current 35,745 71710,559 9,823 1,17958,023
Non-Current 246,61129917,962 5,768 470271,110
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The increase in the Group's Rights of Use Assets and Lease Liabilities on December 31, 2024 compared to December 2023 is
\n
mainly due to the balances recognized during the acquisition of the subsidiaries in 2023 (Note 6) and in 2024 (Note 3).
\n
\n
In the following table, the contractual maturities of the Group's lease liabilities are presented as of December 31
\n
st
\n
, 2024 and as
\n
of December 31
\n
st
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, 2023:
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49.LEASES (CONTINUED)
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31.12.2023 PROPERTY OTHER TRANSPORTATION VESSELS SOFTWARE TOTAL
EQUIPMENT MEANS
Up to 12 months 18,562 14,776 7,317 6,664 1,13848,456
1 to 5 years 69,256 65711,255 - 1,69582,863
More than 5 years 235,776 1517- - 235,809
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31.12.2024PROPERTY OTHER TRANSPORTATION VESSELS SOFTWARE TOTAL
EQUIPMENT MEANS
Up to 12 months 46,501 73011,563 10,256 1,219 70,269
1 to 5 years 140,332 24919,397 5,845 475166,298
More than 5 years 261,819551,122 - - 262,996
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PARENT COMPANY
ASSETSPROPERTY OTHER EQUIPMENTTRANSPORTAVESSELS TOTAL
TION MEANS
31.12.2022 104,753 28,499 1,115 13,356 147,723
Additions25,027 2001,683 1,989 28,899
Early termination (2,123) - - - (2,123)
Depreciation expense (11,057) (16,329) (748) (8,892) (37,026)
31.12.2023 116,600 12,370 2,050 6,453 137,473
Additions19,0797682,02621,58543,458
Early termination (2,005)(14)(2) - (2,021)
Depreciation expense(12,864)(12,790)(1,408)(12,605)(39,667)
31.12.2024 120,810 3342,666 15,433 139,243
LIABILITIES
31.12.2022 110,359 25,914 1,137 13,475 150,885
Additions 25,027 2001,683 1,989 28,899
Early termination (1,326) - - - (1,326)
Finance cost 5,298 845583246,525
Payments (12,610) (12,884) (797) (9,230) (35,522)
31.12.2023 126,748 14,075 2,081 6,556 149,461
Additions19,0797682,02621,58543,458
Early termination(2,117)(15)(2)-(2,134)
Finance cost5,5793311215216,552
Payments(14,751)(14,817)(1,507)(13,072)(44,147)
31.12.2024 134,538 3422,719 15,590 153,189
LIABILITIES 31.12.2023
Current 8,609 14,045 1,018 6,556 30,228
Non-Current 118,139 301,064 - 119,233
LIABILITIES 31.12.2024
Current 10,306 3421,314 9,823 21,785
Non-Current 124,232 - 1,405 5,767 131,404
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In the following table, the contractual maturities of the Parent Company\u2019s lease liabilities are presented as of December 31
\n
st
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,
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2024 and as of December 31
\n
st
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, 2023:
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49.LEASES (CONTINUED)
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31.12.2023PROPERTY OTHER TRANSPORTATION VESSELS TOTAL
EQUIPMENT MEANS
Up to 12 months12,132 14,352 1,091 6,664 34,239
1 to 5 years43,227 301,108 - 44,365
More than 5 years212,384 - - - 212,384
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31.12.2024PROPERTY OTHER TRANSPORTATION VESSELS TOTAL
EQUIPMENT MEANS
Up to 12 months 15,665 3481,412 10,256 27,681
1 to 5 years 48,904 - 1,448 5,845 56,198
More than 5 years 207,863 - - - 207,863
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The amounts recorded in the Statement of Income are as follows:
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
GROUP 31.12.2024 31.12.2023
Rights in use assets depreciation expense (Note 13) 74,067 48,006
Finance cost (Note 15) 17,2198,381
Short term lease expenses44,77122,790
Low value lease expenses 401365
Total136,45879,542
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\n
\n
The Group and the Parent Company paid for leases in 2024 a total amount of \u20ac 131,802 (31.12.2023: \u20ac 72,770) and \u20ac88,665
\n
(31.12.2023: \u20ac 57,672) respectively.
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
PARENT COMPANY31.12.2024 31.12.2023
Rights in use assets depreciation expense (Note 13) 39,66737,026
Finance cost (Note 15) 6,5526,525
Short term lease expenses44,11721,785
Low value lease expenses 401365
Total90,736 65,701
\n\n\n
\n
\n
Lease obligations are secured by the landlord's title deeds. There are contracts that include a term of extension or early
\n
termination of the lease and a term of increase of rents based on the consumer price index (variable rents).
\n
\n
The Group and the Parent Company have the right for some leases, to extend the duration of the lease or the option to terminate
\n
the contract. The Group and the Parent Company assess whether there is reasonable certainty that the relevant right will be
\n
exercised, taking into account all the factors that create financial incentive, to exercise the right of renewal or termination.
\n
\n
The Group and the Parent Company on December 31, 2024 from the evaluation they made, concluded that for some lease
\n
agreements that give the right of extension they will exercise this right, with the except of lease agreements for houses, while for
\n
all contracts that have the option to terminate the contract, they will not exercise this option.
\n

\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag803": { "value": "\n
50. DERIVATIVE FINANCIAL INSTRUMENTS
\n
\n
50.1. Hedging Transactions
\n
Commodities hedging transactions (energy, natural gas)
\n
In the ordinary course of business, as a vertically integrated electricity company, the Group and the Parent Company participate
\n
in the Greek energy wholesale market both as producer and as supplier of electricity, which exposes them to market price risk
\n
stemming from commodity price fluctuations. Their generation business is exposed to the fluctuations of natural gas, oil, the
\n
selling price of electricity in the wholesale market and CO
\n
2
\n
emission rights prices which are traded in international commodity
\n
markets.
\n
\n
The exposure of the Group and the Parent company to the fluctuation of the purchase prices of CO
\n
2
\n
emission allowances is
\n
partially covered by futures market positions on the European Energy Exchange. These positions are taken for compliance
\n
purposes, with the exception of IFRS 9 (exception due to own use) and are included in intangible assets (Note 20).
\n
\n
The exposure of the Group and the Parent Company to the risk of the wholesale electricity market is determined by its net
\n
exposure, ie the amount of energy required to be purchased from (or sold to) the wholesale market to meet the supply needs
\n
(or production respectively) that can not be covered by its own portfolio of production units (or customers respectively). Any
\n
change in both the commercial portfolio and the production portfolio of the Group and the Parent Company, leads to fluctuations
\n
of the net exposure either to a position of \"buy\" or to a position of \"sell\" of electricity. For either two positions, the variable
\n
wholesale electricity prices may have a material adverse effect on the Group's and Parent Company's operating results and
\n
financial position.
\n
\n
Due to the application from 08.07.2022 of the Temporary Mechanism for Returning Part of Next Day and Intraday Electricity
\n
Market (the \u201dMechanism\u201d), the Group and the Parent Company had no exposure to the risk of price fluctuations due to their
\n
participation in the Greek wholesale electricity market and the risk of fluctuating natural gas prices for the period when the
\n
mechanism was in force, i.e. from 08.07.2022 until 31.12.2023 (the Mechanism was gradually implemented throughout the year
\n
2023).
\n
\n
The accumulated amounts in the reserve from cash flow hedges until the time of the discontinuation of hedging positions as
\n
Producer affected the Group\u2019s and the Parent Company\u2019s results at the time the hedged item (energy, natural gas) affected the
\n
results of the Group and the Parent company.
\n
\n
The Group and the Parent Company in order to hedge the risk of future fluctuations in natural gas prices has entered until
\n
December 31, 2024 into futures contracts on the Commodities European Energy Exchange (mainly in ICE) with settlement dates
\n
within 2025 (hedge for the year 2025). Respectively, the open positions on December 31, 2023 were related to the year 2024
\n
(hedge for the year 2024) and are analyzed as follows:
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Position\u2019s Nominal Cash/Other
Hedging Instruments PositionNominal quantity value reserves
(MW/h)(in thousand euro) (debit)/credit
(in thousand euro)
Futures Gas Commodity as of Buy 2,785,910 105,338 27,889
31.12.2024
Futures Gas Commodity as of Buy 4,403,605 194,545 (63,550)
31.12.2023
\n\n\n
\n
\n
The Group and the Parent Company, in order to hedge the risk of future fluctuations in energy prices, entered until December
\n
31, 2024 and December 31, 2023 in futures contracts on the Hellenic Energy Exchange (Henex) and the European Energy Exchange
\n
(EEX) with maturity dates within 2025 (hedging for 2025) and within 2024 (hedging for 2024) respectively, which are analyzed as
\n
below:
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Nominal quantity Position\u2019s Nominal Cash/Other reserves
Hedging Instruments Position (MW/h) value (debit)/credit
(in thousand euro) (in thousand euro)
Futures Energy commodity as of Sell(3,673,817)(354,370)(79,317)
31.12.2024
Futures Energy commodity as of Sell (4,504,582) (618,989) 172,094
31.12.2023
\n\n\n
\n

\n\n\n\n\n
50. DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)
\n
\n
As futures contracts are valued and settled on a daily basis through the Energy Exchanges, the valuation of open positions on
\n
31.12.2024 and 31.12.2023 has directly affected the cash and cash equivalence of the Group and the Parent Company.
\n
\n
In order to hedge the risk of future fluctuations in natural gas prices, the Group and the Parent Company had entered into, until
\n
December 31, 2024, over the counter gas swap agreements with financial institutions and entities in the energy sector with
\n
settlement dates within 2025, which are analyzed as below:
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Derivative financial
Nominal quantity Position\u2019s Nominal valueinstruments/Other
Hedging Instruments- swap contracts Position (MW/h) (in thousand euro) reserves
(debit)/credit
(in thousand euro)
Swap Gas Commodity as of Buy 590,990 24,051 3,414
31.12.2024
Swap Gas Commodity as of Buy 394,500 21,306 (7,774)
31.12.2023
\n\n\n
\n
\n
In order to hedge the risk of future fluctuations in energy prices, the Group and the Parent Company had entered into, until
\n
December 31, 2024, over the counter energy swap agreements with financial institutions with settlement dates within 2025,
\n
which are analyzed as below:
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Derivative financial
Nominal quantity Position\u2019s Nominal valueinstruments/Other
Hedging Instruments- swap contracts Position (MW/h) (in thousand euro) reserves
(debit)/credit
(in thousand euro)
Swap Energy Commodity as of Sell (220,464) (23,930) (1,921)
31.12.2024
Swap Energy Commodity as of Sell - - -
31.12.2023
\n\n\n
\n
\n
The hedged items for the natural gas follow the Title Transfer Facility (TTF) index, as well as the hedged instruments and as a
\n
result the hedged ratio is 1:1. Hedging items for electricity follow the Day Ahead Market (DAM) of Greece and the European
\n
Energy Exchanges. As the characteristics of the hedged instrument and the hedged item are highly correlated, the hedged ratio
\n
is 1:1.
\n
\n
All cash flow hedging transactions for both year 2024 and 2023 are considered to be effective in the future and the hedged items
\n
are highly probable future transactions.
\n
\n
The valuation of the swap contracts and futures contracts was carried out based on prices provided by financial institutions with
\n
which the Group has concluded the relevant contracts, or based on their prices in the derivative futures market.
\n
\n
From the hedging transactions of the fluctuation of the price of electricity and natural gas products within 2024, Energy gains
\n
before tax of \u20ac 152.6 million (2023: losses \u20ac22.6 million) (Note 12) and Natural Gas losses before tax \u20ac73.6 million (2023: gains
\n
\u20ac46.9 million) were reclassified from the Statement of Comprehensive Income to the Statement of Income of the Group and the
\n
Parent Company i.e. total gains \u20ac79.0 million.
\n
\n
Interest rate swap agreements-Group
\n
To hedge the interest rate risk arising from floating interest rate loan contracts, the Group has entered into over the counter
\n
derivative interest rate swap agreements with banks and follows cash flow hedge accounting.
\n
As of December 31, 2024, the nominal value of those contracts amounted to \u20ac 201.8 million (31.12.2023: \u20ac 177.8 million) while
\n
the fair value of the contracts amounted to \u20ac11.3 million (31.12.2023: \u20ac6.5 million). The amount of \u20ac0.6 million (31.12.2023: \u20ac1.7
\n
million) is included in non-current derivative financial instruments in Total Assets and the amount of \u20ac11.9 million (31.12.2023:
\n
\u20ac 8.2 million) is included in non-current derivative financial instruments in Total Liabilities. The nominal value of these contracts
\n
changes to follow the capital repayments/gradual disbursement plan of each loan contract that expires until 2043. Within 2024,
\n
new interest rate swap agreements were signed of nominal value \u20ac27.6 million, in the context of obtaining new loans. The
\n
valuation of the interest rate swap contracts was carried out based on prices provided by financial institutions with which the
\n
Group has concluded the relevant contracts. For 2024 and 2023, no ineffective portion of cash flow hedge has arisen.
\n

\n\n\n\n\n
50. DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)
\n
\n
An analysis of the above open positions in derivative financial instruments for cash flow hedging as of 31.12.2024 based on their
\n
maturity date is presented:
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
GROUP 31/12/2024Up to 12 >1 to 5 years > 5 years Total Fair value Statement of financial
months position
Nominal
Quantity 2,785,910--2,785,910-
Gas commodity (MW/h) Cash / other reserves
future contracts Position\u2019s (debit)/credit
Nominal price 105,338--105,33827,889
in thousand \u20ac
Nominal
Quantity (3,673,817)--(3,673,817)-
Energy commodity (MW/h) Cash / other reserves
future contracts Position\u2019s (debit)/credit
Nominal price (354,370)--(354,370)(79,317)
in thousand \u20ac
Interest rate swap Position\u2019s Financial instruments
agreementsNominal price / other reserves
in thousand \u20ac(406)52,007150,192201,793(11,274)(debit)/credit
Nominal
Quantity 590,990--590,990-
Gas commodity (MW/h) Financial instruments
swaps Position\u2019s / other reserves
Nominal price 24,051--24,0513,414(debit)/credit
in thousand \u20ac
Nominal
Quantity (220,464)--(220,464)-
Energy commodity (MW/h) Financial instruments
swaps / other reserves
Position\u2019s (debit)/credit
Nominal price (23,930)--(23,930)(1,921)
in thousand \u20ac
\n\n\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
COMPANY 31/12/2024Up to 12 >1 to 5 years > 5 years Total Fair value Statement of financial
months position
Nominal
Quantity 2,785,910- - 2,785,910-
Gas commodity (MW/h) Cash / other reserves
future contracts Position\u2019s (debit)/credit
Nominal price 105,338- - 105,33827,889
in thousand \u20ac
Nominal
Quantity (3,673,817)- - (3,673,817)-
Energy commodity (MW/h) Cash / other reserves
future contracts Position\u2019s (debit)/credit
Nominal price (354,370)- - (354,370)(79,317)
in thousand \u20ac
Nominal
Quantity 590,990- - 590,990- Financial instruments /
Gas commodity (MW/h) other reserves
swaps Position\u2019s (debit)/credit
Nominal price 24,051- - 24,0513,414
in thousand \u20ac
Nominal
Quantity (220,464)- - (220,464)- Financial instruments /
Energy commodity (MW/h) other reserves
swaps Position\u2019s (debit)/credit
Nominal price (23,930)- - (23,930)(1,921)
in thousand \u20ac
\n\n
\n

\n\n\n\n\n
50. DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)
\n
\n
An analysis of the above open positions in derivative financial instruments for cash flow hedging as of 31.12.2023 based on their
\n
maturity date is presented:
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
GROUP 31/12/2023Up to 12 >1 to 5 years > 5 years Total Fair value Statement of financial
months position
Nominal
Quantity 4,403,605 - - 4,403,605-
Gas commodity (MW/h) Cash / other reserves
future contracts Position\u2019s (debit)/credit
Nominal price 194,545 - - 194,545 (63,550)
in thousand \u20ac
Nominal
Quantity (4,504,582) - - (4,504,582)-
Energy commodity (MW/h) Cash / other reserves
future contracts Position\u2019s (debit)/credit
Nominal price (618,989) - - (618,989)172,094
in thousand \u20ac
Interest rate swap Position\u2019s Financial instruments /
agreementsNominal price 4,315 42,143 131,428 177,886 (6,463) other reserves
in thousand \u20ac(debit)/credit
Nominal
Quantity 394,500 - - 394,500 -
Gas commodity (MW/h) Financial instruments /
swaps Position\u2019s other reserves
Nominal price 21,306 - - 21,306 (7,774) (debit)/credit
in thousand \u20ac
\n\n\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
COMPANY 31/12/2023Up to 12 >1 to 5 years > 5 years Total Fair value Statement of financial
months position
Nominal
Quantity 4,403,605- - 4,403,605-
Gas commodity (MW/h) Cash / other reserves
future contracts Position\u2019s (debit)/credit
Nominal price 194,545 - - 194,545 (63,550)
in thousand \u20ac
Nominal
Quantity (4,504,582)- - (4,504,582)-
Energy commodity (MW/h) Cash / other reserves
future contracts Position\u2019s (debit)/credit
Nominal price (618,989) - - (618,989)172,094
in thousand \u20ac
Nominal
Quantity 394,500 - - 394,500 - Financial instruments /
Gas commodity (MW/h) other reserves
swaps Position\u2019s (debit)/credit
Nominal price 21,306 - - 21,306 (7,774)
in thousand \u20ac
\n\n
\n
\n
Additionally, in the reserve from cash flow hedging transactions there were gains of \u20ac50,944 (hedged item natural gas) and losses
\n
of \u20ac68,321 (hedged item electricity) from positions for which hedge accounting was discontinued due to the application of the
\n
Temporary Mechanism from 08.07.2022 Return of Part of the Next Day and Intraday Markets Revenue and which were
\n
recognized in the results of 2023 at the time the hedged item affected the results of the Group and the Parent Company.
\n

\n\n\n\n\n
50. DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)
\n
\n
50.2. Transactions for speculative purposes
\n
\n
The Parent Company, in the context of its business activity has carried out transactions for trading porpuses. From these
\n
transactions, the Group and the Parent Company recorded gains of \u20ac 12.0 million (31.12.2023: losses \u20ac 5.2 mil.) and are included
\n
in the Income Statement in \"Other \u0399ncome \" (Note 17).
\n
Additionally, on 31.12.2023 gains of \u20ac16.2 million are included in the Statement of Income under \"Other income\" (Note 17)
\n
related to the result of buy positions of natural gas and sell positions of energy contracts that arose from the date of
\n
discontinuance of the cash flow hedging relationship due to the gradual extension of the Mechanism throughout the year 2023
\n
(initially the Mechanism was valid for the period 01.01.2023-01.06.2023).
\n
As of 31 December 2024 and 31 December 2023, the open positions for the Group and the Parent Company in commodities
\n
derivative financial instruments for speculative purposes, that mature in the next year were as follows:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Financial Instrument Position Nominal quantity Position\u2019s Nominal Cash/Results
(MW/h) value in thousands\u2019 \u20ac
Energy commodity futures 31.12.2024Buy 116,299 15,537 116
Natural Gas commodity futures 31.12.2024Buy 63,570 2,489 (191)
Energy commodity futures 31.12.2023Buy 33,963 6,906 (169)
Natural Gas commodity futures 31.12.2023Buy 64,520 3,292 (1,205)
\n\n
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Financial Instrument Position Nominal quantity Position\u2019s Nominal Financial
(MW/h) value in thousands\u2019 \u20acinstruments/Results
Energy commodity swaps 31.12.2024Sell (87,600) (10,008) (216)
Natural gas commodity swaps 31.12.2023Buy 218,300 6,891 (3,993)
Energy commodity Swaps 31.12.2023Sell (93,600) (12,460) 861
\n\n
\n
\n
As futures contracts are valued and settled on a daily basis through the Energy Exchanges, the valuation of open positions on
\n
31.12.2024 and 31.12.2023 has directly affected the cash and cash equivalence of the Group and the Parent Company.
\n
\n
The valuation of the swap contracts and futures contracts was carried out based on prices provided by financial institutions with
\n
which the Group has concluded the relevant contracts, or based on their prices in the derivative futures market.
\n
\n
Interest rate swap agreements-Group
\n
In order to hedge the interest rate risk arising from two floating rate loan agreements (Eurobank and NBG amounting to \u20ac660
\n
million and \u20ac22.52 million respectively), the Group proceeded in 2022 to conclude over-the-counter interest rate derivative
\n
contracts (Interest Rate Cap) with each banking institution. Hedge accounting is not followed for these contracts. As of December
\n
31, 2024, there is one active interest rate contract as one of the two loans was repaid in 2024, due to its maturity. As of December
\n
31, 2024, the nominal value of the contract amounts to \u20ac18 million (maturity on 31.12.2036) and its fair value to \u20ac0.5 million
\n
(2023: \u20ac6.8 million), which is reflected in long-term liabilities.
\n
\n
Since the acquisition on 20 November 2024 of the new renewable energy subsidiaries in Romania (Note 3.3), the Group has
\n
recognized Derivative financial instruments \u2013 Receivables of \u20ac5.9 million relating to the valuation of two interest rate swap
\n
contracts maturing on 30.06.2029 with a banking institution (contract currency in euros). No hedge accounting is followed for
\n
these contracts. The fair value of these contracts as at 31 December 2024 amounted to \u20ac5.3 million (nominal position value
\n
\u20ac107.9 million) of which \u20ac2.0 million and \u20ac3.3 million are included in the Group\u2019s Derivative financial instruments in short-term
\n
and long-term Receivables respectively.
\n
\n
The change in the fair value of all the above contracts amounted to \u20ac7.8 million (2023: \u20ac4.8 million) and is included in the Group's
\n
financial expenses (Note 15). The nominal value of the contracts is changing to follow the principal repayments of the
\n
corresponding loan contracts.
\n
\n
The valuation of the interest rate swap contracts was carried out based on prices from financial institutions with which the Group
\n
has entered into the relevant contracts.
\n

\n\n\n\n\n
50. DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)
\n
\n
50.3. Derivatives for antitrust compliance purposes
\n
\n
Since September 1, 2021, PPC due to its exclusive access to lignite power generation assumed the obligation (Article 44 of
\n
N4348/2021) to create a Seller's Net Position in quarterly futures contracts corresponding to 50% of the electricity production
\n
from lignite of the corresponding calendar quarter of the previous calendar year and up to the third quarter of the year 2022 and
\n
to 40% of the electricity production from lignite of the corresponding calendar quarter of the previous calendar year, during the
\n
following quarters, until 31 December 2024 at the latest.
\n
\n
In this context, PPC from the positions that it has taken within 2024 to comply with the anti-trust rules, it has recorded gains
\n
reflected in the \"Energy Purchases\" of the Income Statement amounting to \u20ac2.2 million (2023: gains of \u20ac5.2 million) including
\n
changes in the fair value of the opposite market positions (long), it took in energy futures contracts and energy swap contracts
\n
to cover its exposure to this specific obligation. As of 31 December 2024, there is no open position in derivative financial
\n
instruments, as there is no longer a relevant liability for the Parent Company (31.12.2023: gains of \u20ac660 thousand).
\n
\n
50.4. Energy Purchase Agreements
\n
\n
Within 2023 the Group and the Parent company concluded for the first time into long-term bilateral power purchase agreements
\n
(\"PPAs\") with end customers (sell positions), with subsidiaries (buy positions) and with associated companies (buy positions).
\n
\n
These contracts are designed to exchange the price of energy between the Producer and the end customer so that the end customer
\n
achieve fixed energy charges over the time. Also, for those contracts concerning \"green\" energy, the end customer achieves a
\n
reduction of the carbon footprint. For the other hand, the Producer (subsidiaries and associates) ensures a) fixed cash flows/income
\n
in the future from the operation of the Photovoltaic Parks Units/Wind Parks that operate without operating subsidies (merchant
\n
assets) and b) financing for their construction.
\n
\n
As of December 31, 2024, all PPA\u2019s signed by the Parent company are for speculative purpose, excluding PPA (buy positions of energy)
\n
that cover the agriculture tariffs \u201cGAIA\u201d, for which cash flow hedge accounting is followed.
\n
\n
On Group, for two PPA, the Group as Producer has taken an energy sell position to hedge the risk of future Electricity price
\n
fluctuations (cash flow hedge).
\n
\n
On December 31, 2024 and 2023, the positions in PPAs with financial settlement without physical delivery for the Parent Company
\n
were as follows:
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Derivative Nominal Derivative FinancialLong - Term Long - Term Short - Term Short - Term
Financial Position quantity Instrument Assets / Asset (Liability) Asset (Liability)
Instruments (MW/h) (Liabilities)
Energy Contract
for differences Sell(291,144)6,597 6,653 - - (56)
31.12.2024
Energy Contract
for differences Buy44,860,007(223,227)45,753 (263,182)2,303 (8,101)
31.12.2024
TOTAL 44,568,863(216,631)52,406(263,182)2,303(8,157)
Energy Contract
for differences Sell(3,253,208)(455)1,442(1,718)-(178)
31.12.2023
Energy Contract
for differences Buy28,658,44825,68923,307(3,525)5,908-
31.12.2023
TOTAL25,405,24025,23424,748(5,244)5,908(178)
\n\n
\n
\n
\n

\n\n\n\n\n
50. DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)
\n
\n
Buy positions
\n
\n
As of December 31, 2023, the energy buy positions concerned PPA of the Parent company with the subsidiaries
\n
ALEXANDROUPOLIS ELECTRICITY PRODUCTION S.A., ARCADIAN SUN ONE S.M.S.A., SOLARLAB S.M.S. A. and the associate
\n
companies Amyntaio Solar Park 4 S.M.S.A., Amyntaio Solar Park 7 S.M.S.A., Amyntaio Solar Park 8 S.M.S.A., Amyntaio Solar Park
\n
9 S.M.S.A. Some contracts have fixed price and some others variable price throughout the duration of the PPA.
\n
\n
On March 4, 2024, the Parent Company signed power purchase agreement (buy position) with the subsidiary company PHOEBE
\n
ENERGY S.M.S.A.
\n
\n
On November 29, 2024, the Parent Company signed power purchase agreement (buy position) with the associates \u039d\u0399KOPOLI
\n
SOLAR S.A., SPILAIO SOLAR S.A., \u0391LYSTRATI SOLAR S.A., \u0391\u03a4LAS SOLAR S.A., BALIAGA S.A., the subsidiary PPC Renewables S.M.S.A.
\n
and Aioliki Thrakis S.M.S.A. in the context of the provision of the agricultural tariff \"GAIA\" with a fixed price from 3rd to 10th year,
\n
to cover 30% of the annual electricity consumption of the supplies that have been included in \"GAIA\".
\n
\n
The price exchange period of the PPAs is for a peri\u03bfd of 8 to 15 years and starts only when certain conditions are fulfilled. Also,
\n
most of these agreements concern quantities of energy with the term \"pay as produced\", i.e. based on the energy produced by
\n
the asset/ Park (either 100% or a percentage of the energy produced). All agreements concern specific assets/ Photovoltaic Parks/
\n
Wind Parks, which are either in the financing stage, under construction or in operation.
\n
\n
Sell positions
\n
\n
On December 31, 2023, the energy sell positions concerned PPAs of the Parent company with end consumers of electricity. All
\n
contracts are of fixed price throughout the duration of the PPAs and the price exchange period is for a period of 8 to 10 years,
\n
starting when certain conditions are met. Also, most of these agreements concern quantities of electricity with the term \"pay as
\n
produced\", i.e. based on the energy produced by the asset/Park (at 100% of the energy produced).
\n
\n
In August 2024, amendments to certain power purchase agreements (sell positions) were signed with end customers, which led
\n
to the derecognition of the derivative financial instrument, benefiting the results of 2024 by \u20ac1.7 million. Specifically, the delivery
\n
of energy was changed from virtual (financial) to physical, using an injection and absorption declaration to the Day-Ahead Market
\n
through an intermediary energy supplier, as the criteria of the own use were met.
\n
\n
Among these contracts, there were PPAs relating to Photovoltaic Parks that had not received connection terms and had not been
\n
included in category B under \u03a5\u0391 \u03a5\u03a0\u0395\u039d/\u0393\u0394\u0395/84014/7123 (OG 4333/B\u2019/12.08.2022) and on 31/12/2023 the significant uncertainty
\n
around their construction had been taken into account and the \"pay as produced\" quantity had been determined as zero for
\n
valuation purposes. These contracts were amended to meet the requirements of the Law for obtaining connection terms from
\n
the operator.
\n
\n
On December 31, 2024 and December 31, 2023, some agreements concern specific assets/Photovoltaic Parks, which are in the
\n
process of receiving connection terms or have received connection terms, while others refer to the sale of energy from the
\n
Group's Renewable Energy portfolio.
\n
\n
The nominal quantity in MWh based on which the fair value of the contract for differences was determined for the PPA
\n
agreements with the term \"pay as produced\", was derived based on simulation results from the Park's technical specifications
\n
and weather scenarios. On the contrary, the expected Settlement Price was derived based on estimates from available market
\n
data. A discount rate was determined on the basis of the risk-free Euribor (curve based on the duration of the PPAs) and
\n
counterparty risk, that was used to discount future cash flows.
\n
\n
Also, all the contracts, excluding one, include the delivery of guarantees of origin of green energy (they met the criteria of own
\n
use \u2013exception of IFRS 9) and were considered to represent embedded derivatives, and as a result the initial valuation of the
\n
derivatives (contract for differences) was recalibrated to be equal to zero.
\n
\n
Finally, some of the PPA contracts sell positions include 2 periods. In period A, a physical delivery of energy produced by the Units
\n
of the existing production portfolio of the Parent Company takes place to the end customer, with a settlement of the price
\n
difference, which was evaluated as own use (IFRS 9 exception). While period B, as of 31.12.2023 it was assessed as a swap contract
\n
with financial settlement without physical delivery of electricity. On 31.12.2024 after the amendment of these contracts (as
\n
above), period B was considered as a physical delivery contract (excluding IFRS 9).
\n
On December 31, 2024 and December 31, 2023, the Group's positions in PPA sap contracts with financial settlement without
\n
physical delivery for the Group were as follows:
\n

\n\n\n\n\n
50. DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Derivative Nominal Derivative Financial Long - Term Long - Term Short - Term
Financial Position quantity Instrument Assets / Asset (Liability) (Liability)
Instruments (MW/h) (Liabilities)
Energy Contract (119,236)
for differences Sell (11,571,829)(145,833) 6,653 (33,250)
31.12.2024
Energy Contract
for differences Buy 12,004,862 (137,159) - (133,929) (3,230)
31.12.2024
TOTAL 433,033(282,992)6,653(253,165)(36,480)
Energy Contract
for differences Sell(13,131,333)(10,226)1,442(11,490)(178)
31.12.2023
Energy Contract
for differences Buy7,504,7724,3724,383(11)-
31.12.2023
TOTAL (5,626,561)(5,854)5,824(11,501)(178)
\n\n
\n
\n
\n
\n
\n
On December 31, 2023, the energy buy positions concerned the Group's PPA with the associate companies Amyntaio Solar Park
\n
4 S.M.S.A., Amyntaio Solar Park 7 S.M.S.A., Amyntaio Solar Park 8 S.M.S.A., Amyntaio Solar Park 9 S.M.S.A. and are described as
\n
above (Parent company\u2019 buy positions).
\n
\n
As of December 31, 2024, the energy buy positions include the PPAs signed in 2024 with the associate companies Nikopoli Solar
\n
S.A., Spilaio Solar S.A., Alistrati Solar S.A., Atlas Solar S.A., Baliaga S.A., and Aioliki Thrakis S.M.S.A. (associate company in 2025) in
\n
the context of the provision of the agricultural tariff \"GAIA\".
\n
\n
As of December 31, 2023, Group's energy sell positions included, in addition to the parent company's sell positions (as above -
\n
sell positions) with end customers, and the PPA that PPC's subsidiary has signed with a minority shareholder. This agreement is
\n
of variable price throughout its duration, based on the variable cost of the Unit, and the price exchange period is for a period of
\n
15 years, which begins when certain conditions are met.
\n
\n
From the acquisition, on 20 November 2024, of the new renewable subsidiaries in Romania (Note 3.3), the Group recognized in
\n
its liabilities Derivative Financial Instruments amounting to \u20ac129.1 million which at 31 December 2024 amounted to a liability of
\n
\u20ac127.2 million. These relate to PPA (sell position) contracts of fixed quantity of energy and price, with a financial settlement
\n
expiring on 31.12.2028, with a counterparty an energy company. The Group, as a Producer, performs hedge accounting (cash
\n
flow hedging). Also, the new subsidiaries in Romania have entered interest rate swaps (Note 50.2).
\n
\n
As of December 31, 2024, from the valuation of the PPA contracts, the Group and the Parent Company recognized in \"Other
\n
Expenses\" losses of \u20ac85.8 million (31.12.2023: losses \u20ac7.1 million) and losses of \u20ac241.8 million (31.12.2023: gains \u20ac25.2 million),
\n
respectively (Note 17), while the Group recognized in reserves from hedging transactions a gain of \u20ac5.6 million (31.12.2023: gains
\n
\u20ac0.9 million) (after deferred tax) for a PPA contract with the purpose of cash flow hedging against future fluctuations in energy
\n
prices.
\n
\n
The decrease in the estimated future prices of 31.12.2024 compared to 31.12.2023, led to the negative valuation of the buy
\n
positions and the positive valuation of the PPA sell positions for the Group and the Parent company.
\n
\n
The impact on the Group of the change in the valuation price of the buy positions of PPA contracts with associates affected the
\n
Group's Income Statement only in terms of the majority shareholder's shareholding.
\n
\n
Finally, it should be noted that the valuations of all the above contracts belong to the level 3 hierarchy, i.e. are based on
\n
techniques using inputs that have a significant effect on recorded fair value and are not based on observable market data. This
\n
implies that actual cash flows in the future may differ significantly from the valuation result.
\n
\n
Below is an analysis of the above open positions as of 31.12.2024 and 31.12.2023 based on the exchange dates of the future cash
\n
flows.
\n

\n\n\n\n\n
50. DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)
\n
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Nominal quantity (MW/h)
GROUP Positionup to 12 months >1 to 5 Years> 5 years Total
Energy Contract for differences Sell(381,060) (3,902,613)(7,288,157)(11,571,829)
31.12.2024
Energy Contract for differences Buy 259,748 4,385,4067,359,70812,004,862
31.12.2024
TOTAL (121,312)482,79371,552433,033
Energy Contract for differences Sell (15,456)(3,393,015)(9,722,861)(13,131,333)
31.12.2023
Energy Contract for differences Buy -2,114,0915,390,6807,504,772
31.12.2023
TOTAL (15,456)(1,278,924)(4,332,181)(5,626,561)
\n\n\n\n
\n
\n
\n
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Nominal quantity (MW/h)
COMPANY Positionup to 12 months >1 to 5 Years> 5 years Total
Energy Contract for differences Sell (30,660) (122,640) (137,844) (291,144)
31.12.2024
Energy Contract for differences Buy 730,824 14,513,650 29,615,533 44,860,007
31.12.2024
TOTAL700,16414,391,01029,477,68944,568,863
Energy Contract for differences Sell(15,456) (1,444,578)(1,793,174) (3,253,208)
31.12.2023
Energy Contract for differences Buy 253,519 6,867,42721,537,502 28,658,448
31.12.2023
TOTAL238,0635,422,84919,744,32825,405,240
\n\n\n\n
\n
\n
\n
\n
An analysis of certain assumptions as of 31.12.2024 and 31.12.2023 follows below:
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
31.12.2024up to 12 months>1 to 5 Years> 5 years
Expected DAM prices(\u20ac/MWh)1189395
Average risk free interest rate 2.69% 2.23% 2.34%
31.12.2023up to 12 months>1 to 5 Years> 5 years
Expected DAM prices(\u20ac/MWh)125115108
Average risk free interest rate 3.17% 1.99% 2.55%
\n\n\n\n
\n
\n

\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag820": { "value": "\n
51. SECURITIZATION OF TRADE RECEIVABLES FROM ELECTRICITY SALES
\n
\n
Securitization of receivables from electricity sales bills overdue more than 90 days
\n
\n
The Parent Company on April 9, 2021 signed the securitization contracts with a delay of more than 90 days and proceeded until
\n
June 30, 2021 to raise funds of \u20ac 325,020 maturing in 2026 with an interest rate of 6.8% for an amount of securitized receivables
\n
of nominal value \u20ac 1.645 billion and received bonds of reduced security amounting to \u20ac 145.4 million with an interest rate of 8%.
\n
The investors are Carval Investors and Deutsche Bank AG and under management of PIMCO. The issuer of the transaction is PPC
\n
Zeus DAC and the administrator (Servicer) in the transaction is PPC SA, while Qualco SA. acts as a Sub-Servicer.
\n
\n
This Program is covered by a portfolio of claims from active or non-active low voltage customer contracts, with one or more
\n
claims overdue by more than 90 days. The program includes a period that it operates as a revolving period and a period during
\n
which the capital will be repaid from the proceeds of the above claims.
\n
\n
On July 27, 2023, PPC agreed to amend the terms of the securitization under the fulfillment of certain conditions, namely: i) the
\n
extension of the revolving period from July 2023 to July 2024 (with the possibility of extending it for additional 12 months) where
\n
it was extended until July 2025, ii) the extension of the maturity date until July 2028 or until July 2029, in case the revolving period
\n
is extended for an additional 12 months (extended until July 2029), iiI) the modification of the initial interest rate for the high-
\n
yield bonds (senior notes) from 6.8% to EURIBOR + 4.5% margin.
\n
\n
The Parent Company has recognized a financial liability to PPC Zeus DAC, which undertook the issuance of bonds of \u20ac325.0 million
\n
against the above-mentioned securitized trade receivables. As at December 31, 2024, the financial liability (capital received by
\n
PPC minus the cash equivalents received by the issuer from PPC and the unamortized part of the issuance costs) to PPC Zeus DAC
\n
amounts to \u20ac256.0 million (31.12.2023: \u20ac260.7 million) and is included in non-current liabilities. On 31 December 2024, the
\n
receivables that have been included in the securitization continue to appear in the Statement of Financial Position as the
\n
derecognition criteria of IFRS 9 are not met and amount to \u20ac 1.429 billion (31.12.2023: \u20ac 1.555 billion) nominal value and \u20ac 93.3
\n
million value after the provision for expected credit loss (31.12.2023: \u20ac117.8 million). Finally, the IFRS requirements for the
\n
consolidation of the PPC special purpose company Zeus DAC are not met.
\n
\n
Securitization of trade receivables from electricity sales for current bills and bills overdue up to 60 days
\n
\n
On August 6, 2020, the Parent Company signed a securitization agreement from electricity sales for current bills and bills with a
\n
delay of up to 60 days and on November 24, 2020 proceeded with the initial withdrawal of \u20ac 150.0 million with interest rate 3.5%
\n
for an amount of securitized receivables with a nominal value of \u20ac 206.8 million with investor JP Morgan Chase Bank and issuer
\n
PPC Energy Finance DAC and received Bonds of reduced security amounting to \u20ac 55.7 million.
\n
\n
On June 30, 2021, the Parent Company raised the remaining amount of \u20ac 50 million from the securitization contract for up to 60
\n
days, resulting in the total financial liability amounting to \u20ac 200.0 million.
\n
\n
Servicer in the transaction is the Parent Company that has assigned specific services for the management of securitized trade
\n
receivables to Qualco SA. (Sub-Servicer). This line of finance is revolving, allowing the Parent Company to make future
\n
disbursements and has a duration of 3 years.
\n
\n
On June 29, 2022, the Parent Company came to an agreement with JP Morgan and certain other parties of the transaction to
\n
amend the terms of the transaction in connection with, among other things, (i) an increase in the available commitment amount
\n
from \u20ac200 million to \u20ac300 million and on June 30, 2022, it drew down an amount of \u20ac30 million as a result, the total financial
\n
liability amounting to \u20ac230.0 million (ii) the reduction of the interest rate on drawn capital to 3% and (iii) the extension of the
\n
expiration date of the transaction from August 2023 to June 2025.
\n

\n\n\n\n\n\n\n\n\n\n
51. SECURITIZATION OF TRADE RECEIVABLES FROM ELECTRICITY SALES (CONTINUED)
\n
\n
As at December 31, 2024, the financial liabilities (capital received by PPC minus the cash equivalents received by the issuer from
\n
PPC and the unamortized part of the issuance costs) from the securitization of trade receivables amount to \u20ac 115.6 million and
\n
are included in short-term liabilities, compared to \u20ac 126.5 million as at December 31, 2023, where \u20ac 10.2 million was included in
\n
current liabilities and \u20ac 116.3 million was included in long-term liabilities as at December 31, 2023. The total securitized
\n
receivables have a nominal value of \u20ac 167.7 million (31.12.2023: \u20ac 189.9 million), while the subordinated bonds are of zero value.
\n
Finally, receivables from Low Voltage customers for current electricity bills and electricity bills in arrears up to 60 days (after
\n
provisions for expected credit loss) amount to \u20ac180.2 million as of 31 December 2024 (31.12.2023: \u20ac231.9 million).
\n
\n
Finally, there are two (2) pledge agreements on the Parent's accounts, held by National Bank of Greece, ALPHA BANK, ATTICA
\n
BANK, Piraeus Bank and EUROBANK in favor of CITIBANK NA, LONDON BRANCH and JP Morgan Chase Bank, as part of the above
\n
securitizations.
\n

\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag822": { "value": "\n
52. SUBSEQUENT EVENTS
\n
\n
In addition to those presented in other notes, the following events occurred from December 31
\n
st
\n
, 2024 until the date of approval
\n
of the Financial Statements:
\n
\n
Issuance - Repayment of loans
\n
\n
On 30.01.2025, the Parent Company, as the lending company, signed 2 intercompany loan amendments-extensions, for a total
\n
amount of up to RON 2.5 billion with its subsidiary, PPC Energie SA, as the borrowing company.
\n
\n
On 02.01.2025 the Parent Company proceeded with the repayment of an amount of \u20ac 70 million related to the Open Overdraft
\n
Account with Alpha Bank S.A.
\n
\n
On 02.01.2025 the Parent Company proceeded with the repurchase of bonds amounting to \u20ac 100 million of the Revolving Bond
\n
Loan with National Bank of Greece S.A.
\n
\n
During the period 01.01.2025-26.03.2025, the Group and the Parent Company proceeded to debt repayments of \u20ac 397.9 million
\n
and \u20ac355.8 million respectively.
\n
\n
In January 2025, the Parent Company proceeded with the extension of the Common Bond Loan under Law 4548/2018 with Alpha
\n
Bank S.A. dated from 29.8.2023 amounting to \u20ac315 million and maturing on 4.3.2025, by 3 months, i.e. 4.6.2025.
\n
\n
On 20.02.2025, the Joint Secured Bond Loan Program and a Coverage Agreement of up to \u20ac48.6 milion were signed between the
\n
subsidiary ALPENER S.M.S.A. as issuer and the banks National Bank of Greece S.A. and Piraeus Bank S.A. as Bondholders.
\n
\n
On 20.02.2025, the subsidiary HEDNO, within the framework of the loan agreement it has concluded with the EIB for the financing
\n
of the \"HEDNO DISTRIBUTION I\" project exclusively with RRF resources amounting to \u20ac 296.15 million, draw down an amount of
\n
\u20ac 150 million.
\n
\n
Acquisition of shares of PPC S.A. in the company Qualco Intelligent Finance S.M.S.A.
\n
\n
On February 6, 2025, PPC S.A. paid the amount of \u20ac25 thousands for the acquisition of 25% of the share capital of \"Qualco
\n
Intelligent Finance S.M.S.A.\", that is, 250 shares with a nominal value of \u20ac100, each. The company Qualco Intelligent Finance has
\n
extensive experience in managing non-bank receivables portfolios and providing integrated securitization solutions.
\n
\n
Fire at a power station in Crete
\n
\n
On 03.03.2025 at the power station in Atherinolakkos, Crete, a powerful explosion occurred in the crankcase of unit MEK1
\n
(12\u039a90MC-S power 51MW). There were no injuries, but serious material damage was caused, most notably the collapse of the
\n
roof of the engine room that houses 2 identical DIESEL units and the serious damage of the DIESEL unit No1. The net carrying
\n
value of the unit as of 31 December 2024 amounts to \u20ac20 million approximately. The impairment of property, plant and
\n
equipment is being examined within the first quarter of 2025.
\n

\n\n\n\n\n\n\n\n\n\n
52. SUBSEQUENT EVENTS (CONTINUED)
\n
\n
Voluntary Resignation Program 2025
\n
\n
In March 2025, by the Board of Directors decision 20/18.03.2025 the Parent Company decided to implement a Voluntary
\n
Retirement Program with the provision of a financial incentive for the year 2025. The program is addressed to the company's
\n
personnel, including those seconded to external entities, aged 50 and over, who have completed at least 15 years at PPC and are
\n
on permanent employment contracts and salaried mandates.
\n

\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag828": { "value": "\n
APPENDIX I- UNBUNDLED FINANCIAL STATEMENTS
\n
PUBLIC POWER CORPORATION S.A.
\n
SYSTEM INTEGRATION UNBUNDLED BALANCE SHEETS
\n
DECEMBER 2024
\n
AMOUNTS IN MILLIONS OF EURO
\n

\n
ADMINISTRATION
\n
MINES
\n
GENERATION
\n
ELECTRICITY
\n
NATURAL GAS
\n
OTHER
\n
ELIMINATIONS
\n
TOTAL PPC
\n

\n
SUPPLY
\n
SUPPLY
\n

\n
2024
\n
2023
\n
2024
\n
2023
\n
2024
\n
2023
\n
2024
\n
2023
\n
202
\n
202
\n
2024
\n
2023
\n
2024
\n
2023
\n
2024
\n
2023
\n
4
\n
3
\n
ASSETS
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
NON-CURRENT ASSETS
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Tangible Assets
\n
194.3
\n
167.0
\n
210.5
\n
152.9
\n
4,844.2
\n
4,736.3
\n
39.2
\n
20.1
\n
0.0
\n

\n
26.7
\n
43.6
\n
0.9
\n
(7.6)
\n
5,315.9
\n
5,112.2
\n
Intangible assets, net
\n
23.1
\n
20.5
\n
0.5
\n
0.8
\n
376.7
\n
795.7
\n
3.9
\n
7.8
\n
0.0
\n

\n
0.3
\n
6.8
\n
43.0
\n

\n
447.5
\n
831.5
\n
Goodwill
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0.0
\n

\n
Right of use assets
\n
2.6
\n

\n
51.6
\n
9.6
\n
137.1
\n
118.5
\n
9.3
\n
9.3
\n
0.0
\n

\n
0.0
\n

\n
(61.4)
\n

\n
139.2
\n
137.5
\n
Investments in subsidiaries
\n
2,668.5
\n
2,151.3
\n
40.1
\n
40.1
\n
476.6
\n
476.6
\n
(7.8)
\n
(7.8)
\n
0.0
\n

\n
79.4
\n

\n
(28.5)
\n
(9.9)
\n
3,228.4
\n
2,650.3
\n
Investments in associates
\n
0.0
\n

\n
0.0
\n

\n
0.0
\n

\n
0.0
\n

\n
0.0
\n

\n
0.0
\n

\n
28.5
\n
9.9
\n
28.5
\n
9.9
\n
Financial assets measured at fair value through
\n
0.3
\n
0.3
\n

\n

\n

\n

\n
0.0
\n

\n

\n

\n

\n

\n
0.0
\n

\n
0.3
\n
0.3
\n
other comprehensive income
\n
Deferred tax asset
\n
67.3
\n
67.3
\n
46.4
\n
42.5
\n
178.5
\n
67.7
\n
603.2
\n
602.8
\n
0.0
\n

\n
0.3
\n

\n
(236.6)
\n
(85.6)
\n
659.2
\n
694.8
\n
Derivative Financial instruments - Non-Current
\n

\n

\n

\n

\n

\n

\n
24.7
\n
24.7
\n
Asset
\n

\n

\n

\n

\n

\n
52.4
\n
0.0
\n
52.4
\n
Loan claims from subsidiaries
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
682.4
\n
37.9
\n
Other non\u2013current assets
\n
641.0
\n
10.7
\n
1.4
\n
1.4
\n
103.0
\n
103.1
\n
(2.9)
\n
(2.7)
\n
0.0
\n

\n
(0.0)
\n

\n
(60.0)
\n
26.7
\n
104.8
\n
101.2
\n
Administration non-current assets
\n
(3,597.1
\n
(2,417.1
\n
183.1
\n
144.2
\n
3,359.5
\n
2,237.4
\n
50.6
\n
42.9
\n
0.0
\n

\n
5.1
\n
2.0
\n
(1.1)
\n
(9.4)
\n

\n

\n
)
\n
)
\n

\n
10,658.
\n
TOTAL NON-CURRENT ASSETS
\n
0.0
\n
0.0
\n
533.6
\n
391.6
\n
9,475.6
\n
8,535.3
\n
695.5
\n
672.4
\n
0.0
\n
0.0
\n
164.2
\n
52.3
\n
(315.1)
\n
(51.2)
\n
6
\n
9,600.4
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
CURRENT ASSETS
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Inventories
\n
8.9
\n
8.9
\n
5.6
\n
25.6
\n
552.0
\n
537.1
\n
0.0
\n
0.1
\n
0.0
\n

\n
3.8
\n
22.4
\n
(12.8)
\n
6.9
\n
557.5
\n
601.0
\n
Trade receivables
\n
29.8
\n
990.2
\n
1.0
\n
106.3
\n
53.0
\n
1,405.6
\n

\n
2.4
\n

\n
0.4
\n
1.2
\n
(310.7)
\n
(1,241.8
\n
1,181.3
\n
(210.5)
\n
1,550.4
\n
11.4
\n
)
\n
1,207.1
\n
Contract assets
\n
(0.0)
\n

\n
0.0
\n

\n
0.0
\n

\n
390.5
\n
554.5
\n
2.3
\n
1.6
\n
0.0
\n

\n
(0.1)
\n
(0.3)
\n
392.6
\n
555.8
\n
Other receivables
\n
1,210.6
\n
121.2
\n
71.8
\n
(18.5)
\n
(74.4)
\n
132.7
\n
1,148.5
\n
826.8
\n

\n
1.6
\n
5.1
\n

\n
(763.4)
\n
491.2
\n
1,620.2
\n
1,555.1
\n
22.0
\n
Loan claims from foreign subsidiaries
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
645.9
\n
523.4
\n
645.9
\n
523.4
\n
Derivative Financial instruments-Current Asset
\n
0.0
\n

\n
0.0
\n

\n
3.4
\n

\n
0.0
\n

\n
0.0
\n

\n
2.3
\n

\n
0.0
\n
(19.5)
\n
5.7
\n
7.4
\n
Cash and cash equivalents
\n
(0.0)
\n

\n
40.1
\n
14.9
\n
1,241.4
\n
680.1
\n
473.6
\n

\n
0.0
\n

\n
(0.0)
\n

\n
(340.9)
\n
(421.2)
\n
1,414.2
\n
1,895.2
\n
1,621.4
\n
Assets held for sale
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0.0
\n

\n
0.0
\n

\n
Administration current assets
\n
(1,249.3
\n
(1,120.2
\n
15.0
\n
13.3
\n
(144.9)
\n
(169.7)
\n
1,293.0
\n

\n
0.0
\n

\n
1.4
\n
1.3
\n
84.8
\n
13.1
\n

\n

\n
)
\n
)
\n
1,262.3
\n

\n

\n

\n
TOTAL CURRENT ASSETS
\n
(0.0)
\n
0.0
\n
133.5
\n
141.6
\n
1,630.5
\n
969.7
\n
4,711.2
\n
5,815.5
\n
26.7
\n
14.6
\n
13.0
\n
51.8
\n
(697.3)
\n
(648.2)
\n
5,817.5
\n
6,345.0
\n

\n

\n

\n
11,106.
\n

\n

\n

\n

\n
(1,012.5
\n
16,476.
\n
15,945.
\n
TOTAL ASSETS
\n
0.0
\n
0.0
\n
667.1
\n
533.1
\n
1
\n
9,505.0
\n
5,406.7
\n
6,487.9
\n
26.7
\n
14.6
\n
177.2
\n
104.1
\n
)
\n
(699.3)
\n
1
\n
5
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
EQUITY AND LIABILITIES
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
EQUITY
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Share Capital
\n
521.7
\n
553.2
\n
76.7
\n
76.7
\n
296.2
\n
296.2
\n
21.2
\n
21.2
\n
(0.0)
\n

\n
(0.0)
\n

\n
0.0
\n

\n
915.8
\n
947.4
\n
Share Pemium
\n
946.8
\n
946.8
\n
14.7
\n
14.7
\n
56.8
\n
56.8
\n
0.4
\n
0.4
\n
(0.0)
\n

\n
(0.0)
\n

\n
(0.0)
\n

\n
1,018.7
\n
1,018.7
\n
Legal reserve
\n
69.1
\n
55.9
\n
4.8
\n
4.8
\n
107.4
\n
107.4
\n
(2.7)
\n
(2.7)
\n
(0.0)
\n
(0.0)
\n
(0.1)
\n
(0.1)
\n
8.6
\n
(8.6)
\n
187.0
\n
173.8
\n
Statutory revaluation surplus
\n
0.0
\n

\n
(171.2)
\n
(171.2)
\n
(770.8)
\n
(770.8)
\n
(5.3)
\n
(5.3)
\n
(0.0)
\n

\n
(0.0)
\n

\n
0.0
\n

\n
(947.3)
\n
(947.3)
\n
Revaluation surplus
\n
149.1
\n
156.5
\n
516.1
\n
390.9
\n
2,597.5
\n
2,440.8
\n
32.3
\n
28.6
\n
(0.0)
\n

\n
(0.1)
\n

\n
25.6
\n
(36.2)
\n
3,320.5
\n
3,053.0
\n
Other Reserves
\n
32.5
\n
17.7
\n
25.2
\n
22.9
\n
82.2
\n
152.0
\n
(76.2)
\n
6.1
\n
(0.0)
\n

\n
0.0
\n

\n
(12.6)
\n
14.0
\n
51.3
\n
184.7
\n
Treasury shares
\n
(0.0)
\n
(143.9)
\n
(27.0)
\n

\n
(187.4)
\n

\n
(3.2)
\n

\n
(0.0)
\n

\n
(0.0)
\n

\n
(0.0)
\n
(0.0)
\n
(217.5)
\n
(143.9)
\n
(2,211.2
\n
(2,097.2
\n
(1,483.9
\n
(1,877.1
\n
(288.6
\n
Retained earnings
\n
2,155.7
\n
2,320.4
\n
)
\n
)
\n
)
\n
)
\n
2,214.6
\n
2,229.1
\n
3.9
\n
(5.3)
\n
)
\n
(7.9)
\n
680.0
\n
614.4
\n
1,070.4
\n
1,176.3
\n
(3,874.9
\n
(3,906.6
\n
Administration equity
\n
)
\n
)
\n
382.2
\n
388.0
\n
3,438.0
\n
3,478.5
\n
29.7
\n
30.4
\n
(0.0)
\n

\n
(0.0)
\n

\n
25.0
\n
9.6
\n
(0.0)
\n

\n
(1,389.7
\n
(1,370.4
\n
(288.8
\n

\n
TOTAL EQUITY
\n
0.0
\n

\n
(0.0)
\n

\n

\n
)
\n

\n
)
\n
4,136.1
\n

\n
3,883.8
\n

\n
2,210.8
\n

\n
2,307.8
\n

\n
3.9
\n

\n
(5.4)
\n

\n
)
\n

\n
(8.0)
\n

\n
726.6
\n

\n
654.9
\n

\n
5,398.9
\n

\n
5,462.8
\n

\n
NON-CURRENT LIABILITIES
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Long-term borrowings
\n
(0.0)
\n

\n
110.7
\n
90.0
\n
3,443.2
\n
2,543.4
\n
12.5
\n
7.2
\n
(0.0)
\n

\n
8.6
\n
2.7
\n
(39.3)
\n
(44.7)
\n
3,535.6
\n
2,598.7
\n
Post retirement benefits
\n
84.1
\n
84.1
\n
(14.3)
\n
(8.4)
\n
(14.7)
\n
(5.0)
\n
1.8
\n
3.3
\n
(0.0)
\n

\n
(0.0)
\n

\n
15.5
\n
5.5
\n
72.3
\n
79.6
\n
Provisions
\n
148.5
\n
148.4
\n
371.9
\n
345.7
\n
222.0
\n
245.2
\n
151.1
\n
151.1
\n
(0.0)
\n

\n
(0.0)
\n

\n
(120.7)
\n
(91.2)
\n
772.8
\n
799.1
\n
Deferred tax liability
\n
(101.9)
\n
(100.0)
\n
120.2
\n
112.0
\n
968.7
\n
734.9
\n
11.3
\n
10.8
\n
(0.0)
\n

\n
0.2
\n

\n
(998.6)
\n
(757.8)
\n
(0.0)
\n

\n
Financial lease liability
\n
87.1
\n

\n
2.1
\n

\n
35.5
\n

\n
6.7
\n

\n
(0.0)
\n

\n
0.0
\n

\n
(0.0)
\n
119.2
\n
131.4
\n
119.2
\n
Deferred customers\u2019 contributions and subsidies
\n
2.5
\n
0.1
\n
(0.1)
\n
(0.1)
\n
83.1
\n
87.8
\n
(0.1)
\n
(0.1)
\n
(0.0)
\n

\n
0.5
\n

\n
414.1
\n
420.8
\n
500.1
\n
508.6
\n
Long term financial liability from the securitization
\n

\n

\n

\n

\n

\n

\n
377.1
\n
377.1
\n
of receivables
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
256.0
\n
256.0
\n
Financial liability from NCI Put option
\n
(0.0)
\n

\n
(0.0)
\n

\n
(0.0)
\n

\n
(0.0)
\n

\n
(0.0)
\n

\n
(0.0)
\n

\n
(0.0)
\n

\n
(0.0)
\n

\n
Derivative Financial instruments-Non Current
\n

\n

\n

\n

\n

\n

\n
5.2
\n
5.2
\n
Liability
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
263.2
\n
263.2
\n
(3,442.7
\n
(2,881.6
\n
Other non-current liabilities
\n
(0.3)
\n
82.6
\n
0.0
\n
1.9
\n
2.1
\n
24.8
\n
3,186.3
\n
2,794.3
\n
0.4
\n
0.4
\n
263.2
\n
0.1
\n
)
\n
)
\n
9.0
\n
22.5
\n
Administration non-current liabilities
\n
(220.0)
\n
(215.3)
\n
(82.3)
\n
(82.5)
\n
337.8
\n
332.3
\n
(34.5)
\n
(34.5)
\n
(0.0)
\n

\n
0.0
\n

\n
(1.0)
\n

\n
(0.0)
\n

\n
(3,653.4
\n
(2,847.5
\n
TOTAL NON-CURRENT LIABILITIES
\n
(0.0)
\n
(0.0)
\n
508.2
\n
458.6
\n
5,077.5
\n
3,963.5
\n
3,335.1
\n
2,932.2
\n
0.4
\n
0.4
\n
272.5
\n
2.8
\n
)
\n
)
\n
5,540.3
\n
4,510.1
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
CURRENT LIABILITIES
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Trade and other payables
\n
(131.3)
\n
(314.4)
\n
195.4
\n
202.1
\n
433.3
\n
514.1
\n
705.3
\n
919.6
\n
0.0
\n

\n
8.3
\n
16.8
\n
(240.9)
\n
(403.1)
\n
970.2
\n
925.0
\n
Short term financial liabilities from the
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
230.0
\n
(0.0)
\n
(0.0)
\n
(114.4)
\n
115.6
\n
securitization of receivables
\n

\n

\n

\n

\n

\n

\n

\n
10.2
\n
Short \u2013 term borrowings
\n
0.0
\n

\n
2.3
\n

\n
67.2
\n

\n
0.3
\n

\n
0.0
\n

\n
0.2
\n

\n
(0.0)
\n

\n
70.0
\n

\n
Current portion of interest bearing loans and
\n
(0.0)
\n
11.2
\n
431.6
\n
1.3
\n
(0.0)
\n
0.9
\n
(43.1)
\n
401.8
\n
borrowings
\n

\n
30.9
\n
858.0
\n
2.5
\n

\n
0.9
\n
(21.4)
\n
840.7
\n
Short\u2013term financial lease liability
\n
(0.0)
\n

\n
(0.0)
\n

\n
(0.0)
\n

\n
(0.0)
\n

\n
(0.0)
\n

\n
(0.0)
\n

\n
(0.0)
\n

\n
21.8
\n
30.2
\n
Dividends payable
\n
0.1
\n

\n
(0.0)
\n

\n
(0.0)
\n

\n
(0.0)
\n

\n
(0.0)
\n

\n
(0.0)
\n

\n
0.0
\n

\n
0.1
\n

\n
Income taxes payable
\n
(50.9)
\n
(50.9)
\n
21.5
\n
21.5
\n
30.5
\n
30.5
\n
5.5
\n
5.5
\n
(0.0)
\n

\n
(0.0)
\n

\n
0.0
\n

\n
6.6
\n
6.6
\n
Accrued and other current liabilities
\n
87.6
\n
367.6
\n
0.0
\n
23.7
\n
1,032.7
\n
1,305.4
\n
202.4
\n
458.5
\n
(0.0)
\n

\n
8.4
\n
7.8
\n
15.7
\n
(164.7)
\n
1,346.8
\n
1,998.2
\n
Derivative Financial instruments-Current Liability
\n
(0.0)
\n

\n
(0.0)
\n

\n
1.9
\n
7.1
\n
0.2
\n
3.1
\n
(0.0)
\n

\n
8.2
\n
1.7
\n
0.0
\n

\n
10.3
\n
11.9
\n
Current portion of the provision of
\n
decommissioning and removal of Power Plants\u2019,
\n
(0.0)
\n

\n
(0.0)
\n

\n
(0.0)
\n

\n
(0.0)
\n

\n
(0.0)
\n

\n
(0.0)
\n

\n
119.8
\n
75.1
\n
119.8
\n
75.1
\n
Mines\u2019 and Wind Parks\u2019 facilities and mines\u2019 land
\n
restoration areas
\n
Current portion of post-retirement benefits
\n
(0.0)
\n

\n
16.0
\n
16.0
\n
44.7
\n
44.7
\n
4.1
\n
4.1
\n
(0.0)
\n

\n
(0.0)
\n

\n
(15.5)
\n
(5.5)
\n
49.3
\n
59.3
\n
Short-term contract liabilities
\n
(0.0)
\n

\n
(0.0)
\n

\n
(0.0)
\n

\n
(0.0)
\n

\n
(0.0)
\n

\n
(0.0)
\n

\n
2,424.6
\n
2,015.3
\n
2,424.6
\n
2,015.3
\n
Administration current liabilities
\n
94.5
\n
(2.3)
\n
(2.6)
\n
0.3
\n
163.8
\n
21.7
\n
(107.0)
\n
(17.5)
\n
(0.0)
\n

\n
0.1
\n
0.1
\n
(148.7)
\n
(2.4)
\n
(0.0)
\n

\n
TOTAL CURRENT LIABILITIES
\n
(0.0)
\n
(0.0)
\n
243.9
\n
294.5
\n
2,205.7
\n
2,781.5
\n
1,042.0
\n
1,375.9
\n
0.1
\n
(0.0)
\n
26.0
\n
27.3
\n
1,997.4
\n
1,493.3
\n
5,536.9
\n
5,972.6
\n
Other movements between activities
\n
(1,123.8
\n
(1,181.2
\n
0.0
\n
(0.0)
\n
1,304.7
\n
1,150.4
\n
(313.2)
\n
)
\n
)
\n
(128.0)
\n
22.4
\n
19.6
\n
167.3
\n
82.0
\n
0.0
\n
(0.1)
\n

\n

\n
11,106.
\n
16,476.
\n
15,945.
\n
TOTAL LIABILITIES AND EQUITY
\n
(0.0)
\n
(0.0)
\n
667.1
\n
533.1
\n
1
\n
9,505.0
\n
5,406.7
\n
6,487.9
\n
26.7
\n
14.6
\n
177.1
\n
104.1
\n
(929.4)
\n
(699.3)
\n
1
\n
5
\n

\n

\n
* Any differences are due to decimal roundings.
\n

\n\n\n\n\n\n
APPENDIX I- UNBUNDLED FINANCIAL STATEMENTS
\n
PUBLIC POWER CORPORATION S.A.
\n
INTERCONNECTED SYSTEM UNBUNDLED BALANCE SHEET
\n
DECEMBER 2024
\n
AMOUNTS IN MILLIONS OF EURO
\n

\n

\n
MINES
\n
GENERATION
\n
ELECTRICITY SUPPLY
\n
NATURAL GAS SUPPLY
\n
OTHER
\n
TOTAL
\n

\n
2024
\n
2023
\n
2024
\n
2023
\n
2024
\n
2023
\n
2024
\n
2023
\n
2024
\n
2023
\n
2024
\n
2023
\n
ASSETS
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
NON-CURRENT ASSETS
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Tangible Assets
\n
210.5
\n
152.9
\n
4,340.0
\n
4,082.9
\n
35.1
\n
18.2
\n
0.0
\n
0.0
\n
26.7
\n
43.6
\n
4,612.3
\n
4,297.6
\n
Intangible Assets
\n
0.5
\n
0.8
\n
380.2
\n
798.6
\n
2.6
\n
6.2
\n
0.0
\n
0.0
\n
0.3
\n
6.8
\n
383.6
\n
812.5
\n
Right of use assets
\n
51.6
\n
9.6
\n
111.5
\n
104.4
\n
8.9
\n
8.9
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
172.0
\n
122.9
\n
Investments in subsidiaries
\n
40.1
\n
40.1
\n
388.0
\n
388.0
\n
(7.0)
\n
(7.0)
\n
0.0
\n
0.0
\n
79.4
\n
0.0
\n
500.5
\n
421.1
\n
Investments in associates
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0.0
\n
0.0
\n
Available for sale financial assets
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Deferred tax assets
\n
46.4
\n
42.5
\n
152.5
\n
57.0
\n
517.3
\n
516.9
\n
0.0
\n
0.0
\n
0.3
\n
0.0
\n
716.4
\n
616.4
\n
Derivative Financial instruments - Non-Current Asset
\n

\n

\n

\n

\n

\n

\n

\n

\n
52.4
\n

\n
52.4
\n

\n
Other non-current assets
\n
1.4
\n
1.4
\n
102.3
\n
102.4
\n
(2.7)
\n
(2.5)
\n
0.0
\n
0.0
\n
(0.0)
\n
0.0
\n
101.0
\n
101.3
\n
Administration non-current assets
\n
183.1
\n
144.2
\n
2,641.4
\n
1,674.7
\n
43.8
\n
36.5
\n
0.0
\n
0.0
\n
5.1
\n
2.0
\n
2,873.4
\n
1,857.4
\n
TOTAL NON-CURRENT ASSETS
\n
533.6
\n
391.6
\n
8,115.8
\n
7,208.0
\n
597.9
\n
577.3
\n
0.0
\n
0.0
\n
164.2
\n
52.3
\n
9,411.6
\n
8,229.2
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
CURRENT ASSETS
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Materials, spare parts and supplies, net
\n
5.6
\n
25.6
\n
267.6
\n
254.3
\n
(0.5)
\n
(0.1)
\n
0.0
\n
0.0
\n
3.8
\n
22.4
\n
276.5
\n
302.1
\n
Trade receivables, net
\n
66.6
\n
106.3
\n
(187.3)
\n
(182.1)
\n
1,793.6
\n
1,646.2
\n
22.8
\n
11.4
\n
1.1
\n
1.2
\n
1,696.7
\n
1,583.1
\n
Contract assets
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
306.7
\n
459.9
\n
2.3
\n
1.6
\n
0.0
\n
0.0
\n
309.0
\n
461.5
\n
Other receivables, net
\n
6.2
\n
(18.5)
\n
173.7
\n
115.6
\n
481.4
\n
580.6
\n
1.6
\n
1.6
\n
4.4
\n
0.0
\n
667.3
\n
679.3
\n
Derivative Financial instruments-Current Asset
\n
0.0
\n
0.0
\n
3.4
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
2.3
\n
26.9
\n
5.7
\n
26.9
\n
Cash and cash equivalents
\n
40.1
\n
14.9
\n
987.5
\n
482.7
\n
253.6
\n
1,425.9
\n
0.0
\n
0.0
\n
(0.0)
\n
0.0
\n
1,281.2
\n
1,923.5
\n
Administration current assets
\n
15.0
\n
13.3
\n
(196.6)
\n
(205.4)
\n
1,173.7
\n
1,147.5
\n
0.0
\n
0.0
\n
1.4
\n
1.3
\n
993.5
\n
956.6
\n
TOTAL CURRENT ASSETS
\n
133.5
\n
141.6
\n
1,048.3
\n
465.0
\n
4,008.6
\n
5,259.9
\n
26.7
\n
14.6
\n
13.0
\n
51.8
\n
5,230.0
\n
5,932.9
\n
TOTAL ASSETS
\n
667.1
\n
533.1
\n
9,164.1
\n
7,673.0
\n
4,606.5
\n
5,837.2
\n
26.7
\n
14.6
\n
177.2
\n
104.1
\n
14,641.6
\n
14,162.1
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
EQUITY AND LIABILITIES
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
EQUITY
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Share Capital
\n
76.7
\n
76.7
\n
228.6
\n
228.6
\n
18.5
\n
18.5
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
323.8
\n
323.8
\n
Share Pemium
\n
14.7
\n
14.7
\n
43.8
\n
43.8
\n
0.4
\n
0.4
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
58.9
\n
58.9
\n
Legal reserve
\n
4.8
\n
4.8
\n
68.0
\n
68.0
\n
(5.6)
\n
(5.6)
\n
(0.0)
\n
(0.0)
\n
(0.1)
\n
(0.1)
\n
66.9
\n
66.9
\n
Fixed assets\u2019 statutory revaluation surplus included in share capital
\n
(171.2)
\n
(171.2)
\n
(581.6)
\n
(581.6)
\n
(5.0)
\n
(5.0)
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
(757.7)
\n
(757.7)
\n
Revaluation surplus
\n
516.1
\n
390.9
\n
2,193.5
\n
1,767.2
\n
29.3
\n
26.3
\n
(0.0)
\n
(0.0)
\n
(0.1)
\n
0.0
\n
2,738.8
\n
2,184.4
\n
Other Reserves
\n
25.2
\n
22.9
\n
69.6
\n
138.6
\n
(76.7)
\n
5.7
\n
(0.0)
\n
(0.0)
\n
0.0
\n
(0.0)
\n
18.2
\n
167.2
\n
Treasury shares
\n
(27.0)
\n
0.0
\n
(138.3)
\n
(0.0)
\n
(2.7)
\n
0.0
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
(168.0)
\n
(0.0)
\n
Retained earnings
\n
(2,211.2)
\n
(2,097.2)
\n
(2,010.5)
\n
(2,452.9)
\n
1,584.6
\n
1,762.9
\n
3.9
\n
(5.3)
\n
(288.6)
\n
(7.9)
\n
(2,921.8)
\n
(2,800.5)
\n
Administration equity
\n
382.2
\n
388.0
\n
2,495.1
\n
2,525.1
\n
27.6
\n
28.2
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
2,904.9
\n
2,941.3
\n
TOTAL EQUITY
\n
(1,389.7)
\n
(1,370.4)
\n
2,368.3
\n
1,736.8
\n
1,570.4
\n
1,831.3
\n
3.9
\n
(5.4)
\n
(288.8)
\n
(8.0)
\n
2,264.0
\n
2,184.3
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
NON-CURRENT LIABILITIES
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Interest bearing loans and borrowings
\n
110.7
\n
90.0
\n
2,956.4
\n
1,942.8
\n
11.3
\n
6.6
\n
0.0
\n
(0.0)
\n
8.6
\n
2.7
\n
3,086.9
\n
2,042.1
\n
Post retirement benefits
\n
(14.3)
\n
(8.4)
\n
4.3
\n
10.3
\n
(0.1)
\n
1.3
\n
0.0
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
(10.1)
\n
3.2
\n
Provisions
\n
371.9
\n
345.7
\n
182.9
\n
207.9
\n
142.3
\n
142.3
\n
0.0
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
697.1
\n
695.9
\n
Deferred tax liability
\n
120.2
\n
112.0
\n
739.5
\n
560.9
\n
10.4
\n
9.9
\n
0.0
\n
(0.0)
\n
0.2
\n
(0.0)
\n
870.3
\n
682.8
\n
Financial lease liability
\n
2.1
\n

\n
40.0
\n

\n
6.5
\n

\n
0.0
\n

\n
0.0
\n

\n
(48.6)
\n
0.0
\n
Deferred customers\u2019 contributions and subsidies
\n
(0.1)
\n
(0.1)
\n
83.1
\n
87.9
\n
(0.1)
\n
(0.1)
\n
0.0
\n
(0.0)
\n
0.5
\n
(0.0)
\n
83.5
\n
87.7
\n
Long term financial liability from the securitization of receivables
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0.0
\n
0.0
\n
Derivative Financial instruments-Non Current Liability
\n

\n

\n

\n

\n

\n

\n

\n

\n
263.2
\n

\n
263.2
\n

\n
Other non-current liabilities
\n
0.0
\n
1.9
\n
76.7
\n
111.4
\n
2,685.4
\n
2,351.7
\n
0.4
\n
0.4
\n
0.1
\n
0.1
\n
2,762.6
\n
2,465.5
\n
Administration non-current liabilities
\n
(82.3)
\n
(82.5)
\n
201.9
\n
197.7
\n
(25.1)
\n
(25.1)
\n
(0.0)
\n
(0.0)
\n
0.0
\n
0.0
\n
94.5
\n
90.1
\n
TOTAL NON-CURRENT LIABILITIES
\n
508.2
\n
458.6
\n
4,284.7
\n
3,118.9
\n
2,830.7
\n
2,486.6
\n
0.4
\n
0.4
\n
272.6
\n
2.8
\n
7,896.7
\n
6,067.4
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
CURRENT LIABILITIES
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Trade and other payables
\n
195.4
\n
202.1
\n
360.0
\n
436.8
\n
323.4
\n
567.4
\n
0.0
\n
0.0
\n
8.3
\n
16.8
\n
887.2
\n
1,223.2
\n
Short \u2013 term borrowings
\n
(0.0)
\n

\n
(0.0)
\n

\n
230.0
\n

\n
(0.0)
\n

\n
(0.0)
\n

\n
230.0
\n

\n
Current portion of interest bearing loans and borrowings
\n
2.3
\n
(0.0)
\n
58.0
\n
0.0
\n
0.2
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
0.2
\n
(0.0)
\n
60.7
\n
0.0
\n
Short\u2013term financial lease liability
\n
11.2
\n
30.9
\n
379.1
\n
662.8
\n
1.1
\n
2.3
\n
(0.0)
\n
(0.0)
\n
0.9
\n
0.9
\n
392.4
\n
696.9
\n
Dividends payable
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
0.0
\n
0.0
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
0.0
\n
0.0
\n
Income taxes payable
\n
21.5
\n
21.5
\n
23.9
\n
23.9
\n
29.7
\n
29.7
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
75.1
\n
75.1
\n
Accrued and other current liabilities
\n
0.0
\n
23.7
\n
909.5
\n
1,195.1
\n
146.5
\n
366.4
\n
(0.0)
\n
(0.0)
\n
8.4
\n
7.8
\n
1,064.5
\n
1,592.9
\n
Short term part of forecasting the dismantling and removal o facilities /
\n
equipment of Production Units, Mines and Wind Parks and
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0.0
\n
0.0
\n
rehabilitation of Mining areas
\n
Current portion of post-retirement benefits
\n
16.0
\n
16.0
\n
32.5
\n
32.5
\n
3.8
\n
3.8
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
52.4
\n
52.4
\n
Derivative Financial instruments-Current Liability
\n
(0.0)
\n
(0.0)
\n
1.9
\n
7.1
\n
0.2
\n
3.1
\n
(0.0)
\n
(0.0)
\n
8.2
\n
1.7
\n
10.3
\n
11.9
\n
Administration current liabilities
\n
(2.6)
\n
0.3
\n
113.5
\n
14.6
\n
(123.7)
\n
(46.0)
\n
(0.0)
\n
(0.0)
\n
0.1
\n
0.1
\n
(12.8)
\n
(31.0)
\n
TOTAL CURRENT LIABILITIES
\n
243.9
\n
294.5
\n
1,878.5
\n
2,372.8
\n
611.4
\n
926.8
\n
0.0
\n
0.0
\n
26.0
\n
27.3
\n
2,759.8
\n
3,621.5
\n
Other movements between activities
\n
1,304.7
\n
1,150.4
\n
632.6
\n
444.5
\n
(406.0)
\n
592.4
\n
22.4
\n
19.6
\n
167.3
\n
82.0
\n
1,721.0
\n
2,288.9
\n
TOTAL LIABILITIES AND EQUITY
\n
667.1
\n
533.1
\n
9,164.1
\n
7,673.0
\n
4,606.5
\n
5,837.2
\n
26.7
\n
14.6
\n
177.2
\n
104.1
\n
14,641.6
\n
14,162.1
\n

\n
* Any differences are due to decimal roundings.
\n

\n\n\n\n\n\n
APPENDIX I- UNBUNDLED FINANCIAL STATEMENTS
\n
PUBLIC POWER CORPORATION S.A.
\n
CRETE UNBUNDLED BALANCE SHEET
\n
DECEMBER 2024
\n
AMOUNTS IN MILLIONS OF EURO
\n

\n

\n
GENERATION
\n
ELECTRICITY SUPPLY
\n
TOTAL
\n

\n
2024
\n
2023
\n
2024
\n
2023
\n
2024
\n
2023
\n
ASSETS
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
NON-CURRENT ASSETS
\n

\n

\n

\n

\n

\n

\n
Tangible Assets
\n
233.2
\n
246.8
\n
1.4
\n
0.3
\n
234.5
\n
247.2
\n
Intangible Assets
\n
(8.6)
\n
(8.4)
\n
0.5
\n
0.5
\n
(8.1)
\n
(7.8)
\n
Right of use assets
\n
31.5
\n
14.8
\n
0.2
\n
0.2
\n
31.8
\n
15.1
\n
Investments in subsidiaries
\n
46.7
\n
46.7
\n
(0.4)
\n
(0.4)
\n
46.2
\n
46.2
\n
Investments in associates
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n

\n

\n
Available for sale financial assets
\n
(0.0)
\n
0.0
\n
0.0
\n
0.0
\n
(0.0)
\n

\n
Deferred tax assets
\n
11.2
\n
5.4
\n
35.5
\n
35.5
\n
46.7
\n
40.9
\n
Other non-current assets
\n
0.2
\n
0.2
\n
(0.0)
\n
0.0
\n
0.2
\n
0.2
\n
Administration non-current assets
\n
286.8
\n
227.8
\n
2.9
\n
2.9
\n
289.6
\n
230.7
\n
TOTAL NON-CURRENT ASSETS
\n
601.0
\n
533.3
\n
40.0
\n
39.1
\n
641.0
\n
572.4
\n

\n

\n

\n

\n

\n

\n

\n
CURRENT ASSETS
\n

\n

\n

\n

\n

\n

\n
Materials, spare parts and supplies, net
\n
104.7
\n
116.4
\n
0.3
\n
0.2
\n
105.0
\n
116.6
\n
Trade receivables, net
\n
(33.7)
\n
(22.7)
\n
(323.9)
\n
(219.3)
\n
(357.7)
\n
(242.0)
\n
Contract assets
\n
0.0
\n
0.0
\n
45.1
\n
52.2
\n
45.1
\n
52.2
\n
Other receivables, net
\n
45.8
\n
49.0
\n
192.4
\n
120.4
\n
238.2
\n
169.4
\n
Derivative Financial instruments
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n

\n

\n
Cash and cash equivalents
\n
125.3
\n
103.9
\n
150.9
\n
107.6
\n
276.2
\n
211.5
\n
Administration current assets
\n
6.0
\n
(0.8)
\n
75.5
\n
72.7
\n
81.5
\n
71.9
\n
TOTAL CURRENT ASSETS
\n
248.0
\n
245.8
\n
140.2
\n
133.8
\n
388.2
\n
379.6
\n
TOTAL ASSETS
\n
849.0
\n
779.2
\n
180.3
\n
172.9
\n
1,029.2
\n
952.1
\n

\n

\n

\n

\n

\n

\n

\n
EQUITY AND LIABILITIES
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
EQUITY
\n

\n

\n

\n

\n

\n

\n
Share Capital
\n
26.0
\n
26.0
\n
1.3
\n
1.3
\n
27.4
\n
27.4
\n
Share Pemium
\n
5.0
\n
5.0
\n
0.0
\n
(0.0)
\n
5.0
\n
5.0
\n
Legal reserve
\n
18.1
\n
18.1
\n
2.1
\n
2.1
\n
20.1
\n
20.1
\n
Fixed assets\u2019 statutory revaluation surplus included in share capital
\n
(82.8)
\n
(82.8)
\n
(0.1)
\n
(0.1)
\n
(82.9)
\n
(82.9)
\n
Revaluation surplus
\n
318.0
\n
348.1
\n
1.7
\n
1.3
\n
319.6
\n
349.4
\n
Other Reserves
\n
4.6
\n
4.6
\n
0.3
\n
0.3
\n
4.9
\n
4.9
\n
Treasury shares
\n
(25.3)
\n
(0.0)
\n
(0.3)
\n
(0.0)
\n
(25.6)
\n

\n
Retained earnings
\n
(21.0)
\n
98.9
\n
(73.6)
\n
(205.6)
\n
(94.6)
\n
(106.7)
\n
Administration equity
\n
480.2
\n
485.7
\n
1.3
\n
1.4
\n
481.5
\n
487.1
\n
TOTAL EQUITY
\n
722.7
\n
903.5
\n
(67.3)
\n
(199.3)
\n
655.4
\n
704.2
\n

\n

\n

\n

\n

\n

\n

\n
NON-CURRENT LIABILITIES
\n

\n

\n

\n

\n

\n

\n
Interest bearing loans and borrowings
\n
183.9
\n
236.8
\n
0.2
\n
0.1
\n
184.1
\n
236.9
\n
Post retirement benefits
\n
(9.5)
\n
(7.4)
\n
0.8
\n
0.9
\n
(8.7)
\n
(6.4)
\n
Provisions
\n
17.5
\n
16.4
\n
5.0
\n
5.0
\n
22.5
\n
21.4
\n
Deferred tax liability
\n
111.0
\n
89.2
\n
0.6
\n
0.6
\n
111.6
\n
89.8
\n
Financial lease liability
\n
4.4
\n
1.2
\n
0.1
\n

\n
4.6
\n
1.2
\n
Deferred customers\u2019 contributions and subsidies
\n
0.0
\n
0.0
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
0.0
\n
Other non-current liabilities
\n
(42.2)
\n
(42.3)
\n
293.0
\n
256.6
\n
250.8
\n
214.3
\n
Administration non-current liabilities
\n
56.4
\n
55.9
\n
(0.6)
\n
(0.6)
\n
55.8
\n
55.3
\n
TOTAL NON-CURRENT LIABILITIES
\n
321.6
\n
349.9
\n
299.1
\n
262.6
\n
620.7
\n
612.5
\n

\n

\n

\n

\n

\n

\n

\n
CURRENT LIABILITIES
\n

\n

\n

\n

\n

\n

\n
Trade and other payables
\n
11.7
\n
13.2
\n
215.7
\n
207.1
\n
227.3
\n
220.3
\n
Short \u2013 term borrowings
\n
3.5
\n
(0.0)
\n
0.0
\n
(0.0)
\n
3.5
\n

\n
Current portion of interest bearing loans and borrowings
\n
19.8
\n
77.0
\n
0.0
\n
0.0
\n
19.8
\n
77.0
\n
Dividends payable
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
Income taxes payable
\n
2.2
\n
2.2
\n
(7.8)
\n
(7.8)
\n
(5.6)
\n
(5.6)
\n
Accrued and other current liabilities
\n
75.5
\n
65.6
\n
16.0
\n
33.6
\n
91.5
\n
99.2
\n
Current portion of post-retirement benefits
\n
6.6
\n
6.6
\n
0.2
\n
0.2
\n
6.8
\n
6.8
\n
Short term part of forecasting the dismantling and removal o facilities /
\n
equipment of Production Units, Mines and Wind Parks and rehabilitation of
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
Mining areas
\n

\n
Contract Liabilities
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n

\n
Derivative Financial instruments
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
0.0
\n
Administration current liabilities
\n
24.6
\n
3.7
\n
(1.6)
\n
4.8
\n
23.0
\n
8.5
\n
TOTAL CURRENT LIABILITIES
\n
143.8
\n
168.3
\n
222.5
\n
238.0
\n
366.3
\n
406.3
\n
Other movements between activities
\n
(339.1)
\n
(642.5)
\n
(274.0)
\n
(128.4)
\n
(613.2)
\n
(770.9)
\n
TOTAL LIABILITIES AND EQUITY
\n
849.0
\n
779.2
\n
180.3
\n
172.8
\n
1,029.2
\n
952.0
\n

\n
* Any differences are due to decimal roundings.
\n

\n\n\n\n\n\n
APPENDIX I- UNBUNDLED FINANCIAL STATEMENTS
\n
PUBLIC POWER CORPORATION S.A.
\n
OTHER NON INTERCONNECTED ISLANDS
\n
UNBUNDLED INCOME STATEMENT (INCL. RHODES)
\n
DECEMBER 2024
\n
AMOUNTS IN MILLIONS OF EURO
\n

\n

\n
GENERATION
\n
ELECTRICITY SUPPLY
\n
TOTAL
\n

\n
2024
\n
2023
\n
2024
\n
2023
\n
2024
\n
2023
\n
REVENUES
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Revenues from 3rd Parties
\n

\n

\n

\n

\n

\n

\n
Energy sales to customers
\n

\n

\n
278.9
\n
233.6
\n
278.9
\n
233.6
\n
PSO's revenues from customers
\n

\n

\n
24.5
\n
21.9
\n
24.5
\n
21.9
\n
Energy sales to wholesale market
\n
731.6
\n
682.6
\n

\n

\n
731.6
\n
682.6
\n
Customer's contribution
\n

\n

\n
(0.0)
\n
0.0
\n
(0.0)
\n
0.0
\n
ETMEAR's revenues
\n

\n

\n
23.4
\n
21.1
\n
23.4
\n
21.1
\n
PSO's revenues from Administrators
\n

\n

\n
305.2
\n
279.2
\n
305.2
\n
279.2
\n
Other Sales
\n
2.7
\n
0.2
\n
1.6
\n
1.4
\n
4.2
\n
1.5
\n
Allocated Administration Revenues
\n
8.2
\n
0.5
\n
1.0
\n
0.1
\n
9.2
\n
0.5
\n

\n

\n

\n

\n

\n

\n

\n
Interdepartmental Revenues
\n

\n

\n

\n

\n

\n

\n
Lignite yard & ash revenue
\n

\n

\n

\n

\n

\n

\n
Energy
\n

\n

\n
2.1
\n
2.4
\n
2.1
\n
2.4
\n
Lignite
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
REVENUES
\n
742.5
\n
683.2
\n
636.7
\n
559.7
\n
1,379.2
\n
1,242.9
\n

\n

\n

\n

\n

\n

\n

\n
Expenses (3rd Parties)
\n

\n

\n

\n

\n

\n

\n
Payroll Cost
\n
43.8
\n
39.7
\n
2.8
\n
2.6
\n
46.6
\n
42.4
\n
Own production lignite
\n

\n

\n

\n

\n

\n

\n
Third party lignite - Hard coal
\n

\n

\n

\n

\n

\n

\n
Natural Gas
\n

\n

\n

\n

\n

\n

\n
Liquid fuel
\n
360.6
\n
353.4
\n

\n

\n
360.6
\n
353.4
\n
Materials & Consumables
\n
25.5
\n
20.5
\n
0.0
\n
0.0
\n
25.5
\n
20.5
\n
Depreciations
\n
51.6
\n
58.8
\n
0.2
\n
0.1
\n
51.7
\n
58.9
\n
Energy Purchases from third party
\n
23.7
\n
12.6
\n
508.5
\n
484.2
\n
532.1
\n
496.8
\n
Energy imports
\n

\n

\n

\n

\n

\n

\n
Energy Purchases to wholesale market
\n

\n

\n

\n
0.0
\n

\n
0.0
\n
Return of receivable ETMEAR to Administrators
\n

\n

\n
23.3
\n
21.6
\n
23.3
\n
21.6
\n
Return of receivable PSO to Administrators
\n

\n

\n
27.4
\n
24.1
\n
27.4
\n
24.1
\n
Transmission Network Fees
\n

\n

\n

\n

\n

\n

\n
Distribution Network Fees
\n

\n

\n
38.2
\n
36.8
\n
38.2
\n
36.8
\n
Utilities & Maintenance
\n
14.1
\n
13.2
\n
1.5
\n
1.5
\n
15.6
\n
14.7
\n
Third party fees
\n
8.7
\n
5.8
\n
5.2
\n
4.2
\n
14.0
\n
10.0
\n
Taxes and duties
\n
0.5
\n
0.6
\n
(0.4)
\n
0.1
\n
0.1
\n
0.8
\n
CO2 emissions rights
\n
126.4
\n
126.6
\n
0.0
\n

\n
126.4
\n
126.6
\n
Provisions
\n
2.4
\n
1.4
\n
1.8
\n
6.4
\n
4.2
\n
7.8
\n
Financial expenses
\n
32.5
\n
17.6
\n
10.0
\n
9.2
\n
42.6
\n
26.8
\n
Financial income
\n
(24.9)
\n
(8.7)
\n
(3.7)
\n
(4.2)
\n
(28.6)
\n
(13.0)
\n
Other (income)/ expense, net
\n
6.5
\n
5.4
\n
(17.5)
\n
(84.7)
\n
(11.0)
\n
(79.3)
\n
Devaluation of fixed assets
\n
(24.7)
\n

\n
0.4
\n

\n
(24.3)
\n

\n
Extraordinary contribution on electricity generators
\n

\n

\n

\n
12.8
\n
0.0
\n
12.8
\n
Impairment loss of marketable securities
\n

\n
0.0
\n

\n
0.0
\n

\n
0.0
\n
Gain from partial sale of a subsidiary/ the spin off of distribution network 2024
\n

\n

\n

\n

\n

\n

\n
Foreign currency gains/ (losses), net
\n
0.4
\n
(1.8)
\n
0.0
\n
0.0
\n
0.4
\n
(1.8)
\n
Allocated Administration Expenses
\n
65.8
\n
36.8
\n
7.1
\n
4.9
\n
73.0
\n
41.8
\n

\n

\n

\n

\n

\n

\n

\n
Interdepartmental Expenses
\n

\n

\n

\n

\n

\n

\n
Lignite yard & ash expenses
\n

\n

\n

\n

\n

\n

\n
Change in stock
\n

\n

\n

\n

\n

\n

\n
Energy
\n
2.1
\n
2.4
\n

\n

\n
2.1
\n
2.4
\n
PROFIT (LOSS) BEFORE TAX
\n
27.5
\n
(1.2)
\n
31.9
\n
39.9
\n
59.4
\n
38.7
\n

\n
* Any differences are due to decimal roundings.
\n

\n\n\n\n\n\n
APPENDIX I- UNBUNDLED FINANCIAL STATEMENTS
\n
PUBLIC POWER CORPORATION S.A.
\n
SYSTEM INTEGRATION UNBUNDLED INCOME STATEMENT
\n
DECEMBER 2024
\n
AMOUNTS IN MILLIONS OF EURO
\n

\n
NATURAL GAS
\n

\n
MINES
\n
GENERATION
\n
ELECTRICITY SUPPLY
\n
OTHER
\n
ELIMINATIONS
\n
TOTAL PPC
\n
SUPPLY
\n

\n
2024
\n
2023
\n
2024
\n
2023
\n
2024
\n
2023
\n
2024
\n
2023
\n
2024
\n
2023
\n
2024
\n
2023
\n
2024
\n
2023
\n
REVENUES
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Revenues from 3rd Parties
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Energy sales to customers
\n

\n

\n

\n

\n
4,581.2
\n
5,616.0
\n

\n

\n

\n

\n
353.5
\n
312.3
\n
4,934.7
\n
5,928.3
\n
Natural gas sales to customers
\n

\n

\n

\n

\n

\n

\n
18.5
\n
20.8
\n

\n

\n
0.0
\n
(0.0)
\n
18.5
\n
20.8
\n
PSO's revenues from customers
\n

\n

\n

\n

\n
343.1
\n
310.1
\n

\n

\n

\n

\n
(343.1)
\n
(310.1)
\n

\n

\n
Energy exports
\n

\n

\n

\n

\n
10.6
\n
5.5
\n

\n

\n

\n

\n
(10.6)
\n
(5.5)
\n

\n

\n
Energy sales to wholesale market
\n

\n

\n
3,857.0
\n
3,450.5
\n
158.7
\n
86.7
\n

\n

\n
1.0
\n

\n
(4,016.7)
\n
(3,537.3)
\n

\n

\n
Transitional Flexibility Assurance Mechanism
\n

\n

\n

\n
(0.1)
\n

\n

\n

\n

\n

\n

\n

\n
0.1
\n

\n

\n
Sales from Lignite
\n
0.1
\n
0.0
\n

\n

\n

\n

\n

\n

\n

\n

\n
(0.1)
\n
(0.0)
\n

\n

\n
Customer's contribution
\n

\n

\n
0.2
\n
0.2
\n

\n

\n

\n

\n

\n

\n
(0.2)
\n
(0.2)
\n

\n

\n
ETMEAR's revenues
\n

\n

\n

\n

\n
378.2
\n
348.3
\n

\n

\n

\n

\n
(378.2)
\n
(348.3)
\n

\n

\n
PSO's revenues from Administrators
\n

\n

\n

\n

\n
606.3
\n
550.8
\n

\n

\n

\n

\n
(606.3)
\n
(550.8)
\n

\n

\n
Other Sales
\n
0.2
\n
0.1
\n
39.7
\n
5.1
\n
25.8
\n
24.4
\n

\n

\n
5.0
\n
3.0
\n
678.9
\n
625.1
\n
749.6
\n
657.7
\n
Allocated Administration Revenues
\n
18.0
\n
1.6
\n
35.2
\n
2.0
\n
15.1
\n
0.9
\n

\n

\n
0.3
\n
0.0
\n
(68.5)
\n
(4.6)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Interdepartmental Revenues
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Lignite yard & ash revenue
\n
10.3
\n
6.2
\n

\n

\n

\n

\n

\n

\n

\n

\n
(10.3)
\n
(6.2)
\n

\n

\n
Energy
\n

\n

\n

\n

\n
94.0
\n
110.2
\n

\n

\n

\n

\n
(94.0)
\n
(110.2)
\n

\n

\n
Lignite
\n
148.3
\n
148.5
\n

\n

\n

\n

\n

\n

\n

\n

\n
(148.3)
\n
(148.5)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
REVENUES
\n
176.8
\n
156.4
\n
3,932.1
\n
3,457.8
\n
6,212.9
\n
7,052.7
\n
18.5
\n
20.8
\n
6.3
\n
3.0
\n
(4,643.8)
\n
(4,084.0)
\n
5,702.8
\n
6,606.8
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Expenses (3rd Parties)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Payroll Cost
\n
103.6
\n
122.7
\n
222.7
\n
206.9
\n
49.0
\n
47.1
\n

\n

\n
3.5
\n
4.3
\n
118.6
\n
111.8
\n
497.4
\n
492.8
\n
Merchandise
\n

\n

\n

\n

\n

\n

\n

\n

\n
1.3
\n
1.1
\n
(0.0)
\n
0.0
\n
1.3
\n
1.1
\n
Own production lignite
\n
(22.9)
\n
(6.8)
\n
134.9
\n
149.7
\n

\n

\n

\n

\n

\n

\n
(90.1)
\n
(137.2)
\n
21.9
\n
5.8
\n
Third party lignite - Hard coal
\n

\n

\n
7.1
\n
10.3
\n

\n

\n

\n

\n

\n

\n
(7.1)
\n
(10.3)
\n

\n

\n
Natural Gas
\n

\n

\n
735.2
\n
700.6
\n

\n

\n
9.3
\n
14.4
\n

\n

\n
(0.0)
\n
0.0
\n
744.6
\n
715.0
\n
Liquid fuel
\n

\n

\n
721.8
\n
724.1
\n

\n

\n

\n

\n

\n

\n
0.0
\n
0.0
\n
721.8
\n
724.1
\n
Materials & Consumables
\n
11.5
\n
11.4
\n
62.5
\n
51.6
\n
0.1
\n
0.1
\n

\n

\n
0.1
\n
0.0
\n
0.3
\n
0.2
\n
74.4
\n
63.3
\n
Depreciations
\n
28.9
\n
23.8
\n
313.0
\n
260.2
\n
4.5
\n
2.2
\n

\n

\n
1.6
\n
1.5
\n
15.0
\n
10.9
\n
363.1
\n
298.6
\n
Energy Purchases from third party
\n

\n

\n
39.9
\n
17.5
\n
753.4
\n
709.4
\n

\n

\n

\n

\n
(793.2)
\n
(726.9)
\n

\n

\n
Energy imports
\n

\n

\n

\n

\n
35.6
\n
(8.4)
\n

\n

\n

\n

\n
(35.6)
\n
8.4
\n

\n

\n
Energy Purchases to wholesale market
\n

\n

\n
(90.7)
\n
179.2
\n
3,527.0
\n
3,909.3
\n

\n

\n
14.9
\n

\n
(2,818.9)
\n
(2,436.9)
\n
632.3
\n
1,651.7
\n
Return of receivable ETMEAR to Administrators
\n

\n

\n

\n

\n
381.2
\n
350.5
\n

\n

\n

\n

\n
(381.2)
\n
(350.5)
\n

\n

\n
Return of receivable PSO to Administrators
\n

\n

\n

\n

\n
361.2
\n
320.0
\n

\n

\n

\n

\n
(361.2)
\n
(320.0)
\n

\n

\n
Transmission Network Fees
\n

\n

\n

\n

\n
178.4
\n
169.3
\n

\n

\n

\n

\n
(0.0)
\n

\n
178.4
\n
169.3
\n
Distribution Network Fees
\n

\n

\n

\n

\n
647.2
\n
580.7
\n

\n

\n

\n

\n
(0.0)
\n

\n
647.2
\n
580.7
\n
Utilities & Maintenance
\n
35.5
\n
62.2
\n
34.4
\n
45.2
\n
25.3
\n
23.7
\n

\n

\n
1.7
\n
1.7
\n
24.1
\n
21.6
\n
121.0
\n
154.5
\n
Third party fees
\n
1.9
\n
4.3
\n
34.6
\n
20.7
\n
68.8
\n
52.8
\n

\n

\n
17.6
\n
13.6
\n
140.3
\n
74.4
\n
263.2
\n
165.7
\n
Taxes and duties
\n
0.4
\n
0.3
\n
7.2
\n
11.5
\n
(6.9)
\n
3.1
\n

\n

\n
0.0
\n
0.0
\n
(0.7)
\n
(14.8)
\n

\n

\n
CO2 emissions rights
\n

\n

\n
833.1
\n
826.2
\n

\n

\n

\n

\n

\n

\n
0.0
\n
0.0
\n
833.2
\n
826.2
\n
Provisions
\n
12.3
\n
2.2
\n
9.5
\n
7.7
\n
20.1
\n
177.2
\n

\n

\n

\n

\n
15.4
\n
(14.9)
\n
57.3
\n
172.2
\n
Financial expenses
\n
28.0
\n
33.1
\n
237.9
\n
160.7
\n
126.3
\n
135.4
\n

\n

\n
0.3
\n
0.0
\n
0.0
\n
(0.0)
\n
392.5
\n
329.2
\n
Financial income
\n
(15.7)
\n
(5.1)
\n
(176.0)
\n
(85.9)
\n
(65.8)
\n
(86.4)
\n
(0.1)
\n
(0.0)
\n
(0.2)
\n

\n
0.0
\n
(0.0)
\n
(257.8)
\n
(177.4)
\n
Other (income)/ expense, net
\n
4.2
\n
10.4
\n
29.4
\n
3.6
\n
(7.6)
\n
(11.2)
\n

\n
0.1
\n
240.6
\n
(20.4)
\n
105.5
\n
81.8
\n
372.1
\n
64.3
\n
Devaluation of fixed assets
\n
24.2
\n
4.4
\n
79.5
\n
28.2
\n
10.1
\n

\n

\n

\n
0.2
\n

\n
0.5
\n
(0.0)
\n
114.5
\n
32.6
\n
Extraordinary contribution on electricity generators
\n

\n

\n

\n

\n

\n
200.0
\n

\n

\n

\n

\n
0.0
\n
(0.0)
\n

\n
200.0
\n
(Gains) from the sale of a Subsidiary/ spin-off of
\n
0.0
\n

\n

\n

\n
post-lignite branch 2024
\n

\n
(124.3)
\n

\n

\n

\n
(0.8)
\n
0.0
\n
0.0
\n
(0.8)
\n
(124.3)
\n
Gain from partial sale of a subsidiary/ the spin off of
\n

\n

\n

\n

\n
distribution network
\n

\n

\n

\n

\n

\n

\n

\n
0.0
\n

\n

\n
Impairment loss of marketable securities
\n

\n
0.0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0.0
\n

\n
0.0
\n
Foreign currency gains/ (losses), net
\n
(0.0)
\n
0.0
\n
(0.3)
\n
(2.4)
\n
0.0
\n

\n

\n

\n
(0.0)
\n
0.0
\n
0.0
\n
0.0
\n
(0.3)
\n
(2.4)
\n
Allocated Administration Expenses
\n
27.4
\n
37.4
\n
265.3
\n
153.8
\n
120.6
\n
70.8
\n

\n

\n
6.6
\n
2.2
\n
(419.9)
\n
(264.2)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Interdepartmental Expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Lignite yard & ash expenses
\n

\n

\n
10.3
\n
6.2
\n

\n

\n

\n

\n

\n

\n
(10.3)
\n
(6.2)
\n

\n

\n
Change in stock
\n
31.5
\n
7.9
\n

\n

\n

\n

\n

\n

\n

\n

\n
(31.5)
\n
(7.9)
\n

\n

\n
Energy
\n
23.1
\n
35.8
\n
70.8
\n
74.3
\n

\n

\n

\n

\n

\n

\n
(94.0)
\n
(110.2)
\n

\n

\n
PROFIT (LOSS) BEFORE TAX
\n
(117.1)
\n
(63.1)
\n
349.9
\n
(92.2)
\n
(15.8)
\n
407.2
\n
9.3
\n
6.3
\n
(281.0)
\n
(1.1)
\n
(19.7)
\n
6.8
\n
(74.4)
\n
263.9
\n

\n
* Any differences are due to decimal roundings.
\n

\n\n\n\n\n\n
APPENDIX I- UNBUNDLED FINANCIAL STATEMENTS
\n
PUBLIC POWER CORPORATION S.A.
\n
INTERCONNECTED SYSTEM UNBUNDLED INCOME STATEMENT
\n
DECEMBER 2024
\n
AMOUNTS IN MILLIONS OF EURO
\n

\n

\n
MINES
\n
GENERATION
\n
ELECTRICITY SUPPLY
\n
NATURAL GAS SUPPLY
\n
OTHER
\n
TOTAL
\n

\n
2024
\n
2023
\n
2024
\n
2023
\n
2024
\n
2023
\n
2024
\n
2023
\n
2024
\n
2023
\n
2024
\n
2023
\n
REVENUES
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Revenues from 3rd Parties
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Energy sales to customers
\n

\n

\n

\n

\n
3,980.1
\n
5,107.1
\n

\n

\n

\n

\n
3,980.1
\n
5,107.1
\n
Natural gas sales to customers
\n

\n

\n

\n

\n

\n

\n
18.5
\n
20.8
\n

\n

\n
18.5
\n
20.8
\n
PSO's revenues from customers
\n

\n

\n

\n

\n
291.9
\n
263.4
\n

\n

\n

\n

\n
291.9
\n
263.4
\n
Energy exports
\n

\n

\n

\n

\n
10.6
\n
5.5
\n

\n

\n

\n

\n
10.6
\n
5.5
\n
Energy sales to wholesale market
\n

\n

\n
2,542.7
\n
2,224.9
\n
158.2
\n
86.7
\n

\n

\n
1.0
\n

\n
2,702.0
\n
2,311.7
\n
Transitional Flexibility Assurance Mechanism
\n

\n

\n

\n
(0.1)
\n

\n

\n

\n

\n

\n

\n

\n
(0.1)
\n
Sales from Lignite
\n
0.1
\n
0.0
\n

\n

\n

\n

\n

\n

\n

\n

\n
0.1
\n
0.0
\n
Customer's contribution
\n

\n

\n
0.2
\n
0.2
\n
0.0
\n
(0.0)
\n

\n

\n

\n

\n
0.3
\n
0.2
\n
ETMEAR's revenues
\n

\n

\n

\n

\n
327.1
\n
301.8
\n

\n

\n

\n

\n
327.1
\n
301.8
\n
PSO's revenues from Administrators
\n

\n

\n

\n

\n
77.7
\n
65.0
\n

\n

\n

\n

\n
77.7
\n
65.0
\n
Other Sales
\n
0.2
\n
0.1
\n
34.5
\n
4.9
\n
22.2
\n
21.2
\n

\n

\n
5.0
\n
3.0
\n
62.0
\n
29.1
\n
Allocated Administration Revenues
\n
18.0
\n
1.6
\n
22.7
\n
1.3
\n
12.7
\n
0.8
\n

\n

\n
0.3
\n
0.0
\n
53.7
\n
3.7
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Interdepartmental Revenues
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Lignite yard & ash revenue
\n
10.3
\n
6.2
\n

\n

\n

\n

\n

\n

\n

\n

\n
10.3
\n
6.2
\n
Energy
\n

\n

\n

\n

\n
89.5
\n
104.7
\n

\n

\n

\n

\n
89.5
\n
104.7
\n
Lignite
\n
148.3
\n
148.5
\n

\n

\n

\n

\n

\n

\n

\n

\n
148.3
\n
148.5
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
REVENUES
\n
176.8
\n
156.4
\n
2,600.2
\n
2,231.2
\n
4,970.1
\n
5,956.1
\n
18.5
\n
20.8
\n
6.3
\n
3.0
\n
7,771.9
\n
8,367.5
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Expenses (3rd Parties)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Payroll Cost
\n
103.6
\n
122.7
\n
146.9
\n
140.2
\n
43.2
\n
41.4
\n

\n

\n
3.5
\n
4.3
\n
297.2
\n
308.6
\n
Merchandise
\n

\n

\n

\n

\n

\n

\n

\n

\n
1.3
\n
1.1
\n
1.3
\n
1.1
\n
Own production lignite
\n
(22.9)
\n
(6.8)
\n
134.9
\n
149.7
\n

\n

\n

\n

\n

\n

\n
112.0
\n
143.0
\n
Third party lignite - Hard coal
\n

\n

\n
7.1
\n
10.3
\n

\n

\n

\n

\n

\n

\n
7.1
\n
10.3
\n
Natural Gas
\n

\n

\n
735.2
\n
700.6
\n

\n

\n
9.3
\n
14.4
\n

\n

\n
744.6
\n
715.0
\n
Liquid fuel
\n

\n

\n
33.1
\n
58.1
\n

\n

\n

\n

\n

\n

\n
33.1
\n
58.1
\n
Materials & Consumables
\n
11.5
\n
11.4
\n
30.9
\n
23.6
\n
0.1
\n
0.1
\n

\n

\n
0.1
\n
0.0
\n
42.5
\n
35.1
\n
Depreciations
\n
28.9
\n
23.8
\n
230.5
\n
160.4
\n
4.1
\n
2.1
\n

\n

\n
1.6
\n
1.5
\n
265.1
\n
187.7
\n
Energy imports
\n

\n

\n

\n

\n
35.6
\n
(8.4)
\n

\n

\n

\n

\n
35.6
\n
(8.4)
\n
Energy Purchases to wholesale market
\n

\n

\n
(90.7)
\n
179.2
\n
3,318.9
\n
3,354.7
\n

\n

\n
14.9
\n

\n
3,243.1
\n
3,533.9
\n
Return of receivable ETMEAR to Administrators
\n

\n

\n

\n

\n
357.9
\n
328.8
\n

\n

\n

\n

\n
357.9
\n
328.8
\n
Return of receivable PSO to Administrators
\n

\n

\n

\n

\n
307.1
\n
270.7
\n

\n

\n

\n

\n
307.1
\n
270.7
\n
Transmission Network Fees
\n

\n

\n

\n

\n
178.4
\n
169.3
\n

\n

\n

\n

\n
178.4
\n
169.3
\n
Distribution Network Fees
\n

\n

\n

\n

\n
610.9
\n
543.8
\n

\n

\n

\n

\n
610.9
\n
543.8
\n
Utilities & Maintenance
\n
35.5
\n
62.2
\n
15.4
\n
26.6
\n
21.8
\n
20.2
\n

\n

\n
1.7
\n
1.7
\n
74.3
\n
110.8
\n
Third party fees
\n
1.9
\n
4.3
\n
23.0
\n
13.6
\n
56.2
\n
43.0
\n

\n

\n
17.6
\n
13.6
\n
98.6
\n
74.5
\n
Taxes and duties
\n
0.4
\n
0.3
\n
6.5
\n
10.5
\n
(6.0)
\n
2.8
\n

\n

\n
0.0
\n
0.0
\n
0.8
\n
13.6
\n
CO2 emissions rights
\n

\n

\n
592.1
\n
584.3
\n

\n

\n

\n

\n

\n

\n
592.1
\n
584.3
\n
Provisions
\n
12.3
\n
2.2
\n
1.5
\n
5.3
\n
19.7
\n
164.5
\n

\n

\n

\n

\n
33.5
\n
172.0
\n
Financial expenses
\n
28.0
\n
33.1
\n
183.6
\n
131.0
\n
114.5
\n
126.2
\n

\n

\n
0.3
\n
0.0
\n
326.5
\n
290.3
\n
Financial income
\n
(15.7)
\n
(5.1)
\n
(134.8)
\n
(70.3)
\n
(58.8)
\n
(76.7)
\n
(0.1)
\n
(0.0)
\n
(0.2)
\n

\n
(209.7)
\n
(152.1)
\n
Other (income)/ expense, net
\n
4.2
\n
10.4
\n
14.7
\n
(6.5)
\n
27.5
\n
174.5
\n

\n
0.1
\n
240.6
\n
(20.4)
\n
287.1
\n
158.0
\n
Devaluation of fixed assets
\n
24.2
\n
4.4
\n
107.6
\n
28.2
\n
9.4
\n

\n

\n

\n
0.2
\n

\n
141.3
\n
32.6
\n
Extraordinary contribution on electricity generators
\n

\n

\n

\n

\n

\n
172.2
\n

\n

\n

\n

\n
0.0
\n
172.2
\n
(Gains) from the sale of a Subsidiary/ spin-off of
\n
post-lignite branch 2024
\n

\n
(124.3)
\n

\n

\n
0.0
\n

\n

\n

\n
(0.8)
\n

\n
(0.8)
\n
(124.3)
\n
Gain from partial sale of a subsidiary/ the spin off of
\n
distribution network
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0.0
\n
Impairment loss of marketable securities
\n

\n
0.0
\n

\n
0.0
\n

\n
0.0
\n

\n
0.0
\n

\n

\n

\n
0.0
\n
Foreign currency gains/ (losses), net
\n
(0.0)
\n
0.0
\n
(0.2)
\n
(1.2)
\n
0.0
\n
0.0
\n

\n

\n
(0.0)
\n
(0.0)
\n
(0.2)
\n
(1.2)
\n
Allocated Administration Expenses
\n
27.4
\n
37.4
\n
167.6
\n
96.3
\n
100.2
\n
59.6
\n

\n

\n
6.6
\n
2.2
\n
301.9
\n
195.5
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Interdepartmental Expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Lignite yard & ash expenses
\n

\n

\n
10.3
\n
6.2
\n

\n

\n

\n

\n

\n

\n
10.3
\n
6.2
\n
Change in stock
\n
31.5
\n
7.9
\n

\n

\n

\n

\n

\n

\n

\n

\n
31.5
\n
7.9
\n
Energy
\n
23.1
\n
35.8
\n
66.4
\n
68.9
\n

\n

\n

\n

\n

\n

\n
89.5
\n
104.7
\n
PROFIT (LOSS) BEFORE TAX
\n
(117.1)
\n
(63.1)
\n
318.6
\n
(83.9)
\n
(170.6)
\n
567.4
\n
9.3
\n
6.3
\n
(281.0)
\n
(1.1)
\n
(240.8)
\n
425.6
\n

\n
* Any differences are due to decimal roundings.
\n

\n\n\n\n\n\n
APPENDIX I- UNBUNDLED FINANCIAL STATEMENTS
\n
PUBLIC POWER CORPORATION S.A.
\n
CRETE UNBUNDLED INCOME STATEMENT
\n
DECEMBER 2024
\n
AMOUNTS IN MILLIONS OF EURO
\n

\n

\n
GENERATION
\n
ELECTRICITY SUPPLY
\n
TOTAL
\n

\n
2024
\n
2023
\n
2024
\n
2023
\n
2024
\n
2023
\n
REVENUES
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Revenues from 3rd Parties
\n

\n

\n

\n

\n

\n

\n
Energy sales to customers
\n

\n

\n
322.2
\n
275.2
\n
322.2
\n
275.2
\n
PSO's revenues from customers
\n

\n

\n
26.7
\n
24.7
\n
26.7
\n
24.7
\n
Energy sales to wholesale market
\n
582.7
\n
543.0
\n
0.5
\n

\n
583.1
\n
543.0
\n
Other Services to wholesale market
\n

\n

\n

\n

\n

\n

\n
Customer's contribution
\n

\n

\n
(0.0)
\n
0.0
\n
(0.0)
\n
0.0
\n
ETMEAR's revenues
\n

\n

\n
27.7
\n
25.4
\n
27.7
\n
25.4
\n
PSO's revenues from Administrators
\n

\n

\n
223.4
\n
206.6
\n
223.4
\n
206.6
\n
Other Sales
\n
2.5
\n
0.1
\n
2.1
\n
1.8
\n
4.5
\n
1.9
\n
Allocated Administration Revenues
\n
4.3
\n
0.3
\n
1.4
\n
0.1
\n
5.6
\n
0.4
\n

\n

\n

\n

\n

\n

\n

\n
Interdepartmental Revenues
\n

\n

\n

\n

\n

\n

\n
Lignite yard & ash revenue
\n

\n

\n

\n

\n

\n

\n
Energy
\n

\n

\n
2.3
\n
3.1
\n
2.3
\n
3.1
\n
Lignite
\n

\n

\n

\n

\n

\n

\n
REVENUES
\n
589.4
\n
543.4
\n
606.1
\n
537.0
\n
1,195.5
\n
1,080.3
\n

\n

\n

\n

\n

\n

\n

\n
Expenses (3rd Parties)
\n

\n

\n

\n

\n

\n

\n
Payroll Cost
\n
31.9
\n
27.0
\n
3.1
\n
3.1
\n
35.0
\n
30.1
\n
Own production lignite
\n

\n

\n

\n

\n

\n

\n
Third party lignite - Hard coal
\n

\n

\n

\n

\n

\n

\n
Natural Gas
\n

\n

\n

\n

\n

\n

\n
Liquid fuel
\n
328.2
\n
312.6
\n

\n

\n
328.2
\n
312.6
\n
Materials & Consumables
\n
6.2
\n
7.4
\n
0.0
\n
0.0
\n
6.2
\n
7.4
\n
Depreciations
\n
31.0
\n
41.0
\n
0.2
\n
0.1
\n
31.2
\n
41.0
\n
Energy Purchases from third party
\n
16.2
\n
4.9
\n
244.9
\n
225.2
\n
261.1
\n
230.1
\n
Energy imports
\n

\n

\n

\n

\n
0.0
\n

\n
Energy Purchases to wholesale market
\n

\n

\n
208.2
\n
554.7
\n
208.2
\n
554.7
\n
Return of receivable ETMEAR to Administrators
\n

\n

\n

\n
0.0
\n
0.0
\n
0.0
\n
Return of receivable PSO to Administrators
\n

\n

\n
26.7
\n
25.2
\n
26.7
\n
25.2
\n
Transmission Network Fees
\n

\n

\n

\n

\n

\n

\n
Distribution Network Fees
\n

\n

\n
(1.9)
\n
0.0
\n
(1.9)
\n
0.0
\n
Utilities & Maintenance
\n
4.9
\n
5.4
\n
2.1
\n
2.0
\n
7.0
\n
7.4
\n
Third party fees
\n
2.9
\n
1.4
\n
7.5
\n
5.6
\n
10.4
\n
6.9
\n
Taxes and duties
\n
0.3
\n
0.3
\n
(0.5)
\n
0.2
\n
(0.2)
\n
0.5
\n
CO2 emissions rights
\n
114.7
\n
115.2
\n

\n

\n
114.7
\n
115.2
\n
Provisions
\n
5.6
\n
1.0
\n
(1.4)
\n
6.4
\n
4.1
\n
7.4
\n
Financial expenses
\n
21.7
\n
12.1
\n
1.7
\n
0.0
\n
23.4
\n
12.1
\n
Financial income
\n
(16.3)
\n
(6.8)
\n
(3.3)
\n
(5.5)
\n
(19.6)
\n
(12.3)
\n
Other (income)/ expense, net
\n
8.2
\n
4.7
\n
(17.6)
\n
(101.0)
\n
(9.5)
\n
(96.3)
\n
Devaluation of fixed assets
\n
(3.4)
\n

\n
0.4
\n

\n
(3.0)
\n

\n
Extraordinary contribution on electricity generators
\n

\n

\n

\n
15.0
\n

\n
15.0
\n
Impairment loss of marketable securities
\n

\n

\n

\n

\n

\n

\n
Gain from partial sale of a subsidiary/ the spin off of distribution network 2024
\n

\n

\n

\n

\n

\n

\n
Foreign currency gains/ (losses), net
\n
(0.5)
\n
0.6
\n
0.0
\n

\n
(0.5)
\n
0.6
\n
Allocated Administration Expenses
\n
31.8
\n
20.6
\n
13.3
\n
6.3
\n
45.1
\n
26.9
\n

\n

\n

\n

\n

\n

\n

\n
Interdepartmental Expenses
\n

\n

\n

\n

\n

\n

\n
Lignite yard & ash expenses
\n

\n

\n

\n

\n

\n

\n
Change in stock
\n

\n

\n

\n

\n

\n

\n
Energy
\n
2.3
\n
3.1
\n

\n

\n
2.3
\n
3.1
\n
PROFIT (LOSS) BEFORE TAX
\n
3.7
\n
(7.1)
\n
122.9
\n
(200.2)
\n
126.7
\n
(207.2)
\n

\n
* Any differences are due to decimal roundings.
\n

\n\n\n\n\n\n
APPENDIX I- UNBUNDLED FINANCIAL STATEMENTS
\n
PUBLIC POWER CORPORATION S.A.
\n
OTHER NO\u039d INTERCONNECTED ISLANDS
\n
UNBUNDLED BALANCE SHEET (INCL. RHODES)
\n
DECEMBER 2024
\n
AMOUNTS IN MILLIONS OF EURO
\n

\n

\n
GENERATION
\n
ELECTRICITY SUPPLY
\n
TOTAL
\n

\n
2024
\n
2023
\n
2024
\n
2023
\n
2024
\n
2023
\n
ASSETS
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
NON-CURRENT ASSETS
\n

\n

\n

\n

\n

\n

\n
Tangible Assets
\n
271.0
\n
406.5
\n
2.8
\n
1.5
\n
273.8
\n
408.1
\n
Intangible Assets
\n
5.1
\n
5.4
\n
0.8
\n
1.0
\n
5.8
\n
6.4
\n
Right of use assets
\n
(5.9)
\n
(0.7)
\n
0.2
\n
0.2
\n
(5.6)
\n
(0.5)
\n
Investments in subsidiaries
\n
42.0
\n
42.0
\n
(0.4)
\n
(0.4)
\n
41.6
\n
41.6
\n
Investments in associates
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Available for sale financial assets
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Deferred tax assets
\n
14.9
\n
5.4
\n
50.4
\n
50.4
\n
65.3
\n
55.8
\n
Other non-current assets
\n
0.4
\n
0.4
\n
(0.2)
\n
(0.2)
\n
0.2
\n
0.3
\n
Administration non-current assets
\n
431.3
\n
334.9
\n
4.0
\n
3.5
\n
435.2
\n
338.4
\n
TOTAL NON-CURRENT ASSETS
\n
758.8
\n
793.9
\n
57.6
\n
56.1
\n
816.4
\n
850.0
\n

\n

\n

\n

\n

\n

\n

\n
CURRENT ASSETS
\n

\n

\n

\n

\n

\n

\n
Materials, spare parts and supplies, net
\n
179.7
\n
166.4
\n
0.2
\n
0.1
\n
179.9
\n
166.5
\n
Trade receivables, net
\n
15.0
\n
(5.7)
\n
179.6
\n
123.4
\n
194.6
\n
117.7
\n
Contract assets
\n
0.0
\n
0.0
\n
38.7
\n
42.4
\n
38.7
\n
42.4
\n
Other receivables, net
\n
(34.9)
\n
(31.8)
\n
231.1
\n
125.9
\n
196.1
\n
94.0
\n
Derivative Financial instruments
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
0.0
\n
Cash and cash equivalents
\n
128.6
\n
93.5
\n
69.1
\n
87.8
\n
197.8
\n
181.4
\n
Administration current assets
\n
45.8
\n
36.4
\n
43.8
\n
42.1
\n
89.6
\n
78.6
\n
TOTAL CURRENT ASSETS
\n
334.2
\n
258.8
\n
562.4
\n
421.8
\n
896.6
\n
680.6
\n
TOTAL ASSETS
\n
1,093.0
\n
1,052.8
\n
620.0
\n
477.9
\n
1,713.0
\n
1,530.6
\n

\n

\n

\n

\n

\n

\n

\n
EQUITY AND LIABILITIES
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
EQUITY
\n

\n

\n

\n

\n

\n

\n
Share Capital
\n
41.6
\n
41.6
\n
1.4
\n
1.4
\n
42.9
\n
42.9
\n
Share Pemium
\n
8.0
\n
8.0
\n
0.0
\n
0.0
\n
8.0
\n
8.0
\n
Legal reserve
\n
21.4
\n
21.4
\n
0.8
\n
0.8
\n
22.2
\n
22.2
\n
Fixed assets\u2019 statutory revaluation surplus included in share capital
\n
(106.4)
\n
(106.4)
\n
(0.3)
\n
(0.3)
\n
(106.7)
\n
(106.7)
\n
Revaluation surplus
\n
86.1
\n
325.6
\n
1.3
\n
1.0
\n
87.4
\n
326.6
\n
Other Reserves
\n
8.0
\n
8.7
\n
0.2
\n
0.1
\n
8.2
\n
8.8
\n
Treasury shares
\n
(23.7)
\n
(0.0)
\n
(0.1)
\n
(0.0)
\n
(23.9)
\n

\n
Retained earnings
\n
547.6
\n
477.0
\n
703.6
\n
671.8
\n
1,251.1
\n
1,148.8
\n
Administration equity
\n
462.6
\n
467.8
\n
0.8
\n
0.9
\n
463.5
\n
468.6
\n
TOTAL EQUITY
\n
1,045.1
\n
1,243.5
\n
707.7
\n
675.7
\n
1,752.8
\n
1,919.2
\n

\n

\n

\n

\n

\n

\n

\n
NON-CURRENT LIABILITIES
\n

\n

\n

\n

\n

\n

\n
Interest bearing loans and borrowings
\n
302.9
\n
363.8
\n
1.0
\n
0.6
\n
303.9
\n
364.4
\n
Post retirement benefits
\n
(9.5)
\n
(7.9)
\n
1.0
\n
1.1
\n
(8.5)
\n
(6.9)
\n
Provisions
\n
21.6
\n
20.9
\n
3.8
\n
3.8
\n
25.3
\n
24.7
\n
Deferred tax liability
\n
118.2
\n
84.8
\n
0.3
\n
0.3
\n
118.6
\n
85.1
\n
Financial lease liability
\n
(9.0)
\n
(0.0)
\n
0.1
\n
(0.0)
\n
(8.9)
\n

\n
Deferred customers\u2019 contributions and subsidies
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n

\n
Long term financial liability from the securitization of receivables
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
0.0
\n

\n
Other non-current liabilities
\n
(32.4)
\n
(45.6)
\n
207.9
\n
186.1
\n
175.5
\n
140.5
\n
Administration non-current liabilities
\n
79.4
\n
78.7
\n
(8.8)
\n
(8.8)
\n
70.7
\n
69.9
\n
TOTAL NON-CURRENT LIABILITIES
\n
471.2
\n
494.7
\n
205.3
\n
183.0
\n
676.4
\n
677.7
\n

\n

\n

\n

\n

\n

\n

\n
CURRENT LIABILITIES
\n

\n

\n

\n

\n

\n

\n
Trade and other payables
\n
61.6
\n
64.0
\n
166.2
\n
145.1
\n
227.9
\n
209.1
\n
Short \u2013 term borrowings
\n
5.8
\n
(0.0)
\n
0.0
\n
(0.0)
\n
5.8
\n

\n
Current portion of interest bearing loans and borrowings
\n
32.6
\n
118.3
\n
0.1
\n
0.2
\n
32.7
\n
118.5
\n
Dividends payable
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n

\n
Income taxes payable
\n
4.4
\n
4.4
\n
(16.5)
\n
(16.5)
\n
(12.1)
\n
(12.1)
\n
Accrued and other current liabilities
\n
47.7
\n
44.7
\n
39.9
\n
58.6
\n
87.6
\n
103.2
\n
Current portion of post-retirement benefits
\n
5.6
\n
5.6
\n
0.1
\n
0.1
\n
5.7
\n
5.7
\n
Short term part of forecasting the dismantling and removal facilities / equipment of
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
0.0
\n

\n
Production Units, Mines and Wind Parks and rehabilitation of Mining areas
\n
Contract Liabilities
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
(0.0)
\n
0.0
\n

\n
Administration current liabilities
\n
25.7
\n
3.4
\n
18.3
\n
23.7
\n
44.0
\n
27.1
\n
TOTAL CURRENT LIABILITIES
\n
183.4
\n
240.4
\n
208.2
\n
211.2
\n
391.6
\n
451.6
\n
Other movements between activities
\n
(606.6)
\n
(925.8)
\n
(501.2)
\n
(592.0)
\n
(1,107.9)
\n
(1,517.9)
\n
TOTAL LIABILITIES AND EQUITY
\n
1,093.0
\n
1,052.8
\n
620.0
\n
477.9
\n
1,713.0
\n
1,530.6
\n

\n
* Any differences are due to decimal roundings.
\n

\n\n\n\n\n\n
APPENDIX I- UNBUNDLED FINANCIAL STATEMENTS
\n
PUBLIC POWER CORPORATION S.A.
\n
CONSOLIDATED AND SEPARATE BALANCE SHEET AS OF
\n
DECEMBER 2024
\n
AMOUNTS IN MILLIONS OF EURO
\n

\n
COMPANY
\n
HEDNO
\n
OTHER COMPANIES
\n
ELIMINATIONS
\n
GROUP
\n

\n
31/12/2024
\n
31/12/2023
\n
31/12/2024
\n
31/12/2023
\n
31/12/2024
\n
31/12/2023
\n
31/12/2024
\n
31/12/2023
\n
31/12/2024
\n
31/12/2023 (revised)
\n
ASSETS
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Non \u2013 Current Assets
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Tangible assets
\n
5,315.9
\n
5,112.2
\n
6,034.1
\n
5,065.1
\n
4,836.4
\n
3,133.4
\n
(25.8)
\n
(11.7)
\n
16,160.6
\n
13,299.0
\n
Intangible assets, net
\n
447.5
\n
831.5
\n
25.6
\n
13.0
\n
492.6
\n
238.9
\n
(8.4)
\n
29.1
\n
957.2
\n
1,112.6
\n
Goodwill
\n
-
\n
-
\n
-
\n
-
\n
-
\n
-
\n
253.1
\n
25.6
\n
253.1
\n
25.6
\n
Right of use assets
\n
139.2
\n
137.5
\n
35.0
\n
40.0
\n
216.3
\n
91.0
\n
(78.0)
\n
(60.6)
\n
312.6
\n
207.8
\n
Investments in subsidiaries
\n
3,228.4
\n
2,650.3
\n
-
\n
-
\n
0.0
\n
(0.0)
\n
(3,228.4)
\n
(2,650.3)
\n
-
\n
-
\n
Investments in associates
\n
28.5
\n
9.9
\n
-
\n
-
\n
64.5
\n
55.3
\n
61.2
\n
(0.0)
\n
154.3
\n
65.2
\n
Available for sale financial assets
\n
0.3
\n
0.3
\n
-
\n
-
\n
0.0
\n
0.0
\n
0.0
\n
(0.0)
\n
0.3
\n
0.3
\n
Deferred tax assets
\n
659.2
\n
694.8
\n
(382.9)
\n
(291.1)
\n
(232.9)
\n
(100.4)
\n
601.3
\n
(10.7)
\n
644.7
\n
292.7
\n
Derivative Financial instruments
\n
52.4
\n
24.7
\n
-
\n
7.0
\n
133.3
\n
5.3
\n
(175.0)
\n
(22.4)
\n
10.7
\n
14.6
\n
Loan claims from subsidiaries
\n
682.4
\n
37.9
\n
-
\n
-
\n
-
\n
-
\n
(682.4)
\n
(37.9)
\n
-
\n
-
\n
Other non- current assets
\n
104.8
\n
101.2
\n
0.3
\n
0.2
\n
214.3
\n
39.1
\n
50.3
\n
0.2
\n
369.6
\n
140.7
\n
Total non-current assets
\n
10,658.6
\n
9,600.4
\n
5,712.0
\n
4,834.2
\n
5,724.5
\n
3,462.6
\n
(3,231.9)
\n
(2,738.8)
\n
18,863.2
\n
15,158.5
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Current Assets
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Materials, spare parts and supplies, net
\n
557.5
\n
601.0
\n
392.6
\n
335.7
\n
357.4
\n
127.0
\n
(17.1)
\n
(17.2)
\n
1,290.3
\n
1,046.5
\n
Trade receivables, net
\n
1,181.3
\n
1,207.1
\n
211.8
\n
215.9
\n
694.2
\n
584.1
\n
(494.2)
\n
(454.5)
\n
1,593.0
\n
1,552.7
\n
Contract assets
\n
392.6
\n
555.8
\n
-
\n
-
\n
-
\n
-
\n
380.1
\n
337.5
\n
772.7
\n
893.3
\n
Other receivables, net
\n
1,620.2
\n
1,555.1
\n
323.1
\n
391.9
\n
672.5
\n
681.8
\n
(257.4)
\n
(240.1)
\n
2,358.4
\n
2,388.8
\n
Loan claims from foreign subsidiaries
\n
645.9
\n
523.4
\n
-
\n
-
\n
-
\n
-
\n
(645.9)
\n
(523.4)
\n
-
\n
-
\n
Derivative Financial instruments
\n
5.7
\n
7.4
\n
-
\n
-
\n
-
\n
-
\n
(0.3)
\n
(5.9)
\n
5.4
\n
1.5
\n
Income tax receivable
\n
-
\n
-
\n
-
\n
-
\n
13.1
\n
11.6
\n
44.0
\n
27.1
\n
57.1
\n
38.7
\n
Cash and cash equivalents
\n
1,183.3
\n
1,853.1
\n
122.9
\n
196.1
\n
692.4
\n
550.7
\n
(0.0)
\n
(0.0)
\n
1,998.6
\n
2,599.8
\n
Restricted Cash
\n
231.0
\n
42.2
\n
-
\n
-
\n
148.5
\n
135.3
\n
(0.0)
\n
0.0
\n
379.5
\n
177.5
\n
Assets held for sale
\n
-
\n
-
\n
-
\n
-
\n
-
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Total Current Assets
\n
5,817.5
\n
6,345.0
\n
1,050.4
\n
1,139.7
\n
2,578.1
\n
2,090.6
\n
(991.0)
\n
(876.4)
\n
8,455.0
\n
8,698.8
\n
Total Assets
\n
16,476.1
\n
15,945.5
\n
6,762.4
\n
5,973.8
\n
8,302.6
\n
5,553.2
\n
(4,222.9)
\n
(3,615.2)
\n
27,318.1
\n
23,857.3
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
EQUITY AND LIABILITIES
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Equity
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Share capital
\n
915.8
\n
947.4
\n
991.2
\n
991.2
\n
1,708.1
\n
1,434.2
\n
(2,699.3)
\n
(2,425.4)
\n
915.8
\n
947.4
\n
Share premium
\n
1,018.7
\n
1,018.7
\n
-
\n
-
\n
55.1
\n
56.4
\n
(55.1)
\n
(56.4)
\n
1,018.7
\n
1,018.7
\n
Legal reserve
\n
187.0
\n
173.8
\n
14.5
\n
7.4
\n
87.1
\n
87.3
\n
(101.5)
\n
(94.7)
\n
187.0
\n
173.8
\n
Fixed assets\u2019 statutory revaluation surplus included in share capital
\n
(947.3)
\n
(947.3)
\n
-
\n
-
\n
7.4
\n
-
\n
(7.4)
\n
-
\n
(947.3)
\n
(947.3)
\n
Revaluation surplus
\n
3,320.5
\n
3,053.0
\n
443.8
\n
33.4
\n
220.8
\n
27.8
\n
1,803.4
\n
2,020.4
\n
5,788.5
\n
5,134.6
\n
Other Reserves
\n
51.3
\n
184.7
\n
104.6
\n
104.6
\n
68.7
\n
(83.1)
\n
(1,543.1)
\n
(1,396.9)
\n
(1,318.5)
\n
(1,190.6)
\n
Treasury shares
\n
(217.5)
\n
(143.9)
\n
-
\n
-
\n
-
\n
-
\n
-
\n
-
\n
(217.5)
\n
(143.9)
\n
Retained earnings
\n
1,070.4
\n
1,176.3
\n
124.6
\n
154.8
\n
985.8
\n
1,058.4
\n
(2,561.0)
\n
(2,831.4)
\n
(380.2)
\n
(441.9)
\n
Total Equity attributable to owners of the Parent
\n
5,398.9
\n
5,462.8
\n
1,678.7
\n
1,291.5
\n
3,132.9
\n
2,580.9
\n
(5,164.1)
\n
(4,784.4)
\n
5,046.5
\n
4,550.8
\n
NON-CONTROLLING INTEREST
\n
-
\n
-
\n
-
\n
-
\n
179.8
\n
-
\n
814.7
\n
813.4
\n
994.5
\n
813.4
\n
Total Equity
\n
5,398.9
\n
5,462.8
\n
1,678.7
\n
1,291.5
\n
3,312.7
\n
2,580.9
\n
(4,349.4)
\n
(3,970.9)
\n
6,040.9
\n
5,364.2
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Non-Current Liabilities
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Interest bearing loans and borrowings
\n
3,535.6
\n
2,598.7
\n
1,845.1
\n
1,345.8
\n
1,534.7
\n
514.3
\n
(682.4)
\n
(39.0)
\n
6,233.0
\n
4,419.8
\n
Post retirement benefits
\n
72.3
\n
79.6
\n
50.9
\n
58.1
\n
17.3
\n
21.5
\n
0.0
\n
(0.0)
\n
140.5
\n
159.2
\n
Provisions
\n
772.8
\n
799.1
\n
27.1
\n
33.9
\n
62.6
\n
56.0
\n
(118.8)
\n
(89.2)
\n
743.7
\n
799.9
\n
Deferred tax liabilities
\n
-
\n
-
\n
-
\n
-
\n
-
\n
-
\n
635.3
\n
-
\n
635.3
\n
-
\n
Financial lease liability
\n
131.4
\n
119.2
\n
-
\n
-
\n
-
\n
35.8
\n
139.7
\n
20.3
\n
271.1
\n
175.3
\n
Contract liabilities
\n
418.5
\n
425.5
\n
2,042.8
\n
1,934.4
\n
631.9
\n
557.9
\n
(148.6)
\n
(0.0)
\n
2,944.7
\n
2,917.8
\n
Subsidies
\n
81.6
\n
83.1
\n
(11.5)
\n
95.0
\n
-
\n
29.2
\n
148.5
\n
0.0
\n
218.6
\n
207.3
\n
Long-term financial liability from the securitization of receivables
\n
256.0
\n
377.1
\n
-
\n
-
\n
-
\n
-
\n
-
\n
-
\n
256.0
\n
377.1
\n
Financial liability from NCI Put option
\n
-
\n
-
\n
-
\n
-
\n
-
\n
-
\n
1,463.9
\n
1,431.0
\n
1,463.9
\n
1,431.0
\n
Derivative Financial instruments-Non Current Liability
\n
263.2
\n
5.2
\n
-
\n
-
\n
-
\n
8.2
\n
2.4
\n
6.3
\n
265.5
\n
19.7
\n
Other non-current liabilities
\n
9.0
\n
22.5
\n
56.1
\n
52.6
\n
368.1
\n
91.7
\n
(385.9)
\n
(106.5)
\n
47.3
\n
60.3
\n
Total Non-Current Liabilities
\n
5,540.3
\n
4,510.1
\n
4,010.6
\n
3,519.8
\n
2,614.6
\n
1,314.7
\n
1,054.0
\n
1,222.9
\n
13,219.5
\n
10,567.4
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Current Liabilities
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Trade and other payables
\n
970.2
\n
925.0
\n
685.2
\n
622.4
\n
1,205.8
\n
680.9
\n
(132.0)
\n
(133.2)
\n
2,729.1
\n
2,095.2
\n
Short term financial liability from the securitization of receivables
\n
115.6
\n
10.2
\n
-
\n
-
\n
-
\n
-
\n
-
\n
-
\n
115.6
\n
10.2
\n
Short-term borrowings
\n
70.0
\n
-
\n
-
\n
-
\n
799.9
\n
756.4
\n
(646.3)
\n
(515.7)
\n
223.7
\n
240.8
\n
Current portion of long-term borrowings
\n
401.8
\n
840.7
\n
154.2
\n
291.3
\n
169.0
\n
49.7
\n
(26.1)
\n
(1.4)
\n
698.9
\n
1,180.4
\n
Short-term financial lease liability
\n
21.8
\n
30.2
\n
-
\n
-
\n
-
\n
2.4
\n
36.2
\n
10.6
\n
58.0
\n
43.2
\n
Dividends payable
\n
0.1
\n
-
\n
-
\n
-
\n
0.3
\n
-
\n
0.0
\n
-
\n
0.4
\n
-
\n
Income tax payable
\n
6.6
\n
6.6
\n
33.1
\n
42.0
\n
7.7
\n
3.2
\n
44.0
\n
27.1
\n
91.4
\n
78.9
\n
Accrued and other current liabilities
\n
1,346.8
\n
1,998.2
\n
200.1
\n
206.7
\n
189.4
\n
158.3
\n
(236.8)
\n
(251.7)
\n
1,499.6
\n
2,111.6
\n
Derivative Financial instruments
\n
10.3
\n
11.9
\n
-
\n
-
\n
-
\n
5.9
\n
28.3
\n
(5.7)
\n
38.6
\n
12.2
\n
Short term part of forecasting the dismantling and removal of facilities / equipment of Production
\n
119.8
\n
75.1
\n
-
\n
-
\n
-
\n
-
\n
-
\n
-
\n
119.8
\n
75.1
\n
Units, Mines and Wind Parks and rehabilitation of Mining areas
\n
Current portion of post-retirement benefits
\n
49.3
\n
59.3
\n
-
\n
-
\n
-
\n
0.8
\n
5.5
\n
2.9
\n
54.8
\n
63.0
\n
Short-term contract liabilities
\n
2,424.6
\n
2,015.3
\n
0.5
\n
0.2
\n
3.1
\n
-
\n
(0.5)
\n
(0.2)
\n
2,427.7
\n
2,015.3
\n
Liabilities held for sale
\n
-
\n
-
\n
-
\n
-
\n
-
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Total Current Liabilities
\n
5,536.9
\n
5,972.6
\n
1,073.1
\n
1,162.6
\n
2,375.3
\n
1,657.6
\n
(927.6)
\n
(867.1)
\n
8,057.7
\n
7,925.7
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Total Liabilities and Equity
\n
16,476.1
\n
15,945.5
\n
6,762.4
\n
5,973.8
\n
8,302.6
\n
5,553.2
\n
(4,222.9)
\n
(3,615.2)
\n
27,318.1
\n
23,857.3
\n

\n
* Any differences are due to decimal roundings.
\n

\n\n\n\n\n\n
APPENDIX I- UNBUNDLED FINANCIAL STATEMENTS
\n
PUBLIC POWER CORPORATION S.A.
\n
CONSOLIDATED AND SEPARATE STATEMENT OF INCOME
\n
FOR THE YEAR ENDED DECEMBER 2023
\n

\n
AMOUNTS IN MILLIONS OF EURO
\n

\n

\n
COMPANY
\n
HEDNO
\n
OTHER COMPANIES
\n
ELIMINATIONS
\n
GROUP
\n

\n

\n

\n

\n

\n

\n

\n

\n
31/12/2023
\n
31/12/2022
\n

\n
31/12/2023
\n

\n
31/12/2022
\n
31/12/2023
\n
31/12/2022
\n
31/12/2023
\n
31/12/2022
\n

\n
31/12/2023
\n
31/12/2022
\n

\n
REVENUES
\n

\n

\n

\n

\n

\n
Revenue from energy sales
\n
5.928.3
\n
10.694.9
\n
1.118.1
\n
854.1
\n
548.2
\n
317.6
\n
(1.185.4)
\n
(1.153.9)
\n
6.409.2
\n
10.712.7
\n
Revenue from natural gas
\n
20.8
\n
4.9
\n
-
\n
-
\n
37.8
\n
-
\n
(0.0)
\n
(0.0)
\n
58.6
\n
4.9
\n
Other sales
\n
657.7
\n
147.3
\n
1.691.3
\n
1.457.7
\n
62.8
\n
0.5
\n
(1.192.7)
\n
(1.070.0)
\n
1.219.0
\n
535.5
\n

\n
6.606.8
\n

\n
10.847.1
\n

\n
2.809.4
\n

\n
2.311.8
\n

\n
648.8
\n
318.1
\n

\n
(2.378.2)
\n
(2.223.9)
\n
7.686.8
\n

\n
11.253.1
\n

\n
EXPENSES
\n

\n

\n

\n
Payroll cost
\n
492.8
\n
480.8
\n
262.5
\n
263.2
\n
31.5
\n
26.9
\n
(4.6)
\n
(2.3)
\n
782.2
\n
768.6
\n
Lignite
\n
5.8
\n
14.7
\n
-
\n
-
\n
-
\n
1.6
\n
-
\n
0.0
\n
5.8
\n
16.2
\n
Liquid Fuel
\n
724.1
\n
850.1
\n
-
\n
-
\n
0.5
\n
3.1
\n
0.0
\n
(0.0)
\n
724.5
\n
853.2
\n
Natural Gas
\n
715.0
\n
1.758.2
\n
-
\n
-
\n
25.0
\n
-
\n
(0.0)
\n
-
\n
739.9
\n
1.758.2
\n
Depreciation and Amortization
\n
298.6
\n
306.1
\n
323.7
\n
313.8
\n
52.9
\n
23.8
\n
(3.1)
\n
(3.4)
\n
672.1
\n
640.4
\n
Energy purchases
\n
1.651.7
\n
4.883.8
\n
1.666.7
\n
1.425.8
\n
357.8
\n
126.1
\n
(1.732.0)
\n
(1.715.4)
\n
1.944.2
\n
4.720.2
\n
Materials and consumables
\n
64.4
\n
92.2
\n
33.2
\n
26.5
\n
7.2
\n
2.9
\n
(0.0)
\n
(0.0)
\n
104.8
\n
121.5
\n
Transmission system usage
\n
169.3
\n
143.3
\n
-
\n
-
\n
0.2
\n
-
\n
(0.0)
\n
-
\n
169.5
\n
143.3
\n
Distribution system usage
\n
580.7
\n
429.6
\n
-
\n
-
\n
49.3
\n
0.0
\n
(580.7)
\n
(429.6)
\n
49.3
\n
-
\n
Utilities and maintenance
\n
154.5
\n
135.9
\n
149.2
\n
129.9
\n
19.8
\n
15.1
\n
(59.4)
\n
(69.9)
\n
264.1
\n
210.9
\n
Third party fees
\n
165.7
\n
116.2
\n
90.4
\n
70.5
\n
17.4
\n
8.0
\n
35.0
\n
(10.3)
\n
308.5
\n
184.4
\n
CO2 emission rights
\n
826.2
\n
963.9
\n
-
\n
-
\n
-
\n
73.7
\n
-
\n
0.0
\n
826.2
\n
1.037.5
\n
Provision for Land restoration
\n
-
\n
-
\n
-
\n
-
\n
1.0
\n
-
\n
(1.0)
\n
-
\n
-
\n
-
\n
Provision for risks
\n
(12.9)
\n
5.8
\n
(6.4)
\n
(7.5)
\n
0.2
\n
-
\n
(44.8)
\n
(15.0)
\n
(63.9)
\n
(16.7)
\n
Provision for slow \u2013 moving materials
\n
7.9
\n
1.2
\n
0.7
\n
(8.2)
\n
1.2
\n
0.2
\n
0.0
\n
0.0
\n
9.7
\n
(6.8)
\n
Allowance for doubtful balances
\n
177.2
\n
161.7
\n
(0.1)
\n
(0.6)
\n
9.1
\n
0.2
\n
(0.0)
\n
46.3
\n
186.3
\n
207.5
\n
Financial expenses
\n
329.2
\n
283.9
\n
63.1
\n
47.1
\n
28.7
\n
5.5
\n
1.6
\n
7.9
\n
422.6
\n
344.5
\n
Financial income
\n
(177.4)
\n
(86.0)
\n
(8.6)
\n
(12.3)
\n
(6.3)
\n
(1.1)
\n
52.1
\n
43.9
\n
(140.2)
\n
(55.5)
\n
(Gains) from the sale of a Subsidiary/ spin-off of
\n
post-lignite branch
\n
(124.3)
\n
-
\n
-
\n
-
\n
-
\n
-
\n
-
\n
-
\n
(124.3)
\n
-
\n
Devaluation of fixed assets
\n
32.6
\n
(200.0)
\n
-
\n
-
\n
0.1
\n
2.3
\n
1.0
\n
0.0
\n
33.7
\n
(197.7)
\n
Bargain gains from Romanian Subsidiaries
\n
aquisition
\n
-
\n
-
\n
-
\n
-
\n
-
\n
-
\n
(233.9)
\n
-
\n
(233.9)
\n
-
\n
Extraordinary contribution on electricity
\n
generators
\n
200.0
\n
245.3
\n
-
\n
-
\n
-
\n
-
\n
-
\n
-
\n
200.0
\n
245.3
\n
Other income
\n
(80.7)
\n
(26.0)
\n
(5.2)
\n
(4.3)
\n
(3.0)
\n
(1.0)
\n
34.5
\n
(45.4)
\n
(54.5)
\n
(23.4)
\n
Other expenses
\n
145.0
\n
326.3
\n
56.7
\n
42.4
\n
51.5
\n
10.9
\n
(18.2)
\n
55.4
\n
235.1
\n
381.7
\n
Loss / (Gain) of associates and joint ventures
\n
net
\n
0.0
\n
-
\n
-
\n
-
\n
5.0
\n
(61.7)
\n
(0.0)
\n
0.0
\n
5.1
\n
(61.7)
\n
Gain from partial sale of a subsidiary/ the spin
\n
off of distribution network
\n
-
\n
(790.0)
\n
-
\n
-
\n
-
\n
-
\n
-
\n
790.0
\n
-
\n
-
\n
Foreign currency (gain)/loss, net
\n
(2.4)
\n

\n
7.3
\n

\n

\n
-
\n
-
\n

\n
0.1
\n

\n
(0.1)
\n

\n
0.0
\n
0.0
\n
(2.3)
\n

\n
7.3
\n

\n

\n

\n

\n

\n
6.342.9
\n
10.104.2
\n
2.625.7
\n
2.286.3
\n
649.2
\n
236.3
\n
(2.553.3)
\n
(1.347.7)
\n
7.064.5
\n
11.279.1
\n
PROFIT / (LOSS) BEFORE TAX
\n
263.9
\n
742.9
\n
183.7
\n
25.5
\n
(0.5)
\n
81.8
\n
175.1
\n
(876.2)
\n
622.2
\n
(26.0)
\n

\n

\n
* Any differences are due to decimal roundings.
\n

\n\n\n\n\n\n
APPENDIX I- UNBUNDLED FINANCIAL STATEMENTS
\n
NOTES TO THE UNBUNDLED FINANCIAL STATEMENTS
\n
\n
1. GENERAL INFORMATION
\n
\n
According to the provisions of European Directive 2009/72/EC, as well as the provisions of Law 4001/2011, which integrates
\n
the aforementioned European Directive into the national legislation, unbundling is the separation of financial statements
\n
(balance sheet and income statement) of an integrated electric utility into different financial statements for each one of its
\n
activities.
\n
The unbundled financial statements will reflect each activity\u2019s financial position, assets and liabilities, as if such activities
\n
prepared financial statements had they been separate (independent) legal entities.
\n
\n
PPC, as a vertically organized integrated electric utility, keeps in its internal accounting, separate accounts for its activities
\n
and prepares separate balance sheets and statements of income for each one of its activities (balance sheet and statement
\n
of income before tax \u2013 hereinafter referred to as \u201cunbundled financial statements\u201d), as if these activities were carried out by
\n
different entities, in order to avoid discriminations, cross subsidization and distortion of competition.
\n
\n
Further to the above, PPC should keep separate accounts for its activities carried out in the non-interconnected islands.
\n
\n
The accounting principles applied for the preparation of the unbundled financial statements are those applied for the
\n
preparation of the Company\u2019s separate and consolidated financial statements. The unbundling methodology applied by the
\n
Company for the preparation of the accompanied unbundled financial statements was approved by the 266/2014 and
\n
162/2019 Decisions of the Regulatory Authority for Energy. Additionally, in the Non \u2013 Interconnected System the transactions
\n
of energy between PPC\u2019s Generation and Supply and HEDNO, are carried out according to RAE\u2019s Decision 641/2013.
\n
\n
2. ACCOUNTING UNBUNDLING METHODOLOGY
\n
\n
The methodology applied for the preparation of the unbundled financial statements consists of the following phases:
\n
\u2022 Determination of activities into which the integrated electric utility should be unbundled
\n
\u2022 Preparation of unbundled trial balances
\n
\u2022 Preparation of unbundled balance sheets
\n
\u2022 Preparation of the unbundled statements of income
\n
\u2022 Quantification of inter-segment revenues and expenses among activities through the application of an internal pricing
\n
system
\n
\n
Determination of activities into which the integrated electric utility should be unbundled
\n
\n
The activities for unbundled financial statements are prepared, on a first level, are Mines, Generation, Supply of Electricity,
\n
Supply of Natural Gas, Other (Electromobility, Telecommunications, Power Purchase agreements without physical delivery
\n
with net settlement and other) and Corporate.
\n
\n
On a second level, these activities are presented as follows:
\n
\n
\u2022 Interconnected System
\n
o Mines
\n
o Generation
\n
o Supply of Electricity
\n
o Supply of Natural Gas
\n
o Other
\n

\n\n\n\n\n\n\n\n\n
APPENDIX I- UNBUNDLED FINANCIAL STATEMENTS
\n
\n
\u2022 System of Crete
\n
o Generation
\n
o Supply of Electricity
\n
\n
\u2022 System of other Non-Interconnected Islands
\n
o Generation
\n
o Supply of Electricity
\n
Mines
\n
Mines include the lignite extraction activity carried out in the Lignite Center of West Macedonia and Megalopolis.
\n
\n
Generation
\n
Generation includes the electricity generation activities in the Interconnected System, the System of Crete and the System of
\n
Non-Interconnected Islands.
\n
\n
Supply of Electricity
\n
Supply reflects the Company\u2019s activity which monitors relationships with final customers of electricity in the Interconnected
\n
System, the System of Crete and the System of Non-Interconnected Islands.
\n
\n
Supply of Natural Gas
\n
Supply reflects the Company\u2019s activity which monitors relationships with final customers of natural gas in the Interconnected
\n
System.
\n
\n
Other
\n
Other include the Electromobility, Telecommunications, Power Purchase agreements without physical delivery with net
\n
settlement and other in the Interconnected System.
\n
\n
Corporate
\n
The Corporate is the adninistrative departments of the Parent Company, which provide support to PPC\u2019s activities. The
\n
Balance Sheet and Statement of Income of the Corporate is further allocated based on certain allocation rules, which are
\n
described in detail in the following pages.
\n
\n
Related parties are reflected as a separate activity in the group unbundled financial statements.
\n
\n
Preparation of unbundled trial balances
\n
\n
In the Company\u2019s accounting system, each the cost center and the profit center represent an organizational entity, in which
\n
the assets and liabilities are recorded. In order for these trial balances to be generated, the following tasks are performed,
\n
which are applied per account and cost / profit center for the minimum account degree in General Accounting:
\n
\n
\u2022 Cost / profit centers are recorded in order to identify the boundaries of activities and then all cost / profit centers to be
\n
assigned to activities with which they are related to.
\n
\n
\u2022 The sum totals of the cost / profit centers and accounts are reconciled with the comprehensive trial balance of the
\n
Company.
\n
\n
\u2022 The trial balance accounts are codified and grouped into sections of the balance sheet and of the income statement
\n
based on Company\u2019s consolidated Financial Statements.
\n
\n
Preparation of unbundled balance sheets
\n
\n
At the end of each financial year, balance sheets are prepared for each of the four activities, Mines, Generation, Supply of
\n
Electricity and Supply of Natural Gas in the Interconnected System as well as balance sheet for Other Activities. In the Crete
\n

\n\n\n\n\n\n\n\n\n
APPENDIX I- UNBUNDLED FINANCIAL STATEMENTS
\n
System and in the Non \u2013 Interconnected Islands System the balance sheet includes only the activities of Generation and
\n
Supply of Electricity.
\n
\n
The balance sheet for each activity is prepared under the principle of independent accounting.
\n
\n
The accounts of each balance sheet are as follows:
\n
\n
\u2022 Direct, which include the direct charges and credits of the accounts of the relevant profit centers of the
\n
corresponding level of activity,
\n
\n
\u2022 Indirect of the administration departments, which derive from the administration departments of each activity and
\n
include its allocated balance sheet accounts.
\n
\n
\u2022 Indirect of the Corporate, which include the allocated balance sheet accounts, which are presented in a separate
\n
line on each activity\u2019s balance sheet.
\n
Additionally, the Balance Sheets of PPC\u2019s subsidiaries are depicted separately.
\n
\n
Preparation of the unbundled statements of income
\n
\n
For each accounting period income statements are prepared for each of the four activities Mines, Generation, Supply of
\n
Electricity, Supply of Natural Gas as well as income statement for Other Activities.
\n
\n
Income statements are prepared separately for the Interconnected System, Crete System and Non \u2013 Interconnected Islands
\n
System. Additionally, the Income Statements of PPC\u2019s subsidiaries are depicted separately. Mines, Supply of Natural Gas and
\n
Other activities are included only in the Interconnected System.
\n
\n
Income statement accounts of financial nature are allocated to activities based on the loans of each activity.
\n
\n
Then, income statement account balances that have remained in Corporate are allocated in the activities.
\n
For the allocation of revenues and expenses to Activities the criterion is based on direct expenses of every Activity.
\n
\n
Upon completion of the above allocations, the Statements of income for each Activity are prepared. The Corporate expenses
\n
and revenues allocated to the activities are presented separately in a line item in each activity.
\n
\n
Quantification of inter-segment revenues and expenses among activities through the application of an internal pricing
\n
system
\n
\n
Within the framework of an integrated utility products and services are exchanged among its activities, which would be
\n
recorded if these activities would operate as independent entities.
\n
\n
In order for these products and services to be quantified and recorded, an internal pricing system is applied if necessary
\n
(where there is no external determination of internal exchanges). The most important services and products internally
\n
exchanged in PPC among its Activities, that are presented in the Unbundled Financial Statements are the following:
\n
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Activity which
Product/ Service Renders Receives
Interconnected system
Lignite Mines Generation
Other Services Mines Generation
Self-consumption energy Supply Mines, Generation
System of Crete
Self-consumption Energy Supply Generation
System of other non-interconnected islands
\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n
APPENDIX I- UNBUNDLED FINANCIAL STATEMENTS
\n
Self-consumption Energy
\n
Supply
\n
Generation
\n
\n
\n
Each activity\u2019s revenues from product sales or services to another activity are quantified, through the internal pricing system.
\n
Also, the activity that receives the product/ service records the related cost.
\n
\n
The internal revenues \u2013 expenses for each activity are defined as follows:
\n
\n
In the interconnected system:
\n
\n
\u2022 The internal energy sales for self-consumption are calculated based on each Activity\u2019s metered consumption of
\n
energy with the average marginal price including the Return of receivable Public Service Obligations, Transmission
\n
System Tariffs and IPTO uplift charge.
\n
\u2022 The Mines internal revenue is calculated in accordance of the agreement for the lignite supply between Mines and
\n
Generation. The lignite supply contract determines the internal lignite market, i.e the lignite sales of the activity of
\n
the Lignite General Division to the activity of the Generation General Division. The contract covers the consumption
\n
of the lignite stations on a continuous basis, as well as with the
\n
necessary stock for the specific period. The calculation of the relative amounts takes place on the monthly basis,
\n
taking into account the monthly consumption and the calorific value of the lignite delivered.
\n
\n
In the Non-Interconnected system:
\n
\u2022 The internal energy sales are calculated based on each activity\u2019s metered consumption of energy priced by the
\n
average revenue of PPC\u2019s tariffs for the sale of electricity to Medium Voltage for Industrial Use customers.
\n

\n\n\n\n\n\n\n\n\n
APPENDIX I- UNBUNDLED FINANCIAL STATEMENTS
\n
ANALYSIS OF REVENUES \u2013 EXPENSES FROM GENERATION AND SUPPLY
\n

\n

\n
GENERATION
\n
SUPPLY
\n

\n
2024
\n
2023
\n
2024
\n
2023
\n

\n
in millions of \u20ac
\n
in millions of \u20ac
\n
in millions of \u20ac
\n
in millions of \u20ac
\n
INCOME
\n

\n

\n

\n

\n
Energy sales
\n

\n

\n
5,293.5
\n
6,270.8
\n
Competative charges
\n

\n

\n
3,853.3
\n
5,140.8
\n
Revenue from low voltage sales
\n

\n

\n
3,221.7
\n
3,996.6
\n
Revenue from medium voltage sales
\n

\n

\n
528.0
\n
791.8
\n
Revenue from high voltage sales
\n

\n

\n
103.6
\n
352.4
\n
Transmission system usage
\n

\n

\n
178.6
\n
171.0
\n
Revenue from low voltage sales
\n

\n

\n
151.9
\n
140.9
\n
Revenue from medium voltage sales
\n

\n

\n
22.7
\n
23.5
\n
Revenue from high voltage sales*
\n

\n

\n
4.0
\n
6.6
\n
Distribution system usage
\n

\n

\n
657.9
\n
561.1
\n
Revenue from low voltage sales
\n

\n

\n
616.6
\n
523.7
\n
Revenue from medium voltage sales
\n

\n

\n
41.2
\n
37.4
\n
Revenue from other charges
\n

\n

\n
0.0
\n
0.0
\n
Revenue from low voltage sales
\n

\n

\n
0.0
\n
0.0
\n
Revenue from medium voltage sales
\n

\n

\n
0.0
\n
(0.0)
\n
Unbilled revenue and discounts *
\n

\n

\n
(117.5)
\n
(260.4)
\n
Revenue from PSO
\n

\n

\n
343.1
\n
310.1
\n
Revenue from low voltage sales
\n

\n

\n
274.2
\n
236.7
\n
Revenue from medium voltage sales
\n

\n

\n
65.0
\n
66.8
\n
Revenue from high voltage sales
\n

\n

\n
3.9
\n
6.6
\n
Revenue from the special fee for the reduction of CO2 emissions
\n

\n

\n
378.2
\n
348.3
\n
Revenue from low voltage sales
\n

\n

\n
327.5
\n
301.7
\n
Revenue from medium voltage sales
\n

\n

\n
34.2
\n
32.4
\n
Revenue from high voltage sales
\n

\n

\n
(3.6)
\n
5.0
\n
Provisions
\n

\n

\n
20.1
\n
9.1
\n

\n

\n

\n

\n

\n
Exports of Energy
\n

\n

\n
10.6
\n
5.5
\n

\n

\n

\n

\n

\n
Wholesale energy sales
\n
3,857.0
\n
3,450.4
\n
158.7
\n
86.7
\n
Sales of energy to wholesale market
\n
2,727.7
\n
2,403.7
\n

\n

\n
Sales of energy to HEDNO
\n
1,129.3
\n
1,046.8
\n

\n

\n
Transitional Flexibility Assurance Mechanism
\n
0.0
\n
(0.1)
\n

\n

\n
Lignite sales
\n
0.0
\n
0.0
\n

\n

\n
Customer's contribution
\n
(0.2)
\n
(0.2)
\n

\n

\n

\n

\n

\n

\n

\n
GREENPASS sales
\n

\n

\n
5.0
\n
1.7
\n
FIXIT sales
\n

\n

\n
4.0
\n
1.8
\n
Gas sales
\n

\n

\n
18.5
\n
20.8
\n

\n

\n

\n

\n

\n
Other sales
\n

\n

\n
26.0
\n
24.2
\n
Revenue from reconnection fees
\n

\n

\n
2.4
\n
1.9
\n
Other income from consummers
\n

\n

\n
1.1
\n
1.1
\n
Commission from Municipal Levy and tax
\n

\n

\n
22.9
\n
21.3
\n
Other income
\n

\n

\n
(0.4)
\n
(0.0)
\n

\n

\n

\n

\n

\n
EXPENSES
\n

\n

\n
4,697.1
\n
4,960.8
\n
Purchases of energy- Interconnected System
\n

\n

\n
3,527.0
\n
3,909.3
\n
Purchases of energy by wholesale market
\n

\n

\n
3,445.1
\n
3,856.1
\n
Transitional Flexibility Assurance Mechanism
\n

\n

\n
0.0
\n
(0.1)
\n
Coverage of the generation variable cost recovery
\n

\n

\n
0.1
\n
(0.1)
\n
Charge according to the thermal units' variable cost
\n

\n

\n
0.0
\n
1.2
\n
Settlement of losses - clearances
\n

\n

\n
0.0
\n
(0.2)
\n
Non-compliance charges
\n

\n

\n
0.8
\n
0.3
\n
Fees to EXE
\n

\n

\n
6.6
\n
6.2
\n
Administrative expenses
\n

\n

\n
70.6
\n
39.1
\n
Hedging
\n

\n

\n
0.0
\n
0.0
\n
Hedging other expenses
\n

\n

\n
0.8
\n
0.9
\n
Other expenses
\n

\n

\n
3.1
\n
6.0
\n

\n

\n

\n

\n

\n
Energy imports
\n

\n

\n
35.6
\n
(8.4)
\n
Energy purchases from non interconnected islands
\n

\n

\n
704.3
\n
664.1
\n
Energy purchases from RES
\n

\n

\n
49.1
\n
45.3
\n
Special fee for the reduction of CO2 emissions
\n

\n

\n
381.2
\n
350.5
\n
Revenue from the special fee for the reduction of CO2 emissions from
\n

\n

\n
357.9
\n
328.8
\n
interconnected system
\n
Revenue from the special fee for the reduction of CO2 emissions from non
\n

\n

\n
23.3
\n
21.6
\n

\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationAboutUnderstandingFinancialPositionsAndLiquidityOfEntityExplanatory", "language": "en", "entity": "scheme:213800T9Y5XCOVRZ4Y57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }