1. CORPORATE INFORMATION Disclosure of legal framework relevant to understanding of financial statements 2. LEGAL FRAMEWORK The entire disclosure for the legal framework relevant to understanding of financial statements. Disclosure of significant events and transactions [Explanatory] 3. SIGNIFICANT EVENTS The entire disclosure for significant events and transactions. Statement of compliance Approval of financial statements Basis of consolidation 4.2. CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES 4.3. MATERIAL ACCOUNTING JUDGMENTS AND ESTIMATES OF MANAGEMENT 4.4. MATERIAL ACCOUNTING POLICIES Foreign currency translation Business Combinations Intangible assets Goodwill Property, plant and equipment Depreciation Provision for the dismantling and removal of the infrastructure and the equipment of power plants and mines Description of accounting policy for decommissioning restoration and rehabilitation provisions for land [Explanatory] Provision of mines’ land restoration The description of the entity's material accounting policy information for decommissioning restoration and rehabilitation provisions for land. Leases Investments in subsidiaries Investments in associates Impairment of non-financial assets Fair value measurement Investments and financial assets Impairment of Financial Assets Description of accounting policy for derecognition of financial assets [Explanatory] De-recognition of financial assets The description of the entity's accounting policy for derecognition of financial assets explanatory. Financial liability from NCI put option Trade Receivables from the sale of electricity to customers Customers’ contributions Description of accounting policy for payments in advance against electricity consumption paid by customers at the time of signing the electricity supply contract [Explanatory] Payments in advance against electricity consumption paid by customers at the time of signing the electricity supply contract. The description of the entity's accounting policy for payments in advance against electricity consumption paid by customers at the time of signing the electricity supply contract explanatory. Description of accounting policy for other financial assets at amortized costs [Explanatory] Other financial assets measured at amortized cost The description of the entity's accounting policy for other financial assets at amortized costs explanatory. Inventories Cash and cash equivalents Share capital Treasury shares Equity settled benefits De-recognition of financial liabilities Offsetting of financial assets and liabilities Interest bearing loans and borrowings Post-retirement benefits Defined contribution plans Subsidies for property, plant and equipment Derivative financial instruments and hedging Revenue recognition Description of accounting policy for electricity costs [Explanatory] Electricity The description of the entity's accounting policy for electricity costs explanatory. Earnings/ (Losses) per share Description of accounting policy of events after reporting period [Explanatory] Subsequent events The description of the entity's accounting policy of events after reporting period explanatory. Operating Segment Impairment test of the investment in the New Unit, power 660 MW in Ptolemaida V – 2022 UNBUNDLED FINANCIAL STATEMENTS The amount of cost from the production and purchase of lignite. Lignite Lignite cost The amount of liquid fuels consumed and recognised as an expense during the year. Liquid fuels Liquid fuels The amount of expense arising from the purchase of natural gas. Natural gas Natural gas The amount of cost for the allocation of emission allowances CO2 of the entity's bound stations. Emission allowances Emission allowances Distribution system usage Distribution system usage The amount of charges related to distribution of energy. The amount of entity's provisions for risks associated with claims by third parties. Provisions for risks Provisions for risks The amount of expense arising from purchased utilities and maintenance expense. Utilities and maintenance Utilities and maintenance expense Adjustments for amortisation of subsidies to reconcile profit (loss) to net cash flow (from used) in operating activities. Amortization of subsidies Adjustments for amortisation of subsidies Adjustments for income from long term contract liabilities to reconcile profit (loss) to net cash flow (from used) in operating activities. Income from long-term contract liabilities Adjustments for income from long term contract liabilities Adjustments for unbilled revenue to reconcile profit (loss) to net cash flow (from used) in operating activities. Unbilled revenue Adjustments for unbilled revenue Adjustments for amortisation of loans issuance fees to reconcile profit (loss) to net cash flow (from used) in operating activities. Amortization of loans’ issuance fees Adjustments for amortisation of loans issuance fees Adjustments for interest income and dividend income to reconcile profit (loss) to net cash flow (from used) in operating activities. Interest income and dividends Adjustments for interest income and dividend income Interest and dividends received The cash inflow from interest and dividends received classified as investing activities. Interest and dividends received classified as investing activities Capital expenditure for property, plant and equipment and intangible assets The cash outflow for purchases of property, plant and equipment and intangible assets, classified as investing activities. Purchase of property plant and equipment and intangible assets classified as investing activities Interest paid and loans’ issuance fees The cash outflow for interest paid and payments of loans issuance fees classified as financing activities. Interest paid and payments of loans issuance fees classified as financing activities Impairment loss on assets Adjustments for impairment loss (reversal of impairment loss) on assets to reconcile profit (loss) to net cash flow (from used) in operating activities. Adjustments for impairment loss (reversal of impairment loss) on assets recognised in profit or loss Fixed assets statutory revaluation surplus Statutory revaluation surplus A component of equity representing the fixed assets' statutory revaluation surplus included in share capital. 23. OTHER RECEIVABLES, NET Long term financial liability from the securitization of receivables Financial liability from non controlling interests put option A component of non current liabilities representing financial liability from non controlling interests put option. Financial liability from NCI Put option Long term financial liability from the securitization of receivables The amount of long term financial liability from the securitization of receivables. Bargain gain from Romanian subsidiaries acqusition Adjustments for gain recognised in profit or loss on acquisition of romanian subsidiaries Adjustments for gain recognised in profit or loss on acquisition of romanian subsidiaries. Bargain gain from Romanian subsidiaries acqusition Other provisions Adjustments for provision for decommissioning restoration and rehabilitation costs Adjustments for provision for decommissioning restoration and rehabilitation costs to reconcile profit (loss) to net cash flow from (used in) operating activities. Finance expense for the provision for decommissioning Income from the spin off of distribution network REVENUES: Revenue from energy sales Revenue from natural gas sales Other sales EXPENSES: Energy purchases Transmission system usage Third party fees Other expenses Attributable to: Owners of the Parent Non – controlling interests Weighted average number of shares Foreign exchange differences Gains/ (losses) from the valuation of hedging transactions Gains/ (losses) from associates Disposal of fixed assets with revaluation surplus Attributable to: ASSETS Non - Current Assets : Right of use assets Investments in subsidiaries Investments in associates Financial assets measured at fair value through other comprehensive income Other non – current assets Derivative financial instruments Current Assets : Trade receivables Contract assets Other receivables Derivative financial instruments Income tax receivable Restricted cash EQUITY AND LIABILITIES EQUITY : Share premium Legal reserve Revaluation surplus Other Reserves Non-controlling interests Non – Current Liabilities : Post-retirement benefits Provisions Financial lease liability Subsidies Derivative Financial instruments Other non – current liabilities Current Liabilities : Short term financial liability from the securitization of receivables Income tax payable Short – term borrowings Current portion of long - term borrowings Short – term financial lease liability Accrued and other current liabilities Derivative Financial instruments Current portion of the provision of decommissioning and removal of Power Plants’, Mines’ and Wind Parks’ facilities and mines’ land restoration areas Current portion of post-retirement benefits Cash Flows from Operating activities Adjustments: Depreciation and amortization Depreciation of right-of-use assets (Gains)/losses from valuation of PPA derivative financial instruments Free of charge stock awards Provision for post retirement benefits Valuation of derivatives – swap agreements Disposals of property, plant and equipment and intangible assets Interest and other expense Trade receivables Other receivables Inventories Trade payables Other non – current liabilities Accrued and other liabilities (excluding accrued interest) Restricted cash Change in Intangible assets (Emission allowances) Proceeds from long-term contract liabilities Cash Flows from Investing Activities Acquisition of subsidiary loan receivables from former shareholder Cash Flows from Financing Activities Proceeds from long-term borrowing Principal payments of long-term borrowing Share capital from NCI Total Share Capital Share Premium Treasury shares Legal Reserve Revaluation Surplus This member stands for a component of equity representing accumulated revaluation surplus that relates to property, plant and equipment, recognised in other comprehensive income. Property plant and equipment revaluation surplus [member] Statutory Revaluation Surplus Other Reserves Total Fair Value of financial assets through comprehensive income Foreign Exchange Defferences, Tax-free and Other Reserves Retained Earnings Non Controlling Interest Statement of changes in equity Disposals of property, plant and equipment Formation of legal reserve Other movements PUBLIC POWER CORPORATION S.A. owned and managed corporation for electricity generation, transmission and distribution Chalkokondili Street, Athens, 104 32 société anonyme Greece Greece Greece 4. BASIS OF PREPARATION OF FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICIES 7. SPIN-OFF OF THE WHOLESALE TELECOMMUNICATION BRANCH 8. OPERATING SEGMENTS 9. REVENUES Disclosure of personnel fees and expenses [Explanatory] 10. PAYROLL COST The entire disclosure for personnel fees and expenses. 11. MERCHANDISE 12. ENERGY PURCHASES AND RELATED FEES 13. DEPRECIATION AND AMORTISATION Disclosure of natural gas [Explanatory] 14. EMISSION ALLOWANCES (CO2) The entire disclosure for natural gas. 15. FINANCIAL EXPENSES 16. FINANCIAL INCOME 17. OTHER (INCOME) / EXPENSE 18. INCOME TAXES (CURRENT AND DEFERRED) 19. PROPERTY, PLANT AND EQUIPMENT 20. INTANGIBLE ASSETS AND GOODWILL 21. OTHER NON-CURRENT ASSETS 22. INVESTMENTS IN SUBSIDIARIES 23. INVESTMENTS IN ASSOCIATES 24. INTERCOMPANY RECEIVABLE LOANS WITH SUBSIDIARIES 26. INVENTORIES Disclosure of trade receivables [Explanatory] 27. TRADE RECEIVABLES The entire disclosure for trade receivables. 28. CONTRACT ASSETS Disclosure of other receivables [Explanatory] 29. OTHER RECEIVABLES The entire disclosure for other receivables. Disclosure of financial assets measured at fair value through other comprehensive income [Explanatory] 30. FINANCIAL ASSETS MEASURED AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME The entire disclosure for financial assets measured at fair value through other comprehensive income. 31. CASH AND CASH EQUIVALENTS 32. SHARE CAPITAL AND SHARE PREMIUM Disclosure of statutory reserve [Explanatory] 33. LEGAL RESERVE The entire disclosure for statutory reserve. 34. OTHER RESERVES 35. DIVIDENDS Disclosure of long term borrowings [Explanatory] 36. LONG-TERM BORROWING The entire disclosure for long term borrowings. 37. POST-RETIREMENT BENEFITS 38. PROVISIONS Disclosure of non current liabilities recognised from costs to obtain or fulfil contracts with customers [Explanatory] 40. LONG-TERM CONTRACT LIABILITIES The entire disclosure for non current liabilities recognised from costs to obtain or fulfil contracts with customers. 41. OTHER NON-CURRENT LIABILITIES 42. IMPAIRMENT LOSS ON ASSETS 43. TRADE AND OTHER PAYABLES Disclosure of short term borrowings [Explanatory] 44. SHORT-TERM BORROWINGS The entire disclosure for short term borrowings. Disclosure of current liabilities recognised from costs to obtain or fulfil contracts with customers [Explanatory] 45. CONTRACT LIABILITIES The entire disclosure for current liabilities recognised from costs to obtain or fulfil contracts with customers. 46. ACCRUED AND OTHER CURRENT LIABILITIES 47. COMMITMENTS, CONTINGENCIES AND LITIGATION 48. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT 49. LEASES 50. DERIVATIVE FINANCIAL INSTRUMENTS 51. SECURITIZATION OF TRADE RECEIVABLES FROM ELECTRICITY SALES 52. SUBSEQUENT EVENTS Intangible assets Intercompany receivable loans with subsidiaries Intercompany receivable loans with subsidiaries Deferred tax liability Dividends payable Adjustments for gain recognised in profit or loss on spinoff of business sectors Adjustments for gain arising from spinoff of wholesale of telecommunication branch and spinoff of post lignite sector. (Gains) from the spin-off of branch/ sale of a subsidiary Adjustments for trade receivable from public service obligations Adjustments for trade receivable from public service obligations. Trade receivable from PSOs Adjustments for other provisions Adjustments for other provisions to reconcile profit (loss) to net cash flow from (used in) operating activities. Other provisions Adjustments for used provisions of units decommissioning Adjustments for used provisions of units decommissioning to reconcile profit (loss) to net cash flow from (used in) operating activities. Utilization of provision for decommissioning of Mines and Units Loans granted to subsidiaries Profit from sale of subsidiary Net increase / (decrease) in short-term borrowings 8. OPERATING SEGMENTS Foreign exchange gains / losses on loans and borrowings Merchandise Treasury shares Profit / (Loss) before tax Profit / (Loss) before tax from continuing operations Net Profit/(Loss) for the year Net Profit/(Loss) for the year Share capital increase Operating profit/(loss) before working capital changes Operating profit/ before working capital changes Share capital decrease Income tax (paid) /received Dividend distribution Free of charge stock awards Acquisition of subsidiary Acquisition of minority from subsidiary in Bulgaria Gains on spin off business sector and disposals of investments The gains on the spin off business sector and the disposal of investments. (Gains) from the spin-off of branch/ sale of a subsidiary Financial income The amount of provision for decommissioning and dismantling of facilities/equipment of units and mines recognised in other comprehensive income before tax. Provision for decommissioning and removal of facilities/ equipment of Units, Wind Parks and Mines Provision for decommissioning and dismantling of facilities/ equipment of units and mines recognised in other comprehensive income before tax The amount of income tax relating to amounts recognised in other comprehensive income in relation to provision for decommissioning and dismantling of facilities, equipment of units and mines. Deferred taxes on provision for decommissioning and removal of facilities/ equipment of Units and Mines Income tax relating to provision for decommissioning and dismantling of facilities equipment of units and mines recognised in other comprehensive income Extraordinary contribution on electricity suppliers The amount of the costs related to extraordinary contribution on electricity suppliers. Contribution on electricity suppliers Other income Losses from associate and joint ventures Other total (losses) / income for the period, after tax Total Comprehensive income/ (losses) for the year, after tax Foreign currency gains, net Income tax Provision for impairment of inventories Owners of the Parent Non – controlling interests 5.SPIN-OFF OF POST-LIGNITE EXPLOITATION OF THE CORE LIGNITE PHASE-OUT ZONES BRANCH AND SALE OF SUBSIDIARY & 6. ACQUISITION OF SUBSIDIARIES IN ROMANIA 2023 39. SUBSIDIES 25. BALANCES AND TRANSACTIONS WITH RELATED PARTIES 24. INTERCOMPANY RECEIVABLE LOANS WITH SUBSIDIARIES Property, plant and equipment Deferred tax asset Inventories Cash and cash equivalents Share capital Treasury shares Retained earnings Long - term borrowings Contract liabilities Trade and other payables Short-term contract liabilities Net Cash from/ (used) in Operating Activities Acquisition of subsidiaries, net of cash acquired Net Cash from/ (used in) Investing Activities Principal lease payments of right-of-use assets Dividends paid Net Cash used in Financing Activities Net increase / (decrease) in cash and cash equivalents Profit/ (Loss) from financial assets at fair value through comprehensive income Actuarial gains/ (losses) Owners of the Parent Non-controlling interests Other comprehensive income before tax gain loss on revaluation The amount of other comprehensive income, before tax, related to gain (loss) in relation to changes in the revaluation surplus of property, plant and equipment, right-of-use assets and intangible assets. Revaluation of fixed assets Income taxes relating to change in revaluation surplus of other comprehensive income The amount of income taxes relating to amounts recognised in other comprehensive income in relation to changes in a revaluation surplus of property, plant and equipment, right-of-use assets and intangible assets. Deferred taxes on revaluation of fixed assets Other comprehensive income before tax gain loss on revaluation disposal The amount of other comprehensive income, before tax, related to gain (loss) in relation to disposal in the revaluation surplus of property, plant and equipment, right-of-use assets and intangible assets. Disposal of fixed assets with revaluation surplus Income taxes relating to change in revaluation surplus disposal of other comprehensive income The amount of income taxes relating to amounts recognised in other comprehensive income in relation to disposal in the revaluation surplus of property, plant and equipment, right-of-use assets and intangible assets. Deferred taxes on disposal of fixed assets with revaluation surplus