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ANNUAL REPORT 2012
Annual Report
2012
June 2013
INDIPENDENT POWER
TRASMITION OPERATOR
STRATEGY & REGULATORY ISSUES DEPARTMENT
89 Dyrrachiou Str., • 104 43 Athens, Greece
Τηλ.: +30 210 5192101, Fax: +30 210 5192324
www.admie.gr
Annual Report 2012
01.01- 31.12.2012
1st year of operation
Athens - June 2013
Table of Contents
Part A
1.Company Information
7
1.1 General Information
7
1.2 Background of establishment
Main milestones
7
1.3 Company’s Activity
8
1.4 Strategic priorities
8
1.5 Corporate Social Responsibility
9
2.The Role of the Company
11
2.1 Competences
11
2.2 Mission, vision and values
12
2.3 Management and structure
13
2.3.1 Corporate Governance Model
13
2.3.2 Corporate structure
14
2.3.3 Personnel
15
3. T echnical Infrastructure
16
4. K
ey Issues 2012
20
5.Brief Financial Information 2012
21
Part B
1.Annual Report of the Board of Directors
27
2.Corporate Financial Statements
of fiscal year 2012
35
3.Notes to the Financial Statements
for the period ended at December 31, 2012
43
3
4
Part A
5
6
1. Company Information
1.1 General Information
The Company’s name is “Independent Power Transmission Operator S.A.” and its distinctive title in Greek is “ADMIE S.A.”
or “ADMIE”. For its relations and transactions abroad, the Company uses the name “Independent Power Transmission
Operator S.A.” and the distinctive title “IPTO”.
The company’s seat is the Municipality of Athens.
The Company performs the duties and operates in compliance with Law 4001/2011 and the Grid Control Code for the
Hellenic Electricity Transmission System (HETS) as well as the operation license of HETS.
The aim of the Company is the operation, exploitation, maintenance and development of the Hellenic Electricity
Transmission System, so as to ensure the country’s supply with electricity in an adequate, safe, efficient and reliable
way. Furthermore, IPTO, as the System Operator, plays a vital role in the electricity market regarding both the country’s
supply and the market operation in compliance with the principles of transparency, equality and free competition.
The prerequisite for the successful exercise of IPTO’s role is the assurance of independence and impartiality of IPTO
towards all System Users and Participants in the Electricity Market during the performance of its duties, continuously
trying to achieve transparency, equal treatment and securing the confidentiality of the information IPTO manages. The
safeguarding of this condition arises from IPTO’s institutional role in the electricity market and the strict legal and
regulatory demands governing its operation.
The main factor for the observance of the above in the daily operation of IPTO is its personnel as it is responsible for
observing on a daily basis the obligations arising for the company in accordance with the assigned role and duties.
1.2 Background of establishment - Main milestones
The Independent Power Transmission Operator is a 100% PPC SA subsidiary, set up in compliance with the EU Directive
2009/72/EC regarding the legal and functional unbundling of the monopoly Transmission and Distribution functions of
vertically integrated undertakings participating in the electricity sector. The provisions of the Directive were transposed
in the Greek legislation with Law 4001/2011, which stipulates the establishment of IPTO according to the Independent
Transmission Operator (ITO) model.
Based on the provisions of the said law, IPTO assumed on 1st February 2012 the role of the Operator of the Hellenic
Electricity Transmission System, under which it performs the duties of operation, control, maintenance and development
of the Electricity Transmission System and interconnections, the operation of the Electricity Market with the exception of
the Day Ahead Scheduling and the RES management, as well as the connection of new users. It is noted that IPTO has
assumed the corresponding duties and operations that were previously assigned to the Hellenic Transmission System
Operator (HTSO) and the PPC’s Transmission Basic Unit (BU) as the System Owner. IPTO, therefore, by incorporating the
respective PPC and HTSO Transmission Sectors into a distinct company to which all relevant operations, personnel and
fixed assets of the Hellenic Electricity Transmission System have been transferred, secures the uninterrupted supply of
the interconnected system with electricity according to the principles of sustainability and promotes the development of
free competition in the Hellenic Electricity Market with transparency and equal access for all users.
7
IPTO’s compliance with the requirements governing the Independent Transmission Operator model was certified by
the Regulatory Authority for Energy (RAE) with its final decision in December 2012. The following graph shows the basic
milestones of the company’s establishment procedure
Main establishment milestones of IPTO
AUGUST 2011
DECEMBER 2012
Operational preparation and regulatory compliance actions
22/08/2011
07/10/2011
Issuance of
L. 4001/2011
Change of
name of PPC
Telecommunications
into IPTO
18/11/2011
01/02/2012
01/02/2012
Completion of Completion of Commencement
transfer of PPC transfer of HTSO
of IPTO
Transmission
Transmission
operation
sector to IPTO
sector to IPTO
as System
Operator
11/04/2012
26/07/2012
05/12/2012
Submission
of IPTO
Certification
File
Issuance
of Certification
to IPTO by RAE
Final
Certification
Decision for
IPTO by RAE
(962A/2012)
1.3 Company’s Activity
8
IPTO performs the competences and duties of the Hellenic Electricity Transmission System Owner and Operator, as
stipulated in L. 4001/2011. Furthermore, it exercises the competences of the Electricity Market, as defined in the provisions
of the above law.
1.4 Strategic priorities
•C
ontinuous improvements of the safety, operational performance and reliability of the Transmission System
•C
ontinuous modernization and expansion of the System aiming at the safety of the country’s supply with electricity
and serving the national objectives of 20/20/20 regarding the development/ penetration of RES, energy saving and
environmental protection
•M
onitoring and development of the Regulatory Framework in cooperation with the Regulatory Authority for Energy
aiming at the smooth operation of the Electricity Market
• Continuous care for assuring high quality service and equal treatment of the System users and Participants in the
Market
•P
rovision of third parties with development and maintenance services in the framework of the applicable regulatory
framework at a reasonable profit, for the public benefit and in compliance with financial discipline principles.
• Improvement of the business performance via the continuous monitoring and development of the Company’s Operational
Model and the alignment of internal procedures with the Company’s strategic goals
•D
evelopment of high level corporate culture with emphasis on the creation of an environment of trust, transparency and
increased participation – commitment of the personnel into the Company’s objectives
1.5 Corporate Social Responsibility
IPTO strengthens its Corporate Social Responsibility with best practices contributing to the economy, the society and the
environment. More specifically:
• Economy:
Significant investment activities on new projects strengthening the Interconnected Transmission System, improving the
reliability and performance of the System and contributing to the growth of the national economy
• Society:
Contributory benefits for the local societies where electricity transmission works are carried out, by informing and seeking
the cooperation of the local communities for the minimization of the reactions during the implementation of the works,
while at the same time there is systematic maintenance of the equipment of the System’s installation facilities securing
thus their reliable and safe operation for the benefit of the society
• Environmental Protection:
Planning and constructing smaller and closed-type Substations in densely populated areas or areas with special
characteristics, by installing underground power cables in regions of special cultural heritage, using low noise transformers
to reduce noise pollution, submarine cables in the framework of the islands’ interconnection programme, substituting the
autonomous stations resulting in the decrease of oil dependence, the decrease of pollutants and the improvement of the
customers’ service
9
2. The Role of the Company
2.1 Competences
IPTO is the Hellenic Electricity Transmission System Operator and is competent for the operation, maintenance and
development of the System, including interconnections. It is also responsible for the management of the electricity
market.
System Operation
• Preparation of the Distribution Programme and management of the electricity flows in the System for the continuous
generation – demand balance
• Timely provision of information for the operation of the System and securing the Users’ access to it
• Entering into electricity trading contracts for the provision of ancillary services and for the balancing needs of the
generation – demand imbalances
System Maintenance
• Care for the safe, reliable and effective System Operation via implementing the necessary maintenance works at the
System’s installation facilities and equipment
System Planning & Development
• Planning of the System development and drawing a Ten-year Development Programme on an annual rolling base in
order to secure the ability of the System to safely respond to the reasonable demands of electricity transmission
• Provision of access to the System to the license holders of electricity production, supply or trade
• Implementation of the development works of the System according to the Ten-year Development Programme and of
the Users’ connection works
Operation of the electricity market
IPTO is responsible for the operation of the electricity market in cooperation with the Operator of Electricity Market (LAGIE
in Greek) and the Hellenic Electricity Distribution Network Operator (HEDNO - DEDDIE in Greek). IPTO is responsible for all
market operations not included in the Day Ahead Scheduling. Its main competences are:
• Measurements: It collects and certifies the power injection and absorption measurements at each point of the Hellenic
Electricity Transmission System, including the injections of the conventional and renewable power plants as well as the
imports and absorptions of suppliers and exports.
• Settlement of imbalances: At the end of each month, it settles the debit-credits of the Participants in the Electricity
Market based on the collected and certified measurements. To this extent, it calculates the Marginal Price of Imbalances,
the production – demand imbalances and calculates the debits-credits of the Participants, according to the applicable
regulatory framework.
• Cross border trade: Auctioning on an annual, monthly and daily basis of the rights to use interconnections and
determining the cross border exchange programmes
• Formation of the regulatory framework of the Market: It recommends the provisions of the Hellenic Electricity
Transmission System Code, the Manuals and, in general, the regulatory framework governing the operation of the
deregulated electricity market to the Regulatory Authority
• Keeping the Registry of Units and the support of the Participants’ Registry
• Cooperation with other Operators: In the wider framework of implementing the unified European electricity internal
market, it cooperates with other Operators and settles the debits-credits corresponding to it in the framework of the
offsetting mechanism between the electricity systems
11
• Keeping the ledger accounts for the:
- Management of the Participants’ debits and credits
- Clearing of generation-demand imbalances
- Cost Recovery Mechanism of Power Plants
- Special Natural Gas Consumption Tax
- Capacity Assurance Mechanism
- Services of Public Interest
- Special Duty for Renewable Energy Sources
- Special Duty for Lignite-generated Power
- Non-Compliance Charges
- System Use Charge
- Revenues from the congestion management of the interconnections
International relations
IPTO participates in European Organisations with the purpose of developing rules of common action which are mainly
related to the unification of the European Electricity Market, including the planned expansion to SE Europe and the
Mediterranean region.
2.2 Mission, vision and values
The mission of IPTO in its capacity as Operator of the Hellenic Electricity Transmission System is to secure the country’s
supply with electricity in a safe, efficient and reliable way, promoting the development of free competition in the Hellenic
Electricity Market and guaranteeing the equal treatment of the Users of the Hellenic Electricity Transmission System and
the Participants in the Electricity Market.
12
The vision of IPTO is to be one of the most efficient electricity transmission system operators in Europe, providing added
value for all stakeholders in the framework of sustainable development while respecting man and the environment to the
benefit of the System Users, the Participants in the Market and the society as a whole.
With the said mission and vision as basic aims, all activities of IPTO are governed by a series of values that support their
achievement. These values are:
• Commitment for the uninterrupted power supply of the country
Ensuring the uninterrupted operation of the Hellenic Electricity Transmission System, and, consequently the country’s
supply with electricity, fulfilling all quality, safety and efficiency criteria is the foremost objective of IPTO which guides its
activities in the framework of its role as the Operator of the Hellenic Electricity Transmission System.
• Impartiality
Guaranteeing equal and non-discriminatory access to the System for all Users
• Transparency
Employing procedures of absolute transparency for the operation of IPTO and providing market agents with the required
information for the strengthening of free competition
• Efficiency
Performing IPTO’s duties, as System Operator, in the most efficient manner achieving the optimal utilization of all
available resources, contributing to the country’s development serving the public interest and creating value for all
stakeholders
• Sustainable development
Performing IPTO’s duties according to the principles of sustainable development under economic, social and
environmental terms, contributing to research and development, technical training and the development of skills of its
human resources
The implementation of the above values in the IPTO’s daily operation is the basic goal for all the people working for IPTO
when performing their duties.
2.3 Management and structure
2.3.1 Corporate Governance Model
IPTO’s corporate governance model has been established pursuant to L. 4001/2011 and the provisions of Directive 2009/72/
EC, so as to include an administration structure securing the presence of substantive decision-taking powers in complete
independence from the vertically integrated undertaking of PPC, in particular with regard to finding resources for the
effective implementation of said activities.
In this framework, IPTO has the following Supervisory and Administration Bodies:
• Supervisory Board
• Board of Directors
• Administration Board
• Compliance Officer
Supervisory Board
The Supervisory Board is the company’s body responsible for taking decisions which may have significant impact on the
value of the Company’s fixed assets. In this framework, the Supervisory Board determines, inter alia, the borrowing level
of IPTO, approves its financial plan, and changes higher than 5% of the company’s assets. The Supervisory Board is not
competent to deal with IPTO’s daily operations or with the preparation of the Ten-year Development Programme.
The Supervisory Board consists of seven members with the following composition:
• four (4) members proposed by PPC
• two (2) members proposed by the Greek State
• one (1) member from the Company’s full-time personnel
Mr. Gagaoudakis Nikolaos was the President of the Supervisory Board from 29.02.2012 to 19.03.2012.
The composition of the Supervisory Board on 31.12.2012 was as follows::
Orfanogiannis Chrysostomos
Chairman
Angelopoulos Georgios
Member
Bousdekis Dimitrios
Member
Ekaterinari Urania
Dacoronia Eugenia
Patsouratis Vassilios
Relias Stamatios
Member
Member (24.02.2012 -03.12.2012)
Member
Member
13
Board of Directors
The Board of Directors of IPTO is competent for taking all decisions related to IPTO’s strategy, planning and operation,
in particular regarding the duties of operation, maintenance and development of the Hellenic Electricity Transmission
System and assuring the necessary resources for the implementation of these duties. The Board of Directors consists
of five members amongst whom one member representing IPTO’s personnel, directly and universally voted by all the
people working for the company.
Mr. Apergis Nikolaos was member of the Board of Directors from 29.02.2012 to 03.05.2012.
The composition of the Board of Directors was as follows on 31.12.2012
Koutzoukos Georgios
Vassos Spyros
Chairman
Kyriazis Hariton
Member
14
Vice-Chairman & CEO
Mihou Efstathios
Member
Pending
Member / Personnel’s representative
The term of office of the Board of Directors shall be three years, in accordance with the decision of the Company’s
Supervisory Board, on 29.02.2012, ending on 28.02.2015.
Administration Board
The Administration Board is competent for the coordination and safeguarding of the necessary cohesion in the company’s
operation, the solution of significant problems in the current fiscal year, the implementation of the decisions of the BoD,
the implementation of the strategic and operational plan in the sectors of its responsibility. The Administration Board
monitors the performance of the company’s units and takes decisions about the supplies or assignments of works up to
the monetary limit set by the Board of Directors.
The Administration Board comprises the Chairman, the General Managers and the Director of Strategy and Regulatory
Issues as members.
Compliance Officer
The Compliance Officer is competent for monitoring the implementation of the compliance programme and the preparation
and submission of relevant reports to RAE and the Supervisory Board.
According to the decision of the Supervisory Board, on 29.02.2012, Mr. Maisis Albert has been appointed to the position of
Compliance Officer.
2.3.2 Corporate structure
The company under the basic management bodies of IPTO is structured into twelve (12) departments and two (2)
independent entities, the Legal Department and the Section of Users’ Connection Contracts, directly under the CEO. IPTO
also has a special Internal Audit Department, directly under the Board of Directors.
IPTO’s departments are further structured into branches, sections and sub-sections in accordance with the organizational
needs of each Department. The following graph briefly shows the existing basic organizational structure of IPTO.
Organizational structure of IPTO
Board Of
Directors
Supervisory
Board
Compliance
Officer
Executive
Office
Internal
Audit
Strategy &
Regulatory
Issues
Department
Chief Executive
Officer
Legal
Department
Financial &
Accounting
Services
Department
Purchasing &
Logistics
Department
Transmission
System
Operation &
Control
Department
Systems &
Instructure
Department
Human
Resourses &
Support
Department
Information
Technology &
Telecommunications
Department
Transmission
System
Maintenance
Department
Power
Exchange
Transaction
Department
Transmission
System
Planning
Department
Transmission
New Projects
Department
2.3.3 Personnel
The full-time personnel of IPTO SA on 31.12.2012 numbered 1512 people who are presented in the following graph per
rank:
Personnel distribution per rank
6%
11%
26%
5%
52%
15
3. Technical Infrastructure
• Interconnected Electricity Transmission System
The Hellenic Interconnected Electricity Transmission System consists of 400kV and 150kV Transmission Lines, Extra High
Voltage Centers and 150kV-20kV Substations.
The Transmission Lines, with a total length of 11,144 km, are divided into overhead, 10,901km, submarine, 155 km, and
underground, 88 km. The underground Transmission Lines are installed mainly around and inside the big urban centers
of Athens and Thessaloniki.
The Continental Region is connected via submarine cables with the Ionian Islands (Corfu, Lefkada, Kephalonia, Zakynthos)
and Andros. At the same time, the procedures for the interconnection of more islands from the Cyclades with the
Interconnected System continue (Tinos, Syros, Mykonos, Paros, Naxos).
Furthermore, the Transmission System includes 20 Extra High Voltage Centers (400/150/30kV) and 293 substations of
150kV-20kV (step-up, step-down, switching and connection).
• Local interconnections
16
The backbone of the Hellenic Interconnected Electricity Transmission System consists of three overhead double-circuit
400 kV lines, which transmit electricity mainly from the power plants of Western Macedonia and are considered of major
importance for the whole country. This is the region where approximately 50% of the country’s electricity is generated
which in turn is transmitted to the major electricity consumption centers in Central and South Greece, where 65% of the
electricity is consumed.
• International interconnections
The Hellenic Interconnected Electricity Transmission System is connected with the Transmission Systems of Albania,
Bulgaria, FYROM, Italy (Direct Current of 400 kV) and Turkey. The above interconnections significantly contribute to the
operation safety of the Transmission System and the development of electricity trading exchanges with said countries and
the wider SE Europe.
Map of the Hellenic Electricity Transmission System
INDEPENDENT POWER
TRANSMISSION SYSTEM OPERATOR
Blagoevgrad(BULGARIA)
Babaeski
(TURKEY)
Dubrovo(FYROM)
Bitola(FYROM)
Meliti
Elbasan(ALBANIA)
Filippi
Lagadas
Nea Santa
Thessaloniki
Aminteo
Ag.Dimitrios
Kardia
ITALY
Larisa
Trikala
Arachthos
17
Acheloos
Distomo
Larimna
Aliveri
Koumoundouros
Korinthos
Megalopoli
Ag.Stefanos
Acharnes
Pallini
Argiroupoli
Lavrio
Data of the installed Transmission System equipment
INSTALLED EQUIPMENT
31.12.2012
TRANSMISSION LINES (km)
TYPE
Overhead
400kV
2,628
DC 400kV
107
150kV
8,127
Submarine
140
Underground
4.5
TOTAL
2,632
107
66kV
39
TOTAL
10,901
15
155
82
1
88
8,349
55
11,144
TRANSFORMERS
TYPE
VOLTAGE (kV)
NUMBER OF TRANSFORMERS
POWER MVA
Autotransformer
400/150
54
Autotransformer
150/66
1
50
400
1
597
Transformers of Converter Substation
Step-down
150/66
TOTAL
14,080
2
50
58
14,777
SUBSTATIONS
TYPE
No
Extra High Voltage Centers
20
Step-down
18
168
Power Plant Step-up
32
Switching
1
TOTAL
221
MANAGED - MAINTAINED EQUIPMENT by IPTO
31.12.2012
TRANSFORMERS
TYPE
Step-up
Ancillary Step-down
VOLTAGE (kV)
NUMBER
POWER MVA
15-20/400
17
5,408
6-20/150
66
7,494
6/20
2
7
150
21
890
106
13,798
150/20
398
5,408
66/20
3
7,494
401
12,902
13
650
520
27,350
TOTAL
Step-down
TOTAL
Step-down
150/20
TOTAL
OWNERSHIP
PPC/ GENERATION
Hellenic Electricity Distribution
Network Operator (HEDNO)
PPC / MINES
SUBSTATIONS
TYPE
No
NUMBER OF TRANSFORMERS
POWER MVA
Connection/ Generation
35
46
4,855
Connection/ Generation
37
TOTAL
72
Evolution of the routing length of Overhead Transmission Lines to the Hellenic Electricity Transmission System (km)
150 kV
400 kV
8.127
7.630
2.735
2.106
2000
2002
2004
2006
2008
2010
2012
Evolution of the installation of Substations and Power Transformers to the Hellenic Electricity
Transmission System
Power Transformers
Substations
624
19
458
293
192
2000
2002
2004
2006
2008
2010
2012
Electricity source transmitted by the Hellenic Electricity Transmission System - 2012
54,728 GWh*
10.9%
50.3%
5.7%
7.1%
Lignite
Oil
Natural Gas
25.8%
Hydroelectric
0.2%
RES
* Net Generation + Imports
Imports
4. Key Issues 2012
• Completion of the spin-off of the Transmission Sector from the Hellenic Transmission System Operator (HTSO) and
commencement of operation of the Independent Power Transmission Operator (IPTO)
• Certification of IPTO by RAE
• Completion of IPTO Regulations
• Preparation of IPTO Operational Plan in the framework of certification
• Preparation and submission of studies for the co-funding of System Development works
•D
evelopment of a Costing and Tariff Policy System for the provision of services to third parties – Signing of Service Level
Agreements with PPC SA and HEDNO SA
• Issuance of the first document of the Ten-Year System Development Programme and start of consultation (final approval
by RAE pending)
•P
articipation in European programmes under the aegis of ENTSO-E for the development of inter-European electricity
highways aiming at the significant RES penetration in the European System
20
•C
ommencement of modernization procedures of the Electricity Control System and its support infrastructures as well
as of the Company’s information systems
• Re-planning of the interconnection work of the Cyclades and preparation for an international tender
• Implementation of contract works for the submarine interconnection of South Evia (Polypotamos) – Attica (Nea Makri)
•C
ompletion of construction works of Aliveri Extra High Voltage Center and electrification of busbars and cells at the 150kV
and 400kV sides
• Completion of earthworks and Civil Engineer works, completion of E/M equipment construction at the 150kV side and
continuation of the construction works of E/M equipment at the 400kV side for the full development of Megalopoli Extra
High Voltage Center
5. Brief Financial Information 2012
• The company’s total revenues for 2012 amounted to €325 million.
• The electricity transmitted via the company’s networks came up to 54,728 GWh.
• The payroll cost, after the deductions arising from Laws 3833/10, 3845/10 and 4024/11, came up to €86.7 million; €22.9
million of which corresponds to investments and €63.8 million to exploitation.
• Earnings before interest, taxes and depreciation and amortization (EBITDA) amounted to €114.1 million.
• The EBITDA margin came up to 35%.
• Net profits amounted to €25 millions
• The profit margin is calculated at 7.6%.
• Overall mean of transmitted electricity: 4.91 €/ΜWh
21
Part B
INDEPENDENT POWER TRANSMISSION
OPERATOR SA
Financial Statements
1 January - 31 December 2012
International Financial
Reporting Standards
1. Annual Report
of the Board of Directors
Report of the Board of Directors
for the period 1/1 – 31/12/2012
Dear Shareholders,
Upon the end of the fiscal year, 1.1.2012 to 31.12.2012, of the
company Independent Power Transmission Operator SA
(“IPTO SA” or “ADMIE SA” or “the company”), as a Société
Anonyme, we have the honour of submitting for approval
the Financial Statements for this fiscal year, with our comments, according to the articles of association.
IPTO SA compiled the Financial Statements on the basis of
article 134, L.2190/1920, as currently in force, according to
the International Financial Reporting Standards (IFRS), as
adopted by the European Union.
Change of institutional framework
of the electricity market
1. The legal and operational unbundling of the activities belonging to the General Transmission Division from the
other Activities of PPC SA has been achieved by virtue of
articles 98 and 99, L.4001/2011 on the “Operation of Electricity and Natural Gas Energy Markets for Research,
Generation and Transmission Networks of Carbohydrates and other regulations”, as well as of certain activities that comprised the Transmission Sector of DESMIE SA, via the spin-off process and the conversion to
100% PPC SA subsidiary under the name “INDEPENDENT POWER TRANSMISSION OPERATOR SA” (IPTO SA
or IPTO SA).
2. Article 97, paragraph 5, L.4001/2011, which stipulated
that IPTO SA is under the direct or indirect control of the
State has been abolished by virtue of article 4, paragraph
2c, of the Act of Legislative Content, published in the Government Gazette Α’ 268/31.12.2011.
3. RAE certified IPTO SA as an Independent Power Transmission Operator with its decision No 672/26.07.2012, as
set forth in articles 19 and 113, L.4001/2012. Up to the issuance of the above certification, IPTO SA performed the
duties of the Hellenic Power Transmission System Operator by virtue of the decision of the Minister of Development, No ∆5/ΗΛ/Β/Φ1/7705/25.04.2001.*
4. RAE approved the text of the Grid Control Code for
Electricity with its decision, No 57/31.01.2012, in application of article 96, L.4001/2011, while with its decision, No 261/30.03.2012, it approved the text of the
Arbitration Regulation of RAE, in application of article 37, L.4001/2011. The Grid Control Code for Elec* The final decision for the certification of IPTO was issued with RAE’s
decision No. 962Α/5.12.2012.
tricity has been amended with RAE’s decisions,
No 280/12.04.2012 (GG Β/1365/27.04.2012), No
772/13.09.2012 (GG Β/2690/03.10.2012), No 773/13.09.2012
(GG Β/2654/28.09.2012 and No 797/27.09.2012 (GG
Β/2655/28.09.2012).
5. The Manual of the Grid Control Code was approved with
RAE’s decision, No 1047/27.12.2012.
6. By virtue of article 52, paragraph 2, L.4042/2012 on the
“Protection of the Environment through Criminal Law –
Harmonization with Directive 2008/99/EC – Framework
of Producing and Managing Waste – Harmonization with
Directive 2008/99/EC – Regulation of Issues of the Ministry of Environment, Energy and Climate Change” and the
Decision of Ministry of Environment, Energy and Climate
Change, No ∆5/Β/οικ.3982 (OGG Β’ 342/6.02.2012), IPTO
SA calculates and collects on a monthly basis a special duty for the lignite-generated electricity from each
license holder of a lignite power plant registered in the
Registry of Units of the System (Special Lignite Levy).
The revenues from the above charges are revenues of
the Special Managing Account, as set up under article 40,
L.2773/1999 and are therefore given every month by IPTO SA to LAGIE SA.
Spin-off of DESMIE SA activities (now
LAGIE) and their transfer to IPTO SA
Based on article 99, L.4001/2011, DESMIE SA proceeded with the spin off and assignment of certain of its activities to IPTO SA in 2011. More specifically, article 99,
L.4001/2011 stipulated that DESMIE SA transfers to IPTO
SA, within three months as from this law entering into
force, the organizational units and activities related to the
management, operation, development and maintenance
of the Transmission System previously assigned to it, including the corresponding fixed asses and the personnel
of DESMIE SA working in said activities which comprise
the Transmission Sector of DESMIE SA. The decision of
the Minister of Environment, Energy and Climate Change
stipulates that the three-month deadline for the completion of the spin-off can be extended for 6 more months.
The activities transferred are: (a) the system operation and
control; (b) the system development and maintenance; (c)
the settlement of imbalances; (d) the trading and regulated matters, with the exception of the activities of case (i),
29
paragraph 2, article 118, L.4001/2011; and (e) measurements. The above transfer of these DESMIE SA activities
was carried out via a spin-off, pursuant to the provisions
of L.4001/2011, articles 68 to 79, Codified Law 2190/1920,
as well as articles 1 to 5, L.2166/1993, of all DESMIE SA assets under the activities of paragraph 1, with specific deviations related to accounting, taxation, financial, legal and
regulatory issues. The spin-off was completed on 1 February 2012 (note 4).
Competences and composition
of the Supervisory Board
IPTO SA has a Supervisory Board which is responsible for
taking decision which may have significant impact on the
value of the Company’s fixed assets and in particular, decisions related to the approval of the annual funding plan,
the determination of the borrowing level of IPTO SA and the
dividends distributed to the shareholders. The Supervisory
Board is not competent to deal with IPTO’s daily operations,
in particular regarding the maintenance and management
of the Hellenic Electricity Transmission System, or with activities related to the preparation of the Ten-year Development Programme.
30
The Supervisory Board comprises seven members who
have specialized experience in the electricity sector and are
appointed by the IPTO SA shareholders’ General Assembly
as follows: (a) four members are proposed by the shareholders of IPTO SA; (b) two members are proposed by the
Greek State; (c) a member is from the full-time personnel of IPTO SA.
The members of the Supervisory Board were appointed on
24/02/2012. RAE with its decision No 55/2011 approved the
composition of the Supervisory Board in accordance with
article 106, L.4001/2011 regarding the compliance with the
independence requirements.
Compliance programme
and officer
IPTO SA, in the framework of its competences as the Operator of the National Electricity Transmission System, draws
up and implements a compliance programme including
the measures taken in order to exclude any discriminatory
behaviour and secure the proper monitoring of compliance
to the said programme. The compliance programmes determines the specific obligations of the personnel of IPTO
SA in order to achieve the said targets. The programme is
approved by RAE. With the reservation of RAE’s competences, compliance with the programme belongs to the independent control of the Compliance Officer.
The Compliance Officer is appointed by the Supervisory
Board without prejudice to the approval of RAE and can be
a natural or legal person. RAE can refuse to approve the
Compliance Officer only for reasons of independence or
professional competence deficiency. Paragraphs 2 to 9, article 105, also apply for the Compliance Officer.
The Compliance Officer is competent for (a) monitoring
the implementation of the compliance programme; (b)
the preparation the annual report determining the measures taken for the implementation of the compliance programme and its submission to RAE; (c) for the submission
a report to the Supervisory Board and the issuance of recommendations regarding the compliance programme and
its implementation; (d) for the notification of any substantial violation regarding the implementation of the compliance programme to RAE; and (e) the submission of a report to RAE for all trading and financial relations between
PPC and IPTO SA. The duties of the Compliance Officer are
determined in L.4001/2011.
The Compliance Officer was appointed with the decision,
No 5/29.2.2012, of the supervisory board.
Development of the Hellenic Electricity
Transmission System and decision-taking power
IPTO SA submits on 31 March each year a Ten-Year Development Programme of the National Hellenic Transmission
System for the period starting on1 January of the immediately next year, based on the current and forecasted supply
and demand to RAE following a consultation with all stakeholders. The Programme includes effective measures
aiming at securing the System’s capacity and the safety of
supply.
More specifically, the Ten-Year Development Programme
of the National Hellenic Transmission System (a) determines the main transmission infrastructures to be constructed or upgraded in the next ten (10) years including
the necessary infrastructures for the RES penetration; (b)
includes all investments already included in previous development programmes and determines the new investments expected to start being implemented within the
next three years; (c) provides a technical-financial feasibility analysis for the significant transmission works under (b)
above, in particular the ones related to international and island interconnections with the Transmission System, including implementation schedule, estimated financial
flows to cover the funding needs of the investment plans
for said works.
If RAE, in the framework of its competence, realizes that
IPTO SA does not safeguard the implementation of the investments that are scheduled to be implemented within
three years according to the Ten-Year Development Programme of the System, unless this delay is due to reasons
outside its control capabilities, it takes one of the following measures: (a) it demands that IPTO SA to implement
said investments; (b) it holds an open tender for said investments; and (c) obliges IPTO SA to proceed with a capital increase in order to fund the necessary investments
allowing independent investors to participate in the company’s capital. If RAE makes use of its powers, pursuant
to (b) above, it can oblige IPTO SA to accept one or more
from the following: (a) funding of the investment by any
third party; (b) funding and construction of the investment
by any third party; (c) assuming the contract work for the
construction of the fixed assets of the investment; or (d)
assuming the operation and management of the investment’s fixed assets.
Significant data of 2012
» The total revenues of the company for 2012 amounted to €325 million.
» The electricity transmitted via the company’s networks
came up to 54,728Gwh.
» The fees for the personnel after the decreases arising from the implementation of laws 3833/10, 3845/10
and 4024/11 amounted to €86.7 million, €22.9 million
of which corresponds to investments and €63.8 million to operation.
» The personnel numbered 1,512 people at the end of
2012.
» Earnings before interest, tax, depreciation and amortization (EBITDA) amounted to €114.1 million.
» The EBITDA margin was 35%.
» Net profits amounted to €25 million, decreased compared to the previous period, due to the provisions for
impairment of receivables of €44 million and provisions for power settlement of €34 million.
» The profit margin is estimated at 7.6%.
On 31 December 2012, the results of the impairment audit recorded that the impairment loss for the fixed assets
of the transmission activity came up to €118.75 million netting the increase in value from previous revaluations while
the net value of €95 million directly burdened the other total
revenues of the Company decreasing the revaluation reserves of fixed assets created in previous periods.
Policy for Dividends
The Board of Directors with its decision on 27 March 2013
suggested to the Company’s Supervisory Board and the
Shareholders’ General Meeting that no dividends are to be
distributed for the fiscal year 2012 given the uncertainty regarding the revenues of 2013 along with the general uncertainty of the financial environment.
Debt evolution
The net debt came up to €456 million. As a consequence,
the ratio of the net debt to the net position was 0.49 on
31.12.2012.
Development of activities
and Investment Programme
The total investments of IPTO SA came up to the amount
of €83.6 million. The main projects either completed or in
progress were the following:
» 400kV Transmission Line, Ultra High Voltage Center of
Patra - System
» 150kV Transmission Line, Polypotamos - Evia 7
» Reconfigurations of 150kV Transmission Line at the
new Megalopoli Ultra High Voltage Center
» 150kV Transmission Line Megalopoli I - Kalamata Ι
» Undergrounding of 150kV Transmission Line in the
Aliveri region
» 400kV Transmission Line, Ultra High Voltage Center of
Aliveri - System
» Megalopoli Ultra High Voltage Center
» Soroni Substation
» 150 kV Transmission Line, Ultra High Voltage Center of
Langada – Kilkis Substation (completed)
» Megalopoli I Substation of Thermal-Electricity Generation Plant (completed)
» Megalopoli II Substation of Thermal-Electricity Generation Plant (completed)
» Spilio Substation (completed)
» Change of pipes at the 150 kV Transmission Line of Soroni Substation – Rodinio Substation (completed)
Prospects for 2013
The Budget of IPTO SA for 2013 was approved by the Board
of Directors in February 2013. The key financial data are expected to be as follows:
31
Total Revenue
€316.4 million
Total Expenses
€211.4 million
Earnings before taxes and interest €139.5 million
Earnings before taxes
€105.0 million
Major risks – Uncertainties
The company’s activities are affected by various types of
risks. In particular:
Interest rate risk: The main risk arising from the management of debt liabilities is focused on the financial results and cash flows as a consequence of the interest
rate fluctuation.
Merchandise price risk: The prices of the key materials
used by the company both for the System operation
as well as for its development are determined by the
international commodity markets and as a result the
company is exposed to the fluctuation risk of the relevant prices.
32
Credit Risk: The Company is exposed to a significant credit risk for trade receivables. At the same time, the more
general financial conditions negatively affect the available liquidity due to payment difficulties the customers face. In this framework, the company implements
an assurance policy for the revenues via advance payments or guarantees.
Liquidity Risk: The liquidity risk is related to the need for
adequate cash flow for the company’s operation and development. The company manages the liquidity risk by
monitoring and programming its cash flows and acts
appropriately to ensure as much as possible sufficient
credit limits and cash flows and at the same time trying
to achieve extension of the average maturity of its debt
and the diversification of its funding sources.
Risk from the absence of fixed assets insurance: The
company does not have insurance on its fixed assets in
operation and as a result a possible significant damage
of its assets may have an impact on its profitability given that it is self-insured. Moreover, materials and spare
parts as well as liabilities against third parties are not insured. The company examines the possibility of holding
a tender to choose an insurance company for the insurance coverage of its assets and third party liabilities.
Credit Rating Risk: Following the international financial crisis, International Rating Agencies apply stricter criteria
regarding the certification of liquidity capacity and, as a
result, even if a company has ensured, inter alia, a reliable coverage plan of its capital needs, it faces the risk
of a rating downgrade if it does not fulfil the new stricter criteria.
Regulatory Risk: Possible amendments or / and additions
of the regulatory framework governing the Electricity
market both in application of the provisions of the European legislation as well as of the provisions of the Memorandum signed between the Greek state, the IMF and
the ECB can significantly affect the company’s operations and financial results.
Litigations risk: The company is defendant in several legal
proceedings, whose negative outcome will have significant impact on the company’s financial results.
Risk from the amendment of tax and other regulations:
Possible amendment of tax and other regulations can
affect the company’s financial results.
Risk from regulated rate on return on activities: The System’s regulated returns on investments can negatively
impact the company’s profitability if they do not cover the
reasonable return of the relevant invested capitals.
Company is subject to certain laws and regulations applicable to companies of the broader public sector. As
long as the Greek state, as the key shareholder, holds
51% of the share capital of PPC and its subsidiaries, IPTO
SA shall continue to be considered, with regard to certain
sectors, a company of the Greek Public Sector. Its operations, therefore, will continue to be subject to laws and
provisions generally applicable to the Greek Public Sector, affecting thus specific procedures, such as, indicatively and not restrictively, salaries, ceiling of fees, hiring
and firing of personnel or the procurement procedures.
The said laws and provisions, in particular in the framework of the current financial conjecture and the relevant
decisions of the Central Administration may limit its operational flexibility and negatively and significantly affect
its financial results. The application of the provisions of
Laws 3833/2010 and 4024/2011 may produce significant
negative consequences on the company’s operation. It
is noted that the company does not have the capability of
hiring or keeping experienced staff and the loss of specialized staff can adversely affect its ability to prepare and
implement its strategy.
Significant transactions with related parties
The balance (receivables and payables) with related parties were as follows on 31 December 2012 and 2011:
31 December 2012
PPC SA
DEDDIE SA
PPC Renewables SA
31 December 2011
Receivables
(Payables)
Receivables
(Payables)
787,475
(261,207)
-
(198)
9,926
(2,981)
(5)
(20)
175
(20)
797,396
(264,208)
175
(218)
Transactions with related parties for the period ended 31 December 2012 and 2011 are as follows:
2012
PPC SA
DEDDIE SA
PPC Renewables SA
2011
Revenues
Expenses
Revenues
Expenses
1,828,153
(577,911)
-
-
12,323
(12,341)
26
-
-
-
1,840,502
590,252
-
-
Management Compensation
The fees of the Administration bodies for the period ended
31 December 2012 amounted to €192 thousand. (2011: 123
thousand). This amount includes employers’ contributions
but not the electricity supply based on the PPC personnel
tariff. Also, the members of the company’s board of direc-
tors received as a fee for the period ended 31 December
2012 the amount of €64 thousand (2011: 0) and the fees of
the members of the supervisory board set up in 2012 came
up to €4 thousand (2011: 0).
Athens, 27 March 2013
For the Board of Directors
The Chairman
Georgios Koutzoukos
33
2. Financial Statements
for fiscal year 2012
Income Statement for the Fiscal Year
ended 31 December 2012
(in thousand Euros)
Notes
1/1-31/12
2011*
1/1-31/12/2012
NET SALES:
Income from Rent for the Transmission System
Operator’s sales
268,539
300,450
5
1,942,271
Operator’s purchases
5
(1,942,271)
Other sales
5
56,650
20,363
5
325,189
320,813
Payroll cost
6
63,875
70,765
Depreciation and Amortization
7
54,545
55,375
Contracting cost
29
37,113
EXPENSES / (INCOME):
Materials and consumables
1,892
5,906
Utilities
6,363
2,127
Third-party fees
7,726
4,622
Taxes – duties
2,112
2,078
Provisions for risks
25
3,680
684
Provisions for slow-moving materials
16
857
-
Other provisions
8
78,270
932
Financial expenses
9
29,838
24,805
Financial income
10
(2,147)
(20)
Others (income)
11,25
(3,252)
(7,364)
Other expenses
11
8,621
7,715
289,493
167,625
35,696
153,188
(10,190)
(35,627)
25,506
117,561
PROFITS / (LOSSES) BEFORE TAXES
Income tax
12
NET PROFITS / (LOSSES) FOR THE PERIOD
*In order to achieve a more substantial presentation and publication of the expenses / income per category we re-classified specific categories of 2011 depending on their nature. The specific change does not affect the total of income / expenses of 2011.
The accompanying notes comprise an integral part of the financial statements.
37
Comprehensive Income for the Fiscal Year
(in thousand Euros)
1/1-31/12
2012
NET PROFITS / (LOSSES) FOR THE PERIOD
1/1-31/12
2011
25,506
117,561
(118,750)
-
23,750
-
-
-
Other comprehensive income / (losses) for the period after taxes
(69,494)
117,561
Consolidated comprehensive income / (losses) for the period after taxes
(69,494)
117,561
Other comprehensive income / (losses)
- Impairment of assets (note 13)
- Tax impact
38
Balance Sheet of Fiscal Year
(in thousand Euros)
ASSETS
Non current assets:
Tangible assets
Intangible assets
Total non current assets
Current assets:
Inventories
Trade receivables
Other receivables
Cash and cash equivalents
Total current assets
Notes
Non-current liabilities:
Interest bearing loans and borrowings
Post retirement benefits
Provisions
Deferred tax liabilities
Consumers’ contributions and subsidies
Other non-current liabilities
Total non-current liabilities
Current liabilities:
Trade and other liabilities
Short-term borrowings
Current portion of interest bearing loans and borrowings
Income tax payable
Accrued and other current liabilities
Total current liabilities
TOTAL LIABILITIES AND EQUITY
31/12/2011
13
14
1,544,573
662
1,545,235
1,678,310
112
1,678,422
16
17
18
19
48,859
612,412
37,584
30,437
729,292
52,825
94,390
35,813
21,609
204,637
2,274,527
1,883,059
38,444
11,205
646,145
240,135
935,929
36,366
9,930
742,711
*253,427
1,042,434
23
24
25
12
26
275,894
13,675
21,065
35,748
133,796
4,153
484,331
421,592
12,921
17,385
*71,243
136,023
659,164
27
23
23
511,684
50,000
160,436
132,147
854,267
48,978
93,319
26,174
12,990
181,461
2,274,527
1,883,059
TOTAL ASSETS
LIABILITIES AND EQUITY
Equity:
Share capital
Legal reserve
Fixed asset’s revaluation surplus
Retained earnings
Total equity
31/12/2012
20
21
28
*The specific amounts presented do not correspond to the revised annual financial statements of 31 December 2011 and reflect adjustments, as explained
below in note 3.1.
39
Statement of Changes in Equity for the Fiscal Year
(in thousand Euros)
Share
Capital
Balance, 31 December 2010
- Net profits of the period
Comprehensive income for the period after taxes
- Contribution of PPC’s General Transmission Division
4,441
4,441
31,925
- Other movements
-
- Formation of legal reserve
-
36,366
- Net profits for the period
-
- Other total income / (losses) for the period after taxes
Comprehensive income / (losses) for the period after taxes
40
- Transfer of activities of transmission system operation from DESMIE (note20)
36,366
2,078
- Formation of legal reserve (note21)
-
- Dividends (note 22)
-
- Transfer from retirements of assets
38,444
* The specific amounts presented do not correspond to the revised annual financial statements of 31 December 2011 and reflect adjustments, as explained
below in note 3.1.
Statutory
Reserve
Appreciation of asset
revaluation
Retained
earnings
Total
equity
4,052
-
394
8,887
-
-
117,561
117,561
4,052
-
117,955
126,448
-
737,300
(43,693)
725,532
-
5,411
(4,102)
1,309
5,878
-
(5,878)
-
9,930
742,711
*253,427
*1,042,434
-
-
25,506
25,506
(95,000)
(95,000)
9,930
647,711
278,933
972,940
-
-
-
2,078
1,275
-
(1,275)
-
-
-
(39,089)
(39,089)
(1,566)
1,566
646,145
240,135
11,205
935,929
41
Statement of Cash Flow for the Fiscal Year
(in thousand Euros)
Notes
1/1-31/12
2012
1/1-31/12
2011
35,696
153,188
CASH FLOWS FROM OPERATING ACTIVITIES
Profits / (Losses) before taxes
Adjustments:
Depreciation and amorization
59,991
60,239
Amortization of customers’ contributions and subsidies
(5,585)
(4,864)
5,514
3,222
Received assets and liabilities within the transitional spin-off period
Interest income
(2,147)
(20)
Sundry provisions
22,293
(5,545)
Transfer of fixed assets to the contracting cost and write off’s
43,402
885
525
803
Amortization of loan origination fees
Interest expense
Operating profit / (loss) before changes in working capital
27,761
24,149
187,450
232,057
(Increase) / decrease in:
Trade and other receivables
42
(453,127)
55,632
Other receivables
5,796
(33,760)
Inventory
3,109
3,836
Trade payables
390,549
41,637
Accrued and other liablities
102,367
6,294
Income tax paid
(48,296)
Increase / (decrease) in:
Net cash from operating activities
187,848
305,696
2,147
20
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received
Capital expenditure of fixed assets and software
(83,675)
(79,397)
(81,528)
(79,377)
Principal payments of interest bearing bonds and borrowings
(29,107)
(179,107)
Dividends paid
(39,089)
Net Cash used in Investing Activities
CASH FLOWS FROM FINANCING ACTIVITIES
Loan origination fees paid
Interest paid
Net Cash used in Financing Activities
Net increase / (decrease) in cash and cash equivalents
-
(564)
(29,296)
(25,415)
(97,492)
(205,086)
8,828
21,233
Cash and cash equivalents at beginning of year
21,609
376
Cash and cash equivalents at the end of the year
30,437
21,609
3. Notes to the Financial
Statements
Notes to the Financial Statements
(in thousand Euros, unless otherwise stated)
1. Establishment, Organization
and Operation of the Company
The Independent Power Transmission System SA (IPTO SA
or ADMIE SA or the company) is a public limited company
(SA) which was established in Greece in 2000*1, and its operation is governed by the Greek law.
The aim of the company is to implement the activities and
perform the duties of the Owner and Operator of the Hellenic Electricity Transmission System (ESMIE in Greek) as
set forth in L.4001/2011. In particular the company’s aim is
the operation, maintenance and development of the Electricity Transmission System, so as to secure the country’s
supply with electricity in a safe, efficient and reliable way.
In the framework of the above, the company performs the
duties and operates in accordance with the provisions of
articles of chapters A to C of the Fourth Part of L.4001/2011,
and the delegated acts, and mainly of the Grid Control Code
of the Hellenic Electricity Transmission System and the operation licenses of the Transmission System granted to it.
The seat of IPTO SA is at 89, Dyrrahiou and Kifissou Street,
104-43, Athens, Greece and the duration of the company is
up to 31 December 2100. The personnel numbered 1512
people on 31 December 2012, 10 of whom were seconded
in services of the Public Sector and 9 of them were paid by
the company. The total payroll cost amounted to €261 and
is included in the income statement.
On 31 December 2012, 100% of the company’s shares belonged to the Public Power Corporation SA (PPC or Parent
Company). 5.4% of the shares belonging to the company
Electricity Market Operator (LAGIE), as a result of the spinoff and transfer of the sector of the transmission system
operation from DESMIE (now LAGIE) was bought by PPC
on 30 November 2012.*2
2. Changes in the Institutional
Framework
Change in the institutional framework
of the electricity market
1. The legal and operational unbundling of the activities belonging to the General Transmission Division from the
other Activities of PPC SA has been achieved by virtue of
articles 98 and 99, L.4001/2011 on the “Operation of Electricity and Natural Gas Energy Markets for Research,
*1. The company was established in 2000 under the name PPC Telecommunications SA. After L.4001/2011 into effect, the name changed into Independent Power Transmission Company SA.
*2. The transfer of the shares of IPTO SA from LAGIE to PPC SA was concluded on 15.02.2013.
Generation and Transmission Networks of Carbohydrates and other regulations”, as well as of certain activities that comprised the Transmission Sector of DESMIE SA, via the spin-off process and the conversion to
100% PPC SA subsidiary under the name “INDEPENDENT POWER TRANSMISSION OPERATOR SA” (IPTO SA
or ADMIE SA).
2. Article 97, paragraph 5, L.4001/2011, which stipulated
that IPTO SA is under the direct or indirect control of the
State has been abolished by virtue of article 4, paragraph
2c, of the Act of Legislative Content, published in the Government Gazette Α’ 268/31.12.2011.
3. RAE certified IPTO SA as an Independent Power Transmission Operator with its decision No 672/26.07.2012, as
set forth in articles 19 and 113, L.4001/2012. Up to the issuance of the above certification, IPTO SA performed the
duties of the Hellenic Power Transmission System Operator by virtue of the decision of the Minister of Development, No ∆5/ΗΛ/Β/Φ1/7705/25.04.2001.*3
4. RAE approved the text of the Grid Control Code for Electricity with its decision, No 57/31.01.2012, in application of
article 96, L.4001/2011, while with its decision, No
261/30.03.2012, it approved the text of the Arbitration Regulation of RAE, in application of article 37, L.4001/2011. The
Grid Control Code for Electricity has been amended with
RAE’s decisions, No 280/12.04.2012 (GG Β/1365/27.04.2012),
No 772/13.09.2012 (GG Β/2690/03.10.2012), No
773/13.09.2012 (GG Β/2654/28.09.2012 and No
797/27.09.2012 (GG Β/2655/28.09.2012).
5. The Manual of the Grid Control Code was approved with
RAE’s decision, No 1047/27.12.2012 (GG Β/53/16.01.2013).
6. By virtue of article 52, paragraph 2, L.4042/2012 on the
“Protection of the Environment through Criminal Law –
Harmonization with Directive 2008/99/EC – Framework
of Producing and Managing Waste – Harmonization with
Directive 2008/99/EC – Regulation of Issues of the Ministry of Environment, Energy and Climate Change” and the
Decision of Ministry of Environment, Energy and Climate
Change, No ∆5/Β/οικ.3982 (OGG Β’ 342/6.02.2012), IPTO SA calculates and collects on a monthly basis a special duty for the lignite-generated electricity from each
license holder of a lignite power plant registered in the
Registry of Units of the System (Special Lignite Levy).
The revenues from the above charges are revenues of
the Special Managing Account, as set up under article 40,
L.2773/1999 and are therefore given every month by IPTO SA to LAGIE SA.
*3. The final decision for the certification of IPTO was issued with RAE’s
decision No 962Α/5.12.2012.
45
Spin-off of activities of DESMIE SA (now LAGIE)
and their transfer to IPTO SA
46
Based on article 99, L.4001/2011, DESMIE SA proceeded
with the spin off and transfer of certain of its activities to
IPTO SA in 2011. More specifically, article 99, L.4001/2011
stipulated that DESMIE SA transfers to IPTO SA, within three months as from this law entering into force, the
organizational units and activities related to the management, operation, development and maintenance of the
Transmission System previously assigned to it, including
the corresponding fixed asses and the personnel of DESMIE SA working in said activities which comprise the
Transmission Sector of DESMIE SA. The decision of the
Minister of Environment, Energy and Climate Change stipulates that the three-month deadline for the completion of
the spin-off can be extended for 6 more months. The activities transferred are: (a) the system operation and control; (b) the system development and maintenance; (c)
the settlement of imbalances; (d) the trading and regulated matters, with the exception of the activities of case (i),
paragraph 2, article 118, L.4001/2011; and (e) measurements. The above transfer of these DESMIE SA activities
was carried out via a spin-off, pursuant to the provisions
of L.4001/2011, articles 68 to 79, Codified Law 2190/1920,
as well as articles 1 to 5, L.2166/1993, of all DESMIE SA assets under the activities of paragraph 1, with specific deviations related to accounting, taxation, financial, legal and
regulatory issues. The spin-off was completed on 1 February 2012 (note 4).
3. Basis for presentation of financial
statements
ed. There are no Standards applied before the starting date
of their application.
3.2. Significant accounting judgments
and estimates of the Management
The preparation of financial statements requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results may
ultimately differ from those estimates. The principle judgments and estimates referring to events the development
of which could significantly affect the items of the financial
statements during the forthcoming twelve month period
are as follows:
Post-retirement benefits
All employees and pensioners of the PPC Group are entitled to supply of energy at reduced tariffs. Such reduced
tariffs to pensioners are considered to be obligation of
IPTO to the parent company and are calculated at the current value of the future retirement benefits deemed to have
accrued at year-end based on the employees’ earning retirement benefit rights steadily throughout their working
period. The above mentioned obligations are calculated on
the basis of financial and actuarial assumptions. Further
details regarding the basic assumptions and estimates are
included in Note 31.
Fair values and useful lives of tangible fixed assets
The financial statements have been prepared in accordance
with the International Financial Reporting Standards (IFRS),
as issued by the International Accounting Standards Board
(IASB), as well as in accordance with their relevant Interpretations, as issued by the IASB Interpretations Committee and
adopted by the European Union (EU) and obligatory applied
for fiscal years ended 31 December 2012.
The company carries its tangible fixed assets at revalued
amounts (estimated fair values) as determined by an independent firm of appraisers. Independent appraisals are
performed periodically (every 3-5 years). The determination
of the fair values of tangible fixed assets requires making
assumptions, estimates and judgments with respect to the
ownership, the value in use and the existence of any economic, operational and physical obsolescence of the tangible fixed assets. Furthermore, the Management has to
make certain estimates with respect to the total and remaining useful lives of depreciable assets, which are subject to a periodic review. The total useful lives, as appraised,
are included in Note 3.4.
Basis of preparation of Financial Statements
Provisions for risks
The financial statements have been prepared on a historical cost basis, except for certain financial instruments that
are stated at fair value, and the principle of the continuation of the company’s operation. The financial statements
are presented in thousand Euros, with all amounts rounded to the nearest thousand except when otherwise indicat-
The company is establishing provisions for risks concerning
claims by third parties against it which might lead to an outflow of resources for their settlement. Provisions are established based on the claimed amount and the possible outcome of the trial. Description of the risks and reference to
the amount of relevant provisions are included in Note 25.
3.1. Basis for presentation
Statement of Compliance
Impairment of fixed assets
The company assesses at each reporting date whether there is an indication that its long-term assets may be
impaired. The determination of whether such indications
exists requires the Management to make assumptions,
admissions and judgments with respect to external and internal factors that may affect the recoverability of its assets
as well as judgments on the determination of its independent cash generating units. Further details regarding judgments and estimates are included in note 13.
Provision for income tax and acknowledgment of deferred tax obligations
Income tax liabilities for the current and prior years are
measured at the amounts expected to be paid to the taxation authorities, using the tax rates that have been enacted by the balance sheet date. Provision for income taxes
includes taxes reported in the respective income tax statement and the potential additional tax assessments that
may be imposed by the tax authorities upon settlement of
the open tax years on the basis of the findings of prior tax
audits. Therefore, the final settlement of the income taxes might differ from the income taxes that have been accounted for in the financial statements. Deferred tax obligations are recognized on carried forward tax losses to the
extent that it is probable that future taxable profits will occur
to offset carried forward tax losses. Deferred tax receivables that are recognized require management to make assessments as to the time and level of realization of future
taxable profits.
4. Transfer of transmission system
operation activities from DESMIE SA
(now LAGIE) to IPTO SA
Based on article 99, L.4001/2011, the societe anonyme trading under the name “Hellenic Transmission System Operator SA” (HTSO or DESMIE SA in Greek), set up with Presidential Decree 328/2000 pursuant to article 14, L.2773/1999,
transfers to IPTO SA within three months as from this law
entering into force (up to 22 November 2011) the organizational units and activities related to the management, operation, development and maintenance of the Transmission
System previously assigned to it, including the corresponding fixed asses and the personnel of DESMIE SA working in
said activities which comprise the Transmission Sector of
DESMIE SA. The activities transferred are:
a) the system operation and control;
b) the system development and maintenance;
c) the settlement of imbalances;
d) the trading and regulated matters, with the exception of the activities of case (i), paragraph 2, article 118,
L.4001/2011; and
e) measurements.
The deadline stipulated in the first point can be extended for
additional six (6) months with the decision of the Minister of
Environment, Energy and Climate Change.
1. With regard to legal relations, rights and obligations arising from the transferred units and activities under paragraph 1, this transfer equals succession in interest and
with the registration of the relevant approval decision in
the Societe Anonyme Registry, DESMIE SA is relieved
from any obligation it may have against a third party, including the State and Social Security Funds, which are
assigned to IPTO SA pursuant to the above. It is also relieved from any obligations, titles or rights that are not
transferred by law or contract. Pending trials continue
ipse jure by IPTO SA without being violently interrupted
and requiring a statement by IPTO for their continuation
or repetition.
2. The above mentioned transfer of DESMIE SA is realized
through a spin-off according to the provisions of this law,
articles 68 to 70 of Codified Law 2190/1920 and articles
1 to 5, L.2166/1993 of all assets of DESMIE SA belonging the activities of paragraph 1, with the following deviations:
(a) Subsidies of fixed investments reflected in the balance sheet of DESMIE SA either in the capital or the
item “subsidies of fixed investments” can be transferred to IPTO SA.
(b) Zero real estate and cars transfer tax are not required
to be submitted to the competent tax office.
(c) D
ESMIE SA and IPTO SA are relieved from the obligation to pay pro rata and fixed notary public fees for any
act for which a notary public deed is required, such as
the compilation and amendment of articles of association and the preparation of the spin-off and transfer contract. The other notary public fees are limited
to half of what is stipulated in the applicable legislation. No lawyer is required to be present when the
relevant acts are prepared and signed.
(d) The transfer of assets and liabilities, including the
transfer of rights in rem for real estate, cars and other
movable property is carried out ipse jure by just registering the spin-off contract in the Societe Anonyme
Registry. No regulatory or administration approvals, certificates, solemn declarations and graphs are
required for the transfer of real estate, even for the
ones acquired with expropriation or are located in
47
frontier regions, notwithstanding any other general
or special provision. Conveyances and other, under
the applicable provisions, required registrations for
the transfer of rights in rem have a certifying character and are carried out via the registration of the spinoff contract in the Societe Anonyme Registry, without paying any duty or fee for a third party, including
the fees, fixed and pro rata fees, allowances or other duties for non stipendiary or stipendiary land registries or cadastre offices notwithstanding any applicable provision.
(e) Differences in value adjustment of fixed and other
assets arising from the application of other laws remain in DESMIE SA.
(f) IPTO SA is subrogated in all general rights, obligations
and legal relations of DESMIE SA, related to the transferred sector under the above, and enjoys the taxation privileges and exemptions enacted in favour of
DESMIE SA.
(g) Administrative licenses and approvals of any type
granted to DESMIE SA regarding to the Transmission
Sector are ipse jure transferred to IPTO SA.
48
3. For the application of the provisions of L.2166/1993, there
is no obligation to keep distinct accounts in the books
of DESMIE SA with regard to the transactions and other acts which shall take place after the compilation of
the accounts and will be related to the transferred sector
and, due to their nature, it is not possible to distinguish
them from the other sectors of DESMIE SA. These acts
shall be made distinct during the transitional period and
shall be transferred upon the conclusion of the conversion works with a unitary entry in the books of the societe anonyme absorbing the sector, according to the article 2, paragraph 6, L.2166/1993.
4. The share capital of IPTO SA increases due to the absorption of the above mentioned transferred sector of
DESMIE SA at the amount of its book value. Upon the
completion of the absorption of the sector, new shares
are issued by IPTO SA which are granted to DESMIE SA.
These shares allow DESMIE SA to participate in the profits of the absorbing company.
5. Within a three-month deadline from the realization of
the above spin-off, DESMIE SA transfers to PPC all of
its shares in IPTO SA because of the spin-off and transfer, for a consideration equal to the nominal vaue of said
shares.
On 23 November 2011, the company’s board of directors decided that the company shall absorb the Transmission sector of DESMIE SA, pursuant to article 99, L.4001/2011. The
share capital of IPTO SA, as a result of the spin-off, was
increased by the amount of €2,078, and on 30 November
2012, 5.4% of the shares belonging to the company Operator of Electricity Market (LAGIE) was bought by PPC. The
book value of the contributed assets and liabilities (IFRS)
on 1 February 2012, as incorporated in the current financial
statements as follows:
ASSETS
Non – current assets
1/2/2012
Tangible assets
4,929
Intangible assets
352
Other non-current receivables
285
Total non-current assets
Current assets:
5,566
Trade receivables
108,859
Other receivables
7,283
Total current assets
116,142
121,708
TOTAL ASSETS
EQUITY AND LIABILITIES
Equity:
Shared Capital
2,078
Retained earnings
22,560
Total equity
24,638
Non-current liabilities:
Consumers’ contributions and subsidies
3,358
Provisions
662
Other non-current liabilities
3,557
Total non-current liabilities
7,577
Current liabilities:
Trade and other liabilities
72,157
Accrued and other liabilities
17,336
Total current liabilities
89,493
TOTAL LIABILITIES AND EQUITY
121,708
The results of the transitory period from the date of the transformation Balance Sheet on 1 September 2011 up to 1 February 2012 came up at a loss of €5 million incorporating the provisions for the impairment of the value of receivables (Note
17) and have been fully included in the company’s books and reflected in the attached financial statements.
49
5. Sales
50
REVENUES FROM TRANSMISSION SYSTEM RENT
Energy sales
Periodic Network Settlement
Capacity Assurance
Special Lignite Levy
Operator of non-interconnected islands
Special duty of article 40, L.2773/1999
Services of General Interest
Transborder trade
Imbalances
Ancillary Services
Settlement matching
Variable Cost recovery coverage
Special Consumption Tax
Charge of Branch System Use
Total Energy Sales
Energy purchases
Periodic Network Settlement
Capacity Assurance
Special Lignite Levy
Operator of non-interconnected islands
Special duty of article 40, L.2773/1999
Services of General Interest
Transborder trade
Imbalances
Ancillary Services
Variable Cost recovery coverage
Special Consumption Tax
Charge of Branch System Use
Total Energy Purchases
Other sales:
Revenues from contracting works
Received customers’ contributions
Revenues from recovery of Administrative Costs
Optical fiber rent
Other Sales
Total other sales
GENERAL TOTAL
1/1-31/12/2012
1/1-31/12/2011
268,539
300,450
11,425
610,967
48,302
24,887
309,597
32,327
3,989
131,603
16,916
56,110
433,922
154,716
107,510
1,942,271
-
11,425
610,967
48,302
24,887
309,597
32,327
3,989
187,149
8,760
433,922
163,436
107,510
(1,942,271)
39,053
6,017
7,746
1,927
1,907
56,650
325,189
5,810
1,927
12,626
20,363
320,813
Energy sales / purchases are related to the settlements of energy services assumed by IPTO from DESMIE (now LAGIE)
as from 1 February 2012 which do not exist on 31 December 2011 in IPTO’s financial statements.
6. Payroll Cost
Payroll cost
Employers’ social contributions
Personnel allowances
Compensation for work outside the company
Expenses for reduced personnel tariff
Net provision for reduced personnel tariff
Payroll cost included in in tangible assets
TOTAL
1/1- 31/12/2012
59,493
18,995
586
5,047
794
1,865
(22,905)
63,875
1/1- 31/12/2011
73,044
20,575
782
3,839
1,009
1,278
(29,762)
70,765
1/1- 31/12/2012
1/1- 31/12/2011
59,557
788
(5,800)
54,545
60,185
54
(4,864)
55,375
7. Depreciation and Amortization
Depreciation / amortization
Fixed assets (note 13)
Software (note 14)
Subsidies and consumers’ contributions (note 26)
TOTAL
51
8. Other Provisions
Provisions for impairment of receivables (Note 17)
Provisions for energy settlement
TOTAL
1/1- 31/12/2012
43,964
34,306
78,270
1/1- 31/12/2011
932
932
1/1- 31/12/2012
27,761
525
853
699
29,838
1/1- 31/12/2011
23,127
656
999
23
24,805
1/1- 31/12/2012
2,147
2,147
1/1- 31/12/2011
20
20
9. Financial Expenses
Interest expenses (note 23)
Amortization of loans’ issuance expenses
Commissions on letters of guarantee
Others
TOTAL
10. Financial Income
Interest on bank and time deposits (note 19)
TOTAL
11. Other Expenses / Income
1/1- 31/12/2012
1/1- 31/12/2011
6,225
2,515
405
817
Others
1,991
4,383
TOTAL
8,621
7,715
1/1- 31/12/2012
1/1- 31/12/2011
-
6,173
2,807
1,113
OTHER EXPENSES
Loss on disposals of fixed assets
Transportation and travel expenses
OTHER REVENUES
Litigation provisions released
Other revenues from producers’ connections
Others
445
78
TOTAL
3,252
7,364
12. Income Tax (Current and Deferred)
52
1/1- 31/12/2012
1/1- 31/12/2011
Current income tax
21,935
26,174
Deferred income tax
(11,745)
9,453
TOTAL INCOME TAX
10,190
35,627
The company’s nominal tax rate is 20%. The income tax statement is submitted on an annual basis, but the profits or losses declared are provisional until the tax authorities audit the statements and the books and records of the taxed party and
the final audit report is issued. Tax losses, to the extent accepted by the tax authorities, can be used to offset future profits of the five fiscal years following the fiscal year to which they relate. The company has not acknowledged tax losses for
offset from previous years. The company has not been audited by the tax authorities for fiscal years 2007 up to 2010. A tax
conformity audit, as stipulated in article 82, paragraph 5, Law 2238/1994 and the decision No ΠΟΛ 1159/22.7.2011 of the Ministry of Finance. No significant tax liabilities arose from this audit apart from the ones entered and shown in the financial
statements. For fiscal year 2012, the tax audit is already carried out by the Company’s legal auditors. The Company’s management does not expect significant tax liabilities from this tax audit apart from the ones entered and shown in the financial statements. An analysis and numerical reconciliation between the tax and the product of accounting profit multiplied
by the nominal tax rate is set out below:
Profit before taxes
Nominal tax rate
Tax calculated on the nominal rate
Tax decreased due to tax adjustment
Non deductible expenses
INCOME TAX
1/1- 31/12/2012
1/1- 31/12/2011
35,696
153,188
20%
20%
7,139
30,638
(1,158)
-
4,209
4,989
10,190
35,627
28.6%
23.3%
The movement of the deferred income taxes is as follows:
Deferred tax receivables and liabilities are further analyzed below:
31/12/2012
31/12/2011
Deferred tax receivables
Impairment of trade and other receivables
9,036
186
Impairment of reserves
3,413
3,274
12,325
6,171
Other provisions for risks and accruals
Subsidies and consumers’ contributions
241
506
2,311
978
27,326
11,115
(303)
(408)
(62,771)
(81,950)
(63,074)
(82,358)
Deferred tax liabilities net
(35,748)
(71,243)
Others
Gross deferred tax receivables
Loans’ expenses
Revaluation of fixed assets & difference of depreciations of tangible &
intangible assets
Deferred taxes are attributable to the following items as analyzed below:
Revaluation of fixed assets & difference of depreciations of tangible &
intangible assets
Impairment of trade & other receivables
Impairment of reserves
Subsidies and consumers’ contributions
Loans’ expenses
Other provisions for risks and accruals
53
1/1- 31/12/2012
1/1- 31/12/2011
4,572
5,077
(8,850)
(186)
(139)
16
265
219
(105)
(131)
(6,154)
4,458
Others
(1,334)
-
TOTAL
(11,745)
9,453
Deferred taxes are attributable to the net position as analyzed below:
31/12/2012
31/12/2011
Impairment of Fixed Assets
23,750
-
TOTAL
23,750
-
According to IAS 12 (paragraph 47) and IAS 10 (paragraph 22), the change in the tax rate was realized in the beginning of
2013 is a non-adjusting event and therefore current and deferred income tax was calculated using the rate applicable as of
31.12.2012. In case of application of the new tax rate in the temporary difference of 31 December 2012, the deferred tax liability would be increased by €10,724.
13. Tangible Assets
Buildings Technical Works
Land
31 December 2010
-
-
236,695
74,866
8,202
-
Additions
-
-
Depreciations
-
(3,331)
Disposals
-
-
Transfers from contracts in progress
4,063
472
Transfers
1,910
-
-
-
31 December 2011
250,870
72,007
31 December 2011
250,870
72,007
Undertaking of tangible assets by activity transfer from DESMIE
(now LAGIE) from 1 September 2011
-
642
Additions
-
-
Depreciations
-
(3,336)
Undertaking of tangible assets by transmission spin-off
Additional undertaking of tangible assets by transmission spin-off
during the transition
Other movements
54
Disposals
Impairments
(6)
(34,782)
(4,075)
1,011
7,478
Transfers to contractor cost
-
-
Other movements
-
-
31 December 2012
217,099
72,710
31 December 2011
250,870
86,341
-
(14,334)
250,870
72,007
217,099
90,380
-
(17,670)
217,099
72,710
Transfers from contracts in progress
Acquisition cost
Accumulated depreciation
Unamortized balance
31 December 2012
Acquisition value
Accumulated depreciation
Unamortized balance
13. Tangible Assets [CONTINUED]
Machinery and
equipment
Transportation
Assets
Furniture and
equipment
Construction in
Progress
Total
-
-
-
-
-
1,147,813
5,412
10,776
186,662
1,662,224
(8,832)
19
84
-
(527)
-
-
-
79,355
79,355
(54,239)
(596)
(2,019)
-
(60,185)
(166)
(13)
(39)
-
(218)
3,391
504
1,507
(9,979)
(42)
647
-
-
(2,557)
-
-
-
-
(2,297)
(2,297)
1,088,614
5,326
10,309
251,184
1,678,310
1,088,614
5,326
10,309
251,184
1,678,310
-
-
254
4,105
5,001
-
-
-
83,675
83,675
(53,674)
(580)
(1,967)
-
(59,557)
-
-
(7)
-
(13)
(79,594)
(157)
(142)
65,152
14
522
(74,931)
(754)
-
-
-
(37,113)
(37,113)
(494)
-
494
(6,225)
(6,225)
1,020,004
4,603
9,463
220,695
1,544,573
1,201,044
6,605
21,739
251,184
1,817,783
(112,430)
(1,279)
(11,430)
-
(139,473)
1,088,614
5,326
10,309
251,184
1,678,310
1,186,108
6,462
22,860
220,695
1,743,604
(166,104)
(1,859)
(13,397)
-
(199,030)
1,020,004
4,603
9,463
220,695
1,544,573
(118,750)
55
13. Tangible Assets [CONTINUED]
Ownership Status of Property: The company is in the process of detailed recording of its real estate and creating a real estate registry in order to register all of its real estate in the competent land registries in order to take ownership titles and
encumbrance certificates. When this procedure is completed, the company shall have strong ownership titles with the
full implementation and operation of the National Cadastre (see Note 30).
Insurance Coverage: The company’s tangible assets are dispersed all over the country and, therefore, the risk of severe
loss is reduced. IPTO SA (as all the companies of the PPC Group) does not have an insurance coverage on its tangible
assets.
Encumbrances on tangible assets: There are no encumbrances on the company’s tangible assets.
Revaluation of tangible fixed assets: On 31 December 2009, PPC proceeded with the revaluation of its operating tangible
fixed assets, as they were on that date and including the fixed assets transferred to the company via the application of
article 98, L.4001/2011 (note 4). The revaluation was carried out by an independent firm of appraisers according to IAS 16.
The contracts in progress were not appraised. The results of the above revaluation were recorded in the books of PPC
on 31 December 2009 (and were therefore transferred in re-adjusted values via the spin-off and transfer of the transmission sector). The previous revaluation was carried out on 31 December 2004.
The method and significant admissions applied by the independent firm of appraisals were the following:
(a) T he company is considered to be the full owner of the total appraised real estate while property, for which the company disclosed to the independent firm of appraisals or it was found out during the appraisals’ inspections that there
are encumbrances, was not a scope of appraisal.
56
(b) The appraisals presumed that for the total real estate, the company has ownership titles, licenses for building facilities and other similar approvals, as required by the Greek legislation.
(c) The majority of real estate appraised was taken as used by the company itself and that the same use is expected
during the rest of their useful life.
(d) For the determination of the Fair Value of the land, buildings and the other equipment, the Market Approach by professional appraisals was applied (documentation based on the market’s conditions). In special-use buildings, machines and technical projects, the determination of the fair value was based on the Cost Approach, and, in particular,
the undepreciated replacement cost, in the framework of which the necessary revaluation was carried out so as to
reflect their physical, operational and economic depreciation.
(e) The economic depreciation was determined by the appraisal applying the method of proceeds with the help of the
analysis of cash flow discounting. The economic depreciation was respectively distributed to the tangible fixed assets appraised based on the Cost approach, as stipulated in the International Appraisal Standards.
(f) Possible additional charges for gas emissions which may arise after the 2008-2012 period were considered that they
will be fully rolled over and recovered via regulated tariffs.
The total revaluation surplus arising from all appraisals carried out by PPC in the past related to the tangible assets assumed by the company in the framework of the transmission sector spin-off and transfer from PPC to IPTO SA comes up
at €737,300 (net from deferred taxes amounting to €184,325) and was acknowledged in the rest total income of the company. Furthermore, in the spin-off transitional period (period between 1 January 2011 to 30 November 2011), more fixed assets were assumed whose revaluation surplus comes up at €5,411 (net from deferred taxes amounting to €1,352) which
was also acknowledged in the remaining total income of the company.
Regulated Annual Transmission Consideration for 2011 and 2012
On 31 December 2010, the Annual Cost budget and the Unit Use Charge of the Transmission System were approved with
corresponding Ministerial Decisions. RAE, with its relevant opinions to the Ministry of Environment, Energy and Climate
Change, deemed advisable not to include in the unit charge for 2012 the surplus arising from the revaluation of the operating fixed assets of the Transmission activity, carried out by an independent appraisals’ company on 31 December
2009 based on the International Appraisal Standards and IFRS. The rationale of the opinion mentions that the above was
deemed advisable for reasons of consumer’s protection from significant and non-linear changes in the charges related to
electricity supply activities. The surplus recognized on 31 December 2009 came up at 340.5 million Euros. The above position is different from the to date practice of RAE, which for the calculation of the Annual Transmission Consideration of the
Transmission System took into account the results of the revaluation of the fixed assets both for 2000 as well as for 2004.
Following the above, the Company proceeded with a recoverability audit, according to IAS 36, of the undepreciated value of
the fixed assets of the Transmission activity on 31 December 2012, due to the decrease in the proceeds as a result of not
including the revaluation surplus in the unit charge.
The recoverable amount of the fixed assets of the Transmission activity (then a cash generating unit of PPC) was determined based on the Value in Use method. The Value in Use was calculated using estimations of future cash flows of the
transmission activity which were projected for a period of five years in the beginning and then perpetually. For the determination the following were used:
» Budgetary operating profit margins and EBITDA based on the historical data of the last years adjusted to also take into account the expected profitability changes
» Time preference rates based on the data of the transmission activity in order to determine the value of its future cash
flows
The key admissions used are consistent with independent outside sources of information. The results of the impairment
test on 31 December 2012 showed that the impairment loss for the fixed assets of the transmission activity amounted to
118,750 Euros, offsetting the surplus from previous revaluations while the net value of 95,000 Euros directly burdened the
other total income of the Company decreasing the revaluation reserve of fixed assets created in previous fiscal years.
In the framework of its competences regarding the approval of the Annual Cost of the Transmission activities and the
framework of re-examining the calculation methodology of the Annual Rent for the Networks, in 2011, RAE though it was
necessary to further analyze the parameters comprising the Annual Cost of the Transmission System. For this reason,
it proceeded with a further assessment study of the above appraisal of the value of PPC tangible fixed assets by an independent fir of appraisals based on the International Appraisal Standards and the IFRS, with 31 December 2009 as the reporting date. Furthermore, it deemed necessary to proceed with a further stud yof the calculation of fair return, as a parameter of calculating the allowable revenue of regulated networks. RAE with its decision, No 1016/20.12.2011, deemed
advisable to retain the system use charges at the level of charges approved with the relevant ministerial decisions for 2011
(GG B 2094/31.12.2010 & GG Β 45/24.01.2011).
57
14. Intangible Assets
The value of the software is analyzed as follows:
31 December 2010
Acquisition value
-
Accumulated depreciations
-
NET VALUE
-
31 December 2011
Acquisition value
1,211
(1,099)
NET VALUE
112
31 December 2012
58
Acquisition value
6,431
(5,769)
662
NET VALUE
The net value of intangible assets assumed in the framework of the transfer of DESMIE SA sector to IPTO SA comes up
at €635, while, within the fiscal year ended 31 December 2012, the additions amounted to €753, and the depreciations to
€788.
15. Transactions and balances with related parties
The balances (receivables and liabilities) with related parties on 31 December 2012 and 2011 are as follows:
31 December 2012
Receivables
PPC SA
DEDDIE SA
PPC Renewables SA
31 December 2011
(Liabilities)
787,475
(261,207)
9,926
(2,981)
(5)
797,396
Receivables
(Liabilities)
-
(198)
(20)
175
(20)
(264,208)
175
(218)
The transactions (invoiced to and invoiced from) with related parties for the fiscal year ended 31 December 2012 and 2011
are as follows:
2012
Revenues
PPC SA
DEDDIE SA
2011
Expenses
Revenues
1,828,153
(577,911)
12,323
(12,341)
26
1,840,502
PPC Renewables SA
Expenses
-
-
-
-
-
590,252
-
-
The Company, in the framework of the usual business activities, carries out transactions with related parties. These transactions are performed under the conditions and terms of the market.
Management fees
The fees of the Management bodies for the fiscal year ended at 31 December 2012 came up to €192 (2011: €123). This
amount includes employers’ contributions but it does not include electricity supply based on PPC personnel tariff. Furthermore, the members of the company’s board of directors received the amount of €64 (2011: 0) as a fee for the period ended
31 December 2012, while the members of the supervisory board set up in 2012 received the amount of €4.
16. Inventory
31/12/2012
Materials, spare parts and consumables
65,991
67,535
96
1,661
(17,228)
(16,371)
48,859
52,825
Advance payments for the purchase of reserves
Provision for value impairment of materials and spare parts
TOTAL
31/12/2011
The movement of the provision for the impairment of materials and spare parts is as follows:
2012
2011
Balance as at beginning
Assuming provision from spin-off
Additional provision
Provision released
BALANCE AS AT END
No encumbrances exist on the company’s reserves.
16,371
16,449
857
-
-
(78)
17,228
16,371
59
17. Trade Receivables
31/12/2012
Receivables from energy customers
531,737
58,746
Receivables from personnel transfer
-
722
Receivables from PPC contracting work
46,462
-
Energy revenues, payable
16,781
-
-
34,922
275
-
595,255
94,390
61,498
-
Minus provision for value impairment of receivables
(44,341)
-
TOTAL
612,412
94,390
Interconnection revenues, receivable
Advance Payment
Total receivables from customers without delay and without value impairment
Total receivables from customers in delay with value impairment
60
31/12/2011
The movement of the provision for value impairment of receivables is as follows:
31/12/2012
31/12/2011
-
-
377
-
Additional provision (note 8)
43,964
-
BALANCE AS AT END
44,341
-
Provision by the spin-off and transfer of transmission sector from DESMIE
The receivables from customers in delay with value impairment mainly include receivables from the customers: Energa
Power Trading SA., Kentor, Electricity Retail Sale SA, Hellas Power SA and Vivid Power, amounting to about 58 million Euros. These receivables derived from the spin-off and transfer of the operation sector of the transmission system from DESMIE (now LAGIE). In this fiscal year, the company’s management proceeded with legal actions for the above debts and
after assessing the possibilities of having a positive outcome for these cases, entered a provision for impairment of abut
42 million Euros.
The increase of receivables from energy customers is mainly due to the assumption of the settlement activity of energy services from the transmission sector as of 1 February 2012 which are not shown on 31 December 2011 in the books
of IPTO.
18. Other Receivables
31/12/2012
Receivables from the Greek State
31/12/2011
484
-
-
8,679
Optical fibre rent
9,383
7,013
Net receivable from PPC for the settlement of transmission sector spin-off
7,691
13,216
514
2,884
-
414
Advance payment of income tax
Receivables from employees
Advance payments
Contracting work receivables, receivable
Others
Total before provisions
11,620
8,824
4,539
38,516
36,745
(932)
(932)
37,584
35,813
Minus provision for doubtful debts
TOTAL
61
The movement in the provision of the value impairment of the other receivables is as follows:
2012
2011
932
-
-
932
Provision released
-
-
932
932
BALANCE AS AT END
19. Cash and Cash Equivalents
31/12/2012
Cash in hand
31/12/2011
5
4
Sight deposits
932
605
Time deposits
29,500
21,000
TOTAL
30,437
21,609
Interest earned on cash at banks and time deposits amount to €2,147 (2011: €20) and are included in the financial income
in the accompanying statement of income (note 10). All cash and cash equivalent are expressed in Euros.
20. Share Capital
On 31 December 2009 and 2010, the company’s share capital amounted to €4,441 comprising 4,440,928 registered shares
of nominal value €1.00 each and as fully paid.
With the decision of the extraordinary general assembly of the company’s shareholders on 7 November 2011, the share
capital increased by €31,924 deriving from the capitalization of the book value of the transferred (to the company) sector of
the General Directorate of Transmission of the Parent Company (PPC) on 1 January 2011 with the issuance of 31,924,671
registered shares of nominal value of €1.00 each.
Following the above, on 31 December 2011, the company’s share capital came up to €36,366 comprising 36,365,599 registered shares of nominal value of €1.00 each and was fully paid.
With the decision of the extraordinary general assembly of the company’s shareholders on 13 January 2012, the share
capital in-creased by €2,078, deriving from the capitalization of the book value of the transferred (to the company) sector of
the Transmission System Operation of DESMIE SA on 31 August 2011 with the issuance of 2,078,594 registered shares of
nominal value of €1.00 each (note 4). Following the above, the company’s share capital on 31 December 2012 amounts to
€38,444 comprising 38,444,193 registered shares of nominal value of €1.00 each.
21. Legal Reserve
Under Greek corporate legislation, companies are required to transfer a 5% of their annual net profit to a legal reserve until
such reserve equals one third of the paid-in share capital. This reserve cannot be distributed through the life of the company. In 2012, the company had a legal reserve of €1,275 (2011: 5,878) and the total of legal reserve, therefore, came up to
€11,205 (2011: €9,930) on 31 December 2012.
62
22. Dividends
Under Greek corporate law, companies are required each year to distribute dividends of at least 35% of after-tax profit, after allowing for the legal reserve. However, with the consent of at least 70% of the Company’s shareholders, a company
may not distribute dividends.
Furthermore, the Greek corporate law requires certain conditions to be met before dividends can be distributed. Specifically, no dividends can be distributed (a) as long as a company’s equity, as reflected in the balance sheet after such distribution will be less than the equity plus non-distributable reserves; and (b) as long as the unamortized balance of pre-operating expenses is higher than the aggregate of distributable reserves plus retained earnings.
The Company’s Board of Directors approved the financial statements of the fiscal year of 2011, on 28 March 2012, and proposed to the Supervisory Board and the Shareholders’ General Meeting the non-distribution of dividends given the uncertainty arising from the non-integration yet of the financial figures contributed by LAGIE SA along with the general uncertainty of the financial environment.
The Supervisory Board decided on 9 May 2012 the distribution of the by law minimum dividend for the fiscal year of 2011.
Therefore, the Board of Directors revised the annual financial statements and included the above decision of the Supervisory Board for distribution of by law minimum dividend, namely the amount of €39,089. The revised annual financial statements were approved by the Company’s Board of Directors on 24 May 2012 and by the Shareholders’ General Meeting on
25 June 2012. The dividend was paid during the fiscal year.
23. Interest Bearing Loans and Borrowings
31/12/2012
31/12/2011
Bank loans
190,344
169,451
Bonds payable
297,500
347,500
(1,514)
(2,040)
486,330
514,911
79,107
29,107
132,500
65,000
(1,171)
(788)
Total
210,436
93,319
Long-term portion
275,894
421,592
Unamortized portion of loan origination fees
Total
Less current portion:
Bank loans
Bonds payable
Unamortized portion of loan origination fees
The total interest expense on total debt for the period ended 31 December 2012 and 2011 is included in the financial expenses in the statements of income (Note 9). The total debt is expressed in Euros. Further analysis of the long-term debt of the
company per type of interest rate is shown below:
31/12/2012
31/12/2011
Bank loans and bonds
Floating rates
347,500
347,500
39,583
50,000
100,761
119,451
487,844
516,951
European Investment Bank
Fixed rates
Floating rates
TOTAL
PPC, the Parent Company, was committed by virtue of the decision of its Board of Directors to provide unconditional guarantees for the majority of the above bank loans, while the loans granted by the European Investment Bank are guaranteed by the Hellenic Republic.
Certain loans and bonds agreements include certain non financial terms the non compliance of which may lead to an event
of default, most important of which are PPC, the Parent Company, should not cease to be a corporation controlled as to at
least 51% by the Greek State, the company’s shareholders composition must not change, company’s credit rating must
not be downgrated. Also, certain loans and bonds include the compliance of financial terms by the guarantor. The annual
principal payments required to be made subsequent to December 31, 2012 are as follows:
63
2012
2011
2013
199,107
94,107
2014
129,107
149,107
2015 – 2017
137,130
235,237
22,500
38,500
487,844
516,951
After 2017
TOTAL
Within 2012, the company replaced two bond loans whose maturity date was in August 2012 and August 2015 and amounted to €15 million and €35 million respectively with an overdraft facility of equal amount with floating interest rate. The overdraft facility is valid until March 2013 and may be renewed. At December 31, 2012, the available short term financing line
amounted to Euro 50 million which was disbursed in full.
Furthermore, in 2012, the company refinanced loans of €100 million with long-term loans of equal amounts with floating
interest rate which mature 2013-2014. All the above loans are guaranteed by PPC, the parent company.
The loan repayments for the period ended 31 December 2012 amounted to €29,107.
24. Post Retirement Benefits
64
Employees and pensioners in all companies of the PPC Group are entitled to supply of energy at reduced tariffs. Such reduced tariffs to pensioners are considered to be retirement obligations and are calculated at the present value of the future retirement benefits deemed to have accrued at end-year based on the employees’ earning retirement benefit rights
steadily through out the working period. The relevant retirement obligations are calculated on the basis of financial and actuarial admissions. Net costs for the period are included in the payroll cost in the statements of income and concern the
present value of the benefits earned in the year reduced by the amount of the benefits offered to the pensioners. The retirement benefit obligations are not funded.
Non recognized profits or losses exceeding 10% of the projected benefit obligation at the beginning of each period are recognized based on the remaining time of work of the employees and is included as a component of the net cost of the benefits. The retirement benefit obligation is not funded.
The results of the actuarial study for the year ended 31 December 2012 are as follows:
2012
2011
ANALYSIS OF NET LIABILITY IN BALANCE SHEET
Present value of unfunded obligations
27,028
26,023
(13,353)
(13,102)
13,675
12,921
237
185
1,249
855
797
238
2,283
1,278
Net liability at the beginning of the year
12,921
13,056
Benefits utilized
(1,529)
(1,413)
2,283
1,278
13,675
12,921
26,023
18,270
237
185
Financial cost
1,249
855
Actuarial (profits) / losses
1,048
8,126
Benefits utilized
(1,529)
(1,413)
Liability, at the end of the year
27,028
26,023
Discount rate
3.8%
4.8%
Average future working life
13.4
14.22
11.9%
10.3%
2.2%
7.6%
0%
0%
Unrecognised net loss
Net liability in Balance Sheet
COMPONENTS OF NET SERVICE COST
Current service cost
Financial cost
Amortization of unrecognised loss
MOVEMENTS DURING THE YEAR IN NET LIABILITY IN BALANCE SHEET
Total expense recognised
Net liability at the end of the year
CHANGE IN BENEFIT OBLIGATION
Liability at the beginning of the year
Current service cost
Weighted average assumptions
Rate of tariff increase per annum
2012
2013 – 2016
2017+
65
25. Provisions
2012
Balance at the beginning of the year
17,385
-
-
22,874
3,680
684
-
(6,173)
21,065
17,385
Undertaking of provision from spin-off
Provision released
BALANCE AT THE END OF THE YEAR
2011
The company is a defendant in a number of cases related to its activities. On 31 December 2012, the total amount claimed
by third parties came up to €80,598 (2011: €70,318), as analyzed below:
1. Claims by Contractors / Suppliers and other Claims: A number of third parties and suppliers / contractors have raised
claims which are either pending in courts or in the middle of arbitration or / and amicable procedures. The total amount
amounts to €41,694 (2011: €42,388). In most of the cases, the company has counterclaims which are not reflected in its
accounting books up to their collection.
2. Cases of Fires and Floods: A number of natural persons have raised claims related to damages which, as they argue,
were caused by fires and floods at the company’s liability. The total amount comes up at €31,713 (2011: €26,158).
66
3. Claims by Employees: Employees of the company have raised claims of €7,191 (2011: €1,822) for benefits and allowances which should have been paid according to them.
A provision has been made for all above amounts coming up to €21,065 (2011: €17,385) on 31 December 2012.
26. Consumers’ Contributions and Subsidies
Consumers’
contributions
Balance at 31 December 2010
Subsidies
Total
-
-
-
17,762
123,125
140,887
-
-
-
(593)
(4,271)
(4,864)
17,169
118,854
136,023
-
3,573
3,573
Transfer to revenues (note 7)
(1,503)
(4,297)
(5,800)
15,666
118,130
133,796
Undertaking of consumers’ contributions
and subsidies from spin-off
Subsidies and contributions received
Transfer to revenues
Undertaking of consumers’ contributions
and subsidies from DESMIE
27. Trade and Other Payables
2012
Energy suppliers
2011
460,769
-
Other suppliers and contractors
25,883
32,214
Advance payments of customers
5,608
1,797
12,126
4,832
Social security fund contributions, payable
3,301
2,677
Other creditors
3,997
7,458
511,684
48,978
Other payable taxes
TOTAL
The increase of liabilities to energy suppliers is mainly due to the assumption of settlement activity of energy services
from then transmission sector on 1 February 2012, which are not reflected in IPTO’s books on 31 December 2011.
28. Accrued and Other Current Liabilities
67
2012
Accrued interest on interest bearing loans and borrowings
2011
2,774
4,309
Deferred interconnection rights
43,258
-
Deferred non-compliance charges
19,037
-
Other revenues of future periods
11,258
-
Payable expenses, energy settlement
49,585
-
-
2,909
6,235
5,771
132,147
12,989
Other payable expenses
Personnel day off and overtime
TOTAL
The increase in the accrued and other liabilities is mainly due to the assumption of the energy service settlement activity
from the transmission sector on 1 February 2012 which are not reflected in IPTO’s books on 31 December 2011.
29. Contracting Cost
The company proceeded in the fiscal year with the recognition of the total income based on IFRS 11 for the construction of
projects of third parties with a total value of €39,053 (see Note 5). The total contracting cost at the end of the fiscal year, 31
December 2012, amounts to €37,113. In 2011, the company had not concluded the necessary contracts for the recognition
of the necessary income and cost based on IFRS 11.
30. Commitments and Contingencies
Ownership of property
Major matters related to the ownership of property of IPTO SA are the following:
1. The Public Power Corporation SA is the legal successor of all assets of the previous legal entity of PPC and, respectively,
IPTO SA is the legal successor in interest of all assets of PPC transmission activity after assuming it via the spin-off and
transfer carried out based on article 98, L.4001/2011. Its assets, in their bigger part, are free of encumbrances. Although
all assets have been legally acquired, the titles on land, plots and buildings are not legally valid and may not be in force
towards third parties until the property is registered in the relevant land registry in the name of PPC and, respectively, of
IPTO SA. PPC and IPTO SA are in the process of conveyance of their property without charge in the relevant land registry, applying a simplified conveyance process. This process has not been completed yet.
2. In a number of cases, expropriated land, as presented in the expropriation statements, differs (in quantitative terms)
with what PPC considers as its property.
68
Environmental obligations
Key parameters that may influence the final level of environmental investment which will be required to be made in the
next decade include the following:
1. The environmental permits related to the national Transmission network, for which the Environmental Impact Study
has been submitted to the Ministry of Environment, Energy and Climate Change, are expected to be issued.
2. During the operation of the Transmission Lines, Substations and High Voltage Centers, there is no electromagnetic radiation but two seperate fields, the electric and the magnetic one. At places where the public or the Company’s personnel might find themselves close to the above lines and substations, the values of those fields are substantially less than
the limits. Those limits were established by the International Commission on Non Ionizing Radiation Protection (ICNIRP)
in collaboration with the World Health Organization (WHO). The above limits have also been transposed in a European Union directive and the Greek legislation. It must be noted, though, that the limits stated in the above regulations for
electric and magnetic fields do not constitute dangerous values but include large safety factors in order to cover some
vagueness due to the limited knowledge about both fields and fulfill the requirement for the prevention of any adverse
impacts.
Construction of underwater line “Polypotamos – Nea Makri”*1
By this project, the transfer of wind power of a total capacity of approximately 400MW from South Evia to Attica, while at
the same time the power supply of East Attica is strengthened. The project is being constructed using submarine cables of150kV, 200 MVA, environmental friendly, buried at approximately one meter under the sea floor. The contract with
the contractor was signed on 14 May 2010 with a construction deadline at the end of June 2013. The project has a budget
amounting to about €74 million and the laying works of the cable started in March 2013.
Cyclades interconnection*2
By this project, the possibility of interconnection of the islands of Syros, Paros, Naxos and Mykonos to the mainland high
voltage interconnected system is given. The islands will be supplied from two points, Lavrio and South Evia through Andros, in order to ensure a reliable and sufficient supply. The project’s declaration was put in public consultation in March
2010 and the project declaration was published in June 2011 with a submission deadline of bids up to mid-October 2011,
which was further extended for January 2012. The tender was declared unsuccessful. The project has been redesigned
with implementation in two phases and an initial budget of about €250 million. The project is expected to be put in public
consultation by the end of March 2013.
Construction of High Voltage Center of Aliveri and interconnection transmission line of 400 kV
The project is related to the interconnection of the new unit of the High Voltage Center of Aliveri and its budget amounts to
€120 million. The construction works were completed in mid-June 2012, while as far as the interconnection transmission
line of 400 kV double circuit of Aliveri with the System is concerned, the overhead parts have been completed and one of
the two subterranean cables. The second subterranean cable will be completed by May 2013.
*1. The laying works of the cable have been completed and the project will be ready for electricity supply before the end of 2013.
*2. The public consultation has been concluded and the project is expected to be promptly declared.
31. Financial Risk Management Policies
The financial risk management is focused on the unpredictability of the financial and non-financial markets and seeks to
minimize adverse effects in the company’s financial position. The company identifies, evaluates and if necessary hedges risk related to its operating activities, while it auctions and revises the relevant policies and procedures in connection
with financial risk management on a periodical basis. Also no transactions of a speculative nature are undertaken by the
company.
Credit Risk
For the trade receivables, the company is exposed to credit risk. In this fiscal year, the Company has assumed the operation of the Transmission System from LAGIE, and the credit risk has significantly been mitigated given that for such activities the company operates as intermediary (collection from participants in order to make payments to participants). The
company, therefore, in order to decrease the credit risk it applies policies of paying debts after collecting the respective receivables. Finally, the company applies in whole the provisions of energy legislation for guarantees by the participants.
Fair Value
The amounts shown in the attached balance sheets for cash and cash equivalents, short-term receivables and liabilities
approach the respecting fair values due to their short-term expiry. The book values of the long-term borrowing approach
their fair value as these loans are in local currency and interest-bearing with floating rates.
Liquidity risk
The liquidity risk is connected with the need to ensure adequate cash flow for the company’s operation and development.
The company manages the liquidity risk by monitoring and programming its cash flows and properly acting so as to ensure sufficient credit lines, and cash deposits while aiming at the extension of the average maturity of its debt and the diversification of its funding sources.
69
The maturities of the main financial liabilities (loan liabilities) not including interest payment are as follows:
31 December 2011
ON
DEMAND
3 months
3 to 12
months
1 to 5 years
>5 years
TOTAL
Overdraft facilities
-
-
-
-
-
-
Interest bearing
loans and
borrowings
-
50
44.1
400.3
22.5
516.9
Total
-
50
44.1
400.3
22.5
516.9
31 December 2012
ON
DEMAND
3 months
3 to 12
months
1 to 5 years
>5 years
TOTAL
Overdraft facilities
-
50
-
-
-
50
Interest bearing
loans and
borrowings
-
50
99.1
288.7
-
437.8
Total
-
100
99.1
288.7
-
487.8
70
Interest rate risk
The company’s principal loan liabilities comprise long-term bank loans. The company does not currently have a hedging
policy of interest rate risks. The main risk arising from managing the loan liabilities is focused on financial results and cash
flows, as a consequence of the fluctuation of interest rates.
The following table demonstrates the sensitivity analysis to
a reasonably possible change in interest rates with all other
variables held constant of the profits before taxes through
the impact on the floating rate borrowings:
Increase / Decrease in
basis points (%)
Effect on profits
before taxes
2012
Εuro
Εuro
+15
-15
(675)
672
2011
Εuro
Εuro
+15
-15
(700)
700
Foreign currency risk
There is a minimum risk from foreign currency changes for the company and is mainly associated with possible material or equipment supply contracts paid in foreign currency.
Evolution of net debt ratio
The company aims at maintaining the net debt ratio at the best possible level compared to the Group it belongs and similar companies at a European level. The net debt / equity ratio is currently as follows:
Long-term debt
Current portion of debt
Short-term borrowings
Minus: cash and cash equivalents
Net debt
Equity
Net debt to equity ratio
2012
275,894
160,436
50,000
(30,437)
455,893
935,929
49%
2011
421,592
93,319
2012
2011
(21,609)
493,302
1,042,434
47%
32. Operating Lease Arrangements
Minimum lease payments under operating leases recognized
at the financial results
1,685
2,101
The company’s outstanding commitments for future minimum lease payments under non-cancellable operating leases
on 31 December 2012 are approximately the current year’s lease expenses which are expected not to significantly change
during the next years. Operating lease payments represent mainly rentals payable by the company for office premises,
machinery, vehicles, furniture, equipment etc.
33. Subsequent Events
There are no subsequent events apart from the ones already disclosed in the above notes which require disclosure or adjustment of the attached financial statements.
71
INDEPENDENT POWER TRANSMISSION
OPERATOR S.A.
Corporate Seat:89 Dyrrachiou Str.
GR 104 43 Athens
Tel: +30 210 5192101
Fax: +30 210 5192324
e-mail: [email protected]
u.r.l.: www.admie.gr
Material Supervision:Strategy & Regulatory Issues
Department IPTO S.A.
Financial &Accounting Services
Publication Supervision:Strategy & Regulatory Issues
Design & Art Supervision: BAK advertising
Copies of the Report are available at :
Strategy & Regulatory Issues Department
Section of Corporate Communications &
Social Responsibility
89 Dyrrachiou Str. - GR 104 43 Athens
Tel: +30 210 5192544
e-mail: [email protected]
INDIPENDENT POWER
TRASMITION OPERATOR
STRATEGY & REGULATORY ISSUES DEPARTMENT
89 Dyrrachiou Str., • 104 43 Athens, Greece
Τηλ.: +30 210 5192101, Fax: +30 210 5192324
www.admie.gr

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