The state electrical company DEI announced today that in 2013 it had losses to the tune of 225.3 million euros, while in 2012 it made 41.8 million euros in profit, after taxes. The financial results are affected by the delayed 228.3 million euro tax that is related to the sale of the Independent Power Transmission Operator (ADMIE).
The company’s earnings before interest, taxes, depreciation and amortization (EBITDA) were reduced by 12% compared to 2012 and amounted to 881.6 million euros, compared to 1 billion euros in 2012, with the EBITDA margin decreasing to 14.8%, from 16.7% in 2012.
DEI’s turnover was 5.97 billion euros, compared to 5.98 billion euros in 2012. Revenue from the sale of electrical energy marginally increased to 5.76 billion euros, from 5.71 billion euros in 2012.
This development is attributed to the fact that the tariff increases that came into effect in 2013 were offset by the reduction of overall sales due to decreased demand, as well as the negative impact of the permanent arbitrator’s ruling on the electrical supply towards the Aluminium S.A.
The company’s president and managing director Arthuros Zervos pointed out that the divs for 2013 do not include the retroactive effect of the recent deal between DEPA and Gazprom for cheaper natural gas. Mr. Zervos also stressed that despite the overall state of the Greek economy, DEI continued with its investment program.
