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DIVIDEND POLICY
Regarding the distribution of dividends, the Board of Directors proposes that no dividend is to be distributed
in 2013.
POST BALANCE SHEET EVENTS
On 25/2/2014, the Ministry of Environment, Energy and Climate Change announced the agreement between
DEPA and Gazprom for the retroactive price discount for gas supplied by the latter, a discount that will be
passed to consumers.
Said discount, according to the announcement, amounts to 15% over current prices and has a retrospective
effect, in accordance with the intergovernmental agreement, from 1/7/2013.
The Group has calculated the positive impact of said discount for 2013 that amounts to approximately € 12mio
for its total gas consumption during the period from 1/7/2013 to 31/12/2013. More specifically, the impact on
Group’s Results and Equity is as follows:
Amounts in mio€
Impact on Group’s Operating Result
12,00
Impact on Group’s Earnings after
8,08
tax and minorities
Equity attributable to Parent’s shareholders
8,08
The final positive impact will be recorded in the Group’s results in 2014 when the retroactive pricing from DEPA
is effected. The period of said retroactive pricing will be from 1/7/2013 until the last date invoiced with the
previous (before the discount) price.
Draft Law ‘ Arrangements for the reorganization of the special account referred to in article 40 of L. 2773/1999
and other provisions»
The draft law proposed arrangements in order to ensure the viability of the renewable energy sources (RES)
support mechanism, aimed at the consolidation of the special account referred to in article 40 of law 2773/1999.
In addition, the recommended settings are intended to help reduce the cost of electricity for final consumers and
the national economy. More specifically, the present draft law consists of three main axes: (a) price adjustment
to converge, as far as possible, the benefits from the RES support mechanism at around the same level for all
categories of producers, therefore being an adjustment that aims, as far as possible, on similar yields between
the several types of investment, b) investor protection taking into account existing financing agreements and c)
new tariffs to compensate producers of electricity from RES and through RES and high efficiency Cogeneration
Plants (HeCoGen), compatible with the requirements of the national electrical system, which will contribute to
reduction of energy costs while at the same time ensuring reasonable returns.
The said draft law was posted on 3 March 2014 and opened to public consultation which was concluded on
March 13, 2014.
In particular, Article 3 of the said draft law includes the following:
1.
Within two (2) months from the entry into force of this law, the RES/HeCoGen producers shall issue a credit
note to provide discount:
