According to the financial statements of
31/03/2013
, which were prepared in accordance with the International Financial
Reporting Standards, the 1st quarter results of 2013 for the GEK TERNA Group
are as follows:
Consolidated sales of GEK TERNA amount to 142
.
5 million euro compared to 159
.
7 million euro during Q1 of
2012, thus decreased by
10
.
7
% mainly
due to lower sales from the construction segment.
Earnings before interest tax depreciation and amortization (EBITDA) of
the GEK TERNA Group amounted to 28.8 million euro, adjusted for provisions and
non-cash expenses, compared to 28.5 million euro the respective period last
year. Results before tax corresponded to losses of 17.3 million euro compared
to earnings of 2.4 million euro during Q1 of 2012, while net results after
minority interest corresponded to losses of 19.3 million euro, compared to
earnings of 0.3 million euro in 2012, mainly as a result of significant
non-cash provisions for impairment of assets (approximately 14.6 million euro)
as well as high financial costs.
The Group’s total investments during the period amounted to 21.9 million
euro and mainly refer to the Renewable Energy Sources segment and the
Concessions segment.
Total net bank debt amounts to 680.
2
million
euro, decreasing by approximately 11 million euro compared to the previous
quarter, as the Group maintains cash equivalents of 237.7 million euro, while total
bank debt amounts to 917.9 million euro. Total equity amounted to 577 million
euro.
As regards to the individual activities: the Group’s construction backlog
amounts to approximately 3.1 billion euro
and was
significantly reinforced by the recent agreement for the project to construct a
lignite energy production station in Ptolemaida amounting to 1.4 billion euro.
The construction turnover for third parties amounted to 73 million euro
compared to 92.9 million during Q1 of 2012, posting a 21.4% decrease, while adjusted
EBITDA of the segment amounted to 1.2 mil euro compared to 5.8 mil euro the
respective period of 2012.
In the Real Estate segment, sales amounted to 0.6 million euro, remaining
at the same levels as the respective period last year, and resulted in
operating losses before depreciation & amortization of 0.1 million euro.
In the Concessions sector, turnover amounted to 5 million euro compared
to 5.3 million euro during Q1 of 2012,
while operating profit (EBITDA) excluding non-cash results, amounted to 2.5
million euro compared to losses of 2.4 million euro the previous year. Income
from the segment is mainly attributed to the management of the
Ionian Road
project and from the management of car parks.
From the segment of Energy production from thermal sources, income for
the Group amounted to 34.8 mil euro compared to 41.2 mil euro during Q1 of
2012, while operating profit (EBITDA) amounted to 5.9 mil euro compared to 8.3
mil euro during the respective period of the previous year.
In the Renewable Energy Sources (RES) sector, through TERNA ENERGY, a
subsidiary of GEK TERNA S.A., the Group currently operates 508 MW of energy
production facilities from Renewable Sources in
Greece
,
USA
,
Poland
and
Bulgaria
. Moreover, an additional 290 MW are either under
construction or ready for construction, from which 278 MW are in
Greece
and 12 MW in
Poland
.
Income from the production of energy from RES amounted to 28.3 million
euro, compared to 18.6 million euro during the respective period of 2012,
increased by 51.9% while operating profit (EBITDA) amounted to 20.2 mil euro
compared to 12.9 mil euro during Q1 of 2012, posting a 56.5% increase.