According to the interim financial statements of 30/09/2006, (IFRS), 9 months results of GEK Group are as follows:
Consolidated sales of GEK reached 217 mio euros, compared to 195 mio euros in the equivalent period of 2005, increased by 11.2%.
EBITDA of GEK Group reached 48.8 mio euros, increased by 8.7% compared to 9 months of 2005. Consolidated profits before tax reached 27.8 mio euros compared to 30.6 mio in 9 months of 2005, reduced by 8.7%.
Net profits after minorities, affected mainly from deferred taxation which impacted positively the results of 9 months of 2005, reached 11.8 mio euros, compared to 19.9 mio in the equivalent period last year, decreased by 40%.
The construction arm of the group, TERNA S.A, is growing, whilst energy operations grow rapidly too contributing 43% of Group?s EBITDA.
GEK''s activity in concessions is intense since apart from the current strong presence in the ownership and operation of parking spaces, the group contests for participation in the large scale motorway concessions which are being tendered, The bid for Central Greece motorway has been already presented, whereas HELLENIC AUTOPISTAS in which GEK participates has been announced as provisional contractor for the construction and operation of Ionian road.
In real estate, profit before tax reached 7.7 mio euros. The returns of the real estate portfolio are satisfactory, whereas the prospects for increased profitability from this activity in the coming years are significant since the investments realized in the broader geographic area during the past few years bear fruits.
Net cash position of the parent company GEK S.A reached 50.8 mio, which is going to be used for the financing of the large scale concessions in which the group participates.
According to the consolidated results of TERNA, sales reached 203,1 mio, increased by 17.7%. EBITDA increased by 33.7%, reaching 38.8 mio compared to 29 mio.
Profit before tax increased by 25.7%, reaching 21.5 mio compared to 17.1 mio in the equivalent period last year.
Net profit after tax and minorities reached 14,4 mio, decreasing by 1%, since in the nine month period of last year there was deferred taxation which positively affected results. It is worth mentioning that 9 month 2006 net profits exceed those that were realised in the full year of 2006.
Construction backlog of the Group is increasing significantly reaching 630 mio in the nine months compared to 400 mio in the beginning of the year whilst the sign for further contacts of 550 mio are anticipated till the end of the year. TERNA''s presence in foreign construction markets is expanding, since apart from the signed projects in the Balkans, the company is positioning successfully in the Middle East market. By the end of the yaear the participation of foreign projects in the backlog will reach 30%.
Installed capacity in renewables reaches 109 MW, whilst more 58 MW of wind parks and 15 MW hydro plants are being built. Moreover, the group operates the first and the only private Greek thermal plant (147 MW).