The ELLINIKI TECHNODOMIKI TEB Group released the financial results for the nine month period of 2006 according to the International Financial Reporting Standards (I.F.R.S.).
Consolidated turnover stood in 9M 2006 at Euro 472.6 mil. over Euro 395.2 mil. in the respective period last year, posting an increase of 19.6%.
Construction business unit is still the Group''s main income resource contributing with 84% in consolidated sales, whereas the development of energy and environment business unit is worth mentioning, comprising 10% of consolidated sales.
Consolidated EBITDA stood at Euro 49.3 mil. over Euro 67.1 mil. in 9M 2005 decreased by 26.6%.
Consolidated earnings after taxes marked a slight decrease by 2.5% and stood at Euro 48.2 mil., whereas earnings after taxes and minorities amounted in 9M 2006 to Euro 45.7 mil. over Euro 37 mil. in the respective period last year, marking an increase of 23.5%
Consolidated earnings after tax per share stood at the same level with 2005 and amounted to Euro 0.29.
The retention in the 9M 2006 profits is mainly attributed to the significant expenses made in the current period for claiming new projects and expanding in construction activities abroad. These moves have already been successful and this will start being reflected in the Group''s financial results from the Q4 2006.
More specifically, ELLINIKI TECHNODOMIKI TEB Group signed financing contracts for the project "BLUE CITY Phase Α" in Oman, the construction of which is expected to start in the beginning of 2007. Moreover, AKTOR, a Group subsidiary, within the frame of consolidating its position in the new markets of the Balkans and the Middle East undertook a series of projects of total budget over Euro 200 mil.
In Greece, among others, the Group signed a concession contract for the construction of the Thessaloniki Submerged Road, works of which will begin in the first quarter of 2007. The construction period of the project is 4 years, the concession period is 30 years and the total investment is estimated at Euro 472 mil. The total length of the artery is 6.5 km long, 4 km out of which will be underground.
At the same time, ELLINIKI TECHNODOMIKI TEB Group has been appointed temporary contractor for the project "Μotorway from Corinth-Tripoli -Kalamata and the section from Lefktro - Sparti" and the concession contract is expected to be signed within 2006, while it ensured significant participation in the concession contract of the project "Maliakos-Kleidi section of the PATHE Motorway". Moreover, the Group is actively pursuing another concession contract which regards the Corinth - Patra - Pyrgos - Tsakona highway, for which biddings will be filed on 18/12/2006.
With the new projects undertaken by the Group its backlog is over Euro 3 bil.
With regard to the results of the parent company, sales for 9M 2006 amounted to Euro 4.8 mil. Results before interest, taxes, depreciation and amortization stood negative at Euro 468 th., while the profit before tax amounted to Euro 34.4 mil. Net earnings after tax of the parent company amounted to Euro 33.2 mil.