ELLINIKI TECHNODOMIKI TEB Group has published its financial results for FY2006 based on International Financial Reporting Standards.
Consolidated turnover for FY2006 reached 717.6 million euros compared to 581.8 million euros in 2005, posting an increase of 23.3%.
Consolidated EBIT for FY2006 amounted to 51.8 million euros as opposed to 78.5 million euros in 2005, a reduction of 34.0%. Consolidated EBITDA for FY2006 stood at 71 million euros in comparison to 96.8 million euros in 2005, reduced by 26.6%.
Consolidated profits after-tax fell by 31% at 50.6 million euros, while profits after-tax and minority rights stood for FY2006 at 47.5 million euros compared to 61 million euros in 2005, a reduction of 22.1%.
Consolidated per share after-tax profits were reduced to 0.30 euros compared to 0.45 euros/per share in 2005.
More specifically:
For 2006, Group''s construction sector presented a turnover of 610.6 million euros, operating results of 32.7 million euros and net profit of 13.8 million euros. This year was charged with significant capital expenditure regarding strategic goals on behalf of the Group and will have long term beneficial effect. Specifically, the profit reduction in constructions comes, to a great extent, as a result of the cost for developing abroad markets and the undertaking of new projects locally which led to a backlog for AKTOR and its subsidiaries of more than 4 billion euros. Therefore, perspectives in construction for 2007 and 2008 appear positive.
The Quarrying sector presented for FY2006 a turnover of 15.6 million euros, operating profit of 2 million euros and net profit of 1.4 million euros.
Concessions participation in Group''s net profit for FY2006 was 21 million euros. The sector''s contribution in Group''s financial results is expected to increase in the following years mainly due to the expansion of the concession projects'' portfolio. In addition to its involvement in Attiki Odos and Rion - Antirion Bridge, ELTEB obtains important share in the extensive market of new co-funded projects.
Moreover, the merger with break-up of PANTECHNIKI S.A. will lead to the increase of participation in ATTIKI ODOS by 20.1%, and as a result Group will include in its consolidated results the results of ATTIKI ODOS. The aforementioned merger will also result to increased participation by 4.8% in RION - ANTIRION BRIDGE, and increased participation by 13.3% in the Corinth - Tripoli - Kalamata motorway.
The Group will also proceed to the formation of a Concessions Company, subsidiary by 100%, which will assemble all corresponding participations and will incorporate the Group''s know-how in financing and operating projects, in the outlook of anticipated auctions for new concessions in Greece (PPPs) and in Balkans. The Company will participate in Attiki Odos, in the Rion - Antirion Bridge, in the Undersea Tunnel of Thessalonica, in the Corinth - Tripoli - Kalamata motorway, in the Maliakos - Kleidi motorway and in the Elefsina - Corinth - Patras - Pyrgos - Tsakona motorway.
In 2006, the Energy and Environment sector presented consolidated income of 65.1 million euros, operating profit of 12.3 million euros and net profit of 6.8 million euros. Confident that this sector will have leaping progress and will produce great value, the Group has moved on to major investments in recent years, by developing new technologies and expanding abroad, which have already started to pay of.
The Real Estate sector has presented in FY2006 consolidated income of 20.6 million euros, operating profit of 5.4 million euros and net profit of 2.8 million euros. Group gives high consideration to the completion of ongoing procedures regarding estates in Kantza and Yalou, as well as to taking advantage of investment opportunities in the Balkans, and more particularly in Romania.