The ELLAKTOR Group of companies announces its financial results for the period from 01.01.2014 to 30.09.2014, in accordance with the International Financial Reporting Standards (I.F.R.S.).

Consolidated turnover for the period from 1.1.2014 to 30.9.2014 amounted to €1,080.5 million, compared to €884 million for the corresponding period of 2013, increased by 22.2%.

Consolidated earnings before interest and taxes (EBIT) for the period from 01.01.2014 to 30.09.2014 amounted to €55.6 million. However, they include (a) transfer to the impairment results of €45.6 million (from reserves) due to the prolonged reduction in the fair value of the Group's holding in mining companies, which was disclosed in the second quarter of 2014, and (b) approved compensations and other non-recurring income amounting to €12.4 million for a concession project. If we left out the abovementioned impairment of a holding and the compensation/other income, the operating results for the 9-month period of 2014 would amount to €88.8 million, increased by 5.9% compared to the operating earnings of €83.9 for the corresponding period of the previous fiscal year.

Respectively, consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to €134.6 million, and, after being adjusted for the impairment of a holding and compensation/other income, would amount to €167.8 million, increased by 5.6% compared to 158.9 million for the corresponding period of 2013.

Due to the abovementioned impairment of a holding in mining companies, consolidated results before taxes amounted to earnings of €6.2 million, and after taxes to losses of €13.4 million. Finally, consolidated results after taxes and minority rights amounted to losses of €29.3 million compared to losses of €16.5 million in the corresponding period of 2013.

Consolidated results after taxes per share amounted to losses of €0.170 compared to losses of €0.096 for the corresponding period of 2013.

In particular:

• The construction segment of the group (construction and quarries) recorded a turnover of €808.8 million in the 9-month period 2014 compared to €629,7 million for the respective period in 2013, an increase of 28.4%. Operating results from the construction segment amounted to losses of € 25 million after being adjusted for the impairment of a holding in mining companies, would amount to profits of 20.5 € million, increased by 38 % compared to profits of €14.9 million for the corresponding  period in 2013. Results after taxes amounted to losses of €35.5 million due to the above impairment of a holding. Adjusted results after taxes would amount to profits of €10.1 million.

The Group's backlog of construction activities remains high, currently standing at €3.8 billion, while there are contracts pending for signature amounting to €565 million.

• In the Concessions segment, consolidated earnings amounted to €153.1 million in the 9-month period of 2014, reduced by 6.6%, compared to €163.9 million for the corresponding period in 2013. Operating results amounted to €57.2 million, increased by 16.3% compared to €49.2 million for the same period last year. However they include an approved compensation and other non-recurring income of 12.4 million for a concession project. If we left out the above compensation/other income, operating earnings would amount to €44.8 million. Earnings after taxes amounted to profits of €20.9 million, compared to losses of €13.1 million in the 9-month period of 2013.
•  In the Environment segment, turnover amounted to €90.4 million in the first 9-month period of 2014, increased by 53.6% compared to €58.9 million for the corresponding period of 2013. Operating results amounted to €16.8 million, increased by 42.8% compared to €11.8 and earnings after taxes amounted to €12.5 million, increased by 50.7% compared to €8.3 million.
• In the Wind Farm segment, consolidated earnings amounted to €23 million in the 9-month period of 2014, reduced by 13.7% compared to €26.6 million for the corresponding period in 2013 due to the poorer wind conditions that occurred. Therefore, operating results amounted to €9.1 million compared to €12.1 million, and earnings after taxes amounted to €2.3 million compared to €4.1 million.
• In the Real Estate Development segment, consolidated earnings amounted to €4.6 million in the 9-month period of 2014, increased by 12.4% compared to €4.1 million in the corresponding period last year; operating results amounted to profits of €0.3 million compared to losses of €0.7 million; and losses after taxes amounted to €1.3 million compared to losses of €2.6 million.

The net borrowings of the Group as at 30.09.2014 stood at €386,6 million, compared to €355.3 at 31.12.2013.

At parent company level, there were no sales either in the 9-month period of 2014 or in the corresponding period in 2013. Results before interest, taxes, depreciation and amortization (EBITDA) amounted to losses of €0.6 million compared to losses of €2.4 million; results before taxes amounted to losses of €3.2 million compared to losses of €11.9 million; and results after taxes amounted to losses of €3.2 million compared to losses of €12.1 million for the corresponding period of 2013.