Kifissia, 29 November 2013

PRESS RELEASE

 GROUP FINANCIAL RESULTS - 9M 2013

The ELLAKTOR Group of companies announces its financial results for the period from 1.1.2013 to 30.9.2013, under the International Financial Reporting Standards (IFRS).

Consolidated turnover for the period from 1.1.2013 to 30.9.2013 amounted to €884.5 million, compared to €869.9 million for the same period of 2012, increased by 1.7%.

Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) stood at €159.5 million for the period 1.1.2013 to 30.9.2013. Consolidated results before taxes stood at profits of €42.9 million.  EBITDA profit and earnings before taxes declined by 7.0% and 13.8% respectively compared to the corresponding figures in 2012, taking into account that the 9M 2012 financial figures include extraordinary gains. Excluding extraordinary gains in 9M 2012, EBITDA profit and earnings before taxes in 9M 2013 increased by 4.6% and 39.7% respectively.

Due to obligatory recalculation of deferred taxes as of 31.12.2012 at a rate of 20%, the new tax rate of 26% incurred a one-off €24.9 million cost for the results after taxes which set at a €12.0 million loss. Excluding the deferred taxes recalculation, consolidated results after taxes would be profits of €12.9 million.

Finally, results after taxes and minority rights stood at losses of €16.5 million compared to profits of €9.1 million in the previous year. 

In Q3:2013 (1.7.2013 to 30.9.2013), the Group's consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) stood at €59.6 million, consolidated earnings before interest and taxes (EBIT) at €34.2 million, and profits after taxes at €4.2 million.

Consolidated results after taxes per share stood at losses of €0.096 compared to profits of €0.053 in the same period in 2012.

Specifically:

• The construction segment of the group (construction and quarries) recorded a turnover of €630.1 million in 9M 2013 compared to €608.7 million for the same period in 2012, an increase of 3.5%. Operating results from construction (EBIT) amounted to €14.8 million compared to €16.5 million for the same period in 2012, a decrease of 9.8%. Results after taxes amounted to profits of €4.1 million compared to losses of €2.9 million. The Group's backlog of construction activities remains high, currently standing at €2.8 billion, while there are contracts pending for signature which amount to €390 million.
• The Concessions segment recorded consolidated revenue of €163.9 million in 9M 2013 compared to €179.7 million, down by 8.8%; operating profits of €49.2 million compared to €56.2 million, down by 12.4%; and net results before taxes (losses) of €13.1 million compared to profits of €30.6 million, mainly due to increased deferred taxes.
•  The Environment segment recorded a turnover of €58.9 million in 9M 2013 compared to €53.1 million, up by 10.8%; operating results of €11.8 million compared to €15.1 million, down by €22.0%; and net earnings after taxes of €8.3 million as compared to €11.2 million, down by 25.5%.
• The Wind Farms segment recorded consolidated revenue of €26.6 million in 9M 2013 compared to €22.9 million, up by 16.3%; operating results of €12.1 million compared to €13.1 million, down by 7.5%; and net earnings after taxes of €4.1 million compared to €4.5 million, down by 9.0%.
• The Real Estate Development segment recorded consolidated revenue of €4.1 million in 9M 2013 compared to €4.5 million in the same period last year, decreased by 8.2%; operating results (losses) of €0.7 million compared to losses of €0.1 million; and losses after taxes of €2.6 million compared to losses of €2.2 million.

At parent company level, there were no sales either in 9M 2013 or in the same period in 2012. Earnings before interest, taxes, depreciation and amortization recorded losses of €2.4 million. Results before taxes stood at losses of €11.9 million and results after taxes also stood at losses of €12.1 million.