Considerable Improvement in Financial Figures for 2007
ELLINIKI TECHNODOMIKI TEB Group of companies announced its financial results for FY2007 in accordance with International Financial Reporting Standards (I.F.R.S.).
Consolidated turnover for FY2007 reached 914.7 million euros compared to 717.6 million euros in 2006, increased by 27.5%.
Consolidated earnings before interest and tax (EBIT) for FY2007 amounted to 80.8 million euros, over 52,1 million euros in 2006, showing an increase of 55,1%. Consolidated EBITDA for FY2007 reached 108.3 million euros, a 52% increase compared to 71.3 million euros in 2006.
Profit after tax for the Group rose by 174.6%, amounting to 138.9 million euros, while profit after tax and minority interests for FY2007 stood at 130 million euros compared with 47.5 million euros in 2006, increased by 173.7%.
Consolidated profit per share after tax reached 0.81 euros, over 0.30 euros in 2006.
More specifically:
The Group's construction sector for 2007 presented a turnover of 764.2 million euros, operating profit of 34.1 million euros and net profit after tax of 19.9 million euros. Perspectives for the construction sector in the future are rather positive. In the Greek market, the big Public Private Partnership (PPP) projects where AKTOR holds a leading role are already under construction. Furthermore, AKTOR shall claim an important share in the new infrastructure projects that are expected to be announced. Most of these projects will regard motorway network infrastructure. The contribution of foreign operations is also expected to be prominent. The Group?s construction backlog currently exceeds 5 billion euros.
The concessions sector reported for 2007 consolidated turnover of 10.8 million euros, operating profit of 5.5 million euros and net profit after tax of 30.1 million euros. It shall be noted that, with regard to the companies ATTIKI ODOS, ATTIKA DIODIA and ATTIKES DIADROMES, full consolidation for FY2007 was applied only for the last fortnight of 2007, while for the rest of the annual period the aforementioned companies where consolidated under the equity method. This sector?s contribution to the Group's consolidated income is expected to be even higher in the next few years, as the portfolio of concession projects, bearing strong revenues and profits, broadens.
The quarries sector for FY2007 reached a turnover of 23.3 million euros, operating profit of 2.9 million euros and net profit after tax of 1.2 million euros.
Regarding the sector of Energy and Environment, the Group reported for 2007 consolidated turnover of 78.1 million euros, operating profit of 27.0 million euros and net profit after tax of 16.5 million euros. With the strong belief that this particular sector will experience rapid growth and embed considerable value, the Group, over the last years, proceeded to large investments that have already started to pay off. In the renewable energy sources sector, growth has accelerated essentially and an even greater boost is expected due to the enactment of the new land-planning framework concerning renewable energy that has been set forth. In the environment sector, the Group's overall strategy focuses on providing environmentally friendly waste management solutions, covering the whole spectrum of available methods. It is noted that, the issue of waste in Greece has taken great dimensions due to social pressures and the European legislation in effect. Thus, an important number of relative projects to occur is anticipated, in which the Group is set to participate.
The real estate sector reported for the FY2007 consolidated turnover totaling 34.5 million euros, operating profit of 7.4 million euros and net profit after tax of 3.6 million euros. At the moment, the Group places great importance on the completion of the undertaken actions regarding the property in Kantza and Gyalou as well as on the development of the newly acquired property in Greece and Romania.
On a parent company level, turnover for FY 2007 amounted to 3.4 million euros, over 6.6 million euros in 2006, down by 48.5%. Earnings before interest, tax, depreciation and amortization reached 10.5 million euros, while profits before tax rose 14% to 40.3 million euros. Net profit after tax were higher by 15.7%, that is 36 million euros in 2007 over 31.1 million euros in 2006. Finally, per share profit after tax stood at 0.23 euros, over 0.20 euros in 2006.
The management of the company shall propose to the General Shareholders' Meeting a dividend distribution of 0.18 euros per share for FY2007.