GEK TERNA S.A.
ΤΕΡΝΑ Α.Ε.
First Quarter 2008 Financial Results of GEK and TERNA
According to the interim financial statements of 31/03/2008, compiled in accordance with the International Financial Reporting Standards, the first quarter 2008 financial results of the GEK group are as follows:
Net earnings after minority interest amounted to 13.2 mil. euro, compared to 10.4 mil. euro in the same period of 2007, increased by 25.9%. Consolidated turnover of GEK amounted to 145.2 mil. euro, compared to 95.6 mil. euro in the first quarter of 2007, increased by 51.9%.
Operating earnings (EBITDA) of GEK group amounted to 30.4 mil. euro, edging ahead by 10.5% compared to the same period of last year. Respectively, earnings before tax for GEK group amounted to 22.2 mil. euro compared to 20.8 mil. euro in the first quarter of 2007, increased by 6.7%.
Net cash position of the Group amounted to 57.1 mil. euro.
In Real Estate sector, the activities in the Balkan region are starting paying off as significant projects are under development contributing to Group's profitability. The Group systematically monitors the wider area of South Eastern Europe aiming to expand its activities in this area. Earnings before interest and tax from this activity, in Greece as well as abroad, amounted to 13.7 mil. euro compared to 11.5 mil. euro in the same period of 2007.
In the concessions sector, the concessions of Ionian Road and Central Greece Motorway are expected to significantly contribute to Group's activities, both in cash flows and profitability on a long-term basis.
In the energy sector of thermal sources, the Group started the construction of its second thermoelectric factory in Viotia having a power of 435 MW. The new unit is expected to be included in the system during 2009, while the Company will be preparing a third thermoelectric unit with similar capacity.
Furthermore, in the coming years, Group's installed capacity in factories producing Energy utilizing natural gas is expected to exceed 1,000 MW.
Regarding the consolidated results of TERNA, turnover amounted to 118.6 mil. euro, increased by 42.2% y-o-y. Earnings before interest tax depreciation and amortisation (EBITDA) decreased by 6.7%, amounting to 15.1 mil. euro compared to 16.2 mil. Euro in the previous period. Earnings before tax decreased by 17.9% settling at 8.7 mil. euro, compared to 10.6 mil. euro in the same period of 2007.
Respectively, net earnings after tax and after minority interest amounted to 2.8 mil. euro, decreased by 48% y-o-y.
The construction backlog of TERNA amounts to approximately 2.1 bil. euro of which 1/3 refers to projects taking place in the Middle East and Balkans areas.
In the sector of Renewable Energy Sources (RES), TERNA ENERGY, subsidiary of TERNA SA, operates installations producing power of 118 MW, while within the year a capacity additional 59 MW would become operational. Revenues from RES amounted to 5.5 mil. euro, while operating earnings (EBITDA) exceeded 4 mil. euro in the first quarter of 2008.
Regarding the merger between GEK and TERNA, the procedures are under development and its completion is expected in the fourth quarter of the year.
Net earnings after minority interest amounted to 13.2 mil. euro, compared to 10.4 mil. euro in the same period of 2007, increased by 25.9%. Consolidated turnover of GEK amounted to 145.2 mil. euro, compared to 95.6 mil. euro in the first quarter of 2007, increased by 51.9%.
Operating earnings (EBITDA) of GEK group amounted to 30.4 mil. euro, edging ahead by 10.5% compared to the same period of last year. Respectively, earnings before tax for GEK group amounted to 22.2 mil. euro compared to 20.8 mil. euro in the first quarter of 2007, increased by 6.7%.
Net cash position of the Group amounted to 57.1 mil. euro.
In Real Estate sector, the activities in the Balkan region are starting paying off as significant projects are under development contributing to Group's profitability. The Group systematically monitors the wider area of South Eastern Europe aiming to expand its activities in this area. Earnings before interest and tax from this activity, in Greece as well as abroad, amounted to 13.7 mil. euro compared to 11.5 mil. euro in the same period of 2007.
In the concessions sector, the concessions of Ionian Road and Central Greece Motorway are expected to significantly contribute to Group's activities, both in cash flows and profitability on a long-term basis.
In the energy sector of thermal sources, the Group started the construction of its second thermoelectric factory in Viotia having a power of 435 MW. The new unit is expected to be included in the system during 2009, while the Company will be preparing a third thermoelectric unit with similar capacity.
Furthermore, in the coming years, Group's installed capacity in factories producing Energy utilizing natural gas is expected to exceed 1,000 MW.
Regarding the consolidated results of TERNA, turnover amounted to 118.6 mil. euro, increased by 42.2% y-o-y. Earnings before interest tax depreciation and amortisation (EBITDA) decreased by 6.7%, amounting to 15.1 mil. euro compared to 16.2 mil. Euro in the previous period. Earnings before tax decreased by 17.9% settling at 8.7 mil. euro, compared to 10.6 mil. euro in the same period of 2007.
Respectively, net earnings after tax and after minority interest amounted to 2.8 mil. euro, decreased by 48% y-o-y.
The construction backlog of TERNA amounts to approximately 2.1 bil. euro of which 1/3 refers to projects taking place in the Middle East and Balkans areas.
In the sector of Renewable Energy Sources (RES), TERNA ENERGY, subsidiary of TERNA SA, operates installations producing power of 118 MW, while within the year a capacity additional 59 MW would become operational. Revenues from RES amounted to 5.5 mil. euro, while operating earnings (EBITDA) exceeded 4 mil. euro in the first quarter of 2008.
Regarding the merger between GEK and TERNA, the procedures are under development and its completion is expected in the fourth quarter of the year.