TERNA Energy, a subsidiary of the GEK TERNA Group, posted a significant increase in revenues and profitability during 2008.
Specifically, the company's net earnings after the deduction of minority interest, amounted to 23.9 million euro compared to 14.3 million euro in 2007, posting an increase of 67.1%.
The company's consolidated sales also increased by 22.6% and amounted to 73.7 million euro, compared to 60.2 million in 2007.
Earnings before taxes amounted to 32.1 million euro compared to 18.8 million euro in 2007, presenting an increase of 70.7%. Earnings before interest tax depreciation and amortization (EBITDA) amounted to 26.9 million euro, increased by 6.7% compared to the previous year, while Earnings before interest and tax (ΕΒΙΤ) amounted to 21.9 million euro, increased by 6.8%.
Cash flows from operating activities amounted to 21 million euro, while the company's net cash position amounts to 136 million euro.
TERNA ENERGY has commission nine (9) wind parks with a total capacity of 142 MW and a small hydroelectric project of 6.5 MW, while in the next period an additional 28.5 MW of installed RES facilities are expected to be commissioned in Greece.
The company has secured licenses for additional 565 MW of wind parks and 112 MW of hydroelectric projects, while it has submitted requests for production licenses that exceed 2380 MW.
The Zone Plan for RES in Greece in now in effect, a fact that in the mid-term constitutes a catalyst for the sector. However in the short-term, it triggers delays in the completion of licensing of RES installations, till the authorities review the compatibility of all current licenses with the Zone Plan. As a result, it is estimated that the target for 450 MW in installed wind parks by the end of 2009 drifts in time and can be achieved in the second half of 2010.
At the same time, TERNA ENERGY continues its effort to expand its activities outside of Greece, mainly in the region of South East Europe.