- Net earnings of 80.4 million euro for shareholders (325% increase)
- 30% increase in profitability on a comparable basIs
- Group investments at 192.8 million euro
According to the financial statements of 30/09/2009, which were prepared in accordance with the International Financial Reporting Standards, the 9-month results of 2009 for the GEK TERNA Group are as follows: Consolidated sales of GEK TERNA amount to 561.6 million euro compared to 455.9 million euro during the 9M of 2008, thus increased by 23.1% mainly due to increased sales from the construction segment.
Earnings before interest tax depreciation and amortization (EBITDA) of the GEK TERNA Group amounted to 65.7 million euro, compared to 64.7 million euro, posting an increase of 1.5% compared to the respective period last year. It is noted that during the previous year, EBITDA from the Real Estate segment amounted to 21.6 million euro, while this year such fell to 1.6 million euro due to the decline of activities in the real estate segment.
Earnings before interest and tax (ΕΒΙΤ) of the Group amounted to 44.9 million euro, compared to 47.1 million in 2008, decreased by 4.8% as a result of the Real Estate activity. Earnings before tax from continued operations posted an increase of 120% and amounted to 98.1 million euro compared to 44.6 million euro during the 9M of 2008, while net earnings after minority interest, amounted to 80.4 million euro, increased by 325% compared to the respective period last year, with the positive effect from the agreement with the French Group GDF SUEZ. On a comparable basis, excluding non-recurring extraordinary results, net earnings for shareholders amount to 24.6 million euro, increased by 30%.
The Group's total investments during the period amounted to 192.8 million euro and are mainly related to the Energy and Concessions segments. Total net debt amounts to 130.6 million euro, as the Group maintains cash & cash equivalents of 510.9 million euro, while total bank debt amounts to 641.5 million euro. Total equity amounted to 765.8 million euro, boosted significantly from the Group's high profitability.
As regards to the individual activities: the Group's construction backlog amounts to approximately 1.8 billion euro, 20% of which corresponds to the Middle East and Balkan markets. The construction turnover for third parties amounted to 492.8 million euro compared to 364.5 million during the 9M of 2008, posting a 35.2% increase, while operating profit (EBIT) of the segment amounted to 30.1 million euro compared to 13.5 million the respective period of 2008, increased by 122%.
In the Real Estate segment, sales amounted to 4.4 million euro compared to 27.1 million the respective period last year. The global crisis demands particularly cautious management in the Real Estate market. The total value of property owned and developed by the Group is about 300 million euro, while its debt leverage is less than 20%.
In the Concessions sector, turnover amounted to 17.6 million euro compared to 17.5 million euro during the 9M of 2008, while operating profit (EBIT) amounted to 0.9 million euro compared to 1.3 million during the respective period last year. Income from the segment is attributed to the management of the Ionian Road project and from the management of car parks. Income from Ionian Road as well as from the Central Greece Motorway is expected to increase significantly as the implementation of the projects proceeds gradually.
From the segment of Energy production from thermal sources, income for the Group amounted to 6.8 million concern the first HERON 1 back-up unit, while earnings before interest, tax, depreciation and amortization (EBITDA) of the segment amounted to 2.2 million euro. The Group's second unit is currently under construction in Viotia (HERON 2 - 435 MW capacity) and is expected to be incorporated in the system in early 2010. It is noted that the Group has already transferred 50% of the two aforementioned thermal units to the Group GDF SUEZ, thus exercising joint management on such.
In the Renewable Energy Sources (RES) sector, TERNA ENERGY, a subsidiary of GEK TERNA S.A., operates 148.6 MW of energy production facilities from Renewable Sources, while an additional 103.5 MW are under construction. Income from the production of energy from RES amounted to 22.8 million euro, increased by 37% while EBITDA amounted to 14.8 million during the 9M of 2009, increased by almost 31.7%.