First Half 2010 Group Financial Figures
The ELLAKTOR Group of companies announces its financial results for the period from 01.01.10 to 30.06.10, in accordance with the International Financial Reporting Standards (I.F.R.S.).
Consolidated turnover for the period from 01.01.10 to 30.06.10, is 920.36 million euro compared to 1,102.51 million euro in the corresponding period of 2009, decreased by 16.52%.
Consolidated earnings before interest and tax (EBIT) for the period from 01.01.10 to 30.06.10, is 87.26 million euro, compared to 120.20 million euro for the corresponding period of 2009, decreased by 27.40%. Consolidated earnings before interest, tax, depreciation and amortization (EBITDA) amount to 144.74 million euro compared to 169.35 million euro for the corresponding period of 2009, decreased by 14.54%.
Finally, profit after taxes and minority interests amount to 4.03 million euro, compared to 50.85 million euro last year.
Consolidated profit after tax per share was 0.023 euro compared to 0.294 euro for the corresponding period of 2009.
The current half-year period was a tough one for Greek enterprises. The global financial crisis, in conjunction with the significant challenges facing the Greek economy, has hurt all enterprises including the ELLAKTOR group. This is obvious in the net results, which have been reduced due to the increased tax rates, the extraordinary measures and the extraordinary contribution of 15.7 million euro, which affects in its entirety the profit of the first half of 2010.
As the group is the Greek market leader, it is targeting an increased presence in foreign markets, where it has already been active in the past five years. At the same time, it considers that the stabilization of the investment conditions will create significant investment opportunities, as soon as the necessary growth incentives are provided.
Specifically:
For the first half of 2010, the Group's construction sector (construction and quarries), presented a turnover of 708.44 million euro compared to 860.14 million euro for the corresponding period in 2009, a decrease of 17.64%. Construction operating profit was 18.21 million euro compared to 35.0 million euro for the corresponding period of 2009, a decrease of 47.97% Earnings after tax and the extraordinary contribution of 5.38 million euro, presented a loss of 2.74 million euro compared to 24.38 million euro profit. The group?s backlog of signed contracts remains high, currently standing at 2.8 billion euro, while there are contracts pending for signature in the amount of 40 million euro.
The Concession sector's consolidated revenue for the first half of 2010 was 148.91 million euro compared to 167.25 million euro, decreased by 10.96%, operating profit was 55.0 million euro compared to 79.19 million euro, decreased by 30.55%, and net profit after tax was 17.92 million euro compared to 46.26 million euro, decreased by 61.26%. Earnings are also affected by the extraordinary contribution of 4.43 million euro.
In the Environment sector, turnover for the first half of 2010 was 41.27 million euro compared to 54.48 million euro, decreased by 24.25%, operating profit was 10.14 million euro compared to 8.1 million euro, increased by 25.26% and earnings after tax 3.58 million euro compared to 6.02 million euro, decreased by 40.52%. Earnings are also affected by the extraordinary contribution of 2.26 million euro.
The Wind energy sector consolidated revenue for the first half of 2010 was 11.73 million euro compared to 5.80 million euro, increased by 102.10%, operating profit was 5.66 million euro compared to 2.32 million euro, increased by 144.22%, and net profit after tax 3.27 million euro compared to 1.02 million euro, increased by 220.98%.
The Real estate sector consolidated earnings in the first half of 2010 were 1.67 million euro compared to 2.47 million euro in the corresponding period of last year, decreased by 32.28%, operating result (loss) was 1.30 million euro compared to a loss of 2.88 million euro and loss after tax 1.79 million euro compared to a loss of 2.54 million euro.
There were no sales at parent company level in the first half of 2010 compared to 0.38 million euro in the corresponding period of 2009. Earnings before tax, interest, depreciation and amortization were 1.04 million euro, earnings before tax 12.53 million euro, and net earnings after tax 8.73 million, for the first half of 2010.