Kifissia, 16 September 2016

PRESS RELEASE

 Group Financial Figures - H1 2016 

The ELLAKTOR Group of companies announces its financial results for the period from 01.01.2016 to 30.06.2016, in accordance with the International Financial Reporting Standards (I.F.R.S.).

Consolidated turnover for the period from 01.01.2016 to 30.06.2016 amounted to €847.5 million, compared to €742.8 million for the same period of 2015, up by 14.1%.

Consolidated earnings before interest and tax (EBIT) for the period from 01.01.2016 to 30.06.2016 stood at €42.2 million, compared to €24.8 million for first half of 2015. It includes however, non recurring income of €12.1 million (restructuring of a concession project), and €9.7 million of impairments in financial assets available for sale. Adjusted for the above figures, operating results (EBIT) would stand at €39.8 million for the first half of 2016 compared to €44.6 million for the same period last year.

Consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) stood at €107.8 million, compared to €79.4 million for the same period of 2015, up by 35.8%.

Consolidated results before taxes for the first half of 2016 amounted to losses of €1.6 million compared to losses of €21.2 million for the same period of 2015.

Finally, consolidated results after taxes amounted to losses of €18.2 million compared to losses of €28.1 million for the same period of 2015; results after taxes and minority interest amounted to losses of €30.9 million compared to losses of €37.0 million for the first half of 2015.

Consolidated results after taxes per share amounted to losses of €0.179 compared to losses of €0.214 for the same period of 2015.

Specifically:

• For the first half of 2016, the Construction segment of the Group (construction and quarries) recorded a turnover of €662.7 million compared to €555.5 million for the same period of 2015, up by 19.3%. Operating results from the construction segment amounted to losses of €19.7 million (including an impairment of financial assets available for sale of €7.7 million) compared to losses of €23.1 million for the same period of 2015 (which include impairments of €19.8 million). Results after taxes amounted to losses of €27.1 million compared to losses of €29.8 million for the same period of 2015.

The Group's backlog of construction activities remains high and stands at €2.8 billion, of which 52.4% corresponds to projects executed abroad, while there are contracts to be singed amounting to €282 million.

• The Concessions segment recorded consolidated income of €112.4 million for the first half of 2016, compared to €101.7 million, up by 10.6%; operating profits amounted to €46.8 million compared to €12.1 million, up by 59.7% (which, however, include extraordinary profit of €12.1 million of a concession project and an impairment of investments of €2 million); profits after tax amounted to €14.5 million compared to €5.2 million for the same period of 2015, up by 178.8%.
• The Environment segment recorded a turnover of €46.7 million for the first half of 2016, compared to €63.0 million, down by 25.8%; operating results amounted to profits of €4.5 million compared to €7.9 million, down by €43.0%; results after taxes amounted to losses €0.8 million compared to profit €5.2 million for the same period of 2015.
• The Wind Parks segment recorded consolidated income of €22.1 million for the first half of 2016, compared to €19.2 million, up by 15.1%; operating results amounted to €11.4 million compared to €10.7 million, up by 6.5%; profits after taxes amounted to €5.8 million compared to €4.7 million for the same period of 2015, up by 23.4%.

• The Real Estate Development segment recorded consolidated income of €3.4 million for the first half of 2016, effectively the same as the previous period of 2015.  Operating results amounted to profits of €0.7 million compared to €0.4 million; results after taxes amounted to losses of €0.4 million compared to losses of €0.8 million for the same period of 2015.

At parent company level, there were no sales either in the first half of 2016 or in the same period of 2015. Results before tax, financing and investing results amounted to losses of €0.2 million compared to losses of €1.0 million for the same period of 2015. Results before taxes amounted to losses of €7.0 million compared to profit of €21.4 million for the same period of 2015, and results after taxes amounted to losses of €7.0 million for the first half of 2016, compared to earnings of 21.2 million for the same period of 2015.