First Quarter 2016 Results

Significant increase of profitability and sales

During the first quarter of 2016, the consolidated sales of GEK TERNA amounted to 281.9 million euro compared to 227.1 million euro in Q1 2015, posting an increase of 24.1%.

EBITDA of GEK TERNA Group amounted to 72 million euro compared to 39.4 million euro in Q1 2015, posting an increase of 82.7%, positively affected from the construction division. Profit before taxes corresponded to 40.7 million euro compared to earnings of 14.5 million euro in Q1 2015, whereas net results after taxes and minority interest settled at earnings of 23.8 million euro compared to earnings of 3.6 million euro in the same period of the previous year.

The total net bank debt settled at 431.8 million euro. The cash reserves at the end of Q1 2016 amounted to 402.6 million euro, whereas the total bank debt accounted for 834.4 million euro.

As regards to the individual activities, in the constructions division the Group's current construction backlog settles at the high level of 2.8 billion euro approximately, strengthening the Group's profitability prospects and the generation of strong cash flows in the following quarters.

Construction turnover for third parties amounted to 232.6 million euro compared to 180.3 million euro in 2015, posting an increase of 29%, whereas EBITDA of the division amounted to 42.7 million euro compared to 10.6 million euro in Q1 2015.

In the real estate division, sales amounted to 1.3 million euro, with the operating EBITDA settling at 0.3 million euro.

In the Concessions division, given the consolidation of almost the entire sector with the equity method, net results amounted to 0.1 million euro compared to 0.8 million euro in 2015. It is noted that in the Concessions division, the Group has undertaken a significant portfolio of three large scale road projects, in two of which (Ionian Road and Central Greece Motorway) the Group's participation will be significantly increased in the following period (the third project refers to the Group's participation in Olympia Odos). In total, the Group will allocate own investment funds of approximately 185 million euro in the above three projects.

In the energy division, the Group's net results settled at earnings of 7.4 million euro versus earnings of 12.5 million euro in Q1 2015.   

Information:        

Investor Relations: Aristotelis Spiliotis, tel + 30 210 6968000, tspiliotis@gekterna.com

Press Office & Public Relations: Konstantinos Lamprou, tel + 30 210 6968000, klamprou@gekterna.com