Kifissia, 29 March 2013

PRESS RELEASE

FY 2012 Group Financial Figures

The ELLAKTOR Group of Companies announces its financial results for the fiscal year 2012, in accordance with the International Financial Reporting Standards (I.F.R.S.).

•  Consolidated turnover amounted in 2012 to €1,232.8 m, compared to €1,204.3 m in 2011, increased by 2.4%.
• Consolidated earnings before interest and taxes (EBIT) stood in 2012 to €114.6 m, compared to €150.8 m in 2011, down by 24%.
•  Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) stood in 2012 at €217.9 m, compared to €256.8 m in 2011, decreased by 15.2%.
• Earnings before taxes stood in 2012 at €57.9 m, compared to €90.1 m in 2011, decreased by 35.7%.
• Earnings after taxes and minority interests stood at €11.8 m, compared to €72.8 m in 2011, decreased by 83.8%.

 Consolidated earnings after taxes per share amounted at €0.068, compared to €0.422 in 2011.

The economic context is characterized by the persisting crisis and the resulting material restriction of the construction activity in Greece, which, jointly with the delay in the implementation of the concessions of the highways, has affected the economic results of the Group during the year 2012. This is why the Group has proceeded to important structural changes aiming at the limitation of the cost and the control of its loans. Thus ELLAKTOR will be in a position to boost its development and consolidate its leading position in case of a probable amelioration of the economic ambience in Greece.

Specifically:

• The Group's construction sector (construction & quarries) presented, in 2012, a turnover amounting to €890.2 m, compared to €830.3 m in the previous year, increased by 7.2%. Operating profits (operating result) of the construction sector stood at €22.8 m, compared to €49.5 m in 2011, decreased by 53.9%, while earnings after taxes stood at €5.5 m, compared to €38 m in 2011, decreased by 85.6%.

Backlog currently stands at €3.1 bn with another ~€785m of projects that remain to be signed. 52% of the backlog regards the projects abroad.

• The concession sector contributed in 2012 €232.9 m in the Group's income, compared to €268.9 m in 2011, decreased by 13.4%. Operating results stood at €70.7 m, compared to €82.4 m in the previous year, decreased by 14.3%. Net earnings after taxes amounted at €37.5 m compared to €40.9 m in 2011, decreased by 8.3%.
• In the environment sector, the turnover amounted in 2012 to €71 m, compared to €73.4 m in 2011, decreased by 3.3%. As regards profitability, the operating results stood at €15.7 m compared to €20.7 m in 2011, thus decreased by 24.2%. Net earnings after taxes stood at €10.2 m compared to €15.2 m in 2011, decreased by 32.5%.

• The wind energy sector presented in 2012 an increase in its turnover by 28.5%, standing at €31.8 m compared to €24.7 m in 2011. All income comes from the operation of wind farms. Operating results increased by 17.5% compared to 2011 and stood at €13.2 m compared to € 11.2 m. Net earnings after taxes stood at €3.8 m compared to €3.5 m in 2011, increased by 7.9%.
• The real estate sector of the Group presented in 2012 income of €5.9 m compared to €2.9 m in 2011, increased by 100% and losses after taxes of €5.5 m compared to losses €3.9 m in the previous year. 

On a parent Company level, turnover in 2012 stood at €0.2 m, compared to 0.7 m in 2011. Results before taxes, interest, depreciation and amortization amounted at losses €0.8 m, compared to profits €2.3 m, while losses before taxes stood at €16.3 m compared to losses of €9.9 m in the previous year. The company presented net losses after taxes of €16.4 m compared to losses of €10.4 m in the previous year, and losses per share amounting to €0.095.

The Board of Directors of the Company will propose to the Annual Ordinary General Shareholders' Meeting not to distribute dividends for 2012.