H1 2006 results

According to the interim financial statements of 31/03/2006, prepared according to IFRS, financial results of GEK group are as follows: According to interim financial statements of 30/06/2006, prepared according to IFRS, H1 results of GEK group are as follows: The sales of the group reached euro133.5 million compared to euro 119,1 million in the equivalent period of 2005, increased by 12%. The EBITDA reached euro 34.1 million, decreased by 7% compared to last year's first semester, a decrease which is attributed to the increased profitability of real estate activity of last year's period. Profit before tax of GEK group reached euro 19.6 million compared to euro 26,1 million in the first semester of 2005, decreased by 24,7%. Net profit after minorities of GEK group reached euro 7,4 million, against euro 15,1 million in the first half of 2005, decreased by 50,8%. This decline was partly caused by deferred taxation which positively affected financial results during the first half of 2005. Group's construction activity recovers, since the backlog increases,both in Greece and abroad. Energy activity is increasing, since the EBITDA from this activity reached ceuro 13.2 million, increased by 31% compared to first half last year. Energy contributed 38.7% of group's EBITDA. In real estate, profit before tax reached euro 4,9 million, whereas group's investments in this activity are maturing, creating satisfactory returns. Moreover, apart the Greek real estate market, the group has already been successfully positioned in the real estate market of the broader geographic area. Concession activity, apart from the existing active presence of the group in car parks is going to be significantly reinforced in the coming period, through the participation of the Group in the construction and operation of motorways. It is reminded that the group has been declared provisional contractor in the Ionian road project, in co operation with the Spanish FERROVIAL- CINTRA and ACS DRAGADOS. Net cash position of the parent company GEK S.A reached euro57 million, giving the group the necessary liquidity for the financing of investment opportunities. According to consolidated results of TERNA, sales reached euro 123,4 million, increased by 25,4%. EBITDA was increased by 14.4%, reaching euro 26.7 million compared to euro 23,3 million last year. Profit before tax increased by 3%, reaching euro 16.2 million compared to euro 15,8 million last year. Net income after minority rights reached euro 11.4 million, decreasing by 34%, since in last year's period there was deferred taxation which positively affected results. TERNA's backlog at the end of first semester stood at euro 560 million, and it is estimated that it will exceed euro 1 billion by the end of the year after the signing of the contracts for which the group has been declared as the provisional contractor. In the same time, the group expands its presence in the construction markets of the Balkans and the Middle East, already executing 4 big projects in these markets, with a total value of more than euro 200 million. Group's installed capacity in the field of renewable energy sources reaches 109 MW, increased by 41 MW compared to first quarter of 2006, whilst in the next quarters the installed capacity in wind parks is expected to reach 170 MW. In the same time, having the only private gas fired plant in Greece (147 MW), the Group is the largest private producer of electricity in Greece.

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