Key figures of the ELLAKTOR Group in H12020
Consolidated revenue of ELLAKTOR Group stood at €438m in H1’2020 compared to €705m in H1’2019, decreased by 38% (or €267m). The decrease was mainly due to Construction, as revenue in this segment decreased by €265m (from €521m to €257m). Concessions recorded a decrease in revenue of €27m (from €118m to €91m), whereas revenue in the other segments increased or remained unchanged compared to H1 2019.
Cost of sales for the Group (excluding depreciation) stood at €331m in H1’2020, compared to €570m in H1’2019, a decrease of 42%.
Gross profit (excluding depreciation) stood at €106m in H1’2020 compared to €136m in H1’2019, decreased by 21% (or €29.1m). This decrease was mainly due to Concessions, which recorded a decrease by €25.2m due to the impact of the measures against the spread of COVID-19, but it was partially offset by the improvement in gross profit in Renewables, which recorded an increase by €10.1m.
Administrative expenses (excluding depreciation) stood at €32.2m in H1’2020 compared to €31.8m in H1’2019, increased marginally by 1.2%. Administrative expenses in H1’2020 included restructuring costs for Construction, amounting to €4.8m. Excluding these costs, administrative expenses stood at €27.3m in H1’2020, decreased by 14% compared to H1’2019.
Selling expenses (excluding depreciation) stood at €1.9m in H1’2020 compared to €2.2m in H1’2019, decreased by 12%.
Other income (excluding depreciation) and other profit/loss stood at €5.3m and -€5.3m (including non-recurring item with negative impact of €5.2m due to the impairment loss from sale of non-operating asset), compared to €10.1 m and €0.5 m in H1 2019.
Adjusted EBITDA stood at €82,3m in H1’2020 (or €72.3m including €4.8m of restructuring costs and €5.2m impairment of non-operating property for sale) compared to €112.2m in H1’2019, decreased by 27% which was mainly due to Concessions (€53.0m in H1’2020 compared to €79.6m in H1’2019).
The adjusted EBITDA margin improved to 18.8% in H1’2020 compared to 15.2% in H1’2019.
Depreciation and amortization stood at €52.4m in H1’2020 compared to €50.6m in H1’2019.
EBIT stood at €19.9m in H1’2020 compared to €61.6m in H1’2019.
At profit before tax level the Group recorded losses of €21.2m compared to profit of €29.4m in H1’2019, and in terms of profit after taxes and minority rights the Group recorded losses of €37.5m compared to losses of €8.4m in the corresponding period of 2019.
Total assets stood at €2,988m as at 30 June 2020 compared to €3,056m at 31 December 2019, a decrease of 2.2%.
Cash and other liquid assets decreased to €400m as at 30 June 2020 compared to €463m at 31 December 2019, mainly due to interest expense and distribution of dividends from ATTIKI ODOS.
Total borrowings stood at €1,543m on 30 June 2020 compared to €1,491m on 31 December 2019. The increase was mainly due to the successful issuance and placement of bonds with face value of €70m in January 2020, with an interest rate of 6.375%, and maturing in December 2024.
Net debt stood at €1,143m as at 30 June 2020 compared to €1,028m on 31 December 2019, with a net debt to EBITDA ratio of 6.9x (calculated on the annualized adjusted EBITDA of H1’2020).
Group total equity stood at €484m as at 30 June 2020, compared to €533m at 31 December 2019, decreased by €49m. The decrease was mainly due to losses after taxes. Equity attributable to shareholders stood at €380m compared to €414m on 31 December 2019, decreased by €34m.
Performance per segment in H12020
Revenues in Construction stood at €257m in H1’2020, decreased by 51% (or €265m) compared to €521m in H1’2019, mainly due to reduced construction activity, as the Group has decided to focus geographically on Greece and Romania.
Adjusted EBITDA in the Construction stood at -€12.1m in H1’2020 (or -€17.3m including impairment of non-operating property for sale) compared to €3.2m in H1’2019.
Losses before taxes stood at €28.2m in H1’2020 vs to losses of €7.5m in H1’2019.
Profit & Loss of H1’2020 does not include a profit of €6.9m from the sale of Hellas Gold which has been recorded in Other Comprehensive Income in Q2’2020.
AKTOR and its subsidiaries’ backlog amounted to €1.3b, of which €326m were signed in 2020. In addition, projects worth a further €587m have been secured the contracts for which are expected to be signed (total backlog of €1.9b)
The restructuring plan for Construction will generate an upside of more than €100m between 2020-2023. Of this, ~€30m will be generated through reduced cost of sales from the new Group Procurement office; €32m from reduced HR costs; and about €38m from the sale of non-operating assets and collection of old receivables.
Revenue in Concessions stood at €91.1m in H1’2020, decreased by 23%, compared to revenue of €118.1m in the corresponding period of 2019. Reduced revenue in H1’2020 is due to the drop in traffic as a result of government restrictions due to the COVID-19 pandemic (ATTIKI ODOS -26%; MOREAS -30%).
There have been clear and encouraging signs of rebounding traffic in ATTIKI ODOS since early May, when the gradual lifting of restrictions began. After a decrease of 72% in April, vehicle traffic followed a continuous upward trend, reaching -16% in June, -9% in July and finally -6% in August.
EBITDA in Concession stood at €53.0m, a decrease of 33% compared to €79.6m in H1’2019.
Profit before taxes stood at €4.4m in H12020 compared to €33.1m in H1 2019 (-87%).
Revenues in RES stood at €45.1m in H1’2020 compared to €33.1m in H1’2019, increased by 36% as a result of the increased installed capacity.
EBITDA in RES stood at €36.6m in H1’2020 compared to €26.3m in H1’2019, increased by 39% also as a result of the increased installed capacity.
PBT stood at €20.1m in H1’2020 compared to €14.2m in H1’2019 (+41%).
Installed capacity stands at 491 MW as of on 30 June 2020, while an additional 88 MW is under construction.