Terna Energy posts 34% net profit increase for 2014

Terna Energy, a subsidiary of the GEK Terna group, has posted consolidated sales of 158 million euros for 2014, from 139.5 million euros in 2013, a 13.3 percent year-on-year increase.

Energy-sector turnover for the vertically integrated renewable energy source (RES) group reached 122.6 million euros in 2014 from 105.7 million euros a year earlier, a 15.9 percent increase.

The company gradually introduced a further 132 MW in capacity during 2014, bringing the group’s installed and operating capacity total to 640 MW.

Despite the capacity increase, wind-energy production levels were particularly low, the company noted.

Turnover in the group’s constructions division, for projects concerning other companies, reached 35.5 million euros in 2014 from 33.8 million euros in 2013.

The group’s earnings before interest, taxes, depreciation, and amortization (EBITDA) figure reached 74 million euros from 69.9 million euros in 2013, a 5.8 percent year-on-year increase that was attributed to the installed capacity increase, despite the low output by wind-energy facilities.

Earnings before interest and taxes (EBIT) totalled 41.8 million euros in 2014 from 35.7 million euros in 2013, a 17 percent rise. Pretax profit reached 12.1 million euros from 9.8 million euros, a 23.4 percent year-on-year increase. Net profit following minority interests reached 5.5 million euros in 2014 from 4.1 million euros in 2013, a 34 percent year-on-year increase.

The group’s installed capacity in Greece currently stands at 386 MW, slightly over half its total amount of 640 MW. It also maintains installed capacities of 138 MW in the USA, 86 MW in Poland, and 30 MW in Bulgaria.

Overall, the company operates, is currently constructing, or holds permits for a total RES capacity of 885 MW in Europe and the USA.