Terna Energy, a subsidiary of the GEK Terna group, has posted consolidated sales of 135.2 million euros for the nine-month period from 104.1 million euros during the equivalent period a year earlier, a 29.8 percent increase.
The company reported income from electricity production of 99.5 million euros for the nine-month period, up 29.6 percent from the 76.8 million-euro amount posted last year.
Sales from the company’s division of energy trading amounted to 23.4 million euros, while sales from its construction division for third parties reached 12.3 million euros, down from 27.3 million euros posted in the nine-month period of 2014.
The company’s EBITDA amounted to 75.2 million euros compared to 48.2 million euro in the corresponding period of the previous year, a 56 percent increase attributed to the increased installed capacity and higher wind performance that prevailed in Europe during the nine-month period compared to the same period last year.
The ΕΒΙΤ figure amounted to 46.5 million euros compared to 26.3 million euro, up by 76.8% percent. Earnings before tax amounted to 25.2 million euro compared to 5.5 million euro in the 9-month period of 2014, a 358 percent increase. Net earnings after minority interest amounted to 15.8 million euros compared to 3.2 million euro, a 393 percent increase.
Cash flow from operating activities before changes in working capital improved significantly and amounted to 75.8 million euros versus 48.8 million euro in the nine-month period of the previous year. The corporate group’s net debt position (bank debt minus cash & cash equivalents) at the end of the nine-month period 2015 amounted to 260 million euro compared to 254 million euros in the previous period. The group’s investments during the nine-month period of 2015 settled at 40.6 million euro and are expected to accelerate over the last quarter this year.
The total installed capacity of the group accounts for 648 MW. The group has installations of 394 MW in Greece, 138 MW in the USA, 86 MW in Poland and 30 MW in Bulgaria. The group also has RES installations currently under construction or ready for construction with a capacity of 269 MW, in Greece and abroad.
GEK TERNA, the parent company, posted consolidated sales of 666.7 million euros compared to 640.6 million euro in the 9-month period of 2014, an increase of 4.1%.
The corporate group’s EBITDA figure, adjusted for non-cash items, amounted to 92.1 million euros compared to 71.6 million euros in the corresponding period of 2014, an ncrease of 28.6%, positively affected by the RES division. Profit before taxes corresponded to 11.3 million euro compared to profit of 5.5 million euro in the 9-month period of 2014, whereas net results after tax and minority interest settled at losses of 11.9 million euro compared to losses of 3.5 million euro in the corresponding period of the previous year. The group’s total investments during the 9-month period of 2015 amounted to 50.3 million euro and are mainly related to the Renewable Energy division and the Industrial Production of Magnesite division.
The group’s total net bank debt settled at 294 million euro and was lower by 136 million euro in the third quarter of 2015 compared to the second quarter of 2015. The cash reserves at the end of the third quarter of 2015 amounted to 420 million euro, whereas the total bank debt accounted for 714 million euro. Total equity settled at 563 million euro.
As for individual activities, in the construction division the group’s current construction backlog is worth approximately 3 billion euros, strengthening the profitability prospects and strong cash flow to be generated in the upcoming period.
Construction turnover for third parties amounted to 533 million euros compared to 559 million euros in the nine-month period of 2014, posting a decline of 4.6%. EBITDA adjusted for non-cash expenses of the division amounted to 16.3 million euro compared to 26.5 million euro in the corresponding period of 2014, a 38.4 percent decrease.
In the real estate division, sales amounted to 4.5 million euro, with the operating losses before depreciation settling at 2.8 million euro.
In the concessions division, given the consolidation of almost the entire sector under the equity method, net results amounted to 2.4 million euro compared to 5.1 million euro in the 9-month period of 2014. The group’s concessions division has undertaken a significant portfolio of three large scale road projects. The group’s participation in two of these, Ionian Road and the Central Greece Motorway, will be significantly increased in the following period. The group is also involved in the construction of the Olympia Odos road project. Overall, the corporate group will allocate own investment funds of approximately 185 million euro to the aformentioned three projects.