GEK TERNA Group: 2020 annual results

0


PRESS RELEASE

Athens, April 28, 2021

GEK TERNA Group: 2020 annual results

Increase in operating profitability (adjusted EBITDA)1 to 306.3 million euros with Group sales of 971 million euros

– Reinforcement of the contribution of the Clean Energy and Concessions operating divisions to the Group’s financial results

The backlog of contracts signed and to be signed of the company stands at 3 billion euros

The increase in operating profitability, the continued strengthening of the contribution of the Clean Energy and Concessions operating divisions, as well as the maintenance of a high construction order book are the main characteristics of the financial results of the GEK TERNA Group in 2020.

Despite the deterioration of the global economic situation due to the COVID-19 pandemic, the GEK TERNA Group maintains its financial strength, having succeeded in ensuring the health and safety of its employees. At the same time, the Group has taken all the necessary measures and actions in order to continue the good development of its main commercial activities by regularly implementing its investment plan and also by contributing to the wider efforts to stabilize the economy. Greek and the level of employment.

The consolidated annual financial figures for 2020 of the GEK TERNA Group are as follows:

Summary presentation of the Group’s annual results in 2020

During the year 2020:

• Consolidated sales amounted to 971 million euros compared to 1156 million euros in 2019, while operating profitability (adjusted EBITDA)[1] increased to 306.3 million euros from 285.1 million euros the previous year.

• Profit before tax amounted to € 71.4 million compared to € 77.8 million in 2019 and profit after tax to € 58.1 million compared to € 55.7 million for the year previous.

• Net income after deduction of taxes and minority rights amounted to a profit of 12.5 million euros, compared to a profit of 23.5 million euros in 2019, positively impacted by the sale of the park ‘Mountain Air’ wind power and negatively impacted by secondary Valuation of derivative products and increase in payments linked to financial costs of the Energy operating division due to contracts in force with Tax Equity Investors (TEI) in the United States.

Detailed information on the results of the Group’s main operating divisions

Construction

The main financial figures for the Construction division in 2020 are as follows:

• Revenue amounted to € 525.9 million compared to € 739.1 million in 2019.

• Operating profit (adjusted EBITDA)1 amounted to 19 million euros compared to 16.2 million euros in 2019.

• Operating profit before interest and taxes (ΕΒΙΤ)1 amounted to € 6.9 million compared to € 3.6 million in 2019.

In the construction division, the Group’s signed order book as of 12.31.2020 stands at 1.6 billion euros, maintaining the outlook for healthy construction activity over the following period. At the date of preparation of the financial statements, the contracts signed as well as the new ones to be signed amount to 2.2 billion euros. In addition, with the completion of all procedures necessary for TERNA to be awarded major projects like the Integrated Casino Resort in the Elliniko area, Athens, Greece, where TERNA will undertake 100% of the construction work, the Group’s total order book is expected to reach the level of 3 billion euros.

Electricity from RES

In the renewable energy division, the main financial figures in 2020 are as follows:

• Revenue amounted to 273.4 million euros compared to 237.3 million euros in 2019.

• Operating profit (adjusted EBITDA)1 amounted to 193.9 million euros compared to 176.9 million euros in 2019.

• Operating profit before interest and taxes (ΕΒΙΤ)1 amounted to 127.5 million euros compared to 119.7 million euros in 2019.

In total, TERNA ENERGY Group has more than 1,800 MW in operation, under construction or ready to be built in Greece, the USA, Central and Eastern Europe. More specifically, the Group has installed 728 MW in Greece, 513 MW in the United States and 132 MW in South-Eastern Europe, while it has under construction or ready to build RES installations with a total capacity of 430 MW in Greece and abroad.

Regarding the total installed capacity, TERNA ENERGY aims to reach 3,000 MW in the next five years.

Concessions

In the Concessions operating division, the key financial figures for 2020 are as follows:

• Revenue amounted to 151.3 million euros compared to 187.1 million euros in 2019.

• Operating profit (adjusted EBITDA)1 amounted to 105.3 million euros compared to 103.1 million euros in 2019.

• Operating profit before interest and taxes (ΕΒΙΤ)1 amounted to 44.1 million euros compared to 52 million euros in 2019.

Electricity from thermal energy and electricity trading activity

The Group holds stakes in HERON THERMOELECTRIC (50%) and in HERON II (25%); the two companies are included in the consolidated financial statements using the equity method.

• In the electricity trading operating division, revenue in 2020 amounted to € 37.4 million compared to € 37 million in 2019.

• Operating profit (adjusted EBITDA)1 in 2020 amounted to 0.9 million euros compared to 2.3 million euros in 2019.

• Operating profit before interest and taxes (ΕΒΙΤ)1 in 2020 amounted to 0.4 million euros compared to 5.8 million euros in 2019.

Real Estate / Careers / Industry / Holdings / Other activities

It should be noted that the specific divisions are not included in the main areas of activity of the Group.

The turnover of the Real Estate division amounted to 4.2 million euros compared to 5.2 million euros in 2019. EBITDA including non-cash results (adjusted EBITDA) amounted to 0.3 million euros compared to 0.2 million euros in 2019. The result after tax corresponds to losses of 2.4 million euros, against a profit of 0.3 million euros in 2019.

The turnover of the “Careers / Industry” operating division amounted to 7.1 million euros in 2020, compared to 9.9 million euros in 2019. EBITDA including non-cash results (adjusted EBITDA ) resulted in a loss of 4.1 million euros in 2020 compared to the loss of 4.2 million euros in 2019. The result after tax represents a loss of 16.3 million euros against a loss of 21 million euros in 2019.

Main financial figures of the Group’s statement of financial position at 12.31.2020

With regard to the accounts of the consolidated financial position, the following elements are observed:

The Group’s net indebtedness (cash and cash equivalents less debt) amounted to approximately € 1,317 million as of 12.31.2020 compared to € 1,437 million as of 12.31.2019. This change is mainly due to the reduction in debts of the Energy Division.

The total assets of the Group as of 12.31.2020 amounted to € 4,636 million compared to € 4,309 million as of 12.31.2019.

Information:

Investor Relations: Aristotelis Spiliotis, tel. + 30 210 6968000, [email protected]

Press and public relations office: Danai Kalantidi, tel. + 30 210 6968000, [email protected]

[1] The alternative performance measures (APM) were determined in the annual financial report as at 31.12.2020 and more particularly in note “F” of the management report of the board of directors.



Source link

Leave A Reply

Your email address will not be published.