Στο ΠΙ και ΦΙ από τον χώρο του X.A (27/9)- Α’@10:50

ΧΘΕΣΙΝΑ ΔΗΜΟΣΙΕΥΘΕΝΤΑ Α’ 6ΜΗΝΑ 2019

MANOS CHATZIDAKIS – BETA SEC

PPA – ΟΛΠ (H1:19 Results): Pier Ii and III concession revenues up 18.6%, cruise revenues up 14.6% and ship repairs up 41.2%. CAPEX as of 30-06-2019 stood at €49.4mn while personnel expenses amounted to €28mn compared to €28.8mn a year earlier mainly attributed to lower personnel as a result of VRS and normal attrition departures. 

PPA

2018

2019

Y-o-Y

EUR thous.

Η1

Η1

(%)

Sales

63,514

70,600

11.2% 

EBITDA

25,730

31,698

23.2% 

EBITDA Mrg

40.5% 

44.9% 

+439 bps 

Net Income

13,238

15,900

20.1% 

Net Mrg

20.8% 

22.5% 

+168 bps 

***

GEKTERNA (H1:19 Results): GEKTERNA posted a strong set of results fueled by energy and concessions sector performance. Earnings after taxes and minority rights settled at €27.3m vs. €7.9m in the first half of 2018. A conference call is scheduled for Monday September 30 to discuss results. In more details: 

§  Group’s consolidated sales from continued activities decreased, as it was expected and mainly due to the construction division, by 17.1% in the H1:19and settled at €566.4m from €683.2m in 2018 (excluding the intra-group sales).

§  Adjusted EBITDA from continued activities posted a growth of 2.9% reaching €147.3m vs. €143.2m in the corresponding period of 2018.

§  Concessions: Revenues from the concessions division increased by 1.5% in H1:19 to €85.9m vs. €84.6m in the corresponding period of 2018. Adjusted EBITDA amounted to €44.2m from €39.8m in the comparative semi-annual period of 2018. Earnings before taxes settled at €19.1m in the current period compared to €2.0m in the same period of 2018. The Group participates with 100% in the concession companies of Nea Odos (PATHE motorway and Ionia Odos) as well as of Kentriki Odos (Central Greece Motorway), whereas it maintains an equity stake of 17% in Olympia Odos.

§  GEKTERNA said that the higher disposable income of consumers is expected to positively affect the traffic flows in the above concession projects. Moreover, the completion of construction of the south part of Central Greece Motorway (E65) which is expected to occur within 2021 and its connection with PATHE is anticipated to further boost traffic flows and as a result the respective revenues for the Group. The Concession company “International Airport of Heraklion Crete SA” signed the concession agreement with the Greek State on 21/02/2019. The particular agreement has been already ratified and has become a state law. It is noted that after the concession’s commencement date, the participation stakes will be set as follows: TERNA 32.46%, GMR Airports Limited 21.64% and Greek State 45.9%. On March 27th, 2019, the Group via TERNA ENERGY commenced operation of the Urban Solid Waste Processing Plant of Epirus Region with an average annual capacity of 105,000 tons.

§  Constructions Division: Revenues settled at €343.6m in the H1:19vs. €480.5 in the corresponding period of 2018. Adjusted EBITDA amounted to €18.0m vs. €26.5m in the corresponding period of year 2018. Earnings before taxes amounted to €3.9m in the H1:19vs. €19.6m in the corresponding period of 2018.

§  Electric Energy from RES: Revenues amounted to € 111.9m in the H1:19vs. €104.3m in the corresponding period of 2018, posting an increase of 7.3%. Adjusted EBITDA amounted to €86.9m vs. €77.8m in 2018, posting an increase of 11.7%. Earnings before taxes rose by 62.2% to €36.3m from €22.4m in H1:18. The particular increases in revenues and profitability are mainly due to the operation of new wind parks. It is noted that the above results do not include revenues from the wind park Gopher Creek (Fluvanna 2) as well as from the wind park Bearkat, Texas, the installed capacities of which stand at 158MW and 200MW respectively.

§  The Group via its strategic participation in TERNA ENERGY continues to invest in the renewable energy sources possessing an installed capacity of 1,032 MW (as of 30/06/2019) in Greece, USA, Poland and Bulgaria (without accounting for installed capacities of 358 MW set in operation after 30/06/2019).

§  Electricity from Thermal Sources and Electric Energy Trading: The Group participates in HERON THERMOELECTRIC (by 50%) as well as in HERON II (by 25%). Both companies are being consolidated according to the equity method. At the same time, it also maintains separate commercial electricity business the revenues of which amounted to €18.6m vs. €3.8m in the comparative semi-annual period of 2018. The adjusted consolidated earnings before interest, taxes, depreciation and amortization (adjusted EBITDA)1 amounted to €1.8m vs. zero EBITDA in the same period of 2018.

§  Real Estate: Turnover in the real estate division settled at €1.5m vs. €5.0m in the corresponding period of year 2018. Adjusted EBITDA amounted to €0.3m in the current period vs. €2.7m in the comparative period of 2018. The drop in revenues and EBITDA of the particular division was mainly due to the sale of Telus Tower in December 2018. The Group has decided to divest from particular real estate assets and at the same time, it reviews alternative scenarios regarding the utilization of its investment property.

§  Quarries / Industrial Division:  The Group is also active in the magnesite industry, via the subsidiary TERNA MAG SA. The turnover of the particular division settled at €4.7m in the current period vs. €4.8m in the corresponding period of 2018. Adjusted EBITDA settled at the same amount as the respective semi-annual period of 2018, at -€1.2m.

§  Net debt at the end of the H1:19 settled at €1,437m vs. €1,327m (31.12.2018), increased by €110m. It is noted that the above increase was due to the higher investments implemented by the Group. Specifically, in the area of RES (Renewable Energy Sources), the investments amounted to €112.5m. Furthermore, total investments settled at €121.0m during the period under consideration.

Overall a solid set of results with strong contribution of energy sector which seems to support effectively group’s operating performance. 

Segmental Performance

Turnover

EBITDA

Debt

In m Eur.

H1:18

H1:19

Y-o-Y (%)

H1:18

H1:19

Y-o-Y (%)

H1:18

H1:19

Y-o-Y (%)

Construction

480.5

343.6

-28.5% 

26.5

18.0

-32.1% 

-143.1

-44.4

69.0% 

Renewables

104.3

111.9

7.3% 

77.8

86.9

11.7% 

633.4

696.8

10.0% 

Concessions

84.6

85.9

1.5% 

39.8

44.2

11.1% 

633.8

594.9

-6.1% 

Thermal/Trading HP

3.8

18.6

389.5% 

0.0

1.8

-1.7

-2.5

-47.1% 

Mining

4.9

4.8

-2.0% 

-1.3

-1.2

7.7% 

62.4

66.1

5.9% 

Real Estate

5.0

1.6

-68.0% 

2.8

0.3

-89.3% 

48.1

52.4

8.9% 

Holding

0.1

0.1

0.0% 

-2.4

-2.6

-8.3% 

94.6

73.5

-22.3% 

Total

683.2

566.4

-17.1% 

143.2

147.3

2.9% 

1,327.4

1,436.8

8.2% 

Restricted cash

 

 

 

 

 

 

 

-56.7

 

Grants to be returned

 

 

 

 

 

 

 

3.0

 

Adj. Net debt

 

 

 

 

 

 

 

1,383.1

4.2% 

 Conference call details (Monday September 30, 14:30 GR-Time)

  • §  GR : + 30 213 009 6000
  • §  UK : + 44 (0) 800 368 1063
  • §  Intl: + 44 (0) 203 0595872
  • §  US : + 1 516 447 5632 

Other H1:19 results: 

ELASTRON

2018

2019

Y-o-Y

EUR thous.

Η1

Η1

(%)

Sales

53,310

58,100

9.0%

EBITDA

2,196

1,800

-18.0%

EBITDA Mrg

4.1%

3.1%

-102 bps

Net Income

-552

-1,252

-126.9%

Net Mrg

-1.0%

-2.2%

-112 bps

ELTON CHEMICALS

2018

2019

Y-o-Y

EUR thous.

Η1

Η1

(%)

Sales

70,850

67,360

-4.9%

EBITDA

4,500

4,220

-6.2%

EBITDA Mrg

6.4%

6.3%

-9 bps

Net Income

2,492

2,190

-12.1%

Net Mrg

3.5%

3.3%

-27 bps

 

REVOIL

2018

2019

Y-o-Y

2018

2019

Y-o-Y

EUR thous.

Η1

Η1

(%)

Q2

Q2

(%)

Sales

342,509

348,320

1.7%

164,009

161,290

-1.7%

EBITDA

4,105

5,350

30.3%

2,075

2,880

38.8%

EBITDA Mrg

1.2%

1.5%

+34 bps

1.3%

1.8%

+52 bps

Net Income

1,012

1,619

60.0%

Net Mrg

0.3%

0.5%

+17 bps

 

FORTHNET

2018

2019

Y-o-Y

EUR thous.

Η1

Η1

(%)

Sales

143,586

132,476

-7.7%

EBITDA

17,933

17,800

-0.7%

EBITDA Mrg

12.5%

13.4%

+95 bps

Net Income

-17,245

-15,252

11.6%

Net Mrg

-12.0%

-11.5%

+50 bps

 

VIOHALCO

2018

2019

Y-o-Y

EUR thous.

Η1

Η1

(%)

Sales

2,185,828

2,216,000

1.4%

EBITDA

169,297

139,000

-17.9%

EBITDA Mrg

7.7%

6.3%

-147 bps

Net Income

37,688

462

-98.8%

Net Mrg

1.7%

0.0%

-170 bps

 

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