Ellactor: Revenue increase by 14% in the first quarter – Return to net profitability for the first time since 2019

LAST UPDATE: 10.33

Increased by 14% on an annual basis were the revenues recorded by the Ellactor group in the first quarter of 2022, according to the relevant corporate announcement.

The group’s EBITDA amounted to 67 million euros, with pre-tax profits amounting to 12 million euros, thus marking the third consecutive quarter of profitability for the group.

Net profits reach 7 million euros, the first positive record since the first quarter of 2019.

More detail:

• € 220.2 million the Group Turnover, an increase of 14% on an annual basis

• € 67.3 million comparable Earnings before interest, taxes, depreciation and amortization (EBITDA)(1) for the first quarter of 2022, or an increase of 65%. Excluding the revaluation, EBITDA amounted to € 58.3 million, an increase of 43%

• Margin of comparable EBITDA()at 30.6% compared to 21.2% in the corresponding period last year

• € 30.9 million Operating Profit (EBIT) for the First Quarter 2022,against € 13.2 million in the corresponding period 2021

• € 12.0 million Profit before taxes (EBT) in the first quarter of 2022, third consecutive profit after 5 loss-making quartersagainst losses of € 7.0 million in the corresponding period 2021

• € 14.0 million Net Profit (EBA)(1) against losses of € 9.1 million, in the corresponding period last year. Return to net profitability after 11 consecutive loss-making quarters

• Net Lending(): 31.03.2022 στα € 570.6 million, reduced compared to 31.12.2021 (€ 577.9 million)

• The liquidity of the Group amounted to 31.03.2022 in € 493 million. (including Morea) for € 470 million on 31.12.2021

• The Leverage Ratio (Net Lending(2)/ annualized EBITDA) at 2.5x (2.4x with annual comparable EBITDA)

• Positive Operating Cash Flows height € 40.1 million for the first quarter 2022, against € 5.5 million in the corresponding period 2021.

Commenting on the results, the CEO of ELLAKTOR Efthymios Bouloutas stated:

“The 1st Quarter of 2022, seals the positive course of the Group as it was reflected in the annual results of ’21 and restores ELLAKTOR to net profit for the first time since 2019 (or after 11 loss-making quarters) confirming the strategic goals of management With profit after taxes (1) € 14 million, comparable operating profit (EBITDA) (1) € 67.3 million and with operating profit margin reaching the highest point of the last 4 years reaching 31%, the Group leaves behind a long path of negative results and is on track to achieve our goals for 2022.

It is worth noting that our construction activity, with the outstanding amounting to € 2.6 billion, recorded marginally positive operating profitability after many years of accumulated losses.

It is also noted that, after the participation of Motor Oil Hellas (MOH) with a percentage of 29.9% in the share capital of ELLAKTOR, the Group received an offer from MOH, which expresses its interest in acquiring 75% of a new company, which will be contributed by the Renewable Energy Sources (RES) sector of ELLAKTOR. Following this, ELLAKTOR is in the process of evaluating this offer, while it has commissioned a financial advisor to prepare an opinion on the fairness of the price (fairness opinion).

Despite the challenges of the war in Ukraine and rising inflation, the ELLAKTOR Group, having completed a significant restructuring process, with a new shareholder base, returns to the competitive environment and is ready to play a leading role in infrastructure developments, aiming to create stable long-term value for shareholders, employees and Greek society “.

See in detail the corporate announcement for the results of the first quarter 2022 on the right, in the column Related Archives