The Ellactor Group completed the first half of the year with a strong improvement in its figures at almost all levels, during which it presented a jump in EBITDA by 134% to 117 million euros and a sales increase of 22% to 479 million euros.
In particular, as announced by Ellactor, in the basic financial figures of the first half of 2022:
– €479 million the total turnover of the Group, an increase of 22% on an annual basis
– €126m comparable Earnings before Interest Taxes and Depreciation (EBITDA) for H1 2022, or an increase of 65%. EBITDA reached €117 million, up 134%
– €31 million Profit before taxes (EBT) in the 1st Half of 2022, against losses of €48 million in the corresponding period of 2021
– €12 million Net Profits (NET) against losses of €55 million, in the corresponding period last year
– Net Borrowing: 30.06.2022 at €576 million, on 31.12.2021 €578 million, while net Borrowing for ongoing activities amounted to €367 million.
*The liquidity of the Group amounted to €458 million on 30.06.2022 and €470 million on 31.12.2021.
* Leverage Ratio (Net Debt/annualized comparable EBITDA) at 2.4x (2.6x with LTM comparable EBITDA)
– Positive Operating Cash Flows of €42.3 million for the First Half of 2022, against outflows of €1.2 million in the corresponding period of 2021.
E. Bouloutas: We aim to create stable and long-term value
Commenting on the Financial Results of the 1st Semester 2022, the CEO of ELLAKTOR, Efthymios Bouloutas, stated:
“The financial performance of the first semester of 2022 of ELLAKTOR confirms the new development path of the Group despite the unstable macroeconomic environment.
Following the acquisition offer by MOTOR OIL (GREECE) CORINTH REFINERY SA (MOE) of 75% of the new company, to which the Renewable Energy Sources (RES) sector of ELLAKTOR will be invested and given the positive decision of the extraordinary general assembly ELLAKTOR on 25.08.2022 for the transaction, the activities of the Renewable Energy Sources (RES) sector are now discontinued operations for the Group, in accordance with the application of IFRS 5 standard “Non-current assets held for sale and discontinued operations”. They are, however, presented as part of the Group for purposes of comparability of sizes but also separately for the correct information of the investing public. This transaction is expected to be completed by the end of the year, subject to obtaining the necessary regulatory and other approvals.
The Group reported revenues of €479 million, up 22% compared to the corresponding period last year, of which €426 million is from continuing operations, comparable operating profit (EBITDA) €125.5 million, up 65 %, of which €82.1 pertains to ongoing activities of the Group. Also, pre-tax profits amounted to €30.9 million, of which €5.6 million relate to continuing operations, while net profits for the Group amounted to €12.4 million against losses of €54.5 million in the corresponding period last year, however for continuing operations there were losses of €7.4 million.
It is worth noting that the construction business, whose backlog now stands at €2.8 billion, recorded marginally positive operating profitability for the second consecutive quarter and after many years of accumulated losses.
Despite the unstable international environment and the challenges brought by the energy crisis in all sectors, the ELLAKTOR Group, after the consolidation of its balance sheet, proceeds with steady steps in the implementation of the new business model which includes the drastic reduction of borrowing and development in the main sectors of his activity. We now play a leading role in the developments of the infrastructure sector and aim to create stable and long-term value for shareholders, employees and the Greek economy and society”.
Source: Capital
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