Slight increase in turnover by 3% and significant increase in operating profitability, with EBITDA at € 164.9 million, compared to € 34.4 million in 2020 and an EBITDA margin of 18% versus 4%, the group announced for 2021 of ELLAKTOR.
In particular, o Operations’ Circle of the Group during the year 2021 amounted to € 915.5 million, increased by 2.6% compared to the year 2020 (€ 892.3 million), while in the fourth quarter of 2021, the Turnover increased by 23 , 4%, to € 277.8 million from € 225.2 million in the corresponding period of 2020.
Gross Profit for the year 2021 amounted to € 207.2 million increased by 87.3% compared to 2020 (€ 110.6 million).
THE Operational Profitabilityfor the year 2021, increased significantly, with comparable EBITDA € 191.1 million, ie an increase> 100% compared to the year 2020 (€ 34.4 million).
The Earnings before Taxes, Interest and Depreciation (EBITDA) in the fiscal year 2021, amounted to € 164.9 million compared to € 34.4 million in the previous year. In the fourth quarter of 2021 EBITDA amounted to profits of € 59.8 million compared to losses of € 78.9 million in the corresponding period last year.
The comparable EBITDA margin in fiscal year 2021 stood at 21% compared to 4% in the corresponding period last year, while the EBITDA margin including the forecast of € 26.2 million stood at 18%.
The exploitation results (EBIT) for the year 2021 amounted to profits of € 53.9 million compared to losses of € 76.3 million in the previous year. In the fourth quarter of 2021, EBIT amounted to profits of € 31.8 million compared to losses of € 107.1 million last year.
The results before taxes for the year 2021 was a loss of € 28.6 million compared to a loss of € 149.7 million in the year 2020. On the contrary, the fourth quarter of 2021 was the second consecutive profitable € 11.3 million after 5 loss-making quarters (- € 125, 5 million last year).
The Basic Financial Figures of the Group were as follows:
As the group notes in a relevant announcement, EBITDA in 2021, amounting to € 164.9 million versus € 34.4 million (2020), was positively affected by the improvement of all Sectors, namely:
-construction, which showed an improvement of 52%, drastically reducing losses (EBITDA 2021 – € 75.4 million compared to – € 156.3 million in 2020),
of Concessions by + € 18.7 million, increase of 15% (EBITDA € 142.8 million)
-environment by + € 12.5 million, increase> 100% (EBITDA € 16.7 million)
of RES by + € 11.2 million, increase of 15% (EBITDA € 84.4 million) and
-Land Development & Real Estate by + € 1.9 million, an increase of 45%.
The liquidity of the Group on 31.12.2021 amounted to € 470.4 million compared to € 405.7 million on 31.12.2020 mainly due to, on the one hand, the increase of the share capital of € 120.5 million and on the other hand, the achievement of positive operating cash flows of € 66.7 million
Net borrowing, excluding Morea (loan without reduction € 426 million and deposits € 13 million), amounted to € 577.9 million on 31.12.2021 compared to € 707.1 million on 31.12.2020.
E. Bouloutas: Landmark year in 2021
“2021 was a milestone year for the ELLAKTOR Group. With a new strategic goal, the Group succeeded in highlighting its leading role in the infrastructure sector while at the same time substantially improving its financial performance and competitive position,” said the CEO of ELLAKTO, ELLAKTO Bouloutas commenting on the results of 2021.
“At the same time he recorded Improved financial results with operating profit (EBITDA) and operating profit margin at the highest point of the last 4 years“, noted the CEO of the group and added:” Specifically, the Group presented for 2021 an increase in turnover to € 916 million (+ 3%) and operating profit of € 165 million compared to € 34 million last year . Finally, the Group presented Operating Profit (EBIT) of € 54 million against losses of € 76 million in 2020.
It is noteworthy that after the successful Share Capital Increase of € 120 million, ELLAKTOR recorded positive operating cash flows of € 67 million (compared to losses of € 24 million in 2020), reduced net borrowing to € 578 million and increased available at € 470 million
In the Construction sector, the capital increase of € 99 million, allowed the restart of the projects and the gradual recovery of the turnover, a trend that is evident during the 2nd half of the year. The industry was restructured capitally, drastically reduced its losses at EBITDA level, while it managed to sign a number of new projects with the backlog now amounting to € 2.5 billion.
Finally, sustainable development was placed at the center of the Group’s business activity. We are now a Group with a positive environmental footprint with a production of 1.380GWh of energy from green sources while our activity in renewable energy sources prevented the emission of 2.7m. tonnes of CO2 equivalent.
We believe that in 2021 the foundations were laid for ELLAKTOR to play an essential role in an environment with increased demand for concession projects, renewable energy sources, circular economy and infrastructure and the creation of stable and long-term value for our shareholders “.
See the full announcement in the right column “Related Files”
Source: Capital
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