With a leaping increase in operating profitability by 33% to 323 million euros, the GEK TERNA Group completed in 2021, during which it saw its turnover reach 1.14 billion euros, while the total value of the Group’s investments jumped over 6.5 billion euros.
In particular, as noted by GEK TERNA, the increase in turnover and operating profitability (adjusted EBITDA) are the main characteristics of the financial results from ongoing activities of the Group.
The Group’s investment program continues intensively in all its areas of activity (infrastructure, concessions – PPPs, energy production and storage, circular economy – environmental projects), with the total investments promoted or in which the Group participates to exceed in value 6.5 billion euros (including the projects of the concession of Egnatia Odos and the Integrated Tourist Complex with Casino in Elliniko, where the finalization of their assignment to investment schemes in which GEK TERNA participates is expected).
The consolidated financial figures of the GEK TERNA Group for 2021 are as follows:
– The consolidated sales of the GEK TERNA Group were formed in EUR 1,144.2 millionagainst 892 million euros in 2020, noting increase by 28.3%.
– THE operating profitability (custom EBITDA) was configured in EUR 323.5 millionagainst 242 million euros in 2020, noting increase by 33.7%.
– Τα net results from ongoing activities corresponding to the shareholders were formed in 49.9 million euroscompared to 12.7 million euros in the corresponding period last year.
Detailed results for the main operational areas of activity
Constructions
The main economic figures of the Construction sector in 2021 are as follows:
– The turnover amounted to 600.6 million euros, compared to 525.9 million euros in the corresponding period, recording an increase of 14.2%.
– Operating profitability (adjusted EBITDA) 1 amounted to 52.8 million euros, compared to 19.0 million euros in the corresponding period of 2020.
The signed construction backlog of the Group on 31.12.2021 amounted to approximately 2.5 billion euros. With the addition of the new contracts to be signed, the backlog will reach 4.9 billion euros in the next period. Of this, about 400 million euros come from abroad and the remaining 4.5 billion euros relate to activities in Greece. Of the € 4.5 billion domestic backlog (signed and to be signed), about € 1.7 billion corresponds to public works, while the remaining € 2.8 billion corresponds to private projects or a construction object included in the Group through Concessions / PPP projects in which the Group already has or is going to invest (eg new International Airport of Heraklion, Crete, Integrated Tourist Complex with Casino in Elliniko, Egnatia Odos etc.).
RES electricity from ongoing activities
In the field of energy from RES, the main economic figures (from all the countries of activity of the company) in 2021 are as follows:
– The turnover amounted to 224.4 million euros, compared to 194 million euros in 2020, recording an increase of 15.7%.
– Operating profitability (adjusted EBITDA) 1 amounted to 161.5 million euros, compared to 129.4 million euros in 2020, an increase of 24.8%.
It is worth emphasizing that the investment program of the Sector is evolving smoothly and at an intensive pace, with the aim of the total installed capacity approaching 6.4 GW within the next seven years.
Concessions
In the field of Concessions, the main financial figures for 2021 are as follows:
– Turnover amounted to 173 million euros, compared to 151.3 million euros in the corresponding period of 2020, recording an increase of 14.3%. This increase is mainly due to the increased crossings in the second half of 2021 as a result of the lifting of travel restrictions due to COVID-19.
– Operating profitability (adjusted EBITDA) 1 amounted to 101.8 million euros, compared to 105.5 million euros in the corresponding period of 2020.
The association of persons GEK TERNA – EGIS, was declared Preferred Investor for the concession of the right to use and exploit the Egnatia Odos highway and the three vertical road axes for a period of 35 years, marking the further significant expansion of the portfolio.
In addition, regarding the project of the Integrated Tourist Complex with Casino in Elliniko, it is noted that the procedures for the undertaking of the project in which the Group participates are evolving.
At the same time, the new Master Plan for the new International Airport of Heraklion, Crete in Kastelli was approved.
At the same time, the Group participates in a number of tenders for important concessions and Public & Private Sector Partnerships (PPPs).
Electricity from thermal energy and electricity trading
The Group within the fourth quarter of 2021 became a 100% shareholder of the company HERON II VIOTIA and fully consolidated the results of this quarter.
As a result, the turnover in the operating sector, from the total number of companies operating in it, amounted to 252.6 million euros and the operating profitability (adjusted EBITDA) 1 in 2021 amounted to 33.2 million euros.
The Group within February 2022 became a 100% shareholder of the company HERON ENERGY.
GEK TERNA and MOTOR OIL Group announced on 11.06.2021 their cooperation for the joint development (with a percentage of 50% each) of the new Combined Cycle Station with natural gas fuel, installed with a combined capacity of 877 MW, in VI .ΠΕ. Komotini. This is one of the most important investments in the Greek energy market, amounting to 375 million euros, which will create about 500 jobs during the construction period and 100 during the operating period, significantly contributing to the country’s electricity adequacy. The construction of the unit has been undertaken by TERNA, a 100% subsidiary of the GEK TERNA Group.
Basic data of the Statement of Financial Position of the Group on 31.12.2021
Regarding the sizes of the consolidated Financial Position, the following are observed:
The Group’s Net Debt (loan liabilities less cash) amounted to 1,231.7 million euros on 31.12.2021, compared to 1,317.3 million euros on 31.12.2020. GEK TERNA Group maintains its financial strength with its cash and cash equivalents at the end of 2021 amounting to 1,364.4 million euros.
It is worth noting that the Group’s investments for the year 2021 amounted to 245.6 million euros.
Source: Capital
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