IPTO: Net profits in the nine months at 29.5 million euros

Net profit of 29.5 million euros was announced by IPTO Holdings SA. for the nine months of 2021, reduced by 2.6% compared to the nine months of 2020.

In detail, IPTO Holdings SA henceforth “the Company” holding 51% of the shares of the Group of IPTO SA, published the financial results in accordance with International Financial Reporting Standards (IFRS) for the period ended September 30, 2021

At the same time, the company “INDEPENDENT ELECTRICITY TRANSMISSION MANAGER SA (IPTO SA)” hereinafter “the Affiliate” also provided selected financial figures for the nine-month period ending on September 30 at the following:

IPTO SA consolidated total revenues in the nine months of 2021 amounted to 213.9 million euros, recording an increase of 1.7% compared to 210.3 million euros in the nine months of 2020 due in part to the increase in freight demand from the second quarter onwards. , but also from the redefinition of the system usage charges for the Required Revenue of 2021 which RAE proceeded to in its decision 2 with effect from 1 August 2021. of 2023.

Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) were reduced by 1.8% on an annual basis to 146.5 million euros compared to 149.2 million euros in the nine months of 2020. The comparable EBITDA of the Group amounted to 146.0 million euros, lower by 2.2% compared to the corresponding amount for the nine months of 2020, excluding the following non-recurring items:

a) a provision for the reduction of reduced electricity given to employees and retirees of the Company and provisions for compensation of staff totaling 0.5 million euros, compared to a provision of 0.3 million euros for the nine months of 2020;

b) charge due to retroactive charge of 1.05 million euros due to remuneration to the technical staff from the implementation of the new collective labor agreement NSS 2021-2024 in the 3rd quarter 2021

(c) a release of provision for risks and expenses of EUR 2 million compared with a corresponding release of a provision of EUR 0.2 million in the nine months of 2020.

The consolidated EBIT decreased by 14.3% and amounted to 72.1 million, compared to 84.2 million euros in the nine months of 2020, mainly due to the increase in the amount of depreciation by 14.5% as a result of the expansion of IPTO SA’s Regulated Asset Base . The comparable EBIT amounted to 71.7 million euros, lower by 15% compared to 84.3 million euros in the nine months of 2020, not including the above extraordinary – non-recurring items.

Consolidated earnings before taxes amounted to 65.1 million euros, lower by 18.4% compared to 79.8 million euros for the nine months of 2020, as there was a decrease in cash held by the Associate Company in the Bank of Greece as well as an increase in financial costs due to the increase in the Group’s borrowing.

The consolidated net profits in the first nine months of 2021 amounted to 58.6 million euros, lower by 1.4% compared to 59.4 million in the corresponding nine months of 2020, with the increase due to the positive effect of 8.8 million euros due to the reduction of deferred tax liability arising from the application of the new tax rate3 for the Group and IPTO SA.

IPTO Group continued for the nine months of 2021 the steady progress of its important projects with Investments recording an increase of 4.3% to 241.8 million euros compared to 231.7 million euros in the corresponding period of 2020, while Its net borrowing amounted to 656.5 million

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