TERNA Energy: 16.7% increase in net profits from continuing operations in the 9 months

TERNA ENERGIAKI Group increased its turnover during the nine months of 2021, compared to the corresponding period last year.

Specifically, the consolidated results of the nine months of TERNA ENERGIAKI for 2021 are as follows:

– Consolidated sales amounted to 246.9 million euros, compared to 176.6 million euros in the first nine months of last year, an increase of 39.8%. Analytically:

Revenues from the electricity sector amounted to 150.6 million euros, compared to 138.9 million euros in the first nine months of 2020, an increase of 8.4%. Revenues from the electricity trading sector amounted to 69.5 million euros, compared to 25 million euros in the first nine months of 2020. The turnover of the construction activity of TERNA ENERGIAKI amounted to 14.8 million euros against 2.7 million Revenues from the concessions sector amounted to EUR 12.1 million compared to EUR 10 million in the first nine months of 2020, an increase of 20.4%.

– Total operating profit before depreciation, interest, taxes and investment results (EBITDA) 1 amounted to 106.1 million euros, compared to 99.2 million euros in the first nine months of 2020, increased by 7%. The adjusted EBITDA amounted to 105.8 million euros, compared to 98.3 million euros in the first nine months of 2020. Total operating profit before taxes and interest (EBIT) 1 amounted to 75.3 million euros, compared to 72.2 million euros in the first nine months of 2020. Profit before taxes, with the integration of the loss in the US, amounted to losses of 36.7 million euros, compared to profits of 69.8 million euros in the first nine months of 2020.

Net income from continuing operations amounted to 43.4 million euros compared to 37.2 million euros in the first nine months of 2020, increased by 16.7%. Adjusted net income from continuing operations amounted to 43.1 million euros, compared to 36.3 million euros in the first nine months of 2020, an increase of 18.5%.

The burden of consolidated financial results of 94 million euros corresponds to the result of the divestment of the three wind farms in Texas, USA, as it has been estimated and announced in previous announcements. It is emphasized once again that the loss from the disinvestment from the wind farms in Texas is a non-recurring event, the consequences of which do not have any reduction in the parent company TERNA ENERGIAKI and the TERNA ENERGY USA HOLDING GROUP in the USA.

In addition, the consolidated results for the third quarter of 2021 of the TERNA ENERGIAKI Group were as follows:

– Consolidated sales amounted to 107.3 million euros compared to 59.9 million euros in the third quarter of 2020, increased by 79.2%. Total operating profit before depreciation, interest, taxes and investment results (EBITDA) 1 amounted to 37.9 million euros compared to 31.4 million euros in the third quarter of 2020, increased by 20.5%.

Total operating profit before taxes and interest (EBIT) 1 amounted to 27.4 million euros, compared to 22.1 million euros in the third quarter of 2020, increased by 24%. Profits before taxes amounted to 20.5 million euros compared to 13.2 million euros in the third quarter of 2020, increased by 55.5%.

Basic data of the Statement of Financial Position of the Group on 30.09.2021

The growth of the Group continues normally, with its investment program exceeding 2 billion euros to develop smoothly and at an intensive pace in all areas of its activity, with the aim of the total installed capacity to reach 3,000 MW within the next five years.

In this context, new wind projects with a total capacity of approximately 2,200 MW are being licensed (having obtained a production license), photovoltaic parks (terrestrial and floating) with a total capacity of 1,700 MW are being developed and designed, while hybrid works and storage systems ) with a total capacity of about 3,500 MW, as well as about 200 MW of other technologies (hydroelectric, biogas, biomass, etc.). At the same time, the Group has been placed in time in the market of marine wind farms, where in a joint venture with OCEAN WINDS it plans to develop parks in the Greek seas.

In terms of the size of the consolidated Financial Position, the net borrowing position of the Group (borrowing less cash) at the end of the nine months of 2021, amounted to 491.4 million euros compared to 436.5 million euros in the first half of 2021 .

The total Assets of the Group as at 30.09.2021 amounted to the amount of 1,529 million euros increased by 62 million euros compared to the corresponding amount of 30.06.2021. It should be noted that the Group’s cash and cash equivalents amounted to 287.3 million euros at the end of the nine months of 2021.

Equity increased to € 421,028 thousand on 30.09.2021 from € 408,407 thousand on 30.06.2021 (+ 3.1%).

Impact of the spread of COVID-19 and the energy crisis

TERNA ENERGIAKI Group, faithful to its development strategy and the implementation of its vision, constantly improves and modernizes its structures and operating systems, carefully selects the executives it needs from the market, trains its staff in modern digital systems and the obligation to comply with the provisions of the corporate governance system, the other provisions of the Internal Rules of Procedure, as well as the rules imposed by the competent bodies of the State for the relations of companies with the members of their Board of Directors.

Also, reacting quickly and sensitively to its human resources, it took all the necessary measures, set up a special committee to deal with the coronavirus and ensured that all its employees have the absolute protection and care against COVID-19 and its mutations. The Committee systematically monitors the development of the pandemic, is immediately informed of any critical factors of its spread and guides the necessary actions to be taken by the Management and each employee throughout the Group in order to minimize the risks and their effects. in the course of the company.

This tactic and the nature of the Group’s activities have protected it from the relevant risks and have allowed the Management to continue its development course without being directly affected by the spread of the virus. Keeping the staff on standby and limiting their communication with a few external partners, combined with the lack of contact with large groups of customers / consumers give the Group the opportunity to focus on its goals and not be directly and greatly influenced by evolution of the pandemic phenomenon.

For these reasons, the TERNA ENERGY Group continues to invest in the production of energy through Renewable Sources (RES), fully focused on achieving its goal of exceeding 3,000 MW of installed capacity within the next 5 years.

Regarding the energy crisis, the Management constantly assesses the situation and its possible effects, in order to ensure that all necessary and possible measures and actions are taken in time to minimize any impact on the Group’s activities.

It is noted that the TERNA ENERGY Group has not been affected by the energy crisis given the sector in which it operates and the structure of electricity sales contracts.