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ELLAKTOR GROUP: Financial Results 9M 2020

Group adjusted EBITDA* stood at €136m in 9M2020 compared to €151m of last year’s corresponding period, with adjusted Q3 2020 marking an improvement in all segments compared to Q3 2019. EBITDA Margin in Q3 2020 increased to 23.4% vs 12.5% in Q3 2019. Adjusted Profit Before Tax in Q3 2020 stood at €11.7m vs €1.7m in the corresponding period last year whereas adjusted Profit Before Tax in 9M2020 stood at €1m vs €31m in 9M2019, due to the COVID-19 impact.

Group Cash and Other Liquid Assets increased in Q3 2020 and stood at €439m at the end of September 2020 compared to €400m at the end of June 2020 and €463m at the end of December 2019. Net debt stood at €1,101m as at 30.09.2020, compared to €1,143m at 30.06.2020 and €1,028m as at 31.12.2019, with a net debt to EBITDA ratio of 6.1x .

  • EBITDA in Concessions stood at €100m in 9M2020, compared to €122m in 9M2019, decreased by 19%, due to the lockdown. After a decrease in ATTIKI ODOS’ vehicle traffic of 72% in April 2020, traffic followed a continuous upward trend from May 2020 (-37%) until August 2020 (-8%). Additional measures against COVID-19 applied further downward pressure in September and October during which traffic decreased by 12% and 13% respectively.
  • EBITDA in Renewables stood at €54m in 9M2020, compared to €39m in 9M2019, increased by 38% as a result of the increased installed capacity and without being impacted from the COVID-19 pandemic. Furthermore, the Group announced in mid-October a strategic partnership with EDPR for a joint development of additional 900 MW.
  • In Environment, EBITDA stood at €9.5m in 9M2020 vs €9.1m in 9M2019, increased by 4% despite the COVID-19 pandemic impact.
  • EBITDA in Real Estate stood at €2.7m in 9M2020, compared to €1.7m in 9M2019, increased by 60%. After the reopening of Smart Park in the beginning of May 2020, there has been a gradual recovery in footfall (15% increase in 9M2020 compared to the same period last year).
  • Adjusted EBITDA in Construction stood at -€23.5m (excluding impairment loss of €12.8m from sale of non-operating assets, €6.5m stop loss due to exit of loss making project in Brazil and €0.4m restructuring costs) vs -€19.2m in 9M2019. Profit & Loss of 9M2020 does not include a profit of €6.9m from the sale of Hellas Gold which has been recorded in Other Comprehensive Income in Q2 2020.

 «In the midst of an unprecedented market environment, which is impacted by the measures to control the pandemic, ELLAKTOR proved its resilience due to its diversified portfolio of activities and commitment to proceed with the necessary structural reforms for the Group. Improved EBITDA, improved liquidity and disciplined actions for the implementation of deep reforms – such as the reduction of staff costs – are the main characteristics of Q3 2020.

In parallel, the Group focuses on strengthening its leadership positions in business segments with positive prospects through a series of actions, such as the agreement with EDPR for the development of a 900MW wind portfolio, participation in concession tenders such as Egnatia Odos, participation in PPPs in the environmental sector, and at the same time it is ready to utilize its construction know-how in new projects funded by the Recovery Fund.

 After 2.5 years of intensive actions including the restructuring of Construction, the utilization of non-core holdings and assets, an ongoing increase of the wind farms’ installed capacity, the increase of our participation stake in ATTIKI ODOS, the issuance of a €670m international bond and the merger of ELTECH ANEMOS with ELLAKTOR, the Group is gradually returning to growth trajectory.

ELLAKTOR moves steadily towards its goal of return to profitability and creation of shareholder value, despite the unforeseen challenges caused by the pandemic. It is only a matter of time our efforts will pay off for the benefit of ELLAKTOR, its shareholders and its employees».

 Anastasios Kallitsantsis, CEO