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31/8/2020
ELLAKTOR

ELLAKTOR GROUP: Financial Results H1 2020

Despite the impact of the measures implemented to limit the pandemic, Group EBITDA marked an increase in H1 2020 in three of five key segments in H1 2020, namely RES, Environment and Real Estate compared to the respective period in 2019, while adjusted EBITDA margin improved to 18.8% compared to 15.2% in H1 2019.  Concessions is gradually recovering, recording a moderate change in monthly vehicle traffic in August compared to the corresponding month last year, while the restructuring plan for Construction is progressing. The plan includes the reduction of staff costs and cost of sales, the disposal of non-operating assets, as well as the preparation of a “road map” alongside Greek banks, in order to further support Construction. As a result of the Group’s strategy to limit Construction exposure to Greece and Romania and also due to the lockdown’s impact to vehicle traffic in Concessions, Group revenues stood at €438m in H1 2020 compared to €705m in H1 2019. At profit before tax level the Group recorded losses of €21.2m compared to profit of €29.4m in the corresponding period of last year, and in terms of profit after taxes and minority rights the Group recorded losses of €37.5m compared to losses of €8.4m in H1 2019.

  • EBITDA in Concessions stood at €53.0m in H1 2020 compared to €79.6m in H12019, decreased by 33% due to the lockdown, (traffic reduction in ATTIKI ODOS reached 72% in April 2020, however, there has been gradual improvement since May 2020, with a traffic reduction in this motorway reaching 37% in May, 16% in June, 9% in July and 6% in August compared to the corresponding months last year)
  • EBITDA in Renewables stood at €36.6m in H1 2020 compared to €26.3m in H1 2019, increased by 39% as a result of the increased installed capacity, without impact from the COVID-19 pandemic
  • In Environment EBITDA stood at €6.8m in H1 2020 largely unchanged from H12019, marginally increased by 0.8%, with slight impact from the COVID-19 pandemic
  • EBITDA in Real Estate, given the strong performance before the pandemic, stood at €1.4m in H12020 compared to €0.8m in H1 2019, increased by 84%. Since Smart Park reopened in early May 2020, there has been a gradual recovery in terms of performance, with an increase in footfall of 19% in June and 15% in July compared to the corresponding months in 2019
  • EBITDA in Construction stood at -€12.1m in H1 2020 (excluding non-recurring item with negative impact of €5.2m due to the impairment loss from sale of non-operating asset, including which EBITDA was -€17.3m) compared to €3.2m in H1 2019. Those figures does not include a profit of €6.9m from the sale of Hellas Gold which have been recorded in Other Comprehensive Income in Q2’20.

“Our choices in the last two years have started to yield results as, despite the lockdown due to the COVID-19 pandemic, EBITDA in three of our five Group segments, i.e. RES, Environment and Real Estate, improved in H1 2020 compared to H1 2019. Traffic in ATTIKI ODOS is rebounding, as the reopening of international flights in August resulted in a [marginal] change compared to August 2019. The restructuring of Construction is also progressing swiftly, as this sector is expected to benefit from the EU “Next Generation Program” package, from which Greece will receive €32b, or 17% of its GDP.

Despite the impact of the lockdown on economic activity, the Group Adjusted EBITDA* stood at €82,3 m in H1’2020, with adjusted EBITDA margin improving to 18.8% (compared to 15.9% last year), and Net Debt to adjusted EBITDA of 6.9x.”

Anastasios Kallitsantsis, CEO