Press Updates

Press Releases

18/6/2020
ELLAKTOR

Group EBITDA stands at €50.5m in Q1 2020

ELLAKTOR Group’s activities proved resilient in Q1’20 despite the outbreak of the pandemic, with EBITDA improving in all five segments vs Q4’19. At the same time, EBITDA Margin improved to 22.5% in Q1’20.

  • In Concessions, EBITDA stood at €31.3m in Q1’20 vs €30.3m in Q4’19 exhibiting strong growth in January and February ’20, with performance being impacted by the onset of Covid-19 in early March 2020. Since early May 2020, there are clear signs of gradual improvement in traffic, particularly in Attiki Odos (average 196k vehicles between May 18th and 28th vs average of 61K in April 2020)
  • RES’s EBITDA improved to €19.8m in Q1’20 vs €10.6m in Q4’19 as a result of increased installed capacity, with 491MW installed capacity at March 31st 2020, of which 196MW is in trial operation. Electricity production and sales from existing portfolio are currently unaffected by the Covid-19 pandemic
  • Environment’s EBITDA stood at €4.0m in Q1’20 vs -€2.2m in Q4’19. All necessary measures have been taken to limit the impact of Covid-19 on operations, and to secure personnel safety and unimpeded continuance of operations
  • Real Estate’s EBITDA improved to €1.3m in Q1’20 vs €0.9m in Q4’19 due to the segment’s strong performance prior to the pandemic. In the first 4 months of full operation of Smart Park phase 2 expansion (i.e. prior to Covid-19) footfall increased by 24% and sales of outlets increased by 33%. Since the reopening on May 11th 2020 performance is gradually restored
  • Construction EBITDA stood at -€1.2m in Q1’20 vs -€38.7m in Q4’19 excluding non-recurring losses in international PV projects (€67m in Q4’19). Construction’s restructuring plan is in progress, with main targets remaining to rationalize its cost base, introduce a new Group Procurement Unit, further exploitation of its assets as well as pursue discussions for additional potential funding.

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 “The performance of Q1’20, with EBITDA at €51m shows the resilience of the Group, as all segments’ EBITDA improved versus the previous quarter of Q4’19, despite the impact from Covid-19 which impacted the Group and our Concessions and Real Estate segments in particular. EBITDA Μargin improved in Q1’20 to 22.5% which is the highest of the last 5 quarters.

Cash and Liquid Assets at the end of March 2020 remained relatively stable at €458m versus 463m at the end of 2019. Net Debt at the end of Q1’20 stood at €1,089m, with Net Debt to EBITDA ratio of 5.4x, on the basis of an annualized Q1’20 EBITDA.

The Group’s transformation is progressing. We are further diversifying our Concessions portfolio, with the Alimos Marina, RES is proceeding with its ambitious expansion program, Environment is well positioned to capitalize on upcoming growth opportunities, as is the Real Estate segment. In parallel, the restructuring of the Construction segment continues.”

 Anastassios Kallitsantsis, CEO