GEK TERNA Group reports increased construction segment revenues
Construction segment revenues increased to € 420.4m compared to € 248.1m in the respective period of 2021 due to increased construction activity.
The financial results of GEK TERNA Group for the first half of 2022 depict a significant increase in revenues and profitability compared to the respective period of 2021, supported by improved performance in construction, concessions and energy segments.
Investments during the current period also increased to € 156.6m compared to € 77.3m in the respective period last year mainly due to the implementation of the Group’s business plan in energy.
Balance sheet structure remains
solid with Cash and Cash Equivalent for the Group standing at € 1,102.5m at the end of the semester,
safeguarding the execution of the Group’s investment plan but also providing flexibility to pursue
Construction segment revenues increased to € 420.4m compared to € 248.1m in the respective period of 2021 due to increased construction activity. Construction segment adjusted EBITDA reached € 40.7m vs. € 27.9m during the respective period of 2021 following the increase in revenues.
Concession segment had revenues of € 93.8m compared to € 69.9m during the respective period of 2021 following the increased traffic in motorways post the restrictions imposed due to the pandemic.
Energy segment revenues amounted to € 1,022.5m compared to € 125.0m during the previous
period due to increased production from renewable sources but also the full consolidation of
HERON ENERGY (since 14.02.2022) and HERON II VOIOTIAS.
In renewables the importance of further development of RES had been further highlighted during the period given the ongoing energy crisis considering their contribution in energy affordability and security of supply. The Group’s investment plan aims to € 5.9bn of new investments during 2022-2029.
In the Thermal Energy Generation and Supply segment the
construction works for the new natural gas fired unit (CCGT) with a total capacity of 877MW
that the Group isimplementing along with MOTOR OIL are ongoing. The works are progressing
inline with the timeline to reach commercial operation by 2024. Note that the construction
works started on 31.08.2021 by TERNA S.A., a subsidiary of GEK TERNA S.A.
Furthermore, the Group is awaiting the signing of contracts for new projects for which it has been the preferred bidder, amounting to € 2.1bn, increasing the total backlog to the historical high of € 4.9bn.