GEK TERNA

Gek Terna announced its 1Q18 financial results: Turnover rose by 32.6% YoY to EUR 348m, EBITDA (adjusted for non-cash items) advanced by 9.8% YoY to 75.6m, while net income declined  by 60% YoY to EUR 7.1m. The construction division posted turnover of EUR 247m (+17.7% YoY) and EBITDA of EUR 18.8m (-46% YoY). The construction backlog stood at EUR 1.55bn. The renewables division (it includes Terna Energy’s renewables activities) recorded turnover of EUR 56m (+21% YoY) and EBITDA of EUR 42m (+22% YoY). Finally, the concessions division for the first time made an important contribution due to the operation of the two motorway concessions (Ionia Odos and Central Greece), showing turnover of EUR 38m and EBITDA of EUR 17.8m.  Group net debt at the end of 1Q18 stood at EUR 1,139m compared to EUR 1,084m at the end of 2017.

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