Greece: Profit rose at Terna Energy in the first half of 2020

9. September 2020. / SEE Energy News

Income from electricity production at Terna Energy amounted to 142.1 million euros, posting an increase of 27 %. Sales from electricity trading division amounted to 16.3 million euros versus 18.6 million in the previous year. Terna Energy said that its consolidated sales amounted to 166.5 million euros in the first half of 2020, compared to 141.6 million euros in the same period in 2019, which is an increase by 17.6 %.

Total earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to 108.4 million euros compared to 88.3 million euros in the corresponding half of 2019, posting an increase of 22.8 %. Adjusted EBITDA amounted to 108.1 million euros posting an increase of 26.7 % compared to the same period of 2019 due to income from insurance indemnities. Total earnings before interest and taxes (ΕΒΙΤ) amounted to 73 million euros compared to 62.8 million euros in the first half 2019, increased by 16.2 %. Earnings before taxes amounted to 33.1 million euros whereas net earnings after minority interests stood at 25.1 million. Adjusted net profit after deducting minority interests amounted to 26.6 million euros, up by 19.8 % compared to 2019, as in the previous year there was income from derivative valuations on US projects, as well as income from insurance premiums. President of Terna Energy George Peristeris said that despite the very difficult period that the global economy and Greece is going through, the company managed to increase its financial size during the first half of the year, proving in practice that Terna Energy is a safe investment option as it is active in the production of clean energy, a sector characterized by strong defense characteristics in times of crisis like the one currently experienced, while at the same time the company has a strong presence in Greece, Bulgaria, Poland and the USA.

Last month, Terna Energy said that it has successfully completed its share capital increase that will be channeled into significant investments in clean energy production and storage in the Greek market. Four international institutional investors expressed binding interest in acquiring 6,229,422 shares through private placement, representing over 68.5 million euros in capital. The investors are: Anavio Capital Partners LLP, BlackRock Inc, Kayne Anderson Capital Advisors LP and Impax Asset Management. It is worth noting that most of the above international investors placed funds for the first time in the Greek market, with BlackRock being the one investor already active in Greece.

Terna Energy group operates, is constructing or has fully licensed RES installations of 1,512 MW in Europe and America. The total installed capacity of the group amounts to 1,390 MW, as it has installed 607 MW in Greece, 651 MW in the US and 132 MW in the rest of south-eastern Europe.

 

 

 

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