Ellaktor (ELLAKTOR) Q4 2023 earnings summary

Executive summary

• Continuing Operations revenue was €387.5m, down 3% YoY; EBITDA rose 46% to €242.2m and net profit reached €116.0m, a 10-year high, versus a €2.6m loss in FY22.

• Including Discontinued Operations, revenue was €808.5m, down 23%; EBITDA was €228.5m and net profit was €85.2m, versus €21.2m in FY22.

Financial highlights

• Continuing Operations EBITDA margin reached 63%, up from 41%; operating results increased 89% to €167.7m.

• Continuing profit before tax was €143.6m versus €28.8m; financial expenses narrowed to €25.2m from €61.7m.

• Continuing operating cash flow rose 35% to €73.5m; total operating cash flow was negative €44.0m, including €117.5m of discontinued-operations outflows.

Segment performance

• Concessions revenue rose 5.2% to €283m and EBITDA increased 18.9% to €180.2m; traffic grew 9.2% across motorways and 9.5% on Attiki Odos.

• Environment revenue fell 18.3% to €100.1m and EBITDA declined 7.3% to €14.2m; completed contracts and lower recyclable prices were partly offset by higher waste volumes and gate fees.

• Real Estate revenue increased 6% to €10.4m; EBITDA was €61.7m, including disposal gains from Smart Park, Romanian properties and Athens Metropolitan Expo participations.

• Discontinued Construction operations through 7 Nov 2023 generated €421m revenue and a €13.7m EBITDA loss; backlog was €2.5bn at Nov. 7, 2023.

• HELECTOR tenders pending award totaled €447.8m; year-end backlog included €75.1m construction and €36.5m operating work, plus €61.5m of options.