Terna Energy triples first-half profit

Total turnover of EUR 85.4 million was reported for the first six months of this year by Terna Energy, compared to EUR 69.4 million in the corresponding period a year earlier. Renewable energy group GEK Terna’s subsidiary boosted its profit following minority interests by 361 percent to EUR 11.3 million. Revenues from power generation reached EUR 66.8 million in the first half, in comparison to EUR 52.8 million a year earlier.

Cash flows from operating activities before changes in working capital improved significantly to EUR 46.9 million, versus EUR 32.6 million. The group’s net debt position (bank debt minus cash equivalents and cash) at the end of June amounted to EUR 254 million, compared to EUR 268 million at the end of the previous quarter, the company said. Investments in the first half reached EUR 13.3 million, and are expected to accelerate, the report adds.

The company posted a turnover of EUR 12.8 million from trade in electrical energy. Sales in the construction division to third parties reached EUR 5.8 million euros, down from EUR 16.7 million registered in the first six months of last year. The group earned EUR 46.7 million before interest, taxes, depreciation, and amortization (ebitda), and the 43.4% increase was attributed to added capacity and higher wind energy performance achieved in Europe.

Earnings before interest and taxes (ebit) amounted to EUR 27.7 million, 58.8 more than last year. Pretax profit in the first half reached EUR 16.7 million, up from EUR 4.6 million in the first six months of 2014. The group’s total installed capacity is 648 MW, of which 394 MW in Greece, the report said. It operates 30 MW in Bulgaria. Further 237 MW are under construction or in development.