GEK TERNA is entering a new phase of growth from a position of strength, said the Group’s Chairman and Chief Executive Officer, George Peristeris, during yesterday’s analysts’ conference call. As he noted, the Group has a high-quality portfolio, strong cash flow predictability, remarkable financial robustness, and a rich range of new investment opportunities.
More specifically, the following were highlighted during the conference call:
Motorways: Traffic is showing strong stability, with Attiki Odos recording an increase of 2.5% from the beginning of the year through the first half of September. At the same time, the planned interventions in Attica’s road infrastructure are becoming increasingly necessary, with their construction and investment scope estimated at 2-3 billion euros.
Construction sector: The careful selection and pricing of projects, combined with operational consistency and speed of execution, are keeping profit margins at satisfactory levels, where they are expected to remain in the coming periods. At the same time, the high order backlog of 8.9 billion euros ensures strong long-term visibility.
Energy: The estimate for completion of the transaction between Motor Oil and Heron within the current year was reiterated. Within the same timeframe, the exercise of the call option for the pumped-storage project in Amfilochia is also expected.
Debt structure: At the parent company level, GEK TERNA is free of net debt, with net cash available amounting to 280 million euros. At the Group level, adjusted net debt stands at 3.82 billion euros due to mandatory accounting consolidations (IFRS). Nevertheless, almost the entire amount concerns non-recourse project finance debt, of which more than 85% is linked exclusively to the concessions of Attiki Odos and Egnatia Odos.