GEK TERNA S.A.
TURNOVER INCREASE ·OPERATIONAL PROFIT IMPROVEMENT· SIGNIFICANT PROFIT OF THE ENERGY BRANCH · UNEXECUTED REMAINING 120 BILLION DRACHMAS
The operational profit of the companies GEK SA and TERNA SA presented a significant improvement during the year 2000. GEK SA ‘s turnover reached the amount of 37.4 billion drachmas, increased by 29% in relation to 1999, and the operating profit increased by 12%.The consolidated turnover of TERNA SA reached the amount of 20.7 billion drachmas an amount increased by 31% in comparison to 1999. Profit before taxes reached the amount of 2.5 billion drachmas (Gains from sale of investments is not included in fiscal year 2000 in contradiction to year 1999).It should be noted that the affiliated company TERNA ENERGY SA realized profits from the energy production of the two Wind Parks that begun operating successfully in the second semester of 2000. The turnover of the company reached the amount of 3.5 billion drachmas and profit before taxes the amount of 673.2 million drachmas, indicating an important profit percentage of 19%.During the fiscal year 2001 a significant improvement of the economic indicators can be estimated, due to the operation of the new Wind Parks that the company has already constructed.CONSOLIDATED DATA OF THE GEK · TERNA GROUP OF COMPANIES The consolidated turnover of the Group (coming from the construction branch as well as from the real estate, energy and industrial branches) exceeds the amount of 60 billion drachmas compared to the amount of 51 billion drachmas of 1999, an increase by 18%. The Gross Profit as a percentage of the Turnover reached the 21% compared to 17.6% of the previous year.The consolidated profits before taxes, reached the amount of 9,416 million drachmas (9,400 in 1999). It should be noted that the financial results of the present fiscal year have been charged with the provision of 3,3 billion drachmas that arose from the valuation of stocks. The total of the Assets in the Consolidated Balance Sheet reached the amount of 89,3 billion drachmas increased by 24.7% compared to the 71,5 billion drachmas of 1999. The equity including the year's profit before taxes, which reach the amount of 56 billion drachmas (in relation to 51.7 billion drachmas of the year 1999), are increased by 8.4%.