According to the interim financial statements of 31/03/2007, compiled in accordance with International Financial Reporting Standards, the first quarter 2007 financial results of the GEK group are as follows:
Consolidated turnover of GEK amounted to 95.6 mil. euro, compared to 56.7 mil. euro in the first quarter of 2006, rising by 68.3%.
Operating earnings (EBITDA) of GEK group amounted to 27.5 mil. euro, advancing by 45% compared to the same period last year. Earnings before taxes of GEK group amounted to 20.8 mil. euro in the first quarter of 2007 against 13.9 mil. euro in the first quarter of 2006, increased by 49%.
Net earnings after minority interest amounted to 10.4 mil. euro compared to 8.1 mil. euro in the same period of 2006, increased by 27.6%.
In Real Estate sector, the GEK group demonstrated particular strength as earnings before taxes for the first quarter of 2007 from the specific activity amounted to 11.5 mil. euro compared to 4.6 mil. in the same period of 2006. Further to projects under progress, the group holds a significant portfolio of land in Greece, as well as in Balkans, the development of which is expected to make a significant contribution to Groups' profitability in the coming years.
In the concessions sector, the Group plans the initiation of construction of Ionian Road in 2007, while the final agreement for the Central Greece Motorway (E65) is also ahead.
In the energy sector of thermal sources, the Group commenced the construction of its second thermoelectric factory in Viotia expected to operate with natural gas on a capacity of 435 MW. The total investment is expected to amount to 235 mil. euro while bank financing through the method of non recourse project financing has been agreed. TERNA SA is the constructor of the factory, which is expected to become operational in 2009. It is reminded that the Group operates for the past three years the first and the sole private energy production unit based on natural gas with a power capacity of 147 MW.
At the same time, the Group has submitted an application to gain approval for the construction of a factory producing energy based on coal possessing a power capacity of 460 MW, while it is estimated that the total installed power of thermal factories of the Group would approach 1,200 - 1,500 MW by 2012.
Regarding the consolidated results of TERNA, turnover amounted to 83.4 mil. euro, higher by 62%.
Operating earnings (EBITDA) increased by 32% and amounted to 16.2 mil. euro compared to 12.2 mil. Euro last year. Earnings before tax increased by 39.8%, amounting to 10.6 mil. euro, compared to 7.5 mil. euro in the same period of 2006.
Net earnings after taxes and minority interest amounted to 5.4 mil. euro, higher by 21% year-on-year.
The backlog of TERNA currently exceeds 1.2 bil. euro, while until the end of the first half of 2007 is expected to approach 1.6 bil. euro, of which 500-600 mil. euro refer to foreign projects (Middle East and Balkans).
In the sector of Renewable Energy Sources (RES), TERNA ENERGY, subsidiary of TERNA SA, intensively continues its investment program for the construction and of RES installations. Wind parks possessing an aggregate power of 119 MW are already in operation, while in the coming months the power of the wind parks under construction would amount to 114 MW. At the same time, two small hydroelectric projects having the power of 12 MW are under construction, while investments in biomass and photovoltaic systems are under progress.