ADMIE HOLDING S.A.
FINANCIAL RESULTS FOR NINE MONTH 2024
Press release 16/12/2024
ADMIE HOLDING S.A. - FINANCIAL RESULTS FOR NINE MONTH 2024.A. - | 2 |
FINANCIAL RESULTS FOR THE FIRST HALF 2024 |
Athens - December 16th, 2024 - ADMIE HOLDING S.A. (RIC: ADMr.AT, Bloomberg: ADMIE.GA, Athens Stock Exchange: ADMIE), hereafter "the Company", owner of a 51% of IPTO Group announces today its financial results for the period ended September 30th, 2024.
ADMIE HOLDING S.A
Performance highlights
Revenue reached EUR
- million, increased by
- % compared to the corresponding period of2023, reflecting its 51% share in the profits of IPTO Group.
Operating Expenses amounted to EUR 805 thousand in 9M 2024 compared to EUR 632 thousand in 9M'23.
Earnings before interest and tax amounted to EUR 60.4 million up by 31.4% versus same period of the previous year, mainly due to the increase in revenue and operating efficiencies.
Financial income amounted to EUR
185 thousand compared to EUR 89 thousand in 9M '23, mainly due to the increased interest income generated by the Company's special account in the Bank of Greece.
Net Profit reached EUR | EPS increased by 31.5% | Cash reached at EUR | ||
60.5 million versus EUR | to 0.26 per share | 21.7 million on | ||
46.0 million in 9M '23. | compared to 0.20 in the | 30.09.2024, with zero | ||
corresponding period in | debt. | |||
2023. | ||||
Financial Overview
ADMIE HOLDING S.A.
Amounts in EUR million | 9M 2024 | 9M 2023 | D% | Q3 2024 | Q3 2023 | D% |
Investment share, equity method | 61.2 | 46.6 | 31.3% | 23.6 | 17.1 | 38.2% |
EBITDA | 60.4 | 46.0 | 31.4% | 23.4 | 16.8 | 38.9% |
ΕΒΙΤ | 60.4 | 46.0 | 31.4% | 23.4 | 16.8 | 38.9% |
Net Profit | 60.5 | 46.0 | 31.5% | 23.4 | 16.8 | 38.9% |
Profit per share (EUR) | 0.26 | 0.20 | 31.5% | 0.10 | 0.07 | 38.9% |
Cash and cash equivalents, end of period | 21.7 | 19.2 |
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Distribution of interim dividend Fiscal Year 2024
The Board of Directors of the Company, with its decision No. 115/12.07.2024, decided the distribution of interim dividend amounted to EUR 13.5 million or 0.058 per share for FY 2024, before withholding tax and excluding own shares. The BoD proceeded to the payment of this amount on 16.09.2024 (record date: 09.09.2024).
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FINANCIAL RESULTS FOR THE FIRST HALF 2024 |
About ADMIE Holding S.A.
ADMIE Holding S.A. holds 51% of the Independent Power Transmission Operator (IPTO S.A.) and its purpose is to promote IPTO's work as well as the optimal management of relations with investors and partners in a transparent manner.
The shares of ADMIE Holding S.A. are listed on the Athens Exchange under the code ATHEX: ADMIE, Bloomberg: ADMIE GA,
Reuters: ADMr.AT (free float 49%).
For more information, you can visit the website https://admieholding.gr/en/
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FINANCIAL RESULTS FOR THE FIRST HALF 2024 | |||||
ADMIE HOLDING S.A. - INTERIM SUMMARY FINANCIAL STATEMENTS FOR THE PERIOD | |||||
01/01/2024 - 30/09/2024 | |||||
ADMIE HOLDING S.A. - Summary Statement of Profit & Loss account | 9M 2024 | 9M 2023 | D% | ||
Amounts in mil. EUR | |||||
Investment share, equity method | 61.2 | 46.6 | 31.3% | ||
Operating Expenses | 0.8 | 0.6 | 27.2% | ||
Profit before tax | 60.6 | 46.0 | 31.5% | ||
Net Profit | 60.5 | 46.0 | 31.5% | ||
Profit per share (EUR) | 0.26 | 0.20 | |||
ADMIE HOLDING S.A. - Summary Statement of Balance Sheet | 30.09.2024 | 31.12.2023 | D% | ||
Amounts in mil. EUR | |||||
ASSETS | |||||
Total current assets | 22.0 | 5.8 | 276.1% | ||
Total non-current assets | 831.8 | 800.7 | 3.9% | ||
TOTAL ASSETS | 853.8 | 806.5 | 5.9% | ||
EQUITY & LIABILITIES | |||||
5.8% | |||||
Total Equity | 853.4 | 806.4 | |||
Total Long-term Liabilities | 0.0 | 0.0 | |||
Total Short-term Liabilities | 0.4 | 0.1 | |||
TOTAL LIABILITIES & EQUITY | 853.8 | 806.5 | 5.9% | ||
ADMIE HOLDING S.A. - Summary Statement of Cash Flows | 9M 2024 | 9M 2023 | |||
Amounts in mil. EUR | |||||
Profits before tax | 60.6 | 46.0 | |||
Adjustments for: | |||||
Profits for participation rate in affiliated companies (IPTO 51%) | (61.2) | (46.6) | |||
Other | - | (0.1) | |||
Net cash flows from operating activities | (0.6) | (0.6) | |||
Dividend collection from IPTO | 30.1 | 15.0 | |||
Receipt of annuity from the Bank of Greece | 0.3 | 0.1 | |||
Purchase of tangible and intangible assets | (0.0) | (0.0) | |||
Net cash flows from investing activities | 30.4 | 15.1 | |||
Dividend distribution to shareholders | (13.5) | - | |||
Capital lease payment | (0.0) | (0.0) | |||
Payment of interest | (0.0) | (0.0) | |||
Net cash flows from financing activities | (13.5) | (0.0) | |||
Net increase in cash and cash equivalents | 16.3 | 14.5 | |||
Cash and equivalents at the beginning of the period | 5.4 | 4.7 | |||
Cash and equivalents at the end of the period | 21.7 | 19.2 | |||
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FINANCIAL RESULTS FOR THE FIRST HALF 2024 |
IPTO GROUP
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FINANCIAL RESULTS FOR THE FIRST HALF 2024 |
IPTO GROUP
Performance Highlights
Total revenue for 9M 2024 reached EUR 356.4 million, increased by 21.7% compared to the corresponding period in 2023.
Revenue for the third quarter amounted to EUR 131 million increased by 26.5%.
Net profit for the 9M '24 amounted to EUR
120.0 million versus EUR 91.4 million in 9M '23, marking an increase of 31.3%.
In Q3 ΄24 Net profit amounted to EUR
46.2 million increased by 38.2% compared to Q3 '23.
Revenue | from | the | Operating expenses | EBITDA increased by | ||||
Transmission | System | (excluding provisions, | 22.5% to EUR 260.0 million | |||||
Rent amounted to EUR | depreciation and other | compared to EUR 212.3 | ||||||
334.7 million versus EUR | expenses) amounted to | million in 9M '23. | ||||||
275.5 million in 9M '23, | EUR 98.6 million in 9Μ | For the third quarter of | ||||||
increased by 21.5%. | '24 versus EUR 83.5 | 2024 consolidated EBITDA | ||||||
million in 9M '23, | amounted to EUR 94.9 | |||||||
Revenue | from | the | increased by 18 %. | million, up by 25.7%. | ||||
Balancing | Market, | Adjusted EBITDA stood at | ||||||
amounted to EUR 13.9 | ||||||||
million in 9M '24, | EUR 264.8 million versus | |||||||
increased | by | 19.5% | EUR 214.2 million in 9M | |||||
compared to 9M '23, | '23. | |||||||
while | Revenue from | |||||||
other | operations | |||||||
amounted | to | EUR | 7.7 | |||||
million, | recorded | an | ||||||
increase of 35.1%. | ||||||||
Capital expenditures | Net Debt amounted to | |||||||
reached at EUR 398.9 | EUR 936.7 million, | |||||||
million in the nine- | considering lease | |||||||
month period of | liabilities, versus EUR | |||||||
2024, mainly directed | 950.5 million in | |||||||
to the | 31/12/2023 | |||||||
interconnection |
works of Crete-Attica project (EUR 172.7 million), the Cyclades interconnection works (EUR 93.3 million) and the Greece-Cyprus-Israel interconnection works (EUR 47.5 million)
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Financial Overview
Financial results for the period ended September 30th 2024
Overview1 IPTO S.A. | GROUP | COMPANY | ||||||
Amounts in EUR million | 9Μ 2024 | 9Μ 2023 | D% | 9Μ 2024 | 9Μ 2023 | D% | ||
Revenue from transmission system rent | 334.7 | 275.5 | 21.5% | 334.3 | 276.8 | 20.8% | ||
Revenue from balancing market | 13.9 | 11.7 | 19.5% | 13.9 | 11.7 | 19.5% | ||
Concession agreement expenses | - | - | n/a | (3.0) | (5.1) | (41.0)% | ||
Revenue from other operations | 7.7 | 5.7 | 35.1% | 7.8 | 4.7 | 67.5% | ||
Total revenue | 356.4 | 292.9 | 21.7% | 353.0 | 288.0 | 22.6% | ||
Other income | 4.3 | 4.5 | (3.7)% | 4.4 | 4.4 | (1.2)% | ||
Operating expenses | 98.6 | 83.5 | 18.0% | 95.0 | 78.8 | 20.6% | ||
Provisions/ (release) of provisions | 2.1 | 1.5 | 46.3% | 2.2 | 1.5 | 48.7% | ||
EBITDA | 260.0 | 212.3 | 22.5% | 260.2 | 212.2 | 22.6% | ||
Adjusted EBITDA | 264.8 | 214.2 | 23.6% | 265.0 | 214.0 | 23.8% | ||
Adjusted EBITDA margin | 74.3% | 73.1% | 75.1% | 74.3% | ||||
EBIT | 167.6 | 130.0 | 28.9% | 168.5 | 130.2 | 29.4% | ||
Adjusted EBIT | 172.3 | 131.9 | 30.7% | 173.3 | 132.0 | 31.2% | ||
Profit for the period before taxes | 157.0 | 118.9 | 32.1% | 157.7 | 120.5 | 30.9% | ||
Net profit for the period | 120.0 | 91.4 | 31.3% | 120.4 | 92.5 | 30.3% | ||
Adjusted net profit for the period | 123.6 | 92.8 | 33.2% | 124.1 | 93.9 | 32.2% | ||
Amounts in EUR million | 30.09.2024 | 31.12.2023 | D% | 30.09.2024 | 31.12.2023 | D% | ||
Net Debt | 936.7 | 950.5 | (1.5)% | 609.3 | 613.5 | (0.7)% | ||
Cash and cash equivalents | 192.6 | 245.7 | (21.6)% | 127.5 | 185.0 | (31.1)% | ||
Amounts in EUR million | 30.09.2024 | 30.09.2023 | D% | 30.09.2024 | 30.09.2023 | D% | ||
Capital Expenditures | 398.9 | 370.4 | 7.7% | 399.3 | 369.1 | 8.2% | ||
1EBITDA, EBIT, adjusted EBITDA, adjusted EBIT and Net Debt are considered Alternative Performance Indicators (API)). For definitions and further information please refer to Appendix A
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Q3 2024 RESULTS
Overview2 IPTO S.A. | GROUP | COMPANY | |||||
Amounts in EUR million | Q3 2024 | Q3 2023 | Δ% | Q3 2024 | Q3 2023 | Δ% | |
Revenue from Transmission System Rent | 120.9 | 96.8 | 24.8% | 120.8 | 96.5 | 25.1% | |
Revenue from balancing market | 5.1 | 4.6 | 10.9% | 5.1 | 4.6 | 10.9% | |
Concession agreement expenses | - | - | n/a | (1.1) | (1.4) | (18.0)% | |
Revenue from other operations | 5.0 | 2.1 | 141.7% | 5.0 | 1.1 | 338.8% | |
Total revenue | 131.0 | 103.5 | 26.5% | 129.8 | 100.9 | 28.6% | |
Other income | 1.3 | 0.8 | 62.3% | 1.3 | 0.9 | 52.6% | |
Operating expenses | 37.2 | 27.9 | 33.1% | 36.0 | 25.6 | 40.6% | |
Provisions | 0.3 | 0.9 | (71.4)% | 0.3 | 0.9 | (70.7)% | |
EBITDA | 94.9 | 75.5 | 25.7% | 94.8 | 75.3 | 25.9% | |
Adjusted EBITDA | 97.5 | 76.5 | 27.4% | 97.4 | 76.3 | 27.6% | |
Adjusted EBITDA margin | 74.4% | 73.9% | 75.0% | 75.6% | |||
EBIT | 64.2 | 47.8 | 34.1% | 64.3 | 47.7 | 34.7% | |
Adjusted EBIT | 66.7 | 48.9 | 36.6% | 66.9 | 48.8 | 37.2% | |
Profit before taxes | 60.4 | 43.4 | 39.2% | 61.2 | 44.0 | 39.1% | |
Net profit for period | 46.2 | 33.4 | 38.2% | 46.9 | 33.9 | 38.2% | |
Adjusted net profit for the period | 48.2 | 34.2 | 40.8% | 48.8 | 34.7 | 40.8% | |
2EBITDA, EBIT, adjusted EBITDA, adjusted EBIT and Net Debt are considered Alternative Performance Indicators (API)). For definitions and further information please refer to Appendix A
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About IPTO Group
IPTO is the Independent Power Transmission Operator and manages the Hellenic Electricity Transmission System. IPTO performs the duties of System operation, maintenance and development, to ensure Greece's electricity supply in a safe, efficient and reliable manner. As of June 20, 2017 IPTO follows the model of proprietary separated Administrator (Ownership Unbundling) and is fully harmonized with Directive 2009/72/EC. IPTO seeks to promote the development of competition in the Greek electricity market and guarantee the non-discriminatory treatment of System users.
IPTO's network comprises of transmission lines, overhead, submarine and underground, as well as international interconnection points with Italy, Albania, North Macedonia, Bulgaria and Turkey. The interconnected mainland and islands system operates in High Voltage (150kV) and extra-High Voltage (400kV).
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