ADMIE HOLDING S.A. FINANCIAL RESULTS FOR THE FIRST HALF 2024
Press release
25.9.2024
ADMIE HOLDING S.A. - FINANCIAL RESULTS FIRST HALF 2024 | 2 | |
Athens - September 25th, 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 June 30th, 2024, prepared in accordance with International Financial Reporting Standards (IFRS).
ADMIE HOLDING S.A
Performance highlights
Revenue of ADMIE HOLDING S.A. reflects itsshare by 51% in the profits of IPTO S.A. Group and amounted to EUR
37.6 million for H1'24, increased by 27.4%, compared to the same period in 2023.
Net Profit reached EUR
- million versus EUR
- million in H1 '23.
Operating Expenses amounted to EUR 576 thousand compared to EUR 418 thousand in H1'23.
EPS increased by 27.2% to 0.16 per share compared to 0.13 in thecorresponding period in 2023.
Operating profit amounted to EUR 37.1 million increased by 27.3% compared to the same period in the previous year, mainly due to the increase in revenue and operating efficiencies.
Cash reached EUR 35.1 million on 30.06.2024. The Company has zero debt.
Financial income
amounted to EUR
131 thousand compared to EUR 59 thousand in H1 '23, mainly due to the increased interest income generated by the Company's special account in the Bank of Greece.
Financial Overview
ADMIE HOLDING S.A.
Amounts in EUR million | H1 2024 | H1 2023 | D% | Q2 2024 | Q2 2023 | D% |
Investment share, equity method | 37.6 | 29.5 | 27.4% | 18.8 | 14.5 | 29.6% |
EBITDA | 37.0 | 29.1 | 27.1% | 18.4 | 14.3 | 28.7% |
ΕΒΙΤ | 37.0 | 29.1 | 27.1% | 18.4 | 14.3 | 28.7% |
Net Profit | 37.1 | 29.2 | 27.2% | 18.5 | 14.3 | 29.1% |
Profit per share (EUR) | 0.16 | 0.13 | 27.2% | 0.08 | 0.06 | |
30.06.2024 | 31.12.2023 | |||||
Cash and cash equivalents, end of period | 35.1 | 5.4 |
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).
ADMIE HOLDING S.A. - FINANCIAL RESULTS FIRST HALF 2024 | 3 | |
Ioannis Karambelas, CEO of ADMIE Holding commented:
"The positive performance of ADMIE Holding's results continued in the first half of the year, with a significant increase in revenues by 27.4% to € 37.6 million and earnings per share to € 0.16, from € 0.13 in the same period in 2023, while debt remained zero.
IPTO Group's projects made significant progress, and total investments in the six-month period amounted to € 262.3 million.
Specifically, the Crete - Attica interconnection is in its final phase, while the second phase of the tender for the sale of its 20% has been completed, with a binding offer from State Grid International Development Belgium Ltd.
Moreover, the connection of the Cyclades is in the fourth and final phase, aiming to be completed within 2026, and the work on the projects in the Peloponnese and the Dodecanese is progressing according to schedule.
The Group's strategic target of making Greece a strong exporter of clean energy is not just a vision, but a reality in the making. The new North-South interconnection corridor is progressing intensively, and collaborations and studies on interconnections with the Middle East and the Balkans are in full swing, instilling confidence in our future.
At ADMIE Holding, we are committed to creating added value for our stakeholders, supporting the Group's investment program, and continuing to invest in optimizing our corporate structures. We value our shareholders and are dedicated to rewarding their trust and support".
About ADMIE Holding S.A
ADMIE Holding S.A owns 51% of the Independent Power Transmission Operator S.A (IPTO). In the context of the complete ownership separation of IPTO S.A., the sole activity of ADMIE Holding S.A. is its participation in IPTO and its only source of income is the dividend it receives. The participation of ADMIE Holding in IPTO is accounted for using the equity method. The purpose of ADMIE Holding S.A. is to provide operational support to IPTO Group's activities by offering top-level management expertise and managing stakeholder relationships in a transparent, inclusive and sustainable way.
The shares of ADMIE Holding S.A. are listed on the Athens Stock Exchange. For more information you can visit the website https://admieholding.gr/en/
ADMIE HOLDING S.A. - FINANCIAL RESULTS FIRST HALF 2024 | 4 | |
ADMIE HOLDING S.A. - INTERIM CONDENSED FINANCIAL INFORMATION FOR THE PERIOD
01/01/2024 - 30/06/2024
ADMIE HOLDING S.A. - Condensed Statement of Profit & Loss account | H1 2024 | H1 2023 | D% |
Amounts in mil. EUR | |||
Investment share, equity method | 37.6 | 29.5 | 27.4% |
Operating Expenses | 0.6 | 0.4 | 46.7% |
Profit before tax | 37.1 | 29.2 | 27.3% |
Net Profit | 37.1 | 29.2 | 27.2% |
Profit per share (EUR) | 0.16 | 0.13 | |
ADMIE HOLDING S.A. - Condensed Statement of Balance Sheet | 30.06.2024 | 31.12.2023 | D% |
Amounts in mil. EUR | |||
ASSETS | |||
Total current assets | 35.5 | 5.8 | 506.0% |
Total non-current assets | 808.2 | 800.7 | 1.0% |
TOTAL ASSETS | 843.7 | 806.5 | 4.6% |
EQUITY & LIABILITIES | |||
4.6% | |||
Total Equity | 843.5 | 806.4 | |
Total Long-term Liabilities | 0.0 | 0.0 | |
Total Short-term Liabilities | 0.3 | 0.1 | |
TOTAL LIABILITIES & EQUITY | 843.8 | 806.5 | 4.6% |
ADMIE HOLDING S.A. - Condensed Statement of Cash Flows | H1 2024 | H1 2023 | |
Amounts in mil. EUR | |||
Profits before tax | 37.2 | 29.2 | |
Adjustments for: | |||
Profits for participation rate in affiliated companies (IPTO 51%) | (37.6) | (29.5) | |
Other | (0.1) | (0.1) | |
Net cash flows from operating activities | (0.5) | (0.4) | |
Dividend collection from IPTO | 30.1 | - | |
Receipt of annuity from the Bank of Greece | 0.1 | 0.1 | |
Net cash flows from investing activities | 30.2 | 0.1 | |
Capital lease payment | (0.0) | (0.0) | |
Payment of interest | (0.0) | (0.0) | |
Net cash flows from financing activities | (0.0) | (0.0) | |
Net increase in cash and cash equivalents | 29.7 | (0.4) | |
Cash and equivalents at the beginning of the year | 5.4 | 4.7 | |
Cash and equivalents at the end of the year | 35.1 | 4.3 | |
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IPTO GROUP
ADMIE HOLDING S.A. - FINANCIAL RESULTS FIRST HALF 2024 | 6 | |
IPTO GROUP
Performance Highlights of Group
Total revenue in H1 2024 reached EUR 225.4 million, increased by 19% compared to the corresponding period in 2023.
Revenue for the second quarter amounted
to EUR 115.7 million increased by 21.3%.
Revenue from Transmission System Rent amounted to EUR
- million versus EUR
- million in H1 '23.
Revenue from Balancing
Market, amounted to EUR
8.8 million in H1 '24, increased by EUR 1.8 million compared to H1 '23.
Operating expenses (excluding provisions, depreciation and other expenses) amounted to EUR 61.4 million in H1'24 versus EUR 55.6 million in H1' 23, marking an increase of 10.4 %.
EBITDA increased by
20.7% to EUR 165.1 millioncompared to EUR 136.8 million in H1 '23.
For the second quarter of 2024 consolidated EBITDAamounted to EUR 82.9 million, up by 24.1%.
Adjusted EBITDA stood atEUR 167.3 million versus EUR 137.6 million in H1 '23.
Net profit for the first half of 2024 amounted to EUR
73.8 million versus EUR 57.9 million in the first half of 2023, marking an increase of 27.4 %.
In Q2 '24 Net profit amounted to EUR
36.9 million increased by 29.6% compared to Q2 '23.
Capital expenditures reached EUR 262.3 million in the first half of 2024, mainly directed to the interconnection works of Crete - Attica project (EUR 100.1 million), the Cyclades interconnection works (EUR 64.6 million) and the Greece-Cyprus-Israel interconnection (EUR 47.5 million).
Net Debt amounted to EUR 843.4 million, taking into account lease liabilities.
ADMIE HOLDING S.A. - FINANCIAL RESULTS FIRST HALF 2024 | 7 | |
Financial Overview
Financial results in accordance with International Financial Reporting Standards (IFRS) for the period ended June 30th, 2024
Overview1 IPTO S.A. | GROUP | COMPANY | ||||||
Amounts in EUR million | H1 2024 | H1 2023* | D% | H1 2024 | H1 2023* | D% | ||
Revenue from transmission system rent | 213.9 | 178.7 | 19.7% | 213.5 | 180.2 | 18.5% | ||
Revenue from balancing market | 8.8 | 7.1 | 25.1% | 8.8 | 7.1 | 25.1% | ||
Concession agreement expenses | - | - | n/a | (1.9) | (3.7) | (49.5%) | ||
Revenue from other operations | 2.7 | 3.6 | (25.4%) | 2.8 | 3.5 | (20.6%) | ||
Total revenue | 225.4 | 189.4 | 19.0% | 223.3 | 187.1 | 19.3% | ||
Other income | 3.0 | 3.7 | (18.4%) | 3.1 | 3.6 | (14.5%) | ||
Operating expenses | 61.4 | 55.6 | 10.4% | 59.0 | 53.2 | 10.9% | ||
Provisions/ (release) of provisions | 1.9 | 0.6 | 237.5 | 1.9 | 0.6 | 238.1 | ||
EBITDA | 165.1 | 136.8 | 20.7% | 165.4 | 136.9 | 20.8% | ||
Adjusted EBITDA | 167.3 | 137.6 | 21.5% | 167.6 | 137.8 | 21.7% | ||
Adjusted EBITDA margin | 74.2% | 72.7% | 75.1% | 73.6% | ||||
EBIT | 103.4 | 82.2 | 25.8% | 104.2 | 82.5 | 26.3% | ||
Adjusted EBIT | 105.6 | 83.0 | 27.2% | 106.4 | 83.3 | 27.7% | ||
Profit for the period before taxes | 96.6 | 75.5 | 28.0% | 96.5 | 76.5 | 26.2% | ||
Net profit for the period | 73.8 | 57.9 | 27.4% | 73.6 | 58.6 | 25.7% | ||
Adjusted net profit for the period | 75.4 | 58.5 | 28.8% | 75.3 | 59.2 | 27.2% | ||
Amounts in EUR million | 30.06.2024 | 31.12.2023 | D% | 30.06.2024 | 31.12.2023 | D% | ||
Net Debt | 843.4 | 950.5 | (11.3%) | 613.6 | 613.5 | 0.0% | ||
Cash and cash equivalents | 322.4 | 245.7 | 31.2% | 149.5 | 185.0 | (19.2%) | ||
Amounts in EUR million | 30.06.2024 | 30.06.2023 | D% | 30.06.2024 | 30.06.2023 | D% | ||
Capital Expenditures | 262.3 | 297.3 | (11.8%) | 262.7 | 296.2 | (11.3%) | ||
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
- Comparable data of specific accounts have been reclassified for comparability purposes. For more information on the reconciliation of comparable amounts, please refer to the 6M Interim Financial Report 2024 of IPTO SA.
ADMIE HOLDING S.A. - FINANCIAL RESULTS FIRST HALF 2024 | 8 | |
Q2 2024
Overview2 IPTO S.A. | GROUP | COMPANY | ||||||
Amounts in EUR million | Q2 2024 | Q2 2023 | D% | Q2 2024 | Q2 2023 | D% | ||
Revenue from Transmission System Rent | 110.2 | 89.9 | 22.6% | 110.0 | 90.1 | 22.1% | ||
Revenue from balancing market | 4.4 | 3.6 | 22.9% | 4.4 | 3.6 | 22.9% | ||
Concession agreement expenses | - | - | n/a | (1.0) | (1.9) | (47.1%) | ||
Revenue from other operations | 1.1 | 1.9 | (43.8%) | 1.1 | 1.9 | (39.8%) | ||
Total revenue | 115.7 | 95.4 | 21.3% | 114.6 | 93.7 | 22.3% | ||
Other income | 1.9 | 3.1 | (38.4%) | 2.0 | 3.0 | (33.8%) | ||
Operating expenses | 32.8 | 31.0 | 5.8% | 31.5 | 29.1 | 8.0% | ||
Provisions | 1.8 | 0.6 | 206.5% | 1.9 | 0.6 | 201.4% | ||
EBITDA | 82.9 | 66.8 | 24.1% | 83.2 | 66.9 | 24.4% | ||
Adjusted EBITDA | 84.9 | 67.5 | 25.7% | 85.2 | 67.6 | 26.0% | ||
Adjusted EBITDA margin | 73.4% | 70.8% | 74.4% | 72.2% | ||||
EBIT | 51.3 | 39.5 | 29.9% | 51.8 | 39.6 | 30.8% | ||
Adjusted EBIT | 53.2 | 40.2 | 32.5% | 53.8 | 40.4 | 33.3% | ||
Profit for the period before taxes | 48.7 | 36.8 | 32.2% | 47.8 | 37.1 | 28.9% | ||
Net profit for period | 36.9 | 28.5 | 29.6% | 36.1 | 28.4 | 27.2% | ||
Adjusted net profit for the period | 38.4 | 29.0 | 32.4% | 37.6 | 28.9 | 30.0% | ||
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
ADMIE HOLDING S.A. - FINANCIAL RESULTS FIRST HALF 2024 | 9 | |
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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Financial
Overview
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