ADMIE HOLDING S.A. ADMIE HOLDING S.A.
FINANCIAL RESULTS FOR THE FIRST QUARTER 2024
ADMIE HOLDING S.A. - FINANCIAL RESULTS FOR THE FIRST QUARTER 2024 | 2 |
Athens - June 18th, 2024 - ADMIE HOLDING S.A. (RIC: ADMr.AT, Bloomberg: ADMIE.GA, Athens Stock Exchange: ADMIE), hereafter "the Company", owner of a 51% of IPTO S.A. GROUP announces today its financial results for the period ended March 31st, 2024.
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
18.8 million for Q1'24, recording an increase of25.2% compared to the same period in 2023.
Net Profit reached EUR
18.6 million for Q1'24 versus EUR 14.8 million for Q1'23.
Operating Expenses | Operating profit | |
amounted to EUR 240 | amounted to EUR 18.6 | |
thousand for Q1'24 | million increased by | |
compared to EUR 225 | 25.4%, compared to | |
thousand in Q1 '23. | the corresponding | |
period of the previous | ||
year, mainly due to the | ||
increase in revenue |
and operating efficiencies.
EPS increased by 25.4 % | The Company's Cash and | |
reaching 0.08 per share | cash equivalents reached | |
compared to EUR 0.06 in | EUR 5.3 million on | |
the corresponding | 31.03.2024, while its debt | |
period of 2023. | was zero. | |
Financial Income, which relates to accrued interest income from the Company's special account in the Bank of Greece, remained at the same level as in the corresponding period of 2023, at EUR 33 thousand.
Financial Overview
ADMIE HOLDING S.A.
Amounts in EUR million | Q1 2024 | Q1 2023 | D% | |
Investment share, equity method | 18.8 | 15.0 | 25.2% | |
EBITDA | 18.6 | 14.8 | 25.4% | |
ΕΒΙΤ | 18.6 | 14.8 | 25.4% | |
18.6 | 14.8 | 25.4% | ||
Net Profit | ||||
Profit per share (EUR) | 0.8 | 0.06 | 25.4% | |
31.3.2024 | 31.12.2023 | |||
Cash and cash equivalents, end of period | 5.3 | 5.4 |
ADMIE HOLDING S.A. - FINANCIAL RESULTS FOR THE FIRST QUARTER 2024 | 3 |
About ADMIE Holding S.A.
ADMIE HOLDING S.A. is a shareholder of IPTO S.A., with a percentage of 51%. Ιn 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 with the equity method.
The mission of ADMIE Holding is to be aligned with all activities of IPTO Group.
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 FOR THE FIRST QUARTER 2024 | 4 |
ADMIE HOLDING S.A. - INTERIM SUMMARY FINANCIAL STATEMENTS FOR THE PERIOD
01/01/2024 - 31/03/2024
ADMIE HOLDING S.A. - Summary Statement of Profit & Loss account | Q1 2024 | Q1 2023 | D% |
Amounts in mil. EUR | |||
Investment share, equity method | 18.8 | 15.0 | 25.2% |
Operating Expenses | 0.2 | 0.2 | 7.3% |
Profit before tax | 18.6 | 14.8 | 25.4% |
Net Profit | 18.6 | 14.8 | 25.4% |
Profit per share (EUR) | 0.08 | 0.06 | |
ADMIE HOLDING S.A. - Summary Statement of Balance Sheet | 31.03.2024 | 31.12.2023 | D% |
Amounts in mil. EUR | |||
ASSETS | |||
Total current assets | 5.6 | 5.9 | (4.6)% |
Total non-current assets | 819.5 | 800.7 | 2.4% |
TOTAL ASSETS | 825.1 | 806.5 | 2.3% |
EQUITY & LIABILITIES | |||
2.3% | |||
Total Equity | 825.0 | 806.4 | |
Total Long-term Liabilities | 0.0 | 0.0 | (11.3%) |
Total Short-term Liabilities | 0.1 | 0.1 | (31.2%) |
TOTAL LIABILITIES & EQUITY | 825.1 | 806.5 | 2.3% |
ADMIE HOLDING S.A. - Summary Statement of Cash Flows | Q1 2024 | Q1 2023 | |
Amounts in mil. EUR | |||
Profits before tax | 18.6 | 14.8 | |
Adjustments for: | |||
Profits for participation rate in affiliated companies (IPTO 51%) | (18.8) | (15.0) | |
Net cash flows from operating activities | (0.3) | (0.2) | |
Interest received from deposit in Bank of Greece | 177 | - | |
Purchase of tangible and intangible assets | (3) | - | |
Net cash flows from investing activities | 174 | - | |
Purchase of own shares | - | - | |
Dividend distribution to shareholders | - | - | |
Distribution of interim dividend to shareholders | - | - | |
Capital lease payment | (0.0) | (0.0) | |
Payment of interest | (0.1) | (0.0) | |
Net cash flows from financing activities | (0.0) | (0.0) | |
Net increase in cash and cash equivalents | (0.1) | (0.2) | |
Cash and equivalents at the beginning of the year | 5.4 | 4.7 | |
Cash and equivalents at the end of the year | 5.3 | 4.5 | |
ADMIE HOLDING S.A. - FINANCIAL RESULTS FOR THE FIRST QUARTER 2024 | 5 |
IPTO GROUP
ADMIE HOLDING S.A. - FINANCIAL RESULTS FOR THE FIRST QUARTER 2024 | 6 |
IPTO GROUP
Performance Highlights of Group
Total revenue in Q1' 2024 reached EUR 109.8 million, marking an increase of 16.8% compared to Q1' 2023.
Revenue from | Operating expenses | |
Transmission System | (without provisions, | |
Rent amounted to EUR | depreciation, | |
103.6 million increased by | amortization, and other | |
16.8% versus EUR | income) increased by | |
88.7 million in Q1'2023. | 12.3%, reaching EUR 57.6 | |
Revenue from the | million in Q1'2024, | |
Balancing Market | compared to EUR 51.3 | |
amounted to EUR 4.5 | million in the | |
million in Q1 2024 | corresponding period of | |
increased by 27.3% | 2023. | |
compared to Q1' 2023. | ||
EBITDA amounted to EUR
- million (versus EUR
- million in Q1' 2023).
Adjusted EBITDA stood at EUR 82.4 million versus EUR
70.1 million in Q1' 2023, marking an increase of 17.6%.
Net profit amounted to EUR 36.9 million versus EUR 29.5 million in Q1' 2023, marking an increase of 25.1%
Capital expenditures | Strong Financial position, | |
reached EUR 97.2 | with Net Debt amounted | |
million in Q1' 2024. | to EUR 904.4 million, taking | |
into consideration lease | ||
liabilities. | ||
ADMIE HOLDING S.A. - FINANCIAL RESULTS FOR THE FIRST QUARTER 2024 | 7 |
Financial Overview
Financial results for the period ended March 31st 2024.
Overview1 of IPTO Group | GROUP | COMPANY | |||||
Amounts in EUR million | 3M 2024 | 3M 2023 | D% | 3M 2024 | 3M 2023 | D% | |
Revenue from transmission system rent | 103.6 | 88.7 | 16.8% | 103.5 | 90.1 | 14.8% | |
Revenue from balancing market | 4.5 | 3.5 | 27.3% | 4.5 | 3.5 | 27.3% | |
Concession agreement expenses | - | - | n/a | (0.9) | (1.8) | (51.9%) | |
Revenue from other operations | 1.7 | 1.8 | (5.6%) | 1.7 | 1.6 | 1.4% | |
Total revenue | 109.8 | 94.0 | 16.8% | 108.7 | 93.4 | 16.3% | |
Other income | 1.1 | 0.6 | 93.8% | 1.1 | 0.6 | 81.8% | |
Operating expenses | 28.6 | 24.6 | 16.2% | 27.5 | 24.0 | 14.4% | |
Provisions | - | - | n/a | 0.1 | - | n/a | |
EBITDA | 82.2 | 70.0 | 17.4% | 82.2 | 70.0 | 17.4% | |
Adjusted EBITDA | 82.4 | 70.1 | 17.6% | 82.4 | 70.1 | 17.6% | |
Adjusted EBITDA margin | 75.1% | 74.6% | 75.8% | 75.0% | |||
EBIT | 52.2 | 42.7 | 22.1% | 52.4 | 42.8 | 22.3% | |
Adjusted EBIT | 52.4 | 42.8 | 22.3% | 52.6 | 42.9 | 22.5% | |
Profit before Taxes | 48.0 | 38.7 | 24.0% | 48.7 | 39.4 | 23.6% | |
Net profit | 36.9 | 29.5 | 25.1% | 37.5 | 30.2 | 24.2% | |
Adjusted net profit for the period | 37.0 | 29.5 | 25.3% | 37.6 | 30.2 | 24.5% | |
Amounts in EUR million | 31.03.2024 | 31.12.2023 | D% | 31.03.2024 | 31.12.2023 | D% | |
Net Debt | 904.4 | 950.5 | (4.8%) | 553.0 | 613.5 | (9.9%) | |
Cash and cash equivalents | 272.0 | 245.7 | 10.7% | 221.7 | 185.0 | 19.8% | |
Amounts in EUR million | 31.03.2024 | 31.03.2023 | D% | 31.03.2024 | 31.03.2023 | D% | |
Capital Expenditures | 97.2 | 148.7 | (34.7%) | 98.7 | 148.5 | (33.5) | |
1 EBITDA, 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 FOR THE FIRST QUARTER 2024 | 8 |
About IPTO Group
Independent Power Transmission Operator 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).
ADMIE HOLDING S.A. - FINANCIAL RESULTS FOR THE FIRST QUARTER 2024 | 9 |
Financial
Overview
ADMIE HOLDING S.A. - FINANCIAL RESULTS FOR THE FIRST QUARTER 2024 | 10 |
First Quarter 2024 Results
Consolidated total revenue in Q1' 2024 amounted to EUR 109.8 million, marking a significant increase of 16.8% compared to EUR 94.0 million in Q1' 2023. The revenue from transmission system rent, including revenue from the balancing market, stood at EUR 108.1 million versus EUR 92.2 million in the corresponding period of 2023, marking an increase of 17.2%, while revenue from other operations did not show significant deviation (decrease of EUR 0.1 million).
Consolidated EBITDA increased by 18% to EUR 82.2 million compared to EUR 70.0 million in Q1'2023.
Consolidated adjusted EBITDA stood at EUR 82.4 million, increased by 17.6% compared to EUR 70.1 million in Q1' 2023, excluding the following non-recurring items:
- Provision for the discount of reduced electricity given to employees and retirees of Group and provision for staff compensation, totaling EUR 138 thousand compared to EUR 123 thousand in Q1' 2023.
- Provision for risks and expenses of EUR 38 thousand compared to release of provision of EUR 44 thousand in Q1' 2023
Consolidated EBIT increased by 22.1% and stood at EUR 52.2 million compared to EUR 42.7 million in Q1' 2023.
Consolidated adjusted EBIT amounted to EUR 52.4 million, higher by 22.3% compared to EUR 42.8 million in Q1' 2023, excluding the aforementioned extraordinary - non-recurring items.
Consolidated EBT amounted to EUR 48.0 million, higher by 24.0% compared to EUR 38.7 million in Q1' 2023.
Consolidated net profit amounted to EUR 36.9 million compared to 29.5 million in Q1' 2023.
Consolidated adjusted net profit stood at EUR 37.0 million compared to EUR 29.5 million in Q1' 2023.
Group recorded capital expenditure amounted to EUR 97.2 million in Q1' 2024 compared to EUR 148.7 million in the corresponding period of 2023, while net debt, taking into consideration lease liabilities, stood at EUR 904.4 million compared to EUR 950.5 million on 31st December 2023.
Dividend
The Board of Directors of IPTO S.A. proposed to the Annual General Meeting of Shareholders, in accordance with Shareholders' Agreement, the distribution of a dividend to its shareholders equal to 50% of the net profit of the financial year 2023, corresponding to the amount of EUR 58.96 million. The dividend was approved by Ordinary General Meeting of Shareholders.
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Holding Company Admie Ipto SA published this content on 18 June 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 June 2024 07:00:02 UTC.
