In 9M of 2020, Dalekovod recorded an increase in sales of 11.7%, increase in EBITDA of 194% and a net loss to majority of HRK -19.7m.
In the first 9M of 2020, Dalekovod’s sales amounted to HRK 929.86m, representing an increase of 11.7% YoY. The Company notes that the Energy sector (construction of transmission lines and substations), which is the company’s largest segment, recorded a 29% increase in revenues, with total revenues amounting to HRK 698m. Most of the revenues were generated on the foreign market (91%). The high and low voltage department is currently carrying out works on 26 large projects (6 in Norway, 10 in Sweden, 5 in the region and 5 in Croatia) and 17 smaller ones, and the substation department on 6 large and 4 smaller ones.
During the 9M of 2020, 10 new large projects were contracted in the high and low voltage department, which include part of smaller projects amounting to approximately HRK 600m, and 5 projects in the substation department amounting to HRK 26m, and a total value of the Energy sector in the amount of HRK 863m.
Operating expenses, amounted to HRK 902.56m, representing an increase of 5.9% YoY. Such an increase mostly came on the back of higher material costs which are up by 4.6% or HRK 23.74m. As a result of the above-mentioned EBITDA almost tripled, reaching HRK 63.13m. Meanwhile EBITDA margin showed solid improvement of 4.1 p.p. to 6.6%. Operating profit in the same period amounted to HRK 41.6m, compared to an operating loss of HRK 1.52m in 9M of 2019.
Going further down the P&L, the company recorded a net financial result of HRK -9.74m compared to HRK 33.2m in 9M of 2019. Such a result mostly came on the back of FX losses while in Q1 of 2019 the company’s net financial result includes the sale of Dalekovod Professio.
In the first 9M of 2020, Dalekovod recorded a net profit of HRK 31.59m (+0.4% YoY). However, the Company observed a net loss to majority of HRK -19.7m. Such a result can be attributed to the loss from discontinued operations (related to the sale of the galvanizing segment) in the amount of HRK -51.3m.
