In Q1, Dalekovod recorded a 28% increase in sales, EBITDA of HRK 29m and a net loss of HRK 4.15m
In the first 3 months of 2020, Dalekovod recorded a high increase of 27.9% in sales, which amounted to HRK 275.5m. When observing the revenue line by sectors,
The Energy sector recorded a 77% increase in revenues, to HRK 186 million. Of that, 95% was generated on the foreign market. The department of high and low voltage is currently performing works on 22 large projects and 17 smaller projects, and the department of substations has 4 large projects and seven smaller projects. Four projects worth more than HRK 115 million were contracted during the Q1 2020.
The Infrastructure sector recorded a decline in revenue of 8% and amounted to HRK 29 million. All of the revenues were domestic market. Most of the projects, refer to the investor HŽ Infrastruktura (6 of them), while there are five projects for the HAC and two projects for the City of Zagreb.
On the operating expenses side, the company witnessed a 7.3% increase, amounting to HRK 271.5m. Operating expenses did not follow such a strong revenue growth as the company has been working on the optimization of the cost structure in the context of the restructuring process that began during the previous year. Overhead costs related to the costs of the Group’s employees are lower by HRK 6.3 million.
As a result of the above-mentioned EBITDA amounted to HRK 15m, compared to -23.08m in Q1 of 2019. Such a result puts the EBITDA margin at 5.7%.
Going further down the P&L, the company recorded a net financial result of HRK -11.83m, compared to HRK 44.5m in Q1 2019. Such a result came mostly on the back of the net FX loss. As a reminder, in Q1 2019 the financial gain came as a consequence of the sale of Dalekovod Professio (wind power plant).
In the first quarter of 2020, Dalekovod recorded a net loss of HRK -4.15m, which came on the back of the aforementioned net FX loss. However, we are happy to see the company record a solid operating performance, which was accommodating for the share price. Yesterday, the company’s share was by far the top gainer on ZSE with a +20.7% daily increase.
