- EBITDA has remained positive at EUR 353 thousand, compared to the loss of EUR 851 thousand over the same period in 2010.
- The company has written off the goodwill of its infrastructure business following the principle of utmost prudence.
- In keeping with the financial plan, refinancing has been obtained for the sum of EUR 27 million.
Seville, 31 August 2011.- Despite the current difficulties posed by the macroeconomic and sectoral context and as announced at the last General Meeting, the Group has pushed forward with its plans for sustainability, shoring up the balance sheet and continued growth. Consequently, the interim results of Grupo Ezentis show revenues of EUR 137.5 million, representing a growth of 61%.
Taking into account only the cumulative revenues from organic sales (without including the acquisition of Sedesa, now Ezentis Infraestructuras), these amounted to EUR 94.2 million in 2011, up 10.3% on the figures for the first half of 2010.
Traditional businesses have continued in their vocation for growth and stability: technology sales remain virtually stable, telecommunications grew by 13% compared to 1H10, and the international division has witnessed strong growth, managing a 37% increase in sales in the first half of the year.
As announced previously, on 3 June, the boards of directors of Asedes and Ezentis Infraestructuras approved the pre-bankruptcy applications of the two companies. The Group has continued to implement the feasibility plan introduced for the Infrastructure business, the main lines of which are:
- Reorientation of the infrastructure business: restriction of activity in Spain to the bare minimum, based on the performance of the portfolio of current works, focusing activity on continuing works that remain profitable.
- Development and concentration of the international business: with a focus on international sales.
- Company resizing: plan for staffing adjustments and closure of delegations (currently underway).
- Plan for the divestment of non-strategic assets.
- Supplier payments plans: based on arrangements with creditors.
Following the principle of utmost prudence in the application of accounting standards, Ezentis has now decided to write off the goodwill arising from the acquisition of Sedesa (now Ezentis Infraestructuras), with the aim of adjusting the book value of the acquired company.
The improvements to the accounts can also be observed at operational level. The EBITDA (earnings before interest, taxes, depreciation and amortisation) obtained by Grupo Ezentis in the first half of 2011 has amounted to EUR 353 thousand, which compares very favourably with the gross operating losses obtained in the first six months of the previous year (EUR -851 thousand).
At EBIT (earnings before interest and taxes) and net profit level, the result has been heavily affected by restructuring costs of EUR 75.5 million, so the figures are not comparable with those of last year.
The goodwill write-down in the infrastructures area described above accounts for the bulk of these costs, representing almost 80% of the total, although this write-down will not result in cash outflow for the Group. Within these restrictions, the Group's EBIT for the first half of the year amounted to EUR -77.9 million, while the net attributable profit for the year was EUR -88.7 million.
On a final note, the Group has met its financial plan in the following key areas: 1) refinancing of its photovoltaic business, for which it has obtained EUR 20 million in refinancing with a maturity of 20 years and a grace period of 3 years, under market conditions, in addition to EUR 2.3 million in new funding that will be used to further the development of these businesses and implement the infrastructure feasibility plan, and 2) refinancing of short-term loans for Grupo Ezentis S.A., worth EUR 6.7 million.