FIMA Market Update - DLKVRA CZ 3Q11 results, Nov 2 , 2011

Heavy constructor Dalekovod (DLKVRA CZ) posted 3Q11 results showing 56.4% drop in sales to HRK 246 million as result of slow macroeconomic recovery in Croatia and low level of infrastructural investments (55% of sales comes from domestic market). Cumulatively sales dipped 33.2% to HRK 844 million.

3Q EBITDA nosedived 53.1% to HRK 23 million due to drop in domestic sales while EBITDA margin stood at 9.1%. Cumulatively EBITDA dipped 67.6% to HRK 43 million due to drop in domestic sales and slower decrease of OPEX. Quarterly EBIT dipped 60.4% to HRK 14 million while EBIT margin equaled 5.5%. Cumulatively EBIT dipped 92.7% to HRK 7 million.

Dalekovod finished 3Q with loss of HRK -72 million due to high extraordinary other expenses (HRK 73 million). Cumulatively net income amounted HRK -111 million (9M10 HRK 37m).

Dalekovod Professio intends to continue with investments in wind parks. In different phases of uilding permit acquisition process there are five wind park locations with total planned additional installed power of over 100 MW.
After ZD 2 i ZD 3 wind park commissioning, Dalekovod Professio d.o.o. shall manage 50% of the wind park portfolio ZD 6, ZD 2 and ZD 3 with total installed 45 MW, which, so far, is the biggest such portfolio in Republic of Croatia. End of construction and commissioning of the wind park is scheduled for beginning of year 2012. In last 2 months, Dalekovod signed contracts in total worth of some EUR 123 million.

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