Técnicas Reunidas lost 164 million in the first semester




Técnicas Reunidas recorded net losses of 164 million euros in the first six months of this year, compared to the profit of 14.1 million euros registered in the same period of 2020, as reported by the group today to the National Commission of the Stock Market (CNMV).

Likewise, the adjusted net profit stood at 9.4 million euros, which represents a decrease of 85% compared to the first six months of 2020.

The portfolio at the end of the first half of this year reached 9,030 million euros, 11% less. Including some projects that have been awarded after the end of the semester, the accumulated portfolio to date would reach 10,100 million, the same value reached at the end of the first quarter of 2020.

Total sales reached 1,422 million in the first semester, with a decrease of 33% compared to a year earlier, mainly due to the rescheduling of some important projects during 2020, requested by clients to adapt their investment levels to the Covid environment ; as well as a slower execution due to the complexity of working in the pandemic environment, worsened in the second quarter due to the new variants of Covid, which have especially affected the countries where the company has its projects in execution.

Adjusted net operating profit (Ebit) stood at 43.5 million euros in the first half of 2021, 45% lower than a year ago.

“The pandemic has been longer than anyone expected a year ago and the impact much more profound. The damages suffered by Técnicas Reunidas have been generated in different ways. On the one hand, we have had obstacles in the management of our operations that have made it very difficult and costly to advance in the projects in execution. On the other hand, we have had to reschedule large projects that represent more than 50% of our portfolio, with the consequent temporary inactivity of the resources prepared to address them, ”explained the president of Técnicas Reunidas, Juan Lladó.

Despite this, he stated that "there are already reasons to be more optimistic." In this sense, as indicated, the company maintains a portfolio of potential projects of 50,000 million euros and, so far this year, it has already reached more than 2,900 million euros in awards.

"And we still have more than 6,000 million euros in offers in which we are well positioned and which will be awarded in the coming months," he concluded.

It should be remembered that the group has obtained financial support from SEPI for a total of 290 million euros, which will be structured in two tranches: a participatory loan for 150 million euros to offset the impact of the pandemic on the company's own funds. ; and an ordinary loan of 140 million euros aimed at improving working capital to compensate for the lengthening of the execution deadlines of the projects that the company has underway.

The two loans would have a duration of four years, with the possibility of being prepaid, and their disbursement is expected to take place in the fourth quarter of this year.

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