Ellaktor

Greek energy market attracting major interest at London roadshow

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Foreign funds are expressing major investment interest in Greece’s renewable energy market as well as the country’s plan for green energy transportation from the Middle East, while major international energy groups appear extremely interested in Greek upstream developments and the ongoing transformation of Greece as a natural gas hub, a series of one-on-one and group meetings between highly ranked officials of Greek energy groups and international investors have highlighted following the first day of a roadshow in London.

The London event, co-organized by the Athens bourse and Morgan Stanley, has already indicated that 2023 could be a bumper year for foreign investments in Greece’s energy sector.

Of 29 Greek companies taking part in the road show, ten hail from the energy sector, a representation highlighting the strong international investment interest in Greece’s energy market.

Power grid operator IPTO’s ADMIE Holdings, Cenergy, Ellaktor, Elvalhalcor, Helleniq Energy, Motor Oil, Mytilineos, PPC, TERNA and Viohalko, the ten Greek energy groups taking part, will hold further meetings with investors today. These sessions could lay the foundations for new deals.

Over 300 meetings are scheduled to take place at the London event. Many of these will purely focus on energy matters.

 

Motor Oil’s MORE subsidiary eyes new RES projects, steps abroad, storage

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MORE (Motor Oil Renewable Energy), the Motor Oil group’s new green-energy subsidiary, just officially presented, will strive for further RES portfolio growth, expected to reach 1 GW once an agreement with ELLAKTOR is finalized, involvement in new green technologies, including energy storage, as well as expansion abroad as its next steps.

MORE already ranks as one of the country’s biggest RES producers, following its agreement with ELLAKTOR, officials noted during yesterday’s official presentation of the Motor Oil subsidiary.

MORE stands to be a company with an EBITDA figure of approximately 130 million euros and capital investments of 1.6 billion euros, they said.

Speaking at MORE’s presentation, Petros Tzannetakis, Motor Oil’s deputy managing director, described the new subsidiary as a significant pillar in Motor Oil’s development as a vertically integrated energy group.

Victor Papakonstantinou, MORE’s general manager, noted Motor Oil group’s involvement with renewable energy is a conscious choice as both the sun and wind are key features of Greece, represent low energy production cost, have a small environmental footprint, and enable electricity generation close to points of consumption, facilitating distribution.

MORE is aiming to complete its deal with ELLAKTOR by the end of the year, company officials noted.

Listed players plan 16 GW in RES projects worth €16bn

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Greece’s listed energy groups, alone, plan to invest a total amount of 16 billion euros over the next decade for the development of green energy projects representing over 16 GW, big figures highlighting the anticipated dominance of the green energy market in the years to come as the country transitions to cleaner energy sources and decarbonizes.

Investments are already anticipated in mature RES technologies, namely wind and solar energy facilities, while, once market and regulatory conditions allow, major investments will be made in energy storage as well as offshore wind farms.

Terna Energy, market leader in Greece’s RES market, plans to reach an installed capacity of 3,000 MW in the next five years. The company, the biggest wind energy player in Greece and southeast Europe, is currently developing wind energy projects representing 400 MW while a further 63 projects are nearing maturity.

Power utility PPC is making impressive RES market progress through its subsidiary PPC Renewables. PPC, according to the company’s updated business plan, will make investments totaling 3.4 billion euros until 2023, 34 percent of this amount concerning RES investments.

Green energy is also a key aspect in the Mytilineos group’s investment plans over the next few years. Its solar energy projects portfolio, representing 1,480 MW, is one of the biggest in Greece. The company possesses 300 MW in RES projects either operating, under construction or set for construction, as well as a further 100 MW headed for final investment decisions by the end of 2021. Mytilineos also plans to develop 20 energy storage projects, each with a 50-MW capacity.

Hellenic Petoleum (ELPE), both acquiring and developing RES projects, is aiming for a 2-GW RES portfolio by 2030.

Motor Oil Hellas recently acquired 11 operating wind farms with a total 220-MW capacity as well as a 20-MW facility still under construction from private equity fund Fortress. MOH is aiming for an operating RES capacity of 364 MW by the end of 2022 as well as a medium-term RES goal of between 500 to 600 MW.

Ellaktor is planning investments worth 1 billion euros for the development of 900 MW through its partnership with Portugal’s EDPR.

Contractor Intrakat also aims to push ahead with a one billion-euro RES investment plan. The company has joined forces with Gaia Anemos, possessing wind and PV production licenses representing approximately 1 GW, plus RES expertise.

RF Energy has reached an investment decision to develop an offshore wind farm with a capacity of 498.15 MW northeast of the island Limnos. The project is budgeted at two billion euros, according to the company.

 

 

 

Ellaktor wind farm development on Evia, with EDPR, 24 months away

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Leading infrastructure group Ellaktor’s development plan for wind energy projects with a 436.8-MW capacity on the island Evia, slightly northeast of Athens, as a joint venture with Portugal’s EDPR, is undergoing licensing, while construction is not expected to begin for another 24 months, the group’s new chief executive, Efthimios Bouloutas has informed during his first news conference at the company helm.

Ellaktor plans to invest 20.5 million euros, from a 120.5 million-euro equity capital increase, in the development of RES projects for a 500-MW portfolio increase, Bouloutas reiterated, referring to the new administration’s plans.

The equity capital increase is expected to be completed in July following the prospectus’ approval by the Capital Market Commission in late-June, Bouloutas anticipated.

Ellaktor is keen to expand its RES portfolio, currently dominated by wind energy projects, through acquisitions of other wind energy facilities as well as solar parks.

RES-sector involvement has proven pivotal in keeping the group afloat during times of crisis. Ellaktor’s installed capacity currently totals 493 MW, according to the group’s 1Q results.

More than half of Ellaktor’s EBITDA figure posted for the first quarter of 2021 – 28 million euros of 40 million in total – stemmed from RES interests.

Ellaktor projects totaling 88 MW are currently under construction and expected to be completed beyond 2023.

Ellaktor adding €20.5m to RES portfolio for wind farms, PV units

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Leading infrastructure group Ellaktor plans to inject a further 20.5 million euros to its renewable energy portfolio through an anticipated 120.5 million-euro equity capital increase.

Ellaktor’s new administration is placing emphasis on the group’s financial rebound in the RES sector, chief executive Aris Xenofos (photo) told analysts during a virtual-conference presentation.

The 20.5 million-euro sum planned to be injected into the group’s RES portfolio will be used to accelerate a growth plan through wind farm acquisitions and investments in solar energy.

At present, Ellaktor possesses just one small solar farm in operation, a 2-MW facility in the central Peloponnese’s Arcadia region.

Ellaktor is Greece’s second biggest RES energy producer with a total installed capacity of 491 MW offered by 24 wind energy farms, a small-scale hydropower unit, and the aforementioned Arcadia PV facility.

The company, aiming to increase its total installed capacity to 579 MW by 2022, is currently developing a new 88.2-MW wind energy facility.

Ellaktor, according to the administration’s presentation to analysts, is also moving ahead with a one billion-euro agreement reached with Portugal’s EDPR for joint development of wind farms totaling 900 MW.

The Ellaktor group’s RES portfolio revenue rose to represent 9 percent of total turnover in the nine-month period of 2020, from 3 percent in 2018.

The listed group’s planned 120.5 million-euro equity capital increase will need to be approved at a general shareholders’ meeting scheduled for April 2. Responding to questions by analysts, Xenofos, the chief executive, noted he is confident shareholders will support the plan.

The group intends to use 100 million euros of the 120.5 million-euro equity capital increase to cover liquidity needs at its Aktor subsidiary, including 45 million euros for the company’s loss-incurring PV activity in Australia and 55 million euros to cover supplier costs.

 

 

Ellaktor, EDPR form alliance seeking greater RES market penetration

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The Ellaktor group and EDP Renewables, both aiming for swifter and deeper RES market penetration, have established a strategic partnership following talks that began last summer.

The two companies plan to invest one billion euros over the next four to five years for the development of wind farms with a total capacity of 900 MW, sources have informed.

EDP Renewables was driven towards forming this partnership by the belief that its existing Greek portfolio of licenses, offering a capacity of 152 MW accumulated through RES auctions staged by RAE, the Regulatory Authority for Energy, would be insufficient to secure investment opportunities in the country.

The Ellaktor group, holding a RES portfolio of 460 MW, is looking to further bolster its position in the renewable energy market.

By uniting their portfolios, the two companies believe they will be better positioned for anticipated market changes and opportunities.

Ellaktor stands to also benefit from resulting access into lower-cost capital markets.

The plans of the two partners include development of two wind farms with a total capacity of 436.8 MW in central and southern parts of the island Evia, slightly northeast of Athens. The two firms have acquired licenses for these projects from other companies.

A further 460 MW will be developed from a portfolio of existing licenses. These licenses are not linked with Ellaktor’s portfolio of wind parks already operating.

Ellaktor already holds a total of 26 RES projects, all operating. They are comprised of 24 wind energy farms with a total capacity of 484 MW, one small-scale hydropower plant (5 MW) and one solar energy farm (2 MW), offering a total installed capacity of 491 MW.

Ellaktor investment choices of last 2 years yielding results

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Despite the impact of the measures implemented to limit the pandemic, Group EBITDA marked an increase in H1 2020 in three of five key segments in H1 2020, namely RES, Environment and Real Estate compared to the respective period in 2019, while adjusted EBITDA margin improved to 18.8% compared to 15.2% in H1 2019, the Ellaktor Group has announced in statement.

Concessions is gradually recovering, recording a moderate change in monthly vehicle traffic in August compared to the corresponding month last year, while the restructuring plan for Construction is progressing, the group’s statement noted.

The plan includes the reduction of staff costs and cost of sales, the disposal of non-operating assets, as well as the preparation of a “road map” alongside Greek banks, in order to further support Construction.

As a result of the Group’s strategy to limit Construction exposure to Greece and Romania and also due to the lockdown’s impact to vehicle traffic in Concessions, Group revenues stood at €438m in H1 2020 compared to €705m in H1 2019. At profit before tax level the Group recorded losses of €21.2m compared to profit of €29.4m in the corresponding period of last year, and in terms of profit after taxes and minority rights the Group recorded losses of €37.5m compared to losses of €8.4m in H1 2019.

  • EBITDA in Concessions stood at €53.0m in H1 2020 compared to €79.6m in H12019, decreased by 33% due to the lockdown, (traffic reduction in ATTIKI ODOS reached 72% in April 2020, however, there has been gradual improvement since May 2020, with a traffic reduction in this motorway reaching 37% in May, 16% in June, 9% in July and 6% in August compared to the corresponding months last year)
  • EBITDA in Renewables stood at €36.6m in H1 2020 compared to €26.3m in H1 2019, increased by 39% as a result of the increased installed capacity, without impact from the COVID-19 pandemic
  • In Environment EBITDA stood at €6.8m in H1 2020 largely unchanged from H12019, marginally increased by 0.8%, with slight impact from the COVID-19 pandemic
  • EBITDA in Real Estate, given the strong performance before the pandemic, stood at €1.4m in H12020 compared to €0.8m in H1 2019, increased by 84%. Since Smart Park reopened in early May 2020, there has been a gradual recovery in terms of performance, with an increase in footfall of 19% in June and 15% in July compared to the corresponding months in 2019
  • EBITDA in Construction stood at -€12.1m in H1 2020 (excluding non-recurring item with negative impact of €5.2m due to the impairment loss from sale of non-operating asset, including which EBITDA was -€17.3m) compared to €3.2m in H1 2019. Those figures do not include a profit of €6.9m from the sale of Hellas Gold which have been recorded in Other Comprehensive Income in Q2’20.

Commenting on the results, chief executive Anastasios Kallitsantsis noted: “Our choices in the last two years have started to yield results as, despite the lockdown due to the COVID-19 pandemic, EBITDA in three of our five Group segments, i.e. RES, Environment and Real Estate, improved in H1 2020 compared to H1 2019. Traffic in ATTIKI ODOS is rebounding, as the reopening of international flights in August resulted in a [marginal] change compared to August 2019. The restructuring of Construction is also progressing swiftly, as this sector is expected to benefit from the EU “Next Generation Program” package, from which Greece will receive €32b, or 17% of its GDP. Despite the impact of the lockdown on economic activity, the Group Adjusted EBITDA* stood at €82,3 m in H1’2020, with adjusted EBITDA margin improving to 18.8% (compared to 15.9% last year), and Net Debt to adjusted EBITDA of 6.9x.”

(*) Excluding non-recurring items with negative impact of €10m (€4.8m restructuring expenses for Construction and €5.2m from impairment loss due to sale of non-operating property)

 

1.

Profit and Loss

Revenue decreased

by 38% yoy

 

 

 

 

 

Cost of sales decreased

by 42% yoy

 

Gross profit decreased

by 21% yoy

 

 

 

 

Administrative expenses decreased by 14% yoy (excluding restructuring costs)

 

 

Selling expenses decreased by 12% yoy

 

 

 

 

 

 

Adjusted EBITDA

margin of 18.8%

 

 

 

 

 

 

 

 

 

 

 

Loss before taxes of €21.2m

 

 

 

Balance Sheet

 

 

 

Cash and other liquid assets of €400m

 

 

 

 

 

 

 

 

 

 

 

Total Equity for the Group of €484m

 

 

 

2.

Construction

Redefining the size of

the Construction

 

 

EBITDA

 

 

 

 

 

 

 

 

Backlog

 

 

 

Restructuring of Construction in progress

 

 

 

Concessions

or

 

 

 

 

 

Vehicle traffic has recovered significantly after the lifting of lockdown

 

 

 

 

 

 

Renewables (RES)

 No impact of COVID-19

 

 

 

 

 

 

 

Second largest portfolio

in Greece

  

Key figures of the ELLAKTOR Group in H12020

 

Consolidated revenue of ELLAKTOR Group stood at €438m in H1’2020 compared to €705m in H1’2019, decreased by 38% (or €267m). The decrease was mainly due to Construction, as revenue in this segment decreased by €265m (from €521m to €257m). Concessions recorded a decrease in revenue of €27m (from €118m to €91m), whereas revenue in the other segments increased or remained unchanged compared to H1 2019.

 

Cost of sales for the Group (excluding depreciation) stood at €331m in H1’2020, compared to €570m in H1’2019, a decrease of 42%.

 

Gross profit (excluding depreciation) stood at €106m in H1’2020 compared to €136m in H1’2019, decreased by 21% (or €29.1m). This decrease was mainly due to Concessions, which recorded a decrease by €25.2m due to the impact of the measures against the spread of COVID-19, but it was partially offset by the improvement in gross profit in Renewables, which recorded an increase by €10.1m.

 

Administrative expenses (excluding depreciation) stood at €32.2m in H1’2020 compared to €31.8m in H1’2019, increased marginally by 1.2%. Administrative expenses in H1’2020 included restructuring costs for Construction, amounting to €4.8m. Excluding these costs, administrative expenses stood at €27.3m in H1’2020, decreased by 14% compared to H1’2019.

 

Selling expenses (excluding depreciation) stood at €1.9m in H1’2020 compared to €2.2m in H1’2019, decreased by 12%.

 

Other income (excluding depreciation) and other profit/loss stood at €5.3m and            -€5.3m (including non-recurring item with negative impact of €5.2m due to the impairment loss from sale of non-operating asset), compared to €10.1 m and €0.5 m in H1 2019.

 

Adjusted EBITDA stood at €82,3m in H1’2020 (or €72.3m including €4.8m of restructuring costs and €5.2m impairment of non-operating property for sale)  compared to €112.2m in H1’2019, decreased by 27% which was mainly due to Concessions (€53.0m in H1’2020 compared to €79.6m in H1’2019).

 

The adjusted EBITDA margin improved to 18.8% in H1’2020 compared to 15.2% in H1’2019.

 

Depreciation and amortization stood at €52.4m in H1’2020 compared to €50.6m in H1’2019.

 

EBIT stood at €19.9m in H1’2020 compared to €61.6m in H1’2019.

 

At profit before tax level the Group recorded losses of €21.2m compared to profit of €29.4m in H1’2019, and in terms of profit after taxes and minority rights the Group recorded losses of €37.5m compared to losses of €8.4m in the corresponding period of 2019.

 

 

Total assets stood at €2,988m as at 30 June 2020 compared to €3,056m at 31 December 2019, a decrease of 2.2%.

 

Cash and other liquid assets decreased to €400m as at 30 June 2020 compared to €463m at 31 December 2019, mainly due to interest expense and distribution of dividends from ATTIKI ODOS.

 

Total borrowings stood at €1,543m on 30 June 2020 compared to €1,491m on 31 December 2019. The increase was mainly due to the successful issuance and placement of bonds with face value of €70m in January 2020, with an interest rate of 6.375%, and maturing in December 2024.

 

Net debt stood at €1,143m as at 30 June 2020 compared to €1,028m on 31 December 2019, with a net debt to EBITDA ratio of 6.9x (calculated on the annualized adjusted EBITDA of H1’2020).

 

Group total equity stood at €484m as at 30 June 2020, compared to €533m at 31 December 2019, decreased by €49m. The decrease was mainly due to losses after taxes. Equity attributable to shareholders stood at €380m compared to €414m on 31 December 2019, decreased by €34m.

 

Performance per segment in H12020

 

Revenues in Construction stood at €257m in H1’2020, decreased by 51% (or €265m) compared to €521m in H1’2019, mainly due to reduced construction activity, as the Group has decided to focus geographically on Greece and Romania.

 

Adjusted EBITDA in the Construction stood at -€12.1m in H1’2020 (or -€17.3m including impairment of non-operating property for sale) compared to €3.2m in H1’2019.

 

Losses before taxes stood at €28.2m in H1’2020 vs to losses of €7.5m in H1’2019.

 

Profit & Loss of H1’2020 does not include a profit of €6.9m from the sale of Hellas Gold which has been recorded in Other Comprehensive Income in Q2’2020.

 

AKTOR and its subsidiaries’ backlog amounted to €1.3b, of which €326m were signed in 2020. In addition, projects worth a further €587m have been secured the contracts for which are expected to be signed (total backlog of €1.9b)

 

The restructuring plan for Construction will generate an upside of more than €100m between 2020-2023. Of this, ~€30m will be generated through reduced cost of sales from the new Group Procurement office; €32m from reduced HR costs; and about €38m from the sale of non-operating assets and collection of old receivables.

 

 

Revenue in Concessions stood at €91.1m in H1’2020, decreased by 23%, compared to revenue of €118.1m in the corresponding period of 2019. Reduced revenue in H1’2020 is due to the drop in traffic as a result of government restrictions due to the COVID-19 pandemic (ATTIKI ODOS -26%; MOREAS -30%).

 

There have been clear and encouraging signs of rebounding traffic in ATTIKI ODOS since early May, when the gradual lifting of restrictions began. After a decrease of 72% in April, vehicle traffic followed a continuous upward trend, reaching -16% in June, -9% in July and finally -6% in August.

 

EBITDA in Concession stood at €53.0m, a decrease of 33% compared to €79.6m in H1’2019.

Profit before taxes stood at €4.4m in H12020 compared to €33.1m in H1 2019 (-87%).

 

 

Revenues in RES stood at €45.1m in H1’2020 compared to €33.1m in H1’2019, increased by 36% as a result of the increased installed capacity.

 

EBITDA in RES stood at €36.6m in H1’2020 compared to €26.3m in H1’2019, increased by 39% also as a result of the increased installed capacity.

 

PBT stood at €20.1m in H1’2020 compared to €14.2m in H1’2019 (+41%).

 

Installed capacity stands at 491 MW as of on 30 June 2020, while an additional 88 MW is under construction.
 
Environment

Increase in revenue and profit despite the pandemic

 

 

 

 

 

 

 

 

  

Revenue in Environment stood at €47.3m in H1’2020 compared to €41.4m in H1’2019, increased by 14% due to the increased rate of implementation of construction projects.

 

EBITDA stood at €6.8m in H1’2020 compared to €6.8m in H1’2019, increased marginally by 1%.

 

Earnings before taxes stood at €3.9m in H1’2020 compared to €2.5m in H1’2019, increased by 54%.

 

Prospects appear to be strong, as Greece has to proceed quickly in order to comply with the national and EU legislation on waste management.

 
Real Estate

Increase in operating profit despite the impact of the COVID-19 pandemic

 

 

 

 

 

  

Revenue in Real Estate stood at €3.1m in H1’2020, compared to €3.1m in H1’2019, decreased marginally by 2% due to the impact of COVID-19.

EBITDA stood at €1.4m in H1’2020 compared to €0.8m in H1’2019, increased by 84%. After the reopening of the park on 11 May 2020, there has been a recovery in footfall, recording an increase by 19% in June and 15% in July.

Losses before taxes stood at €0.2m in H1’2020 compared to losses of €0.9m in H1’2019.

 

 

 

Ilektor named PPC Renewables partner for geothermal fields

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PPC Renewables has named Ilektor, a member of the Ellaktor group, as its strategic partner for development of four geothermal fields in Greece following the completion of an older international tender that had remained stagnant.

Ilektor emerged as the highest bidder, followed by Terna Energy, for the utilization of geothermal fields in Lesvos, the Milos-Kimolos-Polyaigos island complex, Nisyros and Methana to generate electricity.

A license held by PPC Renewables’ parent company, power utility PPC, offering exclusive exploration and production rights for these geothermal fields, was recently extended by the Greek State.

Ilektor, the strategic partner, will be given a majority stake in an SPV formed by PPC Renewables for this project.

The SPV will take on financing, construction and operation of geothermal field-linked power stations with capacities of 8 MW for Lesvos and 5 MW for each of the three other areas.

PPC Renewables aims to begin geothermal exploration activities at the Milos-Kimolos-Polyaigos group of islands by the end of this year, when it is believed local communities will have been informed and offered their consent.

According to the project’s schedule, a power station fed by the Milos-Kimolos-Polyaigos field should be ready to operate by 2025.

Development of the Lesvos, Nisyros and Methana fields will be left for later on.

 

ELPE, Edison reach deal with Ellaktor for its Elpedison share

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Hellenic Petroleum (ELPE) and Edison, holding an equally divided 75.78 percent share of electricity producer and supplier Elpedison, have finalized an agreement with construction firm Ellaktor for the acquisition of its 22.74 percent share in the retail energy firm.

ELPE and Edison, now a subsidiary of France’s EdF, have submitted an undisclosed offer that has been accepted by Ellaktor, sources representing all three parties have confirmed. An official announcement on the agreement is expected within the next few days.

The agreement will give ELPE and Edison an equal share of Elpedison’s 98.52 percent. Halkor (Hellenic Copper Industry) is the holder of the remaining 1.48 percent.

Ellaktor’s decision to withdraw from Elpedison – part of a corporate restructuring plan pursued by the former’s new administration that includes a focus on renewable energy – triggered a clause in an agreement between Elpedison’s shareholders offering preferential rights to other shareholders in the event of a withdrawal.

Elpedison, whose retail electricity market share was last measured at 3.73 percent, in April, operates two gas-fueled power stations offering a combined production capacity of at least 810 MW.

 

Ellaktor appoints new CFO in place of long-serving official

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Leading infrastructure group ELLAKTOR has appointed a new chief financial officer, Manos Christeas, to replace the long-serving Alexandros Spiliotopoulos, beginning Wednesday, the group has announced in a statement.

Spiliotopoulos, an executive with 52 years of contribution to the group and the CFO of ELLAKTOR over the last 21 years, will continue to offer support as a financial consultant.

Additionally, Antony Hadjioannou, an executive of the group for 12 years and Interim CFO of ELLAKTOR over the last 10 months, will assume the position of deputy chief financial officer of ELLAKTOR.

During the past 12 years, Christeas has served as the CFO of Archirodon Group, being responsible for all financial matters. Furthermore, from 2014 until today he has been a member of the Board of Directors of Terragon Environmental Technologies, which specializes in waste management solutions.

Moreover, from 2000 until 2006, Christeas held the position of Finance & Information Systems Director at Papastratos, being responsible for the implementation of the acquisition of Papastratos by Phillip Morris, the integration of Papastratos’ corporate structure with Phillip Morris Hellas, as well as the implementation of SAP R/3.

Additionally, during his career, Christeas has served as finance director and Member of the Board at Papaellinas Group of Companies (Notos.com) from 1997 until 1999, while he served as financial manager at Mercedes-Benz Hellas between 1995 and 1997 and as financial analysis manager at Procter & Gamble Hellas from 1992 until 1995.

Christeas holds an M.B.A. in Finance from the CASS Business School of City University in London; he has attended the Advanced Management Program of INSEAD in France and he is a graduate of the Athens University of Economics and Business with a Bachelor in Business Administration, specializing in Finance and Accounting.

Referring to the appointment of Christeas as Chief Financial Officer of ELLAKTOR, Anastassios Kallitsantsis, CEO of the Group, stated: “Mr. Christeas has had a long and successful career as head of finance in large companies, acquiring deep knowledge of the special characteristics and the challenges of the infrastructure sector as well as work experience in Greek and multinational groups. I would like to welcome Mr. Christeas and wish for a mutually beneficial and successful cooperation. I would also like to express my deepest appreciation to Mr. Alexandros Spiliotopoulos, who has served ELLAKTOR for 5 decades, dedicating his life and career to the Group, serving with unique work ethic and responsibility in ELLAKTOR’s financial matters.”

Christeas’ appointment completes a rigorous and detailed process of enhancing ELLAKTOR’s Group operations at the C-suite executives level, which started last August by appointing highly experienced and skilled executives both from the market and from within the Group.

Especially, in relation to the selection of the CFO, the process involved a set of very specific criteria, including domestic and international experience in activities similar to those of ELLAKTOR, such as construction and concessions, as well as a proven track record in restructuring and reorganization processes.

In total, during the past 10 months, the Group’s Directors’ team has been strengthened with the appointment of 6 new executives in core sectors, which enjoyed less attention in the past.

More specifically, in addition to the appointment of the new CFO, since August, 2018 the group has appointed a Chief Operations Officer, a Chief Legal Officer, a Chief Communications Officer, a Chief Human Resources Officer and a Chief Information Officer.

ELLAKTOR is a leading infrastructure group with long-term investments in key fields, including construction, concessions, waste management, renewable energy and real estate development.

Maintaining operations in 30 countries and nearly 7,500 direct employees and associates in Greece and abroad, the company generates a €1.85 billion turnover.

ELLAKTOR is ranked 81st among the top 100 global manufacturing groups (Global Powers of Construction 2017, Deloitte).

 

 

Edison, ELPE preparing offer for Ellaktor’s Elpedison stake

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Hellenic Petroleum (ELPE) and Edison, holding an equally divided 75.78 percent share of electricity producer and supplier Elpedison, are preparing to make an offer for a 22.74 percent share held by construction firm Ellaktor.

Ellaktor has announced a decision to withdraw from Elpedison. ELPE and Edison, both holding preferential buying rights for Ellaktor’s stake, would want to buy it and prevent any rival from become part of Elpedison’s equity line-up.

ELPE and Edison have a limited time period to prepare an acceptable offer. It will need to be made within the summer. If the duo’s offer fails to satisfy Ellaktor, the latter will have the right to seek another buyer.

The current talks between the three companies have been described as positive.

Halcor, the copper tubes division of copper producer ElvalHalcor, holds Elpedison’s remaining 1.48 percent.

Elpedison, whose retail electricity market share was last measured at 3.73 percent, in March, operates two gas-fueled power stations offering a combined production capacity of at least 810 MW. The investment cost for the two units exceeded 500 million euros.

Ellaktor’s decision to withdraw from Elpedison was prompted by a revised business plan shaped by its new administration, whose new focus includes renewable energy.

 

 

RES-focused Ellaktor in talks for sale of its Elpedison stake

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The Ellaktor group has reached an advanced stage in talks with foreign investors interested in acquiring its 22.74 percent stake in electricity producer and supplier Elpedison, sources have informed, a reflection of the corporate group’s intensifying focus on the renewable energy sector.

Last December, the Ellaktor group took over listed wind energy subsidiary El. Tech. Anemos, Greece’s second biggest renewable energy company, as part of a strategy to bolster its position in the RES domain and better adjust to the EU’s decarbonization policy aiming for a drastic reduction of CO2 emissions by 2030 and elimination by 2050.

The corporate group’s takeover of El. Tech. Anemos promises to provide additional cash flow supporting the subsidiary’s investment plan.

The brothers Anastasios and Dimitris Kallitsantsis, who took over the Ellaktor group’s helm last July following a tumultuous battle between the group’s major shareholders, had committed themselves, as a key strategy, to not selling the group’s stake in El. Tech. Anemos but, on the contrary, strengthen the group’s standing in the renewable energy sector.

ELPE (Hellenic Petroleum) and Edison – acquired by EDF – hold a 75.78 stake in Elpedison as a joint venture, Ellaktor holds 22.74 percent, and Halkor has the other 1.48 percent.

 

Ellaktor’s absorption of El. Tech. Anemos heralds renewable energy role of group

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The Ellaktor group’s absorption of listed wind energy subsidiary El. Tech. Anemos, a move announced last Friday, signifies the major role to be played by the corporate group in renewable energy production, its new administration has noted.

The brothers Anastasios and Dimitris Kallitsantsis, who took over the corporate group’s helm last July following a tumultuous battle between the group’s major shareholders, had committed themselves, as a key stategy, to not selling El. Tech. Anemos. The duo expressed a preference to keep, as a group member, the wind energy firm, significantly contributing to the group’s results and reinforcement.

Ellaktor’s absorption of El. Tech. Anemos will enable the wind energy firm to further multiply benefits it previously offered to the group as a separate entity, the group’s new administration believes.

On the contrary, had El. Tech. Anemos been sold, as the group’s previous administration had wished, Ellaktor would have secured a one-off cash injection.

With El. Tech. Anemos still on board, the Ellaktor group has held on to a company asset that is displaying constant growth and producing rising profit levels.

The arrangement’s overall cash inflow benefits, as well as prospective synergies, are expected to offer the group major economies of scale as well as financing and tax savings, all of which stand to favorably impact the group’s financial results.

Aktor Concessions increases its Attiki Odos stake with additional 6.5%

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Aktor Concessions, a fully-owned subsidiary of the Ellaktor group, has increased its stakes in Attiki Odos and Attika Diodia to 65.74 percent from 59.249 percent following respective 6.5 percent acquisitions in both for a total amount of 37.5 million euros, the company has announced in a statement.

Attiki Odos is the company which undertook, via a Concessions Agreement with the Greek State, the study, construction, financing, operation and maintenance of the motorway of the same name, while Attika Diodia controls 80 percent of the company Attikes Diadromes, responsible for the operation and maintenance of the road.

Commenting on the acquisition, Anastassios Kallitsantsis, the CEO of Ellaktor, noted: “The increase of our participation in Attiki Odos. and in Attika Diodia is fully aligned with the new strategy of Ellaktor, which foresees that we maintain our leading position in concessions and through it we create long-term shareholder value. It is an investment with extremely important business, strategic and financial benefits for Ellaktor, both on a short-term as well as on mid-term level. Attiki Odos is the most representative footprint of our Group, since, on the one hand, it is a creation of our construction subsidiary Aktor and on the other hand, it is a distinctive concessions project of our subsidiary Aktor Concessions. Seventeen years after the inauguration of the first part of the road, Attiki Odos maintains intact its construction supremacy as well as its undeniable level of services provided, elements which constitute Attiki Odos as one of the top infrastructure projects in Greece, the most crucial road in Athens and the standard choice for the daily commutes of hundreds of thousands of drivers”.

The acquired 6.5% of the shares of Attiki Odos and Attika Diodia is the proportionate stake of Aktor Concessions out of a 9.88% total held by Piraeus Bank in both companies and for the sale of which Piraeus Bank organized an international tender. Following a relevant binding financial offer, Piraeus Bank – as obliged by the Shareholders Agreements of both companies – addressed the existing shareholders of Attiki Odos and Attika Diodia, who maintain a right of first refusal, and Aktor Concessions exercised this right.

Aktor Concessions is the largest Greek company in the sector of concessions and the first one to undertake concessions contracts in the ‘90s. The company has valuable technical expertise and wide experience in the whole spectrum of activities related to concessions, such as the study, funding, construction, exploitation, maintenance and operations. Furthermore, the company leverages significant strategic partnerships in concession projects with companies of global reach and status. The portfolio of Aktor Concessions includes the main motorways in Greece. The company owns the majority stake in Attiki Odos and in Moreas Motorway, while it also holds significant stakes in Olympia Odos, the Rio-Antirrio Bridge and the Aegean Motorway.

Attiki Odos is a modern motorway that extends along 70 km and crosses the Attica Prefecture, or wider Athens area, connecting 28 municipalities and facilitating millions of people. It is an urban motorway with two separate directional carriageways, each consisting of 3 lanes and an emergency lane. The suburban railway of Athens has been constructed in the central reservation of the motorway. Attiki Odos constitutes the backbone connecting the main means of transport and key infrastructures in the Attica region: motorways (connection with the National Road network), airports (connection with the Athens International Airport “Eleftherios Venizelos”), railways (connection with metro and suburban railway) and ports (access to the ports of Lavrion and Rafina).

 

Lesvos, Methana the launch pads for geothermal projects

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PPC Renewables plans to start developing two of four geothermal fields to which the company holds exclusive exploration and utilization rights with ventures on the island Lesvos and Methana, a peninsula in northeast Peloponnese.

These starting choices, where geothermal exploration work is believed to be imminent, have a purpose. Locals on Milos and Nisyros, two other spots also being eyed, both object to geothermal development. Back in the 1980s, islanders on Milos strongly reacted against a geothermal development plan, fearing its environmental impact. However, PPC Renewables officials are now hoping this resistance of the past will ease once islanders are fully informed of technological advancements in the sector.

Besides Lesvos and Methana, PPC Renewables also intends to develop geothermal fields on Nisyros, as well as the island complex of Milos, Kimolos and Polyaegos, the Aegean Sea’s largest uninhabited island.

PPC Renewables plans to establish a strategic partnership with Helector SA, a member of the Ellaktor group, for these ventures. Helector, the winning bidder in a related tender, is expected to hold a 51 percent stake in its joint venture with PPC Renewables.

A wholly-owned subsidiary of the main power utility PPC, PPC Renewables is anticipating the signing of a ministerial decision by the energy ministry before it proceeds with the formation of its partnership with Helector.

PPC Renewables plans to develop an 8-MW geothermal power station on Lesvos and 5-MW geothermal facilities at each of the other locations.

Ellaktor, Terna up bids for PPC Renewables geothermal tender

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Two investment schemes, Helector SA, a member of the Ellaktor group, as well as a team comprised of Terna Energy and sister company Terna Aioliki Xerovouniou SA, have improved their binding second-round bids in an international tender staged by PPC Renewables for a strategic partner in the installation of power stations to utilize four geothermal fields.

PPC Renewables, which holds the operating rights to these fields, requested increased bids from the tender’s participants. A supervisory committee is expected, within the next few days, to deliver its results to the PPC Renewables board, which will then decide.

PPC Renewables, a wholly-owned subsidiary of the main power utility PPC, is aiming for swift progress in its quest for a strategic partner and the establishment of a finalized partnership agreement as soon as possible.

PPC Renewables is aiming to utilize geothermal fields at Methana – a peninsula in northeast Peloponnese – the islands Lesvos and Nisyros, as well as the island complex of Milos, Kimolos and Polyaegos, the Aegean Sea’s largest uninhabited island.

PPC Renewables plans to establish a joint venture with its prospective strategic partner to develop geothermal power stations of at least 8 MW on Lesvos and 5 MW at each of the other locations.

PPC Renewables intends to soon launch exploratory drilling procedures at its own expense. These drilling endeavors are planned to run concurrently with the ongoing selection process for a strategic partner.

Officials at PPC Renewables believe the reluctance, if not outright opposition, of residents on some of the islands to the geothermal plan will ease once islanders are fully informed of technological advancements in the sector, preventing environmental impact. Locals reacted back in the 1980s against an initiative for the development of a geothermal field on Milos.

 

 

 

 

Ellaktor, Terna left in PPC Renewables geothermal tender

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Two investment schemes, Helector SA, a member of the Ellaktor group, as well as a team comprised of Terna Energy and sister company Terna Aioliki Xerovouniou SA, have submitted binding second-round bids to an international tender staged by PPC Renewables for a strategic partner in the installation of power stations to utilize four geothermal fields.

The tender’s deadline for second-round offers expired on June 1. A total of six teams had expressed first-round interest.

Besides Helector and the Terna Energy-Terna Aioliki Xerovouniou team, Enel Green Power Hellas, France’s Storengy, KS Orka from Singapore, as well as Zorlu-Turboden, a Turkish-Italian joint venture, also participated in the first round.

PPC Renewables, a wholly-owned subsidiary of the main power utility PPC, is aiming for swift progress in its quest for a strategic partner and the establishment of a finalized partnership agreement as soon as possible.

PPC Renewables plans to establish a joint venture with its prospective strategic partner to develop geothermal power stations of at least 8 MW on Lesbos and 5 MW at each of the other locations.

PPC Renewables intends to soon launch exploratory drilling procedures at its own expense. These drilling endeavors are planned to run concurrently with the ongoing selection process for a strategic partner.

Officials at PPC Renewables believe the reluctance, if not outright opposition, of residents on some of the islands to the geothermal plan will subside once islanders are fully informed of technological advancements in the sector, preventing environmental impact. Locals reacted back in the 1980s against an initiative for the development of a geothermal field on Milos.

 

 

European player in advanced Eltech Anemos takeover talks

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A key European energy firm currently not present in the Greek market is believed to be engaged in advanced takeover talks with Eltech Anemos, a listed company ranked among Greece’s top three green energy players.

The Eltech Anemos portfolio includes installed wind energy facilities in various parts of Greece with a total capacity of 241 MW. Eltech Anemos is also currently developing seven new wind parks with a total capacity of 145 MW. Taking into consideration licenced projects, the Eltech Anemos portfolio’s capacity reaches 636 MW.

Though the takeover talks between Eltech Anemos and its possible buyer, still undisclosed, are said to have reached an advanced stage, the two sides still need to cover plenty of ground in their effort to reach a deal.

In recent years, Eltech Anemos has also been involved in takeover talks with other prospective buyers, local and foreign, to no avail.

Eltech Anemos is controlled by Ellaktor, a major corporate group whose interests include investments in the energy and construction sectors, with a 64.5 percent stake. Anastasios Kallitsantsis, Ellaktor’s president, holds a further 7.096 percent of Eltech Anemos.

In its nine-month results for 2017, Eltech Anemos posted a turnover figure of 35.2 million euros and pretax profit of 10.1 million euros. The firm’s total debt was 184.98 million euros, including 163.19 million in long-term loans.

 

El.Tech.Anemos turnover up 7.1% for 9-month period

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El. Tech.Anemos, a member of the Ellaktor group, has posted a consolidated turnover amount of 35.22 million euros for the nine-month period, up 7.1 percent compared to the equivalent period in 2016, despite a low-wind performance. The gain was propelled by an increased installed capacity.

Accordingly, consolidated EBITDA amounted to 25.29 million euros, compared to 23.47 million euros for the nine-month period of 2016, a 7.8 percent increase. EBIT increased by 4.3 percent to 16.92 million euros from 16.23 million euros for the same period of 2016.

Consolidated net profit decreased to 6.93 million euros from 8.01 million euros during the nine-month period of 2016, as financial expenses increased mainly due to the capitalization end of financial expenses concerning the Lyrkeio wind farm, which became operational in December 2016.

Consolidated net profit per share amounted to 0.0821 euros compared to 0.0925 euros for the nine-month period of 2016.

Consolidated net  debt  (total  loans  minus  cash  and  cash  equivalents,  restricted  cash, and financial assets held to maturity)  increased to 160.27 million euros compared to 124.04 million  euros December 31, 2016,  as  a result of the full progress of the group’s  new  investment  program.

As for the parent company, its total turnover amounted to 34.10 million euros, compared to 30.83 million euros in the same nine-month period of 2016.

EBITDA reached 26.65 million euros, compared to 21.96 million in the corresponding period of 2016, while EBIT amounted to 18.59 million euros, compared to 15.15 million euros for the nine-month period of 2016.

Profit after tax (net profit) amounted to 9.00 million euros from 7.36 million euros in

the corresponding  period  of  2016,  and  net  profit  per  share  amounted  to 0.1089 euros compared to 0.0892 euros for the same nine-month period of 2016.

At present, the total installed capacity of El. Tech.Anemos group of companies stands at 260.30 MW and is comprised of sixteen wind parks totaling 253.35 MW, one small hydroelectric project of 4.95 MW and one photovoltaic project of 2.00 MWp. Most recently, the company developed two wind parks – Kalogerovouni (17.1 MW) in the Monemvasia area (southeast Peloponnese) and boosted capacity (2.35 MW) at its Agia Dynati wind farm on the Ionian island Kefalonia.

An investment program announced in July, 2014 has been completed, while the implementation of the corporate group’s new investment program, comprised of wind park projects with a total installed capacity of 127.6 MW, is underway. It is expected to be completed by the end of 2018.

In addition,  projects  of  a  total  installed  capacity  of  636  MW  are  at  various  stages  of  the licensing process, 113 MW of which face environmental criteria approval.