Ellaktor: Aims at zero losses and will bid for Attiki Odos

Without accurately assessing Aktor’s returning Ellaktor’s manufacturing sector to profitability, the group’s CEO Thymios Bouloutas reiterated its management’s goal of zeroing losses in the coming quarters.

Mr. Bouloutas during a press briefing on the financial results of 2021 presented the improvement of the financial performance of the group and its areas of activity during the last four years, emphasizing the increase of EBITDA to 164.9 million euros from 34.4 million in 2020. According to him, with the rise in operating profitability, the group’s ability to repay interest on loans and development projects is now open. He also argued on the occasion of the claim of important construction projects by Aktor, that there are positive discussions with the domestic banking sector as construction losses are limited.

The bond

The CEO of Ellaktor, however, when asked about the large bond issued by the previous management amounting to 670 million euros and with an interest rate of more than 6%, avoided answering concerning its refinancing, referring to decisions that will be taken by the management based on economic developments in the coming years. The bond expires in 2024.

He had a similar retort, leaving open all possibilities, as concerns the necessity of a possible new capital reinforcement of the group. As he said there are various financial tools that will all be examined. He also noted that the bid for Attiki Odos through the HRADF tender for the extension of the concession contract will find the group with capital adequacy. At this point, Mr. Bouloutas announced that Aktor together with Avax and a foreign partner will claim the concession.

The unfulfilled balance

The CEO of Ellaktor made special reference to the group’s participation and its promotion as a bidder in important construction projects and concessions.

According to him, the unfulfilled balance of the signed and to be signed contracts exceeds 3 billion. euro.

He also set a goal to claim projects from the 13 billion euro pie of the Recovery Fund.

Energy

Mr. Bouloutas also characterized the group’s activity in RES as a cornerstone of Ellaktor’s development strategy.

He reminded that it is the second largest wind power RES generator, through parks with a capacity of 493 MW, while it is aiming by 2025 at the construction and operation of projects with a total capacity of 1.2 GW.

He spoke about the cooperation with the Portuguese firm EDPR and the launch of 496 MW projects in Evia.