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Ellaktor: Higher profitability, scenarios over its restructuring

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Ellaktor: Higher profitability, scenarios over its restructuring

Possible scenarios include the prospect of turning into a holding - investment company

Ellaktor is mulling scenarios for its restructuring after the sale of the largest part of its assets and the announcement of its profitability.

Possible scenarios include the prospect of turning into a holding – investment company.

In reply to a question during the recent annual general meeting, the CEO of Ellaktor, Efthymios Bouloutas, said that the actions so far have created value for the shareholder, with the Group having increased profitability, amounting to 116 million euros. “We are working on different scenarios, but the Board of Directors hasn’t made any decisions yet,” he noted.

In the next period, the sale of the subsidiary Elector to Motor Oil (94.44% of the company) is expected to be completed for a price of 114.7 million euros, and the sale of Anemos RES also to Motor Oil (which is the main shareholder of Ellaktor), Aktor in Intrakat and the Smart Park shopping park.

Financial performance
Ellaktor is left with Reds (with three main projects to be developed). Meanwhile, the Capital Market Commission announced the deletion of its shares from the Athens Stock Exchange as of 21/6/24 and the concessions with larger and more profitable that of the Attica Road.
In the first quarter Ellaktor recorded revenues of 90 million euros, almost the same as the corresponding period last year (continuing operations), of which 66.4 million came from concessions.
As of October, the Group will cease to have in its portfolio the Attica Road concession, which after a competitive process will be transferred to GEK Terna.
During the period under review, Ellaktor’s Earnings before Interest, Taxes and Depreciation (EBITDA) stood at 51.3 million euros, up 15%, with an EBITDA margin of 57%, compared to 49%.
Profits before taxes increased 58% to 32.1 million and net profits 82% to 24 million euros.
At the end of March, the Group’s net liquidity reached 493 million euros compared to 308 million on 31.12.2023 and the cash available and immediately liquidable assets at 707 million compared to 521 million euros.

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