In the investment group in the field of infrastructure and real estate market becomes n electorafter the sale of 75% of the activity in the sector RES (renewable energy sources) and a recent agreement with intracat for sale and Actor, building the “arm” of the group. “After the completion of the acquisition of Aktor, the main source of income and profitability of the group will be the concession sector, and later real estatewhere projects worth 350 million euros have been launched”, Mr. Efthimios Buloutas informed K yesterday.Managing Director of Ellactor Group of Companies.

As he notes, the group’s transformation process has resulted in a company with a net available capital of 182 million euros, as the leverage ratio is now negative. On the other hand, the numbers for 2023 and even more so for 2024 will have nothing to do with what the group’s shareholders and those who follow the company are used to. In the first stage, from the beginning of 2023, a turnover of 100 million euros per year and an operating profit of EBITDA of 75 million euros will be lost, which was the contribution of 75% of the renewable energy sector. Later, the turnover will also be limited due to the sale of “Actor”.

In 2022, the group recorded a net profit after tax of 518.6 million euros, compared to a loss of 58.4 million euros in 2021. The bulk of the profit, €497 million, came from the sale of renewables in her group. Engine oil and have already been used to a large extent to cover loan agreements signed for the simultaneous redemption of international bonds in the amount of 660 million euros.

Due to this process, the group has now improved its key financial performance, as well as savings of around 42 million euros per annum that were associated with bond servicing costs, according to Mr. Bulutas. The group’s total borrowings (excluding loans related to the Morea SA concession agreement) are currently 285 million euros.

Excluding profit from the sale of renewable energy, net profit amounted to 21.2 million euros against a loss of 58.4 million euros. However, ongoing operations (i.e. excluding renewables) recorded a loss of €18.3 million compared to a loss of €100.7 million in 2021.

Group’s comparable operating EBITDA from continuing operations (excluding renewables) was €173 million in 2022, an increase of 84.4% compared to 2021. Total turnover was €1.04 billion, up 14% year-on-year .