More than 50% per annum turnover loss expected Ellactor Group from the sale of a subsidiary Actor. However, according to a related information note released yesterday by the listed company’s management, the transfer of the activities in question will increase the profitability of the group, possibly allowing for the distribution of dividends, which has been happening since 2010.

As highlighted in a related note, “the deal will significantly improve future results and help reduce the volatility of the group’s results. More precisely, its transmission construction industry entails the loss of a significant revenue stream for the group, representing about 50% of the group’s total net sales in fiscal 2022 and well over 50% over the last five years (up 78.8% in 2018).”

The focus is on concessions, the environment, real estate development and renewable energy.

On the other hand, however, the sale of Aktor is expected to sharply limit the group’s losses. Management estimates that the first year without a subsidiary in the construction sector will limit losses to EUR 2.6 million from EUR 18.27 million in 2022. Profit before tax will increase to EUR 28.8 million from EUR 17.88 million in the past fiscal year. year. Accordingly, the fall in total liabilities will also be significant, from EUR 1.5 billion in FY 2022 to EUR 1.01 billion (including the renewable energy sector, which was also sold at a rate of 75%).

As Mr. Efthymios Bouloutas, Managing Director of the Ellactor Group, said yesterday in the context of an analyst briefing on the group’s 2022 results, “The sale of Ellactor will strengthen our financial position, liquidity and profitability, and strengthen the leverage to fund our profitable operations.” As a reminder, in fiscal year 2022, Aktor recorded a revenue of 554.7 million euros against a revenue of 462.7 million euros, an increase of 20%. Construction operating profit in 2022 was a loss of €1.7m compared to a loss of €75.4m in 2021, while losses continued as the net result was a loss of €15.67 million euros. During 2022, the Actor’s project portfolio increased by 12% to €2.8bn (from €2.5bn at the end of 2021) after new projects were completed, totaling €907m. From the beginning of 2023 to date, an additional 45 million euros have been allocated. It is worth noting that the existing backlog has been increased by 60% compared to 2020.

After the sale of “Actor” Ellactor Group will focus on concessions, ecology (waste management), development real estate and RES (Renewable energy sources). The goal will be to announce a plethora of concessions and PPP projects, starting with the new Attica road operation contract. At the same time, management estimates that the sale of Aktor will provide the necessary funds for the development of projects in the amount of 350 million euros that are being launched in real estate development (Cambas Project, Gournes Heraklion and Alimos Marina).