The tender for his new concession contract is “in progress”. Attica RoadHow TAIPED fulfills a number of conditions in order to find a contractor as soon as possible. Yesterday, the fund’s board of directors approved the final form of the concession agreement, as there will be no further consultations with interested investors.

According to reportsnow the text of the agreement has been sent to Ministry of Finance for any comments and final approval (which is expected no later than 10 days) Ministry of Infrastructure. Any comments may be included in the final text directly by TAIPED Managing Director Dimitris Politis, as permission has been obtained from the Board of Directors. The same sources indicate that the filing date mandatory offers it is postponed to the first July 15, as a delay will be given due to the fact that the current date of May 29, a week after the first election, is not the most ideal. In addition, it is likely that all the necessary processes (and approvals) will not be completed by then.

One of the important parameters of the new contract is the fact that the fare is “locked” as expected at 2.5 euros (from the current 2.8 euros), but the contractor is given the opportunity to request an upward revision after the expiration date contracts. the first five years of the contract. For this, there must be a clear and detailed justification with traffic research and other data that must be provided by the contractor to document the reduction in traffic and revenue (compared to the performance of the contract) in order to provide an increase in remuneration.

TAIPED approved the final form of the concession agreement.

This is an important development that is likely to reduce the whining that has been heard in the market in recent months, which has gone so far as to underestimate the attractiveness of the new contract, especially among some domestic construction groups. At the same time, ensuring investment grade will also play an important role in the cost of financing, which will also allow access to funds from European development banks. In addition, the existing conditions have changed significantly in connection with the start of the tender process, as the increase in interest rates intervened.

However, interest in the new concession contract is expected to be high given that it is one of the last high value contracts to be auctioned on the Greek market (the other concerns the BOAK axle in Crete).

“Grooms”

The new contract is being contested by the GEK TERNA – FS Ark Holdco consortium, the Aktor Perachorises – Avax – Ardian scheme, the Mytilinaios – Vinci Highways – Vinci Concessions – Mobility Partner consortium and the Macquarie – Fincop Infrastructure consortium. The company in question is a “vehicle” in which the Kopelousou group participates. In addition, a few months ago, Intrakat secured its participation in the tender, making up 30% of the consortium of Brisa companies – Autoestradas de Portugal and Rubicone Bidco from Portugal and the UK, respectively. There are also schemes with a purely international presence. These are Abertis Infraestructuras from Spain, the Italian scheme Gruppo FININC – INC SpA (a member of the same group of the Doliani family from Turin) and the French consortium VAUBAN – DIF – EGIS.

More than half a billion was collected by the shareholders of the gold-bearing axis

Funds of about 600 million euros in the form of dividends and return of capital were collected from 2016 to 2022 by the shareholders of Attica Odos, that is, the Ellactor (65.7%) and Avax (34.2%) groups. During the financial year 2022, dividends of around 46.8 million euros are expected to be collected, in addition to the provisional dividend of 30 million euros, that is, a total of 76.8 million euros.

In 2021, the total amount of dividends increased to 84.4 million euros, and a capital gain of 82.8 million euros was also paid. Accordingly, 82.6 million euros were distributed in 2020 and 100.3 million euros were collected in 2019.

During 2022, Attica Road’s performance recovered significantly and surpassed pre-pandemic levels. In particular, sales increased by 11.6% to 197.3 million euros, net income increased by 17.5% to 67 million euros, and vehicle traffic increased by 12.5%.

However, it is worth noting that Attica Odos shareholders will continue to receive income even after the completion of the current contract, in October 2024. According to a recent report by Ellactor Group Managing Director Efthymios Boutas in the context of an analyst briefing on the listed company’s annual financial results, the contract with Attica Road will continue to generate revenue until 2027.

Specifically, 2024 dividends will be collected in 2025, followed by capital gains, a process that will span 2026 and 2027. These returns will be based on the capital contributed by the shareholders at the beginning of the concession contract. over two decades ago. However, Mr. Bulutas did not wish to specify the amount of return on capital that the current shareholders would receive.

In 2022, Attica Road’s performance recovered significantly and surpassed pre-pandemic levels.

It is recalled that during the first 12 years of operation of the Attic Road, shareholders did not receive any dividends from its operation, since all income was used to repay loans taken for the construction of the road, as well as cover its operating costs. The cost of building a road in Attica has risen to 1.3 billion euros.

Maintenance costs

The concession agreement, which has even become a field of political disputes, is the only one of its kind that does not provide for a maximum payment for the maintenance of the road axis. Thus, while the remaining roads have a maximum limit of 60,000 euros/km per year, in the balance sheet of Attica Odos, the corresponding costs should be charged to 1 million euros/km, or 70 million euros. !

The counter-argument of the concessionaire shareholders is that the contract and operating costs are controlled by the European Investment Bank, the competent authorities of the Ministry of Finance, PricewaterhouseCoopers, Ernst & Young and the competent supervisory service of the Ministry. infrastructure and transport.