By Eleni Botas
The management of ELLAKTOR has been hiring a financial advisor to give a fair assessment regarding the deal with Motor Oil, as it became known yesterday, during the briefing of the analysts on the results of the first quarter of the year.
Regarding the deal in the RES sector, the offer from Motor Oil was submitted to the Board. on May 11 and was discussed by the board of ELLAKTOR.
When the transaction is completed, the company is expected to announce the new business plan for which it will focus its interest, but as stressed by the management, the sectors that are already active are important.
Regarding the financial results as stated by the CEO of ELLAKTOR Efthymios Bouloutas “in the 1st Quarter of 2022, it seals the positive course of the Group as it was reflected in the annual results of ’21 and restores ELLAKTOR to net profit for the first time since 2019 (or after 11 loss-making quarters) confirming the strategic goals of the management “.
Mr. Bouloutas said that the increase in turnover is very important given the situation prevailing in the world economy, while EBTIDA had a 9 million euro emergency charge due to Attiki Odos, while a forecast of 7 million euros was made for the compensation of vehicles. from the cessation of traffic due to bad weather and 2 million euros for fines imposed on it.
The fines have been appealed to the administrative courts, while the compensation for the vehicles will be claimed by the insurance contract.
As for whether the improvement that appears in the first quarter is sustainable, as mentioned, her estimate was that somewhere in 2022 it will return to break even, but the industry has strong volatility, so it can not make an assessment.
However, Mr. Bouloutas said that the new contracts are with significantly better margins, while the outstanding balance of AKTOR and its subsidiaries amounts to 2.6 billion, compared to 1.7 billion euros last year. The outstanding balance includes projects amounting to 44 million, the contracts of which have been signed after 31.03.2022 and new projects amounting to 701 million, which have been secured, the contracts of which are expected to be signed soon.
Finally, regarding the public offer of Reggeborgh, as mentioned within the next few days, Ellactor is waiting to receive the green light from the Hellenic Capital Market Commission, as Mr. Bouloutas stated that “the information has been sent, the requested corrections have been made and we are waiting for approval”.
After the approval, the acceptance period will start with a price of 1.75 euros per share, without any intention of the company leaving the Stock Exchange.
Source: Capital
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