ELLAKTOR: The expectations from the public offer and the market messages

of Eleni Botas

A limited percentage that will not exceed 5%, are estimated by Ellactor circles to be acquired by Reggeborg Invest through the optional public offering. Despite the recent risks in the world markets due to the war in Ukraine and inflation and despite the fact that the price of 1.75 euros per share offered by Reggeborg refers to a high of 17 months, the estimate is that shareholders who will accept the proposal will be few and this sends a message of support to the major shareholder.

That is, while some institutional and large individuals could accept the price and gain liquidity in order to direct it to other shares that may have fallen, they are not expected to do so as they see that after the deal with Motor Oil, significant prospects open up for him? Group.

Shortly after the announcement of the ELLAKTOR – Motor Oil deal, Reggeborg Invest BV announced the submission of an optional public offering to all shareholders holding common, registered, voting shares of Ellactor, for 1.75 euros per share in cash.

It is noted that the Dutch officially control 30.5%, Motor Oil 29.87%, the Atlas Fund around 10%, about 4% the shipowner Diamantidis and smaller percentages of institutional and insurance funds, banks and individuals.

As announced, Motor Oil does not intend to buy further shares in any public offering, while retaining minority rights in the Ellactor Group having the ability to support the overall business plan and management.

After two years, Motor Oil has the right to reduce its share of shares by 52 million shares, or 14.9%, which according to information has the right of first preference to be acquired by Reggeborg Invest.

Except for a public offer by REDS

There will be no public offer for REDS Capital.gr competent sources. At REDS, Ellactor maintains a percentage of 55% and after the submission of the optional public offer of Reggebord to Ellactor, information was circulated that a public offer would be made at REDS, which, however, are competently refuted.

The Reds portfolio currently includes 4 major projects: Smart Park, Marina Alimou, Ktima Kampa and Gournes of Heraklion, Crete, while the company’s presence in the Romanian market is also important, where there was a recent agreement with the IKEA arm in the country. , the Vastint Group for the joint development of neighboring plots owned by the two companies.

In 2021, REDS ‘turnover amounted to 7.5 million, while at the same time a significant increase in operating profitability was recorded with EBITDA at 5 million, compared to 4 million and an EBITDA margin of 67% versus 62%.

Operating Profit (EBIT) amounted to 3.2 million compared to 2.3 million in 2020, while pre-tax profits amounted to 1.3 million compared to 0.7 million euros in 2020.

Out of agreement, ELECTOR

In addition to the new agreement with Motor Oil for the creation of a new company to which all the energy projects of ELLAKTOR will be contributed, it is the ELECTOR subsidiary of the Group that specializes in waste management and energy production.

According to sources close to the company, ELECTOR will remain a subsidiary of the ELLAKTOR Group, while its further strengthening and strengthening is planned.

It should be noted that today ELECTOR operates five municipal waste treatment plants with a capacity of more than 700,000 tons per year, two clinical waste treatment plants, as well as four energy production projects from the utilization of biogas released from Landfills with a total capacity of 35 MW.

In 2020, the subsidiary of Ellactor Group undertook a series of important contracts, including the project “Support Services, Operation, Maintenance and Repair of the Mechanical Recycling Plant” lasting 6 months and with a unilateral extension right for another six months with a total budget of 10.8 million. ., while proceeding to the signing of successive amending contracts for the extension of services within the project “Study Construction and Operation of Waste Treatment and Disposal Facilities of Larnaca – Famagusta Provinces”.

Also a few days ago “locked” in Elector, a large project totaling 106 million euros (including VAT) which concerns the combustion unit in the area of ​​Ano Liossia of the Municipality of Fili.

The company’s turnover based on the figures of 2020 amounted to 101.92 million euros compared to 87.1 in 2019, while the results after taxes amounted to profits of 0.95 million euros from losses of 1.98 million euros.

The new company in energy

The new company to be created as has written the Capital.gr of ELLAKTOR in collaboration with Motor Oil includes all the projects that are already in operation, and all that are under development.

The total value of the new company will amount to 1 billion euros, with Motor Oil acquiring 75% of its share capital by paying the amount of 750 million euros and Ellactor Group maintaining 25%.

With this agreement the Motor Oil Group becomes one of the largest producers of energy from renewable sources (wind and photovoltaic parks, energy storage systems) reaching 800MW capacity in operating projects (493MW Ellactor Group and 280 MW Motor Oil Group) and in total 2.3 GW portfolio under construction and under development.

It should be noted that the ELLAKTOR Group is the second largest producer of energy through RES in Greece, having 493MW, 24 wind farms, 1 small hydroelectric and 1 photovoltaic.

In addition to the installed projects, the production licenses of photovoltaic parks in Epirus and Central Macedonia (137 MW), production certificates for two energy storage systems (BESS) of 360 MW, there is a process of issuing a license to operate as a Cumulative Representation Agency purchase of a wind farm (18.4 MW – mature license).

The group’s goals are to increase the installed capacity in RES by 730 MW by 2025, aiming at projects with a total capacity of 1.2 GW.