Intrakat: If the negotiations with the Ministry do not end, the projects will stop

By Eleni Botas

“If the negotiations with the Ministry of Infrastructure and Transport on the prices of materials do not end, the big projects will stop.” This was recently stated by the CEO of Intrakat Petros Souretis, in the annual briefing of the analysts.

As he mentioned, the Hellenic Statistical Authority takes data from the construction and not from the construction of projects, with the result that its data is far behind.

However, the Ministry of Infrastructure, based on these calculates the revisions, but Intrakat gave examples where it calculates the asphalt increased by 64% and is over 100%, the iron 17% and is over 100% and the copper 14% although its actual increase is over 80%.

Regarding the non-participation of the construction group in the claim of the concession of Attiki Odos, Mr. Souretis stated that based on studies the project concerns the companies of the financial sector, due to cost of money and not the purely construction companies. “I believe that Attiki Odos will end up in a financial sector scheme” although, as he clarified, two schemes have approached Intracat for its participation in them.

The intention of the company is to distribute dividends and offer a return to its shareholders, he said, and he wants to do this from the year 2022.
Regarding the course of the first quarter, he stressed that it will be better than last year.

As for the scenarios of strategic entry into the share capital, he stated that they are rumors and there is no such thing, while for RES he wants the entry of a strategic investor without having anything at this stage to announce.

The company’s portfolio currently consists of wind and photovoltaic parks with a total capacity of over 1.6 GW (1 GW wind farms + 0.6 GW photovoltaic parks).

More specific wind farms with a capacity of 100 MW (with guaranteed tariff) are under implementation and are expected to be completed gradually by the first half of 2024. Also within the first quarter of 2022 the construction of the wind farm “Frangaki / Andros” with a capacity of 15 MW was completed, while has under development 9 licenses for electricity storage stations using batteries, with a total capacity of 0.6 GW.

Regarding the reconstruction of the building in Hippocrates (3-5), it has been leased since April 2020 by the subsidiary of Intrakat, Cyclades Development, with a 20-year contract and an extension for an additional 20 years by the Guarantee Fund, which it owns. This is an investment of 4.5 million euros, in which the Hellenic Capital Market Commission will move (it will occupy 80% of the space of the building) while there is enough interest for the remaining space for rent.