Ellaktor

Ellaktor SA is a multinational Greek construction group (largest in Greece) with operations spanning various sectors of public and private development (real estate, energy (biogas and others), railway (Athens Electric Railway upgrade), fuel pipes, other infrastructure development) in ten countries. Internationally it operates in Oman (Blue City project through subsidiary Aktor, it is the largest key project abroad (€629 million giving it 50% interest), Serbia, Bucharest & Russia (waste management, in Russia it is currently the preferred bidder for a concession), Qatar (airport, 40%) as well as UAE, Kuwait and Dubai. It is also a holding company that owns interest in European Goldfields (19.36%, primarily to give it access to Hellas Gold (which it also has a 5% direct stake in) and the Hellenic Casino of Pamitha/Athens Mont Parnes Casino (15.3%) which is undergoing expansion (January 2011).

There are also significant real estate assets managed by subsidiary REDS. They include the Athens Exhibition Centre (11.7%), Kantza Mall (100%, budget at €300 million is the highest) and the Yialou Retail Park (100%) and the Piraeus Metropolitan Center (19.5%).

The company's consistent annual growth in revenue from 2005 to 2009 ended in 2010 when for the first time in half a decade Ellaktor recorded negative growth in sales (down 21.8% to €1.3 billion for the first nine months of the 2010 fiscal year). The drop in net profit (after minority interests) was even more pronounced (fell to €9 million from €72 million, net profit fell every year since 2007 when it amounted to €130 million). In 2010 net debt (€913 million euro) grew six times faster than total assets (23% compared to over 3%). On February 2, 2011 Ellaktor had a market value of €688.5 million

Operations are conducted through eight direct subsidiaries, each involved in one of the group's six main areas of business. 34% of the company's project backlog is outside of Greece (total project backlog is €2.6 billion about half of its historic high in 2007 (€5 billion); about 37% comes from concessions, 21% from Infrastructure projects. Many of its development contracts come from concessions which the company competes for domestically and internationally (competitors are both domestic and foreign. Attiki Odos and Rio Antirrio (bridge) are two of the biggest concession projects the company has been involved in. In 2011 it won its third Doha airport related contract (€68 million deal). For 2010 solar power projects could contribute as much as €60 million in revenue.

Profit     €549.000