Ellaktor
Encyclopedia
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
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.
Concessions projects - motorways, bridges, parking lots, other (buildings). Subsidiaries are Aktor Concessions (100% owned); Aktor is involved in the Athens toll ring road and a major toll bridge in Greece.
Construction - Aktor (100% owned) and Hellenic Quarries (100% indirect ownership)
Environmental facilities - Ellaktor both builds and operates a variety of facilities most related to the generation of renewable energy
. Involved in waste management, recycling, solar energy and wind power.
Real Estate - R.E.D.S (55.4%)
Renewable Energy - The group established itself in the alternative energy market in 2000 when it created Eltech Anemos. It is involved in photovoltaic
and wind production (118 MW of capacity with another 116 MW being constructed).
Multinational corporation
A multi national corporation or enterprise , is a corporation or an enterprise that manages production or delivers services in more than one country. It can also be referred to as an international corporation...
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
ISAP
I.S.A.P. is the acronym for the Athens-Piraeus Electric Railways , the oldest urban rapid transit system of Athens metropolitan area in Greece. It is the second-oldest underground metro system in the world, after the Metropolitan Railway, of 1863, now a part of the London Underground...
upgrade), fuel pipes, other infrastructure development) in ten countries. Internationally it operates in Oman (Blue City
Blue City, Oman
Al Madina A'Zarqa is a $15 billion megacity project in the Sultanate of Oman. Spread over 32 square square kilometers and 16 kilometers of coastline along the coastal region at Al Sawaadi, only 45 minutes from Muscat. When completed, the city will include more than 20 hotels, hospitals, university...
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
Holding company
A holding company is a company or firm that owns other companies' outstanding stock. It usually refers to a company which does not produce goods or services itself; rather, its purpose is to own shares of other companies. Holding companies allow the reduction of risk for the owners and can allow...
that owns interest in European Goldfields
European Goldfields
European Goldfields Ltd. is an EU focused, Whitehorse based Canadian precious metals company engaged in gold, silver and copper exploration, development and production...
(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
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 concessionsConcession (contract)
A concession is a business operated under a contract or license associated with a degree of exclusivity in business within a certain geographical area. For example, sports arenas or public parks may have concession stands. Many department stores contain numerous concessions operated by other...
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
Doha International Airport
Doha International Airport is the only commercial airport in Qatar. It has three mosques, free Wi-Fi, a duty-free area, a few eateries and 42 parking bays for aircraft. There are also 60 check-in gates, 8 baggage claim belts and over 1,000 car parking spaces.The airport suffers from...
related contract (€68 million deal). For 2010 solar power
Photovoltaics
Photovoltaics is a method of generating electrical power by converting solar radiation into direct current electricity using semiconductors that exhibit the photovoltaic effect. Photovoltaic power generation employs solar panels composed of a number of solar cells containing a photovoltaic material...
projects could contribute as much as €60 million in revenue.
Concessions projects - motorways, bridges, parking lots, other (buildings). Subsidiaries are Aktor Concessions (100% owned); Aktor is involved in the Athens toll ring road and a major toll bridge in Greece.
Construction - Aktor (100% owned) and Hellenic Quarries (100% indirect ownership)
Environmental facilities - Ellaktor both builds and operates a variety of facilities most related to the generation of renewable energy
Renewable energy
Renewable energy is energy which comes from natural resources such as sunlight, wind, rain, tides, and geothermal heat, which are renewable . About 16% of global final energy consumption comes from renewables, with 10% coming from traditional biomass, which is mainly used for heating, and 3.4% from...
. Involved in waste management, recycling, solar energy and wind power.
- Waste Management - Hellector (80% owned), most business is in Greece and Cyprus. This business sector involves the construction of landfills (some biogas fired), recycling plants (public) as well as the management of leachate treatment plants. Hellector is the only producer of biogasBiogasBiogas typically refers to a gas produced by the biological breakdown of organic matter in the absence of oxygen. Organic waste such as dead plant and animal material, animal dung, and kitchen waste can be converted into a gaseous fuel called biogas...
in Greece and operates internationally in Germany (Herhof & Helector) and Bulgaria. - Energy - renewable including biogas and alternative energy (wind, solar). Includes thermal electricity production (Elpedison Power, Elpedison is a joint venture between Ellaktor (24%), Italian energy company Edison (38%) and Hellenic PetroleumHellenic PetroleumHellenic Petroleum S.A. is the largest oil refining company in Greece and with its roots dating to 1958 with the establishment of the first oil refinery in Greece ....
(38%). Subsidiaries include Ellinki Technomiki Anemos (84%), Elpedison Power (22.74%) and Biosar (wholly owned).
Real Estate - R.E.D.S (55.4%)
Renewable Energy - The group established itself in the alternative energy market in 2000 when it created Eltech Anemos. It is involved in photovoltaic
Photovoltaics
Photovoltaics is a method of generating electrical power by converting solar radiation into direct current electricity using semiconductors that exhibit the photovoltaic effect. Photovoltaic power generation employs solar panels composed of a number of solar cells containing a photovoltaic material...
and wind production (118 MW of capacity with another 116 MW being constructed).