ELLAKTOR SA
25, ERMOU STREET, KIFISSIA 145 64
TAX ID NO.: 094004914-TAX OFFICE FOR SOCIÉTÉS ANONYMES
SA Reg. No: 874/06/Β/86/16 – File No 100065
G.E.MI. (General Electronic Commercial Registry) No 251501000
ANNUAL FINANCIAL REPORT
For the fiscal year from 1 January to 31 December 2021
(pursuant to Article 4 of Law 3556/2007)
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
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Contents of Annual Financial Report
Α. Statements by Members of the Board of Directors………………………………………………..……. 3
Β. Annual Report of the Board of Directors…………………..…………………………………………......... 4
Β.1. Annual Report of the Board of Directors of ELLAKTOR SA…..………………….............. 4
Β.2. Explanatory Report of the Board of Directors ....................……….……………...................
54
Β.3. Corporate Governance Statement……………………….…...…............................................ 57
C. Independent Auditor’s Report………………………………….…...….…….…...….………….…...….…….. 93
D. Annual Financial Statements for the fiscal year from 1 January to 31 December 2021..………. 103
E. Report on the Allocation of Capital Raised for the period 01.01.2021 to 31.12.2021…………… 224
The annual financial statements of the Group and the Company and the Report on the Allocation of Capital
Raised from page 103 to page 225 were approved at the meeting of the Board of Directors held on 11 April
2022.
THE CHAIRMAN OF THE
BOARD OF DIRECTORS
THE CHIEF EXECUTIVE OFFICER THE CHIEF FINANCIAL
OFFICER
THE HEAD OF THE
ACCOUNTING
DEPARTMENT
GEORGIOS MYLONOGIANNIS EFTHYMIOS BOULOUTAS DIMOSTHENIS REVELAS ANDREAS TSAGRIS
ID Card No AE
024387
ID CARD NO
ΑΚ 638231
ID CARD NO. Φ
-
018383
ID Card No. AI 099022
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
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Α. Statements of Members of the Board of Directors
(pursuant to Article 4 par. 2 of Law 3556/2007)
The Directors of the société anonyme company trading under the name ELLAKTOR Société Anonyme with
the distinctive title ELLAKTOR SA (hereinafter the ‘Company’), with registered offices in Kifissia Attica, at
25, Ermou Street 25:
1. Georgios Mylonogiannis, son of Stamatios-Takis, Chairman of the Board of Directors
2. Efthymios Bouloutas son of Theodoros, CEO
3. Aristeidis (Aris) Xenofos son of Ioannis, Vice-Chairman of the Board of Directors, appointed as
per decision of the Company’s Board of Directors;
acting in our capacities as above, hereby declare that, to the best of our knowledge:
(a) The annual financial statements of the Group and the Company for the fiscal year 1 January 2021 to
31 December 2021, which have been prepared in accordance with the applicable international accounting
standards, fairly represent the assets and liabilities, the equity and the income statement of the Company,
as well as of the companies included in the consolidation taken as a whole, pursuant to the provisions of
Article 4 of Law 3556/2007, and
(b) the annual report of the Company’s Board of Directors fairly represents the information required under
Article 4(2) of Law 3556/2007.
Kifisia, 11 April 2022
THE CHAIRMAN OF THE
BOARD OF DIRECTORS
THE CHIEF EXECUTIVE OFFICER THE VICE-CHAIRMAN OF THE
BOARD OF DIRECTORS
GEORGIOS MYLONOGIANNIS EFTHYMIOS BOULOUTAS ARISTEIDIS (ARIS) XENOFOS
ID Card No AE
024387
ID CARD NO ΑΚ 638231
ID Card No: ΑΚ 756177
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
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Β. Annual Report of the Board of Directors
Β.1. Annual Report of the Board of Directors of ELLAKTOR SA
On the consolidated and separate financial statements
for the fiscal year from 1 January to 31 December 2021
This report by the Board of Directors pertains to the twelve-month period of the year ended 2021 (1
January 2021 to 31 December 2021), and provides summary financial information regarding the annual
financial statements and results of ELLAKTOR SA and the ELLAKTOR Group of Companies. The Report
outlines the most important events taking place during 2021, and the effect that such events have had on
the financial statements, the main risks and uncertainties faced by the Group, while it also sets out
qualitative information and estimates regarding future activities. Lastly, the report includes important
transactions entered into between the Company and Group and related parties, as well as the Corporate
Governance Statement, pursuant to Articles 152 and 153 of Law 4548/2018, and Articles 1 to 24 and
Article 74 of Law 4706/2020.
The companies included in the consolidation, apart from the parent company ELLAKTOR SA, are those
mentioned in Note 43 of the attached financial statements.
This Report has been prepared in accordance with Article 4 of Law 3556/2007 and accompanies the
financial statements for the fiscal year 1 January 2021 to 31 December 2021.
I. Introduction
The impact of the COVID-19 health crisis, which has disrupted global economic activity since the
beginning of 2020, has continued during 2021 with less intensity due to vaccination programmes and
more flexible restrictive measures. The annual rate of growth in the global economy in 2021 is estimated
to have reached 5.5% (-3.4% in 2020), marking the highest post-recession growth rate in the last 80 years
despite the adverse conditions, mainly due to increases in demand, transport of goods, and investment.
As far as 2022 is concerned, the prospects for a further strong recovery of the global economy are affected
by the uncertainty associated with both the spread of COVID-19 variants and the more recent military
conflict between the countries of Russia and Ukraine. Increasing inflationary pressures and the difficulties
facing the global supply chain, arising from problems associated with the production and transport of
goods, as well as rising gas and electricity prices, potentially present significant constraints on the short-
term outlook for the Eurozone and beyond, to the extent that they are sustained during 2022.
In addition, as economic analysts point out, the current turn of events may transform the gas crisis into a
more permanent inflationary pressure on raw materials and basic commodities. The intensity and duration
of the new shock to the European economy will depend on the duration of military operations, the stability
of the new status quo that is to emerge, the escalation of sanctions against the Russian economy and
Russia’s countermeasures against Western countries, as well as the impact of public spending aimed at
addressing the energy crisis on the fiscal balance of European countries, which has already been disrupted
by the pandemic.
Nevertheless, the Greek economy recovered strongly in 2021, despite the unfavourable environment, with
GDP increasing by 8.3% according to data released by ELSTAT as the Ministers for Finance and
Development and Investment pointed out in a joint statement, making up for almost the entire losses of
2020, while output is expected to return to pre-pandemic levels in 2022.
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Annual Financial Report
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
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The increase in 2021 is mainly due to maintaining the easing of travel restrictions, which has supported
tourism and the country's exports. Greece is expected to receive significant disbursements amounting to
€31 billion from the EU Recovery and Resilience Facility of which €18 billion relates to grants and €13
billion to loans, and nearly €40 billion from the Multiannual Financial Framework via the NSRF and the
Common Agricultural Policy in the period 2022-2027 which will support development during that period.
The Greek government has declared that infrastructure is one of the priority areas into which the above
funds are to be channelled.
With regard to the ELLAKTOR Group, the following significant events took place during the fiscal year
2021:
In the construction sector:
- AKTOR focused on the implementation of important projects such as the Thessaloniki Metro, the
Reconstruction of Faliriko Bay, the railway project Gurasada - Ilteu 2c, as well as carrying out major
road and railway projects in Greece and Romania. During 2021, the Sebes Turda Lot-2 road
construction project in Romania was also completed and officially opened to traffic.
- The organisational, operational and financial reorganisation plan for the sector is advancing
successfully, with reductions in staff costs and the cost of sales, evaluation of alternatives in
relation to non-operating assets, as well as the undertaking of initiatives to ensure more efficient
management of cash and cash equivalents and optimisation of the financing structure.
Furthermore, supervision of project execution and procurement management has been
reinforced through a centralised department, and the tender submissions policy has been
overhauled.
- In the context of reorganisation of the sector, the share capital increase of AKTOR was completed
on 6 August 2021, by virtue of which its capital was strengthened by a total amount of €98.6
million. At the same time, on 10 August 2021, AKTOR proceeded with the full and complete
repayment of the bond loan (bridge financing) in the amount of €50 million, which had been
concluded as interim financing during the first half of the year.
In the Concessions sector:
- With the gradual lifting of traffic restrictions introduced by the Greek Government to limit the
spread of the COVID-19 pandemic, traffic on Attiki Odos increased by 16.83% in the period
January-December 2021, compared to the corresponding period of 2020. An upward trend
compared to corresponding periods in 2020 was also recorded on the other highways.
- On 1 January 2021, the Alimos Marina Concession was launched for a period of 40 years - with
the right of mutual extension for another 10 years - with the aim of upgrading the Alimos Marina
to one of the most modern marinas in the Balkans, with the implementation of a total investment
of €100 million for its development with multiple added value. The Alimos Marina with its 1,100
berths, is the biggest marina in the Balkans and nowadays operates as a starting marina for a
large number of small professional recreational crafts. It is located at a strategic point at the
northwest of Athens, 15km away from the city centre, 8km south from the Port of Piraeus and
30km away from the Athens International Airport Eleftherios Venizelos, and it is serviced by a
dense transportation network including trams, buses and taxis. The concession of the right of use,
commissioning, management and operation of Alimos Marina is a strategic investment for AKTOR
CONCESSIONS which affects the entire Region of Attica, forms part of the “Athens Riviera”,
constitutes a point of reference not only for the residents and visitors of the entire urban area,
but also for the owners of private and professional crafts, is a milestone for the wider region of
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
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Attica and mainly for the Municipality of Alimos and is expected to bring significant and multiple
benefits for the local community.
In the renewable energy sources (RES) segment:
- The competent services issued operating licenses for the Kasidiaris I & II (90 MW) wind farms in
Ioannina, which had been operational since 2020.
- The RAE issued Producer Certificates as follows:
o New wind power
together with EDPR (Evia) : 460.6 MW
To the Company (Ioannina, Thrace) : 71.4 MW
o New Photovoltaics (Ioannina & Kilkis) : 137.0 MW
o Storage / batteries (Ioannina, Laconia) : 364.6 ΜW
- The following applications for Producer Certificates were submitted to RAE and are pending:
o Wind power (Evia together with EDPR) : 35 MW
o Storage / batteries (Thrace) : 52.9 MW
- Procedures were developed to manage the delays in implementing the investment in the Agrafa
wind farms (88.2 MW) by the subsidiaries of the sector ‘Anemodomiki Energy SA’ & ‘Pounentis
Energy SA’. Specifically these are as follows:
o Preparation of an appeal before the Council of State for annulment of the rejection
decision amending the approval of environmental conditions for the projects.
- The procedures to mature the Company's pipeline were continued with the submission of
environmental impact studies for RES projects, in particular as follows:
o Wind farms (Evia, together with EDPR) : 460.6 ΜW
o Other Company wind farms
(Ktenias II, Kasidiaris III & IV) : 47.4 ΜW
o Photovoltaics (Kilkis) : 27.0 ΜW
In the Environmental sector:
HELECTOR SA renewed all the waste management plant contracts which expired in the year.
Additionally, HELECTOR SA, through joint ventures, has contracted projects with a total contract
value of €75.6 million (share of HELECTOR SA: €49 million). The Group operates 5 municipal waste
treatment plants, with an annual capacity exceeding 700,000 tons per year, 2 clinical waste
treatment plants and 4 power generation projects utilising landfill biogas with a total installed
capacity exceeding 33 MW.
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Annual Financial Report
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
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Lastly, in the context of the legal dispute between J/V HELECTOR SA (70%) - TH. G. LOLOS - CHR.
TSOMPANIDIS GP - ARSI SA and the company ENVITEC SA, the Supreme Court issued Decision
No 192/2021, which acquitted the other party to the litigation proceedings and ordered the
aforementioned consortium and its members to make payments of €8.5 million plus €5.3 million
in interest. The amounts due subsequent to the abovementioned decision of the Supreme Court
were paid in full on 5 March 2021.
In the real estate development segment:
REDS SA showed an increase in profits in the year 2021, which can be attributed to a significant
increase in operating profitability (EBITDA) during the fourth quarter of 2021. The results of the
fourth quarter of 2021 mitigated the negative consequences of the pandemic reflected in the
Group's revenues during the first half of 2021.
Government decisions regarding the suspension of retail operations and decisions on the
exemption from the obligation of tenants of commercial leases to pay rent amounting to as much
as 100% for the months from January to May 2021, in addition to the exemption from the
obligation to pay 40 % of rents for June 2021, affected the financial results of the sector given
that its primary activity is the operation of the ‘Smart Park’ commercial retail park.
However, with the end of the Covid-19 restrictive measures, the growth rate of traffic through the
‘Smart Park’ accelerated, with the result that turnover for retail stores reached levels higher than
those of 2019, showing a dynamic recovery.
At its meeting of 9 December 2021, the Board of Directors of the Hellenic Republic Asset
Development Fund (HRDF) nominated REDS SA as First Eligible Investor, subsequent to the
company’s participation in the e-auction for exploitation of part of the former American base in
Gournes, Heraklion, Crete, with an improved offer amounting to a total of €42.2 million. The real
estate property in Gournes, Heraklion, Crete is a coastal area of 345,567 m
2
, located 13 km from
the Nikos Kazantzakis airport and 16 km from the town of Heraklion.
ΙI. Overview of the Group’s results for 2021
Comments on Key Figures of the Income Statement and Balance Sheet 2021
Consolidated income of the Group for fiscal year 2021 amounted to €915.5 million compared to €892.3
million during fiscal year 2020, showing an increase of 2.6% (or €23.2 million).
Gross profit (without depreciation) for fiscal year 2021 amounted to €207.2 million, compared to €110.7
million the previous year, recording an increase of 87.2% or €96.5 million. This increase came mainly from
the construction sector where gross profit (excluding depreciation) improved over 2020 by €55.8 million.
Administrative expenses (without depreciation) for 2021 amounted to €54.8 million compared to €70.4
million in 2020, i.e. it fell by 22.2% or €15.6 million.
The Group's EBITDA in the year 2021 amounted to €164.9 million, compared to €34.5 million in 2020,
showing an increase of 379% (or €130.4 million), mainly affected by construction which reduced its
operating losses (EBITDA - €75.4 million vs. - €156.3 million in 2020), but which however includes the
negative impact of the provision formed due to a decision of the International Court of Arbitration of the
International Chamber of Commerce ( ICC), by which the foreign joint venture ALYSJ-JV, in which AKTOR
SA has holdings of 32%, was awarded the sum of USD 98.5 million. The liability of the members of the
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
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joint venture is proportional, therefore the liability of AKTOR SA corresponds to a sum of $ 31.5 million
or €26.2 million. Excluding this negative effect, EBITDA (comparable EBITDA) amounts to €191 million.
Furthermore, improvement of performance in other sectors further strengthened overall EBITDA, and
specifically Concessions were +€18.7 million, RES +€11.2 million and Environment + €12.4 million in
relation to fiscal year 2020.
Lastly, the Group's EBITDA also benefited from the reduction of parent company distribution and
management expenses (excluding the RES sector) by €6.8 million compared to fiscal year 2020.
Operating results amounted to profits of €53.9 million, compared to losses of €76.2 million for the
previous year, recording an increase of 170.8% (+€130.1 million). In terms of pre-tax results, the Group
showed losses of €28.6 million compared to losses of €149.6 million for the previous year, while post-tax
results amounted to losses of €58.4 million against losses of €171.9 million in 2020.
2021 2020*
Sales 915,482
892,293
Cost of sales (without depreciation) (708,304)
(781,612)
Gross profit 207,178
110,682
Distribution & administrative costs (undepreciated)* (54,797)
(70,414)
Other revenue and Other
profit/(loss)
-
net (without
depreciation) 8,912
(5,914)
Share of profit or loss from core activity participating
interests accounted for using the equity method 3,594
94
EBITDA 164,886
34,447
Depreciation and amortisation (110,961)
(110,653)
Operating profit/(loss) 53,926
(76,207)
Income from dividends 965
1,181
Share of profit or loss from non-core activity participating
interests accounted for
using the equity method (4)
(292)
Financial income 24,514
24.442
Finance (expenses) (107,989)
(98,732)
Profit/ (loss) before taxes (28,588)
(149,608)
Income tax (29,809)
(22,312)
Net profit / (loss) for the fiscal year (58,397)
(171,920)
*Amounts adjusted due to amendment of IAS 19 ‘Employee Benefits’ (Note 40 to the financial statements).
Group cash and assets that can be liquidated quickly as of 31.12.2021 stood at €470 million compared to
€406 million on 31.12.2020, mainly due on the one hand, to the share capital increase completed on 6
August 2021 of €120.5 million, and on the other to the achievement of positive operating flows amounting
to €66.7 million. The Group’s equity reached €363.3 million compared to €338.3 million on 31.12.2020,
that is, an increase of €25 million, while the corresponding proportional shares belonging to the majority
shareholders stood at €285.9 million compared to €234.1 million, that is, an increase by €51.8 million.
ELLAKTOR SA
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for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
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Total borrowings (net of lease liabilities) at the consolidated level amounted to €1,461 million as of
31.12.2021, compared to €1,525 million on 31.12.2020. Of total borrowings, the amount of €82 million
corresponds to short-term borrowings and an amount of €1,379 million to long-term borrowings. Total
borrowings include amounts from loans from MOREAS SA (co-financed project) without recourse to the
parent company, amounting to €426 million. Excluding the MOREAS SA loan, total borrowings at the
consolidated level amounted to €1,035 million on 31.12.2021.
Alternative Performance Measures (APMs)
The Group uses Alternative Performance Measures in its decision-making processes relating to the
assessment of its performance; such APMs are widely used in the segments in which it operates. Below
follows an analysis of the key financial ratios and their calculation:
Profitability Ratios
All amounts in million
€
GROUP
2021
2020
Sales
915.5
892.3
EBITDA
164.9
34.4
EBITDA margin %
18%
4%
EBIT
53.9
(76.2)
EBIT Margin%
6%
(9%)
Definitions of Financial Figures and Breakdown of Ratios:
EBITDA (Earnings before Interest, Tax, Depreciation and Amortization): Earnings before interest, tax,
depreciation and amortisation, which is equivalent to the line ‘Operating Results’ in the Group’s Income
Statement, plus depreciation and amortisation in the Statement of Cash Flows.
EBITDA margin %: Earnings before Interest Tax, Depreciation and Amortisation to turnover.
EBIT (Earnings before Interest and Tax): Earnings before taxes, financial and investment results equivalent
to the line ‘Operating Results’ in the Group’s Income Statement.
EBIT margin %: Earnings before Interest and Tax to turnover.
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for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
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Net Debt and Gearing Ratio
The Group’s net debt on both 31.12.2021 and 31.12.2020 is detailed in the following table:
31-Dec-21*
Total Group Less: MOREAS SA
(non-recourse
loan)
Group sub-total
(excluding MOREAS SA
non-recourse loan)
Short-term borrowings 81,986 20,208 61,778
Long-term borrowings 1,378,992 405,696 973,296
Total borrowings 1,460,978 425,904 1,035,074
Less:
Cash and cash equivalents 357,881 4,059 353,821
Restricted cash deposits 74,449 9,198 65,252
Time Deposits over 3 months 31,905 - 31,905
Other financial assets at depreciable cost 6,157 - 6,157
Cash and assets that can be immediately
liquidated
470,392 13,257 457,135
Net Borrowing 990,586 412,647 577,939
Total Group Equity 363,307
Total Capital Employed 941,246
Gearing Ratio 0.614
31-Dec-20*
Total Group
Less: MOREAS SA
(non-recourse
loan)
Group sub
-
total
(excluding MOREAS SA
non-recourse loan)
Short-term borrowings 88,023
17,706
70,317
Long-term borrowings 1,437,129
424,997
1,012,133
Total borrowings 1,525,152
442,703
1,082,449
Less:
Cash and cash equivalents 294,254
9,437
284,817
Restricted cash deposits 74,472
20,898
53,574
Time Deposits over 3 months 15,400
-
15,400
Other financial assets at depreciable cost 21,608
-
21,608
Cash and assets that can be immediately
liquidated
405,734 30,335 375,399
Net Borrowing 1,119,418
412,368
707,050
Total Group Equity
338,303
Total Capital Employed
1,045,353
Gearing Ratio
0.676
(*) Does not include short-term and long-term lease liabilities (IFRS16) for €62.6 million as at 31.12.2021 and €18.6 million as at
31.12.2020 (Note 24)
The gearing ratio as at 31 September 2021 was 61.4% (compared to 67.6% as at 31.12.2020).
Definitions of Financial Figures and Breakdown of Ratios:
Net debt: Total short-term and long-term loans less cash and cash equivalents, restricted cash, time
deposits over 3 months and Other financial assets at amortised cost.
Net corporate debt: Net Borrowings, excluding however the Net Borrowings of Concession companies
with non-recourse debt to the parent (i.e. excluding the company MOREAS S.A.)
Group gearing ratio: Net corporate debt to total capital employed.
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Capital employed: Total equity plus net corporate debt.
Cash Flows
Summary statement of cash flows for the period up to 31.12.2021 compared to the same period of 2020:
All amounts in million
€
.
2021 2020
Cash and cash equivalents at year start
294.3 298.2
Net Cash Flows from operating activities
66.7 (23.8)
Net Cash Flows from investing activities
(5.0) 23.4
Net Cash flows from financing activities
3.0 -
Exchange differences in cash and cash equivalents
(1.1) (3.6)
Cash and cash equivalents at year end
357.9 294.3
IΙΙ. Development of activities per segment
1. CONSTRUCTION
1.1. Important events
During the year 2021, the construction sector showed revenues of €462.7 million, a fall of 7.3% compared
to the previous year when revenues had reached €499.1 million. The aforementioned reduction was due
to the company's withdrawal from overseas operations with negative financial performance.
Improved liquidity in the sector brought about through AKTOR’s share capital increase for a total amount
of €98.6 million, which was completed on 6 August 2021, and the simultaneous relaxation of the COVID-
19 measures contributed to the acceleration of works in progress and increased revenue in the second
half of 2021, compared to the first half of the year.
EBITDA for the Construction sector in fiscal year 2021 amounted to -€75.4 million compared to -€156.3
million for the corresponding period in 2020. It is clarified that the results are burdened with a loss of
€26.2 million arising from formation of a provision with respect to a decision by the International Chamber
of Commerce (ICC) International Court of Arbitration, which found in favour of the foreign company
trading under the name ‘Atkins & Partners Overseas’ and against the foreign consortium ‘Aktor - Larsen
and Toubro - Yapi Merkezi ve Sanayi - Sezai Turkes Feyzi Akkaya - Al Jaber Engineering’, contractor for
the project ‘Execution of the Gold Line for the Doha Metro in the state of Qatar’. Excluding the above
provision, the EBITDA of the construction sector amounted to -€49.2 million.
The operating results from construction amounted to -€84.1 million compared to -€166.9 million in the
previous year. At the level of pre-tax results for year 2021, losses of €93.7 million were incurred compared
to losses of €178.0 million in 2020, while the construction sector had losses after taxes of €99.0 million
compared to losses of €182.8 in 2020.
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With regard to advancement on works in progress, emphasis was placed on the progress of works for the
Thessaloniki Metro, redevelopment of Faliron Bay, as well as road construction and railway projects in
Greece and in Romania.
The Group has decided to focus its geographic focus on Greece and Romania, which is a EU country and
in which the Group has accumulated experience and know-how and which also has substantial
infrastructure needs.
In addition, the Group is following a highly selective approach with regard to the pursuit of contracts in
Qatar, where it has facility management service contracts (O&M).
AKTOR and its subsidiaries in the year 2021 signed new contracts amounting to €436 million in Greece
and abroad, while additional contracts amounting to €227.5 million were signed after 31.12.2021.
The most important contracts signed in 2021 are described below with indication of the corresponding
budgets, in which AKTOR and its subsidiaries are participating, in relation to:
Design and construction of a hotel complex in Lagonisi Attica with a budgeted value of €109
million.
4th Supplementary contract for the design study and commissioning of the Thessaloniki Metro,
budgeted value: €45.4 million.
Construction of wastewater networks and pipelines in areas of the Municipalities of Rafina –
Pikermi and Spata – Artemida with a budget of €31.6 million.
Completion of the Patras-Athens-Thessaloniki-Evzoni (PATHE) motorway connection and Egnatia
Odos, with the 6th pier of the port of Thessaloniki, and the road network in the area of Kalochori,
with a budget of €26.3 million.
Operation and maintenance of the motorway in the western sector and vertical axis A29 of the
Egnatia Odos, budgeted value: €20.9 million.
Construction of multiple-use hangars and improvements of tramways at the Larissa air base,
budget: €19.5 million.
Operation and maintenance of the Egnatia Odos motorway in the eastern sector and vertical axes
A1, A25 & A23, budgeted value: €18.1 million.
Expansion of the steel network (19 bar), polyethylene network and connections of domestic and
commercial customers to the low-pressure networks (4 bar) of the cities of Xanthi and Drama, of
the Region of Eastern Macedonia and Thrace, budgeted value: €16.8 million.
Urgent interventions to upgrade road safety on the new Patras - Pyrgos national road, with a
budget of €12.7 million.
In 2021, the subsidiary company TOMI signed contracts worth €32,4 million.
The most important contracts signed after 31 December 2021 concern:
Construction of the Patras-Pyrgos Motorway with a total length of 74.8 km, budgeted value: €82.5
million.
Provision of services for the operation and maintenance of the Psyttalia Sewage Treatment Center
(KELD), budgeted value: €67.5 million.
Restoration of the Corinth Isthmus, budgeted value: €24.7 million.
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Design, supply, installation, and commissioning of telecommunication systems, weak currents &
control of the extension to the Thessaloniki Metro in the direction of Kalamaria, budgeted value:
€17.4 million.
Upgrading of the eastern part of Pier II in the port of Piraeus, budgeted value: €15 million.
AKTOR and its subsidiaries have also been chosen from among bidders for projects worth €657 million.
The main projects are as follows:
Construction of the road axis Southwest Peloponnese, section Kalamata - Rizomylos - Pylos -
Methoni, budgeted value €151.1 million.
Conversion to a highway of the North Road of Crete section: Neapoli - Agios Nikolaos in the
Peripheral Unit of Lassithi worth €126.6 million.
Completion of Kymis Avenue for the section from Attiki Odos (Kymis interchange) to Ethniki Odos
(Kalyftaki Interchange), budgeted value: €85.5 million.
Construction of flood protection works in the wider area of the Thessaloniki vegetable market,
budgeted value: €15.3 million.
Construction of a section of the Trikala ring road as far as the Karavoporos Bridge, budgeted
value: €11.2 million.
1.2. Outlook
The remaining backlog of projects yet uncompleted by AKTOR and its subsidiaries reached the sum of
€1.6 billion as of 31.12.2021. During 2021, contracts with a total value of €436 million were signed.
Subsequent to 31.12.2021, contracts with a value of €227.5 million have been signed. New projects
amounting to €657 million have also been secured, and the respective contracts are awaiting signature.
This raises the value of projects awaiting execution by AKTOR and its subsidiary companies to €2.5 billion.
In 2021, activities in Greece contributed approximately 62% of revenues in the construction sector, and
these also represent 65% of the construction backlog (including contracts awaiting signature).
In addition, AKTOR will be responsible for construction on Group projects in Gournes, Heraklion, as well
as at the Camba Estate in Kantza, Attica, with a total estimated budget in excess of €350 million.
Public investment is expected to rise, not only based on government announcements regarding the intent
to accelerate completion of projects, but also as a result of the Covid-19 pandemic stimulus measures to
promote recovery of the economies in countries where AKTOR is strategically active, which offers
significant opportunities in infrastructure projects related to the company's core activity.
1.3. Risks and uncertainties
The Group has limited its active presence beyond Greece exclusively to Romania and Qatar. In particular,
the projects it is undertaking in Qatar pertain exclusively to operation and maintenance services. It is
noted that the execution of construction projects always involves a risk of incurring penalties due to delays
in the execution of the works.
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for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(14) / (227)
In order to address the challenges facing the sector and the impact of accumulated losses on its liquidity,
AKTOR has proceeded with more intensive cash reserve management measures, while at the same time
its capital position has been reinforced by an injection of funds amounting to €98.6 million achieved via
the share capital increase completed on 6 August 2021.
The Covid-19 pandemic has negatively affected the progress of existing AKTOR projects (with regard to
personnel availability, additional personnel safety and hygiene rules, problems in the supply chain) and
though it did not affect the work of the tender department in respect of tenders in Greece and abroad
(since most tenders are now conducted electronically), the schedules for contracting new projects to
compensate for projects yet to be completed have been negatively affected.
Sharp rises in raw material prices and the energy crisis are factors that have recently emerged more
strongly due to significant geopolitical developments in Ukraine, are expected to affect the domestic
construction sector. Although the duration and extent of the energy crisis cannot be calculated reliably, a
climate of uncertainty has been created with regard to the advancement of existing projects, as well as
ongoing tenders. In order to offset the negative impact of increases in raw material prices on construction
industry performance, legislative interventions have already been made which have led to activation of
the price review mechanism in public works contracts.
2. CONCESSIONS
2.1. Important events
Income from the Concessions sector amounted to €233.3 million compared to €202.4 in 2020, showing
an increase of 15.3%, or €30.9 million. This increase in income is mainly due to the increased traffic on the
Attiki Odos due to the gradual easing of the Government’s prohibitive measures adopted to limit the
spread of the COVID-19 pandemic.
In fiscal year 2021, EBITDA in the concessions sector amounted to €142.8 million, compared to €124.1
million in the corresponding period last year, recording an increase of 15.1%, or €18.7 million, affected by
the aforementioned increase in road traffic due to the easing of movement restrictions. The EBITDA
margin stood at 61.2% in 2021, at the same level as fiscal year 2020.
Respectively, operating results stood at €73.9 million compared €56.6 million, showing an increase of
30.7% over 2020 levels. Pre-tax profits reached €40.9 million compared to €31.0 million and post-tax
profits stood at €27.9 million as against €18.1 million, an increase of 32.1% and 54.3%, respectively,
compared to 2020.
AKTOR CONCESSIONS is seeking to broaden its portfolio of concession projects and is accordingly
participating in tender procedures for a series of new concession projects and public and private sector
partnerships (PPPs) The following is noted, inter alia:
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In March 2021, AKTOR CONCESSIONS began participating in the 2nd phase of the tender: Β.Ι.
Stage: Competitive dialogue for the project “Design, construction, financing, operational
commissioning, maintenance of Student Housing for the University of Crete through a PPP”.
In May 2021, AKTOR CONCESSIONS submitted an Expression of Interest Dossier for the project
“Design, construction, financing, commissioning and maintenance of 17 schools in the Region of
Central Macedonia through a PPP”.
In July 2021, AKTOR CONCESSIONS began participating in the 2nd phase of the tender: Β.Ι. Stage:
Competitive dialogue for the project “Design, financing, construction and technical management
of Regional Civil Protection Enterprise Centers (PEKEPP) through PPP AREA A (PEKEPP 7)” through
a PPP.
In July 2021, AKTOR CONCESSIONS began participating in the 2nd phase of the tender: Β.Ι. Stage:
Competitive dialogue for the project “Design, financing, construction and technical management
of Regional Civil Protection Enterprise Centers (PEKEPP) via PPP AREA B (PEKEPP 6) through a
PPP.”
In September 2021, the association of persons ELECTOR-AKTOR CONCESSIONS submitted an
Expression of Interest Dossier for the project "Waste Treatment Unit (WTU) in the circular
economy park in the Regional Unit of Piraeus”.
In September 2021, the association of persons ELECTOR-AKTOR CONCESSIONS submitted an
Expression of Interest Dossier for the project "Waste Treatment Unit (WTU) in the circular
economy park in the Regional Unit of Attica”.
In September 2021, AKTOR CONCESSIONS began participating in the 2nd Phase of the Tender
for the project for the “Concession of port operation services and the right to use, operate,
manage and exploit the Marina of Kalamaria (Aretsou)”.
In November 2021, AKTOR CONCESSIONS submitted an Expression of Interest Dossier for the
project “Construction of the Courthouses of Edessa, Serres, Kilkis and the Reconstruction of the
Courthouse of Thessaloniki, their Maintenance and Management through PPP”.
In November 2021, the association of persons AKTOR CONCESSIONS - ATTICA SOCIETE
ANONYME submitted an Expression of Interest Dossier for the project “Acquisition of shares
corresponding to a Majority Share in the Share Capital of the company “Heraklion Port Authority
S.A.”
In November 2021, AKTOR CONCESSIONS began participating in the 2nd Phase of the tender:
Β.Ι. Stage: Competitive Dialogue the PPP project "Creation of an Innovation Center in Athens,
through PPP".
In December 2021, AKTOR CONCESSIONS began participating in the 2nd Phase of the tender: Β.Ι.
Stage: Competitive Dialogue Design for the project “Construction, financing, maintenance,
operation and procurement of equipment for the construction of a personalised medical services
building through a PPP”.
On 30th December 2021, AKTOR CONCESSIONS submitted an offer in the 2nd Phase of the
tender: Β.ΙI. Stage: Submission of Tenders for the PPP project “Study, Construction, Financing,
Operation and Maintenance of the Upgrading of the Eastern Internal Regional Thessaloniki,
through a PPP”. On the 9th of February 2022, the Contracting Authority declared the association
of persons AVAX - MYTILINEOS Temporary Contractor.
After 31.12.2021:
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(16) / (227)
On 25 February 2022 the Contracting Authority declared the association of persons AKTOR
CONCESSIONS (60%) - INTRACAT (40%) Temporary Contractor for the project “Design, Construction,
Financing, Commissioning and Maintenance of the South-West Peloponnese Roadway, Kalamata –
Rizomylos – Pylos – Methoni section, through a PPP”
Additionally, it is participating in the tenders for the following new projects:
In January 2022, AKTOR CONCESSIONS began participating in the 2nd Phase of the tender: Β.Ι.
Stage: Competitive Dialogue for the project “Implementation of Chalkidiki Havria Dam, Water
Treatment Facilities and Networks, through a PPP”.
In January 2022 the association of persons ELECTOR - AKTOR CONCESSIONS submitted an
Expression of Interest Dossier for the project "Study, financing, construction, maintenance and
operation of the Integrated Waste Management System of Rhodes Island through PPP".
In January 2022, the association of persons AKTOR - AKTOR CONCESSIONS - ELECTOR submitted
an Expression of Interest Dossier for the project "Operation, maintenance, repair and restoration
of the Fixed Assets of the External Water Supply System of Attica through PPP”
In January 2022, the international tender for the new concession for the Attiki Odos was
announced. The tender process will be conducted in two phases, the pre-selection phase (1st
Phase) and the binding phase (2nd Phase) Interested investors are invited to submit an expression
of interest dossier by 20 April 2022.
On the 24th of January 2022 the association of persons TERNA (55%) - AKTOR CONCESSIONS
(20%) - INTRACAT (25%) submitted an offer at the 2nd Phase of the tender: Β.ΙI. Stage: Submission
of Tenders for the project “Design, Construction, Financing, Operation and Maintenance of the
Northern Road Axis of Crete Hersonissos - Neapoli Section, through PPP".
In February 2022, AKTOR CONCESSIONS began participating in the 2nd Phase of the Tender: Β.Ι.
Stage: Competitive Dialogue for the PPP project “Implementation of Student, Educational,
Research, and Other Infrastructure Project for the Democritus University of Thrace through a PPP”
In March 2022, the association of persons AKTOR CONCESSIONS began participating in the 2nd
Phase of the Tender: Β.Ι. Stage: Competitive Dialogue for the project "Waste Treatment Unit (WTU)
of the Western Sector of the Region of Central Macedonia"
On 18 March 2022, the 74 km long section of the Patras - Pyrgos highway was successfully added
to the existing concession of Olympia Odos .
2.2. Outlook
There are significant demands for new infrastructure works in Greece and it is estimated that private funds
will contribute to efforts in that direction through concessions and public-private partnerships, particularly
given the limited financial resources available to the Greek public sector.
The business plan of the subsidiary AKTOR CONCESSIONS, mainly with a view to synergies with other
Group activities, focuses on:
Participation in new projects to be realised through PPP or concession agreements;
Expansions and actions to increase the efficiency of the Company’s projects;
Expansion of participations through the secondary market.
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As well as the above projects, other projects out for tender on which AKTOR CONCESSIONS is focusing
on include:
Design, construction, financing, operational commissioning, maintenance and exploitation
through PPP of the projects a) "Permanent Underwater Link to Salamis Island", b) Northern Crete
Road (BOAK) for the Chania – Irakleio section,
Design, construction, financing, operation and maintenance, through PPP, of the projects: a)
Student Accommodation for the University of Thessaly, b) Schools and Park of the Municipality
of Chania,
Other future concession projects also targeted by AKTOR CONCESSIONS include:
PPP projects for the construction of dams, water treatment plants and networks, school units,
tribunals, dormitories, street lighting, road axes and waste management.
Extension projects of existing concession projects;
Lastly, substantial investment opportunities appear to exist in the secondary market for existing road
concession projects and in this context, in the event of potential intent on the part of existing shareholders
for disinvestment, the Group intends to consider the possibility of increasing its participation rates (and/or
new capital inflow), as always taking into consideration returns on capital invested and the enhancement
of broader synergies.
2.3. Risks and uncertainties
On 24.01.2022, due to snowfall and the severe and extreme weather conditions that prevailed, vehicles
were stranded on the Attiki Odos motorway (the total number of stranded vehicles was estimated by the
motorway Traffic Management Centre at approximately 3,500 vehicles). Following the event, an electronic
platform was created on the Attiki Odos website for the registration of data from users of the motorway,
for the payment of 2,000 euros per vehicle, for those vehicles that were stranded on 24-25.01.2022 and
after checking the legal and substantive conditions that must be met for the payment. The data are
assessed by an independent international audit firm, as a qualified advisor to the company.
On 23.03.2022, Ministerial Decisions were notified, to the companies Attiki Odos S.A. and Attikes
Diadromes S.A., imposing a fine of €1,000,000 for each company, in relation to which the Law provides
the right of appeal before the competent courts.
At this stage, due to the significant amount of information being evaluated and the complexity of the
issues regarding lawsuits filed by motorway users, it is not possible to estimate the total liabilities that will
arise for the Group once the evaluation process and other actions are completed.
THERMAIKI ODOS SA, which is consolidated using the equity method, has a recognised claim of €67.9
million against the Greek public sector, following the arbitration awards in favour of the company in 2010
and 2012, in relation to the termination and suspension of the Concession Contract of the Thessaloniki
Underground Tunnel. The Greek State filed seven actions for annulment against the above arbitration
awards and the Athens Court of Appeals ruled on these petitions, duly admitting them for formal reasons.
However, the Supreme Court quashed four of the appellate decisions (rulings are pending on the other
three), the arbitral awards of 2010 thus regaining retroactive effect, and held over the cases for trial on
the merits of the material grounds put before it. Subsequent to this decision, the new hearing to
determine whether the above arbitral awards are irrevocably valid or void was finally held on 9.11.2020.
The four decisions were discussed and a judgement on the irrevocable rejection of the State’s annulment
actions was issued by the Supreme Court on 14.7.2021. Consequently, after the issuance of the latter
decisions by the Supreme Court, 4 of the 7 arbitral awards of 2010 are irrevocably valid, produce effects
and are immediately enforceable.
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Furthermore, in July 2018, THERMAIKI ODOS SA reinstated arbitration proceedings with the same claims.
The new arbitration ruling, which was issued in January 2019, found in favour of the company and awarded
compensation in the amount of €65.2 million, plus default interest calculated from 30 January 2011. The
Greek public sector filed an action for annulment and an application for suspension of the above
arbitration decision to the Athens Court of Appeals, which was heard on 10 December 2019. On 07 April
2020, the Athens Court of Appeals issued decisions Nos 2128/2020 and 2131/2020, rejecting the action
for annulment and the application for suspension filed by the Greek State concerning the Arbitration
Decision in favour of Thermaiki Odos of 3 January 2020. The company estimates that, based on contractual
terms and current case law, its claim is fully founded and the Greek state will proceed with settlement.
Οn 1
st
October 2021, following negotiations between the Greek State and Thermaiki Odos S.A., it was
submitted to the Ministry of Infrastructure and Transport from Thermaiki Odos SA a Proposal for Amicable
Settlement of Dispute. On 23
rd
December 2021, the Legal Council of the State approved the settlement.
On 11
th
January 2022 a relative letter was sent, in which the request for settlement of dispute was partially
accepted, legally signed and approved by the Ministers of Finance and Infrastructure & Transport, by the
full and final payment of a compensation of €85 million to Thermaiki Odos, under the conditions provided.
On 14
th
January 2022, Thermaiki Odos submitted a letter accepting the terms of the settlement of dispute
as defined in the Minutes of the Full Plenary Meeting of the Legal Council of the State. Thermaiki Odos
proceeded to the fulfillment of all the conditions laid down.
Traffic has decreased significantly after the full implementation of the restrictive measures on travel on
23.03.2020. Specifically, since the end of February 2020, gradual measures have been taken by the Greek
government to limit the spread of the COVID-19 pandemic, which affected the activities of the Concession
companies negatively. These measures continued in 2021 and were gradually lifted in Q2 2021. From May
2021, with the lifting of the restrictive measures, traffic is gradually returning to pre-coronavirus levels. In
particular, increased traffic on highways due to the lifting of prohibitive measures has resulted in
significantly increased toll revenues compared to 2020. It is noted that the concession companies are
taking all appropriate measures to limit the consequences, prioritising the health of workers and
motorway users, and they are considering measures to manage these impacts, as well as the
compensation bases either under the Concessions Agreements or the Works Insurance Contracts.
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(19) / (227)
3. RENEWABLE ENERGY SOURCES
3.1 Important events
Turnover in the RES sector for fiscal year 2021 amounted to €105.7 million compared to €93.9 million in
2020, an increase of 12.6% or €11.8 million, which was unaffected by the consequences of COVID-19.
The EBITDA of the segment amounted to €84.4 million compared to €73.2 million in the corresponding
period of the previous fiscal year, marking an increase of 15.3% or 11.2 million. The EBITDA margin stood
at 80%, 2% higher than that of the corresponding period of last year (78%).
Operating results amounted to €59.5 million compared to €50.0 million in 2020, an increase of 19.1% or
€9.5 million. Earnings before taxes amounted to €47.9 million in 2021, compared to €38.3 million in the
corresponding period of 2020, an increase of 25.0%, while profit after tax amounted to €42.3 million
compared to €33.7 million, an increase of 25.7% or €8.7 million compared to fiscal year 2020.
Total installed capacity of the RES segment stood at 493 MW as of 31.12.2021. In addition, 1,616 MW of
RES projects are in various stages of licensing, while another application for a Producer Certificate for 35
MW is pending.
Electrical power generation reached 1.129 GWh in 2021, marking an increase of 8.4% compared to 2020,
which is primarily due to an increase in installed capacity (+6.3%).
The average capacity factor
1
for the financial year 2021 stood at 26.1%, compared to 25.5% in the
corresponding period last year.
3.2 Outlook
The outlook for the market for renewable energy sources in Greece stays positive. Taking into account
the country’s international obligations and energy planning (National Plan for Energy and Climate 2021-
30, Government Gazette, Series II, No 4893/31.12.2019), there should be an increase in installed capacity
wind farm from 4,451 MW by 31 December 21 (HWEA, Wind Energy Statistics 2021) to 7,050 MW in 2030.
During 2021 approximately 338 MW wind farms were establish and capacity increased by 8.2% compared
to 2020
2
. The existing operating aid scheme for RES projects, in accordance with Law 4414/2016 provides
for sliding Feed-in-Premium and 20-year power purchase agreements, which continue to give a significant
incentive for implementing the projects, despite the fall in compensation prices.
It is foreseen that the new framework of tenders (under development) for securing compensation prices
(CP) of RES
3
projects will include an auction of new capacity of 4,200 MW up to and including 2025
4
with
a probable quota between PV and wind (70%/30%) and maintenance of the current aid system with 20-
year power purchase agreements.
The competition in the sector has become very high and today favours PV due to lower production costs.
Priority in load distribution is still given to RES projects which have concluded power purchase agreements
(PPAs) prior to 04.07.2019, but obligations to participate in the electricity market have been introduced
1
Capacity Factor is the quotient of the electricity produced during a time period to the maximum electricity that
could be theoretically produced during the same time period if the plants operated at 100% of their capacity.
2
https://eletaen.gr/wp-content/uploads/2022/01/2022-01-28-HWEA-Statistics-Greece-s2-2021-f.pdf
3
https://app.diavgeia.gov.gr/search?query=ada:%2268%CE%A0%CE%934653%CE%A08-%CE%A00%CE%92%22&page=0
4
https://ec.europa.eu/commission/presscorner/detail/en/IP_21_6261
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(20) / (227)
for new projects. Transitionally, until the forthcoming complete transfer of balancing responsibility to RES
producers under the Target Model, a Transitional Optimal Forecasting Mechanism has been introduced.
If the load forecast issued by the Energy Exchange (EnEx) for participation in the Day-ahead Market is
accurate, i.e., within a defined range on a monthly basis, an additional financial incentive premium for
readiness to participate in the energy market is payable to participants (PAESA 2022: 0.25 €/ΜWh)
5
.
The applicable compensation prices (CP) for feed-in premium operating support contracts signed from
2018 and after are determined by competitive bidding procedures in tenders organised by the RAE with
a current low-price advantage for PV. In the last technologically common tender of May 2021 (PV ≤ 20
MW & wind ≤ 50 MW) 350 MW of RES power was awarded with a price range of €32.97 - €51.20 / MWh
and an average price of €37.60/MWh (all PV).
3.3 Risks and uncertainties
The uncertainty caused by the financial crisis in Greece over the last years and the developments in the
domestic electricity market with the liquidity problems faced by the main State company in the segment,
despite their clear improvement following the application of measures under Law 4414/2016, the
instability regarding the liquidity of DAPEEP (former LAGIE), the repeated interventions of the State
6
to
balance Special Account for RES, as well as the outbreak of the COVID-19 pandemic and the geopolitical
upheaval may adversely affect the business operations, operating results and financial standing of the
segment.
Power generation in the RES segment depends primarily on the prevailing wind conditions which exhibit
an inherently stochastic behaviour and seasonal fluctuations.
Despite progress made in recent years, the RES sector is still facing challenges due to the complex
bureaucratic licensing procedures governing the development and operation of new projects, as well risks
associated with potential appeals that may be lodged with Hellenic Council of State against the validity
of these project licences, which in turn may lead to significant delays and/or suspension of works on
certain projects. Moreover, any changes in the institutional framework may adversely impact operating
results and the ability of the Company to finance new RES projects, or extend the time required for their
development or licensing. Another significant source of risk is also the lack of cadastral maps,
undisputable property titles and clear designation of land used for RES project construction as public or
private land.
5
https://www.dapeep.gr/monadiaies-xrewseis-gia-mmbap-kai-paesa-2/
6
Law 4759/09.12.20 (Government Gazette, Series I, No 245).
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4. ENVIRONMENT
4.1. Important events
The turnover of the Environment segment for 2021 amounted to €115.1 million, compared to €101.9
million in the corresponding period of 2020, marking an increase of 12.9% or €13.2 million. This was
mainly due to the impact of volume increases incoming clinical waste, the increase in the prices of
recovered recyclable materials and the high Market Clearing Prices (MCP) through which part of the
electricity production of the subsidiary BEAL SA is paid.
The EBITDA of the Environment segment for 2021 amounted to €16.7 million, compared to €4.2 million
in the corresponding period in 2020, marking an increase of 293,3% or €12.4 million. The EBITDA margin
stood at 14.5% in 2021 compared to 4.2% in 2022. As mentioned above, one of the main factors in the
increase in results compared to the same period last year is the increased volume of incoming waste, the
higher prices of recovered recyclable materials and the high prices for electricity available on the daily
market and paid with the Market Clearing Prices (MCP). In addition, it is noted that the 2020 results were
burdened by increased provisions for future year losses (€2.6 million) related to the operation of the waste
treatment plant in Osnabruck, Germany (loss-making activity expiring on 31.12.2022) as well as by non-
recurring losses (€2.8 million) in the context of the legal dispute between J/V HELECTOR SA - TH.G.LOLOS
- CH. TSOMPANIDIS OE- ARSI SA and the company ENVITEC SA .
Operating results amounted to €10.7 million, compared to a losses of €2.1 million in 2020. Results before
taxes stood at €12.3 million compared to losses of 1.0 million for 2020, while results after taxes stood at
€7 million compared to losses of €0.3 million in the corresponding period of 2020.
Main contracts were signed in the Environment segment as follows:
Signing of contractual documents (November 2021) for the participation of HELECTOR in the
Special Purpose Company “Geothermal Stohos II” with 51% (the remaining 49% is maintained by
PPC Renewables S.A.) following its announcement as a Strategic Partner in the context of the
tender “Request for proposal for the selection of a strategic partner in the field of electricity
production from geothermal power plants”
Signing of a public contract (July 2021), through a joint venture (participation of HELECTOR S.A.
83%) for the project "Design-construction of the first phase of rehabilitation of the OEDA of
Western Attica & transitional Waste Management "with a financial object of €26.5 million plus
VAT.
Signature of a public contract (August 2021) through a joint venture (HELECTOR SA holdings:
55%) for the project ‘Upgrading and operation of the Ano Liossia recycling plant and its
conversion into a green factory’ with a financial object of €49.1 million plus VAT.
Signing of an amending public contract (July 2021) for the extension of the provision of services
as part of the project “Design, Construction and Operation of Waste Treatment and Disposal
Facilities in Larnaca - Famagusta Provinces” for 12 months with the unilateral right of the
Contracting Authority to extend the contract for another 12 months with an estimated annual
budget of 9.5 million plus VAT. A corresponding amending contract had preceded (April 2021)
for an extension of 4 months (until June 2021).
Signing of a public contract (March 2021) for the project ‘Support, Operation, Maintenance and
Repair Services of a Mechanical Recycling Plant’ with a term of 2 months and with a unilateral
right of extension for another 2 months with a total budget of €3.6 million plus VAT.
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Signing of a contract (February 2021) for the provision of design and technical advisory services
for a project carried out in Israel worth €1.8 million, with a substantial likelihood of the award of
additional items with a value of €8.2 million.
After 31.12.2021:
Signature, via the consortium J/V HELECTOR SA (60%) - ARSI SA, amending public contract
(January 2022) to extend service provision for the project ‘Operation and Maintenance of an
Incinerator for Hazardous Medical Waste’ by 7 months (i.e. until 2 September 2022) or until
completion, amounting to €5.5 million. This extension was deemed necessary in order to secure
adequate time to complete the tender for award of the contract ‘Modernisation, Upgrading,
Conversion & Operation by concession, of a Hazardous Medical Waste Thermal Treatment Plant
and similar contracts with an estimated value of €81.1 million, excluding VAT, with an option to
relocate at an estimated value of €5.0 million excluding VAT’ in which HELECTOR SA participates
through a consortium (participation percentage 60%).
Signing of a public contract (January 2022) for the project ‘Upgrading and Environmental
Rehabilitation of the Existing Polygyros Landfill’ with a financial value of €2.9 million, plus VAT.
Signing of a public contract (January 2022) for execution of the project ‘Tourism Integration within
the Edessa Commercial Centre’, through a consortium (HELECTOR participation percentage
88.18%), with a financial value of €2 million plus VAT.
4.2 Perspectives
Greece has adopted a National Strategy for the Circular Economy and has harmonized its legislation with
the principles of the circular economy. This includes Law 4819/2021 "Integrated framework for waste
management - Transposition of Directives 2018/851 and 2018/852 of the European Parliament and of the
Council of 30 May 2018 amending Directive 2008/98/EC on waste and Directive 94/62/EC on packaging
and packaging waste, the framework for the organisation of the Hellenic Recycling Organisation,
provisions for plastic products and the protection of the natural environment, spatial planning, energy
and related urgent regulations", which revises the regulatory framework for waste management so they
are in line with the requirements of the European Action Plan for the Circular Economy.
Greece is making efforts to reverse its long-standing poor waste management performance. According
to the environmental performance assessment report by the Organisation for Economic Co-operation and
Development (OECD), Greece has taken significant steps in the last decade to close illegal landfills.
However, 80% of municipal waste ends up in landfills, a percentage that is far from the target of 10% by
2030. At the same time only 20.1% of municipal waste is recycled when the target is 55% by 2025. As a
result, it is imperative that modern waste management methods are adopted which can contribute to the
development of the sector within the country.
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Annual Financial Report
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4.3 Risks and Uncertainties
Regarding the COVID-19 pandemic, its effects on the Environment segment were limited. In any case,
HELECTOR, its subsidiaries and the joint ventures it controls, having regard to the specific nature of their
activities in relation to public health, have taken all necessary measures in a timely and appropriate
manner to protect workers and limit the spread of the virus, based on the instructions of the competent
authorities and the specifications issued by the competent departmental services of the Group. At the
same time, every possible effort to limit any operational and other impact of this crisis is being made and
this impact is being constantly assessed and addressed in conjunction with the support measures
introduced by the respective governments in the countries where Environment segment operations are
taking place.
As for the effects of strong inflationary pressures, which are largely the result of the energy crisis, these
are limited as, in highly energy-intensive activities (mainly large waste treatment plants), much of the price
increase is covered by corresponding contractual provisions to review revenue undertaken by the
respective Contracting Authority.
The need to upgrade the existing domestic waste and biological waste management infrastructures or to
create new modern ones, as reflected in the new National Waste Management Plan (E.S.D.A.) for the
period 2020-2030, approved by the Council of Ministers by virtue of Act 39/31.08.2020 (Government
Gazette 185/29.09.2020), is undeniable; the implementation of new projects, however, may be adversely
affected by changes in their implementation plan, limited liquidity from the domestic banking system and
time-consuming licensing procedures and any reactions from local communities (e.g. appeals to the
Council of State).
5. REAL ESTATE DEVELOPMENT
5.1 Important events
The real estate development segment recorded revenues of €7.6 million in the first half of 2021, compared
to an amount of €6.8 million in first half of 2020, a drop of 11.2% or €0.8 million.
Earnings before interest, depreciation and taxes (EBITDA) in 2021 amounted to €6.2 million compared to
€4.3 million in 2020, marking an increase of 44.5%.
Earnings before interest and taxes (EBIT) amounted to €4.2 million, compared to €1.8 million in 2020, and
pre-tax profit reached €2.3 million compared to profits of € 0.2 million in fiscal year 2020, while profits
after tax amounted to € 2.0 million against losses of €0.3 million for fiscal year 2020.
5.2 Outlook
With regard to the Cambas Project development at Kantza in the Municipality of Pallini, which has received
urban planning approval by presidential decree as a designated area for ‘Organised Development of
Productive/Enterprise Activities’ (POAPD area), the Business Plan has been updated and the Master Plan
is in the final stages of completion. This will now be followed by issuance of building permits within the
next year (2023) so that construction works can commence, with a time horizon for completion of 3 years.
The company REDS SA was declared the successful bidder for development of part of the former American
base in Gournes, Heraklion, Crete, a project which has been called the ‘Little Hellinikon’, due to similarities
with the investment (redevelopment of the old Hellinikon airport) on the coastal front of Athens. The tender
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competition was conducted by the HRDH through an electronic auction procedure. The property is
located on the seafront and covers 345,567 square meters. It is located 13 km from the Nikos Kazantzakis
Airport and 16 km from the city of Heraklion. At the moment, procedures for transfer of the property are
underway, and at the same time process of drafting a Business Plan and Master Plan have commenced.
The plan under consideration for Gournes forsees a number of developments, including a casino, a tourist
accommodation complex, a conference and exhibition center, shopping malls, a marina, a helipad and
other facilities.
As part of the Alimos Marina development works, REDS is proceeding with execution of the design and
construction contract to meet obligations, which, during the first half of 2021, demanded completion and
submission of the Master Plan, the collection of proposals and architectural studies, the traffic study, and
marine construction works.
Lastly, with regard to the properties in Romania, optimal investment prospects are being explored in an
effort to find either co-investors or buyers.
5.3 Risks and uncertainties
The income for the segment comes mostly from operating leases and may be significantly affected if the
lessees fail to fulfil their obligations due to restricted economic activity.
In addition, employee expenses are increasing due to the energy crisis and rising product prices, which
may worsen their financial liquidity.
6. OTHER ISSUES
On 6 August 2021, the share capital increase by cash deposit with preemptive rights in favour of existing
shareholders as decided by the Extraordinary General Meeting of the Shareholders of the Company held
on 22 April 2021 and by the Board of Directors of the Company at its meeting of 7 July 2021 was
successfully completed with the raising of capital amounting to €120,528,001.80 and the issue of
133,920,002 new ordinary registered shares with voting rights, through the exercise of preemptive and
pre-subscription rights by existing shareholders. Following the above, the share capital of the Company
was increased by €5,356,800.08, with the issuance of 133,920,002 new ordinary registered shares with
voting rights at a nominal value of €0.04 each, and an amount of €115,171,201.72 was credited to the
‘Share Premium’ account. Thus, share capital amounts to €13,927,680.20 and is divided into 348,192,005
ordinary registered shares with voting rights of a nominal value of €0.04 each. The certification of the
timely and full deposit of the total amount of the share capital increase was completed on 6 August 2021
by the Company’s Board of Directors. On 13 August 2021, trading of the Company’s shares on the Athens
Stock Exchange commenced.
IV. Consolidated Report on payments to governments
The ELLAKTOR Group, in accordance with the provisions of Articles 155 & 156 of Law 4548/2018 and
Article 6 of Law 3556/2007, due to the mining of quarry products of its subsidiary companies, made
payments to the Greek government in the fiscal year ended 31.12.2021 amounting to €362 thousand
(fiscal year 2020: €336 thousand).
The above amount concerns payments for:
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a) Quarry leasing, €199 thousand (fiscal year 2020: €200 thousand) and
b) Aggregate Quarry Fees, €163 thousand (year 2020: €136 thousand)
The amount of €362 thousand (fiscal year 2020: €336 thousand) was paid by the subsidiary HELLENIC
QUARRIES SA.
V. Non-Financial Report 2021
ELLAKTOR Group Approach
In ELLAKTOR Group (the “Group”), the active contribution and effective promotion of sustainable
development are placed at the core of its operational planning and the activities of its business segments.
Ensuring a safe and fair working environment, providing effective support to the economy and local
communities and reducing the impact of its environmental activities are the Group's basic principles.
These commitments, a key guide for the fulfilment of the Group’s mission, are expressed not only through
the modern infrastructure projects that for decades upgrade the quality of people’s lives, but also via the
environment and energy projects that promote the circular economy and the production of energy
through alternative and renewable sources, while creating added value for all the Group's stakeholders.
The Sustainable Development Division was established in 2019, at Group level, and its main aim and
responsibility include, among others, the development of a Group sustainable development strategy,
social contribution and environmental – energy management approach for all the Group’s companies.
In this context, the Sustainable Development Division operates as the strategic planning center submitting
proposals to the Board of Directors regarding the Group’s sustainable development policy, supervises the
preparation of the Group’s Annual Sustainable Development Report and is responsible for the
participation in sustainability rankings and indices.
Recognizing the importance of the issues it manages, the Sustainable Development Division reports to
the Group's Strategy Division, while the overall oversight of the sustainable development issues is carried
out by the ESG Committee, whose establishment was completed and approved by the Board of Directors
(“BoD” or “Board”) on November 20, 2021.
The Group and/or its companies participate in national and international associations, organizations and
institutions so as to develop the business sectors in which they operate, improve constantly the services
they offer and promote their views, and exchange their expertise and best available practices. Examples
include the Association of Enterprises and Industries (SEV), the SEV Council for Sustainable Development,
the Greek Corporate Social Responsibility Network (CSR Hellas), the Global Compact Network Hellas and
the Sustainable Markets Initiative (SMI).
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Business model
The Management’s goal is to further establish the Group’s leading position in the Segments of
Concessions, Renewable Energy Sources and the Environment, while at the same time leveraging its
competitive advantage and know-how from the Construction Segment, a fact which places ELLAKTOR
Group amongst the leading infrastructure groups in Greece and Southeast Europe.
Having accumulated considerable expertise in the most complex and demanding projects, ELLAKTOR
Group combines its 70 years of experience with cutting-edge technologies, delivering projects that
accelerate development and improve the quality of people’s lives around the world.
Based on its vision to lead the way to a modern, innovative, safe and sustainable future, and based on its
corporate values, the Group capitalizes on the unique know-how of its human resources, to provide high
quality Infrastructure, Energy and Environment projects, to promote circular economy with innovative
waste management solutions, and to strengthen its footprint in alternative energy aiming to create value
for its shareholders, employees and the Greek Economy.
Materiality Analysis (Sustainable Development)
ELLAKTOR Group conducts an analysis of material issues every two years, based on its relevant policy. The
most recent materiality analysis was implemented in 2020 with the participation of internal and external
stakeholders. In 2021, the results of the previous materiality analysis were preserved, while the next
analysis and update of the material issues is planned for 2022 by the Sustainable Development Division
in collaboration with the ESG Committee.
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The basic steps of the materiality analysis carried out by the ELLAKTOR Group in 2020, in accordance to
the GRI Standards, are briefly described below.
Identification of material topics
ELLAKTOR Group, by aiming to confirm and establish its Sustainability Strategy, proceeded with the review
and update of its materiality topics, which consist of the issues where the Group has the most significant
impacts on the economy, society and the environment.
The Group updated the most material topics related to its activities by reviewing the following:
• International and sectoral sustainable development standards such as the GRI standards
and the GRI Construction Sector Supplement, the SASB standards and the ESG Reporting
Guide of the Athens Stock Exchange.
• Sustainable Development Reports of peer companies.
• Publications from the last three years at the time of the analysis (2018-2020), related to the
ELLAKTOR Group and its subsidiaries.
• Internal documents (e.g., policies, strategies, management systems, operating standards,
etc.).
• United Nations Global Sustainable Development Goals (SDGs).
• Principles of the United Nations Global Compact.
Evaluation and prioritization
Senior members of ELLAKTOR Group’s Management were asked to evaluate and prioritize the 22 material
issues based on the following criteria:
• The importance of the (positive or negative) impact of these issues on the wider economy,
society and the environment and consequently on the achievement of the UN Global
Sustainable Development Goals.
• The significance of the (positive or negative) consequences of these issues on the ability of
the Group companies to realize their business objectives or on their reputation.
• Industry's key priorities and future challenges.
In conjunction to the above, in order to identify the needs and expectations of stakeholders,
representatives of all Group stakeholders (with the exception of Shareholders and Bondholders) were
invited -for the first time- to participate in a survey for the evaluation of the material topics. The survey
was conducted through an online anonymous questionnaire and involved 587 representatives.
The results from the Senior Management members’ and stakeholders’ evaluation are illustrated below.
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Material topics for ELLAKTOR Group
1. Creation and distribution of economic value
2. Safeguarding regulatory compliance and business ethics
3. Safeguarding occupational health, safety and wellbeing of employees (including
subcontractors’ employees)
4. Contribution to greater availability and reliability of renewable energy sources
and to energy transition and the decarbonization of electricity generation
5. Reinforcing innovation and digital transformation
6. Safeguarding, health, safety and positive experience of end users and structural
integrity and safety
7. Ensuring business continuity and emergency preparedness
8. Safeguarding human rights at the workplace
9. Reducing consumption of non-renewable energy sources and improving energy
efficiency, as well as reducing and offsetting greenhouse gas emissions and other
gaseous pollutants (e.g. NOx, SOx, VOCs)
10. Contribution to the circular economy with the design, construction and operation
of modern waste treatment plants
11. Provision of employee training, evaluation and development
12. Improving the social and environmental impacts of suppliers, partners and
subcontractors
13. Creating high-quality employment opportunities (full- time, for high- and/or
low-skilled workers, with satisfactory remuneration)
14. Attracting investors that place emphasis in Group’s performance on ESG
(Environment, Social, Governance)
15. Continue strengthening relations with local communities and responding to their
needs
16. Identifying financial and operational climate change impacts (risks and
opportunities)
17. Protection and preservation of biodiversity
18. Contribution in the improvement of the urban and built environment
19. Reducing solid waste and enhancing circular economy practices
20. Improving raw and other materials efficiency
21. Reduction of water consumption and effluents
22. Reduction of noise emissions
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More information on the materiality analysis and how the Group approaches and manages the identified
material issues will be included in the Sustainable Development Report 2021.
Also, under the heading ‘III. Development of activities per segment”, in the sub paragraphs “Risks and
uncertainties”, information is reported on the Group's major issues / risks (financial and non-financial,
where appropriate and significant) and their respective management / handling.
Corporate Governance
ELLAKTOR (the “Company”) applies the corporate governance principles set out in the respective
legislative framework. In this context, and more specifically pursuant to article 17 of law 4706/2020 and
article 4 of the Decision of the Hellenic Capital Market Commission (Decision 2/905 / 3.3.2021 of the Board
of Directors of the Hellenic Capital Market Commission), the Company has adopted, with the 28.06.2021
decision of its Board of Directors, the Hellenic Code of Corporate Governance of the Hellenic Corporate
Governance Council (June 2021) -which replaced the previous Hellenic Code of Corporate Governance for
Listed Companies issued in 2013 by the Hellenic Corporate Governance Council- accompanied by the
relevant deviations which are explicitly mentioned in the Corporate Governance Statement, as it is
reflected in the current Annual Financial Report of the Company.
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This code, which is inspired by the Corporate Governance Principles of the Organization for Economic
Cooperation and Development (OECD), is posted on the official website of the Company
(https://ellaktor.com ).
The Board of Directors of the Company places special attention to the issues of Corporate Governance,
aiming at the adoption and the operation of systems and processes that optimize the Corporate
Governance System. In this context, it has endorsed a number of Policies, such as the Suitability Policy of
Board Members, the Remuneration Policy of Board Members, etc. For their practical implementation,
these Policies are further specified and elaborated in procedures and relevant accompanying forms.
More information on Corporate Governance and its activities is presented in Section Β.3. Corporate
Governance Statement.
Compliance
Demonstrating a clear commitment to integrity and transparency, the Compliance function which is
responsible for the design and implementation of the Compliance Management System, reports -through
the Vice President of the Board- to the Company’s Board of Directors demonstrating a clear commitment
to integrity and transparency.
For this purpose, a Compliance Management System has been established and implemented at Group
level. This system was certified by an independent body with the new ISO 37301:2021 Compliance
Management Systems that replaced ISO 19600:2014.
Integrity Compliance Program
In order to successfully implement the Compliance Management System, ELLAKTOR has developed an
Integrity Compliance Program that includes Integrity Compliance Measures which are integrated into its
day-to-day operations to ensure compliance with all laws and regulations as well as making the right
decision every day.
The Integrity Compliance Program includes all the necessary tools and resources to promote a culture of
integrity, and follows the "Commit - Assess - Act - Monitor: Always Improve" approach.
In order to be able to report violations of the Code, policies, regulations and applicable legislation, the
Company has established multiple communication channels (phone, e-mail, Whistleblowing platform,
etc.) which -since October 2021- were renamed to Talk2Ellaktor. In addition, at the beginning of 2022, the
new Whistleblowing platform (featuring the capability of submitting anonymous reports) was launched,
in full compliance with European Directive 1937/2019.
Codes and Policies
For the implementation of the Compliance Management System, at the Company and Group level, Policies
and Codes are applied that include the principles and rules that are implemented in the Group. These
Policies and Codes are an integral part of the Internal Control System (ICS) of the Company and the Group
which includes a number of additional policies and procedures - in addition to the Compliance
Management System - the most important of which are listed below:
Integrity
• Code of Ethics
• Business Partner’s Code of Conduct
• Conflicts of Interest Policy
• Whistleblowing Policy
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A more detailed description of the Integrity Compliance Program as well as the above policies and
procedures can be found on the website (https://ellaktor.com/systima-diacheirisis-kanonistikis-
symmorfosis).
Other Policies
The Group's policies and procedures include, amongst others, the following:
• Anti-Bribery Policy
• Remuneration Policy of the Board of Directors of ELLAKTOR
• Suitability Policy of the company’s members of the Board of Directors
• Sustainable Development Policy
• Human Rights Policy
• Privacy/ Confidentiality Policy
• Facility Security Policy
• Policy against Harassment and Violence at Work
• Policies and procedures of the certified Management Systems of the Group’s companies
(Quality, Environment, Health and Safety, Business Continuity, Anti-Bribery, Information
Security, etc.)
• Human Resources Policy (under approval)
• Staff training and development policy (under approval)
• Media Relations Policy and operation of the Group Press Office,
• Group Advertising and Promotion Policy
• Group Social Media Management Policy
• General Procedure for Procurement of Materials and Services
• Group Financial Communication Policy
• Policy for Public Positioning/ Views - Speeches and Group Sponsorships
• Group Internal Communication Policy
• Group Website Policy
• Policy for the use of visual identity - audiovisual material and Group facilities
In the context of the implementation of due diligence processes within a structured system of governance
featuring three lines of defense:
The Management and the personnel of the Group’s companies apply the above policies and
the procedures that accompany them.
The Group Risk Management Division carries out the identification and the assessment of
business risks. It is pointed out that individual -focused- risk identification and management
is performed within the individual management systems (e.g., environment, quality, health
and safety, etc.).
The Group Compliance Division oversees compliance with policies.
The Internal Audit Division carries out audits based on a risk assessment (risk-based
approach) regarding the abovementioned implementation of the relevant policies and
procedures, proposing corresponding improvement actions.
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Managment Systems
ISO table
Company
ISO 9001:2015
ISO 45001:2018
ISO 14001:2015
ISO 50001:2018
EMAS III
ISO 39001:2012
ISO 37001:2016
ISO 27001: 2013
ISO 22301:2019
ISO/IEC 20000-
1:12018
ELLAKTOR Group
(ELLAKTOR S.A.)
√ √
CONCESSIONS
AKTOR CONCESSIONS S.A. √ √ √ √
ATTIKES DIADROMES S.A. √ √ √ √ √
ATTIKI ODOS S.A. √ √ √
MOREAS S.A. √ √ √
Environment
HELECTOR S.A. √ √ √ √ √ √ √ √ √
STERILISATION S.A. √ √ √
APOTEFROTIRAS S.A. √ √ √
ASA S.A. √ √ √
EDADYM S.A. √ √ √
HELECTOR S.A. – ARSI S.A.
Joint Venture
√ √ √
VEAL S.A. √
Structure
AKTOR S.A. √ √ √ √ √ √* √
AKTOR FM S.A. √ √ √ √ √ √
HELLENIC QUARRIES S.A. √ √ √ √
GREEK NURSERIES S.A. √ √
TOMI S.A. √ √ √ √ √ √* √
Real Estate Development
REDS REAL ESTATE
DEVELOPMENT S.A.
√* √
YIALOU COMMERCIAL &
TOURIST S.A. (Smart Park)
√ √ √
The Group was certified for all its activities regarding the implementation of the guiding principles of ISO
37301:2021 on Compliance Management, replacing ISO 19600:2014, and HELEKTOR S.A. as regards to the
implementation of the guiding principles of ISO 26000 on Corporate Social Responsibility Management.
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*AKTOR S.A., TOMH S.A. & R.E.D.S S.A. were certified οn 11/2021.
Anti-Corruption and Anti Bribery
ELLAKTOR has a zero tolerance to bribery, complies with all applicable anti-corruption laws and conducts
its business activities in a transparent manner.
Currently, all the companies of the Group apply an Anti-Bribery Management System, while ELLAKTOR,
the main subsidiaries per Segment (AKTOR Concessions, Helector, AKTOR, REDS) and TOMI, have received
relevant certification according to ISO 37001: 2016 by an independent certification body.
At the same time, although the basic principles against bribery are contained in the Code of Ethics,
ELLAKTOR Group, demonstrating its commitment to zero tolerance for corruption and bribery, has
adopted a specific Anti-bribery policy with clear guidelines and directions.
In addition, in the context of the Integrity Compliance Program, ELLAKTOR has developed a methodology
for the identification, assessment and management of Ιntegrity risks, which are broken down to individual
risks (bribery, compliance, etc.), identified taking account several factors (e.g., environment, operations/
functions, activities, etc.) and assessed based on their probability and impact.
This process is currently ongoing for the whole Group, and ensures that ELLAKTOR focuses its priority on
high-risk areas.
Regarding Bribery Risk, ELLAKTOR Group performs a Bribery Risk Assessment (BRA) for all its Segment’s
activities in order to be able to manage this risk in a coordinated manner. The BRA is updated yearly, to
reflect current risks as well as the mitigating controls in place that reduce risk in an acceptable level.
GRI 205-3 (Confirmed Corruption Cases and Related Actions): As a result of the above, it is noted that
in 2021 there were no confirmed incidents of corruption in the ELLAKTOR Group.
Respect of the Human Rights
For ELLAKTOR Group the respect for human rights is of non-negotiable value, both for its employees and
for its business associates/ partners.
The Group operates in 22 countries globally, where it employs a very large number of personnel in its
projects and activities, either directly through recruitment, or indirectly through its business associates.
Although the institutional framework and working environment may vary from country to country,
ELLAKTOR Group recognizes that its duty is to uphold and protect -everywhere- the rights of people and
local communities, which may be affected by its projects and activities. To ensure this, the Group intends
to apply a set of human rights principles and guidelines to all its companies and to all the countries in
which operates.
For this reason, at the beginning of 2021 a Group Human Rights Policy (https://ellaktor.com/politiki-
anthropinon-dikaiomaton) was established, which sets the principles for the respect of human rights of
the Group’s employees and subcontractors, as well as the local communities in which it operates.
This policy is based on the principles of the United Nations Universal Declaration of Human Rights, the
United Nations Guiding Principles on Business and Human Rights (UNGPs), the United Nations Global
Compact, the OECD Guidelines for Multinational Enterprises, as well as the Declaration on Fundamental
Principles and Rights at Work of the International Labor Organization (ILO 87 and ILO 98). According to
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the Policy, the respect for human rights and the provision of equal opportunities is a fundamental and
obligatory principle and condition.
Being a signatory of the UN Global Compact, ELLAKTOR, amongst other matters, is committed to
upholding and protecting the human rights and promoting diversity through employment.
At the same time, the Group and its employees are protected under the terms of the Code of Ethics -
which the latter sign upon hiring - as well as the business associates through the relevant contract
agreements with ELLAKTOR.
GRI 406-1 (Incidents of discrimination and corrective actions taken): As a result of the above
procedures, for 2021, the Group did not have any confirmed incident of violation or/ and breach of Human
Rights or/ and discrimination due to race, gender, religion, age, nationality, ethnicity, political views etc.
which has been reported to the Human Resources Division or the Regulatory Compliance Division of the
Group.
Social and employment matters
The employees of the ELLAKTOR Group are its driving force and constitute its most important competitive
advantage.
Workplace environment
The Group relies heavily on its human resources to achieve its business targets. For this reason, the Group
aims to create a safe and fair working environment, which promotes cooperation and knowledge, provides
opportunities for development, accession and employment in all the Group’s companies and the countries
in which it operates, offers satisfactory remuneration and benefits, as well as additional insurance and
medical coverage.
ELLAKTOR Group recognizes the existence of risks associated with the lack of equal opportunities for
development and the lack of attractive wages and benefits, which may lead to the loss of the experienced
and trained employees or reduce their performance.
The aim of the Group is to mitigate the above risks through due diligence policies and procedures, by
retaining and attracting well qualified employees and executives, via a unified system of remuneration
and benefits, which ensures remuneration is in full compliance with applicable laws whilst being
competitive in the labor market in each country of operation, offering in many cases remuneration and
benefits on top of those prescribed by the law. In order to achieve this target, the Group participates and
procures remuneration and benefits surveys to evaluate the competitiveness of all employees’
remuneration. This process results in corrective actions to improve employee retention and the
competitiveness of their pay.
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Employees receive equal pay for equal work, regardless of race, gender, color, nationality or ethnic origin,
class, religion, age, disability, marital status, sexual orientation or gender identity, and political beliefs.
The needs of the role in relation to the level (Grade) that has been evaluated for each role, determine the
benefits offered voluntarily by the Group.
In the context of development and continuous improvement of employees, in order to achieve both
personal and corporate targets, a performance appraisal system of the Group’s human resources has been
established. Through the performance appraisal process, the skills and behaviors of the employees are
evaluated, at a specific period each year. The purpose of Performance Evaluation is to keep the employees
informed of their performance so that the latter is constantly improving. The needs of each employee are
clarified through a constructive discussion to agree on the necessary actions and desired behaviors that
will lead to her/his development by enhancing her/his strengths. Performance appraisal is conducted on
an annual basis.
The Group’s Human Resources Division is in the process of renewing past policies and procedures, aiming
at enhancing transparency, equal opportunities and the more efficient operation of the Group. The new
Human Resources Policy was completed in early 2022 and is under approval.
Finally, in November 2021, the Policy against Harassment and Violence at the Work was adopted, which
aims to create and establish a work environment that respects, promotes and ensures the human dignity
and the right of every person to a workplace without violence and harassment.
GRI 405-1 (Diversity in Government and Employees & ATHEX C-S2: Women Employees): At the end
of 2021 (31.12.2021) the Group’s personnel stood at 7,296 people, out of which 26% were women.
12.4% of the Group's employees were under 30 years old, 59.4% belonged to the 30-50 age group and
28.2% were over 50 years old. In 2021, 3 persons with special needs were employed in the Group. Finally,
16% of the Group's employees have a different nationality from the country in which they work.
Health and Safety (H&S) at work
In the context of developing a stable, healthy, and safe working environment the Group is implementing
certified Health and Safety Management Systems under ISO 45001:2018, with due care to the continued
compliance and improvement of the Health and Safety at the workplace, with the implementation of
procedures and safe working instructions, the prevention and minimization of accidents and occupational
diseases, as well as with the continuous staff training, awareness and updating of its human resources on
issues relating to health and safety at the workplace.
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In the context of its operation and due diligence procedures, the Group recognizes a number of risks such
as possible injuries at work, possible occupational diseases, emergency situations (Covid 19 pandemic,
fire earthquake, floods, chemical gas leaks, etc.), non-compliance with legal and other requirements,
inability to detect work hazard (unsafe way of performing duties, or lack of training, non-implementation
of the 15 inviolable H&S rules, etc.), unsatisfactory provision of third party services (external partners,
suppliers, subcontractors, etc.) on health and safety issues, complaints/ reports from employees or
external associates of the Group, possible defamation that may arise, exclusion of the Group from pre-
selection questionnaires in public or private sector projects due to poor performance (of statistical
indicators in the H&S at work).
In order to manage and minimize the above risks, the Group has adopted a number of measures, such as
the continuous identification, assessment and reevaluation of the relevant risks through the written
Occupational Hazard Assessment (GEEK) of the projects and facilities, the strict and constant compliance
with the legislation, the continuous training of employees on health and safety issues, the supervision of
the implementation of health and safety measures, the implementation of internal procedures and health
and safety guidelines, the internal audits by certified practitioners, the daily reviews from the Health &
Safety Officers at the projects/ facilities (in which they have physical daily presence), the application of
good practices (such as the monthly transmission of safety messages, the implementation of the Inviolable
H&S Rules, the 15-minute meetings and the monthly H&S reporting, the regular meetings with the Health
& Safety Officers for exchanging experiences and information), the H&S factors’ measurement, as well as
the emergency plan adapted to all possible sources of risk – emergency.
GRI 403-9 (Work-related injuries): Finally, it is pointed out that in 2021 in the companies of the
ELLAKTOR Group, 55 employee accidents and 3 subcontractor employees’ accidents were recorded
(excluding pathological and fatal accidents and the accidents with zero days of absence) as well as 40
near misses.
It should be noted that the Group records and submits to the competent Authorities the accidents that
have zero days of absence from work, as they are managed with the same procedures as the accidents
with more than one day of absence, in order to be analyzed and investigated in order to take corrective
actions so as to avoid similar incidents in the future.
For 2021, the Group recorded 14 accidents with zero days of absence from work.
On April 1, 2021, a fatal accident was caused resulting in the fatal injury of three (3) AKTOR employees
from electric shock, during an improvement project (pillar replacement) in an inactive overhead electricity
transmission network.
In order to avoid similar incidents, a series of actions was decided and implemented:
Strengthening the capacity of the Health and Safety Department of the project.
Increase of hours of Technician and Safety Coordinator in similar projects far beyond the
requirements of the legislation.
Issuance of fifteen (15) Inviolable Health and Safety Rules and retraining of employees in these
rules.
Implementation of a specialized seminar by a certified body to the project employees and the
employees of similar projects for working under voltage and heights.
Revision of Health and Safety Management System and of the written Occupational Hazard
Assessment (GEEK) by an external partner specialized in the subject matter area.
Continuation of an internal inspection program in all similar projects.
Increase of Health and Safety meetings in the maintenance projects of electricity transmission
networks.
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In order to prevent accidents, the Group aims to take additional measures such as enhancement of
the training of employees - including subcontractors - for the awareness in H&S and competence at
work, further development and strengthening of the H&S culture through consultation, digitization
of internal procedures etc.
Training and development of employees
The training and development of employees is considered as one of the pillars of achieving the Group’s
business targets. For this reason, procedures regarding the training and development of human resources
have been established and are being followed at Group level.
Monitoring of the developments and constant updating are of great importance for the development of
each employee and for her/his ability to fulfill her/his duties. The Group aims to organize training
programs and seminars for its employees with the goal of transferring the technical know-how and
improving their skills.
The type of training is selected by the Department of Training and Development of the Human Resources
Division in collaboration with the responsible manager of the employees. Moreover, the training consists
of two separate plans, the one concerning the general training needs and the second one related to the
roles and employees’ career accession plan as a result of their annual evaluation.
The modernization and restructuring of the Group have created training needs both at the central level
and at the level of projects/activities. Traditional forms of education that include physical or distance
learning cannot meet these needs. In this context, the Group developed an electronic e-Learning platform,
and at the same time proceeded to the development of training material/courses, in collaboration with
the relevant Divisions/ Departments, which covers both technical issues and matters of policies and
procedures of the Group.
This process will also contribute to the creation of a unified culture in the Group, as all employees will
become ambassadors of the same information, which they will have to adopt in their daily duties. All the
employees of the Group in Greece have access to the platform.
The Group, having recognized the importance of continuous training and education of its personnel, has
developed the Training and Staff Development Policy, which is at the stage of final approval.
Social responsibility
The main goal and strategic priority of the Group is to act responsibly in relation to the communities in
which it operates, in order to increase its positive impact and return value to the society. The Group
contributes to social welfare through its business and social activities, responding consistently, responsibly
and transparently to the society’s demands and needs/expectations.
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The social action of the Group focuses on the following categories:
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Improving the Urban and Structured Environment
ELLAKTOR Group contributes substantially to the expansion and upgrading of the infrastructure of urban
environment -national and local- through the Construction Segment, while a key focus of its Real Estate
Development Segment is the upgrade of the residential environment, the protection of unoccupied
spaces and the creation and redevelopment of recreational areas. The construction of all projects is carried
out according to the latest standards, the applicable environmental legislation and the approved
environmental terms.
Noise management
One of the topics of concern for the local community is noise pollution. Group companies in the
Concessions Segment monitor the noise level along the length of the motorways through permanent and
mobile noise measuring stations, in accordance with the current legislation and contractual obligations.
The Construction Segment complies with the environmental conditions for its projects and, if required,
the noise produced by the project is monitored and suitable measures taken for its reduction.
In case of disturbance and complaints from the local community, a process of evaluation is followed in
relation to the disturbance and as a result, the necessary corrective actions are taken.
Social investment
The companies of the Group develop their social investment initiatives depending on their Segment of
operations as well as on the needs of the local and the wider community in the areas where they operate.
The actions and programs implemented by ATTIKI ODOS and ATTIKES DIADROMES have focused for
more than 10 years on the training and awareness of children, young people and adults in road safety
issues.
The initiatives supported by the companies in the Renewable Energy Sources Segment in 2021, focused
on improving the infrastructure of the local communities, in which wind farms are being constructed or
operate.
The actions and programs implemented by the Group's companies, which are active in the Environmental
Segment, focus on strengthening the infrastructure of the areas in which they operate, as well as training
and raising awareness on environmental protection matters, with an emphasis on recycling.
The companies which operate in the Construction Segment, constantly support local communities, listen
to their needs and manage their requests. They provideassistance in emergency situations, such as
extreme weather events, snow removal, road repairs, flood prevention and fire protection, while also
performing routine maintenance and improvement of the existing infrastructure. Upon the completion of
local projects, it is common practice for the companies to donate equipment, so as to assist local
authorities to cover their needs.
At the same time, the Group and its companies financially support credible and recognized non-profit
organizations, social establishments (e.g., orphanages), institutions and local associations (e.g., sports
clubs, choirs, and cultural centers), and sponsor educational events, emphasizing on the sharing of know-
how and expertise.
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Environmental matters
ELLAKTOR Group, recognizing its environmental responsibility, pursues the protection of and respects the
natural and man-made environment, and focuses on the minimization of the negative effects deriving
from its activities and on the information and awareness of all interested parties.
Being the 2
nd
largest independent producer of electricity from Renewable Energy Sources (RES) in Greece,
the Group actively supports the national effort for the transition to a low carbon economy and the fight
against climate change, contributing to the energy transition, the decarbonization of electricity
production and the access to cheap and clean energy for all.
The certified Environmental Management Systems that are applied by the Group according to the
ISO14001:2015 and ISO50001:2018 (see ISO table), aim at the continuous compliance with the legislation
and the other requirements in relation to environmental protection, environmental control and the
continuous improvement of the environmental and energy efficiency performance of its projects and
activities.
The main companies of the Group have established an Environmental Management Department/ Office,
which is responsible for ensuring the compliance with and the continuous improvement of the
environmental and energy management systems of each company.
The Group recognizes the most important risks and threats in respect to environmental management.
Indicatively the following are mentioned: non-compliance with environmental legislation, non-
compliance with the environmental licensing of the project, incidents of pollution at the sea or water
reservoirs, risk of fire, non-controllable dust emissions, non-controllable air emissions, waste leakage, soil
pollution, inefficient use of energy resources, increased water consumption, noise and vibration above set
limits, complaints from stakeholders/ reports/ fines, environmental impacts from the work executed by
subcontractors and risk associated with business continuity and readiness for tackling emergency
situations (e.g. pandemic).
To minimize the environmental impacts stemming from its activities and to mitigate environmental risks,
the Group focuses on:
Compliance with the applicable environmental legislation and execution of regular audits/
reviews.
Applying increasingly environmentally friendly technologies.
Energy management aiming at the rationalization of consumption and energy saving through
relevant actions and consumption control.
Managing energy consumption, ensuring rational energy use and efficiency through specific
initiatives and monitoring of consumption.
Monitoring air pollutant emissions and the implementation of counter pollution technologies.
Rational management of hazardous and non hazardous waste, emphasizing on reuse and
recycling.
Decreasing water consumption and increasing its reuse, where possible.
Implementation of emergency plans and utilization of special equipment for the prevention of
possible environmental impacts from emergency incidents.
Monitoring noise, vibrations, and other nuisances, in order to reduce impacts on society, traffic,
utility networks and protected areas.
Protecting ancient artifacts and monuments of cultural heritage.
Restoring green spaces and the projects’ landscapes based on the approved environmental
terms.
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Rational management of raw materials and natural resources.
Monitoring avifauna, where required, and implementing measures for the protection of
biodiversity.
Informing and training employees on environmental - energy issues in the workplace and on
the impact that the companies’ operations have on the environment and society in general.
Energy, climate change and emissions
ELLAKTOR Group, seeking to contribute to the collective European goal of a successful and sustainable
transition to a climate-neutral economy by the year 2050, in which Greece participates with the National
Energy and Climate Plan (NECP) 2021-30, continues to prioritize on the Renewable Energy Sources
Segment (RES) expansion for the coming years. In this context, the Group plans to continue the
development and operation of wind farms, and the diversification of its product mix by dynamically
entering the PV sector and implementing new investments in that area. At the same time, and aiming to
contribute further to the increase of the availability and reliability of RES Segment, it invests in the new
technological field of storage, by carrying out battery installation projects. Concurrently, the RES Segment
is preparing the expansion of its activities in the field of offshore wind power, which is to become a field
of great development interest in the next decade.
In addition, through the design and development of biogas units, ELLAKTOR Group contributes to the
mitigation of climate change, not only through the substitution of fossil fuels, but also through the
effective energy use of methane released from the landfill.
Through the production of 1,380 GWh of electric energy from RES in 2021, it is estimated that the Group
contributed to the avoidance of the emission of 2,666 thousand tons of CO2 eq.
Total electricity production from RES increased by 10.3% in respect to 2020.
GRI 302-1 (Power Consumption Within Organization): The Group's total energy consumption for 2021
amounted to 249,852 MWh.
GRI 305-1 (Direct Greenhouse Gas Emissions - (Scope 1) & GRI 305-2 (Indirect Greenhouse Gas
Emissions - Scope 2): In 2021, the Group's greenhouse gas (GHG) emissions are calculated at 90,327 tn
CO2 eq., of which 68.57% (61,938 tn CO2 eq.) comes from electricity consumption (indirect emissions -
scope 2) and the remaining 31.43% (28,389 tn CO2 eq.) from the consumption of natural gas, heating oil,
diesel, gasoline, LPG and CNG (direct emissions - Scope 1).
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Circular economy
The Group’s and, in particular, the Environment Segment’s activity is indissolubly linked to the circular
economy, as through HELECTOR the Group is operating in the waste management Segment. HELECTOR
is one of the largest companies specializing in Waste Management in Southeast Europe, while it operates
on the whole spectrum of design, construction and operation of modern waste treatment plants,
biological waste treatment plants and energy recovery from biogas in landfill plants.
The units apply the best available techniques in all the stages of processing and management of waste,
aiming at boosting recycling, producing useful secondary products, minimizing CO
2
emissions, the
diminishing the residue designated for landfill, diverting the biodegradable output from landfill and
leaving a positive environmental footprint.
The group cooperates with licensed entities for the collection - recovery, treatment, reuse and/or disposal
of waste, reducing the amount of waste that ends up in landfills, thus protecting the local ecosystems.
Recording of Group’s waste is one of the most important procedures for the evaluation and
implementation of best waste management practices. Moreover, the Group monitors on an annual basis
the percentages of its waste management methods (e.g., reuse, recovery and landfill) in order to evaluate
and monitor its long-term performance.
In addition, the recycling program implemented by the companies and in the headquarters of the
ELLAKTOR Group includes waste from the operation of offices (paper, toner, plastic, etc.), waste of
electrical and electronic equipment (computers, monitors, etc.).
A recycling and reusing program is also applied to all types of waste that results from the operation of
motorways (waste oils, vehicles at their end of their life cycle, batteries/ accumulators, spare parts, iron
scrap, green waste, etc.).
Finally, New Marina Alimou implements Waste Receipt and Management Plan that includes all types of
waste generated from ship and cargo residues from vessels that usually arrive at the port. This plan is
formulated according to the size of the port and the types of ships that arrive at it and was approved with
the 122.3-1.2 / 71577/2020 / 26.10.2020 decision of the Minister of Shipping and Island Policy.
Biodiversity
Regarding the protection of biodiversity, the Group undertakes initiatives focusing at the protection of
biodiversity, in compliance with the legislation and environmental requirements, as well as the procedures
of environmental management applied to projects related to areas of high environmental value.
The Group takes into consideration the environmental requirements of projects or activities in areas close
to sensitive regions, and monitors protected species (flora and fauna), as listed in the approved
environmental terms.
Indicatively, on the Attiki Odos highway, the management of green areas is guided by the harmonization
of the highway with the wider environment.
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Regarding the protection of the local fauna, a special fence has been installed, so that wild or stray animals
do not enter the highway, while a provision has been made so that the passing birds do not hit on the
glass curtains, with the installation of special stickers, according to international standards. ATTICA ROAD
and ATTICA ROUTES cooperate with the association "ANIMA" for the care of wild animals and birds that
happen to enter the highway. There is also a long-term cooperation with the "HELLENIC ANIMAL
WELFARE SOCIETY", with the main purpose of supporting the organization in the collection and protection
of stray and abandoned animals, treating injured animals, and looking after their sterilization and
adoption.
In the Concessions Segment, and regarding the project of Attiki Odos, in order to better integrate the
project into the environment and the urban landscape, covered sections were developed during the
construction phase on the highway, wherever it was possible (e.g., in Vrilissia and West Ymittos Peripheral
Avenue). In addition, extensive flood protection projects have been carried out to reduce the adverse
effects of extreme weather and continuous tree plantings have been performed on the slopes of the
motorway.
Supply chain
The Group, through its cooperation with suppliers, sets aims at the absolute coverage of its needs and
the optimal quality of its final projects, products and services. At the same time, it focuses on supporting
local suppliers, where this is allowed, thus strengthening the local market.
GRI: 204-1 (Proportion of spending on local suppliers): It is worth noting that for 2021, 94% of the
procurement performed by Group companies, came from local suppliers.
In accordance with the existing procedures and procurement practices, the procurement activity is
implemented per company and / or project, based on specifications and market research and by taking
into account the specific needs of the purchase locality-wise.
With the aim towards central procurement management, a Group Procurement Division has been
established. The Procurement Division cooperates with the other Divisions of the Group, as well as with
the Procurement Departments of the companies and projects, in order to monitor and serve their needs.
The procurement Division undertakes the purchases that include more than one company / joint ventures
and / or projects of the Group, seeking to reduce costs, based on economies of scale. In addition, it
monitors the purchasing trends of the materials and advises the companies accordingly.
For the systematization and recording of the above actions, the General Procedure for the Procurement
of Materials and Services was adopted in October 2020, based on the Procurement Policy of the Group.
The purpose of this procedure is to record the management of supplies of materials and services of the
ELLAKTOR Group.
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Communication with stakeholders
For ELLAKTOR Group, the systematic and substantial bilateral communication with its stakeholders, is the
basis for the evaluation and planning of its actions and practices, as well as for dealing with day-to-day
challenges. The Group recognises as its stakeholders those groups that directly or indirectly affect and
are affected by its activities. Stakeholders belong either to the Group’s internal environment (shareholders,
bondholders, employees) or external environment (suppliers, customers, associates).
At ELLAKTOR Group, our key concern is to establish mutual trust and excellent cooperation with our
stakeholders, while taking great care to addressing the different expectations and demands of each
stakeholder group. In this context, separate channels of communication with each stakeholder group have
been established aiming at the prompt and open dialogue with them. In addition, the Group invites its
stakeholders to participate in the evaluation survey of the material topics for sustainable development
(materiality assessment), the results of which contribute to the shaping of the Group's strategy.
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The Corporate Communications Division implements policies to manage and protect the Group’s
corporate reputation, ensure proper communication with stakeholders and harmonize the specific policies
and approved communication strategy within the Group as a whole. The Corporate Communications
Division maintains a series of policies, including the Media Relations and Group Press Office operation
policy, the Group Advertising Promotion Policy, the Group Social Media Management Policy, etc.
More information on communication with stakeholders will be presented in the annual Sustainable
Development Report 2021.
Response to COVID-19 pandemic
The Covid-19 pandemic is a global health crisis that has evolved into an economic and social one,
highlighting inherent systemic weaknesses as well as the important and irreplaceable role of the public
and private sectors especially in health, civil and social protection, and the provision of basic goods.
With the primary goal of protecting the Health and Safety its employees, the Group continued to take all
appropriate measures to ensure its smooth operation, and the servicing of the users of its services and
customers.
During the year 2021, the Group maintained existing practices that were applied in the previous year
(2020), and also proceeded with some additional new actions. These practices include:
Development of Covid-19 confirmed cases emergency contingency plans at construction sites
and office buildings.
Implementation of a structured Remote Work Program (Teleworking) in specific organizational
units.
Continuous and uninterrupted supply of the facilities with the necessary personal protective
equipment (FFP2 type high respiratory protection masks, antiseptics, etc.).
Frequent Covid detection testing of Group’s employees.
Provision to each employee, to the extent possible, of separate tools and work equipment.
Arrangements to avoid physical contact and to maintain distance of at least 2 meters between
employees and customers/visitors in all workplaces including dining, rest areas and sanitary
and/or cleaning facilities.
Installation of partitions (e.g., transparent, or solid dividers) in designated areas within the
workplace if and where social distancing is not possible or if the type and working conditions
require it based on the hazard assessment.
Preferred selection and implementation of communication through teleconferencing, (e.g., Skype,
Viber, Ms Team and Zoom), telephone communications, or correspondence through electronic
systems (emails, faxes) among employees and among employees and external partners.
Ensuring adequate, frequent, and systematic ventilation of all workplaces. The air conditioners
were completely upgraded and UV filters were installed.
Prohibition of entry to the workplace of any external associate, visitor or other employee entering
the workplace, without the presentation of proof of vaccination according to Covid 19 or
certificate of illness.
Installation of disposal bins with lids, at the points of entry and exit from the workplace and at
prominent places within the workplace.
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Finally, it is pointed out that from March 2020 until August 2021, the ELLAKTOR Group contributed to the
collective effort against the pandemic, having undertaken, at its own expense the critical task -for the
protection of public health- of the receipt, transportation and safe management of all hospital waste of
the designated Coronavirus Cases Nursing Center at the Army Share Fund Nursing Institution (NIMTS
hospital). The total contribution of the Group amounted to €218,736.
Non-financial performance indicators 2021
Indicative performance indicators for 2021 are presented below. All non-financial indicators of the Group
are presented in the Sustainable Development Report for 2021.
ELLAKTOR GROUP
Indicators 2020 2021
GRI 405-1
Νumber of employees
7
31/12
7,245 7,296
C-S2 Female employees (%) 24% 26%
GRI 403-9 Number of deaths
8
(number of employees) 2 3
Number of injuries
9
(number of employees) 69 55
GRI 302-1
C-E3
Total energy consumption
10
(MWh) 247,850
249,852
CO2 emissions eq. (tones CO2 equivalent) -Total
4
97,911 90,327
GRI 305-1
C-E1
CO2 emissions eq. (tones CO2 equivalent) - Scope 1
4
41,433 28,389
GRI 305-2
C-E2
CO2 emissions eq. (tones CO2 equivalent) - Scope 2
4
56,478
61,938
Energy production from RES (ΜWh)
4
1,250,450
1,379,510
Avoidance of CO2 emissions eq. (tones CO2 equivalent)
4
2,035 2,666
GRI 204-1 Procurement from domestic suppliers (% of procurement)
4
95% 94%
C-G1 Composition of the Board of Directors-Percentage of female Board
members
22%
5
43%
6
C-G4 Sustainable Development Policy - √
7
C-G2 Sustainable Development Oversight - ESG
Committee
8
GRI 205-3 Confirmed incidents of corruption and actions taken 0 0
GRI 406-1
Incidents of discrimination and corrective actions taken
0 0
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1. This includes employees, regardless of their employment relationship, employed in the Group's
companies and joint ventures (in which the Group's companies have more than 50% and/or
exercise management control), based in Greece, Germany, Cyprus, Qatar, Romania and
Jordan.
2. Incidents caused due to pathological issues/ causes are excluded.
3. As injury is defined, any incident during working hours that caused the injury of an employee,
as well as loss of working days (beyond the day of the incident). Incidents treated on the spot
with the provision of first aid are excluded, as well as incidents due to pathological causes. The
number of accidents in 2020 includes 24 accidents with zero days off work.
4. Refers to data concerning ELLAKTOR Group activities in Greece, Germany, Cyprus, Qatar,
Romania and Jordan, including Joint Ventures in which Group companies hold more than
50% and/or exercises management control. Electricity production from RES does not include
losses during transport.
5. Composition as of 31.12.2020.
6. Composition as of 31.12.2021.
7. The Sustainable Development Policy was approved in March 2022.
8. The establishment of the Committee was completed and approved by the Board of Directors
in November 2021.
Disclosures according to EU Taxonomy
With the adoption of the Green Agreement in 2019, the European Union (EU) set the course for more
sustainable investment, with the aim of achieving a climate-neutral economy in the EU by 2050.
In order to achieve the objectives of the Green Agreement, the EU introduced the ‘Taxonomy Regulation’
(EU Regulation 2020/852 hereinafter ‘the Regulation’), adopted in June 2020 setting out criteria by which
it can be determined whether or not an economic activity can be characterised as environmentally
sustainable, and also to determine the extent to which investments can be considered environmentally
sustainable.
According to the European Taxonomy Regulation, an economic activity can be considered
environmentally sustainable if:
It contributes significantly to the achievement of one or more of the following six
environmental objectives:
Climate change mitigation
Climate change adaptation
Sustainable use and protection of water and marine resources
Transition to a circular economy
Pollution prevention and control
Protection and restoration of biodiversity and ecosystems
It should also ‘do no significant harm’ with regard to any of the other objectives (DNSH)
It should also fulfill basic social safeguards(i.e. be exercised in accordance with the minimum
safeguards with regard to OECD guidelines for multinational enterprises and the guiding
principles of United Nations regarding businesses and human rights, including the principles and
rights set out in the eight fundamental conventions identified in the International Labour
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Organisation declaration regarding fundamental principles and labour rights, as well as in the
International Charter of Human Rights).
Complies with the technical control criteria of the Taxonomy Regulation
In accordance with Regulation 2021/2139/EU, issued on 4 June 2021, technical control criteria are
established for determining the conditions under which an economic activity is considered to contribute
significantly to the first two environmental objectives: climate change mitigation and climate change
adaptation.
Eligible activities
In accordance with Article 10 (2) of Delegated Deed No. 8 (Delegated Regulation (EU) 2021/2178), as of
January 2022, non-financial corporations must make reference in their 2022 disclosures to financial year
2021and the percentage of their activities that are eligible for classification in accordance with Article 1
(5) as well as activities not eligible for classification pursuant to Article 1 (6) of the Delegated Regulation,
in relation to indicators of sales, capital expenditure and operating expenditure against total sales, capital
and operating expenses.
The table below shows the percentage of sales, capital expenditures and operating expenditures of the
Group that correspond to the Group's financial activities which were deemed eligible for EU Taxonomy
purposes according to the description of these activities, also taking into account the corresponding NACE
activity codes, as set out in Delegated Regulation 2021/2139/EU. Entering the first period in which the
Taxonomy framework is applicable (1 January - 31 December 2022), the financial activities of the Group
were examined and included or excluded solely on the basis of eligibility.
In view of the above, this report presents the following:
Percentage of Sales: Sales related to taxonomy-eligible economic activities (numerator), by net sales
amount (denominator) for the financial year 2021. The denominator is based on consolidated sales, in
accordance with (IAS) 1.82 (a). Specifically, the total sales of the Group are reflected in ‘Sales’ in the Group’s
Annual Financial Statements (Consolidated and Corporate), in the Income Statement.
Percentage of annual capital expenditure: Taxonomy-eligible capital expenditure (numerator) divided
by total capital expenditure (denominator). Total capital expenditures are recorded under ‘Purchase of
tangible and intangible fixed assets and investments in real estate’ in the Group’s Annual Financial
Statements (Consolidated and Corporate), in the Cash Flow Statement.
Percentage of annual operating expenditure: Taxonomy-eligible operating expenses (numerator)
divided by total capital expenditure (denominator).
The definition of the European Taxonomy System with regard to respective operating costs includes the
cost of renovating, maintaining and repairing buildings, as well as any other direct costs associated with
the day-to-day maintenance of property, plant and equipment. The relevant expenses for the Group are
included under the lines ‘Cost of goods sold’, ‘Administrative expenses’ and ‘Distribution expenses’ in the
Group’s Annual Financial Statements (Consolidated and Corporate), in the Income Statement. More
specifically, it is reflected in the line ‘Expenses for repair and maintenance of property, plant and
equipment’ in Note 30 ‘Expenses per category’ in the Annual Financial Statements (Consolidated and
Corporate) of 31.12.2021.
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The accounting policies related to the preparation of the above table are presented in note 2 ‘Summary
of significant accounting policies’ in the Annual Financial Statements (Consolidated and Corporate) of
31.12.2021. These consolidated and company financial statements have been prepared in accordance with
the International Financial Reporting Standards (IFRS) and the Interpretations of the International Financial
Reporting Interpretations Committee (IFRIC), as endorsed by the European Union.
Sales
Capital
expenses
Operating
expenses
Α. Taxonomy-eligible economic activities 71.2%
58.3%
83.2%
CONSTRUCTION
5.1. Construction, expansion and operation of water
collection, treatment and supply systems
3.7%
1.7%
0.4%
5.4. Renovation of wastewater collection and treatment
systems
1.7%
0.2%
0.3%
5.5. Collection and transport of non-hazardous waste in
fractions separated at source
1.3%
1.5%
2.4%
6.1. Long-distance passenger rail transport 6.4%
7.8%
1,9%
6.10. Maritime and coastal freight transport, port ships
and ancillary activities
1.1%
1.5%
0.4%
6.15. Infrastructure facilitating road transport and public
transport
13.0%
10.3%
3.1%
7.1. Construction of new buildings 1.1%
0.7%
0.2%
7.2. Renovation of existing buildings 1.8%
0.8%
0.2%
7.3. Installation, maintenance and repair of energy
efficient equipment
0.1%
0.0%
0.0%
7.5. Installation, maintenance and repair of instruments
and devices for measuring, regulating and controlling
0.3%
0.0%
0.0%
7.6 Installation, maintenance and repair of renewable
energy technology equipment
0.9%
0.0%
0.0%
Other eligible activities of insignificant amount 0.9%
0.3%
0.1%
CONCESSIONS
6.15. Infrastructure facilitating road transport and public
transport
24.3%
8.3%
25.7%
RENEWABLE ENERGY SOURCES
4.3. Electricity generation from wind power 11.4%
14.4%
45.7%
4.5. Electricity generation from hydroelectric power 0.1%
0.0%
0.0%
ENVIRONMENT
4.3. Electricity generation from wind power 0.2%
0.2%
0.0%
5.9. Recovery of materials from non-hazardous waste 0.7%
2.9%
0.4%
5.10. Containment and use of gas from landfills 2.4%
7.8%
2.5%
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(50) / (227)
Sales
Capital
expenses
Operating
expenses
B. Taxonomy-ineligible economic activities 28.8%
41.7%
16.8%
Total (A + B) 100.0%
100.0%
100.0%
This section is included for the first time in the non-financial statement of the Annual Financial Report 2021,
in accordance with the provisions of EU regulations 2020/852, 2021/2178 and the letters 2615/10.11.2021
and 209/31.01.2022 from the Hellenic Capital Market Commission. In this regard, the Group has interpreted
the relevant directives and since the relevant legislation governing the European Taxonomy is constantly
evolving, it monitors any changes in order to properly adjust its approach and the disclosures it publishes
for the general public.
VI. Significant transactions between related parties
The most significant transactions of the Company with related parties within the meaning of IAS 24, regard
the Company’s transactions with the following companies (associated companies within the meaning of
Law 4308/2014) and are presented in the following table:
Amounts for fiscal year 2021
(in thousand €)
Sales of goods
and services
Income
from
participating
interests
Purchases of
goods and
services Receivables Liabilities
Subsidiaries
AKTOR SA 9,833 - 2 57,968 310
AKTOR CONCESSIONS SA 11,699 - - 117,488 -
REDS REAL ESTATE DEVELOPMENT SA 68 - - 166 -
AKTOR FM SA 298 - 176 507 16
ELLINIKI TECHNODOMIKI ENERGIAKI SA 32 - 984 29 264
HELECTOR SA 865 - 48 1,003 1,969
MOREAS SA 127 - - 119 -
HELLENIC QUARRIES SA 9 - - 92 -
TOMI SA 260 - 59 416 60
P.K. TETRAKTYS EPENDYTIKI
ANAPTYXIAKI SA - - - 2,850 -
ELLAKTOR VALUE PLC - - 43,027 - 665,157
BIOSAR HOLDINGS LTD - - - 1,900 -
BIOSAR AUSTRALIA PTY LTD - - - 8,437 -
OTHER SUBSIDIARIES 134 1,589 35 361 6
Associates
SOFRANO SINGLE-MEMBER SA 217 - - 153 -
EVOIKOS VOREAS SA 230 - - 386 -
TOTAL SUBSIDIARIES 23,323 1,589 44,331 191,336 667,783
TOTAL ASSOCIATES & OTHERS 447 - - 539 -
Amounts for fiscal year 2020
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(51) / (227)
(in thousand €)
Sales of goods
and services
Income from
participating
interests
Purchases of
goods and
services
Receivables
Liabilities
Subsidiaries
AKTOR SA 9,685 - 122 131,562 300
AKTOR CONCESSIONS SA 15,967 33,000 - 201,826 -
REDS REAL ESTATE DEVELOPMENT SA 4 - - 149 56
AKTOR FM SA 317 - 410 755 448
ELLINIKI TECHNODOMIKI ENERGIAKI SA
46 - 1,356 11 327
HELECTOR SA 773 - 21 538 3,925
MOREAS SA 84 - - 232 -
HELLENIC QUARRIES SA 9 - - 78 -
TOMI SA 256 - 9 113 9
P.K. TETRAKTYS EPENDYTIKI
ANAPTYXIAKI SA - - - 2,850 -
AIFORIKI DODEKANISOU SA - - - 75 -
ELLAKTOR VALUE PLC - - 43,016 - 662,062
BIOSAR HOLDINGS LTD - - - 1,900 -
BIOSAR AUSTRALIA PTY LTD - - - 8,288 -
OTHER SUBSIDIARIES 288 1,390 23 416 376
Other related parties
OTHER RELATED PARTIES - - - 1,543 -
TOTAL SUBSIDIARIES 27,428 34,390 44,956 348,792 667,502
TOTAL ASSOCIATES & OTHERS - - - 1,543 -
With regard to the above transactions in 2021, the following points are clarified:
Income from sales of goods and services pertains mainly to the invoicing of expenses, real estate lease
fees to ELLAKTOR subsidiaries and income from interest on intra-company loans to ELLAKTOR
subsidiaries. Purchases of goods and services pertain mostly to contracting and to the cost of
administrative support and technical consultant services provided by the parent company to the
subsidiaries.
The Company’s liabilities pertain mainly to contractual obligations relating to the maintenance of its
building facilities, invoicing of expenses, contracting and provision of services by Group companies.
The Company’s receivables include mainly receivables from the provision of services for administrative
and technical support toward the Group’s companies, leasing of office premises and the granting of loans
to related parties, as well as receivables from dividends receivable.
Income from holdings pertains to dividends from subsidiaries and associates.
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(52) / (227)
The fees paid to Group managers and directors for the period 1 January 2021-31 December 2021
amounted to €4,423 thousand for the Group, and €2,055 thousand for the Company, compared to €9,087
thousand and €3,811 thousand in 2020.
No loans have been granted to members of the Board of Directors or other executives of the Group (or
to their families).
Other than the above, no other transactions have been carried out between the Company and related
parties which could have a material impact on the financial position or performance of the Company in
the period 1 January to 31 December 2021.
All transactions referred to are arms’ length transactions.
VII. Events occurring after 31 December 2021
1. On 24
January 2022, due to snowfall and the severe and extreme weather conditions that prevailed,
vehicles were stranded on the Attiki Odos motorway (the total number of stranded vehicles was
estimated by the motorway Traffic Management Centre at approximately 3,500 vehicles). Following
the event, an electronic platform was created on the Attiki Odos website for the registration of data
from users of the motorway, for the payment of 2,000 euros per vehicle, for those vehicles that were
stranded on 24-25.01.2022 and after checking the legal and substantive conditions that must be met
for the payment. The data are assessed by an independent international audit firm, as a qualified
advisor to the company.
On 23 March 2022, Ministerial Decisions were notified, to the companies Attiki Odos S.A. and Attikes
Diadromes S.A., imposing a fine of €1,000,000 for each company, in relation to which the Law
provides the right of appeal before the competent courts.
At this stage, due to the significant amount of information being evaluated and the complexity of
the issues regarding lawsuits filed by motorway users, it is not possible to estimate the total liabilities
that will arise for the Group once the evaluation process and other actions are completed.
2. The Board of Directors’ meeting of 11 February 2022 resolved that the Independent Non-Executive
Member of the Board, Ms Evgenia Livadarou should replace the resigning Member of the Audit
Committee, Mr Konstantinos Toumbouros. Ms Evgenia Livadarou was deemed by the Board of
Directors to meet the conditions of suitability and independence pursuant to the applicable
provisions of Article 44(1) of Law 4449/17 and Article 9 of Law 4706/20 for the position as member
of the Audit Committee, given that she is an independent non-executive member of the Board of
Directors and has sufficient knowledge of the field in which the Company operates. Subsequent to
the above, at the Company's Audit Committee meeting held on 14 February 2022 was reconstituted
into a body for the remainder of its term of office, which, by decision of the Extraordinary General
Meeting of Shareholders held on 21 January 2021, has been fixed at five years and is equivalent to
the term of the Board of Directors, commencing on 21 January 2021 and extending until the first
Ordinary General Meeting after expiry of its term, as follows:
Panagiotis Alamanos, son of Charilaos: Non-member of the Board of Directors, independent of
the company within the meaning of Article 9 (1 & 2) of Law 4706/2020, Chairman of the Audit
Committee.
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(53) / (227)
Evgenia (Jenny) Livadarou, daughter of Ioannis: Current independent non-executive member of
the Board of Directors, independent member within the meaning of Article 9 (1 & 2) of Law
4706/2020, member of the Audit Committee.
Athena Chatzipetrou, daughter of Konstantinos: Current independent non-executive member
of the Board of Directors, independent member within the meaning of Article 9 (1 & 2) of Law
4706/2020, member of the Audit Committee.
3. On 1 April 2022, the subsidiary company AKTOR SA, as a member and leader of the contractor’s
consortium composed of AKTOR SA (40%) - AVAX SA (40%) - ERGOTEM ATEVE (20%), signed a
contract with EYDAP SA to undertake the provision of services for ‘Operation and Maintenance of
the Psyttalia Wastewater Treatment Plant (KELP)’ with a total budget of €174.9 million (including VAT)
and duration of 5 years, with an option for annual extension (in the amount of €34.3 million with
VAT).
The present Annual Report of the Board of Directors for the period from January 1 to December 31, 2021
is available online from www.ellaktor.com and specifically at the link https://ellaktor.com/finances/etisia-
oikonomiki-ekthesi/
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(54) / (227)
Β.2. Explanatory Report of the Board of Directors
of the société anonyme ELLAKTOR SA for the administrative year 2021,
in accordance with Articles 150, 151, 152 and 153 of Law 4548/18 as currently in force, Article 4 (7) and
(8) of Law 3556/2007, as in force, as well as Article 10(1) of Directive 2004/25/EC of the European
Parliament and of the Council of 21 April 2004.
a. The Company’s share capital amounts to €13,927,680.20, divided into 348,192,005 shares with a
nominal value of €0.04 each. All shares are ordinary, registered, voting shares, listed for trading
on the main market of the Athens Stock Exchange, specifically in the ‘Construction and
Construction Materials’ sector.
b. There are no limitations in the Articles of Association regarding transferring company shares,
except those provided by Law.
c. Significant direct or indirect holdings and voting rights, within the meaning of Law 3556/2007, as
currently in force, as of 31 December 2021, on the basis of shareholder notification:
Shareholder
Number of Shares
& Voting Rights
% Participation
Total %
Participation
Direct Indirect
1 REGGEBORGH INVEST BV
1
103,926,161 29.85% 0.00% 29.85%
2 GREENHILL INVESTMENTS LIMITED
2
54,815,876 15.74% 0.00%
29.78%
3 KILOMAN HOLDINGS LIMITED
2
48,889,926 14.04% 0.00%
4 ATLAS NV
3
34,114,860 9.80% 0.00% 9.80%
Notes:
1. REGGEBORGH INVEST BV is not controlled by any natural person or legal entity, pursuant to Article 3 of Law
3556/2007, and does not control any other entity that directly or indirectly holds a stake in the issuer ELLAKTOR
SA.
2. The natural persons Messrs Dimitrios Bakos and Ioannis Kaimenakis (having ultimate controlling interests), as
well as all the companies (directly and/or indirectly) controlled by them, i.e. ICEBERG CAPITAL LIMITED which
controls GREENHILL INVESTMENTS LIMITED, as well as KILOMAN HOLDINGS are acting in concert (based on
their respective disclosures of 3 August 2021 and 15 October 2021), in accordance with Article 10(a) of Law
3556/2007, with regard to voting rights held by them in the issuer company.
3. ATLAS NV is controlled by ATLASINVEST HOLDING BV, which in turn is controlled by Mr Martialis Quirinus
van Poecke.
d. There are no holders of shares, pursuant to provisions in the Articles of Association, granting
special control rights.
e. There are no limitations in the Articles of Association regarding voting rights and the deadlines
to exercise the right to vote, except those provided by Law.
f. There are no agreements between shareholders, with associated limitations in the transfer of
shares or limitations in exercising voting rights that the Company is aware of.
g. There are no regulations on the appointment and replacement of the members of the Board of
Directors and on the amendment of the Articles of Association, which are different from the ones
stipulated in the legislation.
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(55) / (227)
h. The Board of Directors or certain members of the Board of Directors are authorised to issue new
shares only as provided for by Law.
By decision of the Ordinary General Meeting of shareholders, which convened on 10.09.2020, a
Treasury Shares Purchase Program was enacted, according to article 49 of Law 4548/2018, for all
uses allowed by law, including the distribution of shares to employees and/or members of the
management of the Company until one tenth (1/10) of the paid share capital has been reached,
with a duration of 24 months from the date of such approval by the General Meeting, at a
minimum purchase price of sixty cents (€0.60) and a maximum purchase price equal of three
euros (3.00) per purchased share and granting the Board of Directors powers for the
determination of the exact time for the start of the program and settlement of all the formalities
and procedures for matter under consideration.
As of the date of approval hereof, 11 April 2022, the Company does not hold own shares.
The Extraordinary General Meeting of Shareholders, convened on 22 April 2021, resolved the
following: a) a nominal reduction of the Company’s share capital by a total amount of
€212,129,282.97, with reduction of the nominal value of the share by the amount of €0.99 per
share, i.e. from €1.03 to €0.04, with the offsetting of losses incurred in previous years after which
the share capital of the Company amounted to €8,570,880.12, divided into 214,272,003 common
registered voting shares with a nominal value of €0.04 each; and b) an increase in the Company's
share capital, up to an amount of €5,356,800.08 by cash deposit in favour of existing shareholders,
with the issue of up to 133,920,002 new common registered voting shares in the Company with
a nominal value of €0.04 each, and a selling price of €0.90 per share. The difference between the
nominal value and the disposal value of the new shares, namely the total premium value of the
new shares, with a total amount of €115,171,201.72 will be credited to the Company’s special
account "Difference from share premium account”. Trading of the new shares (i.e. 133,920,002
new shares resulting from the aforementioned share capital increase) commenced on 13 August
2021, on the main market of the Athens Stock Exchange. After the above increase, the share
capital of the Company amounts to €13,927,680.20 and is divided into 348,192,005 common
registered voting shares, with a nominal value of €0.04 each.
The Ordinary General Meeting of the shareholders of 22 June 2021, among other things,
approved the delegation of powers to the Board of Directors to resolve to increase the share
capital of the Company, in accordance with the provisions of Article 24 of Law 4548/2018 as in
force. This authorisation shall remain valid for five (5) years and capital may be increased by any
amount not exceeding three times the paid-up share capital of the Company as at the date of
delegation of these powers to the Board of Directors. The Board of Directors may exercise the
above power once or in parts.
The Company’s Board of Directors meeting subsequently held on 26 October 2021, following the
authorisation granted by the Ordinary General Meeting of Shareholders of 22 June 2021,
proceeded to institute a plan to allocate shares to members of the Board of Directors and
executives of the Company and its affiliates, in the form of stock options, in accordance with the
applicable regulatory framework. The plan will be implemented in accordance with the special
provisions of the approved Remuneration Policy of the Group, and within the framework provided
for by Article 113 of Law 4548/2018, as in force today. (Detailed terms of the plan are contained
in the respective announcement of the Company made on 27 October 2021, which is available
from the following link https://ellaktor.com/en/informations/announcements/)
i. There are no significant agreements entered into by the Company which are to enter into force
or be amended or expire as a result of the change to the Company’s control, following a takeover
bid.
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(56) / (227)
Please note that ELLAKTOR VALUE PLC, a UK-based wholly-owned subsidiary of the Company,
has entered into an agreement for the issue of senior bonds with a nominal value of €670 million
(i.e. initial issue of €600 million on 12 December 2019, and an additional issue of €70 million on
30 January 2020) maturing in 2024 (with a balance of €600 million as at 31 December 2019),
guaranteed by the Company and its subsidiaries AKTOR CONCESSIONS SA and HELECTOR SA.
The above-mentioned agreement includes ‘change of control’ clauses, which are typical of that
type of agreements and may be applied in the event of change to Company control.
j. There are no agreements between the Company and its Directors or its personnel, providing for
the payment of compensation in the event of resignation or termination of employment without
reasonable grounds, or termination of term of office, or termination of employment due to a
takeover bid, except as provided by Law.
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(57) / (227)
Β.3. Corporate Governance Statement
General
This Corporate Governance Statement consists in a set of principles and practices adopted by the
Company and used as a basis for its organisation and control with a view to ensuring its performance and
protecting the interests of its shareholders and the legitimate interests of all stakeholders.
This Corporate Governance Statement forms a specific part of the Board of Directors’ Annual Report on
the consolidated financial statements for the fiscal year 1 January 2021 to 31 December 2021, in
accordance with Articles 150, 151, 152 and 153 of Law 4548/2018, as well as Articles 1 to 24 and Article
74 of Law 4706/2020.
It is noted that following the replacement of the law on public limited companies 2190/1920 by Law
4548/2018, the Company adapted its Articles of Association to the provisions of the new law, based on a
decision of its Ordinary General Meeting of shareholders of 11 July 2019.
I. a) Corporate Governance Code
aa) For the period from 1 January 2021 to 28 June 2021 ELLAKTOR (hereinafter the ‘Company’) has
applied the principles of corporate governance as defined by the relevant legislative framework (Law
3016/2002, Article 44 of Law 4449/2017, and Articles 150, 151, 152 and 153 of Law 4548/2018). These
principles of corporate governance for the aforementioned period were incorporated in the
Corporate Governance Code (based on the Hellenic Federation of Enterprises Corporate Governance
Code, January 2011) and which was posted on the Company's website www.ellaktor.com under the
Corporate Governance sub-section.
bb) By virtue of the decision of its Board of Directors dated 28 June 2021, the Company in compliance
with the current legal framework and in accordance with the special provisions of Article 17 of Law
4706/2020 and Article 4 of Decision 2/905/03.03.2021 by the Board of Directors of the Hellenic
Corporate Governance Committee, has adopted the Hellenic Corporate Governance Code of the
Hellenic Corporate Governance Council (June 2021), which is posted on the Company's website
www.ellaktor.com and is specifically available at the link Hellenic Corporate Governance Code 2021
- Ellaktor
cc) Corporate governance practices applied by the Company in addition to the provisions of the
law.
In the closing year 2021, the Company has applied corporate governance practices in addition to
those specifically required by the institutional, regulatory and legal framework to which its operation
is subject, which it reviews from time to time to ensure the best possible governance of the Group.
i. More specifically, the Company applies the following additional corporate governance practices,
which relate to the size, composition, tasks and overall operation of its Board of Directors and the
committees that support it.
a) The percentage of independent members on the Board of Directors of the Company exceeds the
minimum determined by Article 5(2) of Law 4706/2020.
b) Due to the nature and objects of the Company, the complexity of its affairs and the number of
subsidiaries in Greece and abroad, committees have been set up to assist the management of the
Group with its tasks, made up of directors with powers of oversight, approval, and coordination,
as well as those of an advisory nature.
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(58) / (227)
These Committees are detailed in paragraph e) Composition and functioning of the administrative,
management and supervisory bodies and their committees:
- Nominations and Remuneration Committee
- ESG Committee
ii. ELLAKTOR has developed a Regulatory Compliance Management System with a view to enriching
its corporate culture and directing its focus on its efforts for the future. It has set specific priorities
and goals in terms of integrity and ethical compliance within the framework of the Regulatory
Compliance Action Plan for the years 2021-2023, in full alignment with corporate values.
The ELLAKTOR Group operates a Regulatory Compliance Management System which has been
certified according to ISO 37301:202, incorporating the following:
- an Anti-bribery Management System, which is certified in accordance ISO 37001:2016 at least
for the main subsidiary companies in all sectors.
- a Whistleblowing Management System, which follows the guidelines of ISO 37002:2021, for
which it has received certification from an independent certification body.
In order to successfully implement the Regulatory Compliance Management System, the Company
has developed an Integrity Compliance Program that includes all necessary tools and resources to
promote a culture of integrity, including integrity compliance measures which follow the approach:
Commit - Assess - Act - Monitor: Constantly improve.
In application of the Regulatory Compliance System, Policies are in force at Company and Group
levels, setting out the principles and rules that apply to the Group, and specific procedures are
observed.
Specifically, among other things, the following have been adopted:
Internal Rules of Procedure
Codes & Policies
Codes and policies are in line with our core values and are intended to promote expected behaviours.
All documents support the highest moral standards and emphasise that our actions reflect our words.
The Code of Ethics and the Code of Ethics for Business Partners are available in 4 languages, Greek,
English, Romanian and Arabic, in accordance with the strategic planning of the Group, and are
accompanied by the respective policies and procedures.
The Code of Ethics consists of a set of fundamental principles and rules that shape the way we act
and behave in everything we do. It establishes ethical standards, obligations and commitments with
regard to the way we work, how we interact with each other, how we all work together as good
corporate citizens, and how we build and maintain trust.
The Business Partner Code of Conduct explains what ELLAKTOR expects from its business partners
in terms of business ethics, human rights, employee relations, health and safety, and other issues
related to sustainable and accountable business practices.
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(59) / (227)
Anti-Bribery Policy
Conflicts of Interest Policy
WhistleBlowing Policy
In order to facilitate the reporting of any incidents of violation of the Code of Ethics, corporate policies
or applicable legislation, the Company has adopted a Reporting and WhistleBlowing Management
Policy and established the relevant channels of communication.
Talk2Ellaktor offers multiple channels for expressing concerns and/or incident reporting in a secure
and easy-to-use manner.
Reports can be submitted confidentially or completely anonymously. All reports are treated
confidentially, without fear of retaliation against anyone who expresses any concern or reports any
potentially problematic incident in good faith.
b) Deviations from the Hellenic Corporate Governance Code adopted by the Company
The Company applies principles of corporate governance as defined by the currently applicable
legislative framework. In this context, and in accordance with the provisions of Article 17 of Law
4706/20 and Article 4 of the Hellenic Capital Market Commission Board of Directors Decision Ref. No
2/905/3.3.2021, the Company has adopted, by decision of its Board of Directors of 28 June 2021, the
Hellenic Code of Corporate Governance of the Hellenic Corporate Governance Council (June 2021)
with the following deviations from the Special Practices of the Corporate Governance Code (June
2021), and specifically:
DEVIATIONS JUSTIFICATION
1. 1.15 The Board of Directors has established
its Operating Regulation, which at a
minimum describes the manner in which it
convenes and makes decisions and the
procedures it follows, taking into account
the respective provisions of the Articles of
Association and the mandatory provisions
of the law.
At present, the operation of the Board of
Directors, the role, the composition, the
selection of its members, the procedure by
which it is convened, the manner by which it
takes decisions, and in general all matters
related to the composition and operation of
the Board, are regulated in detail and
determined by the Articles of Association of
the company, its Operating Regulation and
the applicable provisions of Laws 4548/18 and
4706/20, as applicable at any given time.
Accordingly, in this respect, a specific
operating regulation for the Board of
Directors is unnecessary necessary. In all cases,
the manner in which non-executive members
and independent members of the Board of
Directors perform their respective roles, and in
particular as far as communication among
them is concerned, this arises from the very
nature or content of their duties, while in
practice it is appropriate for this to be
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(60) / (227)
DEVIATIONS JUSTIFICATION
distinguished by flexibility, depending on
existing circumstances, without the need for
this to be reflected in a set of rules that
formulate an operating regulation. Moreover,
in case of a need to settle additional or more
specific issues or other procedures related to
the operation of the Board not provided for by
law, these are regulated by ad hoc decisions
(e.g. by division of responsibilities, the
scheduling of a minimum number of annual
meetings), while more specific arrangements
are duly provided for in the Operating and
Corporate Governance Regulations
respectively.
In any case, the Board retains the discretion to
draw up a respective Operating Regulation, if
it deems that its work would be better served
by doing so.
Lastly, it is pointed out that the Board of
Directors’ committees that have been set up
have their own operating regulations, which
regulate among other things, their role, the
procedures by which the objectives served by
each of the committees are achieved,
communications with the members of the
Board of Directors and the manner in which
they work together, as well as the procedure
by which their meetings are convened.
2. 2.2.13 The company adopts a diversity
policy that forms part of the suitability
policy.
In accordance with Articles 3.1 and 3.2 of Law
4706/20, diversity among members of the
Board of Directors must be assessed in the
light of the desired degree of correlation
between the skills of the members of the
Board and the activities and specificities of the
Company, such that the latter can derive the
greatest possible benefit, with any non-
diversity not constituting an inevitable course
of action, nor of course a defect of the Board.
The concept of diversity of the Board of
Directors is not defined in law. At present, it
has not been deemed necessary to develop an
independent diversity policy with regard to
members of the Board of Directors. Relevant
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(61) / (227)
DEVIATIONS JUSTIFICATION
provisions regarding the general spectrum of
diversity and differentiation among the
members of the Board of Directors, as well as
the criteria of diversity provided for by law
(such as the minimum distribution by gender),
exist in the Suitability Policy as in force, which
was approved by decision of the General
Meeting of Shareholders of the Company on
22 June 2021. The Company applies ad hoc
diversity and equality criteria to the members
of the Board of Directors as well as to its
administrative, management and supervisory
bodies.
3.
2.2.21. The Chairman is elected from
among the independent non-executive
members. In the event that the Chairman is
elected from among the non-executive
members, one of the independent non-
executive members is then appointed as
either Vice-Chairman or as Senior
Independent Director.
The current Board of Directors was elected
prior to the Company's adoption of the
Hellenic Corporate Governance Code issued
by the Hellenic Corporate Governance
Council.
In any case, at the present time, Ms Athina
Hatzipetrou, Independent Non-Executive
Member, member of the Audit Committee and
Chair of the Nominations and Remuneration
Committee, in practice functions as the Senior
Independent Member, coordinating the
independent non-executive members, while
of course, in accordance with the above and
with the assistance of third parties (advisors)
as deemed appropriate, or assisted by
executive members of the Board, and/or
executive staff, she maintains an active role in
assessing the suitability of executive and non-
executive members of the Board, including the
Chairman, in accordance with Article 9 of Law
4706/20, the current suitability policy of the
Company, and the Nominations and
Remuneration Committee Operating
Regulation.
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DEVIATIONS JUSTIFICATION
4. 2.2.22. The independent non-executive
Vice Chairman or the Senior Independent
Director, as the case may be, has the
following responsibilities: to support the
Chairman, to act as liaison between the
Chairman and the members of the Board of
Directors, to coordinate the independent
non-executive members, and to lead
evaluation of the Chairman.
See justification under 2.2.21 above.
5. 2.3.1. The company has a framework for
filling open seats and the succession of
members of the Board of Directors, in order
to identify needs with respect to open
positions and replacements and to ensure
the smooth continuity of management and
the uninterrupted achievement of the
company's purposes.
Not at present. However, in accordance with
the current Suitability Policy, the Company is
in the process of developing a framework
involving the mapping of the individual
eligibility criteria of members of the Board,
including their duties and responsibilities, in
its first stage.
6. 2.3.2. The company ensures the smooth
succession of the members of the Board of
Directors, ensuring gradual replacement in
order to avoid any shortcomings in
governance.
Members of the Company’s Board of Directors
are elected by the General Meeting of
Shareholders of the Company in accordance
with the law and the Articles of Association of
the Company, for a term that lasts for the
same period of time for all members.
However, the Nominations Committee
reviews the formulation of criteria and the
procedures of succession first of all for the
executive members of the Board, in order to
avoid administrative deficiencies.
7. 2.3.4. The company also has a succession
plan for the Chief Executive Officer.
The CEO of the Company was appointed by
decision of its Board of Directors on 21 May
21, and his term expires on 27 January 2026.
Moreover, in the event that the issue of
succession of the CEO arises, the
abovementioned arrangements shall apply.
8.
Incorporation of the remuneration report
with regard to members of the Board of
Directors in the Corporate Governance
Statement.
The remuneration with regard to members of
the Board of Directors is prepared by the
Nominations and Remuneration Committee
and shall be submitted for approval by the
Company's Ordinary General Meeting of
Shareholders of 2022.
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c) Description of the main features of the Company’s Internal Audit and Risk Management
Systems in relation to the financial statement preparation process
The Company’s Board of Directors places particular emphasis on the internal audit and risk
management systems for which it is responsible, with the aim of adopting and operating systems
and processes to ensure optimal risk management, especially in relation to the process of
preparing financial statements.
The scope, size and complexity of the Group's activities demands a composite system to approach
and address risk management. Risk prevention and management is an important factor in Group
strategy formation.
Risk management includes all strategies, methods and procedures for identifying, analysing,
evaluating, controlling and reporting the short and long-term risks that the Group faces, or is likely
to face in the future. Risk management is an integrated and continuous process intended to
ensure the effective management of Company risks, including strategic, financial and operating
risks, technical risks, market risk, as well as those risks related to compliance and the reputation
of the Group, with the aim of minimising unexpected derogations from Company objectives and
increasing the Company’s actual value.
The Board of Directors utilises the internal audit system in order to protect the assets of the
Company, to assess risks emerging from its operations as a whole, and to provide accurate and
complete information to shareholders about the actual position and prospects of the Company,
as well as to determine how to address the risks identified.
Management is responsible for the systematic identification and assessment of risks affecting
business activities. Furthermore, it oversees the formulation and timely implementation of risk
management plans. It regularly evaluates the effectiveness and the need to adjust risk
management plans to achieve the best possible management scenarios.
Planning and monitoringBudgeting and reporting of results
The progress of the Company is monitored through preparation of detailed budgets per sector,
and also for each department or unit. The budget is adjusted regularly to account for fluctuations
in the Group's financial figures, and is subject to monthly review by the competent Department
of Financial Planning, Budgeting & Reporting.
Management monitors the evolution of financial figures and comparisons with the budget, via
monthly reports and management team meetings.
In addition, in order to ensure that the financial data that forms the basis for preparation of the
Company's financial statements is correct, the Company applies specific procedures which ensure,
inter alia, that:
‒ accounting records of transactions and other events are carried out according to a specific
procedure;
‒ financial departments of the Company conduct periodic (usually monthly) checks to
reconcile account balances for payroll, customers, suppliers, banks, VAT, taxes withheld, etc;
‒ there are specific written procedures for closing financial statements, which include
submission deadlines, responsibilities and provision of updates on actions required.
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The Board of Directors is responsible for the effective management of risks overall, including
those relating to the reliability of financial statements;
The Board of Directors reviews the Group’s internal audit system in order to identify deficiencies
and take corrective measures; The internal audit system is monitored by the Audit Committee,
which in turn reports directly to the Board of Directors;
The Board of Directors is responsible for determining the strategic guidelines for the Group, as
well as for creating the environment and structures necessary for effective risk management
through internal audit systems;
The adequacy of internal audit systems is monitored by the Audit Committee, which keeps the
Board of Directors informed via quarterly reports on the current internal audit framework, as well
as via reports prepared by the Internal Audit Division relating to serious audit issues or incidents
that may have significant financial and business implications;
The Internal Audit Division monitors and controls the proper implementation of each internal
audit procedure and system, regardless of whether they are accounts-based or otherwise, and
evaluates the Company via a quarterly review of its activities, providing a support service to the
Audit Committee and the Management as a whole. The internal audit is performed across all
functions, and all geographical areas of activity, and is not limited to specific units or departments.
The various types of internal audit, therefore, involve all the activities of the Group; they are not
independent of one another, they do not operate in isolation, since in practice they are
intertwined and complement each other. The main types of Internal Audit are:
- Organisational Control - Control of practices and the manner in which departments are
organised.
- Process Control - Operational Control - Control of compliance with operating procedures,
identification of any malfunctions and risks for the Company, improvement of
communication between departments, increase of Company efficiency.
- Accounting - Management Audit Adequacy and reliability of accounting records, book-
keeping of accounts, preparation of annual financial reports.
- Electronic Systems and Data Control - File/data/equipment security control, data
reliability, data processing, results/reporting reliability, access rights.
- Control of Departmental Operations - Control of operating conditions of all Company
departments and projects.
- Administrative Control - Control of performance and the extent to which targets are
achieved.
- Corporate Governance Controls - Control of company transactions with related parties,
control of legal status of remuneration and benefits paid to members of the Management,
controls for conflict of interest situations between members of the Board of Directors and
executive staff and the interests of the company, verification of compliance with criteria for
independence and suitability of members of the Board.
- Special Audits - Audit of special issues by order of the Company Management or the Head
of the Internal Audit Division.
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Internal Audit Systems (as detailed in the section on the Audit Committee) are intended, among
other things, to ensure the completeness and reliability of the data and information required for
the accurate and timely determination of the Company’s financial standing and the generation of
reliable financial information.
The procedure covers the audit of the Company’s operations, its compliance with the
requirements of supervisory authorities, risk management and the preparation of financial
reports.
The head of the Internal Audit Unit provides any information requested in writing by the Hellenic
Capital Market Commission, works together with the latter and facilitates its control and
supervision tasks. In addition, the Internal Audit Manager attends the Company's General
Meetings of Shareholders, ordinary or extraordinary.
The key features of the risk management and audit systems applied by the Company in relation
to the process of preparing the financial statements and the Financial Report are:
- adequate knowledge, qualifications and availability of executive staff involved, with clearly
separated roles and areas of responsibility;
- regular review of accounting principles and policies;
- existence of safeguards related to the security of the information systems used;
- regular communication of the independent statutory auditors with the Management and
the Audit Committee;
- regular meetings to validate and record significant estimates affecting the financial
statements;
The aforementioned risk management and audit systems cover all companies included in the
consolidation.
Lastly, the Group is certified in accordance with ISO 27001:2013 and implements an integrated
Information Security Management System which has as its purpose the protection of the
confidentiality, integrity, and access to corporate information. The Information Security
Management System, comprising policies, procedures and systems, manages the level of
operating risk that results from the Group’s reliance on information systems and ensures the
highest level of accuracy of the financial data provided.
Individual policies and procedures ensure critical functions such as:
- User and Access Rights Management
- Password Management
- Backup and Restore
- Security Incident Management
- Remote Working
- Regular checks for vulnerabilities and intrusion tests
- Physical security of information infrastructure
- End user training
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All amounts are in € thousand, unless stated otherwise
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In addition to the Group’s IT infrastructure, there are dedicated technical systems and security
mechanisms in operation, such as:
- a new generation firewall
- an Intrusion Prevention System (IPS)
- an Internet access protection system
- a system for workstation protection against advanced malware
- an email security system
- an access control mechanism at network level
- a vulnerability tracking mechanism for information systems
- an event correlation and security incident tracking system
Technical security systems are monitored continuously (24x7) using a dedicated cybersecurity
service, to minimise the time needed to detect and respond to security incidents.
d) The information required under points (c), (d), (f), (h) and (i) of Article 10(1) of Directive 2004/25/EC
of the European Parliament and of the Council of 21 April 2004 (Article 152(1)(d) of Law 4548/2018)
is provided in the Explanatory Report, included in the Board of Directors’ Annual Report for the
fiscal year 1 January 2021 to 31 December 2021.
e) Composition and functioning of the administrative, management and supervisory bodies and
their committees
i. Proceedings and key powers of the General Meeting of Shareholders
The General Meeting of Shareholders is the Company’s supreme decision-making body and may
decide on all significant corporate affairs, in accordance with Law and the Company’s Articles of
Association. The Ordinary General Meeting of Shareholders is held once a year within the time
period provided by Law, i.e. not later than the 10
th
day of the ninth month after the end of the
fiscal year, in order, among other things, to approve the Company’s annual financial statements
and the overall management that took place during the period concerned, to decide on the
appropriation of profit and to relieve the auditors from all liability.
At least the Chairman of the Company’s Board of Directors, the CEO or General Manager, as the
case may be, and the Chairmen of the Board committees, as well as the Internal and Statutory
Auditors must be present at the General Meeting of Shareholders in order to provide information
on issues falling under their remit which are brought up for discussion and on questions asked or
clarifications requested by shareholders. The Chairman of the General Meeting must allow
sufficient time for shareholders to ask questions.
Decision-making takes place by voting, in order to ensure the free expression of all shareholders’
views, whether they are present at the meeting in person or voting via proxy. The Company uses
effective and cost-efficient voting methods for shareholders or their representatives.
The deliberations and resolutions of the General Meeting are recorded in minutes, which are
signed by the Chairman and the Secretary of the Meeting and may be kept on computer.
A summary of the General Meeting minutes / communications, including voting results on each
resolution of the General Meeting, must be available on the Company website within five (5) days
from the date of the General Meeting of Shareholders, also translated into English.
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ii. Participation of shareholders at the General Meeting — Shareholders' rights
The requirements and deadlines for shareholders to participate in the General Meeting and
exercise their voting rights are laid down in legislation currently in force, in conjunction with the
provisions of the Articles of Association, given that the latter do not contravene the respective
laws, namely Article 124 of Law 4548/2018, in conjunction with Article 14 of Law 4569/2018 and
Articles 27, 28 and 29 of Law 4706/2020.
More specifically:
Participation in the General Meeting is open to any natural or legal person that has the status
of shareholder as of the start of the fifth (5
th
) day prior the day on which the General Meeting
is to be held (registration date).
In the case of a postponed or resumed General Meeting, the deadlines prescribed by Law
(Article 124 of Law 4548/2018) shall apply.
One can prove his shareholder status using any lawful means, in any event on the basis of
notification received by the Company from Greek Central Securities Depository SA.
To secure the legal right to participate in the General Meeting and exercise all relevant rights,
a shareholder needs not commit his shares or observe any other analogous procedure which
would restrict his ability to sell or transfer his shares in the period between the registration
date and the date of holding of the General Meeting.
The Company may request verification or proof of identity of the details of existing
shareholders, in order to communicate with them, to facilitate the exercising of their rights,
and their active participation in the Company (Article 3a of Directive (EU) 2017/828 of the
European Parliament and of the Council).
The Company supplies information, notifications and updates in a timely manner to
shareholders and/or their representatives in standardised form, through the platform
provided by the Athens Stock Exchange (Article 3b of Directive (EU) 2017/828 of the
European Parliament and of the Council).
The Company facilitates the exercise of the rights of shareholders, who participate either in
person or through authorised intermediaries, and is obliged to issue a certificate of valid vote
registration upon receipt of a request from the shareholder or their representative, as
required by law (Article 3c of Directive (EU) 2017/828 of the European Parliament and of the
Council).
Details of shareholders’ rights are posted on the Company’s website at
https://ellaktor.com/en/informations/general-meetings/.
Since its shares are listed on the Main Market of the Athens Stock Exchange, the Company is
required to publish notifications pursuant to Regulation (EU) No 596/2014 of the European
Parliament and of the Council on market abuse, Laws No 4443/2016 and No 3556/2007
concerning related matters, as well as the decisions of the Capital Market Committee and the
Athens Stock Exchange Regulation.
The Company operates a single Investor Service and Corporate Communications Department
(unit), which is responsible for direct and equitable provision of information to shareholders, as
well as support when exercising their rights in accordance with current legislation and the
Company’s Articles of Association. More specifically, the unit in question makes sure that
shareholders are direct and equitably provided with accurate information on the following:
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(68) / (227)
- the distribution of dividends and bonus shares, the issuance of new shares through payment
in cash, the exchange of shares, deadline for exercise pre-emption rights or the changes to
the initial time limits (such as extension of the deadline for the exercise of rights),
- the provision of information on ordinary or extraordinary general meetings and on the
resolutions adopted thereat,
- the acquisition and disposal or cancellation of treasury shares, as well as stock option plans,
or free distribution of shares to Company directors and employees,
- the communication and exchange of data and information with the central securities
depositories and intermediaries in identifying shareholders,
- the broad communication with shareholders,
- information to shareholders, subject to the provisions of Article 17 of Law 3556/2007, for the
provision of facilities and information by issuers of securities,
- monitoring the exercise of shareholder rights, in particular as regards shareholder
participation rates, and the exercise of voting rights in general meetings.
The Unit for Investor Service and Corporate Communications Department also carries out the
following functions:
- makes the necessary announcements concerning regulated information, in accordance with
the provisions of Law 3556/2007, as well as corporate events according to the provisions of
Law 4548/2018, for the purpose of informing shareholders or beneficiaries of other securities
of the Company.
- is responsible for the compliance of the Company with the obligations provided in Article 17
of Regulation (EU) 596/2014, regarding the disclosure of privileged information, and other
applicable provisions.
All relevant publications / communications are available on the Athens Stock Exchange website
and the Company’s website.
In addition, the Shareholder Services and Corporate Announcements Division is responsible for
the monitoring and management of the Company's relations with its shareholders and the
investing public and ensures, among other things, the valid and equitable provision of information
to investors and financial analysts in Greece and abroad.
All the above take place without prejudice to provisions for the protection of personal data as
referred to in the relevant information for shareholders available on the website of the Company
and specifically at the link ‘General Meetings - Ellaktor’.
Lastly, details of the contact person for shareholders and investors are posted on the Company's
website, specifically at the link ‘Contact for Investors - Ellaktor’.
iii. Composition and functioning of the Board of Directors
The Company’s Board of Directors, the members of which are elected by the General Meeting, is
entrusted with the overall management and administration of corporate affairs in accordance with
the Law and the Company’s Articles of Association, including representation of the Company and
making decisions on all matters concerning the Company affairs, apart from those matters for
which the General Meeting of Shareholders has exclusive competence, with the aim of protecting
the interests of the Company and its shareholders. Being the Company’s supreme administrative
body, it lays down its strategy and supervises and controls the management of its assets.
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The Board of Directors decides which of its members are Executive and Non-Executive Directors.
Among the non-executive members there are independent members, accounting for no fewer
than one third (1/3) of the total number of its members, which in no case should be fewer than
two persons. Independent non-executive members are elected by the General Meeting of
Shareholders and must meet all the conditions for independence laid down by Law 4706/2020
and the Corporate Governance Code.
The roles of directors are defined and clearly stated in the Company’s Articles of Association, the
Corporate Governance Code, the Operating Regulation, and other official documents.
The Executive Directors are actively involved in the Company’s business activity, take care of day-
to-day administration and have to make decisions in a way that protects corporate interests, after
obtaining sufficient information under the circumstances at hand. In this context, proposals,
explanations and information received by the Board of Directors are critically examined and
evaluated. They are responsible for implementation of the strategy determined by the Board of
Directors, engage in regular consultations with the non-executive members of the Board of
Directors on the appropriateness of applied strategy, reporting to the Board of Directors and
notifying them immediately of their assessments and proposals for dealing with crises or risks
that may impact the financial position of the company. Non-executive members are generally
responsible for promoting corporate affairs as a whole.
Non-executive members of the Board of Directors, including independent non-executive
members, have, in particular, the following obligations:
a) Monitoring and review of Company strategy and its implementation, as well as achievement of
its objectives;
b) Ensuring effective oversight of executive members, including monitoring and control of their
performance; and
c) Reviewing and expressing opinions on proposals submitted by executive members based on
existing information.
The separate powers of the Chairman of the Board and the Company’s CEO are expressly
determined by the Board of Directors and laid down in writing in the Company’s Articles of
Association and Corporate Governance Code.
The Board of Directors meet whenever deemed necessary in accordance with the needs at hand
or the provisions governing the Company’s operations and may also hold its meetings by
teleconference, as set out in the Articles of Associations and the legislation in force.
The Chairman of the Board determines the items on the agenda and invites the Directors to a
meeting. In case of absence or impediment, the Chairman is replaced, in the following order, by
the Vice-Chairman or, in case of absence of impediment of the latter, by the CEO; in case of
absence or impediment of the CEO, the Board of Directors designates a Director to act as his
replacement. Replacement as per the above relates solely to exercising the powers of the
Chairman of the Board in that capacity.
The current Board of Directors of the Company at the close of fiscal year 2021 arises from:
(i) the decision of the Company’s Extraordinary General Meeting of Shareholders of 27 January
2021 (postponed from 7 January 2021), in which the body of shareholders duly elected
George Mylonogiannis, Aristides Xenofos, Dimitrios Kondylis, Athina Chatzipetrou
(Independent Non-Executive Member) and Konstantinos Toubouros, (Independent Non-
Executive Member) the Board being constituted into a body on the same date;
(ii) the reconstitution into a body as of 21 May 2021 following the election of Mr Efthimios
Bouloutas to replace Mr Dimitrios Kondylis (resigning); and the Ordinary General Meeting of
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the Company's Shareholders of 22 June 2021 at which two more new members were elected,
namely Ms
(iii) Ioanna Dretta and Ms Eugenia Livadarou (Independent Non-Executive Members), the Board
being later reconstituted into a body in accordance with the list below at its meeting held
on the same date.
The term of office of the members is five years formally expiring on 27 January 2026, commencing
from the date of their election and ending with the election of new members of the Board of
Directors by the General Meeting of Shareholders held in the year of termination of their term of
office, and not extendable beyond six (6) years, as determined in Article 7(2) of the Company's
Articles of Association and Article 85 of Law 4548/2018 as applicable.
The Board of Directors, in accordance with Article 7 of the Articles of Association, consists of five
(5) to eleven (11) executive and non-executive members. The existing Board of Directors consists
of seven (7) members, of which there are one (1) executive member and six (6) non-executive
members. Of these six, three (3) are independent non-executive members within the meaning of
Article 9 of Law 4706/20, as currently in force.
Specifically, the current Board of Directors of the Company is composed of the following persons:
Name Title Classification Business
Address
George Mylonogiannis, son
of Stamatios-Takis
Chairman Non-executive
member
25, Ermou
Street, Kifissia
Attiki
Aristides (Aris) Xenofos, son
of Ioannis
Vice-Chairman Non-executive
member
25, Ermou
Street, Kifissia
Attiki
Efthymios Bouloutas, son of
Theodoros
CEO Executive member 25, Ermou
Street, Kifissia
Attiki
Konstantinos Toumpouros,
son of Pantazis
Director Independent non-
executive member
25, Ermou
Street, Kifissia
Attiki
Athena Chatzipetrou,
daughter of Konstantinos
Director Independent non-
executive member
25, Ermou
Street, Kifissia
Attiki
Ioanna Dretta, daughter of
Grigorios
Director Non-executive
member
25, Ermou
Street, Kifissia
Attiki
Evgenia (Jenny) Livadarou
daughter of Ioannis
Director Independent non-
executive member
25, Ermou
Street, Kifissia
Attiki
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The independent non-executive members of the Board of Directors meet the conditions for
independence pursuant to Article 9 of Law 4706/20 as currently in force (and Article 4 of Law
3016/2002), from the date of their election to date.
The Board of Directors, in order to expedite the handling of corporate affairs and in accordance
with the Company’s Articles of Association, reserves the right to designate, by virtue of a special
decision which specifies the extent of the relevant authorization, members of the Board of
Directors or company employees or third parties to act as special representatives of the Company
to carry out specific actions at any given time.
The Company evaluates the way the Board of Directors exercises its responsibilities and functions,
in line with the Corporate Governance Code. The evaluation process, mainly based on a general
principle of regular self-evaluation, includes identifying strengths and weaknesses in order to
improve the efficiency of the Board.
In addition to the above, the Board of Directors monitors and reviews the implementation of its
decisions via its annual Management Report, which is subject to approval by the Ordinary General
Meeting of Company Shareholders.
Between 27 January 2021 and 31 December 2021 the Board of Directors of the Company met 34
times.
A detailed table showing the attendance of members of the Board of Directors at its meetings for
the period from 27 January 2021 to 31 December 2021 is indicated below:
s/n Period 27.01.2021 - 31.12.2021 Meetings Participation (%)
1. George Mylonogiannis 34 100%
2. Aristides Xenofos 34 100%
3. Efthymios Bouloutas (from 21.05.2021) 21 100%
4. Konstantinos Toumpouros 34 100%
5. Athena Chatzipetrou 34 100%
6. Dimitrios Kondylis (until 27.04.2021) 12 92%
7. Ioanna Dretta (from 22.06.2021) 16 100%
8. Eugenia Livadarou (from 22.06.2021) 16 100%
It is noted that: until 26 January 2021 the Board of Directors of the Company was composed of
the following members: 1) Georgios Provopoulos, son of Athanasios, Chairman of the Board, Non-
Executive Member;2) Panagiotis Doumanoglou of Nikolaos, Vice Chairman of the Board, Non-
Executive Member, 3) Anastasios Kallitsantsis, son of Parisis, CEO, Executive Member;4)
Alexandros Exarchou, son of Michail, Director, Non-Executive Member, 5) Komninos-Alexios
Komninos, son of Antonios, Director, Independent Non-Executive Member;6) Despoina-
Magdalini Markaki, daughter of Nikolaos, Director, Independent Non-Executive Member;7) Eleni
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Papakonstantinou, daughter of Michail, Independent Non-Executive Director.8) Ioannis
Pechlivanidis, son of Georgios, Director, Independent Non-Executive Member and 9) Konstantinos
Hatzipanagiotis, son of Nikolaos, Director, Independent Non-Executive Member. The Board of
Directors in question held two (2) meetings between 1 January 2021 and 26 January 2021 with
the participation of 100% of members.
Other professional commitments of members of the Board of Directors
In addition to being members of the Board of Directors of the Company, the other professional
commitments undertaken and maintained by the members of the Board are detailed below:
Name Name of Company/Legal
Entity
Title
George Mylonogiannis,
son of Stamatios-Takis
FDMA LAW SERVICES
(FORTSAKIS, DIAKOPOULOS,
MYLONOGIANNIS &
ASSOCIATES)
Partner
MERCURY LIBERTY PCC Partner
Aristides (Aris) Xenofos,
son of Ioannis
SOLERGY M. PCC Partner
HELIOS PARK PCC Partner
PQH SINGLE SPECIAL
LIQUIDATOR
Member of the Settlements &
Liquidation Committee
Efthymios Bouloutas,
son of Theodoros
PIMANA SA Non-Executive Member of the
Board of Directors
Konstantinos
Toumpouros, son of
Pantazis
TOUMROUROS TEMCO SA Shareholder (60%, direct
participation), Member of the
Board
ERGONOMIA TECHNICAL
CONTRACTORS SA
Shareholder (5%, direct
participation)
ERGOMETRIA SA Shareholder (50%, direct
participation)
Athena Chatzipetrou,
daughter of
Konstantinos
HELLENIC DEVELOPMENT
BANK SA
President and CEO
ΧΜ EDUCATIONAL
LABORATORIES OF ATTICA
PCC
Shareholder (67%, direct
participation), Member of the
Board
Ioanna Dretta, daughter
of Grigorios
MARKETING GREECE SA
ADK CONSULTING
ENGINEERS SA
Managing Director
Shareholder 0.4362%
Evgenia Livadarou,
daughter of Ioannis
NATIONAL ACCESSIBILITY
AUTHORITY
Director
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Summary reference to the CVs of the Members of the Board of Directors
All directors hold degrees from Greek and/or foreign universities and some of them also hold
postgraduate and/or doctoral degrees in various disciplines (technology, finance, law, etc.). In
this regard, the above persons, based on their respective CVs, have knowledge of the sectors in
which the Company operates and have the skills and experience to exercise their responsibilities
in accordance with the suitability policy, business model and strategy of the Company.
The CVs of the members of the Board of Directors are presented below in brief, and are also
available online from the Company's website (www.ellaktor.com) and specifically from the link
‘Board of Directors (ELLAKTOR Group) - Ellaktor’.
George Mylonogiannis, Chairman of the Board of Directors, Non-Executive Member:
Supreme Court lawyer, member of the Athens Bar Association since 1993. Holder of a degree
from the School of Economics (1982-1987) and the School of Law (1989-1992) of the National
and Kapodistrian University of Athens. He is one of the founding partners of the law firm Fortsakis,
Diakopoulos, Mylonogiannis and Associates (FDM & A Law Firm) and head of the arbitration and
public contracts department of the Company. His areas of activity are focused on commercial law,
tax law, EU law, public contracts and arbitration. In the field of public contracts, he provides
consulting services and represents domestic and international clients in contract negotiations, as
well as in litigation and arbitration proceedings. His experience includes preparation for
negotiations, drafting and review of contracts, the submission of applications for arbitration.
Efthymios Bouloutas, Chief Executive Officer, Executive Member Mr Bouloutas has many
years of experience in the banking sector, in Asset Management, in business holding companies
and has managed the restructuring of large industrial companies in the food, air transport, health,
shipping, and real estate sectors. During his career, Mr. Bouloutas has been a partner at Grant
Thornton, CEO of Marfin Investment Group (MIG), CEO of Marfin Popular Bank, CEO of Eurobank
and Member of its Executive Board, CEO of Eurobank Asset Management and CEO of Ionian
Mutual Funds. He has served as chairman and member of Boards of Directors in many companies,
including Vivartia, Olympic Airways, EFG Bank Luxemburg & EFG Private Bank.
Mr Bouloutas is the holder of a Ph.D. from MIT, a Master of Science from Stanford University, and
a degree in Civil Engineering from the National Technical University of Athens.
Aristidis (Aris) Xenofos, Vice Chairman of the Board, Non-Executive Member: He has more
than 30 years of professional experience in asset and capital management and has also held
positions on Management Committees and the Boards of Directors of multiple companies for
many years. He has also contributed to the restructuring of the domestic financial sector and
effective utilisation of Greek State assets (infrastructure, energy, real estate). He has served in top
positions of executive responsibility on various institutional bodies of the Greek State, specifically
as CEO of the Financial Stability Fund (HFSF) and Executive Chairman of the Hellenic Republic
Asset Development Fund (HRDH). In the field of capital markets, he has contributed to the
development of professional management of institutional funds and to the consolidation of the
dominant position of financial institutions, assuming the role of Deputy General Manager at
ALPHA Asset Management MFMC (Greece), CEO at Eurobank Asset Management MFMC (Greece),
Chairman of Eurobank FMC SA (Luxembourg) and EFG Eurobank MFMC SAI SA (Romania). Mr
Xenofos has also been President of the Hellenic Association of Collective Investment and Property
Managers (ETHE) and a member of the Board of Directors of the Athens Stock Exchange. He is
an honours graduate of the Athens University of Economics and Business (BSc in Economics) and
holds a Master of Science (M.Sc.) in Economics from the London School of Economics and Political
Science.
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Annual Financial Report
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(74) / (227)
Konstantinos Toumpouros, Independent Non-Executive Member: He has more than
seventeen years of experience in the management of construction companies, with the
knowledge and skills required for the management of complex construction and infrastructure
projects of a multilevel and multifaceted nature. He specialises in a range of areas that has
included many years of experience in customer relations, project budgeting, risk management,
planning and creating a sound basis for the implementation of profitable projects.
He is a graduate civil engineer with a postgraduate degree in Hydraulic Engineering &
Environment from the National Technical University of Athens (NTUA).
Athena Hatzipetrou, Independent Non-Executive Member: She has more than 25 years of
experience in senior financial management positions in numerous sectors and industries, with
particular emphasis on finance, administration and project management in multinational
companies. Specifically, she began her career in the current PwC. During her career, among other
positions, she was financial director at Coca-Cola Hellas, financial director at Beiersdorf Hellas,
CFO of the Toyota Hellas SA Group, financial advisor to the Ministry of Development and
Competitiveness, and consultant to the Netherlands Enterprise Agency (RVO) as well as the
United Nations Economic Commission for Europe (UNECE). She has held the role of CEO since
2017. Today she is President of the Board of Directors and Managing Director of the Hellenic
Development Bank SA (HDB).
She is the holder of a degree in Business Administration from the Athens University of Economics
and Business, a postgraduate degree in Business Research from the University of Athens, and a
postgraduate degree in Cultural Management from the University of Kent.
Ioanna Dretta, Non-Executive Member: During her 20-year career, she has held senior
management positions in the private and public sectors, in projects involving multiple
stakeholders, in different fields of economic activity, taking over management roles in complex
environments to produce positive outcomes. She is the CEO of Marketing Greece, a private sector
tourism collaboration between the Greek Tourism Confederation (SETE) and the Hellenic
Chamber of Hotels designed to promote Greece internationally, successfully shaping a high
profile for the company and its contribution to the tourism sector through innovative and
pioneering multi-stakeholder initiatives, especially during the Covid-19 pandemic.
She is a graduate civil engineer from the National Technical University of Athens (NTUA), with
postgraduate degrees from Imperial College London (MSc) and Harvard Kennedy School (Master
in Public Administration).
Evgenia (Jenny) Livadarou, Independent Non-Executive Member: With more than 17 years
of experience, her areas of expertise include innovation, green technologies, renewable energy
sources, waste management, industrial applications and construction. She has worked with
international organisations, including the United Nations (General Secretariat, in New York), and
large business groups. At the same time, she has focused her attention on issues of social
inclusion for many years and is a member of the National Accessibility Authority.
She is a graduate in Civil Engineering and holder of a Postgraduate Degree (MSc) in Water
Resources Management from the National Technical University of Athens (NTUA), a Postgraduate
Degree (MPhil) in Design, Development and Recovery Policies from the University of Cambridge
(UK), later specialising in Civil Engineering and Infrastructure Development Policies (PhD) and
Applied Mathematics at the University of Cambridge (UK) - Her particular expertise lies in fluid
dynamics with applications in sustainable cities, green infrastructure, energy efficiency, product
optimisation, environmental protection (air, water and ground), and ocean motion.
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(75) / (227)
Corporate Secretary - Curriculum Vitae
Vasiliki (Vali) Niatsou has been a lawyer with the ELLAKTOR Group since 1995. She was involved
in public sector projects for seven years as a lawyer for AKTOR SA. She was responsible for the
public works, environment and concession projects sector, a position she continues to holds
today. In January 2021 she took over the position of Legal Services Director of the Group and
legal advisor of ELLAKTOR SA.
She has over twenty years of international experience in infrastructure projects, with special
expertise in concession projects and the financing of projects with high quality specifications in
Greece and abroad, with involvement at the level of tenders, negotiations, signature and financing
of major concession contracts including the Attiki Odos Motorway, the Corinth - Tripoli - Kalamata
Motorway, the Thermaikos Submarine Link, the Maliakos - Klidi Motorway, the Corinth - Patras -
Pyrgos - Tsakona Motorway, airport projects in Cyprus (Larnaca & Paphos), privatisation of the
Casino Mont Parnes, privatisation of the Thessaloniki Water Supply & Sewerage Co. SA,
exploitation of the Rhodes Afandou Golf Course Development, the Paphos - City Motorway
(Cyprus), the Mafraq to Al Ghweifat International Highway (UAE), the regional airports of Greece,
the concession for exploitation of Alimos Marina, the Egnatia Motorway, a Waste Management
Unit in Agia Petroupoli and Kozani via a public/private partnership (PPP), as well as various other
projects PPP infrastructure and environmental projects, in Greece and abroad.
She studied law at the National and Kapodistrian University of Athens (graduating in 1992) and
pursued postgraduate studies in Tax Law (Athens University of Economics and Business) and
Business Administration (MBA, Henley Business School UK).
The curriculum vitae of the Group’s senior executives are presented below:
Dimosthenes Revelas, CFO of ELLAKTOR Group from 1 June 2021 He has 30 years of
experience in key positions of responsibility in the banking and financial sector, as well as in
private sector business. He was the Chief Financial Officer and member of the Board of Directors
of the Grigoris SA Group, an executive of Alpha Bank (2013-2018) in various positions of
responsibility including Wholesale Non Performing Loans Division Manager, Deputy Chief of
Strategy and General Manager as well as member of the Board of Directors of Alpha Finance
1993-2013, having also served as Corporate Officer at Credit Commercial de France (1991-1993).
He holds an MBA from the University of Sheffield and a degree in Chemistry from the National
and Kapodistrian University of Athens.
Aphrodite Avramea, Head of Strategy of the ELLAKTOR Group since July 2021. She has more
than 20 years of experience in the banking and financial sector, having been Senior Director of
Large Business Restructuring and Shipping for Intrum Hellas, Director of Large Business Loan
Restructuring, as well as executive officer in the Strategy and Task Force and Merchant Banking
Divisions of Piraeus Bank, Head of Banking Relations at Marfin Investment Group, Head of Large
Enterprise Financing at Marfin Egnatia Bank and of the Maritime Finance Department at Laiki
Bank. She holds a Master's Degree in Finance from Harvard University, an MBA from the City
University of New York, a Bachelor of Economics from the National and Kapodistrian University
of Athens, and CFA Institute Charterholder.
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Annual Financial Report
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
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Vasiliki (Vali) Niatsou, Director of Legal Services for ELLAKTOR Group (also occupies the
position of Corporate Secretary - see above for summary CV)
Irene Bournazou, Human Resources Director for ELLAKTOR Group She has more than 30
years of experience in the infrastructure sector. She has worked for the Group since 1989, having
held positions of responsibility including HR Administration & Payroll Manager at AKTOR Group
followed by HR Operations Manager of ELLAKTOR Group. Today she is in charge of all functions
affecting personnel as the Head of Human Resources for the Group. She holds a BSc in Business
Administration, Accounting & Finance from Deree College, The American College of Greece,
Athens.
Evangelia Dimitroulia, Head of Regulatory Compliance of the ELLAKTOR Group since April
2021. She has more than 25 years of experience in the banking and finance sector as an internal
auditor, as well as extensive expertise in matters of regulatory compliance, risk management and
internal audit systems. She holds a degree in Accounting and Finance and a postgraduate degree
in Business Administration. She is a Certified Internal Auditor, a Certified Fraud Examiner, holds
the Certification in Risk Management Assurance (CRMA) and Certification in Control Self-
Assessment (CCSA). She is also a Certified Quality Assessment Valuator. She was Hellenic
Association of Certified Fraud Examiners (HACFE) (2017-2020), and since 2015 she has been a
Certified ACFE Instructor.
Dimitrios Foros, Head of the Internal Audit Division of the ELLAKTOR Group since 2002,
having previously been involved with the monitoring of costs in the Group's operations with
emphasis on the construction sector. He has many years of experience in various positions of
responsibility in Greece and abroad. During the period 1996-2000 he worked for the DELTA model
dairy product manufacturer in the Group Human Resources Department, as chief financial officer
of the ice cream production unit & Delta Group internal auditor. He completed his cooperation
with the company working abroad (in Serbia) providing financial services in the country in matters
of budgeting, costing and organisation of internal audit functions for the company. He is a
graduate of the Athens University of Economics and Business (ASOEE), Department of
Organisation and Administration. He completed his postgraduate studies (MBA) at the University
of Cardiff (Wales UK) in 1994. He is a member of the Athens Chamber of Commerce, the Hellenic
Institute of Internal Auditors and the International Institute of Internal Auditors.
Shares held by the members of the Board of Directors and senior executives in the Company
According to their respective declarations, none of the members of the Board of Directors or
senior executives of ELLAKTOR directly or indirectly hold shares or voting rights in the Company
on the date of publication hereof, apart from:
- Mr Efthimios Bouloutas, CEO of the Company (Executive Member), who holds a total of 60,066
shares and the corresponding voting rights of the Company, i.e. 0.017%
- Ms Irene Bournazou, Human Resources Director, who holds a total of 3,997 shares and
respective voting rights of the Company, i.e. 0.0011%.
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(77) / (227)
Remuneration of Directors - Board Remuneration Policy
The Remuneration Policy for members of the Board of Directors of the Company was approved
by decision of the Annual Ordinary General Meeting of the shareholders of ELLAKTOR held on 11
July 2019 and amended by a decision of the Annual Ordinary General Meeting of Shareholders
held on 22 June 2021,pursuant to the decision of the Board of Directors dated 1 June 2021 and
following a respective proposal of the Nominations and Remuneration Committee. The Policy is
valid for four (4) years from the date of its initial approval (hereinafter the Valid Period) unless
revised and/or amended earlier by another decision of the General Meeting. The Policy has been
drafted in accordance with the EU Shareholder Rights Directive (SRD II) as incorporated into Greek
legislation under Law 4548/2018.
The Policy pertains to remuneration of members of the Board, and aims to ensure that ELLAKTOR
remunerates its Board members on the basis of the Company’s short and long-term business
plan, with a view to positioning the Group among the leading groups in the sectors of
construction, concessions, renewable energy sources and environmental management, as well as
real estate development and services.
The level of fixed salaries and fees payable to both executive and non-executive directors is
established on the basis of fair and reasonable remuneration for the best and most appropriate
person for each specific position, taking into account the level of responsibility, as well as the
knowledge and experience required to deliver on expectations, while ensuring that the amount
paid by the Company reflects a sum which is both absolutely necessary and at the same time
supports its long-term interests and sustainability.
The Policy provides for variable remuneration for the executive members of the Board of
Directors, in order to further align the interests of these members with those of the Company,
given that applicable performance criteria will be based on indicators of the long-term success
and viability of the Company.
The remuneration policy for the Executive Board Directors contributes to the Company’s business
strategy and long-term interests and sustainability:
By providing a fair and appropriate level of fixed remuneration that does not result in over
reliance on variable pay and undue risk taking, thereby encouraging the executive to focus
on sustained long-term value creation.
By providing a balance of short and long-term incentives to ensure there is focus on short
term objectives that will over time build to create long-term value, as well as long-term goals.
By including long-term incentives where the reward is delivered in shares and short-term
incentives where the reward is deferred, which aligns executives to shareholder interests and
value, as well as the performance of the Company over the longer term.
By expecting executives to acquire and retain shares in the Company thereby being aligned
to the long-term performance and sustainability of the Company and its shareholders.
By requiring that the performance measures associated with any long-term incentive should
be measured on a long-term basis.
The Remuneration Policy of the Board of Directors of ELLAKTOR as well as the annual Revenue
Report of its members are posted on the Company's website www.ellaktor.com/.
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(78) / (227)
iv. Composition and functioning of the Audit Committee
The existing three-member independent Audit Committee emerged from the decision of 27
January 2021
11
by the Extraordinary General Meeting of the Company, in combination with the
decision of 22 June 2021 by the Ordinary General Meeting of Shareholders, in which Panagiotis
Alamanos was elected as an independent member, having no relationship with the Company, as
well as Konstantinos Toumpouros and Athena Hadjipetrou, as independent non-executive
members. Subsequently, by decision of the Audit Committee of 28 January 2021, it was
constituted into a body, and its Chairman was elected from among its members, as per the table
below:
s/n Name Position
1. Panagiotis Alamanos
Chairman of the Committee
(Third Person - Independent)
2. Athena Chatzipetrou
Member of the Committee
(Independent Non-Executive Director)
3. Konstantinos Toumpouros
12
Member of the Committee
(Independent Non-Executive Director)
All of the above executives have proven and sufficient knowledge in the sector in which the
Company operates, i.e. in the sector of construction and construction materials (sub-sector:
Constructions), while the Chairman of the Audit Committee, Mr P. Alamanos, as well as its
members, Mr K. Toumpouros and Ms. A. Hadjipetrou (independent non-executive members of
the Board of Directors) meet the conditions for independence of the provisions of Article 9 of Law
4706/2020. In addition, at least one member of the Audit Committee has a proven track record
in auditing or accounting. In particular, the Chairman of the Audit Committee, Mr Alamanos, is a
Certified Public Accountant (AM SOEL 38101).
The term of office of the above members of the Audit Committee coincides with the term of office
of the members of the elected Board of Directors, i.e. five years, starting as of the day of their
election, i.e. 27 January 2021 and ending with the election of the new Board of Directors at the
Ordinary General Meeting of Shareholders of the Company when it is held in the year 2026.
The purpose of the Audit Committee is to assist the Board of Directors in relation to the
monitoring and supervision of (a) financial information, (b) internal audit systems, (c) internal
control, risk management and regulatory compliance units and in general effective governance
of the Company and its subsidiaries that are under its control (hereinafter referred to jointly for
reasons of brevity ‘the Group’), in accordance with the law and (d) the statutory auditors based
on the provisions of Article 44 of Law 4449/2017, as amended and in force Articles 10, 15 and 16
of Regulation (EU) 537/2014 of the European Parliament.
11
For fiscal year 2020 and until 27 January 2021 the Audit Committee consisted of three persons, chaired by Mr Charitonas (Haris) Kyriazis (third party
and independent within the meaning of the provisions of Law 3016/2002), the other members being members Ms Eleni Papakonstantinou and Alexis
Komninos, both independent non-executive members of the then Board of Directors of ELLAKTOR.
12
Mr. Konstantinos Toumbouros was replaced on 11 February 2022 by Mrs Evgenia (Jenny) Livadarou, an independent non-executive member of the
Board.
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(79) / (227)
The Audit Committee has established and implements its own operating regulation, which is
approved and revised by decision of the Audit Committee. Its most recent revision was approved
and entered into force by decision of the Company's Audit Committee of 26 November 2021. The
current regulation of the Audit Committee is posted on the Company's website at the following
address http://ellaktor.com/en/epitropi-elegchoy/kanonismos-leitoyrgias-epitropis-elegchoy/.
Functioning of the Audit Committee
1. The Audit Committee meets at regular intervals, i.e. at least four (4) times a year, and on
extraordinary occasions, whenever so required. The Chairman of the Audit Committee shall send
a written invitation to the members, which can be sent by email, at least two (2) business days
before the meeting, indicating therein the items on the agenda, as well as the date, the time
and the place of the meeting. The Audit Committee may self-convene with no prior invitation
by the Chairman, provided that all its members are present. The Audit Committee may also
convene validly by teleconference. The drafting and signing of a minute by all the members of
the Audit Committee shall be equal to a meeting and a decision, even if no meeting is previously
held.
2. The Audit Committee shall be in quorum and shall meet validly when at least two
members are attending; participation through a representative shall not be permitted. At least
one of its independent members, who has sufficient knowledge and experience in auditing or
accounting, must attend the meetings of the Committee that involve approval of the financial
statements. The Audit Committee draws up an operating regulation by its decision, if it is
independent, or following a prior decision of the Board of Directors, if it is a committee of the
Board of Directors, and said regulations are duly posted on the Company's website. It meets at
the Company's headquarters or elsewhere as foreseen by the Regulation, in application of the
provisions of Article 90 of Law 4548/2018. The discussions and decisions of the Audit Committee
are recorded in the minutes of the meeting, which are duly signed by the members present,
pursuant to Article 93 of Law 4548/2018. The Audit Committee may, at its sole discretion, invite
as necessary any management executives involved in the Company’s governance, including
Executive Members of the Board of Directors, the Chief Financial Officer, and the Head of the
Internal Audit Division, as well as any other person whom it deems able to contribute to its task,
to attend specific meetings or be present for discussion of specific items on the agenda and to
offer explanations. It is mandatory for least one member of the Audit Committee, who is
independent from the Company and has sufficient knowledge and experience in auditing or
accounting, to attend meetings of the Audit Committee which pertain to approval of the
financial statements.
3. Members who participate by means of teleconference shall be considered present. The Audit
Committee shall take decisions by an absolute majority of the members participating in the
meeting.
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(80) / (227)
4. The Audit Committee may elect a secretary to keep the minutes of its meetings. The secretary
may not be a member of the Committee, but a Company employee.
5. In case of resignation, death or loss of membership, the Board of Directors shall appoint, from
its existing members, a new member to replace the one who has become unavailable, for the
period until the end of their term of office, subject, if applicable, to the provisions of Article 82(1)
and (2) of Law 4548/2018 (Government Gazette, Series I, No 104), which shall then be applied
accordingly. When the member specified under the previous paragraph is a third party and not
a member of the Board of Directors, the Board of Directors shall appoint a third party who is
not a member of the Board of Directors, as a temporary replacement, and the next General
Meeting shall either appoint the same member or shall elect another member for a period
ending with expiry of their respective term of office on the Audit Committee.
Responsibilities of the Audit Committee
Without prejudice to the responsibility of the members of the Company’s Board of Directors, the
Audit Committee, in accordance with Article 44(3) of Law 4449/2017, as applicable, has the
following responsibilities:
1. The Audit Committee monitors the process and the performance of the statutory audit of the
Company’s and the Group’s individual and consolidated financial statements. Within this
framework, it notifies the Board of Directors with a report on matters arising from the statutory
audit, explaining in detail:
(a) the contribution of the statutory audit to the quality and integrity of financial reporting, i.e.
the accuracy, completeness and correctness of the financial information, including related
notifications, as approved by the Board of Directors and disclosed; and
(b) the role of the Audit Committee in the procedure described in point (a), namely in recording
the actions of the Audit Committee during the statutory audit.
In the context of the aforementioned briefing of the Board of Directors, the Audit Committee
shall take into account the contents of the supplementary report submitted by the chartered
accountant-auditor, which includes the results of the statutory audit carried out and which at
least complies with the specific requirements of Article 11 of Regulation (EU) No 537/2014 of
the European Parliament and of the Council of 16 April 2014.
2. The Audit Committee is responsible for monitoring, evaluating and reviewing the process of
preparing financial reports, namely the mechanisms and systems used to generate, and the
flow and dissemination of, the financial information provided by the Company and Group’s
organisational units involved. The above Committee actions include the rest of the information
made public in any way (e.g. stock exchange communications, press releases) in relation to
financial information. The Audit Committee notifies the Board of Directors of its findings and
submits proposals for improving the procedure, if it deems necessary.
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
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3. The Audit Committee monitors and assesses the effectiveness of all Company and Group
policies, procedures and safeguards with respect to the internal audit system, as well as the
assessment and management of risks associated with financial reporting. The Audit Committee
monitors and supervises the proper functioning of the Company’s Internal Audit Division and
the Company’s liable subsidiaries, in accordance with the professional standards and the
applicable legal and regulatory framework, and evaluate its work, competence and efficiency,
without, however, affecting its independence. Furthermore, the Audit Committee shall review
the publicly available information as to the internal audit and the main risks and uncertainties
of the Company and the Group, in relation to financial reporting. In any event, the Committee
shall submit to the Board of Directors its findings and any suggestions for improvement.
4. It monitors the statutory audit of the Company and Group’s annual financial statements, its
performance in particular, taking into account any findings and conclusions of the competent
authority in accordance with Article 26(6) of Regulation (EU) No 537/2014.
More specifically: The Audit Committee is notified by the management regarding the process
and the time frame for preparation of the financial information. The Audit Committee shall be
notified by the certified auditor and accountant regarding the annual plan for the statutory audit
prior to its implementation; it shall review it and ensure that the annual statutory audit plan
covers the most important audit areas, taking into account the core business and financial risk
sectors of the Company and the Group. The Audit Committee also submits proposals on other
significant matters, when it deems it appropriate; To implement the above, the Audit Committee
is expected to meet with the management and competent executive staff in the course of
preparation of the financial reports, as well as with the Certified Public Accountant-Auditor of
the Company and the Group during the scheduling of the audit, during the execution of the
audit, and during preparation of the audit reports.
In the context of its responsibilities, the Audit Committee must take into account and examine
the most significant issues and risks that may potentially affect the financial statements of the
Company and the Group, as well as the significant opinions and estimates of management
during their drafting. Please find below indicative topics which are expected to have been
reviewed and evaluated in detail by the Audit Committee, insofar as they are significant for the
Company and the Group, including specific related actions, by the time when the Audit
Committee updates the Board of Directors:
assessment of using the assumption of continuing activity;
Significant judgments, assumptions and estimates when preparing financial statements.
Evaluation of assets at fair value.
Assessment of the recoverable nature of assets.
Accounting dealing of acquisitions.
Adequacy of disclosures on the major risks faced by the company.
Significant transactions with related parties.
Significant unusual transactions.
In this regard, attention is drawn to timely and effective communication between the Audit
Committee and the auditor in relation to the drafting of the audit report and the supplementary
report of the latter to the Audit Committee. In addition, the Audit Committee shall review the
financial reports of the Company and the Group prior to their approval by the respective Board
of Directors, in order to assess their completeness and consistency with the information brought
to the attention of the Committee together with the accounting principles that the Company
applies, and shall inform the Board of Directors accordingly.
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(82) / (227)
5. The Audit Committee review and monitors the independence of certified public accountants-
auditors or audit companies, as per Articles 21, 22, 23, 26 and 27, and in accordance with
Article 6 of Regulation (EU) No 537/2014, and, in particular, the suitability of the provision of
non-audit services to the Company and the Group, as per Article 5 of Regulation (EU) No
537/2014.
6. The Audit Committee is responsible for the process of selecting certified public accountants-
auditors for the Company and the Group, and recommends certified public accountants-
auditors or audit companies for selection in accordance with Article 16 of Regulation (EU) No
537/2014, unless Article 16(8) of Regulation (EU) No 537/2014.
7. The Audit Committee shall review the adequacy, staffing and organisational structure of the
Internal Audit Division of the Company and its obligated subsidiary companies, submitting a
proposal to the Board of Directors regarding appointment of the Head of the Internal Audit Unit
and identifying any weaknesses. If it is necessary, the Audit Committee submits proposals to the
Board of Directors so that the Internal Audit Division has the necessary resources, is adequately
staffed with sufficiently educated, experienced and trained personnel, so that there are no
restrictions to its work and it has the foreseen independence.
The Audit Committee shall submit a proposal to the Board of Directors regarding the internal
operating regulations for the internal control unit. In addition, the Audit Committee shall be
informed on the annual audit schedule of the Internal Audit Division of the Company and the
liable subsidiaries prior to the implementation of said schedule, and evaluate it taking into
account the main areas of business and financial risk, as well as the results of the previous audits.
In the context of the provision of this information, the Audit Committee assesses whether the
annual audit schedule (in combination with any related medium-term plans) covers the most
significant audit areas and systems related to financial reporting.
The Audit Committee holds regular meetings with the Head of the Internal Audit Division of the
Company and the obliged subsidiaries to discuss matters under its area of competence and any
problems arising from internal controls. In addition, the Audit Committee takes note of the work
of the Internal Audit Division of the Company and its obliged subsidiaries, including its reports
(regular and extraordinary), and monitors the provision of information to the Board of Directors
as regards the content of said reports and the communication of financial information within
the Company in general.
The Audit Committee presents the reports of the Internal Audit Division to the Board of Directors
each month, together with its observations.
9. The Audit Committee supervises the management and periodic review of the main risks and
uncertainties for the Company and the Group. In this context, the Audit Committee evaluates
the methods used by the Company and the Group to identify and monitor risks, addresses the
major ones through the internal control system and the Internal Audit Division and discloses
them along with published financial information, as appropriate.
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(83) / (227)
9. The Audit Committee informs the Board of Directors about the outcome of all the above-
mentioned actions by communicating its findings and submitting proposals for the
implementation of corrective actions, where appropriate.
10. The Audit Committee shall submit an annual report regarding its actions to the Company’s
Ordinary General Meeting of Shareholders. This report shall include a description of the
sustainable development policy observed by the Company.
11. The Audit Committee participates in the selection of the candidates who are to carry out
evaluation of the internal audit system, the process of proposal, selection and approval of the
assignment of the evaluation by the competent body, as well as the competent person or body
responsible for monitoring and observing the agreed project. Adequacy of the IAS shall be
evaluated on the basis of international best practices.
With regards to the best international practices, the International Federation of Accountants
(International Federation of Accountants: International Standards on Auditing of the
International Federation of Accountants, the International Professional Practices Framework
(Institute of Internal Auditors: The Internal Control System Framework) and the COSO committee
Internal Control Framework (COSO: Internal Control Integrated Framework). Issues of
independence and objectivity shall be taken into account when selecting the IAS Evaluator. The
Evaluator and the members of the evaluation project team must be independent and must not
maintain dependent relations pursuant to Article 9(1), as specified in detail under Article 9(2) of
Law 4706/2020, as well as exhibit objectivity during the performance of their duties.
Objectivity is defined as the impartial attitude and mentality, which allows the Evaluator to
perform their work as they deem fit and prevents them from accepting compromises in terms
of its quality. Objectivity requires that the Evaluator's judgment shall not be influenced by third
parties or facts. When selecting the IAS Evaluator, issues related to their knowledge and
professional experience shall be taken into account. In particular, the head of the IAS evaluation
project team and in each case the signatory of the evaluation must possess the appropriate
professional certifications (depending on the professional standards they have referred to) as
well as proven relevant experience (e.g. in IAS and corporate governance structure evaluation
projects). In the context of ensuring independence and objectivity, the evaluation of the IAS
cannot be carried out by the same Evaluator for a 3rd consecutive evaluation. The recipients of
the Evaluation Report are the Audit Committee and the Board of Directors of the Company.
Periodicity is defined as the period of time between two consecutive evaluations and such
period is set to three (3) years commencing from the reference date of the last evaluation.
12. The Audit Committee monitors the effectiveness of the Company's internal controls, quality
assurance and risk management systems and, where appropriate, the Company's Internal Audit
Division, with regard to the financial information of the audited entity, without violating the
independence of the entity in question.
Compliance with the Code of Conduct
The Audit Committee must comply with the provisions of Law, the Company’s Articles of
Association, the Company’s Internal Rules of Procedure, and the decisions of its bodies. It is also
bound by the Code of Conduct and the Group’s Ethics and Compliance Program, which are both
approved by the Board of Directors and in force.
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(84) / (227)
Evaluation
Every two (2) years, or more frequently if so deemed appropriate, the Audit Committee shall
evaluate its performance and the adequacy of its current Operating Regulation and submit
relevant proposals for approval to the Board of Directors.
Overview of the Audit Committee Activities during fiscal year 2021
For the purposes of performing its various tasks, the Audit Committee met twenty (20) times in
2021, thirteen (13) of which were in full quorum.
Ι. Tasks related to monitoring of the statutory audit
1. The Audit Committee monitors performance of the statutory audit of the Company’s individual
and consolidated financial statements. In this context, it has held discussions with the external
auditors and the financial services department, and:
i. It has been made aware of the independent auditors’ schedule for the audit of the financial
statements prior to its implementation, including risk assessment in the respective audit
areas
13
and the areas of significant interest for audit purposes.
ii. The Committee has been notified through interim meetings of any new important issues
arising during the audit;
iii. It is aware of the contents of the Annual Audit Report for the year 2020, the respective
Supplementary Report, as well as reports on the review of interim statements;
iv. The Committee is also aware of the tasks and remuneration for the non-audit services that
have been assigned, has monitored and evaluated any threats to the auditors'
independence and meticulously implemented the Policy for Assigning Non-Audit Tasks to
External Auditors.
2. The Audit Committee has carefully examined: a) the appropriateness and consistency of applied
accounting policies, in particular with regard to recognition of income, accounting estimates
(focusing in detail on the assumptions on which they are based and their calculation models);b)
any impairment of assets and the respective disclosures;c) accounting for the recognition,
measurement and presentation of financial instruments;d) lease accounting;e) accounting for
intangible assets and goodwill arising from the acquisition of subsidiaries.
The Audit Committee was also informed of the impairment tests and the assets on which they
were performed, the assumptions for the recognition and measurement of provisions. In addition,
it has reviewed all matters involving a significant degree of uncertainty, and the disclosures in the
notes to the financial statements.
13
These at a minimum cover the issues indicatively mentioned in the Hellenic Capital Market Commission Circular
1302/28-4-2017 p.4.
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(85) / (227)
The Audit Committee has received explanations from the financial departments regarding the
collection of trade and other receivables, and the adequacy of impairment provisions with regard
to expected credit losses. It has also discussed and appreciates the extent to which deferred tax
assets are collectable, as well as the adequacy of deferred tax liabilities duly recognised.
The Committee has requested details and duly received updates on all related party transactions
and has reviewed the proper application of the provisions of Law 4548/2018. It has also examined
the adequacy and appropriateness of the disclosures in the notes to the financial statements.
3. Furthermore, the Audit Committee has monitored the consolidation procedure, preparation
of the consolidated financial statements, and the consistency of the application of IFRSs with
regard to subsidiaries, associates and joint ventures. In this context, the Committee has
requested and reviewed the reports received by the Group's independent auditors from the
auditors of the component units, and has carefully reviewed the findings expressed in them.
The Audit Committee, closely monitoring the completion of the process of auditing the financial
statements and fully understanding the importance of this process for the quality of financial
information, has requested the approval of the of the Company’s Board of Directors to institute
statutory reviews by the independent auditors entrusted with the audit of the individual and
consolidated financial statements.
4. Taking into account the outcome of the audit of the individual and consolidated financial
statements by the independent auditor, and in accordance with the results of its review, as well
as the discussions it has held with executive personnel and others, the Audit Committee has
made its recommendations to the Board of Directors with regard to approval of the financial
statements for fiscal year 2020.
5. In addition, the Audit Committee has asked, in accordance with its standing request, that a
statutory auditor be assigned for the purpose of obtaining issuance of a tax certificate for fiscal
year 2021.
6. There was no reason to discuss a change of external auditor in 2021. It is emphasised that, by
law, the external auditors are subject to replacement no later than fiscal year 2024.
ΙΙ. Internal Audit System, Internal Audit Division
1. The Audit Committee monitors the effectiveness of all the policies, procedures and safeguards
of the Company. To this end, as of the 3rd quarter of 2021 it has commenced, via the quarterly
reports of the Internal Audit Division, to submit proposals to correct weaknesses and deficiencies
in various areas within the Group.
2. The Audit Committee also monitors and supervises the proper functioning of the Internal Audit
Division, in accordance with the professional standards and the applicable legal and regulatory
framework, and evaluates its work, competence and efficiency, without, however, affecting its
independence. It shall be noted that the Audit Committee is the only competent body to evaluate
the Internal Auditor.
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(86) / (227)
3. Within 2021, the Internal Audit Division has completed 18 regular audit reports in accordance
with the scheduled plan for the year 2021 approved in the previous fiscal year. These regular
audits, carried out the Internal Audit Division, represent 100% of the audits planned for the fiscal
year 2021. One (1) extraordinary audit took place in 2021.
4. The Audit Committee reviews the staffing and organisational structure of the Internal Audit
Division. In 2021, several proposals regarding the reinforcement of the staffing complement of
the Department were considered. The Audit Committee will proceed with the first evaluation of
the Internal Audit Division in 2022, after receiving the results of work on the degree of readiness
of the Company and the Group in the light of the independent evaluation of the Internal Audit
System.
5. The Audit Committee has approved the annual audit schedule prepared by the Internal Audit
Division for fiscal year 2022, prior to its implementation, having assessed it in accordance with
key business and financial risk sectors, as well as to the results of previous audits.
14
6. The Audit Committee undertook and carried out the first phase of preparation of the Company
and the Group for evaluation of the Internal Audit System by an independent Evaluator, in
accordance with the Company Regulation, which fully complies with Article 14 of Law 4706/2020
and Decision No 1/891/2020 of the Hellenic Capital Market Commission.
7. In this context, an invitation to tender was announced, with a public call for financial bids for
the selection of a consultant to examine the degree of readiness of the Company and the Group
in view of the forthcoming independent evaluation.
8. The Director of the Internal Audit Division was present at the meetings of the Committee
throughout 2021.
9. The Committee has studied the contents of new Law 4706/2020 on Corporate Governance, in
particular in relation to the new responsibilities and obligations of the Committee itself.
In cooperation with the Internal Audit Division, the Committee has approved the updating of the
Operating Regulation for the department and has recommended its approval by the Board of
Directors, having ensured that the changes in the new version of the Regulation are fully
compatible with the provisions of Law 4706/2020.
At the same time, it proceeded, through the ongoing cooperation with the Board of Directors
and the executives of the Company, to take all actions as required in order to ensure that the
work of the Internal Audit Division includes, among others, proposals with regard to issues
concerning the unimpeded verification of the adequacy of the Company's Internal Audit System,
as defined by Law 4706/2020 and the respective decisions of the Hellenic Capital Market
Commission. All audit reports (reports) were discussed in the Audit Committee after relevant
explanations were offered by the Internal Audit Division.
14
The Audit Committee receives updates on the work of the Internal Audit Division in addition to the reports prepared by it
(regular and extraordinary). In 2021, 18 ordinary audit reports (3 on operations abroad and 15 on domestic operations) were
discussed, as well as the annual follow-up report. The Committee also monitored the participation of the Internal Audit
Division in consultancy work, and confirmed that these works in any case represented less than 30% of the permanent
managerial staff’s available working hours.
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(87) / (227)
III. Risk management
The Audit Committee was informed of the assessment of the main risks and uncertainties facing
the Company, conducted by the Internal Audit Division, and the correlations with the outcome
of the scheduled tasks carried out by external and internal auditors.
IV. Sustainable Development
The ELLAKTOR Group, following best international practices and recognised standards, fully
aligns its sustainable development activities with its corporate values, namely meritocracy and
equal opportunities, cooperation and excellence, achievement and effectiveness, innovation and
best practices, integrity and respect, encouragement and progress, health and safety.
In this context, special emphasis has been placed both on the achievement of the United Nations
Sustainable Development Goals (SDGs) related to the Group's activities, as well as on highlighting
key issues identified by the needs and expectations of stakeholders, based on a survey conducted
every two years.
In particular, the actions and initiatives of the Group are focused on the following areas:
Business ethics
Low carbon economy
Health, safety and development of employees
Innovation
Community support.
Regarding the reporting of sustainability data, the Sustainability Development Report includes
information on actions implemented in 2021 in the Group with the aim of shielding and further
improving its operation, as well as for actions that are planned for implementation in the near
future. The Sustainable Development Report is drafted in accordance with the guidelines of the
Global Reporting Initiative (GRI Standards) and the 10 Principles of the UN Global Compact are
also taken into account (UN Global Compact), as is the Guide to the Disclosure of Non-Financial
Information of the Athens Stock Exchange.
In 2021, it was decided to create a four-member Sustainable Development Committee, consisting
in the majority of members of the Board of Directors. The Committee assists the Board of
Directors of the Company in strengthening the long-term commitment of the Group, in order to
increase its positive impact on the economy, society and the environment, creating added value
for all stakeholders. The Commission met for the first time in 2022.
At present, with the support of an external consultant, the Group's approach to sustainability
issues is being revised, with a view to implementing an integrated ESG framework, taking into
account international developments in sustainable development issues.
V. Cooperation with the Management
1. Apart from the invitation of executives to the Committee meetings, the Chairman of the
Committee systematically cooperates with the Group’s CEO and other senior executives (about
10 meetings took place in 2021).
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(88) / (227)
2. Throughout the year, the departments of the Group cooperated seamlessly with external and
internal auditors, providing them with unimpeded full access to the information they required
and generally facilitating their work.
VI. Committee assessment
During the year in question, the Audit Committee evaluated the adequacy of its current Operating
Regulation and made changes as appropriate.
v. Nominations and Remuneration Committee
By virtue of the decision of the Company’s Board of Directors dated 27 April 2021, the
Nominations and Remuneration Committee was established. The purpose of this Committee is to
assist the Board of Directors, on the one hand, to implement the Company’s Remuneration Policy
in accordance with market developments with regard to levels of remuneration and human
resources management, and on the other, to provide assistance when there is a need to nominate
persons suitable for a position on the Board of Directors.
The composition of the Committee for the closing fiscal year 2021 is referenced below:
s/n Name Position
1. Athina Chatzipetrou
Chairman of the Committee
(Non-Executive Director)
2. Aristides Xenofos
15
Member of the Committee
(Non-Executive Director)
3. Konstantinos Toumpouros
Member of the Committee
(Independent Non-Executive Director)
This Committee is responsible for the implementation of the Company's Remuneration Policy and
for its revision. At the same time, if the need arises, it identifies and makes proposals to the Board
of Directors in accordance with the Suitability Policy, of persons suitable for membership of the
Board of Directors.
Overview of the Nominations and Remuneration Committee Activities during the year 2021
The Nominations and Remuneration Committee held seven meetings in 2021, of which six had a
full quorum. During the aforementioned meetings in the year 2021, the Committee worked out
a range of issues and submitted proposals to the Board of Directors of the Company on issues
including:
The Suitability Policy for Members of the Board of Directors in accordance with Article 3
of Law 4706/2020;
Company Remuneration Policy;
Election of new members of the Board of Directors of the Company;
Remuneration of members of the Board of Directors and the Audit Committee;
Evaluation of the individual and collective suitability of Board Members;
15
Mr Aristidis Xenofos, by decision of the Board of Directors on 26 May 2021, duly replaced Mr Dimitrios Kondylis, who submitted his resignation
from the Board of Directors and the Nominations and Remuneration Committee on 20 May 2021.
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(89) / (227)
Determination of satisfactory fulfillment of the criteria governing the independence of
specific independent non-executive members of the Board of Directors of ELLAKTOR SA,
and
Strengthening of measures to ensure the effective evaluation of members of the Board
of Directors.
Annual Review by the Board of Directors to determine fulfillment of the conditions of
independence for its independent non-executive members.
The Nominations and Remuneration Committee, within the framework of its respective
competences, the application of the provisions of Article 9 of Law 4706/2020, and the Suitability
Policy governing selection of new members of the Board, has proceeded with a review of the
extent of fulfillment or otherwise of the independence criteria for Independent Non-Executive
Members of the Board of Directors, at its meetings held on 9 December 2021 and 8 February
2022, and was able to verify that fulfillment of the conditions, criteria and factors of independence
of the Independent Non-Executive Members of the Board of Directors were indeed met, and duly
submitted appropriate recommendations to the Board of Directors.
It is pointed out that the Board carried out the respective review to determine fulfillment of
independence criteria for the Independent Non-Executive Member Mr Konstantinos Toumbouros,
during its meeting of 17 December 2021, following the recommendations of 8 November 21 and
9 December 21 from the Nominations and Admissions Committee.The independence criteria
review for the other independent non-executive members, specifically Ms Athina Hatzipetrou
and Ms Eugenia (Jenny) Livadarou, was carried out by the Board of Directors during its meeting
of 11 February 22, subsequent to the Committee on Nominations and Remuneration meeting of
8 February 22.
It is noted that all of the above independent non-executive members were deemed to fulfill the
independence criteria pursuant to Article 9 of Law 4706/2020 and the Suitability Policy for
membership of the Board of Directors.
vi. ESG Committee
The ESG Committee was established by virtue of the decision of the Company’s Board of Directors
dated 30 November 2021, to assist the Board of Directors of the Company in strengthening the
long-term commitment of the Group to increase its positive impact on the economy, society and
environment, thereby creating added value for all stakeholders.
The Committee in question is responsible for approving the strategy and roadmap for sustainable
development, evaluating the adequacy and effectiveness of ESG Policy approved by the Board of
Directors, as well as ensuring the adequacy of resources for the implementation of the ESG Policy.
The ESG convened for the first time on 16 February 2022 and consisted of the persons indicated
below:
s/n Name Position
1. George Mylonogiannis
Chairman of the Committee
(Non-Executive Director)
2. Efthymios Bouloutas
Member of the Committee
(Chief Executive Officer - Executive Member of the
Board)
3. Eugenia Livadarou (from 22
June 2021)
Member of the Committee
(Independent Non-Executive Director)
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(90) / (227)
s/n Name Position
4. Aphrodite Avramea Member of the Committee
A detailed reference is made in subsection V. Non-Financial Report, Section B.I with regard to
issues of sustainable development, Annual Report of the Board of Directors of ELLAKTOR SA.
The table provided below shows the number of committee meetings and the percentage
participation of their members in the period 1 January 2021 to 31 December 2021:
Name
Audit Committee
(20)
Nominations and
Remuneration Committee (7)
Meetings
Participation
(%)
Meetings
Participation (%)
Athina Chatzipetrou 18 90% 7 100%
Aristides Xenofos 7 100%
Konstantinos Toumpouros 15 75% 6 86%
Panagiotis Alamanos 20 100%
f) Description of the policy on diversity that applies to the Company’s administrative,
management and supervising bodies
Although at present there is no separate diversity policy for members of the Board of Directors, there
is however a relevant provision in the Suitability Policy, which was approved by decision of the Board
of Directors on 1 June 2021 and the subsequent decision of 22 June 2021 by the Ordinary General
Meeting of Shareholders. The Nominations and Remuneration Committee assists the Board of
Directors within the framework of its responsibilities with regard to the definition of selection criteria
for the members of the Board of Directors based on diversity. The Company applies diversity and
equality criteria to the members of the Board of Directors as well as to its administrative,
management and supervisory bodies.
Specifically, the Company adopts and implements a diversity policy as far as the appointment of new
members of the Board of Directors is concerned, in order to promote an appropriate level of
differentiation on the Board of Directors and to create an appropriately diverse group of members,
given the scope of the Group’s activities, bringing together a wide range of qualifications,
professional skills, knowledge-based experiences, and people with different personality traits, at all
levels, to ensure a diversity of views and experience, and to ensure the greatest possible pluralism in
order to arrive at the best possible decisions. Members shall not be excluded due to discrimination
on grounds of sex, race, colour, ethnic or social origin, religion or belief, property, birth, disability,
age or sexual orientation. Accordingly, since principles of diversity are practically applied throughout
the Group, the same principles apply in the practice as far as selection of members of the Board of
Directors is concerned.
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(91) / (227)
The Group also considers that diversity, including the gender balance, which is not approached on
the basis of the principle of mandatory quotas, but on the basis of objective complementary
characteristics without constituting an end in itself, is a key element in achievement of its strategic
goals and its capacity to maintain growth, adding value, increasing the pool of skills, experience and
viewpoints in the Group at its top-level positions, as well as stimulating its competitiveness,
productivity and innovation, such that in a structurally changing environment, it is able to effectively
improve and ensure reliable provision of core services for its orderly and seamless operation.
It should also be emphasised that the Group complies with the institutional framework legally in
force at all levels, in terms of equitable treatment, providing equal opportunities to all employees
and prospective candidates and avoiding all forms of discrimination. The procedures and structures
in place have shaped a working environment in which both the Management and employees are
assessed and evaluated in terms of education, professional background, knowledge of corporate
objectives, leadership skills, experience, performance and creativity.
As a result, the working environment favors the adoption of international practices in relation to
respect for human personality, non-discrimination and the absence of prejudice.
It is noted that 43% of the Board of Directors of the Company are women. Directors also vary in terms
of age, from 39 to 60 years old, having an average age of 51 years.
The table below indicates the diversity and range of skills and experience of the Company’s Board
of Directors as of the end of the closing fiscal year (2021):
Full Name
Role
Independence
Diversity
Experience & Skills
Gender Age
Sustainable
Developme
nt
International
Experience
Related
Sectors
Finance
Governan
ce
Legal
Transform
ations
Restructu
ring
Experience
on Boards
George
Mylonogiannis
Chairman
A
58
√
√
√
√
√
√
√
√
Aristides (Aris)
Xenofos
Vice-
Chairman
A
58
√
√
√
√
√
√
√
Efthymios
Bouloutas
CEO
A
60
√
√
√
√
√
√
√
√
Konstantinos
Toumpouros
Non-
Executive
Member
√
A
43
√
√
√
√
√
√
√
Athina Chatzipetrou
Non-
Executive
Member
√
F
58
√
√
√
√
√
√
Ioanna Dretta
Non-
Executive
Member
F
42
√
√
√
√
√
Evgenia (Jenny)
Livadarou
Non-
Executive
Member
√
F
39
√
√
√
√
√
√
√
g) Brief reference to the suitability policy adopted by the Company in accordance with Article 3 of
Law 4706/2020
The Company, in compliance with the provisions of Article 3 of Law 4706/2020 and Circular No
60/18.09.2020 issued by the Hellenic Capital Market Commission, has a Suitability Policy for the
Members of the Board of Directors, which was approved by decision of the Board of Directors of 1 June
2021 and subsequently by the decision of the Ordinary General Meeting of the Company Shareholders
of 22 June 2021. The Suitability Policy determines all of the principles and criteria applicable during
selection, replacement and renewal of the term of office of the members of the Board of Directors, in
the context of evaluating individual and collective suitability. The criteria for assessing suitability are
referenced as individual characteristics, such as adequate knowledge, good repute and moral standing,
absence of conflicts of interest, independence of judgment; and collective suitability - adequate
representation by gender etc., diversity.
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(92) / (227)
In formulating the suitability policy, the overall framework of corporate governance applied by the
Company, its corporate culture, the risk-taking disposition it has adopted, its size and internal
organisation, as well as the nature, scale, and complexity of the Company's activities have all been taken
into account.
To facilitate practical application of the provisions of the policy, a special form has been approved by
the Nominations and Remuneration Committee entitled ‘Evaluation report and recommendation
regarding a prospective candidate or re-evaluation of an existing member of the Board of Directors’, which
takes into account the specific description of the competences of each Board member, their participation
or otherwise in committees, the nature of their duties, their characterisation as an independent member
of the Board of Directors or otherwise, as well as in particular incompatibilities or characteristics or other
contractual commitments related to the nature of the Company's activities.
The approved Suitability Policy is posted on the official website of the Company www.ellaktor.com and
specifically at the link https://ellaktor.com/en/epitropi-anadeixis-ypopsifion-kai-amoivon/suitability-
policy-for-members-of-bod/
Kifisia, 11 April 2022
FOR THE BOARD OF DIRECTORS
THE COMPANY’S CEO
EFTHYMIOS BOULOUTAS
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(93) / (227)
C. Independent Auditor’s Report
PricewaterhouseCoopers SA, 268 Kifissias Avenue, 15232 Halandri, Greece
T:+30 210 6874400, F:+30 210 6874444, www.pwc.gr
17 Ethnikis Antistassis Str, 55134 Thessaloniki, T:+30 2310 488880 F:+30 2310 459487
(94) / (227)
[Translation from the original text in Greek]
INDEPENDENT AUDITOR’S REPORT
To the Shareholders of the Company Ellaktor S.A.
Report on the audit of the separate and consolidated financial statements
Our opinion
We have audited the accompanying separate and consolidated financial statements of Ellaktor S.A. (Company
or/and Group) which comprise the separate and consolidated statement of financial position as of 31 December
2021, the separate and consolidated statements of profit or loss and other comprehensive income, changes in
equity and cash flow statements for the year then ended, and notes to the separate and consolidated financial
statements, including a summary of significant accounting policies.
In our opinion, the consolidated financial statements present fairly, in all material respects the separate and
consolidated financial position of the Company and the Group as at 31 December 2021, their separate and
consolidated financial performance and their separate and consolidated cash flows for the year then ended in
accordance with International Financial Reporting Standards, as adopted by the European Union and comply
with the statutory requirements of Law 4548/2018.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs), as they have been
transposed into Greek Law. Our responsibilities under those standards are further described in the “Auditor’s
responsibilities for the audit of the separate and consolidated financial statements” section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Independence
During our audit we remained independent of the Company and the Group in accordance with the International
Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) that has
been transposed into Greek Law, and the ethical requirements of Law 4449/2017 and of Regulation (EU) No
537/2014, that are relevant to the audit of the separate and consolidated financial statements in Greece. We
have fulfilled our other ethical responsibilities in accordance with Law 4449/2017, Regulation (EU) No 537/2014
and the requirements of the IESBA Code.
We declare that the non-audit services that we have provided to the Company and its subsidiaries are in
accordance with the aforementioned provisions of the applicable law and regulation and that we have not
provided non-audit services that are prohibited under Article 5(1) of Regulation (EU) No 537/2014.
The non-audit services that we have provided to the Company and its subsidiaries during the year ended as at
31 December 2021 are disclosed in the Note 41.2 of the accompanying separate and consolidated financial
statements.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of
the separate and consolidated financial statements of the current year. These matters were addressed in the
context of our audit of the separate and consolidated financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters.
(95) / (227))
Key audit matter
How our audit addressed the key audit matter
Recognition of revenue, contract assets and
contract liabilities from construction contracts
(Notes 2.3, 2.23, 4.1, 17 and 26 of the
Consolidated Financial Statements)
Consolidated revenue is for the most part
generated from long-term construction contracts.
Revenue from construction contracts is
recognised using the cost to cost method
according to International Financial Reporting
Standard 15. Determining the cost to cost requires
significant judgement and estimates by Group
Management including the budgeting of costs
required for the completion of projects. Estimates
are also required in assessing the probability of
customer acceptance of claims, variations and
compensations.
As a result, Management’s estimates affect
significantly revenue from construction contracts
recognised, profit margins, provisions for loss
making projects as well as recoverability of
contract assets relating to construction contracts.
We focused on this area because of the significant
amount of revenue from construction contracts in
the Group’s income statement as well as the
significant assumptions and estimates made by
Management for:
- determining the profit margin or the loss
from projects under construction in Greece
and abroad,
- the readjustment of budgeted cost of
certain projects due to work progress
delays resulting from the pandemic and
construction segment’s lack of liquidity,
and
- assessing the recoverability of contract
assets in relation to projects under
construction abroad, due to changes in
the original design, delays to the initial
timetable and unexpected technical
complications.
We obtained an understanding of Group
processes for the recognition of revenue
from construction contracts and, focusing
on the construction contracts with the most
significant contract assets/liabilities and the
greatest impact on results, we performed
the following procedures:
- We recalculated revenue recognized using
the cost to cost method, based on costs
incurred up to the reporting date and
tested a sample of costs against
supporting documents.
- We assessed Management’s estimates
relating to the expected costs to complete
against supporting documentation, such
as budgets and certifications, and
compared previous estimates against
actual results.
- We carried out discussions with the project
engineers of certain high value projects in
relation to the projects’ progress and we
focused on areas of increased delays.
- We tested the recoverability of contract
assets reconciling them to after year-end
certifications and collections.
- We inspected documents supporting
requests regarding variations, claims and
the respective contractual terms.
- We evaluated Management’s judgements
with respect to the recoverability of
contract assets for variations and claims
through discussion with project engineers
and by reviewing correspondence with
customers, lawyers’ letters and historical
data of similar agreements and arbitration
decisions.
Based on the evidence obtained, we found
that the methodology and the data used
for the recognition of revenue from
construction contracts were appropriate
and that the key assumptions used were
reasonable.
(96) / (227))
Key audit matter
How our audit addressed the key audit matter
Revenue from construction contracts for the year
ended 31 December 2021 and relevant contract
assets and liabilities at that date stood at €396 mil,
€321.1 mil. and €37.4 mil respectively, as disclosed
in Notes 17 and 26 of the consolidated financial
statements.
Financing needs of construction segment
(Notes 2.1.1 and 2.1.2 of the Consolidated
Financial Statements)
As explained in Note 2.1.1, the financial
statements of the Group have been prepared on a
going concern basis.
During the last years, the decline in the tendering
of new projects affected significantly the Group’s
turnover. The turnover of the construction segment
accounts for approximately 50% of total turnover,
while 62% of the construction segment turnover is
generated from construction operations in Greece.
The decline in the construction activities in Greece,
in combination with the low operating results of the
construction segment due to the significant losses
in projects out of Greece in the recent years,
resulted in increased financing needs, which were
mainly covered internally by the Group. In the
preparation of the financial statements,
Management has evaluated the progress of the
Group’s operations, taking also into account the
estimated cash flows, the limited exposure of the
Group to construction segments risks which mainly
relate to good performance guarantees of
completed projects, the potential impact of Covid-
19 pandemic and the increased cost of
construction materials and energy, as well as
alternative scenarios which can be applied so as to
support the going concern basis of accounting.
We focused on this area due to the significance of
the construction segment in Group operations, the
increased financing needs of the aforementioned
segment and the Group’s restrictions to cover
those needs as well as due to the estimates and
assumptions required by Management so as to
evaluate the Group’s ability to continue as a going
concern in the foreseeable future.
We performed audit procedures to
understand the Group’s assessment
process regarding the going concern basis,
given the increased financing needs of
the construction segment.
We obtained Management’s assessment
regarding the use of the going concern
basis of accounting, which, among other
things, was based on estimations of the
available liquidity of the Group, based on
cash flow projections for the following 12
months of the different segments. The
cash flow projections included
assumptions regarding cash generated
from operating activities, the scheduled
repayment of debt liabilities and the
estimated repayment of other liabilities.
With regard to Management’s assessment,
we performed the following procedures:
- We agreed the estimated cash flows to the
approved business plans.
- We evaluated the adjustments made on the
cash flows, based on Management estimates in
relation to the potential impact of Covid-
19 and
the increased cost of construction materials and
energy, on the activities of the Group.
- We tested key assumptions against underlying
documentation, such as debt agreements,
borrowing rates and payment schedules.
- We tested the underlying calculations in
Management’s assessment and found them to
be mathematically accurate.
- We evaluated the degree of exposure of the
Group in the construction sector by referring to
the issued letters of guarantee and other
guarantees that remain in force and we
received from the Management its judgments
and assessments for possible risks and
uncertainties.
(97) / (227))
Key audit matter
How our audit addressed the key audit matter
- We confirmed the limited ability of the Group
to continue providing liquidity in the
construction
sector by referring to the Company's lending
terms, taking into account the liquidity already
provided.
- We discussed with the Management the basic
planning regarding the raising of new debt
funds in order to cover the financing needs of
the construction sector’s new projects, the
actions to further reduce the Group's
exposure
to the risks of the construction sector activity,
as well as possible alternatives that have
been considered to address liquidity issues if
they arise in the foreseeable future.
Based on our audit procedures, we found that
the input used in Management’s assessment
was based on reliable data and that the
assumptions used were reasonable and
consistent with Management’s estimations and
plans, which support the going concern basis of
accounting used in the preparation of the
financial statements.
Other Information
The members of the Board of Directors are responsible for the Other Information. The Other Information, which
is included in the Annual Report in accordance with Law 3556/2007, is the Statements of Board of Directors
members, the Board of Directors Report, the Corporate Governance Statement, the Explanatory Report of the
Board of Directors and the Usage of Funds Statement (but does not include the financial statements and our
auditor’s report thereon), which we obtained prior to the date of this auditor’s report.
Our opinion on the separate and consolidated financial statements does not cover the Other Information and
except to the extent otherwise explicitly stated in this section of our Report, we do not express an audit opinion
or other form of assurance thereon.
In connection with our audit of the separate and consolidated financial statements, our responsibility is to read
the Other Information identified above and, in doing so, consider whether the Other Information is materially
inconsistent with the separate and consolidated financial statements or our knowledge obtained in the audit, or
otherwise appears to be materially misstated.
We considered whether the Board of Directors Report includes the disclosures required by Law 4548/2018 and
whether the Corporate Governance Statement required by article 152 of Law 4548/2018 has been prepared.
Based on the work undertaken in the course of our audit, in our opinion:
• The information given in the the Board of Directors’ Report for the year ended at 31 December 2021 is
consistent with the separate and consolidated financial statements,
• The Board of Directors’ Report has been prepared in accordance with the legal requirements of articles
150, 151, 153 and 154 of the Law 4548/2018,
• The Corporate Governance Statement provides the information referred to items c and d of paragraph 1
of article 152 of the Law 4548/2018.
(98) / (227))
In addition, in light of the knowledge and understanding of Ellaktor S.A. Company and Group and their
environment obtained in the course of the audit, we are required to report if we have identified material
misstatements in the Board of Directors’ Report and Other Information that we obtained prior to the date of this
auditor’s report. We have nothing to report in this respect.
Responsibilities of Board of Directors and those charged with governance for the separate and
consolidated financial statements
The Board of Directors is responsible for the preparation and fair presentation of the separate and consolidated
financial statements in accordance with International Financial Reporting Standards, as adopted by the
European Union and comply with the requirements of Law 4548/2018, and for such internal control as the Board
of Directors determines is necessary to enable the preparation of separate and consolidated financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the separate and consolidated financial statements, the Board of Directors is responsible for
assessing the Company’s and Group’s ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless Board of Directors either
intends to liquidate the Company and Group or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company’s and Group’s financial reporting
process.
Auditor’s responsibilities for the audit of the separate and consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the separate and consolidated financial
statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis
of these separate and consolidated financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional
scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the separate and consolidated financial
statements, whether due to fraud or error, design and perform audit procedures responsive to those
risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The
risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company’s and Group’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the Board of Directors.
• Conclude on the appropriateness of Board of Directors’ use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Company’s and Group’s ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw attention in our
auditor’s report to the related disclosures in the separate and consolidated financial statements or, if
such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s report. However, future events or conditions may
cause the Company and Group to cease to continue as a going concern.
(99) / (227))
• Evaluate the overall presentation, structure and content of the separate and consolidated financial
statements, including the disclosures, and whether the separate and consolidated financial statements
represent the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the consolidated financial statements. We
are responsible for the direction, supervision and performance of the Company and Group audit. We
remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that
may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of
most significance in the audit of the separate and consolidated financial statements of the current period and
are therefore the key audit matters. We describe these matters in our auditor’s report.
Report on other legal and regulatory requirements
1. Additional Report to the Audit Committee
Our opinion on the accompanying separate and consolidated financial statements is consistent with our,
required by the Article 11 of EU Regulation 537/2014, Additional Report to the Audit Committee of the
Company.
2. Appointment
We were first appointed as auditors of the Company by the decision of the annual general meeting of
shareholders on 22 June 2006. Our appointment has been renewed annually by the decision of the annual
general meeting of shareholders for a total uninterrupted period of appointment of 16 years.
3. Operating Regulation
The Company has an Operating Regulation in accordance with the content provided by the provisions of article
14 of Law 4706/2020.
4. Assurance Report on the European Single Electronic Format
We have examined the digital files of Ellaktor SA (hereinafter referred to as the “Company and / or Group”),
which were compiled in accordance with the European Single Electronic Format (ESEF) defined by the
Commission Delegated Regulation (EU) 2019/815, as amended by Regulation (EU) 2020/1989 (hereinafter
“ESEF Regulation”), and which include the separate and consolidated financial statements of the Company and
the Group for the year ended December 31, 2021, in XHTML format “213800VUQHMOGEWKNG87-2021-12-
31-el.xhtml”, as well as the provided XBRL file “213800VUQHMOGEWKNG87-2021-12-31-el.zip” with the
appropriate marking up, on the aforementioned consolidated financial statements.
Regulatory framework
The digital files of the European Single Electronic Format are compiled in accordance with ESEF Regulation
and 2020 / C 379/01 Interpretative Communication of the European Commission of 10 November 2020, as
provided by Law 3556/2007 and the relevant announcements of the Hellenic Capital Market Commission and
the Athens Stock Exchange (hereinafter “ESEF Regulatory Framework”).
In summary, this Framework includes the following requirements:
• All annual financial reports should be prepared in XHTML format.
• For consolidated financial statements in accordance with International Financial Reporting Standards, the
financial information stated in the Statement of Comprehensive Income, the Statement of Financial Position, the
Statement of Changes in Equity and the Statement of Cash Flows should be marked-up with XBRL 'tags',
(100) / (227))
according to the ESEF Taxonomy, as in force. The technical specifications for ESEF, including the relevant
classification, are set out in the ESEF Regulatory Technical Standards.
The requirements set out in the current ESEF Regulatory Framework are suitable criteria for formulating a
reasonable assurance conclusion.
Responsibilities of the management and those charged with governance
The management is responsible for the preparation and submission of the separate and consolidated financial
statements of the Company and the Group, for the year ended December 31, 2021, in accordance with the
requirements set by the ESEF Regulatory Framework, as well as for those internal controls that management
determines as necessary, to enable the compilation of digital files free of material error due to either fraud or
error.
Auditor’s responsibilities
Our responsibility is to plan and carry out this assurance work, in accordance with no. 214/4 / 11.02.2022
Decision of the Board of Directors of the Hellenic Accounting and Auditing Standards Oversight Board
(HAASOB) and the "Guidelines in relation to the work and the assurance report of the Certified Public
Accountants on the European Single Electronic Format (ESEF) of issuers with securities listed on a regulated
market in Greece" as issued by the Board of Certified Auditors on 14/02/2022 (hereinafter "ESEF Guidelines"),
providing reasonable assurance that the separate and consolidated financial statements of the Company and
the Group prepared by the management in accordance with ESEF comply in all material respects with the
current ESEF Regulatory Framework.
Our work was carried out in accordance with the Code of Ethics for Professional Accountants of the
International Ethics Standard Board for Accountants (IESBA Code), which has been transposed into Greek Law
and in addition we have fulfilled the ethical responsibilities of independence, according to Law 4449/2017 and
the Regulation (EU) 537/2014.
The assurance work we conducted is limited to the procedures provided by the ESEF Guidelines and was
carried out in accordance with International Standard on Assurance Engagements 3000, “Assurance
Engagements other than Audits or Reviews of Historical Financial Information''. Reasonable assurance is a
high level of assurance, but it is not a guarantee that this work will always detect a material misstatement
regarding non-compliance with the requirements of the ESEF Regulation.
Conclusion
Based on the procedures performed and the evidence obtained, we conclude that the separate and
consolidated financial statements of the Company and the Group for the year ended December 31, 2021, in
XHTML file format “213800VUQHMOGEWKNG87-2021-12-31-el.xhtml”, as well as the provided XBRL file
“213800VUQHMOGEWKNG87-2021-12-31-el.zip” with the appropriate marking up, on the aforementioned
consolidated financial statements have been prepared, in all material respects, in accordance with the
requirements of the ESEF Regulatory Framework.
Athens, 13 April 2022
The Certified Auditor
Pricewaterhouse Coopers S.A.
Certified Auditors
268 Kifissias Avenue
153 32 Halandri
SOEL Reg. No. 113
Fotis Smirnis
SOEL Reg. No. 52861
(101) / (227))
(102) / (227))
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(103) / (227)
D. Annual Financial Statements
Annual Financial Statements
(consolidated and company)
prepared in accordance with the International Financial Reporting
Standards,
for the fiscal year ended 31 December 2021
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(104) / (227)
Contents of Annual Financial Statements
Statement of Financial Position ......................................................................................................................... 106
Income Statement ............................................................................................................................................... 108
Statement of Comprehensive Income .............................................................................................................. 109
Statement of Changes in Equity ........................................................................................................................ 110
Statement of Cash Flows .................................................................................................................................... 112
Notes to the financial statements ..................................................................................................................... 114
1 General information .................................................................................................................................... 114
2 Summary of significant accounting policies ........................................................................................... 114
2.1 Basis of preparation of the financial statements .............................................................................................. 114
2.2 New standards, amendments to standards and interpretations: .............................................................. 120
2.3 Consolidation .................................................................................................................................................................. 123
2.4 Segment reporting ........................................................................................................................................................ 126
2.5 Foreign exchange conversions ................................................................................................................................ 126
2.6 Investments in property .............................................................................................................................................. 127
2.7 Leases ................................................................................................................................................................................. 128
2.8 Prepayments for long-term leases ......................................................................................................................... 130
2.9 Property, Plant and Equipment ................................................................................................................................ 130
2.10 Intangible assets ............................................................................................................................................................ 131
2.11 Impairment of non-financial assets ....................................................................................................................... 132
2.12 Financial Instruments ................................................................................................................................................... 132
2.13 Financial derivatives...................................................................................................................................................... 135
2.14 Inventories ........................................................................................................................................................................ 136
2.15 Trade and other receivables ...................................................................................................................................... 136
2.16 Restricted cash deposits ............................................................................................................................................. 137
2.17 Cash and cash equivalents thereof ........................................................................................................................ 137
2.18 Share capital .................................................................................................................................................................... 137
2.19 Borrowings ....................................................................................................................................................................... 137
2.20 Current and deferred taxation ................................................................................................................................. 138
2.21 Employee benefits ......................................................................................................................................................... 138
2.22 Provisions .......................................................................................................................................................................... 140
2.23 Revenue recognition .................................................................................................................................................... 140
2.24 Service Concession Arrangements ......................................................................................................................... 143
2.25 Distribution of dividends ............................................................................................................................................ 144
2.26 Grants ................................................................................................................................................................................. 144
2.27 Recognition of other income .................................................................................................................................... 145
2.28 Trade and other payables .......................................................................................................................................... 145
2.29 Reclassifications and rounding of items .............................................................................................................. 145
2.30 Change in accounting policy .................................................................................................................................... 145
3 Financial risk management ........................................................................................................................ 147
3.1 Financial risk factors ..................................................................................................................................................... 147
3.2 Cash management ........................................................................................................................................................ 152
3.3 Fair value determination ............................................................................................................................................. 154
4 Critical accounting estimates and judgments of the management ..................................................... 157
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(105) / (227)
4.1 Significant accounting estimates and assumptions ........................................................................................ 157
4.2 Critical judgments by Management regarding application of accounting principles ...................... 159
5 Segment reporting ...................................................................................................................................... 160
6 Property, plant and equipment ................................................................................................................. 164
7 Intangible assets & concession rights ...................................................................................................... 167
8 Investments in property ............................................................................................................................. 170
9 Investments in subsidiaries ........................................................................................................................ 172
10 Investments in associates & joint ventures ............................................................................................. 175
11 Joint operations consolidated as a joint operation ................................................................................ 176
12 Financial assets at fair value through other comprehensive income ................................................... 177
13 Prepayments for long-term leases ............................................................................................................ 178
14 Guaranteed receipt from the Hellenic State (IFRIC 12) ......................................................................... 178
15 Derivative financial instruments ............................................................................................................... 179
16 Inventories ................................................................................................................................................... 179
17 Receivables ................................................................................................................................................... 180
18 Other financial assets at amortised cost .................................................................................................. 184
19 Restricted cash deposits ............................................................................................................................. 184
20 Cash and cash equivalents ......................................................................................................................... 185
21 Time Deposits over 3 months .................................................................................................................... 186
22 Share Capital & Premium Reserve ............................................................................................................ 187
23 Other reserves .............................................................................................................................................. 188
24 Loans and lease liabilities ........................................................................................................................... 190
25 Grants ............................................................................................................................................................ 192
26 Trade and other payables........................................................................................................................... 193
27 Deferred taxation ........................................................................................................................................ 194
28 Employee retirement compensation liabilities ....................................................................................... 197
29 Provisions ..................................................................................................................................................... 198
30 Expenses per category ................................................................................................................................ 200
31 Other income & other profit/(loss) .......................................................................................................... 201
32 Financial income/expenses ........................................................................................................................ 201
33 Employee benefits ....................................................................................................................................... 202
34 Income tax .................................................................................................................................................... 202
35 Profit / (loss) per share ............................................................................................................................... 204
36 Dividends per share .................................................................................................................................... 204
37 Commitments and receivables .................................................................................................................. 205
38 Contingent liabilities ................................................................................................................................... 205
39 Transactions with related parties .............................................................................................................. 206
40 Adjustments due to amendment of IAS 19 ............................................................................................. 207
41 Other notes .................................................................................................................................................. 209
42 Events after the reporting date ................................................................................................................. 211
43 Group holdings ............................................................................................................................................ 213
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(106) / (227)
Statement of Financial Position
GROUP
COMPANY
Note 31-Dec-21 31-Dec-20*
31-Dec-21 31-Dec-20*
ASSETS
Non-current assets
Property, plant and equipment 6 625,084 585,199
427,448 453,495
Intangible assets 7a 39,510 40,262
17,944 18,687
Concession right 7b 319,092 380,281
- -
Investments in property 8 147,015 146,858
3,200 3,200
Investments in subsidiaries 9 - -
625,926 392,182
Investments in associates & joint ventures 10 90,428 60,565
27,026 1,223
Other financial assets at amortised cost 18 - 6,195
- -
Financial assets at fair value through other
comprehensive income 12 55,893 58,133
- -
Deferred tax assets 27 14,230 14,090
- -
Prepayments for long-term leases 13 22,512 26,345
- -
Guaranteed receipt from the Hellenic State
(IFRIC 12) 14 191,458 217,929
- -
Restricted cash deposits 19 10,932 25,608
- -
Other non-current receivables 17 79,343 95,920
191,845 325,214
1,293,389 1,194,001
Current assets
Inventories 16 25,502 22,944
- -
Trade and other receivables 17 675,482 712,148
43,338 87,040
Other financial assets at amortised cost 18 6,157 15,414
- -
Financial assets at fair value through other
comprehensive income 12 734 634
- -
Prepayments for long-term leases 13 3,686 3,686
- -
Guaranteed receipt from the Hellenic State
(IFRIC 12) 14 74,682 49,675
- -
Time Deposits over 3 months 21 31,905 15,400
- -
Restricted cash deposits 19 63,517 48,864
18,296 23,316
Cash and cash equivalents 20 357,881 294,254
76,503 4,573
138,136 114,929
TOTAL ASSETS
1,431,525 1,308,930
EQUITY
Equity attributable to shareholders
Share capital 22 13,928 220,700
13,928 220,700
Share premium 22 607,407 493,442
607,407 493,442
Other reserves 23 352,735 328,710
65,697 65,549
Profit/(loss) carried forward
(688,133 ) (808,774 )
(336,567) (548,298)
350,465 231,392
Non-controlling interests
- -
Total equity
350,465 231,392
LIABILITIES
Non-current liabilities
Long-term borrowings 24 1,378,992 1,437,129
896,917 929,566
Long-term lease liabilities 24 58,804 13,120
5,473 7,028
Deferred tax liabilities 27 44,266 52,061
17,031 12,105
Employee retirement compensation liabilities 28 5,339 5,567
432 503
Grants 25 55,021 59,258
47,201 50,365
Derivative financial instruments 15 100,233 127,759
- -
Other long-term liabilities 26 59,501 13,293
39,052 1,300
Other non-current provisions 29 113,152 103,183
3,521 3,386
1,009,627 1,004,252
Current payables
Trade and other payables 26 515,823 521,496
24,016 25,482
Current tax liabilities (income tax)
- -
Borrowings 24 81,986 88,023
45,744 46,205
Short-term lease liabilities 24 3,764 5,489
1,673 1,598
Dividends payable
- -
Other short-term provisions 29 30,554 38,630
- -
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(107) / (227)
GROUP
COMPANY
Note
31-Dec-21 31-Dec-20*
31-Dec-21 31-Dec-20*
71,434 73,285
Total liabilities
1,081,061 1,077,537
TOTAL EQUITY AND LIABILITIES
1,431,525 1,308,930
*Adjusted amounts due to amendment of IAS 19 ‘Employee Benefits’ (Note 40). The retrospective
application of the revised standard in the balance sheet of 1 January 2020 is presented in Note 40.
The notes on pages 114 to 223 form an integral part of these financial statements.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(108) / (227)
Income Statement
GROUP
COMPANY
1-Jan to
1-Jan to
Note 31-Dec-21 31-Dec-20*
31-Dec-21 31-Dec-20*
Sales 5 915,482 892,293
101,402 89,681
Cost of sales 30 (817,347 ) (890,300 )
(47,101) (45,478)
Gross profit
54,301 44,204
Distribution costs 30 (5,216 ) (5,234 )
- -
Administrative expenses 30 (56,020 ) (71,678 )
(11,502) (17,704)
Other income 31 13,072 13,615
4,128 4,297
Other profit/(losses) - net 31 361 (14,997 )
(2,821) (131,834)
Share of
profit or loss from core activity
participating interests accounted for using
the equity method 10 3,594 94
- -
Operating profit/(loss)
44,106 (101,037)
Income from dividends 12 965 1,181
1,589 34,390
Share of profit or loss from non-core activity
participating interests accounted for using
the equity method 10 (4 ) (292 )
- -
Financial income 32 24,514 24,442
17,584 21,311
Finance (expenses) 32 (107,989 ) (98,732 )
(58,415) (58,596)
Profit/ (loss) before taxes
(28,588 ) (149,608 )
4,864 (103,932)
Income tax 34 (29,809 ) (22,312 )
(5,262) (3,938)
Net profit / (loss) for the financial year
(58,397 ) (171,920 )
(397) (107,870)
Profit/ (loss) for the period attributable
to:
Equity holders of the Parent Company 35 (77,732 ) (186,699 )
(397) (107,870)
Non-controlling interests
- -
(58,397 ) (171,920 )
(397) (107,870)
Restated basic earnings per share (in €) 35 (0.2898 ) (0.8713 )
(0.0015) (0.5034)
*Amounts adjusted due to amendment of IAS 19 ‘Employee Benefits’ (Note 40).
The notes on pages 114 to 223 form an integral part of these financial statements.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(109) / (227)
Statement of Comprehensive Income
GROUP
COMPANY
1-Jan to
1-Jan to
Note 31-Dec-21 31-Dec-20* 31-Dec-21 31-Dec-20*
Net profit / (loss) for the financial year
(58,397 ) (171,920 )
(397) (107,870)
Other comprehensive income
Items that may be subsequently reclassified to
profit or loss
Currency translation differences
(4,902 ) (3,025 )
- -
Cash flow hedge
- -
Changes in value of cash flow hedge
-
Transfer to
income statement
(834 ) -
- -
- -
Items that will not be reclassified to profit and
loss
Actuarial profit/(loss)
15 (18)
Change in the fair value of financial assets through
other comprehensive income
(1,153 ) 5,055
- -
Other
133 -
(700 ) 4,892
148 (18)
Other comprehensive income for the period
(net of taxes) 34 18,387 3,171
148 (18)
Total Comprehensive Income/(Loss) for the
year
(40,010 ) (168,749 )
(249) (107,888)
Total Comprehensive Income for the period
attributable to:
Equity holders of the Parent Company
(66,142 ) (183,399 )
(249) (107,888)
Non-controlling interests
- -
(40,010 ) (168,749 )
(249) (107,888)
*Amounts adjusted due to amendment of IAS 19 ‘Employee Benefits’ (Note 40).
The notes on pages 114 to 223 form an integral part of these financial statements.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(110) / (227)
Statement of Changes in Equity
GROUP
Attributed to Owners of the parent
Note
Share
capital
Share
premium
Other
reserves
Results
carried
forward
Total Non-
controlling
interests
Total
equity
1 January 2020*
Net profit/(loss) for the year
Other comprehensive income
-
-
Currency translation differences 23 - - (2,890 ) - (2,890 ) (135 ) (3,025 )
Change in the fair value of financial
assets through other
comprehensive income 23 - - 5,210 - 5,210 (155 ) 5,055
Changes in value of cash flow
hedge 23 - - 1,114 - 1,114 190 1,304
Actuarial profit/(loss) 23 - - (100 ) - (100 ) (28 ) (129 )
Other
Other comprehensive income for
the period (net of taxes)
Total Comprehensive
Income/(Loss) for the year
Transfer to reserves 23 - - 18,466 (18,466 ) - - -
Distribution of dividend
Effect of acquisitions and change in
participation share in subsidiaries
31 December 2020*
1 January 2021
Net profit/(loss) for the year
Other comprehensive income
Currency translation differences 23 - - (4,755 ) - (4,755 ) (147 ) (4,902 )
Change in the fair value of financial
assets through other
comprehensive income 23 - - (1,070 ) - (1,070 ) (83 ) (1,153 )
Changes in value of cash flow
hedge 23 - - 17,833 - 17,833 6,991 24,824
Cash flow hedge changes -
Transfer to profit or loss 23 - - (834 ) - (834 ) - (834 )
Actuarial profit 23 - - 284 - 284 37 321
Other
Other comprehensive income for
the period (net of taxes)
Total Comprehensive
Income/(Loss) for the year
Share capital issue 22 5,357 115,171 - - 120,528 - 120,528
Reduction of share capital with
offset of losses 22 (212,129 ) - - 212,129 - - -
Capital increase expenses 22 - (1,207 ) - - (1,207 ) - (1,207 )
Transfer from reserves 23 - - 12,433 (12,433 ) - - -
Distribution of dividend
Effect of acquisitions and change in
participation share in subsidiaries
Secondary loan (due to share
capital reduction) to minority
shareholders of ATTIKI ODOS
31 December 2021
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(111) / (227)
COMPANY
Not
e
Share
capital
Share
premium
Other
reserves
Results
carried
forward
Total
equity
1 January 2020*
220,700 493,442 65,567 (440,429) 339,280
Net profit/(loss) for the year
- - - (107,870) (107,870)
Other comprehensive income
Actuarial profit/(loss) 23 - - (18) - (18)
Other
comprehensive income for the period (net of
taxes)
- - (18) - (18)
Total Comprehensive Income/(Loss) for the year
- - (18) (107,870) (107,888)
31 December 2020*
220,700 493,442 65,549 (548,298) 231,392
1 January 2021
220,700 493,442 65,549 (548,298) 231,392
Net profit/(loss) for the year
- - - (397) (397)
Other comprehensive income
Actuarial profit/(loss) 23 - - 15 - 15
Other 23 - - 133 - 133
Other comprehensive income for the period (net of
taxes)
- - 148 - 148
Total Comprehensive Income/(Loss) for the year
- - 148 (397) (249)
Share capital issue 22 5,357 115,171 - - 120,528
Reduction of share capital with offset of losses 22 (212,129) - - 212,129 -
Capital increase expenses 22 - (1,207) - - (1,207)
31 December 2021
13,928 607,407 65,697 (336,567) 350,465
*Amounts adjusted due to amendment of IAS 19 ‘Employee Benefits’ (Note 40).
The notes on pages 114 to 223 form an integral part of these financial statements.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(112) / (227)
Statement of Cash Flows
Note
GROUP
COMPANY
1
-
Jan to
1
-
Jan to
1
-
Jan to
1
-
Jan to
31
-
Dec
-
21
31
-
Dec
-
20
*
31
-
Dec
-
21
31
-
Dec
-
20
*
Cash and cash equivalents at year start
20
4,573
15,367
Operating activities
Profit/(loss) before tax
(28,588 )
(149,608 )
4,864
(103,932)
Plus/less
adjustments for:
Depreciation and amortisation
5
24,714
22,992
Impairment/(Reversal of impairment)
6
,
7
,
31
(314 )
-
101,997
Provisions
84
(68)
Guaranteed receipt adjustment (based on cash flows)
14
(1,010 )
(2,954 )
-
-
Option Benefit Plan
133
-
Results (income, expenses, profit and loss) from
investing activities
(26,538 )
(23,326 )
(19,194)
(55,693)
Share (in profit) from main activity participating interests
accounted for by the equity method (3,594 ) (94 ) - -
Debit interest and related expenses
32
58,280
58,641
Plus/minus adjustments for changes in working capital
accounts or related to operating activities:
Decrease/(increase) in
inventories
(2,603 )
-
-
Decrease/(increase) in receivables
16,115
2,611
(Decrease)/increase in liabilities (except borrowings)
(77,855 )
14,498
10,780
Decrease/(increase) in restricted cash
(11,505 )
-
-
Less:
Debit interest and related expenses paid
(91,738 )
(88,111 )
(54,596)
(50,904)
Taxes paid
(30,568 )
(20,002 )
-
(11)
Total inflows/(outflows) from operating activities (a)
(23,770 )
44,899
(13,588)
Investing activities
Acquisition of subsidiaries, associates, joint ventures
(5,111 )
(121 )
(104,159)
(16,400)
Sale of subsidiaries, associates, joint ventures
-
167
Expiry of other financial assets
12
,
18
-
-
Advances for investments of RES companies
17
(8,100 )
-
(8,100)
Liquidations/(Placements) of time deposits over 3
months
(16,505 )
-
-
Advance payment for concession of
Alimou Marina
(27,337 )
-
-
Purchase of tangible and intangible assets and
investment properties
(16,193 )
(24,435 )
(1,003)
(12,914)
Proceeds from sale of tangible, intangible assets and
investment properties
45
4
Interest received
10,742
14,743
Loans to related parties
(70 )
(17,800)
(88,320)
Proceeds from loans repaid to related parties
52,000
26,470
Dividends received
1,589
34,390
Total
inflows/(outflows) from investing activities (b)
(4,945 )
(58,586)
(49,959)
Fin
ancing activities
Share capital increases
120,528
-
Expenses for share capital increase
(1,547 )
(23 )
(1,547)
-
Proceeds from borrowings
-
9,384
Loan repayment
(125,449 )
(150,424 )
(36,535)
(17,182)
Settlement of secondary loan (due to share capital
reduction) to minority shareholders of ATTIKI ODOS
(28,345 )
-
-
Proceeds from issued/utilised loans from related parties
-
72,300
Settlement of lease liabilities
(amortisation)
6
(4,956 )
(7,225 )
(1,849)
(2,075)
Dividends paid & tax on dividends paid
(25,835 )
(45,196 )
-
-
Grants received
25
-
4,055
(Increase)/decrease in restricted cash
(3,730 )
5,020
(13,728)
Total
inflows/(outflows) from financing activities (c)
85,617
52,754
Net
increase/(decrease) in cash and
cash equivalents of the period (a) + (b) + (c)
(337 )
71,929
(10,793)
Exchange differences in cash and cash equivalents
(1,090 )
(3,648 )
-
-
Cash and cash equivalents at year end
20
76,503
4,573
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(113) / (227)
*Amounts adjusted due to amendment of IAS 19 ‘Employee Benefits’ (Note 40).
The notes on pages 114 to 223 form an integral part of these financial statements.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(114) / (227)
Notes to the financial statements
1 General information
43. The Group operates mainly in Greece, Romania, Qatar and Cyprus , but also has a presence in other
countries such as Jordan, Albania, Germany, Italy, Croatia, Serbia, the Czech Republic, the United Kingdom,
Argentina, Brazil, Colombia, Chile and Australia.
offices at 25, Ermou Street, 145 64, Kifissia, Attica .
The Company’s shares are traded on the Athens Stock Exchange.
These annual consolidated and company financial statements (hereinafter referred to as ‘the financial
statements’) of 31.12.2021 were approved by the Board of Directors on 11 April 2022 and are subject to
approval by the General Meeting of Shareholders.They are available on the Company's website
www.ellaktor.com, under ‘Financial Data’, subsection ‘Financial Statements/Group’.
The financial statements of the consolidated companies are available online at www.ellaktor.com, under
‘Financial Data’, subsection ‘Financial Statements/Subsidiaries’.
2 Summary of significant accounting policies
2.1 Basis of preparation of the financial statements
The basic accounting principles applied in the preparation of these financial statements are set out below.
These principles have been consistently applied to all years presented, unless otherwise stated.
These consolidated and company financial statements have been prepared in accordance with the
International Financial Reporting Standards (IFRS) and the Interpretations of the International Financial
Reporting Interpretations Committee (IFRIC), as endorsed by the European Union. The financial
statements have been prepared under the historical cost convention, except for certain financial assets
and liabilities (including derivatives), which have been valued at fair value.
The preparation of the financial statements under IFRS requires the use of accounting estimates and
assumptions by the Management in implementing the accounting policies adopted. The areas involving
extensive judgment or complexity, or where assumptions and estimates have a significant impact on the
financial statements, are mentioned in Note 4.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(115) / (227)
2.1.1.Going Concern
The financial statements as of 31.12.2021 were prepared in accordance with International Financial
Reporting Standards and provide a reasonable representation of the financial position, profit and loss,
and cash flows of the Group, in accordance with the going concern principle.
The management continues to monitor the situation and its potential impact on the Group’s operations
in order to ensure that the going concern principle continues to apply. This is achieved by drawing
information from the individual segments of business activity concerning estimated operating
performance and future cash flows, taking into account the effects of price rises and the potential impact
of COVID-19 on the course of operations of the Group. On the basis of such information, the Management
has developed action plans for the optimal management of available liquidity and future cash flows, in
order to seamlessly settle the liabilities of the Group. In addition, Management has taken action and has
resumed discussions in order to obtain new financing for construction projects and renewable energy
sources, as well as further exploitation of the Group's assets.
The Group, in order to deal with the challenges of the construction segment and the impact of the
accumulated losses to the liquidity of the segment and the Group, took the following actions:
a share capital increase which was completed in the third quarter of 2021 of an amount of €120.5
million, of which €98.6 million have already been deposited as a share capital increase for the
subsidiary company AKTOR, in order to cover its financial needs;
interim short-term support for AKTOR's financing needs with the issuance of a €50 million bond
loan (‘bridge financing’), in the first half of the year, which was repaid in full from the funds raised
by AKTOR via the aforementioned share capital increase;
measures for more intensive and more effective cash management, while it continued to
strengthen the segment in terms of cash through intragroup borrowing;
operational and organisational transformation of the construction segment, with the aim of
reducing personnel costs and the cost of sales, as well as to dispose of non-operational assets
(shareholdings and real estate);
a significant reduction in the construction segment’s activities abroad, through completion of
projects already undertaken or withdrawal from loss-making activities with payment of the
respective penalties, in order to focus on more profitable projects and selected markets;
redetermination of the completion schedule for existing projects on a case-by-case basis, in order
to reduce the impact of price increases in materials and energy that have been observed recently
on the construction segment.
It should be noted that, in recent years, exposure of the parent company and other segments to potential
risks and uncertainties of the construction segment has been significantly reduced by limiting the
undertaking of guarantees and other liabilities related to activities in this segment (Note 38c). Therefore,
the risk of the Group undertaking significant liabilities of the construction segment that could potentially
affect the smooth operation of the Group is considered by the Management to be limited.
Lastly, the Group has either signed or been declared successful bidder in important infrastructure projects
financed by European and national sources, which are expected to further enhance the liquidity and cash
position of construction sector activity. The recent substantial increases in the price of energy and
materials poses a significant challenge for all companies in the industry, but the need to absorb the
aforementioned financial resources, which is also of importance to the growth of the Greek economy, is
deemed to be an imperative. The Management of the Group expects that the necessary measures will be
taken shortly to resolve the abovementioned issue.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(116) / (227)
In view of the foregoing, Management estimates that it has ensured the going concern principle of the
Group. Thus, the financial statements have been prepared in accordance with the going concern
accounting basis.
Impact of COVID-19
Despite being characterised by the COVID-19 pandemic gradually being brought control and the lock-
down measures imposed by individual governments being reduced, 2021 did not lead to a return to
normality. Even today, two years after the outbreak of the pandemic, any estimates of how long it will last
are subject to a high degree of uncertainty as the phenomenon is still ongoing, with several new mutations
of the disease having emerged. If the pandemic continues for a long time, or if further restrictive measures
are imposed to contain its spread (despite the progress in the vaccination programme local lockdowns
may continue if deemed necessary due to possible outbreaks), this may have significant consequences
for key sectors of the Greek economy.
The Group's primary concern is to protect the health of workers, to limit the spread of the virus and
minimise the inevitable impact on the financial performance of the Group.
The extent and the magnitude of the impact, which at present cannot be predicted and/or quantified with
the desired accuracy and certainty as the phenomenon is still continuing, will be determined primarily by
the duration and extent of the pandemic and the measures taken by states to limit its spread, as well as
the initiatives and support measures taken by governments to strengthen the economies which have been
affected.
The Construction sector showed some delays in executing existing projects, and the timetable for bringing
new projects up to date has also been affected negatively. At the same time, there have been delays in
the collection or final settlement of claims raised in accordance with contractual terms and applicable
legislation, and there have been instances where the timely issue and settlement of certifications for
executed works was negatively affected. It should be noted that delays in the implementation timetable
for projects are not expected to have significant impact on budgeted results, while balances from invoiced
claims for already performed works are not expected to be affected or delayed significantly, especially in
respect of public works where invoicing depends on approved funds for payment. Finally, especially in
Greece, the government’s determination to increase public investments promptly in response to actual
needs, which will also boost the economy, is expected to create significant new opportunities for the
construction sector.
In the Concessions sector, the gradual lifting of measures to restrict movement contributed to increased
traffic on the Attiki Odos (+16.83% in January - December 2021 compared to the same period in 2020)
and traffic volumes on the other highways improved compared to 2020. Traffic volume for the entirety of
2021 remains lower than the corresponding pre-Covid 19 period, although after July traffic volumes
stabilised or increased slightly. Given available cash and cash equivalents and reserve account funds which
support the contractual obligations of Concession projects, it is estimated that neither the smooth
completion of activities nor the fulfillment of loan obligations will be impacted. With regard to the
concession rights included in the Group's intangible assets, the Management considers that their value
has not been affected at this stage. It is noted that the concession companies are taking all appropriate
measures to limit the consequences, prioritising the health of workers and motorway users, and they are
considering measures to manage these impacts, as well as the compensation bases either under the
Concessions Agreements or the Works Insurance Contracts.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(117) / (227)
As far as the RES sector is concerned, the operation of wind farms has not currently been affected by
COVID-19. There are risks, however, both from the possibility of delays in accrued payments (RESGOO,
Hellenic Energy Exchange) to electricity producers (which however have not been observed thus far), and
from delays in the supply chain. These delays could affect either the construction programme for the RES
projects under way (beyond the 493 MW that the RES industry has already completed) or operating
projects if spare parts are required and they are not delivered promptly. Delays could also take place in
the development programme for new projects due to a possible slow down in the competent services’
response rate to requests for approvals, permits and other situations where their approval is sought, due
to exceptional arrangements such as teleworking. The degree of impact is uncertain and will depend,
firstly, on the duration of the aforementioned measures and what form they take, and secondly, on the
extent to which the supply chain of international industrial groups supplying RES equipment (wind
turbines and other electrical and mechanical equipment for power generation/distribution) would be
affected.
The impact of the pandemic on the Environment sector for 2021 was limited. In any case, HELECTOR , its
subsidiaries and the joint ventures it controls, having regard to the specific nature of their activities in
relation to public health, have taken all necessary measures in a timely and appropriate manner to protect
workers and limit the spread of the virus. At the same time, every possible effort to limit any operational
and other impact of this crisis is being made and this impact is being constantly assessed and addressed
in conjunction with the support measures introduced by the respective governments in the countries
where Environment Sector operations are taking place.
As far as the Real Estate Development sector is concerned, the threat COVID-19 poses to public health
has affected and continues to affect the conditions and status quo prevailing in the market. Due to
measures to limit the spread of the pandemic, the government extended measures pertaining to rent
reductions in sectors affected by the pandemic until June 2021, resulting in reduced rental income.
Following legislative initiatives, legal persons and entities could also be reimbursed for 60% of total
monthly rent. Accordingly, by making use of this measure, the total amount of the claim for compensation
from the Greek State by REDS SA amounted to €1.65 million, of which €0.85 million has already been
reimbursed.
Impact of the energy crisis
The recent energy crisis, the depth and breadth of which is evolving to be greater than initially estimated
especially after the military operations in Ukraine, contributes to a further climate of uncertainty
regarding the impact of the inflationary pressures which have already been exerted on consumption,
investment and, consequently, economic development. The energy crisis, which was initially attributed
to increased demand due to the recovery from the Covid-19 pandemic and to EU policy to mitigate the
effects of the climate crisis (regulatory interventions on distributed CO
2
allowances), subsequently
worsened due to geostrategic reasons (Nord Stream 2) and has become unpredictably significant due to
recent military operations in Ukraine. As a result, energy markets (particularly in Europe) have been
affected, and the there have been rapid increases in the price of the raw material for energy (natural gas)
which are reflected in electricity prices. This, in turn, fuels inflation in production costs and the costs of
transporting goods.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(118) / (227)
Therefore, it is necessary to reorient the organisation of the productive model. The policy of the European
Union is clearly oriented towards the greatest possible independence from fossil fuels, a fact that favours
the development of renewable energy sources. Natural gas has been chosen as a transitional fuel until
complete independence from fossil fuels and carbon-based energy sources in general can be achieved.
RES has become particularly competitive due to the increase in gas prices and to the increasing maturity
of RES technologies as RES are domestic and cheap and have predicable costs. This is expected to be
confirmed over time to the extent that European policy remains unchanged in terms of its long-term
objectives.
The restructuring of the European Union economies’ production model, including that of the Greek
economy, to ensure that cheaper and greener energy is produced must be considered as a move which
will be both stable and strengthened in the long term. In this context, our country has adopted policies
to support production from renewable energy sources and new technologies in general, aiming to
increase competitiveness and exports so it can become as energy-autonomous and competitive as
possible at an international level.
Any estimates of the impact of the energy crisis on global and Greek economies and, by extension, on
the Group's financial results, are also subject to a high degree of uncertainty.
Looking at the data available so far, the energy crisis dues not appear to have had a significant impact
on the Group's activities (other than Construction) up to the year end. However, due to the specificity of
the sector, construction activity is expected to be more deeply affected by the energy crisis and the
resulting price increases. This is an issue that affects the domestic construction industry as a whole and
for which appropriate legislative interventions introducing a price escalation mechanism that may have
retroactive effect are awaited. However, the Company is continually and carefully monitoring and
evaluating events as they develop.
2.1.2. Macroeconomic conditions in Greece
The Eurozone economy grew by 5.2% in 2021, after a 6.4% recession in 2020. At the same time, inflation
approached 5% towards the end of 2021, due to extremely high natural gas prices. Growth in 2022 is
expected to slow to 4.1%.
During 2021, the Greek economy entered a path of strong economic recovery, after the deep recession
of 9.0% in 2020. Actual GDP in 2021 saw an increase of 8.3% over the year. Strong annual growth, further
increases in investments, and significantly increased in exports, have all made a positive contribution to
the strong recovery seen in the year in question. According to the European Commission’s Winter
Economic Forecast (10 February 2022), real GDP is expected to recover at a rate of 4.9% in 2022. The
improvement of the economic climate, good progress in industry, commercial trade and construction
activity, and improvement in the labour market conditions, despite strong inflationary pressures, appear
to be supporting the growth of the Greek economy. Inflation reached 1.2% in 2021. Consumer price
inflation accelerated in the second half of 2021 after several months of decline, primarily reflecting rising
energy and food costs. In the first two months of 2022, inflation stood at 6.7%. Rising inflation is expected
to be sustained due to continuing supply chain disruptions and high energy prices continuing in 2022.
The crisis in Ukraine creates additional risks and uncertainty, resulting in the potential for inflationary
pressures to continue for longer than initially expected.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(119) / (227)
According to the public investment budget for 2022, taking into account the budgetary expenditure of
the Recovery and Resilience Fund, a total of €11 billion, representing 5.9% of the country’s GDP, are to be
made available, which break down into €6.5 billion for projects to be co-financed by European Union
funds, €1.3 billion for projects to be financed exclusively from national resources, and €3.2 billion for
Recovery and Resilience Fund projects and reforms. Development policies are being promoted via
reinforcement of action initiatives for the rapid implementation of projects under the 2014-2020
programmes, in order to avoid the risk of funds being decommitted, the launch of the first actions for the
new programming period 2021-2027, as well as the activation of the Recovery Fund projects, with
simultaneous achievement of the relevant milestones. In addition, the National Recovery and Resilience
Plan ‘Greece 2.0’ (NRRP) seeks to change the economic and institutional model of the country. In this
context, the Plan includes a number of ambitious reforms and investments aimed at shifting towards a
more export-oriented, competitive and green economic model, a more efficient, less bureaucratic,
digitally-enhanced state, a drastically-reduced shadow economy, a growth-friendly tax system, and a
more resilient social safety net. In the period 2021-2026, €30.5 billion is expected to be disbursed under
the Recovery and Resilience Plan (RRP), of which €17.8 billion will be in the form of grants, and €12.7
billion will be made available in loans. ‘Greece 2.0’ seeks to bring the total amount of investment resources
mobilised from the private sector to close to €59 billion, twice the amount of the Recovery and Resilience
Fund (RRF). ‘Greece 2.0’ consists of four main pillars, with corresponding amounts made available on the
grant side plus mobilisation of additional resources: 1) Green Transition: with a budget of €6.17 billion
(and foreseen mobilisation of funds amounting to €11.58 billion);2) Digital Transition: with a budget of
€2.2 billion (and foreseen mobilisation of funds amounting to €2.36 billion);3) Employment, skills and
social cohesion (health, education, social protection): with a budget of €5.18 billion (and foreseen
mobilisation of funds amounting to €5.27 billion);4) Private investment, economic and institutional
transformation: with a budget of €4.84 billion (and foreseen mobilisation of funds amounting to €8.78
billion). On 28 February 2022, the European Commission announced its positive preliminary assessment
of the first payment request submitted by Greece on 29 December 2021, after reaching all the relevant
milestones and targets, for an amount of €3.6 billion, of which €1.7 billion is to be made available in grants
and the remaining €1.9 billion will be in loans, under the Recovery and Resilience Mechanism (RRM).
Greece has already received a total of €3.96 billion in pre-financing since the beginning of August (€2.31
billion for grants and €1.65 billion for loans). In addition, as of the beginning of January 2022, 103 projects
have been approved under the Recovery Fund, with a total budget of over €6 billion.
The outlook for the Greek economy is particularly positive, given that in the coming years it will benefit
from the use of European financial resources, the implementation of reforms under the National Recovery
and Resilience Plan, the revision of fiscal rules under the Stability and Growth Pact, favourable liquidity
conditions, as well as the recovery of the European economy. According to the European Commission’s
latest simulations, GDP is expected to grow by 2.1-3.3% until 2026, as a result of the combined effect of
RRF grants and loans. It is emphasised that simulations in the European Commission’s Enhanced
Surveillance Report (September 2021) do not include the potential positive impact of the structural
reforms envisaged in the plan. Future development will also be supported by the new European Union
funding cycle.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(120) / (227)
Risk factors that may affect the positive outlook for the Greek economy outlined above mainly relate to
the continuation or further deterioration of the coronavirus pandemic, continued inflationary pressures,
disruption of supply chain stability, as well as wider geopolitical developments. In particular, the Russia-
Ukraine crisis creates additional risks and uncertainty, affecting, inter alia, energy prices as well as the
prices of agricultural products, resulting in the possible continuation of inflationary pressures with higher
intensity and a longer time horizon than initially foreseen. This may have consequences for both
consumption and international trade.
The Management keeps the situation and its possible consequences on the Group under constant review,
in order to ensure that all feasible and necessary measures and actions are promptly taken to minimise
any negative effects, as well as to capitalise on positive developments.
2.2 New standards, amendments to standards and interpretations:
Certain new standards, amendments to standards and interpretations have been issued that are
mandatory for periods beginning on or after 1 January 2021. The Group’s evaluation of the effect of these
new standards, amendments to standards and interpretations is as follows:
Standards and Interpretations effective for the current financial year
IFRS 16 (Amendment) ‘Covid-19-Related Rent Concessions’
The amendment provides lessees (but not lessors) with relief in the form of an optional exemption from
assessing whether a rent concession related to COVID-19 is a lease modification. Lessees can elect to
account for rent concessions in the same way as they would for changes which are not considered lease
modifications.
IFRS 4 (Amendment) ‘Extension of the Temporary Exemption from Applying IFRS 9’
The amendment changes the fixed expiry date for the temporary exemption in IFRS 4 ‘Insurance Contracts’
from applying IFRS 9 ‘Financial Instruments’, so that entities would be required to apply IFRS 9 for annual
periods beginning on or after 1 January 2023.
IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 (Amendments) ‘Interest rate benchmark reform – Phase
2’
The amendments complement those issued in 2019 and focus on the effects on financial statements when
a company replaces the old interest rate benchmark with an alternative benchmark rate as a result of the
reform. More specifically, the amendments relate to how a company will account for changes in the
contractual cash flows of financial instruments, how it will account for the change in its hedging
relationships and the information it should disclose.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(121) / (227)
Standards and Interpretations effective for subsequent periods
IFRS 16 (Amendment) ‘Covid-19-Related Rent Concessions’ (effective for annual periods beginning
on or after 1 April 2021)
The amendment extends the application period of the practical expedient in relation to rent concessions
by one year to cover rental concessions that reduce leases due only on or before 30 June 2022.
IFRS 17 ‘Insurance contracts’ and Amendments to IFRS 17 (effective for annual periods beginning on
or after 1 January 2023)
IFRS 17 has been issued in May 2017 and, along with the Amendments to IFRS 17 issued in June 2020,
supersedes IFRS 4. IFRS 17 establishes principles for the recognition, measurement, presentation and
disclosure of insurance contracts within the scope of the Standard and its objective is to ensure that an
entity provides relevant information that faithfully represents those contracts. The new standard solves
the comparison problems created by IFRS 4 by requiring all insurance contracts to be accounted for in a
consistent manner. Insurance obligations will be accounted for using current values instead of historical
cost.
IAS 16 (Amendment) ‘Property, Plant and Equipment – Proceeds before Intended Use’ (effective for
annual periods beginning on or after 1 January 2022)
The amendment prohibits an entity from deducting from the cost of an item of PP&E any proceeds
received from selling items produced while the entity is preparing the asset for its intended use. It also
requires entities to separately disclose the amounts of proceeds and costs relating to such items produced
that are not an output of the entity’s ordinary activities.
IAS 37 (Amendment) ‘Onerous Contracts – Cost of Fulfilling a Contract’ (effective for annual periods
beginning on or after 1 January 2022)
The amendment clarifies that ‘costs to fulfil a contract’ comprise the incremental costs of fulfilling that
contract and an allocation of other costs that relate directly to fulfilling contracts. The amendment also
clarifies that, before a separate provision for an onerous contract is established, an entity recognises any
impairment loss that has occurred on assets used in fulfilling the contract, rather than on assets dedicated
to that contract.
IFRS 3 (Amendment) ‘Reference to the Conceptual Framework’ (effective for annual periods
beginning on or after 1 January 2022)
The amendment updated the standard to refer to the 2018 Conceptual Framework for Financial Reporting,
in order to determine what constitutes an asset or a liability in a business combination. In addition, an
exception was added for some types of liabilities and contingent liabilities acquired in a business
combination. Finally, it is clarified that the acquirer should not recognise contingent assets, as defined in
IAS 37, at the acquisition date.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(122) / (227)
IAS 1 (Amendment) ‘Classification of liabilities as current or non-current’ (effective for annual
periods beginning on or after 1 January 2023)
The amendment clarifies that liabilities are classified as either current or non-current depending on the
rights that exist at the end of the reporting period. Classification is unaffected by the expectations of the
entity or events after the reporting date. The amendment also clarifies what IAS 1 means when it refers to
the ‘settlement’ of a liability. The amendment has not yet been endorsed by the EU.
IAS 1 (Amendments) ‘Presentation of Financial Statements’ and IFRS Practice Statement 2
‘Disclosure of Accounting policies’ (effective for annual periods beginning on or after 1 January 2023)
The amendments require companies to disclose their material accounting policy information and provide
guidance on how to apply the concept of materiality to accounting policy disclosures. The amendments
have not yet been endorsed by the EU.
IAS 8 (Amendments) ‘Accounting policies, Changes in Accounting Estimates and Errors: Definition
of Accounting Estimates’ (effective for annual periods beginning on or after 1 January 2023)
The amendments clarify how companies should distinguish changes in accounting policies from changes
in accounting estimates. The amendments have not yet been endorsed by the EU.
IΑS 12 (Amendments) ‘Deferred tax related to Assets and Liabilities arising from a Single
Transaction’ (effective for annual periods beginning on or after 1 January 2023)
The amendments require companies to recognise deferred tax on transactions that, on initial recognition,
give rise to equal amounts of taxable and deductible temporary differences. This will typically apply to
transactions such as leases for the lessee and decommissioning obligations. The amendments have not
yet been endorsed by the EU.
IFRS 17 (Amendment) ‘Initial Application of IFRS 17 and IFRS 9 – Comparative Information’
(effective for annual periods beginning on or after 1 January 2023)
The amendment is a transition option relating to comparative information about financial assets
presented on initial application of IFRS 17. The amendment is aimed at helping entities to avoid temporary
accounting mismatches between financial assets and insurance contract liabilities, and therefore improve
the usefulness of comparative information for users of financial statements. The amendment has not yet
been endorsed by the EU.
Annual Improvements to IFRS Standards 2018–2020 (effective for annual periods beginning on or after
1 January 2022)
IFRS 9 ‘Financial instruments’
The amendment addresses which fees should be included in the 10% test for derecognition of financial
liabilities. Costs or fees could be paid to either third parties or the lender. Under the amendment, costs
or fees paid to third parties will not be included in the 10% test.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(123) / (227)
IFRS 16 ‘Leases’
The amendment removed the illustration of payments from the lessor relating to leasehold
improvements in Illustrative Example 13 of the standard in order to remove any potential confusion
about the treatment of lease incentives.
IAS 41 ‘Agriculture’
The amendment has removed the requirement for entities to exclude cash flows for taxation when
measuring fair value under IAS 41.
2.3 Consolidation
(a) Subsidiaries
Subsidiaries are economic entities over which the Group exercises control of their operation. The Group
controls a company when it is exposed to or has rights in variable performances of the company, due to
its holding in this company, and has the ability to affect these performances through its power in this
company. The existence and effect of voting rights that can be exercised or converted are also taken into
account to document that the Group is in control of the economic entity. There may also be control in
cases where the holding in the share capital with voting rights is less than 50%, but the Group is able to
exercise control over the financial and business policies on a de facto basis. There is de facto control where
the number of voting rights held by the Group, in relation to the number and allocation of the rights held
by other shareholders, enable the Group to exercise control over the financial and business policies.
Subsidiaries are fully consolidated from the date when control over them is acquired and cease to be
consolidated from the date when control no longer exists.
Business combinations are accounted for using the acquisition method. Acquisition cost is calculated as
the fair value of the assets assigned, of obligations undertaken or in place, and of the equity instruments
issued as of the date of transaction. The acquisition cost includes the fair value of the assets or liabilities
arising from contingent consideration arrangements. The individual assets, liabilities and contingent
liabilities that are acquired during a business combination are valued initially at their fair values at the
acquisition date. The Group recognises a controlling interest in the subsidiary, if any, either at fair value
or at the value of the share of the non-controlling interest in the net equity of the acquired company. The
Group recognises non-controlling interests in proportion to the subsidiary’s equity. The acquisition costs
are posted in profit and loss as incurred.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(124) / (227)
In a merger undertaken in stages, the acquirer will remeasure its previously held equity interest in the
acquiree at fair value on the acquisition date and will recognise any profit or loss in the results.
Any contingent consideration to be paid by the Group is recognized initially at fair value at the acquisition
date. Any changes in fair value of contingent consideration that qualify for classification as an asset or
liability are recognized in accordance with IAS 39 either in profit or loss or as effect on other
comprehensive income. A contingent consideration recognized as equity is not revalued and its
subsequent settlement is accounted for within equity.
When the sum of (a) the cost of acquisition, (b) the amount recognised as non-controlling interests and
(c) the fair value at the acquisition date of the Group's share, if the combination is achieved in stages, is
greater than the net assets acquired, the excess is recognised as goodwill. If the above sum is less than
the fair value of the net assets acquired, the difference is recognised directly in profit or loss.
Inter-company transactions, balances and unrealised gains on transactions between group companies are
eliminated. Unrealised losses are also eliminated, except if the transaction provides an indication of
impairment of the transferred asset. The accounting principles of the subsidiaries have been amended so
as to be in conformity with the ones adopted by the Group. In the parent company’s Statement of
Financial Position, subsidiaries are valued at cost less impairment.
(b) Changes to holdings in subsidiaries without loss of control
Any transactions with minority shareholders having no effect on the control exercised by the Group over
the subsidiary are measured and recorded as equity transactions, i.e. they are handled in the same way as
that followed for transactions with key Group shareholders. The difference between the price paid and
the relevant share acquired in the carrying value of the subsidiary’s equity is deducted from equity. Any
profit or loss arising from the sale to majority shareholders is also posted under equity.
(c) Sale of / loss of control over subsidiary
As soon as the Group ceases to exercise control on a subsidiary, the remaining percentage is measured
at fair value, and any differences are posted in results. Subsequently, this asset is classified as an associate
or financial asset, its acquisition value being that fair value. In addition, any amounts previously recorded
under Other Comprehensive Income will be accounted for as in the case of sale of a subsidiary, and
therefore they may be accounted for in profit or loss.
(d) Associates
Associates are economic entities on which the Group can exercise significant influence but not “control”,
which is generally the case when the Group holds a percentage between 20% and 50% of a company’s
voting rights. Investments in associates are accounted for using the equity method. In accordance with
the equity method, an investment in an associate is recognised initially at acquisition cost, and the carrying
value increases or decreases in order for the investor's share to be recognised in the associate’s profit or
loss following the date of acquisition. The investments in associates account also includes the goodwill
resulting on acquisition (reduced by any impairment losses).
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(125) / (227)
Participations in associates and joint ventures (see ‘joint agreements’) consist of investments in core and
non-core activities. Holdings in associates and participation in consortia engaged in core activities are
investments which are deemed to be part of the core functions and strategy of the Group.
In case of sale of a holding in an associate on which the Group continues, however, to exercise significant
influence, only the portion of amounts previously posted directly in Other Comprehensive Income will be
posted in results.
Following the acquisition, the Group’s share in the gains or losses of associates is recognized in the income
statement, while the share of changes in other comprehensive income following the acquisition is
recognized in other comprehensive income. The cumulative changes after the acquisition affect the book
value of investments in associates, with a respective adjustment to the current value of the investment.
When the Group’s share in the losses of an associate is equal or larger than the carrying amount of the
investment, the Group does not recognize any further losses, unless it has guaranteed for liabilities or
made payments on behalf of the associate.
The Group assesses at each balance sheet date whether there is evidence of impairment of investments
in associates. If any investment must be impaired, the Group calculates the amount of impairment as the
difference between the recoverable amount of the investment and its book value.
Unrealised profits from transactions between the Group and its associates are eliminated, according to
the Group’s percentage ownership in the associates. Unrealised losses are eliminated, except if the
transaction provides indications of impairment of the transferred asset. The accounting principles of
affiliates have been adjusted in order to be in conformity to the ones adopted by the Group. In the parent
company’s balance sheet, associates are valued at cost less impairment.
(e) Joint Arrangements
According to IFRS 11, the types of joint arrangements are reduced to two: joint operations and joint
ventures. The classification depends on the rights and obligations of the parties with regard to the
agreement and takes into account the structure and legal form of the agreement, the terms agreed upon
by the parties and, where appropriate, other facts and circumstances.
Joint operations are joint arrangements where the parties (participants), which are jointly in control, have
rights on the assets and are responsible as regards the entity’s obligations. The participants shall account
for the assets and liabilities (as well as the revenues and expenses) relating to their interest in the joint
operation.
Joint ventures are joint arrangements where the parties (venturers), which have joint control on the
agreements, have rights to the net assets of the arrangement. These undertakings are accounted for under
the equity method (proportional consolidation is no longer allowed).
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(126) / (227)
Under IAS 31, the Group accounted for the joint agreements in which it participated by using the
proportionate consolidation method. Exceptions were those which were inactive on the date of first IFRS
adoption, or were not important, which were consolidated using the equity method. These agreements,
following the implementation of IFRS 11, will continue to be consolidated by the Group under the equity
method until their final clearance.
The key joint arrangements where the Group participates pertain to the execution of construction
contracts through jointly controlled vehicles. These joint arrangements are classified as joint operations
because their legal form offers the parties immediate rights to assets, and makes them liable for the
liabilities. In accordance with IFRS 11, the Group accounts for assets, liabilities, revenue and expenses
based on its share in joint operations. Note 42c details the Group's shares in the joint ventures in which it
participates.
The Group has classified the companies presented in note 42b as joint ventures (together with affiliate
companies) in which the participating parties have rights to the net assets of the companies, and are
therefore consolidated using the equity method, in accordance with IAS 28.
Joint contracts are not included in the parent company’s Statement of Financial Position.
2.4 Segment reporting
Reports by segment are prepared in line with the internal financial reports provided to the members of
the Board of Directors, who are mainly responsible for decision-making. The Board of Director has the
responsibility undertake to establish a strategy, allocate resources and evaluate the performance of each
business segment.
2.5 Foreign exchange conversions
(a) Functional and presentation currency
The items in the financial statements of the Group’s companies are measured in the currency of the
primary economic environment in which the Group operates (“functional currency”). Consolidated
financial statements are presented in euros (EUR), which is the presentation currency of the Group.
(b) Transactions and balances in foreign currencies
Foreign currency transactions are translated into the functional currency using the exchange rates
prevailing at the dates of the transactions. Profits and losses from currency translation differences that
arise from the settlement of such transactions during the financial year and from the translation of
monetary items into foreign exchange at current rates applicable on the balance sheet date are recorded
in profit and loss, except where they are transferred directly to other comprehensive income due to being
related to cash flow hedges and net investment hedges.
Currency translation differences on non-monetary items, such as investments in equity securities valued
at fair value through other comprehensive income, are recognized in the statement of other
comprehensive income.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(127) / (227)
(c) Group Companies
The results and financial position of all group entities (none of which has the currency of a
hyperinflationary economy) that have a functional currency different from the presentation currency are
translated into the presentation currency as follows:
i) The assets and liabilities are converted using the rates in effect at the balance sheet date;
ii) The income and expenses are converted using the average rates of the period (except if the
average rate is not the reasonable approach of the accumulated impact of the rates in effect
at the dates of the transactions, in which case income and expenses are converted using the
rates in effect at the dates of the transactions), and
iii) Any differences arising from this process are posted under other comprehensive income and
are transferred to the income statement upon disposal of these companies.
Currency translation differences arising from the conversion of the net investment in a foreign company,
as well as of the borrowing characterized as hedging of this investment are posted under Other
Comprehensive Income. Upon disposal of a foreign company in part or in whole, accumulated exchange
differences are transferred to the income statement of the period as profit or loss resulting from the sale.
Gains and changes to fair value from the acquisition of foreign companies are deemed to be assets and
liabilities of the foreign company and are measured at the currency rate applicable on the balance sheet
date. The resulting foreign exchange differences are recorded in Other comprehensive income.
2.6 Investments in property
Properties held under long-term leases, or capital gains, or both, and that are not used by companies in
the Group are classified as investments in property. Investment property includes privately owned plots
and buildings, as well as properties under construction which are erected or developed with a view to
being used as investment property in the future.
Investment property is recognised initially at cost, including the relevant direct acquisition and borrowing
costs. Borrowing costs relating to acquisition or construction of investment properties are capitalised at
investment cost for the duration of acquisition or construction and cease to be capitalised when the fixed
asset is completed or construction is suspended. After initial recognition, investments in property are
valued at cost, less depreciation and any impairment (note 2.11). Investment buildings are amortised
based on their estimated useful life which is 40 years; however historic non refurbished buildings are
amortised in 20 years.
Subsequent expenditure is added to the carrying value of the property only if it is probable that future
economic benefits related to such property will flow to the Group and their cost can be reliably measured.
The repair and maintenance cost is booked in the results when such is incurred.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(128) / (227)
If an investment in property is modified to an asset for own use, then it is classified in tangible assets. In
addition, when there is a change in use of the investment property evidenced by commencement of
development with a view to sale, it is classified as inventories.
Property held by the parent company and leased to companies in the Group are classified as investments
in property in the financial statements of the Company, and as tangible fixed assets in the consolidated
financial statements.
2.7 Leases
(a) Group Company as lessee
Recognition and initial measurement of a right-of-use asset
At the commencement date of a lease period, the Group recognises right-of-use assets and lease liability
by measuring the right-of-use asset at cost.
The cost of the right-of-use asset comprises the amount of the initial measurement of the lease liability,
any lease payments made at or before the commencement date of the lease period, less any lease
incentives received, any initial direct costs incurred by the lessee, and an estimate of costs to be incurred
by the Group in dismantling and removing the underlying asset, restoring the site on which it is located
or restoring the underlying asset to the condition required by the terms and conditions of the lease. The
Group undertakes those costs either at the commencement date of the lease period or as a consequence
of the use of the leased asset during a specified period.
Initial measurement of lease liability
At the commencement of the lease period, the Group measures the lease liability at the present value of
the lease payments that are not paid at that date. When the imputed interest rate of the lease can be
properly determined, then lease payments are discounted using this interest rate. Otherwise, the Group
will use the incremental borrowing rate.
Lease payments included for the purpose of measuring lease liability at the starting date of the lease
include the following payments for the right to use the underlying asset during the lease term, if these
have not been paid on the starting date:
(a) fixed payments, less any lease incentives receivable;
(b) variable lease payments that depend on an index or interest rate, initially measured using the index or
rate as of the starting date of the lease period;
(c) amounts expected to be payable by the Group under residual value guarantees;
(d) the exercise price of a purchase option if the Group is reasonably certain to exercise that option; and
(e) payments of penalties for terminating the lease, if the lease term reflects the Group exercising an
option to terminate the lease.
With regard to leases of real estate property for the construction and operation of wind and solar farms,
the Group takes into account the minimum lease period under the lease contract for the purpose of
determining the duration of the lease.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(129) / (227)
Subsequent measurement
Subsequent measurement of right-of-use assets
After the commencement date of the lease period, the Group measures the right-of-use asset applying
the cost model:
(a) less any accumulated depreciation and any accumulated impairment losses; and
(b) adjusted for any remeasurement of the lease liability.
The Group applies the requirements in IAS 16 in depreciating the right-of-use asset, and determines
whether it is impaired.
Subsequent measurement of lease liability
After the commencement date of the lease period, the Group will measure the lease liability by:
(a) increasing the carrying amount to reflect interest on the lease liability;
(b) by reducing the book value to reflect the lease payments already made; and
(c) by re-measuring the book value to reflect any reassessments or amendments to the lease.
Interest on the lease liability is allocated during the lease term in such a manner so that the amount
produces a constant periodic rate of interest on the remaining balance of the lease liability.
After the commencement date of the lease period, the Group recognises in profit or loss (unless the costs
are included in the carrying amount of another asset applying other applicable Standards) both:
(a) interest on the lease liability; and
(b) variable lease payments not included in the measurement of the lease liability in the period in which
the event or condition that triggers those payments occurs.
(c) Short-term leases, namely leases with a term of less than 12 months that do not include a right of
acquisition, as well as leases in which the underlying asset is of low value.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(130) / (227)
(b) Group Company as lessor
The Group leases assets only through operating leases. Operating lease income is recognised in the
income statement of each period proportionally during the period of the lease.
Revenue from leases
Revenue from leases is recognised in the income statement using the straight line method throughout
the lease period. The variable income arising from the achievement of a certain level of sales by the leased
stores is recognized as revenue, when it is highly probable that they will be collected. Revenue from the
Company’s leases are classified under the line ‘Other revenue’ in the Income Statement, since the lease of
real estate properties is an ancillary activity.
2.8 Prepayments for long-term leases
Prepayments for long-term leases include Group receivables from sundry debtors and mainly relate to
subsidiaries’ receivables:
a) from prepayments for rents to property lessors; Amortisation is accounted for the leasing period.
b) from payments for completion of the construction of the Motorists’ Service Stations, which are shown
at their construction cost less depreciation. Depreciation starts when they are complete and ready for use
and is carried out using the straight line method over the duration of the concession contract.
2.9 Property, Plant and Equipment
Fixed assets are reported in the financial statements at acquisition cost minus accumulated depreciation
and possible impairment (note 2.11). Acquisition cost includes all expenditure directly attributable to the
acquisition of the fixed assets.
Subsequent costs are included in the asset’s carrying value or recognised as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will flow to
the Group, and the cost of the item can be measured reliably. The repair and maintenance cost are
recorded in the results when such is realized.
Land is not depreciated. Depreciation of other of tangible assets is calculated using the straight-line
method over their useful life as follows:
-
Buildings
20
-
40
years
-
Mechanical equipment (except wind farms and photovoltaic plants)
5
-
10
years
- Mechanical equipment wind farms, P/V parks and hydroelectric power
plants (subject to Law 4254/2014)
27 years
- Mechanical equipment wind farms, P/V parks (operational post
01.01.2014)
20 years
-
Vehicles
5
-
9
years
-
Other equipment
5
-
10
years
The residual values and useful economic life of assets are subject to reassessment, at least at each balance
sheet date.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(131) / (227)
The useful life of the wind farms and the hydro power plant that had been already operating for less than
12 years was increased in 2014 from 20 to 27 years, due to a seven-year extension to the operating
contracts under Law 4254/2014.
Assets under construction include fixed assets under construction that are shown at their cost. Assets
under construction are not depreciated until the fixed asset is completed and enters in operation.
When the book values of PPE exceed their recoverable value, the difference (impairment) is posted in the
income statement as expense (note 2.11).
On sale of assets, any difference between the proceeds and the depreciable amount is recorded as profit
or loss in the results.
Financial assets concerning the construction of assets are being capitalised for the period needed until
the completion of the construction. An asset fulfilling the requirements is an asset necessarily requiring a
significant period of preparation for the use it is intended for or for its sale. All other financial expenses
are recognised in the income statement.
2.10 Intangible assets
(a) Goodwill
Goodwill arises from acquisition of subsidiaries and is the difference between the sum of the acquisition
price, the amount of non-controlling interests in the acquired company and the fair value of any prior
participating interest in the acquired company as on the acquisition date and the fair value of the
recognisable net assets of the acquired subsidiary. Goodwill arising from acquisitions of subsidiaries is
recognized in intangible assets. Goodwill is not depreciable and is tested for impairment annually, or even
more frequently if the circumstances indicate possible impairment, and recognized at cost, less any
impairment losses. Goodwill losses cannot be reversed.
Goodwill is allocated to cash-generating units for impairment testing. Allocation is made to those units
or cash-generating unit groups which are expected to benefit from the business combinations, which
created goodwill and is recognised in line with the operating segment.
Profit and losses from the disposal of an undertaking include the book value of the goodwill of the
undertaking sold.
Negative goodwill is written off in profit and loss (note 2.11).
(b) Software
Software licenses are valued at acquisition cost less depreciation. Depreciation is accounted for with the
straight-line method during the useful lives, which vary from 1 to 3 years.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(132) / (227)
(c) Concession right
Concession rights are valued at the acquisition cost, less depreciation. Depreciation is carried out using
the straight line method during the Concession contract (note 2.24).
d) User licenses
User licences refer to the generation licenses for wind farms and photovoltaic (PV) parks; they are
measured at acquisition cost less depreciation. Depreciation is carried out from the date of entry in
operation of the wind farms using the straight line method over the duration of their useful life, which is
27 years for projects that entered into operation before .0101.2014, and 20 years for newer projects. User
licences are subject to impairment testing when specific events or changes in circumstances indicate that
the book value may not be recoverable.
2.11 Impairment of non-financial assets
Assets (goodwill) with an indefinite useful life are not depreciated and are subject to impairment testing
on an annual basis and when certain events or changes in the circumstances suggest that their book value
may not be recoverable. Assets that are depreciated are subject to impairment audit when indications
exist that their carrying value is not recoverable. Impairment loss is recognised for the amount by which
the fixed asset's carrying value exceeds its recoverable value. The recoverable value is the higher between
fair value, reduced by the cost required for the disposal, and the value in use (current value of cash flows
anticipated to be generated based on the management’s estimates of future financial and operating
conditions). For the calculation of impairment losses, assets are classified in the minimum cash generating
units. Any non-financial assets, apart from goodwill, which have been impaired are reassessed for possible
impairment reversal on each balance sheet date.
2.12 Financial Instruments
Initial recognition and subsequent measurement of financial assets
The classification of financial assets at initial recognition is based on the contractual cash flows of the
financial assets and the business model within which the financial asset is held.
The Group initially assesses a financial asset at its fair value plus transaction costs, in the case of a financial
asset that is not measured at fair value through profit or loss. The transaction costs of financial assets
measured at fair value through profit or loss are expensed. Reference is made to trade receivables in Note
2.15.
In accordance with the provisions of IFRS 9, debt instruments are subsequently measured at amortised
cost or at fair value through other comprehensive income or at fair value through profit or loss. In order
to classify and evaluate a financial asset at amortised cost or at fair value through other comprehensive
income cash flows that are ‘solely payments of principal and interest’ must be generated on the
outstanding capital balance. This evaluation is known as the SPPI (‘solely payments of principal and
interest’) criterion and is made at the level of an individual financial instrument.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(133) / (227)
The classification and measurement of Group and Company debt instruments is as follows:
Ι. Debt instruments on the amortised cost for debt instruments acquired under a business model the
purpose of which is to retain them in order to collect the contractual cash flows, while at the same time
meeting the SPPI criterion. Financial assets in this category are subsequently measured using the effective
interest rate method (EIR) and are subject to impairment testing. Any profit or loss arising when an asset
is de-recognised, modified, or impaired is recognised directly in the income statement.
ΙΙ. Equity instruments at fair value through the statement of comprehensive income, without transfer of
profit or loss to the income statement when derecognised. This category includes only equity instruments,
which the Group intends to hold for the foreseeable future and has irrevocably decided to classify them
in this manner upon initial recognition or transition to IFRS 9. Equity instruments at fair value through the
statement of comprehensive income are not subject to impairment. Dividends from such investments
continue to be recognised in the income statement, unless they represent recovery of the investment
cost.
For investments that are traded on an active market, fair value is calculated based on market bid prices.
For investments for which there is no active market, fair value is determined by valuation techniques,
unless the range of rational estimates of fair value is significantly large and the probable accuracy of the
various estimates cannot reasonably be assessed, when valuation of such investments at fair value is
prohibited. The purchase or sale of financial assets that require the delivery of assets within a timeframe
provided for by a regulation or market assumption is recognised at the settlement date (i.e. the date when
the asset is transferred or delivered to the Group or the Company).
ΙΙΙ. Financial assets classified at fair value through profit or loss are initially recognised at fair value, with
profits or losses arising from the valuation being recognised in the income statement. Profits and losses
arising from changes in the fair value of financial assets classified at fair value through profit or loss are
recognized in the income statement in the line “Other profits/(losses)”.
Impairment of financial assets
At each financial reporting date the Group and the Company assess whether the value of a financial asset
or group of financial assets has been impaired as follows:
The Group and the Company recognise a provision for impairment against expected credit losses for all
financial assets that are not measured at fair value through profit or loss. Expected credit losses are based
on the difference between all contractual cash flows payable under the contract and all cash flows that
the Group or the Company expects to receive, discounted at the approximate initial effective interest rate.
The Group has applied the simplified approach as per IFRS 9 to measure expected credit losses, which
utilises a forecast of expected lifetime credit loss for all trade receivables and contractual assets.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(134) / (227)
Trade receivables are amounts owed by customers for services provided in the ordinary course of
business. Trade receivables are initially recognised at the transaction price, which is without conditions,
unless they contain significant financing elements when recognised at fair value. The Group maintains
trade receivables for the purpose of recovering contractual cash flows and therefore measures them
subsequently at amortised cost using the effective interest method. Contractual assets pertain to non-
invoiced work in progress, and have substantially the same risk characteristics as trade receivables for the
same types of contract.
Derecognition of financial assets
A financial asset (or part of a financial asset or part of a group of similar financial assets) is derecognised
when:
• the rights to the inflow of cash resources have expired,
• the Group or the Company retains the right to receive cash flows from that asset but has also undertaken
to pay them to third parties in full without undue delay in the form of a transfer agreement, or
• the Group or the Company has transferred the right to receive cash flows from that asset while at the
same time it either (a) has materially transferred all the risks and rewards accruing therefrom or (b) has
not materially transferred all risks and rewards, but has transferred control of the specific asset.
When the Group or the Company transfers the rights to receive cash flows from an asset or concludes a
transfer agreement, it reviews the extent to which it retains the risks and rewards of ownership of the
asset. When the Group neither transfers nor materially retains all the risks and rewards accruing from the
transferred asset and retains control of the asset, then the asset is recognised to the extent that the Group
continues to participate in the asset. In this case, the Group also recognises an associated liability. The
transferred asset and the associated liability is measured on a basis reflecting the rights and obligations
retained by the Group or the Company.
Continued participation, which takes the form of a guarantee on the transferred asset is recognised at the
lower of the carrying amount of the asset and the maximum amount of the received consideration that
the Group could be required to repay.
Initial recognition and subsequent measurement of financial liabilities
All financial liabilities are initially measured at their fair value less transaction costs, in the case of loans
and liabilities.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(135) / (227)
Revocation of recognition of financial liabilities
A financial liability is derecognised when the obligation arising from the liability is cancelled or expires.
When an existing financial liability is replaced by another from the same lender but under substantially
different terms or the terms of an existing liability are significantly changed, such exchange or amendment
is treated as a derecognition of the initial liability and recognition of a new one. The difference in the
respective book values is recognised in the income statement.
Offsetting of financial receivables and liabilities
Financial receivables and liabilities are offset and the net amount is presented in the Statement of Financial
position only where the Group or Company holds the legal right to do so and intends to offset them on
a net basis against one another or to claim the asset and settle the obligation at the same time. The
statutory right should not depend on future events and should be capable of being executed in the normal
course of business and in the event of default, insolvency or bankruptcy of the company or the
counterparty.
2.13 Financial derivatives
The Company and the Group have chosen to follow the provisions of IAS 39. Group companies evaluate,
on a case-by-case basis, the making of financial derivative contracts to hedge the exposure to rate
fluctuations connected to long-term loan agreements.
Upon commencement of a transaction, the Group establishes the relation between the hedging
instruments and hedged assets, as well as the risk management strategy to take various hedging actions.
This procedure includes the linking of all derivatives used as hedges to specific assets and liabilities or
specific commitments or prospective transactions. Furthermore, when starting a hedge and thereafter, the
extent to which the derivatives used in hedging transactions are effective in eliminating fluctuations to
the market value or cash flows of the hedged assets.
The fair values of derivatives used for hedging purposes are disclosed in note 15. Changes to the cash
flow hedge reserve under Other comprehensive income are disclosed in note 23. The total fair value of
hedging derivatives is classified under non-current assets or long-term liabilities when the remaining
hedged asset has a maturity over 12 months, or under current assets or short-term liabilities when the
residual maturity of the hedged asset is less than 12 months. Derivatives held for trade are classified under
current assets or short-term liabilities.
Cash flow hedge
Derivative assets are initially recognised at fair value as of the date of the relevant agreement.
The proportion of the change in fair value of derivatives that are designated and qualify as cash flow
hedges is recognised in other comprehensive income. Profit or loss associated with the non-effective
portion of change is directly recognised in the Income Statement under ‘Financial income’ or ‘Financial
expenses’.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(136) / (227)
The cumulative amount posted under Equity is transferred in the Income Statement to the periods over
which the hedged asset has affected period profit or losses. The profits or losses associated with the
effective portion of the hedging of floating rate swaps is recognised in the Income Statement under
“Financial income” or “Financial expenses”. However, when a prospective transaction to be hedged results
in the recognition of a non-financial asset (such as reserves or fixed assets), then earnings and losses
previously posted in net equity are transferred from Equity and are accounted for at the original cost of
such asset. These amounts are ultimately charged to results through the cost of sales in the case of
reserves, and through depreciation in the case of tangible assets.
When a hedging instrument matures or is sold, or when a hedging relationship no longer meets the
criteria of hedge accounting, the cumulative profits or losses entered under equity up to that point in
time remain in equity and are finally recognised when the expected transaction is transferred through the
Statement of Income. When a prospective transaction is no longer expected to be made, the cumulative
profits or losses posted under Equity are directly transferred to the Income Statement under ‘Other
profits/(losses)’.
2.14 Inventories
Inventories are valued at the lower of acquisition cost and net realisable value. The cost is calculated using
the weighted average cost method. The cost of end products and semi-finished inventories includes cost
of design, materials, average working cost and a proportion of the general cost of production.
Investments in properties to which a construction initiates aiming at a future sale are re-classified as
inventories at book value at the balance sheet date. From now on they will be calculated at the lowest
value between the cost and net realisable value. Financial expenses are not included in the acquisition
cost of inventories. The net realisable value is estimated based on the stock’s current sales price, within
the framework of ordinary business activities, less any possible selling expenses, wherever such a case
concurs.
2.15 Trade and other receivables
Trade receivables are the amounts owed by clients for goods sold or services rendered to them during
normal business activity. Trade receivables are initially recognised at the amount of the price not subject
to conditions, unless they contain an important source of funding, in which case they are recognised at
fair value. The Group maintains trade receivables aiming to receive conventional cash flows, and,
therefore, recognises them later at amortised cost using the effective interest rate method. Trade
receivables are posted initially at fair value and later valued at amortised cost using the effective interest
rate less impairment losses. The provision for impairment of trade receivables is formed on the basis set
out in note 2.12.
Trade and other receivables also comprise commercial papers and notes payable.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(137) / (227)
2.16 Restricted cash deposits
Restricted cash deposits constitute cash equivalents not directly available for use. These cash equivalents
may not be used by the Group until a certain point in time or an event is reached or occurs in the future.
In the cases where restricted cash is expected to be used within one year from the date of the statement
of financial position, these are classified as a short-term asset. However, if they are not expected to be
used within one year from the date of the statement of financial position, they are classified as a long-
term asset. In cases of self- or co-financed projects, they correspond to accounts serving short-term
instalments of long-term borrowings or reserve accounts.
2.17 Cash and cash equivalents thereof
Cash and cash equivalents thereof include cash, sight deposits, and short-term investments of up to 3
months, with high liquidity and low risk.
2.18 Share capital
The share capital includes the Company’s ordinary shares. Whenever, any Group company purchases
shares of the Company (Equity Shares), the consideration paid is deducted from equity attributable to the
Group’s equity holders until the shares are cancelled or disposed of. The profit or loss from the sale of
own shares is recognized directly to equity.
Direct expenses for the issue of shares appear net of any relevant income tax benefit, to the reduction of
equity.
2.19 Borrowings
Borrowings are recorded initially at fair value, net of transaction costs incurred. Loans are subsequently
stated at net book cost, using the effective interest rate method. Any difference between the proceeds
(net of transaction costs) and the redemption value is recognised in the income statement over the period
of the borrowings using the effective interest rate method.
Any borrowing expenses paid on conclusion of new credit agreements are recognised as borrowing
expenses, provided that part or all of the new credit line is withdrawn. In this case, they are recorded as
future borrowing expenses until withdrawal is made. If new borrowings are not used, in whole or in part,
these expenses are included in prepaid expenses and are recognised in the income statement over the
term of the respective credit line.
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer
settlement of the liability for at least 12 months after the balance sheet date.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(138) / (227)
2.20 Current and deferred taxation
Income tax for the fiscal year comprises current and deferred taxation. Tax is recognised in the income
statement, unless relevant to amounts recognised in other comprehensive income or directly in equity. In
this case, tax is also recognised in other comprehensive income or equity, respectively.
Income tax on profit is calculated in accordance with the tax legislation established as of the balance sheet
date in the countries where the Group operates, and is recognised as expense in the period during which
profit was generated. The management regularly evaluates the cases where the applicable tax legislation
requires interpretation. Where necessary, estimates are made for the amounts expected to be paid to tax
authorities.
Deferred income tax is determined using the liability method on temporary differences arising between
the tax bases of assets and liabilities and their carrying amounts, as shown in the financial statements. The
deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a
transaction, other than a business combination, that at the time of the transaction affects neither the
accounting or the taxable gains or losses. Deferred tax is determined using the tax rates and laws in force
as of the date of the balance sheet, and expected to be in force when the deferred tax receivables will
come due or deferred tax liabilities will be repaid.
Deferred tax receivables are recognised to the extent that there could be future taxable profit to use the
temporary difference that gives rise to the deferred tax receivables.
Deferred tax receivables and liabilities are offset only if the offsetting of tax receivables and liabilities is
permitted by law, and provided that deferred tax receivables and liabilities are determined by the same
tax authority to the tax paying entity or different entities, and the intention has been expressed to proceed
to settlement by way of offset.
2.21 Employee benefits
(a) Post-employment benefits
The employee benefits after their retirement include defined contribution programs and defined benefit
programs. The Group participates in various pension plans. Payments are defined by Greek law and the
funds’ regulations.
A defined benefit plan is a pension plan that defines a specific amount to a pension to be received by an
employee when he retires, which usually depends on one or more factors such as age, years of service
and level of salary.
A defined contribution scheme is a pension plan under which the Group makes fixed payments to a
separate legal entity. The Group has no legal obligation to pay further contributions if the fund does not
have sufficient assets to pay to all employees the benefits relating to employee service in the current and
prior periods.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(139) / (227)
For defined contribution plans, the Group pays contributions to public social security funds on a
mandatory basis. The Group has no obligation other than paying its contributions. Contributions are
recognised as personnel costs when the debt arises. Prepaid contributions are recognised as an asset if
there is a cash refund possibility or offsetting against future debts.
The liability that is reported in the balance sheet with respect to defined benefit schemes is the present
value of the liability for the defined benefit on the balance sheet date, less the fair value of the scheme’s
assets. The defined benefit obligation is calculated annually by an independent actuary using the
projected unit credit method. The present value of the defined benefit obligation is determined by
discounting future cash flows at a discount rate equal to the rate of long-term investment grade corporate
bonds that have a maturity approximately equal to the pension plan.
The current service cost of the defined benefit scheme that is recognised in the income statement in
Salaries and wages reflects the increase in the defined benefit obligation resulting from an employee’s
service in the current period, benefit changes, cutbacks and settlements. The recognised prior service cost
is directly recognised in profit/(loss).
Net interest cost is assessed as the net amount between the obligation for the defined benefit scheme
and the fair value of the assets of the scheme on the prepayment interest rate.
Actuarial gains or losses arising from experience adjustments and changes in actuarial assumptions are
charged or credited to Other comprehensive income in the period in which they arise.
Prior service costs are recognised directly in the income statement.
(b) Employment termination benefits
Termination benefits are payable when employment is terminated before the normal retirement date, or
when an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes
these benefits at the earliest of the following dates: (a) when the Group can no longer withdraw the offer
of such benefits, and b) when the Company recognizes restructuring costs falling within the scope of IAS
37 and includes the payment of termination benefits. In the case of an offer made to encourage voluntary
redundancy, retirement benefits are calculated based on the number of employees expected to accept
the offer. When such termination benefits are deemed payable in periods that exceed 12 months from
the Balance Sheet date, then they must be discounted at their current value.
In the case of employment termination, where the number of employees to use such benefits cannot be
determined, the benefits are disclosed as contingent liability but are not accounted for.
(c) Share-based payments
The Group issues equity- settled share-based payments to members of the Board of Directors and
selected executives in the form of an employee stock option plan. The employee stock option plan is
measured at fair value at the date of grant. The fair value of options granted is recognized as an employee
benefits expense with a corresponding increase in equity. The total amount to be expensed over the
vesting period is determined by reference to the fair value of the options granted, excluding the impact
of any non-market vesting conditions.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(140) / (227)
The total expense is recognized over the vesting period, which is the period over which all of the specified
vesting conditions are to be satisfied. At the end of each period, the entity revises its estimates of the
number of options that are expected to vest based on the nonmarket vesting and service conditions. It
recognizes the impact of the revision to original estimates, if any, in profit or loss, with a corresponding
adjustment to equity. When the options are exercised, the Company transfers the appropriate amount of
shares to the employee. The proceeds received net of any directly attributable transaction costs are
credited directly to share capital (nominal value) and share premium when the options are exercised.
2.22 Provisions
Provisions for environmental restoration, pending litigation, heavy maintenance of motorways and other
cases are recognised when an actual legal or assumed commitment exists as a result of past events and
the settlement of such commitment will likely require an outflow of resources, where the required amount
can be reliably estimated.
When concession contracts (note 2.24) include the concessionaire’s contractual obligation to maintain the
infrastructure at a certain service level or restore the infrastructure to a certain state before delivering it
to the grantor at the end of the concession period, the Group, as concessionaire, acknowledges and values
this obligation under IAS 37.
Provisions are recognised on a discounted basis when the effect of the time value of money is significant,
using a pre-tax rate which reflects current market assessments of the time value of money and the risk
specific to the liability. When provisions are discounted, the increase in provisions due to the lapse of time
is recognised as a financial expense. Provisions are reviewed at each date of financial statements, and if
an outflow of funds to settle the obligation is unlikely, they are reversed in the income statement.
2.23 Revenue recognition
Through its respective segments the Group is active in the construction of public and private projects,
operation of motorways, the sale of wind power and biogas, waste management and the leasing of
investments in property.
Revenue from contracts with customers is recognised when the customer acquires control over the goods
or services for an amount reflecting the consideration that the Group expects to be entitled to in exchange
for those goods or services. The new standard establishes a five-stage model for measuring revenue from
contracts with customers:
1. Identification of contract with the customer.
2. Identification of the performance obligations.
3. Determination of the transaction price.
4. Allocation of the transaction price to the performance obligations of the contract.
5. Recognition of revenues when or while a financial entity fulfils the performance obligation.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(141) / (227)
The underlying principle is that an entity will recognise revenue to depict the transfer of goods or services
to customers at an amount that the entity expects to be entitled to in exchange for those goods or
services. It also contains principles that an entity will apply to determine the measurement of revenue and
timing of when it is recognised. In accordance with IFRS 15, revenue is recognised when a customer
obtains control of the goods or the services, determining the time of the transfer of control - either at a
specific point in time or over time.
Revenue is defined as the amount that a financial entity expects to be entitled to as consideration for the
goods or the services it transferred to any customer, with the exception of the amounts collected on
behalf of third parties (value added tax, other sales taxes). Variable amounts are included in the price and
are calculated either with the “expected value” method or the “most probable amount” method.
A customer receivable is recognised when the financial entity has an unconditional right to collect the
price for obligations of the contract fulfilled towards the customer.
Trade receivables from contracts with customers appear as ‘Contractual assets’ under the item ‘Trade and
other receivables’ and trade payables appear as ‘Contractual liabilities’ under ‘Trade and other payables’.
The Group is active in the segments of construction, concessions, wind power generation, environment,
real estate development. The Group divides its revenue into income from construction, revenue from
services, revenue from sale of goods, revenue from motorway operations, and income from leasing.
Income from construction contracts
Contracts with customers in this category relate to the construction of public works (motorways, bridges,
ports, wastewater treatment, waste management plants, electricity (DEI) and water (EYDAP) supply
networks, metro transport systems, railways) and private projects (hotels, buildings, mining installations,
photovoltaic projects, pipelines natural gas).
More specifically:
Each construction contract contains a unique obligation for the constructor. Even where contracts
provide both for the design and the construction of a project, constructors essentially have a
single obligation, as they have promised the customer to deliver a project of which goods and
services are individual components.
Contractual revenue is recognised over the duration of the contract, using a method of calculating
income from construction contracts which is based on the cost to cost method.
Under IFRS 15, any variable consideration, i.e. claims resulting from the costs of delay or
acceleration, bonus reward systems, supplementary works, must be recognised only to the extent
that it is highly probable that this will not result in revenue reversal in the future. The process
used to assess the probability of variable consideration recovery must take into account past
experience, adapted to the conditions of the current contracts.
The conditions set by the standard for the recognition of additional claims are consistent with the
current Group policy, under which the costs of delay or acceleration and supplementary works
are recognised when the negotiations for their collection have made considerable progress or
when they are supported by the estimates of independent professionals.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(142) / (227)
Expenses that may be capitalised relate to costs arising after a project is undertaken. Some
examples of such expenses are the provisional worksite installation construction costs and the
equipment and employee relocation costs.
Contracts with customers may provide for the retention of a part of the invoiced receivables,
which is usually paid to the constructor at the end of the project. Retentions receivable serve as
a security for the customer, in case that the contractor does not fulfill its contractual obligations
and are not linked to any financing to the customer. Therefore, the Group concluded that there
is no significant impact as a result of financing.
If the Group (or the Company) satisfies its contractual obligations by transferring goods or services to a
customer before the customer pays the consideration or before the payment is due, the Group (or the
Company) presents the contract as a contract asset. A contract asset is an entity's right to consideration
in exchange for goods or services that the entity has transferred to a customer, e.g. when construction
services are transferred to the customer before the Group (or the Company) is entitled to issue an invoice.
If the customer pays a consideration or the Group (or the Company) maintains a right in a consideration,
which is unconditional before the fulfillment of obligations under the contract for the transfer of the
services, then the Group (or the Company) depicts the contract as a contract liability. A contract liability
is de-recognised when the obligations under the contract are fulfilled and the income is recorded in the
income statement.
Income from provision of services
There are contracts with customers for the provision of operating, maintenance or/or construction project
management services, such as railways, airports, wastewater treatment centers, waste treatment plants,
etc. Revenue from service provision is recognised during the accounting period during which the services
are provided and measured in accordance with the nature of the services provided, using either the
“output methods” or the “input methods” and mainly concern the sectors Construction and Environment.
Income from the provision of services and real estate management is recorded in the period during which
the services are rendered, based on the stage of completion of the service in relation to total services to
be provided.
Revenue from goods sold
Revenue from goods sold is recognised at the time the buyer acquires control. Revenue from sale of
goods is recognised on delivery to the buyer, provided that there is no unfulfilled obligation that could
affect the acceptance of the goods by the buyer which might be calculated within the consideration
specified in the contract with the customer. Revenue from the sale of goods originates from the sale of
energy, biogas and recyclable and quarry products.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(143) / (227)
Other revenues from motorway operation
Revenue from motorway operations is recognised when users pass through.
2.24 Service Concession Arrangements
With regard to Service Concession Arrangements whereby a public sector body contracts with a private
operator for the provision of services, the Group applies IFRIC 12, provided that the following two
conditions are met:
a) the grantor controls or determines which services the operator should provide to whom and at which
price, and
b) the grantor controls any other significant interests in the infrastructure upon completion of the
concession arrangement period.
In accordance with IFRIC 12, such infrastructures are not recognised as tangible assets of the operator,
but as a Financing Contribution of the State under financial assets (financial asset model), and/or as a
Concession Right under intangible assets (intangible asset model), depending on the contractually agreed
terms.
i) Guaranteed receipt from grantor (Financial Asset model)
As an operator, the Group recognises a financial asset to the extent that it has an unconditional contractual
right to receive cash or another financial asset from the grantor for the construction services.
In the case of service concession contracts, the operator has the unconditional right to receive cash if the
grantor contractually guarantees to pay the operator:
a) specified or determinable amounts, or
b) the shortfall, if any, between amounts received from users of the public service and specific or
determinable amounts provided for in the concession contract.
Financial assets resulting from the application of IFRIC 12 are recorded in the Statement of Financial
Position as ‘Guaranteed receipt from grantor’ and recognised at depreciable cost based on the effective
rate method. The effective rate method is equivalent to the grantor’s cost of borrowing. In the event of a
revision of the estimated cash flows, the market value of the financial contribution should be adjusted.
The adjusted value is determined as the net present value of the revised cash flows discounted at the
original effective interest rate. The result of revaluations appears under ‘Other profits/(losses)’ in the
Income Statement.
In this category is the concession contract between the Group’s subsidiary EPADYM (concessionaire) and
the contracting authority DIADYMA SA (Grantor) which has undertaken the design, financing,
construction, operation and maintenance of the infrastructure for the Integrated Waste Management
System for 27 years. According to the agreement, the guaranteed minimum amount of processed waste
amounts to 90,000 tons per year and the selling price is determined contractually. At the end of the
concession all rights and titles to the assets will be transferred to the grantor (note 14). Construction was
completed in June 2017 and since that time the company has entered the operational phase.
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Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
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ii) Concession Right (Intangible Asset Model)
As an operator, the Group recognises an intangible asset to the extent that it receives a right (license) to
charge users of the public service. The right to charge users of a public service does not constitute an
unreserved right to collect cash, since the amounts collected depend on whether the public uses such
service.
Intangible assets resulting from the application of IFRIC 12 are recorded under Intangible Assets in the
Statement of Financial Position, analysed as a “Concession Right” and valued at acquisition cost less
depreciation. Depreciation is carried out using the straight line method during the Concession contract.
The concession agreement of ATTIKI ODOS belongs to this category, which concerns the design,
construction, financing and operation of the motorway Elefsina - Stavrou, Spata Airport and Western
Ymittos Ring Road for the period 2001 to 2024.
iii) Guaranteed receipt from grantor and Concession Right (Mixed-Model)
When the service concession contract anticipates that the operator will be remunerated for the
construction services partly with a financial asset and partly with an intangible asset, the Group recognises
each component of its remuneration separately, according to the above (Guaranteed receipt from grantor
and Concession Right).
The above model (Mixed Model) applies to the concession agreement of subsidiary MOREAS SA, a
company that has undertaken the construction, operation and exploitation of the Corinth-Tripoli-
Kalamata motorway and the Lefktro-Sparta section for 30 years (until 2038). According to the concession
agreement, the operator is remunerated for the construction services through grants from the state
(Guaranteed receipt from grantor) as well as from collections from the motorway users (Concession right).
Construction of the project was completed in December 2016.
The Group recognises and accounts for the revenues and costs associated with construction or upgrading
services, as well as the revenues and costs associated with operation services, in accordance with IFRS 15
(note 2.23).
2.25 Distribution of dividends
The distribution of dividends to equity holders of the parent company is recognised as a liability when
the distribution is approved by the General Meeting of the shareholders.
2.26 Grants
Government grants are recognised at their fair value where there is a reasonable assurance that the grant
will be received, and the Group will comply with all stipulated conditions.
Government grants relating to costs are deferred and recognised in the income statement to match them
with the costs that they are intended to compensate.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(145) / (227)
Government grants regarding the purchase of fixed assets or the construction of projects are included in
long-term liabilities as deferred state grants and are recognised as income through profit and loss using
the straight-line method, according to the asset expected useful life.
Grants received to finance Concession contracts are presented in accordance with IFRIC 12 as a reduction
to the Guaranteed receipt from grantor (note 2.24).
2.27 Recognition of other income
Income from interest
Interest income is recognised on an accrual basis using the effective rate method. In case of impairment
of borrowings and receivables, interest income is recognised using the rate, which discounts future, flows
for impairment purposes.
Income from dividends
Dividends are accounted for as income when the right to receive payment is established.
2.28 Trade and other payables
Trade liabilities are usually obligations to make payment for products or services obtained during
performance of typical commercial activity by suppliers. The accounts payable are classified as short-term
liabilities if the payment is due within not more than one year. If not, they are classified as long-term
liabilities. Trade liabilities are initially recognised at fair value and are subsequently measured at
depreciable cost using the effective interest method.
2.29 Reclassifications and rounding of items
The figures contained in these financial statements have been rounded to the nearest €‘000. Potential
discrepancies that may arise are due to rounding.
It was decided during the current fiscal year that amortisation of advance payments for long-term leases
should be included under the item ‘Administrative expenses’ rather than the item ‘Other profits/(losses)’.
For this reason, an amount of €3,422 thousand was reclassified and transferred from ‘Other gains/(losses)’
to ‘Administrative expenses’ under the comparative items of the Income Statement and the respective
individual notes made.
Apart from the above and as detailed in Note 2.30, ‘Change in accounting policy’, no reclassifications have
been made to the comparative items in the Statement of Financial Position, the Income Statement or the
Cash Flow Statement, apart from the information in the tables presented in the individual notes, in order
to render the figures contained in said notes capable of comparison with that of the current fiscal year.
The above reclassifications do not affect equity or results.
Item adjustments related to amendment of IAS 19 are presented in Note 40.
2.30 Change in accounting policy
Investment in associates and joint ventures
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(146) / (227)
The Group re-assessed the presentation of its share of results of equity-method investments. The Group
had previously presented its share of results from all equity-method investments in a single line after
operating profit. As of 1 January 2021, the Group elected to change the classification of its investments in
joint ventures and associates to core and non-core investments and present its share of results from core
equity-method investments within operating profit.
Core investments in joint ventures and associates are those which are considered to be part of the Group’s
core operations and strategy, such as major infrastructure projects through concessions and renewable
energy sources. The decision for the abovementioned change relates to the fact that Ellaktor Group as
well as other Groups and Companies which operate in similar industries in Greece, have realised in recent
years and are expected to realise strategic partnerships either among them or with international
companies and strategic investors.
Therefore including the Group’s share of results from core equity-method investments within operating
profit better reflects the relevance of their underlying activities to the Group. The share of results of non-
core equity method investments (i.e. investments that are not considered to be part of the Group’s core
operations and strategy) continue to be presented below operating profit.
Furthermore, as of 1 January 2021, the Group presents cash flows in respect of its investments in core and
non-core associates and joint ventures separately within investing activities, to reflect the distinction in
the income statement.
Retirement benefit obligations
In May 2021, IFRS Interpretations Committee (IFRIC) issued the final Decision on the agenda entitled
"Attributing Benefits to Periods of Service in accordance with International Accounting Standard (IAS) 19",
which includes guidance on how to distribute benefits in periods of service on a specific program of
defined benefits.
Based on the above Decision, the way in which the basic principles of IAS 19 were generally applied in
Greece in the past changed and consequently, entities that prepare their financial statements in
accordance with IFRS are required to amend their accounting policies accordingly.
Until the issuance of the IFRIC Decision, the Group applied IAS 19 distributing the benefits defined by the
respective law (L.2112 / 1920, and its amendment L.4093 / 2012) mainly in the period from the recruitment
until the date of retirement of employees. The application of this final Decision in the consolidated
financial statements, has as a result the distribution of the retirement benefits in the final years until the
date of retirement of employees in accordance with the applicable legal framework.
The abovementioned Decision was implemented in the consolidated financial statements as a Change in
Accounting Policy based on paragraphs 19-22 of IAS 8. The change of accounting policy was applied
retrospectively with a respective adjustment of the opening balance of each affected element of equity
for the oldest of the presented periods and the comparative amounts for each earlier period which is
presented as if the new accounting policy was always implemented (Note 28).
The effect of implementation of the Interpretation Committee’s decision is presented in Note 40
‘Adjustments due to the amendment of IAS 19’.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(147) / (227)
3 Financial risk management
3.1 Financial risk factors
The Group is exposed to various financial risks, such as market risks (currency, interest rate risk, etc.), credit
risk and liquidity risk. Financial risks are associated with the following financial instruments: accounts
receivable, cash and cash equivalents, accounts payable and other liabilities and debt liabilities.
Risk management is monitored by the finance division, and more specifically by the central Financial
Management Division of the Group, and is determined by directives, guidelines and rules approved by
the Board of Directors with regard to rate risk, credit risk, the use of derivative and non-derivative
instruments, and the short-term investment of cash.
(a) Market Risk
Market risk is related to the business sectors and geographical areas in which the Group operates.
Indicatively, the Group is exposed to risk from changes in the conditions prevailing in the countries where,
due to changes in currency values and factors influencing borrowing costs and exchange rates. The
Group’s departments are closely monitoring the trends in the individual markets in which it operates and
plan actions for prompt and efficient adaptation to the individual markets’ new circumstances.
i) Foreign currency risk
The Group is active in foreign countries, mostly in the Middle East (Qatar) and Southeast Europe (mainly
Romania). With respect to its activities in foreign countries, the Group is exposed to foreign exchange risk
relating mainly to the exchange rates of local currencies, as well as the US dollar exchange rate to Euro. It
should be clarified that the exchange rates of certain currencies (mainly local currencies in Middle East
countries) are linked to the US Dollar. Proceeds are made in local currency and in US Dollars and despite
the fact that the larger portion of the cost and expenses are made in the same currency, a foreign
exchange risk exists for the remaining part. Foreign exchange risk, where deemed to be significant and as
appropriate, can be offset by the use of derivative forward contracts. These derivatives are priced at their
fair values and are recognised as a receivable or a liability in the financial statements.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(148) / (227)
The following table presents the main financial assets and liabilities of the Group which carry exposure to
foreign exchange risk (amounts in thousands of €):
31-Dec-20
Currency from which the Group is
exposed to foreign exchange risk: USD
EUR*
Functional currency of subsidiary or
subsidiary branch ALL ARS CLP AUD GBP
ALL AUD GBP
Claims 38,661 - 2,994 - -
6,402 - -
Trade and other payables
-
(2,475)
(2,367)
(2,401)
(653)
(4,240)
(1,567)
(2,668)
* The Group has exposure to foreign exchange risk in relation to the euro, which arises from balances of receivables and
suppliers and other liabilities of subsidiaries and branches of Greek subsidiaries based abroad that deal in currencies
other than their functional currency.
Analysis of sensitivity to exchange rate fluctuations
The following table shows the changes in the Group's profitability under potential changes in floating
exchange rates, with all other variables held constant.
Impact on profit/(loss)
for the fiscal year
2021 2020
Exchange rate revaluation of 5% against the euro (1,630) (1,584)
Exchange rate devaluation of 5% against the euro 1,630 1,584
The Company does not face significant foreign exchange risk, since the majority of its transactions are in
euros.
ii) Cash flow risk and risk arising from fair value change due to a change in interest rates
The Group holds significant interest-bearing assets comprised of sight deposits, short-term bank deposits,
time deposits of more than 3 months, as well as European Investment Bank and the European Financial
Stability Facility (EFSF) bonds. The Group is exposed to risk from fluctuations in interest rates mainly arising
from bank loans. The Group is exposed to floating interest rates prevailing in the market, which affect
both the financial position and the cash flows. The cost of borrowing may increase as a result of these
changes creating profit or losses. It should be noted that the fluctuation in interest rates in recent years
has been caused primarily by changes in lending margins and to a lesser extent by changes in base interest
rates (e.g. Euribor).
The Group's policy is to minimise its exposure to cash flow risk arising from interest rate fluctuations as
far as long-term financing is concerned. As of 31.12.2021, the debt ratio at fixed interest against the
Group's total borrowings amounted to 75.6% (2020: 72.9%).
31-Dec-21
Currency from which the Group is
exposed to foreign exchange risk: USD
EUR*
Functional currency of subsidiary
or subsidiary branch ALL ARS CLP AUD GBP
ALL AUD GBP CLP
Claims 46,148 - 1,024 - -
403 - - -
Trade and other payables (3,603) (2,445) (700) (3,470) -
(4,435) (1,289) (428) (220)
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(149) / (227)
Exposure to changes in interest rates and the dates of repricing the contracts are presented in the
following table:
GROUP
FIXED
FLOATING RATE
RATE
up to 6 months 6 – 12 months >12 months Total
31 December 2021
Total borrowings 861,343
323,988 29,524 116 1,214,970
Effect of interest rate swaps 308,576
- - - 308,576
1,169,919
323,988 29,524 116 1,523,546
31 December 2020
Total borrowings 822,447
388,955 28,617 153 1,240,172
Effect of interest rate swaps 303,590
- - - 303,590
1,126,037
388,955 28,617 153 1,543,762
Of total borrowings, the sum of €861.3 million represents fixed interest rate loans (mainly the bond loan
issued on international capital markets with a total nominal value of €670 million) at an average interest
rate of 6.23% (compared to €822.5 million at an average interest rate of 6.23% for 2020), while for an
additional €308.6 million there is interest rate risk hedging (including offset and margin of loans) at an
average interest rate of 6.02% (compared to €303.6 million with an average interest rate of 6.16% for
2020). All other borrowings, amounting to €353.6 million (compared to €417.7 million in 2020) are floating
rate loans (e.g. loans in euros, Euribor + margin).
COMPANY
FIXED
FLOATING RATE
RATE
up to 6
months Total
31 December 2021
Total borrowings 670,304
279,504 949,807
670,304
279,504 949,807
31 December 2020
Total borrowings 668,689
315,707 984,396
668,689
315,707 984,396
Total fixed rate loans amounting to €670.3 million primarily pertain to the bond loan on international
capital markets of €662 million, with a total nominal value of €670 million at an interest rate of 6.375%.
The Management of the Group systematically monitors interest rate fluctuations on an ongoing basis and
evaluates the need to make hedging arrangements, if and when such risks are considered to be significant.
In the context of offsetting risk, Group companies may take on interest swap contracts and other interest
rate derivatives.
The bulk of borrowing is in euros. As a consequence interest rate risk is primarily derived from the
fluctuations of euro interest rates and secondly from the interest rate fluctuations in other currencies for
which bank loans exist (e.g. Qatari riyal, etc).
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(150) / (227)
The Group monitors the duration and nature of the financing needs of the subsidiaries. Decisions on loan
terms as well as the relation between variable and fixed interest rate are considered separately on a case
by case basis.
Analysis of the sensitivity of Group and Company borrowings to interest rate fluctuations
At Group level, a reasonably likely change in interest rates of twenty five base points (0.25%
increase/decrease) would lead to a decrease/increase in profit before tax for 2021, all other variables
being equal, of €884 thousand (2020: €1,044 thousand). It should be noted that the aforementioned
change in earnings before tax is calculated on the floating rate loan balances at year end and does not
include the positive effect of interest income from cash deposits and cash equivalents.
At the parent company level, a reasonably likely change in interest rates of twenty five base points (0.25%
increase/decrease) would lead to a decrease/increase in profit before tax for 2021, all other variables
being equal, of €699 thousand (2020: €789 thousand). It should be noted that the aforementioned change
in earnings before tax is calculated on the floating rate loan balances at year end and does not include
the positive effect of interest income from cash deposits and cash equivalents.
(iii) Price risk
The Group is exposed to risk relating to the fluctuation of the fair value of its financial assets which can
affect the financial statements, as relevant gains or losses from fair value adjustments will be recorded as
a reserve under equity until these assets are sold. The holdings of the Group which are classified as Level
1 are insignificant, and therefore the risk from exposure thereto is very low. The Company is not exposed
to:
(b) Credit Risk
The Group has developed policies in order to ensure that transactions are conducted with customers of
sufficient credit rating. Due to prevailing market conditions, extremely strict control is exercised over new
contracts and the procedures for monitoring progress of works, invoices and receipts. The Group closely
monitors the balances of its debtors and receivables, as well as contractual assets where credit risk is
identified which are assessed in accordance with established policies and procedures and the appropriate
provisions for impairment are formed.
Most of the receivables and contractual assets relate to receivables from public works in Greece and
abroad which have been historically safe, while international development banks (EIB, EBRD etc.)
participate in the financing of ongoing projects, which ensures smooth progress and contributes to the
reduction of credit risk.
Regarding Greek government projects, monthly certifications are carried out, which are approved within
the statutory deadlines, followed by billing and collection.
Receivables from the Greek public sector are detailed in the following table:
GROUP
COMPANY
Note
31-Dec-21 31-Dec-20
31-Dec-21 31-Dec-20
Trade receivables - Public sector
40,765
118,785
189
34,520
Retentions receivable - Public sector
4,218
4,228
-
-
Contract assets
102,198 84,614
- -
Taxes and other receivables from insurance
organisations
56,241
50,538
11,991 13,859
Guaranteed receipt from grantor
14 266,140
267,604
- -
469,562 525,769
12,180 48,379
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(151) / (227)
With regard to loans to related parties and other financial assets at amortized cost, the Group assesses
the exposure of these financial assets to credit risk, and then forms appropriate provisions. Loans to
related parties are secondary loans to major infrastructure companies, while other financial assets at
amortised cost can be liquidated immediately, and are safe investments in securities issued by
international financial institutions. The credit risk associated with these categories is considered to be
limited.
Potential credit risk exists in cash and cash equivalents, time deposits and committed deposits. In these
cases, the risk may arise from the inability of counterparties to meet their obligations to the Group. In
order to manage this credit risk, the Group sets limits to the degree of exposure for each financial
institution, within the scope of the policies of the Board of Directors. The credit risk associated with these
categories is considered to be limited.
The Company is not exposed to significant credit risk since the majority of receivables are receivables
from the Greek State and cash and cash equivalents are held by financial institutions which set limits on
levels of exposure. Loans to bonds are assessed separately on a case-by-case basis.
(c) Liquidity risk
To manage liquidity risk, the Group budgets and regularly monitors the progress of its financing and other
cash obligations, as well as its cash flows to ensure the availability of adequate cash and cash equivalents
as well as of credit facilities (financing, letters of guarantee etc.) to meet their needs, including the
capability for intra-company borrowing and planned dividend distributions.
The Group's loan liabilities continue to be serviced both in terms of capital and interest, both from existing
cash and cash equivalents and from the generation of positive operating cash flows. During 2021, the
increase in share capital, in combination with the planned repayments of loan obligations, led to the
reduction of net borrowing by €129 million, or 11.5%. As of 31.12.2021 the short-term loans of the Group,
without lease obligations, amount to €82 million, compared to €88 million as at 31.12.2020.
The management of the Group monitors and evaluates existing and budgeted levels of liquidity at regular
intervals, while it remains firmly committed to the reduction of the costs of financing. The table below
presents a detailed analysis of the maturing financial liabilities of the Group and Company as of 31.12.2021
and 2020 respectively:
GROUP
31 December 2021
MATURITY OF FINANCIAL LIABILITIES
Within 1 year 1 to 2 years 2 to 5 years
Over 5
years Total
Trade and other payables 380,774 21,698 33,141 1,527 437,141
Lease liabilities*
4,375
8,751
6,604
140,718
160,448
Financial derivatives 16,483 15,730 49,528 50,568 132,309
Borrowings* 147,015 134,668 968,512 472,635 1,722,829
31 December 2020
MATURITY OF FINANCIAL LIABILITIES
Within 1
year 1 to 2 years 2 to 5 years
Over 5
years Total
Trade and other payables 371,124 4,331 2,692 5,953 384,099
Lease liabilities* 6,192 6,281 4,379 5,187 22,040
Financial derivatives
17,492
15,907
41,005
55,108
129,512
Borrowings* 156,814 127,349 1,004,290 565,367 1,853,820
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(152) / (227)
COMPANY
31 December 2021
MATURITY OF FINANCIAL LIABILITIES
Within 1
year 1 to 2 years 2 to 5 years
Over 5
years Total
Trade and other payables 22,657 8,582 30,470 - 61,709
Lease liabilities* 2,000 2,189 1,165 3,715 9,069
Borrowings*
98,428
89,107
829,820
93,450
1,110,805
31 December 2020
MATURITY OF FINANCIAL LIABILITIES
Within
1 year 1 to 2 years 2 to 5 years Over 5 years Total
Trade and other payables 23,436 1,300 - - 24,736
Lease liabilities* 2,040 2,508 2,320 4,113 10,982
Borrowings*
100,309
88,564
876,566
134,031
1,199,471
*Borrowings include remaining outstanding capital plus interest at fixed and floating interest rate until maturity.
The above amounts are presented in contractual, non-discounted cash flows and therefore are not
equivalent to the respective amounts shown in the financial statements with respect to the item ‘Suppliers
and other liabilities’, ‘Financial lease commitments’, ‘Financial derivatives’, or ‘Loans’.
The item ‘Trade and other liabilities’ is exclusive of amounts deriving from advances from customers,
advance payments from operating leases, contractual obligations and social security and other taxes or
duties.
3.2 Cash management
Capital management is aiming in the safeguard of the continuity of operations of Group companies, the
achievement of its developing plans along with Groups credit rating
To assess the creditworthiness of the Group, it is necessary to evaluate its net debt (i.e. total long-term
and short-term liabilities owed to banks and bondholders less cash and cash equivalents), but excluding
borrowings without recourse (non-recourse debt), and the corresponding cash and cash equivalents
related to projects that meet their debt obligations through their respective cash flows.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(153) / (227)
Net borrowings of the Group as of 31.12.2021 and 31.12.2020 are detailed in the following tables:
31-Dec-21
Total Group
Less: MOREAS SA
(non-recourse
loan)
Group sub
-
total
(excluding MOREAS SA
non-recourse loan)
Short-term borrowings 81,986 20,208 61,778
Long-term borrowings 1,378,992 405,696 973,296
Total borrowings* 1,460,978 425,904 1,035,074
Less:
Cash and cash equivalents 357,881 4,059 353,821
Restricted cash deposits 74,449 9,198 65,252
Time Deposits over 3 months 31,905 - 31,905
Other financial assets at depreciable cost 6,157 - 6,157
Cash and assets that can be immediately
liquidated
470,392 13,257 457,135
Net Borrowing 990,586 412,647 577,939
Total Group Equity 363,307
Total Capital Employed 941,246
Gearing Ratio 0.614
31-Dec-20**
Total Group Less: MOREAS SA
(non-recourse
loan)
Group sub-total
(excluding MOREAS SA
non-recourse loan)
Short-term borrowings 88,023
17,706
70,317
Long-term borrowings 1,437,129
424,997
1,012,133
Total borrowings* 1,525,152
442,703
1,082,449
Less:
Cash and cash equivalents 294,254
9,437
284,817
Restricted cash deposits 74,472
20,898
53,574
Time Deposits over 3 months 15,400
-
15,400
Other financial assets at depreciable cost 21,608
-
21,608
Cash and assets that can be immediately
liquidated
405,734 30,335 375,399
Net Borrowing 1,119,418
412,368
707,050
Total Group Equity
338,303
Total Capital Employed
1,045,353
Gearing Ratio
0.676
(*) Does not include short-term and long-term lease liabilities (IFRS16) for €62.6 million as at 31.12.2021 and €18.6 million as at
31.12.2020 (Note 24)
**Amounts adjusted due to amendment of IAS 19 ‘Employee Benefits’ (Note 40).
The gearing ratio as of 31 2021 for the Group, excluding the loan without reduction, is calculated at 61,4%
(31.12.2020: 67.6%). This ratio is calculated as the quotient of net debt to total employed capital (i.e. total
equity plus net debt).
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(154) / (227)
At parent company level, total borrowing as of 31.12.2021 amounted to €942,661 thousand (31.12.2020:
€975,771 thousand). The gearing ratio as of 31.12.2021 for the Company is calculated at 70.8%
(31.12.2020: 80,4%).
The table below presents cash and non-cash flows in net borrowings for 2021:
GROUP
Total
borrowings*
Less: Cash and cash equivalents
Net
Borrowing**
Cash and
cash
equivalents
Restricted
cash
deposits
Time
Deposits over
3 months
Bonds
held to
maturity
01.01.2021 1,082,449
284,817 53,574 15,400 21,608
707,050
Cash movements
(50,617)
70,094
11,677
16,505
(15,410)
(133,483)
Non-cash movements:
Foreign exchange
differences
(39)
(1,090) - - -
1,051
Capitalised interest
76
- - - -
76
Amortisation of loan
costs 3,134
- - - (41)
3,174
Non-cash
transactions
71
- - - -
71
31.12.2021
1,035,074
353,821
65,252
31,905
6,157
577,939
(*) Does not include short-term and long-term liabilities (IFRS16) for €62.6 million from leasing as at 31.12.2021 (Note 24)
(**) Group Sub-total (excluding items MOREAS SA: loan without reduction)
COMPANY
Total
borrowings*
Less: Cash and cash equivalents
Net
Borrowing
Cash and cash
equivalents
Restricted
cash deposits
01.01.2021 975,771
4,573 23,316
947,881
Cash movements (36,535)
71,929 (5,020)
(103,444)
Non
-
cash movements:
Amortisation of loan costs 3.426
- -
3.426
31.12.2021 942,661
76,503 18,296
847,863
(*) Does not include short-term and long-term liabilities (IFRS16) for €7.1 million from leasing as at 31.12.2021 (Note 24)
3.3 Fair value determination
The financial instruments carried at fair value at the balance sheet date are classified under the following
levels, in accordance with the valuation method:
- Level 1: for assets traded in an active market and whose fair value is determined by the market prices
(unadjusted) of similar assets.
- Level 2: for assets and liabilities whose fair value is determined by factors related to market data, either
directly (that is, as prices) or indirectly (that is, derived from prices).
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(155) / (227)
- Level 3: for assets and liabilities whose fair value is not based on observable market data, but is mainly
based on internal estimates.
The table below presents a comparison of the book values of the Group's financial assets and liabilities at
amortised cost and their fair values:
GROUP
Book value
Fair value
31-Dec-21
31
-
Dec
-
20
31-Dec-21
31
-
Dec
-
20
Financial assets
Other financial assets at amortised cost
6,157 21,608
6,163 21,645
Long-term receivables
79,343 95,920
91,638 103,504
Financial liabilities
Short-term and long-term loans and short-term and
long-term lease liabilities
861,267 884,096
862,240 887,079
Bond loan issue on international capital markets
662,280 659,666
640,863 632,567
COMPANY
Book value
Fair value
31-Dec-21
31-Dec-
20
31-Dec-21
31-Dec-
20
Financial assets
Long-term receivables
191,845 325,214
206,341 329,835
Financial liabilities
Short-term and long-term loans and short-term and
long-term lease liabilities
286,649 324,333
285,227 324,333
Long-term loans from related parties
663,158 660,063
640,863 632,567
The fair values of short-term trade receivables and trade and other payables approximate their book
values. The fair values of other loans and long-term receivables are determined on the basis of discounted
future cash flows using discount rates that reflect current loan interest rate and are included in the
hierarchy of fair values at level 3.
Group borrowings as of 31.12.2021 include the bond issue in international capital markets, which has a
nominal value of €670 million and was carried out in January 2020 (€70 million) and in December 2019
(€600 million) (Note 24). The book value of the bond is shown as reduced by the amount of direct costs
associated with the transaction.
The table below presents the Group’s financial assets and liabilities at fair value as of 31.12.2021 and
31.12.2020.
GROUP
31 December 2021
CLASSIFICATION
LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
Financial assets
Financial assets at fair value through other
comprehensive income
907 - 55,720 56,627
Financial liabilities
Derivatives used for hedging
- 100,233 - 100,233
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(156) / (227)
31 December 2020
CLASSIFICATION
LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
Financial assets
Financial assets at fair value through other
comprehensive income
770 - 57,997 58,767
Financial liabilities
Derivatives used for hedging
- 127,759 - 127,759
The fair value of financial assets traded on active money markets (e.g. derivatives, equities, bonds), is
determined on the basis of the published prices available at the balance sheet date. An ‘active’ money
market exists where there are readily available and regularly revised prices, which are published by the
stock market, money broker, sector, rating organisation or supervising organisation. These financial tools
are included in level 1. This level is mainly comprised of investments in Greek shares of companies listed
on the Athens Stock Exchange and these are classified as financial assets recorded at fair value through
other comprehensive income.
The fair value of financial assets traded on active money markets (e.g. derivatives traded outside a
derivative market) are determined by measurement methods based primarily on available information on
transactions carried out on active markets and using less the estimates made by the economic entity.
These financial tools are included in level 2.
The fair value of mutual funds is determined based on the net asset value of the relevant fund.
Where measurement methods are not based on available market information, the financial tools are
included in level 3.
The following table presents the changes to Group 3 financial assets for the fiscal years 2021 and 2020:
GROUP
31-Dec-21 31-Dec-20
At year start
57,997 59,702
Change in fair value through other
comprehensive income
(2,278) (1,705)
At year end
55,720 57,997
Level 3 investments as of 31.12.2021 and on 31.12.2020 are as follows:
Non-listed securities:
Fair value of
investment as
at 31.12.2021
Fair value calculation method Other information
OLYMPIA ODOS SA
47,875
Dividend yield discount
Cost of capital: 8.1%
OLYMPIA ODOS OPERATIONS SA 6,648 Dividend yield discount Cost of capital: 8.1%
Other investments 1,196 Equity method at fair values
Fair value of equity
31.12.2021
Non-listed securities:
Fair value of
investment as
at 31.12.2020
Fair value calculation method
Other information
OLYMPIA ODOS SA
49,553
Dividend yield discount
Cost of capital: 7.7%
OLYMPIA ODOS OPERATIONS SA 7,246 Dividend yield discount Cost of capital: 7.7%
Other investments 1,199 Equity method at fair values
Fair value of equity as at
31.12.2020
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(157) / (227)
4 Critical accounting estimates and judgments of the management
Estimates and judgments are continuously evaluated and are based on historical data and expectations
for future events, as considered reasonable under the circumstances.
4.1 Significant accounting estimates and assumptions
Annual financial statements along with the accompanying notes and reports may involve certain
judgments and calculations that refer to future events regarding operations, development, and the
financial performance of the Company and the Group. Despite the fact that such assumptions and
calculations are based on the best possible knowledge of the Company's and the Group's management
in relation to current conditions and actions, the actual results may eventually differ from calculations and
assumptions taken into consideration during the preparation of the Company's and the Group's annual
financial statements.
Assessments and assumptions that involve important risk of causing future material adjustments to the
assets’ and liabilities’ book values:
(a) Estimates for construction contract budgeting
The Group uses percentage completion method based on costs (cost to cost method) for the
recognition of revenue from construction contracts. According to the percentage of completion
method, the Management has to make estimates relating to the following:
the budget of the works execution cost and, therefore, the gross result;
the recovery of claims from supplementary works or from project delay/speeding-up costs;
the effect of contractual scope changes on the profit margin of the project;
the completion of preset milestones according to the time schedule; and
the provisions for loss-causing projects.
The Group Management examines quarterly any available information relating to the course of the
projects and revises the budgetary cost items, where appropriate.
(b) Provisions
(i) Provision for heavy maintenance
Pursuant to Concession Agreements, the Group subsidiaries ATTIKI ODOS SA and MOREAS SA
are obliged to maintain the quality of the motorways they operate.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(158) / (227)
The main heavy maintenance expenses concern the reconstruction of the pavement, the
maintenance of the electromechanical facilities and civil engineering works. The provisions are
based on the future maintenance projects, which take into account the available information
from the operation of the motorways, studies by external consultants, and measurements of the
operating features of the pavement and the rate of impairment thereof. Their purpose is to
properly distribute to the fiscal years the expenses to be incurred at specific milestones during
the period between the commencement and the conclusion of the operation.
Group Management monitors the aforementioned information and revises the future
maintenance plan when such information significantly deviates from the estimations.
Management has also put forward a plan for revising the heavy maintenance provisions of the
subsidiaries MOREAS SA and ATTICA ODOS SA on a regular basis. An increased uncertainty
concerning the Management’s estimates exists due to the lack of projects with similar
characteristics, the fluctuation of traffic load, in particular during the recent years, and the lack
of historical data as at the commencement of operation.
(ii) Income tax
Estimates are required in determining the provision for income tax. There are many transactions
and calculations for which the ultimate tax determination is uncertain. Where the final tax
outcome of these matters is different from the amounts that were initially recorded, such
differences will impact the income tax and deferred tax provisions in the period in which such
determination is made.
The Group recognises deferred taxes on provisional tax differences, taking into consideration
the applicable tax provisions each time, and estimating the future benefits and future liabilities
from taxes. During the recognition of deferred tax receivables, as well as during the evaluation
of the recoverability, the best possible estimates by Management are taken into consideration
for the progress of the tax results of the Group companies in the foreseeable future.
(c) Assessments on the impairment of tangible assets and investment property
Tangible assets and investment property are initially recognised at cost and subsequently depreciated
over their useful lives. The Group assesses at each reporting period whether there is evidence of
impairment of tangible assets and investment property. Impairment testing is based on market data
and the management’s estimates of future financial and operating conditions. For the testing of
impairment of tangible assets and investments in property, the Management cooperates with
independent valuers.
(d) Assessments on the impairment of concession arrangement
The concession right is recognised first on the cost, and is then amortised based on its useful life. The
Group assesses at each reporting period whether there is evidence of impairment of the concession
value. The recoverable amounts were determined using the value-in-use method. The value-in-use is
calculated by using cash flow forecasts based on Management’s financial models, until the end of the
useful life of each intangible asset.
(e) Estimates for impairment of investments in subsidiaries and associates
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(159) / (227)
In accordance with accounting policy 2.3, the Company’s Management reviews indications of
impairment of investments in subsidiaries and associates on an annual basis. Where indications of
impairment exist, the Management calculates its recoverable value as the greater of fair value and
value in use.
The key assumptions used by Management in the context of estimating recoverable value of
investments are concerned with future flows and performance on the basis of business plans of the
companies which are checked for potential impairment, their growth rate in perpetuity, future working
capital, as well as the discount rate.
In addition, the Management reevaluates the value of investment in subsidiaries and associates in
cases of impairment of the value of their assets (tangible assets, investment in real estate).
4.2 Critical judgments by Management regarding application of accounting principles
No significant judgments have been made by Management with regard to the application of accounting
principles.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(160) / (227)
5 Segment reporting
On 31.12.2021 the Group was operating primarily in 5 business segments:
Construction
Concessions
Renewable Energy Sources (RES)
Environment
Real estate Development
The Managing Director and other members of the Board of Directors are responsible for making business
decisions. Having determined the operating segments, the above persons review the internal financial
reports to evaluate the Company’s and Group’s performance and to make decisions regarding fund
allocation. The Board of Directors uses various criteria to evaluate Group activities, which vary depending
on the nature, the maturity and special attributes of each field, having regard to any risks, current cash
needs and information about products and markets.
Note 43 refers to the activity sector in which each company in the Group operates. From the parent
company, ELLAKTOR , the energy segment emerging from absorption of the subsidiary EL.TECH.ANEMOS
SA has been integrated within the renewable energy sources sector, whereas the remaining activities
continue to be included under the other activities segment.
Net sales for each segment are as follows:
1-Jan to 31-Dec-21
Constructio
n
Concessions
Renewable
Energy
Sources
Environmen
t
Real
estate
Developm
ent
Other
Total
Total gross sales per segment
462,749
233,294
105,661
115,090
7,575
521
924,890
Sales between segments (8,736) (389) - (64) - (220) (9,409)
Net sales 454,013 232,905 105,661 115,026 7,575 302 915,482
1-Jan to 31-Dec-20
Construction Concessions
Renewable
Energy
Sources
Environment Real estate
Development
Other Total
Total gross sales per segment 499,098 202,402 93,852 101,922 6,813 351 904,437
Sales between segments (11,688) (312) - (86) - (58) (12,144)
Net sales 487,410 202,091 93,852 101,835 6,813 293 892,293
The results for each segment in fiscal year 2021 are as follows:
Constructi
on
Concessio
ns
Renewable
Energy
Sources
Environ
ment
Real
Estate
Developm
ent
Other
Write
-
offs
between
segment
s
Total
Total gross sales per segment 462,749 233,294 105,661 115,090 7,575 521 - 924,890
Sales between segments - - - - - - (9,409) (9,409)
Sales 462,749 233,294 105,661 115,090 7,575 521 (9,409) 915,482
Cost of sales (without
depreciation) (518,883) (87,986) (19,789) (89,496) (808) (503) 9,161 (708,304)
Gross profit (56,134) 145,309 85,872 25,594 6,767 18 (248) 207,178
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(161) / (227)
Constructi
on
Concessio
ns
Renewable
Energy
Sources
Environ
ment
Real
Estate
Developm
ent
Other
Write
-
offs
between
segment
s
Total
Selling & administration
expenses (without
depreciation)* (18,579) (11,962) (1,364) (10,990) (3,001) (9,869) 967 (54,797)
Other revenue and Other
profit/(loss) - net (without
depreciation)* 681 5,765 (76) 2,076 2,462 85 (719) 8,912
Share of profit or loss from
core activity participating
interests accounted for using
the equity method - 3,663 (65) (4) - - - 3,594
Earnings before interest,
taxes and amortisation (75,394) 142,774 84,367 16,676 6,228 (9,766) - 164,886
Depreciation and amortisation (8,725) (68,860) (24,817) (5,939) (2,030) (589) - (110,961)
Operating profit/(loss) (84,119) 73,913 59,550 10,737 4,198 (10,354) - 53,926
Income from dividends - 830 - - 135 - - 965
Share of profit or loss from
non-core activity participating
interests accounted for using
the equity method - 16 - (21) - - - (4)
Financial income** 698 19,514 8 3,809 1 483 - 24,514
Financial (expenses)** (10,298) (53,358) (11,652) (2,233) (2,004) (28,444) - (107,989)
Profit/ (loss) before taxes (93,719) 40,916 47,907 12,293 2,330 (38,316) - (28,588)
Income tax (5,267) (13,063) (5,581) (5,248) (379) (271) - (29,809)
Net profit / (loss) for the
fiscal year (98,985) 27,853 42,326 7,044 1,951 (38,586) - (58,397)
The results for each sector have been adjusted due to amendment of IAS 19 ‘Employee Benefits’ (Note
40). For fiscal year 2020 these are as follows:
Construction
Concessio
ns
Renewable
Energy
Sources
Environ
ment
Real Estate
Developm
ent
Other
Write
-
offs
betwee
n
segmen
ts
Total
Total gross sales per
segment 499,098 202,402 93,852 101,922 6,813 351 - 904,437
Sales between segments - - - - - - (12,144) (12,144)
Sales 499,098 202,402 93,852 101,922 6,813 351
(12,144
) 892,293
Cost of sales
(without
depreciation) (611,081) (79,412) (21,126) (81,465) (984) (315) 12,772 (781,612)
Gross profit (111,983) 122,990 72,725 20,457 5,829 35 628 110,682
Selling & administration
expenses (without
depreciation)* (24,689) (14,581) (919) (11,679) (2,291) (16,672) 417 (70,414)
Other revenue and Other
profit/(loss) - net (without
depreciation)* (19,592) 15,570 1,380 (4,538) 772 1,538 (1,045) (5,914)
Share of profit or loss from
core activity participating
interests accounted for
using the equity method - 94 - - - - - 94
Earnings before interest,
taxes and amortisation (156,264) 124,072 73,186 4,240 4,310 (15,098) - 34,447
Depreciation and
amortisation (10,613) (67,516) (23,172) (6,377) (2,539) (436) - (110,653)
Operating profit/(loss) (166,877) 56,556 50,015 (2,137) 1,771 (15,535) - (76,207)
Income from dividends - 843 - - 338 - - 1,181
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(162) / (227)
Construction
Concessio
ns
Renewable
Energy
Sources
Environ
ment
Real Estate
Developm
ent
Other
Write
-
offs
betwee
n
segmen
ts
Total
Share of profit or loss from
non-core activity
participating interests
accounted for using the
equity method - (267) - (25) - - - (292)
Financial income** 419 20,403 54 3,077 30 459 - 24.442
Financial (expenses)** (11,566) (46,557) (11,748) (1,927) (1,935) (25,000) - (98,732)
Profit/ (loss) before taxes (178,024) 30,978 38,320 (1,011) 204 (40,075) - (149,608)
Income tax (4,795) (12,921) (4,658) 678 (523) (93) - (22,312)
Net profit / (loss) for the
financial year (182,819) 18,057 33,663 (334) (319) (40,168) - (171,920)
* Reconciliation of expenses by category in the Income Statement:
1-Jan to 31-Dec-21
Note Expenses
(without
depreciation)
Depreciation
and
amortisation
Expenses according
to the Income
Statement
Cost of sales* 30 (708,304) (109,043) (817,347)
Selling & administration expenses * 30 (54,797) (6,438) (61,236)
Other income & other profit/(losses) * 31 8,912 4,521 13,432
1-Jan to 31-Dec-20
Note
Expenses
(without
depreciation)
Depreciation
and
amortisation
Expenses according
to the Income
Statement
Cost of sales* 30 (781,612) (108,689) (890,300)
Selling & administration expenses * 30 (70,414) (6,497) (76,911)
Other income & other profit/(losses) * 31 (5,914) 4,532 (1,382)
** Contrary to other items (*) financial income/(expenses) are presented after write-offs between different
segments.
Other items per segment included in results as of 31.12.2021 are as follows:
Note
against
Concession
s
Renewable
Energy Sources
Environm
ent
Real estate
development
Other
Total
Depreciation
(8,725) (68,860) (24,817) (5,939) (2,030) (589) (110,961)
Impairment 8 - - - - (2,858) - (2,858)
Reversals of
impairments 8 - - - - 4,982 - 4,982
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(163) / (227)
Other items per segment included in results as of 31.12.2020 are as follows:
Note
against
Concessions
Renewable
Energy Sources
Environment
Real estate
Development
Other
Total
Depreciation
(10,613)
(67,516)
(23,172)
(6,377)
(2,539)
(436)
(110,653)
Impairment
6
,
10
(9,145)
-
-
-
-
-
(9,145)
Inter-segment transfers and transactions are carried out at arms’ length.
The assets and liabilities of the segments as at 31.12.2021 are as follows:
Note
Construct
ion
Concessi
ons
Renewable
Energy
Sources
Environ
ment
Real estate
Development
Other
Total
Assets (less Investments in
associates)
691,887 1,092,514 611,368 156,461 146,015 46,371 2,744,616
Investments in associates
10
64
58,660
25,738
4,608
-
1,358
90,428
Total Assets
691,951
1,151,174
637,106
161,068
146,015
47,729
2,835,044
Liabilities
468,834
811,640
415,336
64,861
41,121
669,944
2,471,737
Investments in tangible and
intangible assets, and
investment property 6, 7, 8 6,408 2,299 2,334 3.035 - 422 14,498
Assets and liabilities of segments as of 31.12.2020 are as follows:
Note
Construc
tion
Concessio
ns
Renewable
Energy
Sources
Environ
ment
Real estate
Developme
nt
Other
Total
Assets (less Investments
in associates) 665,070 1,162,656 604,698 164,860 143,170 19,383 2,759,838
Investments in associates
10
272
54,165
-
4,503
-
1,626
60,565
Total Assets
665,342
1,216,821
604,698
169,363
143,170
21,008
2,820,403
Liabilities
475,009
802,201
409,703
79,816
43,857
671,514
2,482,100
Investments in tangible
and intangible assets, and
investment property 6, 7, 8 2,582 3,044 14,099 3,050 1,154 523 24,451
Prepayments for long
-
term
leases 13 - 489 - - - - 489
* The amount of liabilities under ‘Other’ items primarily pertain to the bond loan issue on international
capital markets.
Non-current assets excluding investments in associates and joint ventures, financial assets and deferred
tax assets are distributed geographically as follows:
31
-
Dec
-
21
31
-
Dec
-
20
Greece
1,133,950
1,157,471
Other European countries
16,455
17,875
Gulf countries – Middle East
2,426
2,857
Americas
130
281
Australia
251 461
1,153,213
1,178,945
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(164) / (227)
The Group has also expanded its activities abroad (Note 1). In particular, total sales are allocated per
region as follows:
Sales
1-Jan to
31-Dec-21 31-Dec-20
Greece
711,101
690,633
Other European countries
147,003
112,966
Gulf countries – Middle East
35,141
41,760
Americas
21,349
45,541
Australia
886 1,394
915,482
892,293
Overseas sales are derived mainly from the activities of companies in the construction segment.
Of the sales in Greece, amounts of €340,449 thousand in 2021 and €377,980 thousand in 2020 come from
the public sector, including public utility companies, municipalities, etc. Furthermore, sales conducted
abroad amounted to the sum of €182,334 thousand for fiscal year 2021, while the sum of €171,620
thousand in fiscal year 2020 is from Greek state sources. In addition, an amount of €365,602 thousand
from Group sales (2020: €318,459 thousand) pertains to the provision of products and services at a point
of time and an amount of €549,879 thousand (2020: €573,835 thousand) concerns the provision of
products and services delivered during of the contract (over time). Company sales amounting to €101,402
thousand (2020: €89,681 thousand) relate to the provision of products and services delivered at a point
of time.
6 Property, plant and equipment
GROUP
Note
Land &
buildings
Vehicles
Mechanic
al
equipmen
t
Mechanical
equipment of
wind and P/V
farms
Furnitur
e &
other
equipme
nt
Real estate
assets under
construction
Total
Cost
1 January 2020
150,044
43,385
271,772
507,133
41,030
99,621
1,112,986
Currency translation
differences
(535) (224) (1,176) (201) (573) (57) (2,766)
Disposal of subsidiary
-
-
-
-
-
(9)
(9)
Additions except for
leasing
1,014 945 4,052 698 1,832 14,126 22,668
Additions with
leasing
822
507
-
-
-
-
1,329
Sales/write
-
offs
(11,861)
(2,141)
(7,346)
(8)
(676)
(386)
(22,418)
Impairment
(8,606)
-
-
-
-
-
(8,606)
Sales of fixed assets
INSCUT BUCURESTI
(13,763) (10) (68) - - - (13,841)
Potential provision for
landscape restoration by
companies from the
wind project segment
- - - 470 - - 470
Reclassification from
‘Assets under
construction’ to
‘Mechanical equipment’
- - - 90,617 - (90,617) -
Other reclassifications
1,273
(167)
2,300
-
-
(3,406)
-
31
December 2020
118,389
42,296
269,534
598,708
41,614
19,274
1,089,814
1 January 2021
118,389
42,296
269,534
598,708
41,614
19,274
1,089,814
Currency translation
differences
305 (496) 428 (59) 468 506 1,152
Additions except for
leasing
1,512 1,025 6,910 471 1,436 2,469 13,823
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(165) / (227)
GROUP
Note
Land &
buildings
Vehicles
Mechanic
al
equipmen
t
Mechanical
equipment of
wind and P/V
farms
Furnitur
e &
other
equipme
nt
Real estate
assets under
construction
Total
Additions with leasing
74,303
290
-
-
-
-
74,594
Sales/write
-
offs
(967)
(3,582)
(3,043)
(313)
(427)
(357)
(8,689)
31 December 2021
193,541
39,534
273,829
598,807
43,091
21,892
1,170,694
Accumulated
Amortisation
1 January 2020
(54,730)
(33,430)
(232,428)
(123,422)
(37,298)
(906)
(482,214)
Currency translation
differences
479 150 905 116 501 - 2,152
Depreciation for the
fiscal year 30 (6,573) (3,643) (9,117) (24,849) (1,921) - (46,103)
Sales/write
-
offs
8,856
2,065
5,464
4
575
-
16,964
Sales of fixed assets
INSCUT BUCURESTI
4,508 10 68 - - - 4,586
Other reclassifications
39
(39)
-
-
-
-
-
31 December 2020
(47,420)
(34,887)
(235,109)
(148,150)
(38,143)
(906)
(504,615)
1 January 2021
(47,420)
(34,887)
(235,109)
(148,150)
(38,143)
(906)
(504,615)
Currency translation
differences
(318) (28) (393) 82 (466) - (1,124)
Depreciation for the
fiscal year 30 (8,000) (2,877) (8,670) (26,459) (1,355) - (47,362)
Sales/write
-
offs
788
3,165
2,843
277
417
-
7,491
31 December 2021
(54,950)
(34,627)
(241,329)
(174,251)
(39,547)
(906)
(545,609)
Net book value as of
31 December 2020
70,968 7,409 34,425 450,558 3,471 18,368 585,199
Unamortised value at
31 December 2021
138,591 4,907 32,501 424,556 3,544 20,986 625,084
The additions to the column ‘Assets under construction’ or the current year come from the subsidiary
DEVELOPMENT OF NEW ALIMOS MARINA SINGLE-MEMBER SA, while for previous fiscal years they were
mainly from wind power projects, and were included under implementation of the parent company’s
investment plan and the plans of its subsidiaries.
‘Additions with leasing’ amounting to €74.3 million in the column ‘Land & Buildings’ are primarily due to
commencement of the Alimos Marina concession period as of 1 January 2021. The subsidiary company
DEVELOPMENT OF NEW ALIMOS MARINA SINGLE-MEMBER SA has signed a contract with the Greek
State, for the concession of the exclusive right of use and exploitation of the Alimos Marina (Concession
of the Greek State), until 31 December 2060 against a consideration that is calculated as the sum of a
fixed and a tiered rent for the duration of the concession.
Assets with rights of use included in the above as of 31.12.2021 are as follows:
GROUP
Land &
buildings
Transportation
equipment
Mechanical
equipment
Mechanical
equipment of
wind and P/V
farms
Total
Right-of-use assets as at 1 January 2020 21,344 5,118 4,577 2,649 33,688
Additions 822 507 - - 1,329
Depreciation for the fiscal year (4,243) (2,119) (287) (145) (6,794)
Write-offs (596) (27) (179) - (802)
Rights of use of assets as at 31
December 2020 17,328 3,479 4,111 2,504 27,421
Additions 74,303 290 - - 74,594
Depreciation for the fiscal year (4,028) (1,795) (153) (74) (6,050)
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(166) / (227)
GROUP
Land &
buildings
Transportation
equipment
Mechanical
equipment
Mechanical
equipment of
wind and P/V
farms
Total
Write-offs 317 - - - 317
Right-of-use assets as at 31 December
2021 87,920 1,973 3,959 2,430 96,282
COMPANY
Note
Land &
buildin
gs
Transport
means
Mechanic
al
equipmen
t
Mechanical
equipment
of WIND
FARMS
Furniture
& other
equipmen
t
Real
estate
assets
under
constru
ction
Total
Cost
1 January
2020
11,970
265
82
378,058
2,000
83,338
475,713
Additions except for leasing
289
-
-
693
141
11,670
12,793
Additions with leasing
323
178
-
-
-
-
501
Sales/write
-
offs
(441)
(133)
-
-
(2)
-
(575)
Potential provision for
landscape restoration by
companies from the wind
project segment
- - - 470 - - 470
Reclassification from ‘Assets
under construction’ to
‘Mechanical equipment’
- - - 94,907 - (94,907) -
31 December 2020
12,142
310
82
474,128
2,139
101
488,901
1
January 2021
12,142
310
82
474,128
2,139
101
488,901
Additions except for leasing
-
-
-
471
179
-
650
Additions with leasing
36
75
-
-
-
-
111
Sales
-
(17)
-
-
(6)
-
(23)
31 December 2021
12,178
368
82
474,599
2,311
101
489,639
Accumulated Amortisation
1 January 2020
(359)
(68)
(82)
(8,180)
(1,886)
-
(10,576)
Depreciation for the fiscal year
(853)
(117)
-
(23,946)
(96)
-
(25,012)
Write
-
offs
65
116
-
-
-
-
182
31 December 2020
(1,147)
(69)
(82)
(32,126)
(1,982)
-
(35,407)
1 January 2021
(1,147)
(69)
(82)
(32,126)
(1,982)
-
(35,407)
Depreciation for the fiscal year
30
(1,004)
(148)
-
(25,534)
(96)
-
(26,783)
Sales
-
-
-
-
(1)
-
(1)
31 December 2021
(2,152)
(217)
(82)
(57,660)
(2,079)
-
(62,191)
Net book value as of 31
December 2020
10,995 240 - 442,002 157 101 453,495
Unamortised value at 31
December 2021
10,026 150 - 416,939 232 101 427,448
Assets with rights of use included in the above as of 31 December 2021 are as follows:
COMPANY
Land &
buildings
Transportation
equipment
Mechanical
equipment of
wind and P/V
farms
Total
Right
-
of
-
use assets as at
1 January 2020 7,464 53 1,202 8,719
Additions 323 178 - 501
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(167) / (227)
COMPANY
Land &
buildings
Transportation
equipment
Mechanical
equipment of
wind and P/V
farms
Total
Depreciation for the fiscal year (611) (86) (74) (771)
Write-offs (512) - - (512)
Right
-
of
-
use assets as at
31 December 2020 6,664 144 1,129 7,937
Additions 36 75 - 111
Depreciation for the fiscal year (708) (122) (74) (904)
Right
-
of
-
use assets as at
31 December 2021 5,991 97 1,055 7,144
Furthermore, the income statement includes the following amounts related to leases:
GROUP
COMPANY
Note
1-Jan to
31-Dec-21
1-Jan to
31-Dec-20
1-Jan to
31-Dec-21
1-Jan to
31-Dec-20
Interest expenses related to leases (included in
financial income/expenses - net) 32 3,520 825
414 444
Costs associated with short-term leases and leases of
low value assets (included in cost of sales, distribution
costs, and administrative expenses) 30 20,579 22,718
188 124
Payment of liabilities from leases
(5,312) (7,225)
(2,205) (2,075)
For the fiscal year, the Group and the Company recognised leasing costs from short-term leases and
payments from leasing of low-value assets of €20,579 thousand and €188 thousand respectively, which
in the case of the Group are derived mainly from construction sector activities, and in particular from
leases of machinery and other equipment widely used in construction projects both in Greece and abroad,
which are of very short duration. Needs for leasing of machinery and equipment vary over time depending
on the progress of works, and the Group accordingly concludes short-term contracts in order to avoid
periods during which the lease is continuing, but productivity is at low levels.
The weighted average discount rate applicable to the Group as of 1 January 2021 up to and including
31.12.2021 was 5%.
In the context of the Group's activity in the field of renewable energy sources as far as loan agreements
for wind parks are concerned, special pledge agreements have been established on machinery, equipment
and other fixed assets, with a total unamortised value of €406 million as per the financial statements of
31.12.2021 (excluding PV parks) (31.12.2020: €430 million).
7 Intangible assets & concession rights
7a Intangible assets
GROUP
Note Software Goodwill Licenses Other
Total
Cost
1 January 2020
5,257 2,946 44,993 3,444 56,640
Currency translation differences
(46) (2) - - (48)
Acquisition/absorption of subsidiary
- - (54) - (54)
Additions
569 - 169 12 749
Sales
(17) - - - (17)
Write-offs
(55) - - - (55)
31 December 2020
5,708 2,943 45,108 3,456 57,216
1 January 2021
5,708 2,943 45,108 3,456 57,216
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(168) / (227)
Note
Software
Goodwill
Licenses
Other
Total
Currency translation differences
29 (2) - - 26
Additions
571 - 103 1 675
Sales
(2) - - - (2)
Write-offs (1) - - - (1)
31 December 2021
6,305 2,941 45,211 3,457 57,914
Accumulated Amortisation
1 January 2020
(4,823) (709) (8,233) (1,930) (15,694)
Currency translation differences
42 - - - 42
Depreciation for the fiscal year 30 (212) - (1,129) (32) (1,373)
Sales
17 - - - 17
Write-offs
55 - - - 55
31 December 2020
(4,921) (709) (9,363) (1,962) (16,954)
1 January 2021
(4,921) (709) (9,363) (1,962) (16,954)
Currency translation differences
(18) - - - (18)
Depreciation for the fiscal year 30 (278) - (1,129) (29) (1,436)
Sales
2 - - - 2
Write-offs
1 - - - 1
31 December 2021
(5,214) (709) (10,492) (1,991) (18,405)
Net book value as of 31 December 2020
787 2,235 35,745 1,495 40,262
Unamortised value at 31 December 2021
1,091 2,233 34,719 1,466 39,510
End-of-life intangible assets mainly refer to licences in the renewable energy sector and concern wind
farms that are either operating or under construction, or expected to be built in the future. These
intangible assets amount to €34.7 million (2020: €35.7 million) at Group level.
On 23 November 2021, the Ministry of Environment & Energy (Directorate-General for Environmental
Licensing Policy), decided to reject requests for amendment of the existing environmental conditions
submitted by the subsidiary companies ANEMODOMIKI SA and POUNENTIS SA with regard to the
following works: a) a Wind Power Plant (WPP) and its accompanying works, with a total capacity of 46
MW, at the site ‘Grammeni-Tourla-Karnopi’ in the Municipalities of Agrafa, Karditsa and Lake Plastira
belonging to the prefectures of Evritania and Karditsa, respectively; and b) a Wind Power Plant (WPP) and
its accompanying works, with a total capacity of 40 MW, at the location ‘Michos - Voidolivado - Apelina’
in the Municipalities of Agrafa, Karditsa & Lake Plastira, part of the Prefectures of Evritania and Karditsa.
The aforementioned projects were already licensed from 2018, but in an effort to improve their design,
they were relocated, using a smaller number of higher power wind turbines. The new design involves
occupying fewer spots within the originally approved plots of land and is more environmentally-friendly
than the previous one, thus helping to achieve the national objective of reducing emissions and fuel
consumption; however, the relevant applications for amendment of the environmental conditions were
rejected. Pursuant to this, the Company, always acting with the aim of defending the interests of its
shareholders, intends to exhaust all legal remedies for annulment of the rejection decisions, with the
ultimate goal of implementing the works which serve the public interest while respecting the environment.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(169) / (227)
Taking into account the above, the planned commencement date for licensing and production, but also
the regulatory framework with regard to the selling price of electric energy, the Administration proceeded
with tests of impairment for the licences of the parks in question, of which there was no indication.
COMPANY
Note Software Licenses Total
Cost
1 January 2020
883 19,912 20,795
Additions 121 - 121
31 December 2020
1,003
19,912
20,915
1 January 2021
1,003
19,912
20,915
Additions
353 - 353
31 December 2021
1,357 19,912 21,268
Accumulated Amortisation
1 January 2020
(867) (315) (1,182)
Depreciation for the fiscal year
30
(19)
(1,028)
(1,047)
31 December 2020
(886) (1,343) (2,229)
1 January 2021
(886) (1,343) (2,229)
Depreciation for the fiscal year 30 (68) (1,028) (1,096)
31 December 2021
(954) (2,370) (3,324)
Net book value as of 31 December 2020
117 18,569 18,687
Unamortised value at 31 December 2021
402
17,542
17,944
7b Concession right
Note
Concession
right
Cost
1 January 2020
1,192,100
31 December 2020
1,192,100
1 January 2021
1,192,100
31 December 2021
1,192,100
Accumulated Amortisation
1 January 2020
(749,912)
Depreciation for the fiscal year 30 (61,906)
31 December 2020
(811,818)
1 January 2021
(811,818)
Depreciation for the fiscal year 30 (61,189)
31 December 2021
(837,008)
Net book value as of 31 December 2020
380,281
Unamortised value at 31 December 2021
319,092
Concession rights as of 31.12.2021 are mainly from the subsidiaries ATTIKI ODOS SA and MOREAS SA.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(170) / (227)
Impairment test of concession right by MOREAS SA
Based on the estimates of Management, there were indications of impairment for the concession right of
the subsidiary MOREAS SA only, due to the spread of the pandemic and the reduction of traffic passing
through as a result of Covid-19 restrictive measures. Concession rights as of 31.12.2021 are mainly from
the subsidiaries ATTIKI ODOS SA and MOREAS SA.
Intangible assets with a finite useful life which relate to rights of use with regard to the MOREAS SA
motorway concession amount to approximately €175 million.
The recoverable amounts of the above intangible assets were determined using the value-in-use method.
The value-in-use was calculated by using cash flow forecasts based on Management’s financial models,
until the end of the useful life of each intangible asset.
The basic assumptions taken into consideration for purpose of calculating the value-in-use of intangible
assets were the following:
That the average rate of the increase in annual sales for the 2022-2038 period (i.e. after the
construction period) is approximately 2%;
That the estimated operating profit margin on average reaches 36%, taking into account
anticipated changes in profitability;
With regard to working capital, Management relied completely on historical data;
The discount rate for the specific intangible asset was 5.5%
Based on the results of the impairment test on 31.12.2021, the recoverable amount of the specific
intangible asset appears to be greater than its book value and as a consequence there were no impairment
losses in relation to the above intangible assets.
8 Investments in property
Note GROUP
COMPANY
Cost
1 January 2020
192,363
7,517
Currency translation differences
(320)
-
Additions
1,034
-
31 December 2020
193,077
7,517
1 January 2021
193,077
7,517
Currency translation differences
(305)
-
31 December 2021
192,772
7,517
Accumulated Amortisation
1 January 2020
(44,552)
(4,317)
Depreciation for the fiscal year
30 (1,667)
-
31 December 2020
(46,219)
(4,317)
1 January 2021
(46,219)
(4,317)
Depreciation for the fiscal year
30 (1,662)
-
Impairment
31 (2,858)
-
Reversal of prev. impairment provision
31 4,982
-
31 December 2021
(45,757)
(4,317)
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(171) / (227)
Note GROUP
COMPANY
Net book value as of 31 December 2020
146,858
3,200
Unamortised value at 31 December 2021
147,015
3,200
The income from rents for fiscal year 2021 for the Group amount to €7,449 thousand. (2020: €6,521
thousand).
The Group's investment properties are not burdened by liens, with the exception of real estate property
of the subsidiary company YIALOU COMMERCIAL & TOURIST SA, namely on blocks of land OTE71 and
OTE72 located at Yialou in Spata, Attica, where mortgage No 8947/17.06.2020 was registered in the
amount of €49.8 million as collateral for the bond loan contract of 14 May 2020, as well as the subsidiary
KANTZA EMPORIKI SA specifically on the Company’s properties on the Kamba Estate, amounting to a
total of approximately €14.6 million to secure the bond loan agreement of 29 April 2014, amounting to
€10.4 million.
Additions on fiscal year 2020 amounting to €1,034 thousand pertain to the development and extension
of new buildings on the property belonging to the subsidiary YIALOU SA, in particular on block OTE72.
The impairment of €2,858 thousand concerns subsidiary company plots in the real estate development
sector in the region of Attica. The reversal of a previous impairment of €4,982 thousand, concerns
properties of subsidiaries in the same sector, and is due to an increase of their fair value.
Fair values and valuation techniques used in their determination are presented in the following table:
GROUP
S/N
Country
Sector
Property
category
Sensitivity
analysis -
Min
(In
thousands
of €)
Fair
value
(In
thousand
s of €)
Sensitivity
analysis -
Max
(In
thousands
of €)
Valuation
method
Value determination and
price range (in €)
1 Greece
Real estate
developme
nt
Land 4,556 5,361 6,165
Comparative
method
Land 700 - 1300 € per m
2
2 Greece
Real estate
developme
nt
Plots of land
with
buildings
972 1,143 1,315
Comparative
method /
Residual value
method
Land 300 - 450 € per m
2
Residential property: 2600 -
3000 € per m
2
3 Greece
Real estate
developme
nt
Land 26,076 39,801 53,561
Residual value
under income
capitalisation
method - cash
flow discount
technique
Land 300
-
350
€
per m
2
Offices: 15 - 20 € per m
2
, per
month
Retail stores: 15 - 30 € per m
2
,
per month
Supermarkets: 12 - 15 € per
m
2
, per month
Discount rate: 9.8%
Capitalisation interest rate:
7.5%
4 Greece
Real estate
developme
nt
Agricultural
parcels
1,409 1,657 1,905
Comparative
method
Agricultural parcels: 20 - 50 €
per m
2
5 Greece
Real estate
developme
nt
Shopping
mall
80,000 92,629 120,000
Income
capitalisation
method - cash
flow discount
technique
Retail stores: 10 - 70 € per m
2
,
per month
Discount rate 9.5%
Capitalisation rate 7.5%
6 Greece
Real estate
developme
nt
Plots of land 160 188 216
Comparative
method
Land 110 - 180 € per m
2
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(172) / (227)
S/N
Country
Sector
Property
category
Sensitivity
analysis -
Min
(In
thousands
of €)
Fair
value
(In
thousand
s of €)
Sensitivity
analysis -
Max
(In
thousands
of €)
Valuation
method
Value determination and
price range (in €)
7 Greece
Real estate
developme
nt
Land 3,924 5,990 8,060
Residual value
under income
capitalisation
method - cash
flow discount
technique
Land 300
-
350
€
per m
2
Offices: 15 - 20 € per m
2
, per
month
Retail stores: 15 - 30 € per m
2
,
per month
Supermarkets: 12 - 15 € per
m
2
, per month
Discount rate: 9.8%
Capitalisation interest rate:
7.5%
8 Greece
Real estate
developme
nt
Agricultural
parcels
2,074 2,440 2,806
Comparative
method
Agricultural parcels: 60 - 180 €
per m
2
9 Greece
Real estate
developme
nt
Agricultural
land parcel
39 46 53
Comparative
method
Agricultural parcels: 6 - 14 €
per m
2
10 Greece
Concession
s
Office
building
11,600 15,200 19,600
Income
capitalisation
method - cash
flow discount
technique
Offices: 15
-
20
€
per m
2
, per
month
Discount rate: 9.0%
Capitalisation interest rate:
7.0%
11 Greece Other Land 2,581 3,200 3,283
Residual value
method
Offices: 20
-
26
€
per m
2
, per
month
Discount rate: 8.8%
Capitalisation interest rate:
7.0%
12 Romania
Real estate
developme
nt
Plot of land
with building
9,400 10,200 11,100
Comparative
method
Land 950 - 1400 € per m
2
13 Romania
Real estate
developme
nt
Plots of land 4,900 5,100 5,300
Comparative
method /
Residual value
method
Land 350 - 500 € per m
2
Residential property: 2,000 -
2,400 € per m
2
147,691 182,955 233,364
COMPANY
S/N
Country
Sector
Property
category
Sensitivity
analysis -
Min
(In €
thousands)
Fair
value
(In €
thousand
s)
Sensitivity
analysis -
Max
(In €
thousands)
Valuation
method
Value determination and
price range (in €)
1 Greece Other Land 2,581 3,200 3,283
Residual value
method
Offices: 20
-
26
€
per m
2
, per
month
Discount rate: 8.8%
Capitalisation interest rate:
7.0%
The determination of the fair value is classified at level 3 of the determination of fair values.
9 Investments in subsidiaries
The change to the book value of the parent company’s investments to consolidated undertakings was as
follows:
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(173) / (227)
COMPANY
Note 31-Dec-21 31-Dec-20
At year start
392,182 479,179
New additions - AEIFORIKI KOUNOU SA
- 2,914
Additions-increase in investment cost
233,744 16,400
(Sales)
- (41)
(Company dissolution) - LASTIS ENERGY INVESTMENTS LTD
- (4,105)
Refund of share capital from subsidiaries
- (167)
(Impairment) 31 - (101,997)
At year end
625,926 392,182
In fiscal year 2021, additions mainly pertain participation in the share capital increase of the subsidiary
company AKTOR SA by an amount of € 232,014 thousand (€98,600 thousand cash participation and
€133,414 thousand through capitalisation of loan receivables from AKTOR SA),while the remaining €1,730
thousand relate to increased costs of participation in subsidiary companies in the RES sector. During fiscal
year 2020, additions relate mainly participation in share capital increases of subsidiaries POUNENTIS
ENERGY SA by an amount €7,700 thousand, ANEMODOMIKI SA in the amount of €7,500 thousand and
acquisition of AIFORIKI KOUNOU SA by HELECTOR SA for an amount of €2,914 thousand.
The share capital increases in AKTOR SA took place as follows:
- On 29.04.2021, with capitalisation of the Company’s bond loan with a fair value of €87,013,970.
- On 06.08.2021, an amount of €3,400,000, with a premium difference arising between the nominal
value and the offer price of new shares amounting to €95,200,000. Following a declaration from
AKTOR CONCESSIONS SA, which holds 20.78% of shares in AKTOR, stating that it does not intend
to exercise its preemptive rights under the law and AKTOR’s Articles of Association, the above
increase of the share capital was taken up by the Company with deposit of the amount of
€98,600,000, which duly took place on the same day, i.e. 06.08.2021.
- On 30.11.2021, with capitalisation of a Company bond loan with a fair value of €46,400,000.
The cost of participation in subsidiaries of the Company can be broken down as follows:
COMPANY
31-Dec-21 31-Dec-20
AEOLIKI KANDILIOU SA
739 631
EOLIKI OLYMPOU EVIAS SA
209 174
ANEMOS ATALANTIS SA
85 25
PPC RENEWABLES - ELLINIKI TECHNODOMIKI
1,870 1,870
HELLENIC ENERGY & DEVELOPMENT SA - RENEWABLES
403 197
POUNENTIS ENERGY SA
20,888 20,188
ANEMODOMIKI SA
21,506 20,906
EOLIKI KARPASTONIOU SA
477 477
c) AEIFORIKI KOUNOU SA
2,914 2,914
THIVAIKOS ANEMOS SA
12,115 12,115
REDS REAL ESTATE DEVELOPMENT SA
49,679 49,679
AKTOR SA
232,014 -
ANDROMACHI SA
677 677
AKTOR CONCESSIONS SA (former URBAN DEVELOPMENTS SA)
266,400 266,400
YIALOU ANAPTYXIAKI SA
1.328 1.328
HELLENIC ENERGY & DEVELOPMENT SA
176 154
ELLINIKI TECHNODOMIKI ENERGIAKI SA
200 200
HELECTOR SA
8,635 8,635
KANTZA SA
5,554 5,554
ELLAKTOR VALUE PLC
59 59
625,926 392,182
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(174) / (227)
In fiscal year 2020, impairment amounting to €101,997 thousand mainly concerns impairment of
participation in the subsidiary company AKTOR SA, emerging from the impairment test carried out on
construction sector activities. For the year ended 31.12.2021, there were no indications of impairment
since the construction sector received an cash injection of €98.6 million via the share capital increase
taking place in August 2021. This share capital increase meant that a large part of its liabilities caused by
loss-making projects were covered and there could be substantial acceleration of the works. In addition,
this sector has to a large extent completed its operational transformation, while there are significant
projects yet to be completed in Greece and Romania, also favoured by the market outlook.
Subsidiaries with a significant percentage of non-controlling interests
The following tables present summary financial information regarding subsidiaries of the Group in which
non-controlling interests hold a significant percentage (Note 42a)
Summary Statement of Financial Position
ATTIKI ODOS SA* MOREAS SA* VEAL SA*
65.75% 65.75% 71.67% 71.67% 47.22% 47.22%
31-Dec-21 31-Dec-20 31-Dec-21 31-Dec-20 31-Dec-21 31-Dec-20
Non-current assets 119,103
166,564
374,733
413,846
13,540
15,424
Current assets 206,591
241,696
63,649
57,379
13,124
8,565
Total assets 325,693
408,260
438,382
471,226
26,663
23,990
Non-current liabilities 90,054
92,091
595,385
639,467
5,243
6,082
Current payables 56,093
40,999
43,873
38,699
5,884
6,422
Total liabilities 146,147
133,090
639,258
678,166
11,127
12,504
Equity 179,546
275,170
(200,876) (206,940) 15,536
11,485
Corresponding to:
Non-controlling interests 61,497 94,249 (56,908) (58,626) 8,200
6,062
Summary Statement of Comprehensive Income
ATTIKI ODOS SA* MOREAS SA* VEAL SA*
1-Jan 1-Jan 1-Jan
31-Dec-21 31-Dec-20 31-Dec-21 31-Dec-20 31-Dec-21 31-Dec-20
Sales 176,779
151,569
29,365 26,922 17,180 13,623
Net profit / (loss) for the financial year 56,825
48,304
(19,325) (19,501) 4,051 1,956
Other comprehensive income/(loss) for the period (net of
tax) (247) (469)
24,288 499 - -
Total Comprehensive Income/(Loss) for the year 56,577 47,836 4,964 (19,002) 4,051 1,956
Profit / (loss) for the financial year attributable to non-
controlling interests 19,463 16,545 (5,475) (5,525) 2,138 1,032
Dividends attributable to non-controlling interests 23,762
28,305
- - - 1,056
Summary Statement of Cash Flows
ATTIKI ODOS SA* MOREAS SA* VEAL SA*
31-Dec-21 31-Dec-20 31-Dec-21 31-Dec-20 31-Dec-21 31-Dec-20
Total inflows/(outflows) from operating activities 88,048
94,083
1,750 9,350 7,995 3,227
Total inflows/(outflows) from investing activities (1,664) 70,112 11,078 (528) (152) (127)
Total inflows/(outflows) from financing activities (152,300) (135,868) (18,205) (16,756) (1,004) (3,811)
Net increase/(decrease) in cash and
cash equivalents (65,916) 28,328 (5,378) (7,935) 6,839 (712)
* Date before eliminations with the larger Group
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(175) / (227)
10 Investments in associates & joint ventures
GROUP
COMPANY
31-Dec-21 31-Dec-20
31-Dec-21 31-Dec-20
At year start Note
60,565 60,696
1,223 1,223
Additions, new
25,372 -
25,122 -
Additions - increase in participation costs
862 121
681 -
(Sales) - (Dissolutions)
(631) (122)
- -
(Impairment) 31 - (539)
- -
Share in profit/ loss (after taxes)
3,590 (198)
- -
Other changes to Other Comprehensive Income
670 606
- -
At year end
90,428 60,565
27,026 1,223
Participations in core activities
81,764 51,524
25,803 -
Participations in non-core activities
8,664 9,041
1,223 1,223
90,428 60,565
27,026 1,223
The participations of main activities include the companies AUTOKINITODROMOS AEGEAN SA, GEFYRA
SA, GEFYRA LITOURGIA SA, GEOTHERMIKOS STOCHOS II MAES, EVOIKOS VOREAS SA (formerly
ENERCOPLAN ENERGY EPC & INVESTMENT PC), THERMAIKI ODOS SA CONCESSION and SOFRANO SA.
The additions of €25.4 million in 2021 mainly concern the acquisition of the companies EVVOIKOS
VOREAS SA and SOFRANO SA, within a framework of strategic cooperation concluded with EDPR Europe
SL, with regard to joint development and execution for a portfolio of wind farms in the regions of central
and southern Evia. In the context of this transaction, as of 31.12.2021, discounted long-term liabilities
have been created by virtue of the purchase in full (100% ownership) of these companies, amounting to
€37.6 million (Note 26), and discounted long-term receivables amounting to €19.6 million from EDPR
Europe SL due to sale of 51% of its holdings (Note 17).
The following tables present summary financial information on the most important associates of the
Group. This information includes the amounts arising from the financial statements of the following
associates, which have been amended in order to reflect adjustments ΤΟ fair value and differences in
accounting policies.
Summary Statement of Financial Position
AEGEAN
MOTORWAY SA
GEFYRA SA
22.22% 22.22%
22.02% 22.02%
31-Dec-21 31-Dec-20
31-Dec-21 31-Dec-20
Non-current assets 550,014
577,679
259,790 273,362
Current assets 94,714
80,456
63,287 52,766
Total assets 644,728
658,135
323,077 326,129
Non-current liabilities 529,206
566,936
128,436 152,124
Current payables 71,160
47,260
26,848 24,860
Total liabilities 600,366
614,196
155,284 176,984
Equity 44,362 43,938
167,793 149,145
Agreement on summary financial statements
AEGEAN
MOTORWAY SA
GEFYRA SA
2021 2020
2021 2020
Company equity 1 January 43,938
49,523
149,145 140,437
Net profit/(loss) for the year (2,153)
(8,137)
17,975 8,281
Other comprehensive income/(loss) for the period (net of tax) 2 577
2,553
672 427
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(176) / (227)
AEGEAN
MOTORWAY SA
GEFYRA SA
2021 2020
2021 2020
Company equity 31 December 44,362
43,938
167,793 149,145
% participation in associates & JV 22.22%
22.22%
22.02% 22.02%
Group participation in equity of associates & joint ventures 9,857
9,763
36,956 32,849
Goodwill -
-
3,086 3,086
Investments in associates & joint ventures 9,857
9,763
40,042 35,935
Summary Statement of Comprehensive Income
AEGEAN
MOTORWAY SA
GEFYRA SA
1-Jan
1-Jan
31-Dec-21 31-Dec-20
31-Dec-21 31-Dec-20
Sales 81,875
69,976
48,838 36,805
Net profit/(loss) for the year (2,153)
(8,137)
17,975 8,281
Other comprehensive income/(loss) for the period (net of tax) 2,577
2,553
672 427
Total Comprehensive Income/(Loss) for the year 423 (5,584)
18,648 8,708
Other associates and joint ventures
2021
2020
Accumulated nominal value of related parties EVOIKOS VOREAS SA
and SOFRANO SA 25,738 -
Accumulated nominal value of other non-important associates and
joint ventures 14,791
14,867
Proportion of Group in:
Net profit/(loss) for the year 110
(214)
Other comprehensive income/(loss) for the period (net of tax) (51)
(55)
Total Comprehensive Income/(Loss) for the year 59
(269)
11 Joint operations consolidated as a joint operation
The following amounts represent the share of participants in joint operations and specifically in the assets
and liabilities as well as revenues and expenses thereof. These amounts are included in the Statement of
Financial Position as well as in the Group’s Income Statement for fiscal years 2021 and 2020:
31-Dec-21 31-Dec-20
Assets
Property, plant and equipment 2,827 3,425
Inventories 4.708 3,947
Trade receivables 34,750 24,095
Cash and cash equivalents 22,019 39,761
64,304 71,228
Details of liabilities
Other non-current provisions 1,120 1,120
Suppliers 17,159 15,406
Subcontractors 18,598 27,671
Obligation to ALYSJ JV (Qatar) 26,150 -
Borrowings 697 2,604
63,724 46,801
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(177) / (227)
31-Dec-21 31-Dec-20
Income 97,762 112,168
(Expenses) (115,989) (130,046)
Earnings/ (losses) after taxes (18,227) (17,879)
The above table does not include joint ventures in which the Group holds 100% of the share capital.
12 Financial assets at fair value through other comprehensive income
GROUP
31-Dec-21 31-Dec-20
At year start 58,767 61,142
Additions, new 429 -
(Sales) - (6,881)
Adjustment at fair value through Other comprehensive
income: increase/(decrease) (2,569) 4,506
At year end 56,627 58,767
Non-current assets 55,893 58,133
Current assets 734 634
56,627 58,767
Financial assets at fair value through other comprehensive income include the following items:
GROUP
31-Dec-21 31-Dec-20
Listed securities:
Shares – Greece (in €) 795 692
Shares – Abroad (in €) 112 78
Non-listed securities:
OLYMPIA ODOS MOTORWAY SA 47,875 49,553
OLYMPIA ODOS OPERATIONS SA 6,648 7,246
ATHENS METROPOLITAN EXPO ΑΕ 1,167 1,167
Other Shares – Greece (in €) 30 32
56,627 58,767
In the line ‘Sales’, as of 31.12.2020 an amount of €6,881 thousand million pertains to the sale of holdings
in HELLENIC GOLD SA, which took place on 11.05.2020.
The ‘Adjustment at fair value through Other Comprehensive Income’, as of 31.12.2021 and 31.12.2020, is
mostly due to a valuation of the Group’s holdings and the valuation of OLYMPIA ODOS SA and OLYMPIA
ODOS Operations SA.
From investments of this category, the Group received dividends of €965 thousand (2020: €1,181
thousand).
The listed securities mainly pertain to investments in banking institutions.
The parent company has no Financial assets at fair value through other comprehensive income.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(178) / (227)
13 Prepayments for long-term leases
GROUP
Note
31
-
Dec
-
21
31
-
Dec
-
20
At year start
30,031
33,679
Additions 5 - 489
(Depreciation and amortisation) 30 (3,833) (4,137)
At year end
26,198 30,031
Non
-
current assets
22,512
26,345
Current assets
3,686 3,686
26,198 30,031
A sum of €24,700 thousand (2020: €28.441 thousand) from advance payments for long-term leases
originates mainly from the subsidiaries MOREAS SA, ATTICA TOLLWAY SA and MOREAS SEA SA, and
pertains to construction costs of motorists’ service stations, for which the Group has entered into
operating lease contracts with third parties, and which are depreciated over the duration of the concession
contract.
The parent company is not in receipt of advances for long-term leases.
14 Guaranteed receipt from the Hellenic State (IFRIC 12)
Note GROUP
31-Dec-21 31-Dec-20
At year start
267,604 274,441
Guaranteed receipt adjustment based on
estimated cash flows 31 1,010 2,954
Increase in receivables
6,834 5,926
Recovery of receivables
(26,862) (33,873)
Unwind of discount 32 17,553 18,157
At year end
266,140 267,604
Non-current assets
191,458 217,929
Current assets
74,682 49,675
266,140 267,604
The ‘Guaranteed receipt from grantor (IFRIC 12)’ includes receivables relating to the initial guaranteed
receipt, the maximum operating subsidy and the possible additional operating subsidy for the concession
project of MOREAS SA, as well as the guaranteed receipt from DIADYMA for the project of EPADYM SA.
More information regarding concession agreements is given in note 2.24.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(179) / (227)
Of the total amount of the guaranteed receipt from the Greek public sector, the sum of €228,638 thousand
originates from MOREAS SA (31.12.2020: €229,674 thousand) and the amount of €37,503 thousand
originates from EPADYM SA (31.12.2020: €37,930 thousand).
The unwinding of discount is included in financial income under ‘Unwinding of guaranteed receipt
discount’.
As of 31.12.2021 (as was the case on 31.12.2020), there were no receivables from guaranteed receipts in
arrears. Under the concession agreement and the framework through which the financial contribution was
made, no credit risk is associated with concession rights.
15 Derivative financial instruments
As shown in the following table, long-term payables pertain mainly to MOREAS SA, in an amount of
€99,095 thousand. (31.12.2020: €126,781 thousand).
GROUP
31-Dec-21 31-Dec-20
Non-current liabilities
Interest rate swaps for cash flow hedging
100,233 127,759
Total
100,233 127,759
Details of interest rate swaps
Notional value of interest rate swaps
325,039 303,797
Fixed Rate
4.72% 4.75%
Floating rate
Euribor +0.56%
Euribor
+0.4%
That portion of the cash flow hedge that is deemed ineffective, which is recognised in the Income
Statement, relates to a profit of €1,385 thousand in fiscal year 2021 and a profit of €91 thousand in fiscal
year 2020 (Note 32). Gains or losses on interest rate swaps recognised in the cash flow hedge reserve and
pertain to a profit of €16,999 thousand for fiscal year 2021 and profits of €1,114 thousand for fiscal year
2020 (Note 23).
The parent company holds no financial derivatives.
16 Inventories
GROUP
31-Dec-21 31-Dec-20
Raw materials
12,510 10,768
Finished products
4,808 6,654
Semi-finished products 1,663 -
Prepayment for inventories purchase
1,359 296
Other
5,201 5,260
Total
25,541 22,978
Less: Provisions for obsolete, slow-moving or damaged
inventory:
Other 39 35
39 35
Net realizable value
25,502 22,944
The greater part of the inventory belongs to companies in the construction segment. The parent company
holds no inventory.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(180) / (227)
17 Receivables
GROUP
COMPANY
Note
31-Dec-21 31-Dec-20
31-Dec-21 31-Dec-20
Trade receivables
173,278 230,648
189 33,065
Trade receivables – Related parties 39 4,223 6,604
- 1,543
Less: Provision for impairment of receivables
(41,631) (36,483)
- -
Trade Receivables - Net
135,870 200,769
189 34,608
Contract assets
321,060 300,413
- -
Accrued income
24,222 15,686
6,702 3,507
Income tax prepayment
4,133 4,226
- -
Loans to related parties 39 78,919 88,476
165,389 349,326
Other receivables
224,618 230,408
38,341 27,271
Other receivables -Related parties 39 7,480 6,839
34,621 31,921
Less:
Provision for impairment of other receivables
and loans
(41,478) (38,749)
(10,060) (34,379)
Total
754,825 808,068
235,183 412,254
Non-current assets
79,343 95,920
191,845 325,214
Current assets
675,482 712,148
43,338 87,040
754,825 808,068
235,183 412,254
Net Trade Receivables
The Group's trade receivables can be broken down as follows:
31-Dec-21
31-Dec-20
Balance
Provision
for
impairment
of
receivables
Net
balance
Balance
Provision
for
impairment
of
receivables
Net
balance
Trade receivables
-
Greek public
sector 44,983 (1,609) 43,374
123,013 (1,527) 121,570
Trade receivables - Public sector
customers outside Greece 32,659 (166) 32,493
25,023 (87) 24,935
Other trade receivables (Greece
and abroad) 99,859 (39,856) 60,003
89,216 (34,869) 54,263
177,501 (41,631) 135,870
237,252 (36,483) 200,769
The reduction in receivables for the parent company is due to the reduction of collection times for
receivables from the Renewable Energy Sources Operator & Guarantees of Origin (DAPEEP SA) and
ELPEDISON via the Cumulative Representation Body (FOSE), during the fiscal year.
The breakdown of maturing remaining trade balances is as follows:
GROUP
COMPANY
31-Dec-21 31-Dec-20
31-Dec-21 31-Dec-20
Not overdue
104,941 148,695
189
29,579
Overdue:
3 -6 months 8,281 10,314
- 2,016
6 months to 1 year 14,046 19,788
- 2,965
1 - 2 years 10,803 10,189
-
-
More than 2 years
39,429 48,266 - 49
177,501 237,252
189 34,608
Less: Provision for impairment of receivables
(41,631) (36,483)
- -
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(181) / (227)
GROUP
COMPANY
31-Dec-21 31-Dec-20
31-Dec-21 31-Dec-20
Trade Receivables - Net
135,870 200,769
189 34,608
The trade receivables account is not interest bearing and are usually settled within 60 - 180 days, for the
Group and the Company.
The impairment provision of trade receivables €41,631 thousand (31.12.2020: €36,483 thousand) mainly
pertains to commercial receivables that are in arrears for more than 1 year. In order to measure expected
credit losses from trade receivables of private clients in Greece and abroad, due to the different branches
of activity and the nature of receivables which have very different characteristics from sector to sector,
impairment provisions made on a collective basis are based on historical data, as well as, in certain cases,
external market data (mainly large companies with an international presence).Specific provisions are
recognized in cases where there is good evidence that they are irrecoverable, based on legal opinion and
assessment of the creditworthiness of debtors in question. Historical loss rates are adjusted to reflect
current and future information.
For government receivables in Greece and abroad, impairment provisions by the Group take into account
the creditworthiness of each country based on external data and information.
Advance payments from customers are an important safeguard, particularly for construction segment
works, which on 31.12.2021 amounted to €66,472 thousand (31.12.2020: €64,638 thousand), as referenced
in Note 26 ‘Suppliers and other liabilities’.
The movement of provision for impairment of trade receivables is presented in the following table:
GROUP
Balance as at 1 January 2020
35,023
Provision for impairment - cost of the year
1,921
Write-off of receivables during the period
(9)
Unused provisions reversed
(120)
Currency translation differences
(332)
Balance as at 31 December 2020
36,483
Balance as at 1 January 2021
36,483
Provision for impairment - cost of the year
3,812
Write-off of receivables during the period
(18)
Unused provisions reversed
(2)
Currency translation differences 220
Transfer from provision for other receivables 1,136
Balance as at 31 December 2021
41,631
The amount of €1,136 thousand concerns transfer from the provision for other receivables, with a
corresponding and equal transfer from other receivables to trade receivables. The amount pertains to
balances of concession company clients and the transfer was made for the purpose of more accurate
representation.
The parent company has not made any provision for impairment of trade receivables.
Contract assets
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(182) / (227)
The most significant quantitative changes in contractual assets and contractual liabilities in the current
fiscal year are due to the following:
Contract
assets
Contractual
liabilities
New contracts
1,427 2,160
Time differences
24,714 (4,949)
Additional Claims
9,746 -
Receipts of claims
(11,318) -
Provision for impairment of receivables
(3,921) -
20,648 (2,789)
The sum of €11,318 km relates to collection of receivables made during the fiscal year from projects
executed in Greece. Additional claims in the amount of €9,746 thousand relate to claims in Romania
pursued by the Group. The Group’s claims base primarily to work completion delays and unforeseen
works, for which the Group either already has a final arbitration decision or is in advanced discussions
with the competent authorities, having also submitted the necessary claims for compensation based on
contractual terms and applicable legislation.
"Contractual assets" result mainly due to time deprivation of invoices and recognition of claims based on
additional work or arbitral awards. In line with available historical data, credit risk is limited; the Group has
recognised provisions for impairment due to increased credit risk potentially arising for contractual assets
associated with projects where delays in schedules and final settlement of claims are observed. The Group
has applied the simplified method under IFRS 9 to calculate expected credit losses, which uses a prediction
of expected credit loss over the full life of trade receivables.
The outstanding recapitalisation balance of existing contracts up to 31.12.2021, amounts to €1.6 billion.
With regard to construction contracts, good performance bonds have been provided. Management does
not anticipate that any financial burdens will be incurred in this respect. The methods for the
determination of revenue and project completion rate are referred to in Note 2.23. Revenue from
construction contracts in fiscal year 2021 amounts to €396,013 thousand. (31.12.2020: €436,362
thousand). The parent company has no construction contracts.
The contractual liabilities of the Group amounted to €37,426 thousand (31.12.2020: €40,215 thousand) as
mentioned in Note 26.
Income recognised in fiscal year 2021 relating to contractual obligations as at 31.12.2020 amounted to
€40,215 thousand. (31.12.2020: €44,651 thousand).
Other receivables and related party loans
The account ‘Other receivables’ breaks down as follows:
GROUP
COMPANY
31
-
Dec
-
21
31-Dec-20
31-Dec-21 31-Dec-20
Receivables from partners in joint operations/joint
ventures
15,070 9,367
- -
Sundry debtors
53,540 51,828
3,746 3,280
Greek State (withheld & prepaid taxes & social security)
66,099 71,808
11,991 13,859
Long-term receivables - EDPR Europe SL (note 10)
19,563 8,100
19,563 8,100
Prepaid expenses
9,081 9,230
1,867 1,172
Prepayments to suppliers/creditors
56,263 48,060
1,174 859
Advance payment for concession of Alimou Marina
- 27,337
- -
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(183) / (227)
GROUP
COMPANY
31-Dec-
21
31-Dec-20
31-Dec-21 31-Dec-20
Cheques (postdated) receivable
5,002 4,678
- -
224,618 230,408
38,341 27,271
During fiscal year 2020, advances of €27.3 million relate to the Alimou Marina development, which
commenced in 2021.
Within the Group, loans to related parties are granted at arm’s length and mostly carry floating interest
rates. Intra-company loans to related parties are at fixed rates of interest.
The change to provision for impairment of ‘Other receivables’ and loans is presented in the following
table:
GROUP
COMPANY
Balance as at 1 January 2020
37,137
1,925
Provision for impairment - cost of the year
4,905
32,454
Unused provisions reversed
(3,125)
-
Currency translation differences
(160)
-
Discount
(7)
-
Balance as at 31 December 2020
38,749
34,379
Balance as at 1 January 2021
38,749
34,379
Provision for impairment - cost of the year
2,138
-
Write-off of receivables during the period
-
(24,319)
Unused provisions reversed
(541)
-
Currency translation differences
267
-
Transfer from provisions (Note 19)
2,000
-
Transfer to trade provisions
(1,136)
-
Balance as at 31 December 2021
41,477
10,060
No arrears have been recorded for other receivables in relation to the contractual terms. Nevertheless,
the Group has identified specific cases of receivables that carry increased credit risk, for which it has
created provisions.
The majority of other receivables related to other financial assets are short-term, and as such it is
estimated that they will be collected within a period of less than twelve (12) months, apart from certain
cases that have been evaluated individually due to increased credit risk.
Loans to related parties in the Group relate to secondary loans to large infrastructure companies. These
companies do not show a significant increase in credit risk and are therefore classified as Stage 1.
Determination of the provision was based on expected credit loss of the Greek State.
Impairment provisions for Trade and Other receivables in the Group do not concern receivables from
related parties. The Management of the parent company, taking into account future cash flows and
liquidity issues faced by the construction sector, as well as the requirements of IFRS 9, has proceeded as
of fiscal year 2020, to make impairment provisions in relation to loans to related parties in construction,
which are classified as Level 2. Having written off a portion of these loans during fiscal year 2021, the
remaining impairment provision amounts to €6,965 thousand for the subsidiary AKTOR SA, and €1,170
thousand for the subsidiary PANTECHNIKI SA. There were no indications of impairment in loans to
construction sector companies for fiscal year 2021.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(184) / (227)
18 Other financial assets at amortised cost
Other financial assets at amortised cost include the following:
GROUP
31-Dec-2021 31-Dec-2020
Listed securities - bonds
EFSF bond at 0.1% maturity on 19.01.2021
-
15,414
European Investment Bank bond with
interest of 0.375%, maturing on 15 March 2022
6,157
6,195
Total
6,157
21,608
The change in financial assets held to maturity is presented in the table below:
GROUP
31-Dec-21
31-Dec-20
At year start
21,608
43,610
(Maturities)
(15,410)
(21,775)
(Premium amortisation)
(41)
(227)
At year end
6,157
21,608
Non-current assets
-
6,195
Current assets
6,157
15,414
Total
6,157
21,608
All Financial assets at amortised cost are owned by ATTIKI ODOS SA.
The amortisation of the bond premium of €41 thousand (2020: €227 thousand) has been recognised in
the Income Statement for the period, under the line ‘Financial expense’.
The maximum exposure to credit risk as of 31.12.2021 is to the extent of the book value of the financial
assets in question. Financial assets are denominated in €. The parent company has no financial assets at
amortised cost.
19 Restricted cash deposits
GROUP
COMPANY
31-Dec-21 31-Dec-20
31-Dec-21 31-Dec-20
Non-current assets 10,932 25,608
- -
Current assets 63,517 48,864
18,296 23,316
74,449 74,472
18,296 23,316
Restricted cash deposits come from the following areas:
GROUP
31-Dec-21 31-Dec-20
CONSTRUCTION 25,980 14,510
CONCESSIONS 17,257 26,605
RENEWABLE ENERGY SOURCES 18,296 23,316
ENVIRONMENT 3,093 3,361
REAL ESTATE DEVELOPMENT 9,683 6,540
OTHER ISSUES 139 139
74,449 74,472
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(185) / (227)
Restricted deposits are denominated in the following currencies:
GROUP
COMPANY
31-Dec-21 31-Dec-20
31-Dec-21 31-Dec-20
EUR 49,220 61,393
18,296 23,316
ROMANIA NEW LEU (RON) 18,604 10,436
- -
UNITED ARAB EMIRATES
DIRHAM (AED) 14 13
- -
QATAR RIYAL (QAR) 6,250 2,269
- -
FYROM DINAR (MKD) 361 361
-
-
74,449 74,472
18,296 23,316
Restricted cash in cases of self- or co-financed projects (e.g. Attica Tollway, wind farms, environmental
management projects, etc.) pertains to accounts used for the repayment of short-term installments of
long-term loans or reserve accounts. In the case of construction projects, these involve amounts
committed for reservations of good performance guarantees.
20 Cash and cash equivalents
GROUP
COMPANY
31-Dec-21 31-Dec-20
31-Dec-21 31-Dec-20
Cash in hand 503 326
4 6
Sight deposits 298,877 190,058
76,498 4,568
Time deposits 58,500 103,870
- -
Total 357,881 294,254
76,503 4,573
The balance of cash and cash equivalents corresponds derives from the following sectors.
GROUP
31-Dec-21 31-Dec-20
CONSTRUCTION 58,979 54,368
CONCESSIONS 178,778 200,871
RENEWABLE ENERGY SOURCES 63,795 5,143
ENVIRONMENT 35,038 28,039
REAL ESTATE DEVELOPMENT 1,139 2,149
OTHER ISSUES 20,152 3,684
357,881 294,254
The balance of time deposits at a consolidated level is mainly from ATTIKI ODOS SA, in the amount of
€58,421 thousand. (31.12.2020: €103,649 thousand).
The following table shows the rates of deposits per credit rating class by Standard & Poor (S&P):
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(186) / (227)
Sight and time deposits %
31-Dec-21 31-Dec-20
AA- 0.0% 1.0%
A+ 0.6% 5.3%
BBB 0.2% 0.4%
BB- 0.2% 0.1%
B+ 89.3% 0.0%
B- 0.0% 9.3%
B 2.7% 68.4%
NR 7.0% 15.5%
TOTAL 100.0% 100.0%
Approximately 92.0% of sight and time deposit balances of the Group, as of 31.12.2021, are deposited in
systemic Greek banks that have class B+ and B credit ratings.
Interest rates on time deposits are determined after negotiations with chosen banking institutions based
on Euribor for the equivalent chosen period (e.g. week, month etc).
Cash and cash equivalents are broken down into the following currencies:
GROUP
31-Dec-21 31-Dec-20
EUR
337,086 264,430
QATAR RIYAL (QAR)
5,419 18,388
ROMANIA NEW LEU (RON)
14,572 4,477
COLOMBIA PESO (COP)
342 3,455
SERBIAN DINAR (RSD)
63 2,604
AUSTRALIAN DOLLAR (AUD)
95 61
OTHER ISSUES
304 840
357,881 294,254
Deposits in currencies other than the euro are located in banks abroad, mainly in the countries
corresponding to the currency, while the majority (97.5%) of cash in euro is held in Greek banks.
Cash and cash equivalents of the parent company are expressed in €.
21 Time Deposits over 3 months
GROUP
31-Dec-21 31-Dec-20
ATTIKI ODOS SA 31,905 15,400
31,905 15,400
Time deposits of over 3 months are presented under ‘Current assets’ in the Statement of Financial Position,
the above 3 months are presented in a new line.
Time deposits for periods of more than 3 months are mainly from ATTIKI ODOS SA, and pertain to deposits
held in euros in Greek and overseas banks.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(187) / (227)
22 Share Capital & Premium Reserve
All amounts in € (thousands), apart from the number of shares
Number of
Shares
Share capital Share premium Total
1 January 2020 214,272,003 220,700 493,442 714,142
31 December 2020 214,272,003 220,700 493,442 714,142
1 January 2021 214,272,003 220,700 493,442 714,142
Reduction of share capital with offset of losses - (212,129) - (212,129)
Issue of new shares 133,920,002 5,357 115,171 120,528
Capital increase expenses - - (1,207) (1,207)
31 December 2021 348,192,005 13,928 607,407 621,334
The Extraordinary General Meeting of Shareholders of ELLAKTOR held on 22.04.2021, a continuation of
the adjourned meeting of 02.04.2021, duly approved the following: (a) reduction of the share capital of
the Company by €212,129,282.97 through a reduction of the nominal value of all of its shares from €1.03
to €0.04 per share, offset by an equivalent amount in losses from previous years and (b) a share capital
increase in favour of the existing shareholders of the Company in order to increase capital by up to €120.5
million.
On 06.08.2021, the aforementioned share capital increase was successfully completed, through cash
deposit with preemptive rights in favour of existing shareholders as decided by the Extraordinary General
Meeting and the Board of Directors of the Company at its meeting of 07.07.2021 (which took place over
the period between 21.07.2021 and 03.08.2021), with the raising of capital amounting to €120,528,001.80
and the issue of 133,920,002 new ordinary registered shares with voting rights, through the exercise of
preemptive and pre-subscription rights by existing shareholders. More specifically, the share capital
increase was covered approximately 2.15 times, given that overall demand from holders of preemptive
and pre-subscription rights reached 287,894,616 shares in total. The share capital of the Company was
then increased by €5,356,800.08, with the issuance of 133,920,002 new ordinary registered shares with
voting rights at a nominal value of €0.04 each, and an amount of €115,171,201.72 was credited to the
‘Share premium account’. Thus, share capital amounts to €13,927,680.20 and is divided into 348,192,005
ordinary registered shares with voting rights of a nominal value of €0.04 each. The certification of the
timely and full deposit of the total amount of the share capital increase was completed on 06.08.2021 by
the Company’s Board of Directors. On 13.08.2021, trading of the Company’s shares on the Athens Stock
Exchange commenced.
Furthermore, direct costs for issue of shares are shown net of all tax benefit reductions in the share
premium (a value of €1,2 million).
An amount of approximately €98,6 million was allocated to AKTOR SA, in the form of an equivalent share
capital increase, mainly to cover liabilities arising from projects abroad and in the Greek market, as well
as to support its working capital needs in order to facilitate the smooth execution of both current and
future construction projects.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(188) / (227)
23 Other reserves
GROUP
Statutor
y
reserves
Special &
extraordi
nary
reserves
Adjusted
financial asset
reserves at fair
value through
comprehensive
income
Foreign
exchang
e
differenc
e
reserves
Cash
flow
hedging
reserves
Actuarial
profit
/(loss)
reserves
Share-
based
payment
reserves
Other
reserve
Total
1 January 2020* 74,949 167,904 53,311 (14,593) (87,590) 205 - 112,723 306,910
Transfer from/to
retained earnings 4,230 1,000 13,270 - - - - (34) 18,466
Change through
other total income - - 5,210 (2,890) 1,114 (100) - - 3,334
31 December
2020* 79,179 168,904 71,791 (17,483) (86,476) 104 - 112,689 328,710
1 January 2021 79,179 168,904 71,791 (17,483) (86,476) 104 - 112,689 328,710
Transfer from/to
retained earnings 244 12,196 - - - - - (7) 12,433
Transfer to income
statement - - - - (834) - - - (834)
Change through
other total income - - (1,070) (4,755) 17,833 284 133 - 12,426
31 December 2021 79,423 181,100 70,721 (22,237) (69,476) 389 133 112,683 352,735
COMPANY
Statutory
reserves
Special &
extraordinary
reserves
Actuarial
profit/(loss)
reserves
Share-based
payment
reserves
Other reserves Total
1 January 2020* 21,004 40,659 - - 3,904 65,567
Change through other total
income - - (18) - - (18)
31 December 2020* 21,004 40,659 (18) - 3,904 65,549
1 January 2021 21,004 40,659 (18) - 3,904 65,549
Change through other total
income - - 15 133 - 148
31 December 2021 21,004 40,659 (3) 133 3,904 65,697
*Amounts adjusted due to amendment of IAS 19 ‘Employee Benefits’ (Note 40).
(a) Statutory reserve
The provisions of Articles 158-160 of Law 4548/2018 regulate the manner in which statutory reserves are
formed and used, as follows: At least 5% of each year’s actual (book) net earnings must be withheld to
form a statutory reserve, until the statutory reserve’s accumulated amount equals at least 1/3 of the share
capital. Upon decision of the Ordinary General Meeting of Shareholders, the statutory reserve may be
used to cover losses, and therefore may not be used for any other purpose.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(189) / (227)
(b) Extraordinary reserves
Reserves of this category have been created upon decision of the Ordinary General Meeting in past years,
do not have any specific designation and may therefore be used for any purpose, upon decision of the
Ordinary General Meeting.
(c) Special and other reserves
The reserves in this category pertain to reserves formed in implementation of special legislative provisions
and there is no restriction in respect of the distribution thereof.
(d) Share-based payment reserves
The Ordinary General Meeting of Shareholders of 22.06.2021 approved the establishment and
implementation of a Stock Options Plan in the form of granting options for the acquisition of shares (stock
options), with the issuance of new shares in accordance with Article 113 of Law 4548/2018, to Members
of the Board of Directors and executives of the Company as well as to the companies affiliated to it.
The program concerns the period 2021-2025. Under the program beneficiaries can exercise their right to
purchase shares at the closing price on 25 October 2021, i.e. €1,4160. The exercise price will be adjusted
in light of corporate events or operations, as specifically provided for in the terms of the plan.
On 31.12.2021, the Group recognized an exit amount of €133 thousand in the income statement for fiscal
year 2021 by crediting the net equity reserve, derived from the valuation at the date of sale of the above
stock options at fair value, which at 31.12.2021 did not meet vesting conditions (Note 30).
Beneficiaries may exercise their rights in installments, i.e. up to 25% before October 2024 and up to 100%
by October 2025. Specifically, the first round of options granted under the plan authorised on 26 October
2021, with regard to 7,830,000 options to acquire an equivalent number of shares, out of a total number
of options available for distribution amounting to 17,409,600.
The estimated appraisal value of the fair value of preemptive rights options granted during the year ended
31.12.2021 was €0.33 (expiring 31.10.2024) and €0.36 (expiring 31.10.2025) per option.
The fair value at the date of issue is determined independently, using the Black-Scholes model taking into
account exercise price, duration of the option, impairment of earnings per share (where significant), date
of purchase of the share and expected stock price volatility, expected dividend yield and risk-free interest
rate for the duration of the option.
The assumptions of the model used as of 31.12.2021 include:
a) options are granted in relation to the services provided and 25% mature in 3 years and the remaining
75% in 4 years
b) exercise price: €1,4160
c) date of allocation: 25.10.2021
d) date of expiry: 25% 31.10.2024 and 75% 31.10.2025
e) share price at the date of concession: €1,4160
f) expected volatility of the company's shares: 34% (expiry: 31.10.2024) and 32% (expiration:
31.10.2025)
g) expected dividend yield: 0.00%
(h) risk-free interest rate: 0.00%.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(190) / (227)
Expected price volatility is based on historical volatility (based on the remaining life of the rights), adjusted
for any expected future changes due to publicly available information.
24 Loans and lease liabilities
Note GROUP
COMPANY
31-Dec-21 31-Dec-20
31-Dec-21 31-Dec-20
Long-term borrowings
Bank loans
131,622 138,653
- -
Bond loans
584,863 638,640
233,759 269,503
Bond loan issue on international capital markets
662,280 659,666
- -
From related parties 39 - -
663,158 660,063
Other
227 170
- -
Total long-term borrowings
1,378,992 1,437,129
896,917 929,566
Short-term borrowings
Bank overdrafts
238 203
- -
Bank loans
27,125 35,128
10,000 10,000
Bond loans
54,007
52,189
35,744
36,205
Other
616 503
- -
Total short-term borrowings
81,986 88,023
45,744 46,205
Total borrowings
1,460,978 1,525,152
942,661 975,771
Lease liabilities
Long-term lease liabilities
58,804 13,120
5,473 7,028
Short-term lease liabilities
3,764 5,489
1,673 1,598
Total lease liabilities
62,568 18,609
7,146 8,626
Total borrowings & lease liabilities
1,523,546 1,543,762
949,807 984,396
Following the sale of first class (senior) bonds of international issue from 6 December 2019 with a total
nominal value of €600 million (and an interest rate of 6.375% maturing in 2024 and a issuance price of
100.000%), on 23 January 2020 ELLAKTOR SA (via its wholly owned subsidiary, ELLAKTOR VALUE PLC)
determined the pricing of the international issue and sale of first class (senior) bonds, with a total nominal
value of €70 million, with an interest rate of 6.375%, maturing in 2024. On 31.12.2020 and 31.12.2021, the
book value of the bond is shown as reduced by an amount equivalent to the direct costs associated with
the transaction.
On 6 August 2021 the Company announced a change of the Bond Trading Exchange from the
International Stock Exchange to the Vienna Stock Exchange MTF (Multilateral Trading Mechanism).
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(191) / (227)
The increase of the long-term lease liabilities of the Group by €45.7 million comes mainly from the
beginning of the concession period of the Alimos Marina on 1 January 2021. The subsidiary company
DEVELOPMENT OF NEW ALIMOS MARINA SINGLE-MEMBER SA has signed a contract with the Greek
State for the concession of the exclusive right of use and exploitation of the Alimos Marina (Concession
of the Greek State), until 31 December 2060 in exchange for what is calculated as the sum of a fixed and
a tiered rent for the duration of the concession.
Total borrowings include amounts without recourse debt subordinated debt to the parent company
amounting to a total of €425.9 million (31.12.2020: €442.7 million) from the concession company MOREAS
SA (Note 3.2).
GROUP
31-Dec-21 31-Dec-20
Long-term borrowings
Loans-corporate
311,016 352,467
Bond loan issue on international capital markets
662,280 659,666
Non-recourse debt
405,696 424,997
Total long-term borrowings
1,378,992 1,437,129
Short-term borrowings
Loans-corporate
61,778 70,317
Non-recourse debt
20,208 17,706
Total short-term borrowings
81,986 88,023
Total borrowings
1,460,978 1,525,152
The maturity periods of long-term borrowings are as follows:
GROUP
COMPANY
31-Dec-21 31-Dec-20
31-Dec-21 31-Dec-20
Between 1 and 2 years
73,567 63,488
38,120 36,075
2 to 5 years
881,688 868,596
770,852 770,287
Over 5 years
423,737 505,045
87,946 123,205
1,378,992 1,437,129
896,917 929,566
The maturity dates of long-term lease obligations are as follows:
GROUP
COMPANY
31-Dec-21 31-Dec-20
31-Dec-21 31-Dec-20
Between 1 and 2 years
3,739 4,786
1,950 1,701
2 to 5 years
3,263 4,229
669 2,235
Over 5 years
51,803 4,105
2,853 3,092
58,804 13,120
5,473 7,028
The Group complies with the financial indicators specified in the loan agreements.
Group borrowings are denominated in the following currencies:
GROUP
31-Dec-21 31-Dec-20
EUR
1,515,332 1,532,312
US DOLLAR ($)
222 160
ROMANIA NEW LEU (RON)
7,192 8,207
QATAR RIYAL (QAR)
286 2,578
AUSTRALIAN DOLLAR (AUD)
512 503
OTHER CURRENCIES
1 2
1,523,546 1,543,762
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(192) / (227)
All Company loans are expressed in Euro.
In addition, as of 31.12.2021 the parent company ELLAKTOR had issued company guarantees amounting
to €751.3 million (31.12.2020: €754.7 million) in favour of companies in which it had holdings, mainly to
secure the international bond for a total nominal value of €670 million. Regarding collateral for coverage
of loans, see notes 6 and 8.
25 Grants
GROUP
COMPANY
Note 31-Dec-21 31-Dec-20
31-Dec-21 31-Dec-20
At year start
59,258 59,657
50,365 49,377
Additions
284 4,133
- 4,055
Transfer to income statement (Other income) 31 (4,521) (4,532)
(3,164) (3,067)
At year end
55,021 59,258
47,201 50,365
The most important grants included in the balance as of 31.12.2021 are the following:
i) An amount of €47,201 thousand (31.12.2020: €50,365 thousand) represents grants of the parent
company under investment and development laws for the construction of wind farms in Kefalonia,
Mytilini, Alexandroupolis, Lakonia, Arkadia and Argolida. The percentage grant ranges from 20% to
40% of each investment budget.
ii) Amount of €4,248 thousand (31.12.2020: €4,827 thousand) corresponds to a grant received by the
subsidiary company VEAL SA under the Operational Programme for Competitiveness &
Entrepreneurship (OPCE) for construction of a co-generation power plant, using biogas from the Ano
Liosia landfill. The grant amount covers 40% of the investment’s budget.
iii) A sum of €1.690 thousand (31.12.2020: €1,781 thousand) pertains to a grant received by the
subsidiary PPC RENEWABLES - ELLINIKI TECHNODOMIKI TEV ENERGIAKI SA for the construction of
a 4.95 MW hydroelectric power plant on the Smixiotiko River, in the Municipality of Ziaka, Prefecture
of Grevena. The grant covers 30% of the investment budget.
iv) An amount of €702 thousand (31.12.2020: €823 thousand) for a grant received by the subsidiary
company AIFORIKI DODEKANISSOU SA from the OPCE with regard to the project ‘Harnessing wind
power for electricity generation in the islands of Rhodes (3.0 MW), Kos (3.6 MW) and Patmos (1.2
MW)’. The grant covers 30% of the investment budget.
v) An amount of €421 thousand (31.12.2020: €623 thousand) in respect of a grant received by the
subsidiary company AKTOR CONCESSIONS SA - ARCHITECH SA for the development and operation
of a public carpark with total capacity of 958 parking spaces in the Municipality of Thessaloniki, near
the YMCA junction.
The total additions for the year 2021 amounting to €284 thousand comes from the subsidiary ATTICA
ROUTES SA and pertains to Greek and European research programs.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(193) / (227)
From the total additions for the year 2020, an amount of €4,055 thousand comes from the parent
company and concerns a subsidy to support the construction cost of a wind farm with a capacity of
17.10MW, in Kalogerovouni of the Municipality of Monemvasia of the Lakonia Regional Unit of
Peloponnese Region.
26 Trade and other payables
The Company’s liabilities from trade activities are free of interest.
GROUP
COMPANY
Note
31-Dec-21 31-Dec-20
31-Dec-21 31-Dec-20
Suppliers
150,864 164,524
4,402 5,425
Accrued expenses
29,519 36,829
337 564
Contractual obligations 17 37,426 40,215
- -
Advances from customers
66,472 64,638
- 2,008
Amounts due to subcontractors
118,221 127,593
371 732
Other payables
170,530 99,502
53,333 10,614
Total liabilities – Related parties 39 2,291 1,487
4,626 7,439
Total
575,323 534,789
63,069 26,782
Non-current
59,501 13,293
39,052 1,300
Current
515,823 521,496
24,016 25,482
Total
575,323 534,789
63,069 26,782
It is pointed out that contractual liabilities as of 31.12.2021, will be recognised as income during the year
2022. Respectively, the contractual liabilities of 31.12.2020 amounting to €40,215 thousand were
recognised as income in fiscal year 2021 (Note 17).
Customer advances mainly concern projects in the construction sector in Greece and Romania.
‘Other liabilities’ can be broken down as follows:
GROUP
COMPANY
31-Dec-21 31-Dec-20
31-Dec-21 31-Dec-20
Other creditors
47,150 41,798
2,037 6,382
Accrued interest 10,299 8,957 1,407 1,639
Liabilities due to the acquisition of the companies
SOFRANO and EVIOIKOS VOREAS (Note 10)
37,583 -
37,583 -
Liabilities to the RES & Guarantee of Origin Operator
(DAPEEP) 11,397 - 10,338 -
Obligation to ALYSJ JV (Qatar) 26,150 - - -
Social security and other taxes
22,682 30,842
1,339 2,046
Amounts due to Joint Operations
2,845 3,453
- -
Fees payable for services provided and employee fees
payable
12,424 14,452
630 546
170,530 99,502
53,333 10,614
Liabilities to the RES & Guarantee of Origin Operator SA (DAPEEP SA) concern receipts of excess amounts
for RES projects under the Feed-in-Premium (FiP) regime, which have been refunded in full in 2022.
Other liabilities include a liability of €26.2 million, which was formed to cover the adjudication (pursuant
to the decision of the International Court of Arbitration of the International Chamber of Commerce (ICC)
of 21 July 2021, which was notified to the Company on 23 July 2021) against the Group’s foreign
consortium trading under the name ALYSJ JV-GOLD LINE UNDERGROUND-DOHA (in which the subsidiary
company AKTOR SA had 32% participation), amounting to approximately $ 98.5 million, under a
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(194) / (227)
subcontract for the execution of the Gold Line Project for the Doha Metro in the State of Qatar. It is
emphasised that the liability of the members with regard to the consortium is proportional, therefore the
award amount due for refund arising from participation by AKTOR SA corresponds to an amount of
approximately $31.5 million. In the event that the consortium is found liable for payment of a sum higher
than this, the excess amount can be claimed pro rata from all members of the Consortium, which are
creditworthy and solvent entities.
27 Deferred taxation
Deferred tax receivables and liabilities are compensated when there is an applicable legal right to
compensate the current tax receivables against the current tax liabilities and when the deferred income
taxes involve the same tax authority. The offset amounts for the Group are the following:
*Amounts adjusted due to amendment of IAS 19 ‘Employee Benefits’ (Note 40).
GROUP
31-Dec-21 31-Dec-20*
Deferred tax liabilities: 44,266 52,061
44,266 52,061
Deferred tax receivables: 14,230 14,090
14,230 14,090
30,036 37,971
Total change in deferred income tax is presented below.
31-Dec-21 31-Dec-20*
Balance at period start 37,971 48,105
Debit/ (credit) through profit and loss (6,254) (9,582)
Other comprehensive income debit/ (credit) (1,351) (570)
Equity debit/(credit) (340) -
Currency translation differences 11 18
Closing balance 30,036 37,971
For fiscal year 2020, of credit in the income statement, an amount of €8,428 thousand is shown under
‘Taxes’ line in the Income Statement, while a sum of €1,021 thousand is included under the line
‘Impairment of fixed assets’ in ‘Other profit/losses’ as indicated in Note 31.
Changes in deferred tax receivables and liabilities during the fiscal year are shown in the table below, not
accounting for the offset of balances with the same tax authority: The companies of the Group with the
largest balances of deferred receivables and liabilities which fall under the same tax authority are the
parent company, AKTOR SA, HELECTOR SA and ATTIKI ODOS SA.
Deferred tax liabilities:
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(195) / (227)
Accelerated
tax
depreciation
Constructio
n contracts
Other
Total
1 January 2020* 83,034 5,908 16,467 105,409
Income statement debit/(credit) (9,053) 7,186 (68) (1,936)
Other comprehensive income
debit/ (credit) - - (550) (550)
31 December 2020* 73,981 13,094 15,849 102,923
1 January 2021 73,981 13,094 15,849 102,923
Income statement debit/(credit) (12,266) (635) (4,166) (17,067)
Other comprehensive income
debit/ (credit) - - (1,356) (1,356)
31 December 2021 61,715 12,459 10,326 84,500
Deferred tax assets
Accelerated
tax
depreciation
Tax losses Constructio
n contracts
Provision
for heavy
maintenanc
e
Other Total
1 January 2020* 5,808 12,622 10,665 20,470 7,738 57,304
Income statement debit/(credit) (2,277) 2,940 6,911 (873) 946 7,646
Other comprehensive income
(debit)/ credit - - - - 20 20
Currency translation differences - (16) (2) - - (18)
31 December 2020* 3,532 15,546 17,574 19,597 8,704 64,953
1 January 2021 3,532 15,546 17,574 19,597 8,704 64,953
Income statement debit/(credit) 103 (3,346) (2,765) (161) (4,643) (10,812)
Other comprehensive income
(debit)/ credit - - - - (5) (5)
Equity debit/(credit) - - - - 340 340
Currency translation differences
-
(9)
(1)
-
-
(11)
31 December 2021
3,635
12,190
14,808
19,437
4,396
54,466
On 31.12.2021, deferred tax claims amounting to €10,597 thousand was recognised with respect to Group
companies. (2020: €13,808 thousand), proportionate to accumulated tax losses of €46,590 thousand
(2020: €57,034 thousand), in accordance with forecasted future taxable income, based on approved
budgets.
With regard to remaining tax losses of €224,296 thousand, no deferred tax asset has been recognised,
since it was considered that they do not meet the recognition criteria pursuant to the requirements of IAS
12.
The offset amounts for the Company are the following:
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(196) / (227)
COMPANY
31-Dec-21 31-Dec-20*
Deferred tax liabilities:
Recoverable after 12 months 17,031 12,105
17,031 12,105
Total change in deferred income tax is presented below.
31-Dec-21 31-Dec-20*
Balance at period start 12,105 8,173
Debit/ (credit) through profit and loss 5,262 3,938
Other comprehensive income debit/ (credit) 5 (6)
Equity debit/(credit) (340) -
Closing balance 17,031 12,105
Changes in deferred tax receivables and liabilities during the year, without taking into account offsetting
of balances with the same tax authority, are the following:
Deferred tax liabilities:
Accelerated
tax
depreciation
Other
Total
1 January 2020* 20,636 2,332 22,969
Income statement debit/(credit) 4,689 (35) 4,654
31 December 2020* 25,325 2,297 27,623
1 January 2021 25,325 2,297 27,623
Income statement debit/(credit) 1,485 (285) 1,200
31 December 2021 26,810 2,012 28,823
Deferred tax receivables:
Accelerated
tax
depreciation
Tax losses Other Total
1 January 2020* 1,060 11,599 2,136 14,796
Income statement debit/(credit) 53 634 29 716
Other comprehensive income (debit)/ credit - - 6 6
31 December 2020* 1,113 12,233 2,171 15,517
1 January 2021 1,113 12,233 2,171 15,517
Income statement debit/(credit) (163) (3,660) (239) (4,062)
Other comprehensive income (debit)/ credit - - (5) (5)
Equity debit/(credit) - - 340 340
31 December 2021 950 8,573 2,268 11,791
On 31.12.2021 the parent company recognised a deferred tax claim of €6,835 thousand (31.12.2020:
€10,495 thousand) due to the possibility of offsetting tax losses (with expected tax profits) in the next 5
years totaling €31,067 thousand. (31.12.2020: €43,728 thousand). In the fiscal year 2020, it also recognised
a tax claim of €1,738 thousand arising from tax relief in accordance with Law 3908/2011 in relation to
construction of a wind farm with a capacity of 17.10MW at the Kalogerovouni site of the Municipality of
Monemvasia in Laconia
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(197) / (227)
Deferred tax assets are recognised for the purpose of bringing tax losses forward for offset to the extent
that it is probable that future taxable profits will be used against those losses. The Management estimates
that the parent company is able to generate future taxable profits that will regain the recognised deferred
tax liability, taking into account the considered business plans and budgets.
28 Employee retirement compensation liabilities
The amounts recognised in the Statement of Financial Position are the following:
GROUP
COMPANY
31-Dec-21 31-Dec-20*
31-Dec-21 31-Dec-20*
Liabilities in the Statement of Financial Position
for:
Employee retirement compensation liabilities
5,339 5,567
432 503
Total
5,339 5,567
432 503
The amounts recognised in the Income Statement are the following:
GROUP
COMPANY
1-Jan to
1-Jan to
Income statement charge for:
31-Dec-21
31-Dec-20*
31-Dec-21 31-Dec-20*
Retirement benefits
3,435 5,212
732 1,103
Total
3,435 5,212
732 1,103
Change to liabilities as presented in the Balance Sheet is as follows:
GROUP
COMPANY
31-Dec-21 31-Dec-20*
31-Dec-21 31-Dec-20*
Opening balance*
5,567 4,979
503 502
Indemnities paid
(3,250) (4,789)
(784) (1,125)
Actuarial (profit)/loss charged to Statement of
Comprehensive Income
(412) 164
(20) 23
Total debit/(credit) to results
3,435 5,212
732 1,103
Closing balance*
5,339 5,567
432 503
The amounts reported in the Income Statement are:
GROUP
COMPANY
1-Jan to
1-Jan to
31-Dec-21 31-Dec-20*
31-Dec-21 31-Dec-20*
Current employment cost
941 906
72 57
Financial cost
17 39
2 4
Absorption / (Movement) of Personnel
- -
- 305
Past service cost
107 682
2 -
Cut-down losses
2,370 3,584
658 737
Total included in employee benefits
3,435 5,212
732 1,103
Actuarial (profit)/losses recognised in the Statement of Comprehensive Income are as follows:
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(198) / (227)
GROUP
COMPANY
1-Jan to
1-Jan to
31-Dec-21 31-Dec-20*
31-Dec-21 31-Dec-20*
(Profit)/loss from the change in financial
assumptions
(197) 806
(19) 15
Net (profit)/ loss
(215) (642)
(1) 9
Total
(412) 164
(20) 23
The main actuarial assumptions used for accounting purposes for the consolidated figures and the
company’s figures, are the following:
GROUP
31-Dec-21 31-Dec-20*
Discount rate
1.00% 0.30%
Future salary raises
1.70%
1
1.70%
1
1
: Average annual long-term inflation = 1.7% (2020: 1.7%)
The weighted average duration of retirement benefits is, for the consolidated figures, 9.84 years (2020:
10.86 years) and for the parent company 9.17 years (2020: 8.97 years).
Analysis of expected maturity of non-discounted pension benefits:
GROUP
COMPANY
31-Dec-21 31-Dec-20*
31-Dec-21 31-Dec-20*
Under one year
45 117
7 51
Between 1 and 2 years
811 585
49 10
2 to 5 years
1,874 1,970
118 181
Over 5 years
2,901 2,887
285 269
Total
5,631 5,559
459 512
Sensitivity analysis of changes in the main assumptions for pension benefits are:
Effect on retirement benefits for fiscal year 2021
GROUP
COMPANY
Change in the
assumption
according to
Increase in the
assumption
Decrease in
the
assumption
Increase in
the
assumption
Decrease in
the
assumption
Discount rate 0.50%
-3.04% 3.04%
-3.07% 3.07%
Payroll change rate
0.50%
2.43%
-
2.43%
+2.92%
-
2.92%
29 Provisions
GROUP
Provision
for heavy
maintenance
Provision for
landscape
restoration
Other
provisions
Total
1 January 2020 98,636 2,932 15,071 116,639
Additional provisions for financial year 6,567 433 25,011 32,011
Unused provisions reversed - - (125) (125)
Currency translation differences - - (6) (6)
Used provisions for fiscal year (4,179) - (2,527) (6,706)
31 December 2020 101,023 3,366 37,424 141,813
1 January 2021 101,023 3,366 37,424 141,813
Additional provisions for financial year 15,435 143 3,433 19,021
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(199) / (227)
Provision
for heavy
maintenance
Provision for
landscape
restoration
Other
provisions
Total
Unused provisions reversed - - (398) (398)
Currency translation differences - - 344 344
Used provisions for fiscal year (2,749) - (12,324) (15,074)
Transfer to impairment provisions for other receivables
(Note 17) - - (2,000) (2,000)
31 December 2021 113,709 3,508 26,489 143,706
COMPANY
Provision for
landscape
restoration
Other
provisions
Total
1 January 2020
2,681 280 2,961
Additional provisions for financial year
425 - 425
31 December 2020
3,106 280 3,386
1 January 2021
3,106 280 3,386
Additional provisions for financial year
135 - 135
31 December 2021
3,241 280 3,521
GROUP
COMPANY
Analysis of total provisions:
31-Dec-21 31-Dec-20
31-Dec-21 31-Dec-20
Non-current
113,152 103,183
3,521 3,386
Current
30,554 38,630
- -
Total
143,706 141,813
3,521 3,386
The provision for heavy maintenance on 31.12.2021 refers to concession agreements by ATTIKI ODOS SA
in the amount of €88,346 thousand (31.12.2020: €81,653 thousand) and MOREAS SA of €25,363 thousand
(31.12.2020: €19,371 thousand).
With regard to long-term provisions and particularly the provision for heavy maintenance for ATTIKI
ODOS SA, representing the largest portion, the schedule of outflows extends to 2024, being the year in
which the concession contract of that company expires. The rest of the long-term provisions refers to the
provision for heavy maintenance of MOREAS SA, the concession contract of which expires in 2038. The
rest of the ‘Other provisions’, amounting to €26,489 thousand, include provisions for potential risks in the
context of the Group's activities.
The other provisions used, amounting to €12.3 million in the current year mainly concern payment of an
amount based on a final court decision in an environment sector case (litigation between the J/V
HELECTOR SA (70%) - TH.G.LOLOS - CH. TSOMPANIDIS GP - ARSI SA and the company ENVITEC SA), for
which a provision had been formed in previous periods. The additional provisions contained in ‘Other
provisions’ amounting to €25,011 thousand in the fiscal year 2020, include provisions for legal cases
relating to photovoltaic park projects abroad amounting to €16,356 thousand for projected costs of
withdrawal from said projects.
With regard to the environmental restoration provision in Note 2.9, the useful life of wind and photovoltaic
parks is indicated, at the end of which the Group has to settle this commitment.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(200) / (227)
30 Expenses per category
GROUP
1-Jan to 31-Dec-21
1-Jan to 31-Dec-20*
No-
te
Cost of
sales
Distri
-
bution
costs
Admini
strative
expen-
ses
Total
Cost of
sales
Distrib
u-tion
costs
Adminis
trative
expen-
ses
Total
Employee benefits 33 157,925 1,310 22,468 181,703
168,241 1,097 26,185 195,522
Inventories used
134,293 2 86 134,381
162,750 95 35 162,879
Depreciation of tangible
assets 6 44,708 670 1,984 47,362
43,390 614 2,100 46,103
Depreciation of intangible
assets
7a,
7b 62,524 - 102 62,625
63,179 - 100 63,279
Depreciation of investment
property 8 1,401 - 261 1,662
1,406 - 261 1,667
Amortisation of
prepayments for long-term
leases 13 411 - 3,422 3,833 715 - 3,422 4,137
Repair and maintenance
expenses of tangible assets
20,257 12 465 20,733
15,366 4 703 16,073
Operating Lease Rental 6 19,200 15 1,364 20,579
21,117 28 1,573 22,718
Third party fees
126,770 2,107 17,496 146,373
129,135 2,510 27,867 159,512
Subcontractor fees
(including insurance
contributions for
subcontractor personnel)
159,239 - 441 159,681
197,245 20 881 198,146
Transportation and
travelling expenses
15,711 49 458 16,218
19,171 44 1,009 20,224
Commissions paid for
letters of guarantee (direct
cost of project)
14,104 - 4 14,108
12,043 - 45 12,088
Liability to ALYSJ JV (Qatar) 26 26,150 - - 26,150
- - - -
Other
34,653 1,051 7,469 43,174
56,544 820 7,499 64,863
Total
817,347 5,216 56,020 878,583
890,300 5,234 71,678 967,211
COMPANY
1-Jan to 31-Dec-21
1-Jan to 31-Dec-20*
Note
Cost of sales
Administrative
expenses
Total
Cost of sales
Administrative
expenses
Total
Employee benefits 33 984 5,525 6,508
1,100 5,656 6,756
Depreciation of
tangible assets 6 26,248 535 26,783
24,578 435 25,012
Depreciation of
intangible assets 7a 1,043 53 1,096
1,028 19 1,047
Repair and
maintenance
expenses of tangible
assets
9,193 38 9,231
7,952 26 7,978
Rents 6 99 89 188
60 64 124
Third party fees
5,142 3,349 8,491
6,050 9,946 15,996
Other
4,392 1,912 6,305
4,711 1,558 6,269
Total
47,101 11,502 58,602
45,478 17,704 63,182
*Amounts adjusted due to amendment of IAS 19 ‘Employee Benefits’ (Note 40).
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(201) / (227)
31 Other income & other profit/(loss)
GROUP
COMPANY
Note 1-Jan to
1-Jan to
31-Dec-21 31-Dec-20
31-Dec-21 31-Dec-20
Other income
Income from participations & securities
- 135
- -
Amortisation of grants received 25 4,521 4,532
3,164 3,067
Rents
4,236 5,191
- 19
Income from concession rights (for concession
companies)
671 663
- -
Remuneration from participation in joint
operations/joint ventures
- 110
- -
Income
from substation
usage rights (RES
companies)
342 753
342 753
Other income from services to third parties
1,671 1,387
- -
Other
1,630 844
621 458
Total Other Income
13,072 13,615
4,128 4,297
Other profit/(loss)
Profit /(loss) from the disposal/dissolution of
subsidiaries
- 172
- 11
Profit /(loss) from the sale and liquidation of
associates
(596) 997
- -
Profit/(loss) from the sale of other financial assets
212 1,994
20 (14)
Impairment of subsidiaries 9 - -
- (650)
Impairment of subsidiary AKTOR SA 9 - -
- (101,347)
Impairment of fixed assets of subsidiary
- (7,585)
- -
Impairment of Associates 10 - (539)
- -
Provision for impairment of investment properties 8 (2,858) -
- -
Reversal of previous provision for impairment of
Investment properties 8 4,982 -
Loss from the sale of fixed assets - INSCUT
BUCURESTI
- (5,254)
- -
Provision for impairment of trade and other
receivables
(5,950) (6,826)
- (32,454)
Profit/(loss) from currency translation differences
5,205 1,141
149 1,062
Unused provisions reversed 543 3,245 - -
Guaranteed receipt from the Hellenic State
adjustment (based on cash flows) 14 1,010 2,954
- -
Other profit/(losses)
(2,188) (5,296)
(2,991) 1,557
Total Other profit/(loss)
361
(14,997)
(2,821) (131,834)
Total
13,432 (1,382)
1,306 (127,537)
32 Financial income/expenses
GROUP
COMPANY
1-Jan to
1-Jan to
Note
31-Dec-21 31-Dec-20
31-Dec-21 31-Dec-20
Financial income
Interest income
6,961 6,285
17,584 21,311
Unwind of guaranteed receipt discount 14 17,553 18,157
- -
Total financial income
24,514 24.442
17,584 21,311
Financial expenses
Interest expenses involving bank loans
(96,463) (95,322)
(57,866) (58,198)
Interest expenses related to financial leases 6 (3,399) (825)
(414) (444)
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(202) / (227)
GROUP
COMPANY
1-Jan to
1-Jan to
Note
31-Dec-21 31-Dec-20
31-Dec-21 31-Dec-20
Interest expenses
(99,863) (96,147)
(58,280) (58,641)
Financial expenses for heavy maintenance and
environmental restoration provisions
(9,515) (2,667)
(135) 45
Other financial expenses
(9,515) (2,667)
(135) 45
Net gains/(losses) from the
currency
translation of
borrowings
4 (9)
- -
Profit/ (loss) from interest rate swaps to hedge cash
flows – Transfer from reserve 15 1,385 91
- -
1,389 82
- -
Total financial expenses
(107,989) (98,732)
(58,415) (58,596)
33 Employee benefits
GROUP
COMPANY
1-Jan to
1-Jan to
Note
31-Dec-21 31-Dec-20*
31-Dec-21 31-Dec-20*
Wages and salaries
137,601 143,966
4,202 4,279
Social security costs
28,673 33,127
1,300 1,315
Cost of defined benefit plans 28 3,435 5,212
732 1,103
Other employee benefits
11,861 13,217
140 59
Costs of option benefit plan 133 - 133 -
Total
181,703 195,522
6,508 6,756
*Amounts adjusted due to amendment of IAS 19 ‘Employee Benefits’ (Note 40).
34 Income tax
GROUP
COMPANY
1-Jan to
1-Jan to
31-Dec-21 31-Dec-20*
31-Dec-21 31-Dec-20*
Tax for the year 36,063 30,873
- -
Deferred tax (6,254) (8,561)
5,262 3,938
Total 29,809 22,312
5,262 3,938
With regard to fiscal years 2011 to 2015, Greek Sociétés Anonyme, the financial statements of which are
subject to audit by statutory auditors, were also required to undergo tax audits from the same statutory
auditor or audit firm that audited their annual financial statements, and to obtain a ‘Tax Compliance
Report’, pursuant to Article 82(5) of Law 2238/1994 and Article 65A of Law 4174/2013. With regard to
fiscal years from 2016 onwards, the tax audit and the issue of a “Tax Compliance Report” are optional. The
Group has chosen to continue having tax audits performed by statutory auditors, now optional, for its
most important subsidiaries. It is noted that in accordance with relevant fiscal provisions applicable as of
31.12.2021, fiscal years up to 2015 inclusive are considered time-barred.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(203) / (227)
The table presenting the analysis of unaudited financial years of all consolidated companies is shown in
Note 43.
In May 2021, pursuant to Law 4799/2021, there was a reduction of the corporate income tax rate from
24% to 22%, for income earned in the tax year 2021 onwards.
Tax on the Company’s (pre-tax) profits differs from the notional amount that would have resulted if the
average weighted tax rate of the company’s country of origin had been applied, as follows:
GROUP
COMPANY
31-Dec-21 31-Dec-20*
31-Dec-21 31-Dec-20*
Accounting profit/(losses) before tax (28,588) (149,608)
4,864 (103,932)
Tax is calculated according to the tax rate applicable at
the company’s registered office i.e. 22% (6,289) (35,906)
1,070 (24,944)
Adjustments
Untaxed income (2,203) (5,017)
(402) (8,254)
Expenses not deductible for tax purposes 10,874 24,348
8,438 39,875
Tax losses for which no deferred tax receivables were
recognised 26,299 36,458
- -
Use of tax losses from prior financial years (1,707) (4,005)
(2,835) (1,002)
Impact of change in tax rate to 22% (4,783) -
(1,009) -
Tax differences of previous years 3,449 2,368
- -
Effect from different tax rates applying in other countries
where the Group operates 4,168 5,803
- -
Tax exemption under Law 3908/2011 - (1,738)
- (1,738)
Taxes 29,809 22,312
5,262 3,938
The weighted average tax rate of the Group is -104.27% (2020: 14.99%).
The tax applicable to ‘Other comprehensive income’ is as follows:
GROUP
1
-
Jan to 31
-
Dec
-
21
1
-
Jan to 31
-
Dec
-
20
Before
tax
Tax
(debit)/credit
After
tax
Before
tax
Tax
(debit)/credit
After
tax
Currency translation differences (4,902) - (4,902)
(3,025) - (3,025)
Change in the value of financial assets
through other comprehensive income (2,569) 623 (1,946)
4,505 550 5,055
Effect of change to tax rate at the fair value
of financial assets through other
comprehensive income - 793 793
- - -
Cash flow hedge 23,964 43 24,007
1,319 (15) 1,304
Effect of tax rate change on cash flow
hedging - (17) (17)
- - -
Actuarial profit/(loss) 412 (87) 325
(164) 35 (129)
Effect of tax rate change on actuarial
profits/(losses) - (4) (4)
- - -
Other 131 - 131
(34) - (34)
Other Comprehensive Income 17,036 1,351 18,387
2,601 570 3,171
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(204) / (227)
COMPANY
1-Jan to 31-Dec-21
1-Jan to 31-Dec-20
Before
tax
Tax
(debit)/credit
After
tax
Before
tax
Tax
(debit)/credit
After
tax
Actuarial profit/(loss)
20
(4)
15
(23)
6
(18)
Other 133 - 133
- - -
Other Comprehensive Income 153 (5) 148
(23) 6 (18)
*Amounts adjusted due to amendment of IAS 19 ‘Employee Benefits’ (Note 40).
35 Profit / (loss) per share
GROUP
COMPANY
1-Jan to
1-Jan to
31-Dec-21 31-Dec-20*
31-Dec-21 31-Dec-20*
Profit/(loss) attributable to parent company equity
holders
(77,732)
(186,699)
(397)
(107,870)
Weighted average number of ordinary shares (in
thousands) 268,207
214,272
268,207
214,272
Adjusted basic earnings per share (in €) (0.2898)
(0.8713)
(0.0015)
(0.5034)
*Amounts adjusted due to amendment of IAS 19 ‘Employee Benefits’ (Note 40).
Basic earnings/(losses) per share are calculated by dividing the net profits/(losses) attributable to the
Company's shareholders, by the weighted average number of common shares over the period, excluding
own common shares purchased by the Company.
Diluted earnings per share are calculated by adjusting the weighted average number of ordinary shares
outstanding with the effects of all potential securities which are convertible into ordinary shares. Stock
options held by the Company are the only type of potential security that can be converted into common
shares. With regard to the aforementioned rights, the number of shares that could have been acquired at
fair value (defined as the average annual market price of the Company's shares) is calculated based on
the value of holdings, related to existing stock option plans. The number of shares resulting from the
above calculation is compared with the number of shares that could have been issued in case of exercise
of options to purchase. The resulting difference is added to the denominator as an issue of ordinary shares
without a consideration. Finally, no adjustment is made to profits (numerator).
Given that the average share price for the year does not exceed the exercise price of the stock options,
the adjusted earnings/(losses) per share remain unaffected.
36 Dividends per share
At the Annual Ordinary General Meeting of Shareholders held on 22 June 2021, it was decided not to
distribute a dividend for fiscal year 2020. The Company’s Board of Directors will not be proposing the
distribution of dividends for the fiscal year 2021 to the Annual Ordinary General Meeting of Shareholders.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(205) / (227)
37 Commitments and receivables
The Group (as lessee) leases property, transport equipment and machinery from third parties. The leases
carry varying terms, penalty clauses and rights of renewal. On renewal, the terms of the leases are
renegotiated.
As of 1 January 2019, the Group has recognised right-of-use assets with regard to these leases, excluding
short-term and low-value leases (Notes 6 and 24).
Future total minimum (non-cancellable) rents receivable for operating lease contracts annually (the Group
being the lessor) are as follows:
GROUP
31-Dec-21 31-Dec-20
Up to 1 year 13,174 10,291
From 1-5 years 28,238 26,152
Over 5 years 19,672 16,117
Total 61,084 52,560
38 Contingent liabilities
a) Proceedings have been initiated against the Group for labour accidents which occurred during the
execution of construction projects by companies or joint operations in which the Group participates.
Because the Group is fully insured against labour accidents, no substantial outflows are expected as a
result of legal proceedings against the Group. Other litigations or disputes referred to arbitration, as well
as the pending court or arbitration rulings are not expected to have a material effect on the financial
position or the operations of the Group or the Company, and, for this reason, no relevant provisions have
been formed.
b) Unaudited years for consolidated Group companies are shown in Note 43. The Group’s tax liabilities
for these years have not been finalized; therefore, it is possible that additional charges are imposed when
the relevant audits are performed by the tax authorities.
With regard to fiscal years 2011 to 2015, Greek Sociétés Anonyme, the financial statements of which are
subject to audit by statutory auditors, were also required to undergo tax audits by the same statutory
auditor or audit firm that audited their annual financial statements, and to obtain a ‘Tax Compliance
Report’, pursuant to Article 82(5) of Law 2238/1994 and Article 65A of Law 4174/2013. With regard to
fiscal years from 2016 onwards, the tax audit and the issue of a “Tax Compliance Report” are optional. The
Group has chosen to continue having tax audits performed by statutory auditors for its most important
subsidiaries. In Note 43, Group companies marked with an asterisk (*) in the unaudited tax years column
are companies incorporated in Greece and have obtained tax compliance certificates for the relevant
years. According to the Circular POL 1006/2016, companies that have been subject to the aforementioned
optional tax audit are not exempt from conduct of regular audits by the competent tax authorities. It is
noted that in accordance with relevant fiscal provisions applicable as of 31.12.2021, fiscal years up to 2015
inclusive are considered time-barred.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(206) / (227)
The Company was audited for fiscal years 2011 to 2020 and has received a Tax Compliance Report from
PricewaterhouseCoopers SA without reservation. For the year 2021, the tax audit by the certified statutory
auditors & accountants to obtain the Tax Compliance Report is in progress. The Management is not
expecting significant tax liabilities on completion of the tax audit, other than those already recorded and
presented in the financial statements (consolidated and company).
Within November 2021, the Company received an audit notification from the tax authorities for the years
2016 to 2019 for tax items including income, VAT, other taxes, fees and contributions and control of
proper bookkeeping and publication of data. The abovementioned audit is in progress. The Management
estimates that the results of the audit by the tax authorities will not have a significant impact on the
financial position of the Company.
(c) The Group has contingent liabilities in relation to banks, other guarantees, and other matters that arise
from its normal business activity and from which no substantial charges are expected to arise. The
guarantees given by the parent company for the Construction sector mainly concern large construction
projects in Greece and Qatar and photovoltaic parks in Australia. All projects have already been completed
and the warranty period is expected to expire.
39 Transactions with related parties
The aggregate amounts of sales and purchases from year start, as well as the closing balances of
receivables and liabilities at year end, which have resulted from transactions with related parties under
IAS 24, are as follows:
GROUP
COMPANY
1-Jan to
1-Jan to
31-Dec-21 31-Dec-20
31-Dec-21 31-Dec-20
a) Sales of goods and services
8,451 8,279
23,770 27,428
Sales to subsidiaries
- -
23,323 27,428
Other income
- -
5,747 6,180
Financial income
- -
17,575 21,248
Sales to associates
5,320 6,014
447 -
Sales
303 2,090
- -
Other income
1,072 181
447 -
Financial income
3,945 3,743
- -
Sales to affiliates
3,131 2,265
- -
Sales
2,389 975
- -
Other income
- 512
- -
Financial income
742 778
- -
b) Purchases of goods and services
969 3,117
44,331 44,956
Purchases from subsidiaries
- -
44,331 44,956
Cost of sales
- -
1,093 1,390
Administrative expenses
- -
211 551
Financial expenses
- -
43,027 43.016
Purchases from associates
96 101
- -
Cost of sales
96 101
- -
Purchases from affiliates
873 3,016
- -
Cost of sales
873 3,016
- -
c) Income from dividends
965 1,181
1,589 34,390
d) Key management compensation
4,423 9,087
2,055 3,811
GROUP
COMPANY
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(207) / (227)
Note 31-Dec-21 31-Dec-20
31-Dec-21 31-Dec-20
a) Receivables 17 90,622 101,919
191,875 350,335
Receivables from subsidiaries
- -
191,336 348,792
Trade receivables
- -
- -
Other receivables
- -
34,082 25,202
Short-term borrowings
- -
2,850 2,850
Long-term borrowings
- -
154,404 320,741
Receivables from associates
81,417 75,517
539 -
Trade receivables
3,654 888
- -
Other receivables
7,131 6,418
539 -
Short-term borrowings
21,307 -
- -
Long-term borrowings
49,324 68,212
- -
Receivables from other related parties
9,205 26,401
- 1,543
Trade receivables
569 5,716
- 1,543
Dividends receivable
- 203
- -
Other receivables
349 218
- -
Short-term borrowings
46 44
- -
Long-term borrowings
8,241 20,221
- -
b) Liabilities 24, 26 2,291 1,487
667,783 667,502
Payables to subsidiaries
- -
667,783 667,502
Suppliers
- -
316 815
Other payables
- -
4,310 6,624
Financing – Long-term borrowings
- -
663,158 660,063
Payables to associates
1,851 309
- -
Suppliers
1,791 278
- -
Other payables
60 32
- -
Payables to other related parties
440 1,177
- -
Suppliers
158 537
- -
Other payables
282 641
- -
c) Amounts payable to key management
80 54
80 -
All transactions referred, are arms’ length transactions.
According to the Company, the intra-company balances of ‘Other receivables’ have been impaired by a
total amount of €8,135 thousand (31.12.2020: €32,454 thousand) (Note 17). Specifically, loans to related
parties have been impaired, in accordance with the provisions of IFRS 9, by €6,965 thousand for the
subsidiary AKTOR SA, and €1,170 thousand for the subsidiary PANTECHNIKI SA.
40 Adjustments due to amendment of IAS 19
Employee retirement compensation liabilities
Amendment of accounting policy
The Group and the Company have adjusted the Statement of Financial Position, Statement of
Comprehensive Income and the Cash Flow Statement of previous years as follows:
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(208) / (227)
Statement of Financial Position for fiscal year 2020
GROUP
COMPANY
No-
te
31-Dec-20
Published
data
Adjustment
due to
amendment
to IAS 19
31-Dec-20
Adjusted
figures
31-Dec-20
Published
data
Adjustment
due to
amendment
to IAS 19
31-Dec-20
Adjusted
figures
ASSETS
Deferred tax assets 27 15,495 (1,405) 14,090
- - -
EQUITY AND LIABILITIES
Other reserves 23 326,890 1,820 328,710
65,484 65 65,549
Profit/(loss) carried forward
(811,381)
2.607
(808,774)
(548,271)
(28)
(548,298)
Non-controlling interests 102,694 1,530 104,224
- - -
Deferred tax liabilities 27 51,944 116 52,061
12,093 12 12,105
Employee retirement
compensation liabilities 28 13,045 (7,479) 5,567
551 (49) 503
Income Statement position for the 12-month period of 2020
GROUP
COMPANY
No-
te
31
-
Dec
-
20
Published
figures
Adjustment
due to
amendment
to IAS 19
Other
Reclas
sificati
ons*
31
-
Dec
-
20
Adjusted
figures
31
-
Dec
-
20
Published
figures
Adjustment
due to
amendment
to IAS 19
31
-
Dec
-
20
Adjusted
figures
Cost of sales 30 (890,352) 52 - (890,300)
- - -
Administrative
expenses 30 (68,288) 32 (3,422) (71,678)
(17,752) 49 (17,704)
Other profit/(losses)
-
net 31 (18,419) - 3,422 (14,997) - - -
Income tax 34 (22,445) 133 - (22,312)
(3,926) (12) (3,938)
Profit/ (loss) for the
period attributable
to:
Owners of the parent
company
(186,715) 16 - (186,699)
(107,907) 37 (107,870)
Non
-
controlling
interests
14,578 201 - 14,779
- - -
Restated basic
earnings per share (in
€) 35 (0.8714) 0.0001 - (0.8713)
(0.5036) 0.0002 (0.5034)
*An amount of €3,422 thousand was reclassified and transferred from ‘Other gains/(losses)’ to ‘Administrative
expenses’ under the comparative items of the Income Statement and the respective individual notes made (Note
2.29)
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(209) / (227)
Statement of Comprehensive Income for the 12-month period of 2020
GROUP
COMPANY
No-
te
31-Dec-20
Published
figures
Adjustment
due to
amendment
to IAS 19
31-Dec-20
Adjusted
figures
31-Dec-20
Published
figures
Adjustment
due to
amendment
to IAS 19
31-Dec-20
Adjusted
figures
Actuarial profit/(loss) 23 (652) 523 (129) (51) 33 (18)
Total Comprehensive
Income for the period
attributable to:
Owners of the parent
company (183,858) 459 (183,399) (107,958) 70 (107,888)
Non-controlling interests 14,369 280 14,650 - - -
Statement of Financial Position for fiscal year 2019
GROUP
COMPANY
31
-
Dec
-
19
Published
figures
Adjustment
due to
amendment
to IAS 19
31
-
Dec
-
19
Adjusted
figures
31
-
Dec
-
19
Published
figures
Adjustment
due to
amendment
to IAS 19
31
-
Dec
-
19
Adjusted
figures
ASSETS
Deferred tax assets 16,651 (1,434) 15,218
- 10 10
EQUITY AND LIABILITIES
Other reserves 305,534 1,377 306,910
65,535 32 65,567
Profit/(loss) carried forward (605,558) 2,591 (602,967) (440,364) (65) (440,429)
Non
-
controlling interests
118,932
1,249
120,182
-
-
-
Deferred tax liabilities 63,243 80 63,322
- - -
Employee retirement
compensation liabilities 11,710 (6,731) 4,979
458 44 502
Cash Flow Statement 2020
GROUP
COMPANY
31-Dec-20
Published
figures
Adjustment
due to
amendment
to IAS 19
31-Dec-
20
Adjusted
figures
31-Dec-20
Published
figures
Adjustment
due to
amendment
to IAS 19
31-Dec-
20
Adjusted
figures
Profit/(loss) before tax
(149,692) 84 (149,608)
(103,981) 49 (103,932)
Provisions
24,838 (84) 24,754
(19) (49) (68)
41 Other notes
1. Personnel employed by the Company as of 31.12.2021 amounted to 160 persons and for the Group
(excluding Joint Ventures) to 5,368 persons, with the corresponding numbers as of 31.12.2020
amounted to 154 and 5,676 persons respectively.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(210) / (227)
2. Statutory auditors’ fees of the Group for the mandatory audit of annual financial statements in the
financial year 2021 amounted to €1,032 thousand (2020: €1,198 thousand), €398 thousand (2020:
€542 thousand) for the Tax Compliance Report, and €167 thousand (2020: €287 thousand) for other
non-audit services.
More specifically, the total fees paid by the Group for the financial year 2021 to companies of the
PricewaterhouseCoopers network in Greece amount to €859 thousand (2020: €1,085 thousand) for
the statutory audit of financial statements, €350 thousand (2020: €497 thousand) for the Tax
Compliance Report, and an amount of €146 thousand (2020: €252 thousand) for other non-audit
services.
The total fees paid by the Company for the financial year 2021 to companies of the
PricewaterhouseCoopers network in Greece amount to €205 thousand (2020: €298 thousand) for the
statutory audit of financial statements, €31 thousand (2020: €54 thousand) for the Tax Compliance
Report, and an amount of €59 thousand (2020: €152 thousand) for other non-audit services.
3. On 10 March 2021, the Extraordinary General Meeting of the subsidiary ATTIKI ODOS SA approved
a reduction in share capital of €82.8 million and at the same time approved the conversion of the
proceeds of the reduction into a secondary loan to its shareholders.
4. On 21 May 2021, following the unanimous recommendation of the Nominations and Remuneration
Committee, the Board of Directors of the Company at its meeting of 21 May 2021, elected Mr
Efthymios Bouloutas as Executive Member and assigned him the duties of the Company’s CEO. In
particular, the Company announced: a) the resignation of Mr Dimitrios Kondylis from his capacity as
a Non-Executive Member of the Board of Directors of the Company, b) the resignation of Mr
Aristeidis Xenofos from the position of CEO of the Company, c) the election of Mr Efthymiou
Bouloutas as the new Executive Member of the Board of Directors of the Company to replace the
member resigning, Mr Dimitrios Kondylis. Subsequently, the Board of Directors of the Company,
unanimously elected Mr Efthymios Bouloutas as the new CEO and was subsequently reconstituted
as a body as follows:
o Georgios Mylonogiannis, son of Stamatios-Takis, Chairman of the Board of Directors, Non-
Executive Member,
o Aristeidis (Aris) Xenofos, son of Ioannis, Vice President, Non-Executive Member,
o Efthymios Bouloutas son of Theodoros, CEO, Executive Member;
o Konstantinos Toumpouros son of Pantazis, BoD member, Independent - Non-Executive
Member
o Athena Chadjipetrou, daughter of Konstantinos, BoD member, Independent Non-executive
Member
5. On 1 June 2021 Mr Dimosthenis Revelas took over the position of CFO of the Group.
6. On 22.06.2021 the Ordinary General Meeting of the shareholders of ELLAKTOR SA, among other
issues, elected Ms Ioanna Dretta and Ms Eugenia (Jenny) Leivadarou as new members of the Board
of Directors of the Company and appointed Ms Eugenia (Jenny) Leivadarou as its new Independent
Non-Executive Member. The new members’ term of office will expire at the same time as the term
of office of the other members of the Board of Directors. In view of the above, the Board of Directors
was reconstituted as a body at its meeting on the same date as follows:
o Georgios Mylonogiannis, son of Stamatios-Takis, Chairman of the Board of Directors, Non-
Executive Member,
o Aristeidis (Aris) Xenofos, son of Ioannis, Vice President, Non-Executive Member,
o Efthymios Bouloutas son of Theodoros, CEO, Executive Member,
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(211) / (227)
o Konstantinos Toumpouros son of Pantazis, BoD member, Independent - Non-Executive
Member
o Athena Chadjipetrou, daughter of Konstantinos, Independent Non-executive Member.
o Ioanna Dretta daughter of Grigorios, BoD member, Non-Executive Member and
o Eugenia (Jenny) Leivadarou daughter of Ioannis, BoD member, Independent - Non-Executive
Member
7. On 12 November 2021, the Company informed its shareholders and the investing public that, after
the completion of the share capital increase, that the final composition of the capital allocation
remains unchanged and is as published in the Prospectus approved by the Capital Market
Commission (on 13 July 2021 and the Supplement to it on 29 July 2021), in Section 4.1.2. Following
the above, it was announced that an amount of €120,528,001.80 raised from the increase (from
holders of preemptive and pre-registration rights), less an amount of €1.6 million which relates to
issue costs as incorporated without deviation in the Prospectus, will be allocated in order of priority,
as per section 4.1.2 of the Prospectus, while the unallocated capital funds will be retained until their
disbursement for the purposes stated in the Prospectus, in directly liquid, low-risk placements.
42 Events after the reporting date
1. On 24.01.2022, due to snowfall and the severe and extreme weather conditions that prevailed,
vehicles were stranded on the Attiki Odos motorway (the total number of stranded vehicles was
estimated by the motorway Traffic Management Centre at approximately 3,500 vehicles). Following
the event, an electronic platform was created on the Attiki Odos website for the registration of data
from users of the motorway, for the payment of 2,000 euros per vehicle, for those vehicles that were
stranded on 24-25.01.2022 and after checking the legal and substantive conditions that must be met
for the payment. The data are assessed by an independent international audit firm, as a qualified
advisor to the company.
On 23.03.2022, Ministerial Decisions were notified, to the companies Attiki Odos S.A. and Attikes
Diadromes S.A., imposing a fine of €1,000,000 for each company, in relation to which the Law
provides the right of appeal before the competent courts.
At this stage, due to the significant amount of information being evaluated and the complexity of
the issues regarding lawsuits filed by motorway users, it is not possible to estimate the total liabilities
that will arise for the Group once the evaluation process and other actions are completed.
2. On 1 April 2022, the subsidiary company AKTOR SA, as a member and leader of the contractor’s
consortium composed of AKTOR SA (40%) - AVAX SA (40%) - ERGOTEM ATEVE (20%), signed a
contract with EYDAP SA to undertake the provision of services for ‘Operation and Maintenance of
the Psyttalia Wastewater Treatment Plant (KELP)’ with a total budget of €174.9 million (including VAT)
and duration of 5 years, with an option for annual extension (in the amount of €34.3 million with
VAT).
3. The recent energy crisis, the depth and breadth of which is evolving to be greater than initially
estimated especially after the military operations in Ukraine, contributes to a further climate of
uncertainty regarding the impact of the inflationary pressures which have already been exerted on
consumption, investment and, consequently, economic development. The energy crisis, which was
initially attributed to increased demand due to the recovery from the Covid-19 pandemic and to EU
policy to mitigate the effects of the climate crisis, subsequently worsened due to geostrategic
reasons and has become unpredictably significant due to recent military operations in Ukraine.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(212) / (227)
Looking at the data available so far, the energy crisis dues not appear to have had a significant impact
on the Group's activities (other than Construction) up to the year end. However, due to the specificity
of the sector, construction activity is expected to be more deeply affected by the energy crisis and
the resulting price increases. This is an issue that affects the domestic construction industry as a
whole and for which appropriate legislative interventions introducing a price escalation mechanism
that may have retroactive effect are awaited. However, the Company is continually and carefully
monitoring and evaluating events as they develop.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(213) / (227)
43 Group holdings
43.a The companies of the Group which have been consolidated under the full consolidation method, are as follows:
PARENT % 31.12.2021 PARENT % 31.12.2020
S/N COMPANY REGISTERED
OFFICE
SEGMENT OF ACTIVITY DIRECT INDIRECT TOTAL DIRECT INDIRECT TOTAL UNAUDITED YEARS
1 AIFORIKI DODEKANISOU SA GREECE ENVIRONMENT 94.44 94.44 94.44 94.44 2016-2020*, 2021
2 AIFORIKI KOUNOU SA GREECE RENEWABLE ENERGY SOURCES 99.69 99.69 99.69 99.69 2016-2021
3 AEOLIKI KANDILIOU SA GREECE RENEWABLE ENERGY SOURCES 100.00 100.00 100.00 100.00 2016-2021
4 EOLIKI KARPASTONIOU SA GREECE RENEWABLE ENERGY SOURCES 51.00 51.00 51.00 51.00 2016-2020*, 2021
5 EOLIKI OLYMPOU EVIAS SA GREECE RENEWABLE ENERGY SOURCES 100.00 100.00 100.00 100.00 2016-2021
6 AKTOR SA GREECE CONSTRUCTION 81.11 18.89 100.00 77.96 22.04 100.00 2016-2020*, 2021
7 AKTOR CONCESSIONS SA GREECE CONCESSIONS 100.00 100.00 100.00 100.00 2016-2020*, 2021
8 AKTOR CONCESSIONS SA – ARCHITECH SA GREECE CONCESSIONS 82.12 82.12 82.12 82.12 2016-2020*, 2021
9 AKTOR FM SA GREECE CONSTRUCTION 100.00 100.00 100.00 100.00 2016-2020*, 2021
10 AKTOR- TOMI GP GREECE CONSTRUCTION 100.00 100.00 100.00 100.00 2016-2021
11 URBAN SOLID RECYCLING SA - ASA RECYCLE GREECE ENVIRONMENT 70.84 70.84 70.84 70.84 2016-2021
12
DEVELOPMENT OF NEW ALIMOS MARINA SINGLE-
MEMBER SA
GREECE CONCESSIONS 100.00 100.00 100.00 100.00 2019-2021
13 ANDROMACHI SA GREECE REAL ESTATE DEVELOPMENT 100.00 100.00 100.00 100.00 2016-2021
14 ANEMODOMIKI SA GREECE RENEWABLE ENERGY SOURCES 100.00 100.00 100.00 100.00 2016-2021
15 ANEMOS ATALANTIS SA GREECE RENEWABLE ENERGY SOURCES 100.00 100.00 100.00 100.00 2016-2021
16 STERILISATION SA GREECE ENVIRONMENT 56.67 56.67 56.67 56.67 2016-2020*, 2021
17 APOTEFROTIRAS SA GREECE ENVIRONMENT 61.39 61.39 61.39 61.39 2016-2020*, 2021
18 ATTIKA DIODIA SA GREECE CONCESSIONS 65.78 65.78 65.78 65.78 2016-2021
19 ATTIKES DIADROMES SA GREECE CONCESSIONS 52.62 52.62 52.62 52.62 2016-2020*, 2021
20 ATTIKI ODOS SA GREECE CONCESSIONS 65.75 65.75 65.75 65.75 2016-2020*, 2021
21 VEAL SA GREECE ENVIRONMENT 47.22 47.22 47.22 47.22 2016-2020*, 2021
22
AEGEAN GEOENERGY SINGLE-MEMBER HOLDINGS
SA
GREECE ENVIRONMENT 94.44 94.44 94.44 0.00 2020-2021
23 YIALOU ANAPTYXIAKI SA GREECE REAL ESTATE DEVELOPMENT 100.00 100.00 100.00 100.00 2016-2021
24 YIALOU EMPORIKI & TOURISTIKI SA GREECE REAL ESTATE DEVELOPMENT 55.46 55.46 55.46 55.46 2016-2020*, 2021
25 PPC RENEWABLES – ELLINIKI TECHNODOMIKI SA GREECE RENEWABLE ENERGY SOURCES 51.00 51.00 51.00 51.00 2016-2020*, 2021
26 DIETHNIS ALKI SA GREECE REAL ESTATE DEVELOPMENT 100.00 100.00 100.00 100.00 2016-2017*, 2018-2021
27 EDADYM SA GREECE ENVIRONMENT 94.44 94.44 94.44 94.44
2016-2018, 2019*, 2020-
2021
28 ELIANA MARITIME COMPANY GREECE CONSTRUCTION 100.00 100.00 100.00 100.00 2016-2021
29 HELLENIC QUARRIES SA GREECE CONSTRUCTION 100.00 100.00 100.00 100.00 2016-2020*, 2021
30 GREEK NURSERIES SA GREECE OTHER ISSUES 50.00 50.00 50.00 50.00 2016-2021
31 HELLENIC ENERGY & DEVELOPMENT SA GREECE OTHER ISSUES 96.21 0.37 96.57 96.21 0.37 96.57 2016-2021
32
HELLENIC ENERGY & DEVELOPMENT - RENEWABLES
SA
GREECE RENEWABLE ENERGY SOURCES 100.00 100.00 100.00 100.00 2016-2021
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(214) / (227)
PARENT % 31.12.2021 PARENT % 31.12.2020
S/N COMPANY REGISTERED
OFFICE
SEGMENT OF ACTIVITY DIRECT INDIRECT TOTAL DIRECT INDIRECT TOTAL UNAUDITED YEARS
33 ELLINIKI TECHNODOMIKI ENERGIAKI SA GREECE RENEWABLE ENERGY SOURCES 100.00 100.00 100.00 100.00 2016-2020*, 2021
34 EPADYM SA GREECE ENVIRONMENT 94.44 94.44 94.44 94.44 2016-2020*, 2021
35 HELECTOR SA GREECE ENVIRONMENT 94.44 94.44 94.44 94.44 2016-2020*, 2021
36 HELECTOR - AEIFORIKI DODEKANISOU GP GREECE ENVIRONMENT 94.44 94.44 94.44 94.44 2016-2021
37 ILIOSAR ANDRAVIDAS SA GREECE CONSTRUCTION 100.00 100.00 100.00 100.00 2016-2021
38 THIVAIKOS ANEMOS SA GREECE RENEWABLE ENERGY SOURCES 100.00 100.00 100.00 100.00
2016-2018, 2019-2020*,
2021
39 KANTZA SA GREECE REAL ESTATE DEVELOPMENT 100.00 100.00 100.00 100.00 2016-2021
40 KANTZA EMPORIKI SA GREECE REAL ESTATE DEVELOPMENT 55.46 55.46 55.46 55.46 2016-2021
41
J/V HELECTOR SA - WATT SA EMERGENCY NEEDS
COVER
GREECE ENVIRONMENT 78.39 78.39 78.39 78.39 2020-2021
42
J/V P.K.TETRAKTYS SA - AGRAFA CONSTRUCTIONS
LIMITED PARTNERSHIP
2
GREECE RENEWABLE ENERGY SOURCES - - 30.00 30.00 2019-2021
43 J/V HELECTOR - CYBARCO CYPRUS ENVIRONMENT 94.44 94.44 94.44 94.44 2007-2021
44 MOREAS SA GREECE CONCESSIONS 71.67 71.67 71.67 71.67 2016-2020*, 2021
45 MOREAS SEA SA GREECE CONCESSIONS 86.67 86.67 86.67 86.67 2016-2020*, 2021
46 NEMO MARITIME COMPANY GREECE CONSTRUCTION 100.00 100.00 100.00 100.00 2016-2021
47 ROAD TELECOMMUNICATIONS SA GREECE CONCESSIONS 100.00 100.00 100.00 100.00 2016-2021
48 P&P PARKING SA GREECE CONCESSIONS 100.00 100.00 100.00 100.00 2016-2021
49 PANTECHNIKI SA GREECE OTHER ISSUES 100.00 100.00 100.00 100.00 2016-2021
50 PANTECHNIKI SA –LAMDA TECHNIKI SA –DEPA LTD GREECE CONSTRUCTION 100.00 100.00 100.00 100.00 2016-2021
51 POUNENTIS SA GREECE RENEWABLE ENERGY SOURCES 100.00 100.00 100.00 100.00 2016-2021
52 STATHMOI PANTECHNIKI SA GREECE CONCESSIONS 100.00 100.00 100.00 100.00 2016-2021
53 P.K. TETRAKTYS EPENDYTIKI ANAPTYXIAKI SA GREECE RENEWABLE ENERGY SOURCES 100.00 100.00 100.00 100.00
2016-2017, 2018-2020*,
2021
54 TOMI SA GREECE CONSTRUCTION 100.00 100.00 100.00 100.00 2016-2020*, 2021
55
AKTOR & AL ABJAR CONTRACTING FOR TRADING
AND CONTRACTING
QATAR CONSTRUCTION 100.00 100.00 100.00 100.00 2018-2021
56 AKTOR BULGARIA SA BULGARIA CONSTRUCTION 100.00 100.00 100.00 100.00 2009-2021
57 AKTOR CONCESSIONS (CYPRUS) LTD CYPRUS CONCESSIONS 100.00 100.00 100.00 100.00 2011-2021
58 AKTOR CONSTRUCTION INTERNATIONAL LTD CYPRUS CONSTRUCTION 100.00 100.00 100.00 100.00 2000-2021
59 AKTOR CONTRACTORS LTD CYPRUS CONSTRUCTION 100.00 100.00 100.00 100.00 2009-2021
60 AKTOR D.O.O. BEOGRAD SERBIA CONSTRUCTION 100.00 100.00 100.00 100.00 -
61 AKTOR D.O.O. SARAJEVO
BOSNIA-
HERZEGOVINA
CONSTRUCTION 100.00 100.00 100.00 100.00 -
62 AKTOR FM INTERNATIONAL LTD CYPRUS CONSTRUCTION 100.00 100.00 100.00 100.00 -
63 AKTOR FM & SERVICES WLL QATAR CONSTRUCTION 49.00 49.00 49.00 49.00 -
64 AKTOR KUWAIT WLL KUWAIT CONSTRUCTION 100.00 100.00 100.00 100.00 2008-2021
65 AKTOR QATAR WLL QATAR CONSTRUCTION 100.00 100.00 100.00 100.00 2011-2021
66 AKTOR SERVICES LTD CYPRUS CONSTRUCTION 100.00 100.00 100.00 100.00 -
67 AKTOR TECHNICAL CONSTRUCTION LLC UΑΕ CONSTRUCTION 70.00 70.00 70.00 70.00 -
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(215) / (227)
PARENT % 31.12.2021 PARENT % 31.12.2020
S/N COMPANY REGISTERED
OFFICE
SEGMENT OF ACTIVITY DIRECT INDIRECT TOTAL DIRECT INDIRECT TOTAL UNAUDITED YEARS
68 AKVAVIT DOOEL
NORTH
MACEDONIA
CONSTRUCTION 100.00 100.00 100.00 100.00 -
69 AL AHMADIAH AKTOR LLC UΑΕ CONSTRUCTION 100.00 100.00 100.00 100.00 -
70 BIOSAR AMERICA INC USA CONSTRUCTION 100.00 100.00 100.00 100.00 2012-2021
71 BIOSAR AMERICA LLC USA CONSTRUCTION 100.00 100.00 100.00 100.00 2012-2021
72 BIOSAR ARGENTINA SA ARGENTINA CONSTRUCTION 100.00 100.00 100.00 100.00 2020-2021
73 BIOSAR AUSTRALIA PTY LTD AUSTRALIA CONSTRUCTION 100.00 100.00 100.00 100.00 2017-2021
74 BIOSAR BRASIL - ENERGIA RENOVAVEL LTDA BRAZIL CONSTRUCTION 99.99 99.99 99.99 99.99 2015-2021
75 BIOSAR CHILE SpA CHILE CONSTRUCTION 100.00 100.00 100.00 100.00 2016-2021
76 BIOSAR DOMINICANA
DOMINICAN
REPUBLIC
CONSTRUCTION 100.00 100.00 100.00 100.00 2017-2021
77 BIOSAR ENERGY (UK) LTD
UNITED
KINGDOM
CONSTRUCTION 100.00 100.00 100.00 100.00 2019-2020
78 BIOSAR HOLDINGS LTD CYPRUS CONSTRUCTION 100.00 100.00 100.00 100.00 2011-2021
79 BIOSAR PANAMA Inc PANAMA CONSTRUCTION 100.00 100.00 100.00 100.00 2013-2021
80 BURG MACHINERY BULGARIA CONSTRUCTION 100.00 100.00 100.00 100.00 2008-2021
81 CAISSON AE GREECE CONSTRUCTION 91.84 91.84 91.84 91.84 2016-2021
82 COPRI-AKTOR ALBANIA CONSTRUCTION 100.00 100.00 100.00 100.00 2014-2021
83 DUBAI FUJAIRAH FREEWAY JV UΑΕ CONSTRUCTION 100.00 100.00 100.00 100.00 -
84 ELLAKTOR VALUE PLC
UNITED
KINGDOM
OTHER ISSUES 100.00 100.00 100.00 100.00 -
85 ELLAKTOR VENTURES LTD CYPRUS CONCESSIONS 98.61 98.61 98.61 98.61 2011-2021
86 HELECTOR BULGARIA LTD
2
BULGARIA ENVIRONMENT - - 94.44 94.44 2014-2021
87 HELECTOR CYPRUS LTD CYPRUS ENVIRONMENT 94.44 94.44 94.44 94.44 2008-2021
88 HERHOF GMBH GERMANY ENVIRONMENT 94.44 94.44 94.44 94.44 2017-2021
89 HELECTOR RECYCLING CENTER OSNABRUCK GMBH GERMANY ENVIRONMENT 94.44 94.44 94.44 94.44 2017-2021
90 HERHOF-VERWALTUNGS GERMANY ENVIRONMENT 94.44 94.44 94.44 94.44 2017-2021
91 INSCUT BUCURESTI SA ROMANIA CONSTRUCTION 100.00 100.00 100.00 100.00 1997-2021
92 IOANNA PROPERTIES SRL ROMANIA CONSTRUCTION 100.00 100.00 100.00 100.00 2005-2021
93 JEBEL ALI SEWAGE TREATMENT PLANT JV UΑΕ CONSTRUCTION 100.00 100.00 100.00 100.00 -
94 LEVASHOVO WASTE MANAGEMENT PROJECT LLC RUSSIA CONCESSIONS 98.61 98.61 98.61 98.61 -
95 PMS PROPERTY MANAGEMENT SERVICES AE GREECE REAL ESTATE DEVELOPMENT 55.46 55.46 55.46 55.46 2016-2021
96 PROFIT CONSTRUCT SRL ROMANIA REAL ESTATE DEVELOPMENT 55.46 55.46 55.46 55.46 2006-2021
97 REDS REAL ESTATE DEVELOPMENT SA GREECE REAL ESTATE DEVELOPMENT 55.46 55.46 55.46 55.46 2016-2020*, 2021
98 SC CLH ESTATE SRL ROMANIA REAL ESTATE DEVELOPMENT 55.46 55.46 55.46 55.46 2006-2021
99 YLECTOR DOOEL SKOPJE
2
NORTH
MACEDONIA
ENVIRONMENT - - 94.44 94.44 2010-2021
* The fiscal years for which the Group companies that are audited by audit firms have obtained a tax compliance certificate are marked with an asterisk (*).
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(216) / (227)
2
Companies that are no longer consolidated
The following companies are no longer consolidated in the consolidated financial statements of 31.12.2020:
J/V P. K. TETRAKTYS SA-CONSTRUCTION OF AGRAFON EU, because it was dissolved in the fourth quarter of 2021.
HELECTOR BULGARIA LTD, because it was dissolved in the first quarter of 2021.
YLECTOR DOOEL SKOPJE, because it was dissolved in the fourth quarter of 2021.
For the subsidiaries in the table in which the consolidation percentage of the Group is shown as less than 50%, it is pointed out that direct participation of subsidiaries participating
in their share capital exceeds 50% apart from AKTOR FM & SERVICES WLL.
43.b The companies of the Group consolidated using the equity method are as follows:
PARENT % 31.12.2021 PARENT % 31.12.2020
S/N COMPANY REGISTERED
OFFICE
SEGMENT OF ACTIVITY DIRECT INDIRECT TOTAL DIRECT INDIRECT TOTAL UNAUDITED TAX
YEARS UNAUDITED
Associates
1 ATHENS CAR PARK SA GREECE CONCESSIONS 29.00 29.00 24.69 24.69 2016-2021
2 AEGEAN MOTORWAY SA GREECE CONCESSIONS 22.22 22.22 22.22 22.22 2016*, 2017-2021
3 BEPE KERATEAS SA GREECE CONSTRUCTION 35.00 35.00 35.00 35.00 2016-2021
4 GEFYRA SA GREECE CONCESSIONS 22.02 22.02 22.02 22.02 2016-2021
5 GEFYRA LITOURGIA SA GREECE CONCESSIONS 23.12 23.12 23.12 23.12 2016*, 2017-2021
6 PROJECT DYNAMIC CONSTRUCTION GREECE ENVIRONMENT 30.52 30.52 30.52 30.52 2016-2021
7 ENERMEL SA GREECE ENVIRONMENT 47.22 47.22 47.22 47.22 2016-2021
8 PEIRA SA GREECE REAL ESTATE DEVELOPMENT 50.00 50.00 50.00 50.00 2016-2021
9 SOFRANO SINGLE-MEMBER SA
1
GREECE RENEWABLE ENERGY SOURCES 49.00 49.00 - - -
10 CHELIDONA SA GREECE REAL ESTATE DEVELOPMENT 50.00 50.00 50.00 50.00 2016-2021
11 AKTOR ASPHALTIC LTD CYPRUS CONSTRUCTION 50.00 50.00 50.00 50.00 2016-2021
12 EVOIKOS VOREAS SA
1
GREECE RENEWABLE ENERGY SOURCES 49.00 49.00 - - -
13 METROPOLITAN ATHENS PARK GREECE CONCESSIONS 25.70 25.70 22.91 22.91 2016-2021
14 POLISPARK AE GREECE CONCESSIONS 30.21 30.21 28.76 28.76 2016-2021
15 SALONICA PARK ΑΕ GREECE CONCESSIONS 24.70 24.70 24.70 24.70 2016-2021
Joint Ventures
17 THERMAIKI ODOS S.A. GREECE CONCESSIONS 50.00 50.00 50.00 50.00 2016-2021
18 STRAKTOR SA GREECE CONSTRUCTION 50.00 50.00 50.00 50.00 2016-2021
19
3G SA
2
GREECE CONCESSIONS 50.00 50.00 50.00 50.00 2016-2021
20 GEOTHERMAL STOHOS II
1
GREECE ENVIRONMENT 48.17 48.17 - - 2021
* The fiscal years for which the Group companies that are audited by audit firms have obtained a tax compliance certificate are marked with an asterisk (*).
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(217) / (227)
1
New companies
The following companies are included in the consolidated financial statements of 31.12.2021 that were not included in the consolidated statements of the previous fiscal year
ended 31.12.2020:
SOFRANO SA, with registered offices in Greece. The company was acquired in Q1 2021 by the parent company which holds 49% of the share capital in the company in
question.
EVOIKOS VOREAS SA (FORMER ENERCOPLAN ENERGY - EPC & INVESTMENT IKE), with registered offices in Greece. The company was acquired in Q1 2021 by the parent
company which holds 49% of the share capital in the company in question.
GEOTHERMAL STOHOS II M.A.E.S., with registered offices in Greece (1st consolidation in the consolidated financial statements 31.12.2021). The company was bought out by
HELECTOR SA which holds 51% of the share capital in the company in question.
2
Companies that are no longer consolidated
The company 3G SA is not included the consolidated financial statements of 31.12.2020, because it was dissolved during the fourth quarter of 2021.
THERMAIKI ODOS SA, which is consolidated using the equity method, has a recognised claim of €67.9 million against the Greek public sector, following the arbitration awards in
favour of the company in 2010 and 2012, in relation to the termination and suspension of the Concession Contract of the Thessaloniki Underground Tunnel. The Greek State filed
seven actions for annulment against the above arbitration awards and the Athens Court of Appeals ruled on these petitions, duly admitting them for formal reasons. However,
the Supreme Court of Cassation set aside the four rulings of the Court of Appeals (its ruling on the other three is to be delivered) and ruled that the cases will be tried on a new
hearing date as to the substance of the matter, which has been scheduled for 27.04.2020. Because of the extension of court closures and the deadlines for public health reasons
as part of precautionary measures to combat COVID-19, new petitions will have to be submitted after the suspension of court hearings referred to above has been lifted, in order
to obtain a new trial date. Upon trial of the cases as to the substance of the matter, the judgments will be irrevocable. Moreover, in July 2018, it re-initiated arbitration proceedings
with the same claims. The new arbitration ruling, which was issued in January 2019, found in favour of the company and awarded compensation in the amount of €65.2 million,
plus default interest calculated from 30 January 2011. The Greek public sector filed an action for annulment and an application for suspension of the above arbitration decision
before the Athens Court of Appeals. On 07 April 2020, the Athens Court of Appeals issued decisions Nos 2128/2020 and 2131/2020, rejecting the action for annulment and the
application for suspension filed by the Greek State concerning the Arbitration Decision in favour of Thermaiki Odos of 3 January 2020. The company estimates that, based on
contractual terms and current case law, its claim is fully founded and the Greek state will proceed with settlement.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(218) / (227)
Οn 1
st
October 2021, following negotiations between the Greek State and Thermaiki Odos S.A., it was submitted to the Ministry of Infrastructure and Transport from Thermaiki
Odos SA a Proposal for Amicable Settlement of Dispute. On 23
rd
December 2021, the Legal Council of the State approved the settlement. On 11
th
January 2022 a relative letter
was sent, in which the request for settlement of dispute was partially accepted, legally signed and approved by the Ministers of Finance and Infrastructure & Transport, by the full
and final payment of a compensation of €85 million to Thermaiki Odos, under the conditions provided. On 14
th
January 2022, Thermaiki Odos submitted a letter accepting the
terms of the settlement of dispute as defined in the Minutes of the Full Plenary Meeting of the Legal Council of the State. Thermaiki Odos proceeded to the fulfillment of all the
conditions laid down.
43.c Joint ventures, the assets, liabilities, revenues and expenses of which, the Group accounts for based on its participating share, are detailed in the following table. The parent
company only holds an indirect stake in said joint ventures via its subsidiaries.
S/N JOINT VENTURES REGISTERED
OFFICE
%
PARTICIPATION
31.12.2021
UNAUDITED
YEARS
1 J/V AKTOR ATE - IMPREGILO SPA (EXTENSION OF LINE 3 ASOMATON-AIGALEO) GREECE 99.90 2016-2021
2 “J/V AKTOR SA – TERNA SA- BIOTER SA” – TERNA SA- BIOTER SA-AKTOR SA GREECE 33.33 2016-2021
3 J/V AKTOR SA - C. I. KALOGRITSAS SA (E/M METRO WORKS (RFP-079)) GREECE 49.42 2016-2021
4 J/V AKTOR SA -CH.I. J/V AKTOR SA - C. I.
KALOGRITSAS
SA (E/M
METRO
WORKS (RFP-
078))GREECE
47.50 2016-2021
5
J/V ATTIKI ODOS – CONSTRUCTION OF ELEFSINA-STAVROS-SPATA ROAD & W.IMITOS RINGROAD ATTIKI ODOS
MAINTENANCE
GREECE 59.27 2016-2021
6 J/V TOMI – AKTOR (APOSELEMI DAM)
1
GREECE 100.00 2016-2021
7 J/V SIEMENS AG – AKTOR SA – TERNA SA GREECE 50.00 2016-2021
8 J/V AKTOR SA – PANTECHNIKI SA (CONSTRUCTION OF PAPADIAS DAM)
1
GREECE 100.00 2016-2021
9
J/V AKTOR SA – SIEMENS SA - VINCI CONSTRUCTIONS GRANDS PROJETS (EXT. LINE 2, SECTION AGIOS
DIMITRIOS-ELLINIKO
GREECE 70.00 2016-2021
10 J/V AKTOR SA –AEGEK - J & P AVAX-SELI(TBM TUNNEL ELLINIKO) GREECE 30.00 2016-2021
11 J/V ATHENA SA – AKTOR SA GREECE 30.00 2016-2021
12 J/V AKTOR SA -JP AVAX SA-PANTECHNIKI SA-ATTIKAT SA (MAINTENANCE OF ATTIKI ODOS) GREECE 59.27 2016-2021
13 J/V AKTOR SA – TERNA SA - J&P AVAX SA(SUBURBAN RAILWAY SKA-PIRAEUS) GREECE 50.00 2016-2021
14 J/V (CARS) LARISAS (BUILDING CONSTRUCTION OF (CARS), LARISSA) GREECE 81.70 2016-2021
15 J/V AKTOR SA - ALTE SA -EMPEDOS SA (CONSTRUCTION OF BUILDINGS & TECHNICAL WORKS) GREECE 66.67 2016-2021
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(219) / (227)
S/N JOINT VENTURES REGISTERED
OFFICE
%
PARTICIPATION
31.12.2021
UNAUDITED
YEARS
16 J/V AEGEK – BIOTER SA – AKTOR SA – EKTER SA GREECE 40.00 2016-2021
17
J/V AKTOR SA –ATHENA SA-THEMELIODOMI SA(AESTHETIC INTEGRATION OF THE ATHENS OLYMPIC SPORTS
CENTRE (OAKA) SPECIAL CONSTRUCTIONS)
GREECE 71.00 2016-2021
18
J/V AKTOR SA – DOMOTECHNIKI SA – THEMELIODOMI SA – TERNA SA – ETETH SA (CONSTRUCTION OF
THESSALONIKI MUNICIPAL HALL)
GREECE 25.00 2016-2021
19 JV AKTOR COPRI KUWAIT 50.00 -
20 JV QATAR QATAR 40.00 -
21 JV AKTOR SA - AKTOR BULGARIA SA
1
BULGARIA 100.00 -
22 CONSORTIUM BIOSAR ENERGY - AKTOR
1
BULGARIA 100.00 -
23 J/V TOMI SA – HLEKTOR SA (ANO LIOSIA LANDFILL CONSTRUCTION - SECTION II) GREECE 97.76 2016-2021
24 J/V TOMI – MARAGAKIS ANDR. (2005) GREECE 65.00 2016-2021
25 J/V ERGO SA – TOMI SA GREECE 15.00 2016-2021
26 J/V TOMI SA- ATOMON SA (CORFU PORT- WINDWARD PIER) GREECE 50.00 2016-2021
27 J/V ΤΟΜΗ-BILFINGER BERGER (CYPRUS-PAPHOS LANDFILL) CYPRUS 94.44 2016-2021
28 JV DETEALA- HELECTOR-EDL LTD (EXPLOITATION OF BIOGAS ANO LIOSION LANDFILL) GREECE 28.33 2016-2021
29 JV HELECTOR SA-BILFINGER BERGER (MARATHOUNTA LANDFILL & ACCESS WAY) CYPRUS 94.44 2016-2021
30 J/V HELECTOR– ARSI SA(LEASING SERVICES FOR INCINERATOR SERVICES) GREECE 75.56 2016-2021
31 J/V HELECTOR– ERGOSYN SA (WASTEWATER TREATMENT PLANT-MUNICIPALITY OF NORTH KINOURIA) GREECE 66.11 2016-2021
32 J/V BILFIGER BERGER - MESOGEIOS- HELECTOR SA(DRAINAGE TREATMENT - TAGARADA LANDFILL) GREECE 27.39 2016-2021
33 J/V TOMI SA –HELEKTOR SA(CONSTRUCTION PHASE 1 - 2nd LANDFILL, MUNICIPALITY OF FYLI) GREECE 98.79 2016-2021
34 J/V AKTOR - P&C DEVELOPMENT SA(CONSTRUCTION OF A NEW WING FOR AG. ANDREAS GENERAL HOSPITAL) GREECE 70.00 2016-2021
35
J/V AKTOR - ARCHIRODON-BOSKALIS (THERMAIKI ODOS-CONSTRUCTION OF THESSALONIKI UNDERWATER
ARTERY)
GREECE 50.00 2016-2021
36 J/V AKTOR –ATHENA(BIOLOGICAL WASTEWATER TREATMENT, BUCHAREST) GREECE 50.00 2016-2021
37 J/V AKTOR –INTRAKAT - J & P AVAX GREECE 71.67 2016-2021
38 J/V HOCHTIEF-AKTOR-J&P-VINCI-AEGEK-ATHENA (CONSTRUCTION OF THE MALIAKOS-KLEIDI MOTORWAY) GREECE 29.30 2016-2021
39 J/V VINCI-J&P AVAX-AKTOR-HOCHTIEF-ATHENA GREECE 17.00 2016-2021
40 J/V PANTECHNIKI SA- J&P AVAX SA- BIOTER SA GREECE 39.32 2016-2021
41 J/V TERNA SA – PANTECHNIKI SA GREECE 16.50 2016-2021
42 J/V PANTECHNIKI SA – ARCHITECH SA– OTO PARKING SA GREECE 45.00 2016-2021
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(220) / (227)
S/N JOINT VENTURES REGISTERED
OFFICE
%
PARTICIPATION
31.12.2021
UNAUDITED
YEARS
43 K / XIA AKTOR - TERNA - J&P (SKA-PIRAEUS PHASE 2) GREECE 33.33 2016-2021
44 J/V TERNA - AKTOR GREECE 50.00 2016-2021
45 J/V AKTOR - HOCHTIEF (CONSTRUCTION OF THE MALIAKOS-KLEIDI MOTORWAY) GREECE 33.00 2016-2021
46 J/V AKTOR SA – OKTANA SA (ASTYPALEA LANDFILL) GREECE 50.00 2016-2021
47 J/V TOMI – HELECTOR – KONSTANTINIDIS(CONSTRUCTION PHASE 1 - 2nd WEST ATTICA LANDFILL) GREECE 69.16 2016-2021
48
J/V AKTOR SA – IMEK HELLAS SA(DESIGN STUDY - CONSTRUCTION - EQUIPMENT FOR CHALKIDA GENERAL
HOSPITAL)
GREECE 75.00 2016-2021
49 J/V ATOMON SA – TOMI SA GREECE 50.00 2016-2021
50 J/V AKTOR SA – ELTER SA(CONSTRUCTION OF A SECTION OF NEW NATIONAL ROAD, NORTH ROAD AXIS CRETE ) GREECE 70.00 2016-2021
51 J/V HELECTOR– ENVITEC (SUPPORT - OPERATION - MAINTENANCE OF MECHANICAL RECYCLING FACTORY) GREECE 47.22 2016-2021
52
J/V AKTOR SA – I. PAPAILIOPOULOS SA - DEGREMONT SA-DEGREMONT SPA(J/V OPERATION OF BIOLOGICAL
WASTEWATER TREATMENT PLANT THESSALONIKI)
GREECE 30.00 2016-2021
53 J/V AKTOR SA - J&P AVAX SA - NGA NETWORK DEVELOPMENT GREECE 50.00 2016-2021
54
J/V HELECTOR SA – TH.G.LOLOS - CH.TSOBANIDIS - ARSI SA(SUPPORT - OPERATION - MAINTENANCE OF
MECHANICAL RECYCLING FACTORY)
GREECE 66.11 2016-2021
55 J/V HELECTOR SA –TH.G.LOLOS- CH.TSOBANIDIS- ARSI SA- ENVITEC SA(RECYCLING FACTORY SERVICES) GREECE 47.08 2016-2021
56 J/V HELECTOR SA – ZIORIS SA OPERATION OF LANDFILL, EPEIROS REGION GREECE 48.17 2016-2021
57 K / XIA ELEKTOR SA - EPANA SA (URBAN WASTE MANAGEMENT WORKS & SERVICES) GREECE 47.22 2016-2021
58 J/V TOMI SA – A. P. MARAGAKIS GREEN WORKS SA(GREEN MAINTENANCE PROJECTS) GREECE 65.00 2016-2021
59 J/V AKTOR SA - J&P (J/V PROJECT KOROMILIA KRYSTALLOPIGI) GREECE 60.00 2016-2021
60 J/V KONSTANTINIDIS -HELECTOR GREECE 46.28 2016-2021
61 JV AKTOR ARBİOGAZ TURKEY 51.00 -
62 J/V AKTOR SA-J&P AVAX SA(MAINTENANCE OF NATURAL GAS NATIONAL TRANSMISSION SYSTEM) GREECE 50.00 2016-2021
63 J/V AKTOR - TERNA (STYLIDA JUNCTION) GREECE 50.00 2016-2021
64 J/V AKTOR-PORTO CARRAS-INTRACAT (ESCHATIA RIVER J/V) GREECE 50.00 2016-2021
65 J/V AKTOR-TERNA (NEW PATRAS PORT) GREECE 30.00 2016-2021
66 J/V AKTOR SA – IMEK HELLAS SA(LEFKADA HOSPITAL J/V) GREECE 75.00 2016-2021
67 J/V HELECTOR SA - AKTOR SA (EGNATIA HIGH FENCING PROJECT)
1
GREECE 66.11 2016-2021
68 J/V TRIKAT SA - TOMI SA(IMPROVEMENT WORKS FOR A SECTION OF EGNATIA ODOS MOTORWAY) GREECE 30.00 2016-2021
69 J/V AKTOR SA – J & P AVAX SA (MAINTENANCE OF ATTIKI ODOS CONCESSION) GREECE 65.78 2016-2021
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(221) / (227)
S/N JOINT VENTURES REGISTERED
OFFICE
%
PARTICIPATION
31.12.2021
UNAUDITED
YEARS
70 J/V AKTOR SA –TERNA SA (EXTRACTION - MINING - DISTRIBUTION & SALE OF LIGNITE) GREECE 50.00 2016-2021
71 J/V AKTOR SA - HELECTOR SA(BIOLOGICAL TREATMENT PLANT CHANIA) GREECE 97.88 2016-2021
72 J/V AKTOR - P C DEVELOPMENT SA (ANCHORAGE FOR TOURIST BOATS, VASILIKI LEFKADA) GREECE 50.00 2016-2021
73 J/V AKTOR SA - J&P AVAX SA - INTRAKAT(CONSTRUCTION OF PANAGOPOULAS TUNNEL) GREECE 42.50 2016-2021
74 J/V AKTOR SA - KARALIS KONSTANTINOS(DEVELOPMENT OF PUBLIC USE AREAS IN KASTORIA) GREECE 94.63 2016-2021
75 J/V AKTOR SA - ALSTOM TRANSPORT SA GREECE 65.00 2016-2021
76 J/V AKTOR SA –TERNA SA (J/V ERGOSE RAILWAY & FREIGHT CENTRE, THRIASIO PEDIO) GREECE 50.00 2016-2021
77 J/V AKTOR SA - J&P AVAX SA (J/V FOR CONSTRUCTION OF PANAGOPOULAS TUNNEL) GREECE 66.09 2016-2021
78 J/V AKTOR SA - INTRAKAT(CONSTRUCTION FOR PUBLIC UTILITY PROJECTS) GREECE 50.00 2016-2021
79 J/V AKTOR SA - TERNA SA - PORTO KARRAS SA GREECE 33.33 2016-2021
80 J/V AKTOR SA - J&P AVAX SA - TERNA SA GREECE 33.33 2016-2021
81 J/V AKTOR SA - J&P AVAX SA - TERNA SA GREECE 24.44 2016-2021
82 ALYSJ JV-GOLD LINE UNDERGROUND-DOHA QATAR 32.00 -
83 J/V AKTOR SA - HELECTOR SA BULGARIA 96.67 -
84 J/V IONIOS SA - AKTOR SA(SERRES - PROMACHONAS) GREECE 50.00 2016-2021
85
J/V J. & P. AVAX SA - AKTOR SA ( MANDRA-HELPE HIGH PRESSURE NATURAL GAS NETWORK)(DESFA NATURAL
GAS PROJECTS)
GREECE 50.00 2016-2021
86 J/V J&P AVAX SA-AKTOR SA (DEPA SYSTEM SUPPORT) GREECE 50.00 2016-2021
87 J/V AKTOR SA - ATHENA SA (OPERATION & MAINTENANCE OF PSITALIA TREATMENT PLANT) GREECE 70.00 2016-2021
88 J/V IONIOS SA - AKTOR ATE (MANDRA-PSATHADES) GREECE 50.00 2016-2021
89 J/V IONIOS SA - AKTOR SA(AKTIO) GREECE 50.00 2016-2021
90 J/V IONIOS SA - AKTOR SA(DRYMOS 2) GREECE 50.00 2016-2021
91 J/V IONIOS SA - AKTOR SA(KIATO-RODODAFNI) GREECE 50.00 2016-2021
92 J/V IONIOS SA - AKTOR SA(ARDANIO-MANDRA) GREECE 50.00 2016-2021
93 J/V ERGO SA - ERGODOMI SA - AKTOR SA (CHAMEZI PROJECT J/V) GREECE 30.00 2016-2021
94 J/V IONIOS SA - TOMI SA (DRYMOS 1) GREECE 50.00 2016-2021
95 J/V IONIOS SA - AKTOR SA(KATOUNA J/V) GREECE 50.00 2016-2021
96 J/V IONIOS SA - AKTOR SA(ASOPOU DAM) GREECE 30.00 2016-2021
97 J/V IONIOS SA - AKTOR SA (NESTORIO DAM) GREECE 30.00 2016-2021
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(222) / (227)
S/N JOINT VENTURES REGISTERED
OFFICE
%
PARTICIPATION
31.12.2021
UNAUDITED
YEARS
98 J/V J&P AVAX SA - AKTOR SA (WHITE AREA NETWORKS) GREECE 50.00 2016-2021
99 J/V AKTOR SA - J&P AVAX SA (MAINTENANCE OF NATURAL GAS TRANSMISSION SYSTEM) GREECE 40.00 2016-2021
100
J/V AKTOR SA - CHRIST. D. KONSTANTINIDIS TECHNICAL SA (OPERATION OF THE THESSALONIKI WATER
TREATMENT PLANT)
GREECE 50.00 2016-2021
101 J/V TOMI SA-ALSTOM TRANSPORT SA (J/V ERGOSE) GREECE 39.04 2016-2021
102 J/V AKTOR SA –TERNA SA (J/V ERGOSE RAILWAY & FREIGHT CENTRE, THRIASIO PEDIO PHASE 2) GREECE 50.00 2016-2021
103 J/V TOMI SA - BIOLIAP SA - NATOURA SA (MAINTENANCE-IMPROVEMENT-GREEN INSTALLATION) GREECE 33.33 2016-2021
104 J/V AKTOR SA - TERNA SA GREECE 50.00 2016-2021
105 J/V TOMI SA - BIOLIAP SA (TREE CUTTING-SECTION 1 TAP PIPELINE) GREECE 50.00 2016-2021
106 J/V TOMI SA - BIOLIAP SA ERGOSE - TECHNICAL STUDIES FOR PLANTING WORK (REHABILITATION) GREECE 50.00 2017-2021
107 J/V TOMI SA - BIOLIAP SA - NATOURA SAERGOSE - TECHNICAL STUDIES FOR PLANTING WORK GREECE 33.33 2016-2021
108 JV CONSORCIO PTAR SALITRE COLOMBIA 40.00 -
109 J/V AKTOR SA - HELECTOR SA
1
GREECE 98.89 2017-2021
110 AKTOR COMO INTERCITIES FACILITY MANAGEMENT QATAR 50.00 -
111 VECTOR LTD ALBANIA 50.00 -
112 JV A3 AKTOR - ECT ROMANIA 51.00 -
113 JV SEBES-TURDA
1
ROMANIA 100.00 -
114 JSC AKTOR ATE - AKTOR CONTRACTORS LTD (CONSTRUCTION J/V - VONITSA PROJECT)
1
GREECE 100.00 2019-2021
115 J/V AKTOR SA - TOMI SA(NEW PORT OF IGOUMENITSA PHASE C1)
1
GREECE 100.00 2019-2021
116 J/V HELECTOR SA - THALISES SA(WASTE MANAGEMENT WESTERN MACEDONIA REGION) GREECE 47.22 2019-2021
117 INCINERATOR LEASE J/V HELECTOR SA - ARSI SALEASE OF MEDICAL WASTE INCINERATOR (SIAPA) GREECE 66.11 2019-2021
118 J/V HELECTOR - ENVIRONMENTAL ENGINEERING SA(POLYGYROU-ANTHEMOUNTA LANDFILL) GREECE 47.22 2019-2021
119 J/V HELECTOR - ENVIRONMENTAL ENGINEERING SA(OPERATION OF PARAMYTHIAS LANDFILL) GREECE 47.22 2019-2021
120 J/V ENVIRONMENTAL ENGINEERING SA - HELECTOR SA GREECE 47.22 2019-2021
121 J/V FOR THE FYLI LANDFILL CELL SLOPES PROJECT GREECE 47.22 2019-2021
122 J/V J&P AVAX-AKTOR SA (ATTICA NATURAL GAS NETWORKS) GREECE 50.00 2019-2021
123 J/V AKTOR SA - ANASTILOTIKI SA(J/V SIGRIOS-LESVOS) GREECE 66.67 2019-2021
124 J/V HELECTOR SA - AKTOR FM SA GREECE 96.67 2019-2021
125 JV AKTOR SA - CONSTRUCTIONS GROUP SA(J/VFLORINA HEATING) GREECE 51.00 2019-2021
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the fiscal year from 1 January to 31 December 2021
All amounts are in € thousand, unless stated otherwise
(223) / (227)
S/N JOINT VENTURES REGISTERED
OFFICE
%
PARTICIPATION
31.12.2021
UNAUDITED
YEARS
126 J/V AKTOR SA - M. M. TSONTOS SA(J/V SOUDA) GREECE 50.00 2019-2021
127 JV AKTOR ECT A0 CENTURA ROMANIA 51.00 -
128 J/V FOR THE EXPLOITATION OF BIOGAS IN WESTERN MACEDONIA HELECTOR SA - THALIS ES S.A. GREECE 56.67 2020-2021
129 J/V AKTOR SA - HELECTOR SA OPERATION EELTH 30/2020(WASTEWATER TREATMENT OF THESSALONIKI) GREECE 98.33 2020-2021
130
J/V HELECTOR SA - TOMI AVETE - REHABILITATION OF THE SANITARY LANDFILL OF THE MUNICIPALITY OF
SERRES
GREECE 95.56 2020-2021
131 ALSTOM-AKTOR SA-ARCADA-EUROCONSTRUCT TRADING 98 S.R.L. (LOT 1 3) ROMANIA 30.00 -
132 AKTOR SA-ALSTOM-ARCADA (LOT 2) ROMANIA 60.00 -
133 J/V HELECTOR SA– WATT SA GREECE 78.39 2021
134 J/V PRASINOU EMA GREECE 51.94 2021
135 J/V HELECTOR - ENVIRONMENTAL ENGINEERING (ARNAIA) GREECE 47.22 2021
1
Joint ventures in which the Group holds a 100% participating interest via its subsidiaries.
Compared to the consolidated financial statements of 31.12.2020, the following joint ventures were not consolidated since they were dissolved through the competent Tax Offices
in 2021:
JV HELECTOR SA – MESOGEIOS SA (CONSTRUCTION OF BDN THESSALONIKI LANDFILL & ACCESS ROAD)
JV SPIECAPAG - AKTOR (Trans Adriatic Pipeline Project)
J/V ELTER SA - AKTOR SA (CONSTRUCTION FOR PORT OF PATRAS SECTION 2)
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2021
(224) / (227)
E. Report on the Allocation of Funds Raised from the Share Capital Increase for
the period from 01.01.2021 to 31.12.2021
In accordance with the provisions of Articles 4.1.2, Part I of Athens Stock Exchange Stock Markets Steering
Committee Decision 25/17.07.2008 and the Hellenic Capital Market Commission Board of Directors’ Decision
8/754/14.4.2016, each as currently in force, a share capital increase by the company ELLAKTOR SA (hereinafter the
"Company") was made by cash payment with a preemptive rights in favour of the old shareholders of the Company,
with a ratio of 1.25 new shares for every 2 old, pursuant to the decision of 22 April 2021 (resumed after
postponement of the meeting of 2 April 2021) by the Extraordinary General Meeting of Shareholders of the
Company in conjunction with the decision of 7 July 2021 by the Board of Directors, and funds were duly raised
amounting to a total sum of €118.9 million, excluding costs of issue amounting to €1.63 million. From the Share
Capital Increase, 133,920,002 new common shares were issued at an issue price of €0.90 each, with a nominal value
of €0.04 each, which after approval of the Listing & Purchasing Operations Committee of the Athens Stock Exchange
at its meeting on 11 August 2021, were admitted for trading on the ATHEX Main Market on 13 August 2021.
Certification of the timely and complete payment of the total amount of the share capital increase by the Board of
Directors of the Company took place on 6 August 2021. By 31 December 2021 the funds raised were allocated in
accordance with the use indicated in the Prospectus, approved by the Board of Directors of the Hellenic Capital
Market Commission on 13 July 2021 (and its Supplement, with approval date 29 July 2021), as follows:
Table: Allocation of Funds Raised from the Share Capital Increase
(Amounts in € millions)
Method of Allocation of Funds Raised
Based on the purposes indicated in the Prospectus
(Section 4.1.2 ‘Reasons for the offer and use of
revenue’ of the Prospectus)
Distribution of
Funds Raised
based on the
Prospectus
Capital
distributed
during the
period from
06.08.2021 to
31.12.2021
Total
Capital
Distributed
up to
31.12.2021
Unallocated
Funds as at
31.12.2021
Note
Α.
ELLAKTOR participation in SCI of 100%
subsidiary of AKTOR SA 98.60 98.60 98.60 0.00 1
1.
The total funds raised by AKTOR SA will be allocated
in order of priority as follows: For the repayment of
the bond loan amounting to €50 million (bridge
financing), which was raised on 17 May 2021 to
cover short-term liabilities and expenses due to
activities abroad. 50.00 50.00 50.00 0.00 2
(i)
International photovoltaic park projects (5.1 million in
Australia, 2.4 million in the UK and 2.4 million in
Brazil) 10.40 10.40 10.40 0.00
(ii)
Towards short-term liabilities to suppliers and
subcontractors in the Greek market. 21.40 21.40 21.40 0.00
2.
The remaining amount of
€
48.6 million, in
combination with the €18.2 million remaining from
the aforementioned bond loan, will be allocated as
follows: 66.80 46.20 46.20 20.60
(i)
Coverage of liabilities to secure the exit of AKTOR SA
and its subsidiaries from PV projects abroad 34.00 13.40 13.40 20.60
(ii)
Coverage of short-term liabilities of AKTOR SA to
suppliers and subcontractors in the Greek market 32.80 32.80 32.80 0.00
Β.
Financing of new investments in the field of
Renewable Energy Sources (RES) 20.30 1.57 1.57 18.73 3
Publication costs 1.63 1.55 1.55 0.08 4
Total 120.53 81.12 81.12 39.41 5
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2021
(225) / (227)
Notes:
1 The amount of €98.60 million was allocated on 6 August 2021 by ELLAKTOR SA, for the full coverage of the full
share capital increase of AKTOR SA (after waiver of preemptive right by AKTOR CONCESSIONS), by decision of
the Extraordinary General Meeting of Shareholders on 6 August 2021.
2 On 10 August 2021, AKTOR SA, pursuant to the decision of 9 August 2021 of its Board of Directors, made a full
and complete repayment (including interest and any expenses) of the bond loan (bridge financing), amounting
to €50 million.
3 Regarding the allocation of the amount of €20.3 million for the financing of new investments in the field of
Renewable Energy Sources (case B of the above table and the prospectus), an amount of €1.57 million was
allocated prior to 31 December 2021 for the wind farms of Evia and Agrafa, which represents a percentage
<0.5% of the total development cost of these investments.
4 The remaining unallocated amount resulting from the costs of issue, i.e. €83 thousand, will be used to support
the working capital of the Company.
5 Unallocated funds are held, until their disbursement for the purposes described in the table above, in liquid
low-risk positions.
Kifissia, 11 April 2022
THE CHAIRMAN OF THE
BOARD OF DIECTORS
THE CHIEF EXECUTIVE OFFICER THE CHIEF FINANCIAL
OFFICER
THE HEAD OF THE
ACCOUNTING
DEPARTMENT
GEORGIOS MYLONOGIANNIS EFTHYMIOS BOULOUTAS DIMOSTHENIS REVELAS ANDREAS TSAGRIS
ID Card No AE
024387
ID CARD NO ΑΚ 638231
ID CARD NO. Φ
-
018383
ID Card No. AI
099022
PRICEWATERHOUSECOOPERS Auditing Company SA, Τ: +30 210 6874400, www.pwc.gr
Athens: 268 Kifisias Ave., 152 32 Chalandri | T: +30 210 6874400
Thessaloniki: 16, Agias Anastasias & Laertou Str., 55535 Pylaia | T: +30 2310 488880
(226) / (227)
Report on Actual Findings from the Execution of Agreed Upon Procedures on
the ‘Report on Allocation of Funds Raised for the period 01.01.2021 to
31.12.2021’
To the Board of Directors of ELLAKTOR SA
According to the assignment order of 2 March 2022 received from the Board of Directors of
ELLAKTOR SA (the Company), we carried out the following agreed upon procedures as provided for
by the regulatory framework of the Athens Stock Exchange and the respective legal framework of the
Capital Market, with regard to the Company's Raised Funds Report, pertaining to the share capital
increase by cash deposit, carried out in August 2021, based on the decision of 22 April 2021 of the
Extraordinary General Meeting of Shareholders of the Company (after postponement of the meeting
on 2 April 2021) in conjunction with the decision of 7 July 2021 of the Board of Directors.
The Management of the Company is responsible for the preparation of the aforementioned Report.
Our engagement was undertaken in accordance with the International Standard on Related Services
(‘ISRS’) 4400 applicable to agreed-upon procedures engagements. Our responsibility is to perform the
agreed-upon procedures and inform you about our findings.
We performed the following pre-agreed procedures:
1. We examined whether the content of the Report is in accordance with the provisions of
Decision 25/17.07.2008 of the Board of Hellenic Exchanges SA, and Decisions
7/448/11.10.2007 and 8/754/14.04.2016 of the Board of Directors of the Hellenic Capital
Market Commission.
2. We examined the consistency of the content of the Report with the Prospectus, issued by the
Company on July 13, 2021 and its supplement approved 29 July 2021.
3. We reconciled the amount of the share capital increase mentioned in the Report with:
the corresponding amount approved in the decision of the Extraordinary General Meeting of
the Company's Shareholders of 22 April 2021
• the amount mentioned in the abovementioned Prospectus
• the amount deposited in the relevant bank account held by the Company.
4. We examined whether the amount certified by the Board of Directors of the Company, in its
decision of 6 August 2021 agrees with the amount recorded in the books and records of the
Company for this share capital increase, having examined the relevant accounting records.
5. We examined whether the amount raised from the share capital increase has been allocated
of in accordance with its intended uses, based on the provisions of Section D - Basic
information on the public offering of securities and/or admission to trading on a regulated
market of the aforementioned ‘D.2 Why this prospectus has been prepared’ and within the
time schedule set out, based on the provisions of the above paragraph of the Prospectus
issued on 13 July 2021, and its supplement approved on 29 July 2021, having examined the
supporting documents pertaining to the relevant accounting entries.
Our findings are as follows:
(227) / (227)
1. The content of the Report is in accordance with the provisions of Decision 25/17.07.2008 of
the Board of Hellenic Exchanges SA, and Decisions 7/448/11.10.2007 and 8/754/14.04.2016
of the Board of Directors of the Hellenic Capital Market Commission.
2. The content of the Report is consistent with the Prospectus, issued by the Company on July
13, 2021 and its supplement approved 29 July 2021.
3. The amount of the share capital increase mentioned in the Report agrees with:
• the corresponding amount approved in the decision of the Extraordinary General Meeting of
the Company's Shareholders of 22 April 2021
• the amount mentioned in the abovementioned Prospectus
• the amount deposited in the relevant bank account held by the Company.
4. The amount certified by the Board of Directors of the Company, in its decision of 6 August
2021 agrees with the amount recorded in the books and records of the Company for this share
capital increase, according to the relevant accounting records examined.
5. For a sample number of transactions, we confirmed that the amount raised from the share
capital increase has been allocated of in accordance with its intended uses and within the
prescribed time schedule, based on the provisions of Section D - Basic information on the
public offering of securities and/or admission to trading on a regulated market of the
aforementioned ‘D.2 Why this prospectus has been prepared’ and within the time schedule set
out, based on the provisions of the above paragraph of the Prospectus issued on 13 July
2021, and its supplement approved on 29 July 2021, having examined the supporting
documents pertaining to the relevant accounting entries.
Because the above procedures do not constitute either an audit or a review made in accordance with
International Standards on Auditing or International Standards on Review Engagements (or relevant
national standards or practices), we do not express any assurance other than as aforementioned. Had
we performed additional procedures other matters might have come to our attention that would have
been reported to you.
This Report is exclusively addressed to the Company’s Board of Directors, in the context of
compliance with the regulatory framework of the Athens Exchange as well as with the relevant
legislative framework of the capital market. Therefore, this Report may not be used for other purposes,
since it is limited only to the information stated above and does not extend to the Financial Statements
prepared by the Company for the year ended on 31 December 2021, for which we have issued a
separate Audit Report dated 13 April 2022.
Athens, 13 April 2022
The Certified Auditor
PricewaterhouseCoopers
Audit Firm SA
268, Kifissias Avenue,
153 32 Chalandri SOEL Reg. No 113
Fotis Smyrnis
SOEL Reg. No 52861