ELLAKTOR S.A.
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 2023
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(2) / (297)
Contents of Annual Financial Report
Α. Statements of 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…………………………………………….
124
Β.3. Corporate Governance Statement……………………….…...……….…….......................
127
C. Independent Auditor’s Report………………………………………………………………………………
170
D. Annual Financial Statements for the fiscal year from 1 January to 31 December 2023..…..
179
The annual financial statements of the Group and the Company from pages 179 up to and including 297 have
been approved at the meeting of the Board of Directors held on 17 April 2024.
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 ΑΡ 157944
ID Card No Α00211889
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(3) / (297)
Α. Statements of Members of the Board of Directors
(pursuant to Article 4 par. 2 of Law 3556/2007)
The members of the Board of Directors of the public limited company trading under the name ELLAKTOR
Attica, at 25, Ermou Street :
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 from 01.01.2023 to
31.12.2023, 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, 17 April 2024
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 2023
Amounts in € thousand, unless otherwise stated
(4) / (297)
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 2023
This report by the Board of Directors pertains to the twelve-month period of the year ended 2023
(01.01.2023-31.12.2023), and provides summary financial and non-financial information regarding the
annual financial statements and results of ELLAKTOR SA (hereinafter the “Company”) and the ELLAKTOR
Group of Companies. The Report outlines the most important events taking place during 2023, 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 was drawn up in accordance with Articles 150-154 of Law 4548/2018, Article 4 of Law
3556/2007 as well as the executive decisions issued to this effect by the Hellenic Capital Market
Commission, and accompanies the financial statements for the fiscal year from 01.01.2023 to 31.12.2023.
I. Introduction
Following a deep recession in 2020 and a sharp recovery in the years 2021-2022, Greece's real Gross
Domestic Product (GDP) continued to increase in 2023, outperforming the Eurozone. In order to close the
gap between the Greek economy and the Eurozone in terms of real GDP per capital, this quality attribute
needs be preserved for an extended period of time.
In contrast, challenges remain in the Eurozone, with the ECB estimating that economic expansion in the
fourth quarter likely stagnated, and this picture is unlikely to change considerably in the first half of 2024.
The drop of the unemployment rate to a historically low level and the ongoing disinflation of structural
inflation, however, remains a positive factor.
1
Furthermore, the International Monetary Fund (IMF) stated in its most recent assessment (24 January
2024) that Greece's economic prospects have improved dramatically and that the country's financial
system is resilient. Economic activity in 2023 increased by 2.2% for 2023, and it is predicted to increase by
2.3% in 2024. According to the IMF, private consumption will be supported by real wage growth, while
investment will continue to increase with the implementation of the National Recovery and Resilience
Plan, which is supported by EU funding.
2
In terms of price change, following a 9.3% increase in 2022, inflation is now in a de-escalation phase,
mainly due to a drop in energy costs. Nonetheless, household finances are strained as a result of the
persistently high rate of inflation on food products. According to the latest available data from the Hellenic
Statistical Authority, the annual change in the Harmonised Index of Consumer Prices (HICP) in Greece in
1
7 Days Economy (11/01/2024 Eurobank)
2
Bulletin of Economic Developments in Greece and the World (Piraeus Bank, Jan. 2024)
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(5) / (297)
11 months January-Nov-23 was 4.2% (2.9% in Nov-23), which was the same as the average market
estimate for the entire year. Further disinflation is expected to reach 2.6% in 2024, with average annual
inflation of 2.4% during the next 6 years, from 2023 to 2028. According to the above projections, the
Greek economy's short-term outlook is considered positive.
Budget interventions since early 2023, as well as those announced following the May-June 2023 double
parliamentary elections, have helped to maintain the resilience and dynamic of the country's development
path, with the goal of increasing disposable income and wages, reducing social inequalities, and
addressing the economic consequences of the energy crisis and natural disasters caused by the climate
crisis in the second half of the year.
To address the economic consequences of the energy crisis, support to households, businesses, and
farmers suffering high electricity prices was maintained in 2023, albeit to a lower extent than in 2022, as
prices had been de-escalated.
In the field of development policy, the "Greece 2.0" project, funded by the European Fund for Recovery
and Resilience, is in full motion, with 718 projects and sub-projects totaling €20.7 billion. It should be
noted that €11.1 billion has already been disbursed to Greece since 2021 (€5.75 billion in grants and €5.35
billion in loans). The overall initial allocation to Greece by 2026 is €30.5 billion (€17.8 billion in grants and
€12.7 billion in loans).
Greece has also submitted to the European Commission: (a) a proposal for a revision of the National
Recovery and Resilience Plan "Greece 2.0" on 31 August 2023, which includes a new investment and
reform package under REPowerEU, with a European grant of €795 million aimed at Europe's energy
autonomy; and (b) a request for an additional €5 billion in loan resources to be added to the existing loan
program of the Recovery and Resilience Fund (SRF).
However, there are downside risks for 2024, including a possible escalation of tensions on the Ukrainian
and Middle Eastern war fronts, a longer-than-expected stay of interest rates at current high levels due to
a new inflation surge, a slower-than-expected recovery of Greece's major trading partners, a potential
delay in the implementation of the National Recovery and Resilience Plan, and potential natural disasters.
3
With regard to the ELLAKTOR Group, the following significant events took place in the fiscal year of 2023
and until the approval of this Report:
‒ On 30.01.2023, the Company announced the start of exclusive discussions with Wade Adams
Hellas SMSA and Adamas Group Limited for the potential sale of all shares of its subsidiary AKTOR
SA. However, on 09.03.2023 the Company declared the definitive suspension of the exclusive
negotiations with the above corporation scheme.
‒ On 23.03.2023 the Company received a non-binding Letter of Intent for the acquisition of the
subsidiary company AKTOR SA from the company INTRAKAT SA.
On 30.03.2023, the Company and AKTOR CONCESSIONS SA signed an agreement with INTRAKAT
SA to sell the entire share capital of AKTOR SA (hereinafter the "Transaction"). The Transaction
was subject to the condition of approval by the Competition Commission. All other statutory
approvals and permits and completion of the Transaction were expected by the end of the year
2023. A total amount of €214 million was to be collected from the transaction, of which the
amount of €100 million upon the completion of the Transaction as equity value, while the amount
of €114 million would be paid gradually within 19 months from the completion of the transaction
3
Report on the Greek budget 2024 (Ministry of Economy & Finance, Nov. 2023)
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(6) / (297)
as repayment of intra-group borrowing. In this regard, the Extraordinary General Meeting of the
Company's shareholders, dated 24.04.2023, approved the transaction and authorised the Board
of Directors to take any action required by ELLAKTOR for its implementation and completion.
Finally, the Transaction (financial closing) was accomplished on 08.11.2023, after an approval
decision by the plenary of the Competition Committee (No. (830/07.11.2023) Following that, a
total of €110.8 million was paid to ELLAKTOR Group on the agreed-upon share value date, while
€114 million will be paid gradually over the next 19 months as repayment of intragroup
borrowings.
‒ On 15.09.2023, the Company announced that, in accordance with the decision of the Ordinary
General Meeting of its shareholders on 22.06.2023 establishing a plan for the acquisition of own
shares and the decision of the Board of Directors on 14.09.2023, it intends to proceed with the
implementation of the Own Shares Program, as per Article 49 of Law 4548/2018, for each legally
authorised use. Own shares will be purchased through the Athens Stock Exchange. The full
announcement has been posted on the Company's website, specifically at the link
https://ellaktor.com/en/investor-relations/annoucements/ .
‒ On 01.12.2023, the subsidiary REDS SA announced that on 30.11.2023, the sale of all shares of the
subsidiary YIALOU COMMERCIAL, TOURIST ACTIVITIES AND REAL ESTATE OPERATION SINGLE
MEMBER SA, owner and manager of the SMART PARK Commercial Park, to the company TRADE
ESTATES REIC was completed. The price of the transaction was €95.4 million.
‒ On 18.12.2023, the Company announced that, at a meeting of its Board of Directors on
15.12.2023, it was decided to grant, in accordance with the provisions of Articles 99, 100, and 101
of Law 4548/2018, as applicable, a license for the Company to enter into contracts with related
parties (within the meaning of Article 99(2)(a) of Law 4548/2018). In particular, the Board of
Directors approved the conclusion of a share purchase agreement with the company “MOTOR
OIL RENEWABLE ENERGY SINGLE MEMBER S.A.” (hereinafter “MORE”). (see in detail
announcement at https://ellaktor.com/en/investor-relations/annoucements/ ).
‒ Following the foregoing resolution of the company's Board of Directors, on 25 January 2024, after
acquiring all of the necessary permits, ELLAKTOR and MOTOR OIL RENEWABLE ENERGY SINGLE
MEMBER SA (hereinafter referred to as "ΜΟRE") signed a Purchase Agreement to transfer the
remaining 25% of ANEMOS RES SA owned by the Company to ΜORE, a subsidiary of MOTOR OIL
(GREECE) CORINTH REFINERIES SA. (MOH). The aforementioned transaction (financial closing)
was completed on the same day, with the payment of €123.52 million to the Company.
‒ ELLAKTOR SA is in the due diligence process in relation to the subsidiary company HELECTOR by
Motor Oil. It should be noted, however, that as of the date of adoption of this Annual Financial
Report, ELLAKTOR had not become the recipient of a takeover bid for HELECTOR SA.
In particular, the major events that took place during the fiscal year 2023, per activity sector, are as follows:
• In the Concessions sector:
‒ Traffic on Attica Motorway increased (by 9.5% in 2023 compared to 2022 and 9.9% compared to
2019), as did traffic on other highways compared to 2022 (+9.2%).
‒ On 21.04.2023, the Contracting Authority and the association of persons AKTOR CONCESSIONS
(60%) – INTRAKAT (40%), through the Private Partnership Body under the name PYLIA ODOS SA,
signed the 30-year Partnership Agreement for the project “Design, Construction, Financing,
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(7) / (297)
Operation and Maintenance of the South-West Peloponnese Kalamata – Rizomylos – Pylos –
Methoni Road Axis section, through a PPP”.
‒ On 21.04.2023, the Contracting Authority and the association of persons GEK TERNA (55%) –
AKTOR CONCESSIONS (20%) – INTRAKAT (25%), through the Private Partnership Body under the
name PASIFAI SA, signed the 30-year Partnership Agreement for the project "Design,
Construction, Financing, Operation and Maintenance of the North Road Axis of Crete (NRAC)
Hersonissos - Neapoli section of the North Road Axis of Crete, through a PPP”.
• In the Environmental sector:
‒ The HELECTOR Group, within 2023, operated 4 municipal waste treatment units with a capacity
exceeding 700,000 tons per year, 2 clinical waste treatment units, as well as 4 energy production
projects utilising landfill biogas with a total installed capacity exceeding 33 MW.
‒ In 2023, HELECTOR signed construction agreements with a total budget of €51.4 million
(HELECTOR's share) and operating object €28.6 million (plus €34.5 million option rights), either
independently or through consortium schemes. Furthermore, a temporary contractor (signature
awaiting) was assigned in contracts for works worth €51.5 million (HELECTOR's share). On
31.12.2023, HELECTOR SA had a construction backlog of €75.1 million (company share) and an
operating backlog of €36.5 million (share of the company excluding private contracts/investments
and concession/RES projects), plus €61.5 million (share of the company) option rights.
• In the real estate development segment:
‒ Smart Park traffic increased by 17.2% between 1 January 2023 and 31 October 2023, compared
to the corresponding period in 2022.
‒ On 10.10.2023, an agreement was signed by REDS SA with the company under the name TRADE
ESTATES REIC (hereinafter ‘Trade Estates’) of the Fourlis Group, for the sale of all shares of its
100% subsidiary of the company YIALOU COMMERCIAL AND TOURISM SINGLE MEMBER S.A.
(hereinafter ‘YIALOU SINGLE MEMBER SA’), which owns, manages and operates the Smart Park
Commercial Park.
‒ On 31.10.2023, the Extraordinary General Meeting of REDS' Shareholders approved the
transaction to sell 100% of the shares in the company YALOU MON SA, belonging to the
Company, to Trade Estates. The property’s value was agreed to be €110 million, but after
revaluations based on the net loan position of YIALOU SINGLE MEMBER SA, as well as its other
assets and liabilities, on 30.11.2023, the date of completion of the sale of all shares of its
subsidiary, YIALOU SINGLE MEMBER SA, the price of the transaction was set at €95.4 million.
• In the Construction sector/Discontinued Activities:
‒ Due to sales agreement dated 30.03.2023 of the entire share capital of the subsidiary AKTOR SA
to INTRAKAT SA., and after performing an evaluation, it was found that the application of IFRS 5
criterion “Non-current assets held for sale and discontinued operations” are met and for this
reason, the activities of the Construction sector as of now (from 31.03.2023) constitute
discontinued operations for the Group. As a result, for the purpose of providing accurate and
complete information to the investment public, the ELLAKTOR Group's results for the year 2023
are presented separately in Continuing Activities (C.A.) and Discontinued Activities (D.A.), the
latter of which includes the Construction sector until 07.11.2023.
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(8) / (297)
‒ On 08.11.2023, the sale of all shares of AKTOR SA to ΙΝTRΑΚΑΤ SA (financial closing) was
completed, after approval of the Competition Committee on 07.11.2023. A total amount of €110.8
million was paid to ELLAKTOR, while an amount of €114 million will be paid in installments within
19 months of the transaction completion as a repayment of intra-group lending.
‒ Until the completion of the sale, AKTOR continued to focus strategically on the implementation
of important projects such as the Thessaloniki Metro, the Patra-Pyrgos road axis and the
Bucharest Centura A0 ring road, as well as the implementation of main road axes and railway
projects in Greece and in Romania.
ΙI. Overview of the Group’s results for 2023
Comments on Key Figures of the Income Statement and Balance Sheet 2023
The consolidated revenues of the Group for the financial year 2023 amounted to €808.5 million, of which
€387.5 million relate to continuing activities of the Group, compared to €401.2 million in the financial year
2022, showing a decrease of 3.4% (or €13.7 million), primarily due to the decreased income of the
Environment sector.
Gross Profit (without depreciation) in the financial year 2023 amounted to €202.6 million, of which €222.5
million relates to continuing operations, compared to €207.4 million last year, marking an increase of 7.3%
or €15.1 million. This increase came mainly from the Concessions sector where Gross Profit (without
depreciation) improved, compared to 2022, by €18.6 million.
Distribution and administrative expenses (without depreciation) for 2023 amounted to €61.1 million
compared to €61.5 million in 2022, i.e. a decrease by 0.7% or €0.4 million.
The Group's EBITDA in 2023 amounted to €228.5 million, of which €242.2 million relates to continuing
operations, compared to €165.7 million in 2022, i.e. increased by 46.2% (or €76.5 million). The EBITDA of
ongoing activities, and thus of the Group, increased significantly as a result of the sale of investment
properties, which generated a total profit of €55.8 million. In particular, the sale of YIALOU COMMERCIAL
S.A. (Smart Park Shopping Center) resulted in a profit of €46.8 million, while the sale of investment
properties in Greece and Romania yielded a profit of €9.0 million. Furthermore, the Concessions sector
had a favorable impact on EBITDA, which increased by €28.6 million compared to the 2022 fiscal year.
Operating results (EBIT) amounted to profits of €152.8 million, of which €167.7 million relate to continuing
operations, compared to profits of €88.9 million for the previous financial year, an increase of 88.7% (+
€78.8 million).
In terms of profit before tax (PBT), the Group reported profits of €116.3 million, of which €143.6 million
were from ongoing activities, compared to €28.8 million in the previous year. Profit after tax (PAT) also
amounted to €80.1 million, of which profits of €116.0 million refer to continuing operations, compared to
losses of €2.6 million in 2022.
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(9) / (297)
Amounts in € million
2023
2022
*C.O. =Continuing Operations
*D.O. =Discontinued Operations
C.O.*
D.O.*
Total
C.O.*
D.O.*
Total
Sales
387.5
421.0
808.5
401.2
642.3
1,043.5
Cost of sales (without depreciation)
(165.0)
(440.9)
(605.9)
(193.8)
(600.5)
(794.3)
Gross profit
222.5
(19.9)
202.6
207.4
41.8
249.2
Selling & administration expenses (without depreciation)
(42.8)
(18.2)
(61.1)
(41.6)
(19.9)
(61.5)
Other revenue and Other profit/(loss) - net (without
depreciation)
(3.8)
24.4
20.7
(5.1)
51.7
46.7
Gain from the selling of investment property
(mainly of the Smart Park shopping mall)
55.8
-
55.8
-
-
-
Share of profit or loss from core activity associates, accounted for
using the equity method
10.5
-
10.5
5.0
(0.2)
4.8
Earnings before interest, taxes and amortisation
242.2
(13.7)
228.5
165.7
73.5
239.2
Depreciation and amortisation
(74.5)
(1.2)
(75.8)
(76.8)
(19.2)
(96.0)
Operating profit/(loss)
167.7
(15.0)
152.8
88.9
54.3
143.2
Income from dividends
1.0
-
1.0
1.6
(0.0)
1.6
Share of profit or loss from non-core activity associates,
accounted for using the equity method
0.2
(0.0)
0.2
0.3
(0.0)
0.3
Financial income/expenses
(25.4)
(12.4)
(37.8)
(62.0)
(15.5)
(77.4)
Profit/(loss) before taxes
143.6
(27.3)
116.3
28.8
38.9
67.7
Income tax
(27.6)
(3.5)
(31.1)
(31.4)
(15.1)
(46.5)
Net profit/(loss) for the year from all activities
116.0
(30.8)
85.2
(2.6)
23.8
21.2
(Profit)/Loss from sale of Construction segment (2023) /
RES (2022)
-
(5.0)
(5.0)
-
497.4
497.4
Net profit/(loss) for the financial year
116.0
(35.9)
80.1
(2.6)
521.2
518.6
The Group's cash and cash equivalents and readily realisable assets as of 31.12.2023 stood at €552.3
million compared to €508.0 million as of 31.12.2022. The Group’s equity reached €974.7 million compared
to €913.5 million on 31.12.2022, that is, an increase of €61.2 million, while the corresponding proportional
shares belonging to the majority shareholders stood at €896.6 million compared to €827.9 million
respectively, i.e. increased by €68.7 million, mainly due to the profit from the sale of Smart Park.
Total borrowings (net of lease liabilities) at the consolidated level amounted to €601.4 million as of
31.12.2023, compared to €691.6 million as of 31.12.2022. Of total borrowings, the amount of €52.8 million
corresponds to short-term borrowings and an amount of €548.5 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 €388.6 million. Excluding the MOREAS SA loan, total borrowings at the
consolidated level amounted to €212.8 million on 31.12.2023.
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(10) / (297)
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
Amounts in € million
2023
2022
Total
Sales
808.5
1,043.5
EBITDA
228.5
239.2
Margin EBITDA %
28.3%
22.9%
EBIT
152.8
143.2
EBIT margin %:
18.9%
13.7%
Continuing
operations
Sales
387.5
401.2
EBITDA
242.2
165.7
Margin EBITDA %
62.5%
41.3%
EBIT
167.7
88.9
EBIT margin %:
43.3%
22.2%
Definitions of Financial Figures and Breakdown of Ratios:
EBITDA (Earnings before Interest, Tax, Depreciation and Amortisation): 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.
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(11) / (297)
Net Debt and Gearing Ratio
The Group’s net debt on both 31.12.2023 and 31.12.2022 is detailed in the following table:
31-Dec-23
Amounts in € million
Total
Group
Less:
MOREAS SA
(non-recourse
loan)
Group sub-total
(excluding MOREAS
SA loan)
Short-term borrowings
52.8
21.0
31.9
Long-term borrowings
548.5
367.7
180.9
Total borrowings*
601.4
388.6
212.8
Less:
Cash and cash equivalents
302.9
14.4
288.5
Committed Deposits
49.9
17.3
32.5
Time Deposits over 3 months
190.0
-
190.0
Other financial assets at amortised cost
9.6
-
9.6
Cash and assets that can be immediately liquidated
552.3
31.7
520.6
Net borrowing
49.1
356.9
(307.8)
Total Group Equity
974.7
Total Capital Employed
666.9
Gearing Ratio
(0.462)
31-Dec-22
Amounts in € million
Total Group
Less:
MOREAS SA
(non-recourse
loan)
Group sub-total
(excluding
MOREAS SA loan)
Short-term borrowings
119.6
18.9
100.6
Long-term borrowings
572.0
387.6
184.4
Total borrowings*
691.6
406.6
285.0
Less:
Cash and cash equivalents
413.5
20.5
393.0
Restricted cash deposits
75.1
20.9
54.2
Time Deposits over 3 months
10.0
-
10.0
Other financial assets at amortised cost
9.4
-
9.4
Cash and assets that can be immediately
liquidated
508.0
41.4
466.6
Net borrowing
183.6
365.2
(181.6)
Total Group Equity
913.5
Total Capital Employed
731.9
Gearing Ratio
(0.248)
(*) Does not include short-term and long-term lease liabilities (IFRS16) for €63.0 million as at 31.12.2023 and €63.4 million as at
31.12.2022 (Note 25)
The gearing ratio as at 31.12.2023 was -46.2% (compared to -24.8% as at 31.12.2022).
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.
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(12) / (297)
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.
Capital employed: Total equity plus net corporate debt.
Cash Flows
Summary statement of cash flows for the period up to 31.12.2023 compared to the same period of 2022:
Amounts in € million
2023
2022
Cash and cash equivalents at year start
413.5
357.9
Net Cash Flows from operating activities
(44.0)
36.4
Net Cash Flows from investing activities
(15.5)
642.5
Net Cash flows from financing activities
(49.2)
(623.7)
Exchange differences in cash and cash equivalents
(1.9)
0.4
Cash and cash equivalents at year end
302.9
413.5
IΙΙ. Development of activities per segment
1. CONCESSIONS
1.1. Important events
In 2023, income from the Concessions sector amounted to €283.0 million compared to €269.0 in 2022,
showing an increase of 5.2% or €14.0 million. This increase in revenue is due to the increase in traffic on
all highways (+9.2%) and especially on Attica Motorway (+9.5%), compared to last year.
The EBITDA of the Concessions sector in the year 2023 was €180.2 million compared to €151.5 million last
year, marking an increase of 18.9% or €28.7 million affected by the aforementioned increased traffic. The
EBITDA margin stood at 64% in 2023 compared to 56% last year. it is noted that the EBITDA for the year
2022 had been burdened with an amount of € 9.0 million due to the effects of the “Elpis” storm. Excluding
this negative effect, the sector's comparable EBITDA stands at €160.5 million, with this year's increase
reaching €20 million.
Similarly, operating results (EBIT) were €111.8 million against €83.1 million in 2022, increased by 34.5%.
Profit before taxes stood at €89.8 million compared to €65.8 million (up by 36.5%) and profits after taxes
stood at €68.6 million compared to €46.4 million in 2022 (up by 47.9%).
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) Among other things, and beyond the registration of participation in the auction of
concession projects included in the 2022 Annual Financial Report of ELLAKTOR
(https://ellaktor.com/en/investor-relations/financial-information/annual-financial-report/), AKTOR
CONCESSIONS participated in the following tenders:
‒ On April 2023, AKTOR CONCESSIONS began participating in the Second Phase of the Tender: Β.Ι.
Stage: Competitive Dialogue for the project “Construction of Courthouses in Central Greece
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(13) / (297)
(courthouses of Lamia and Volos, new wing of the Courthouse of Karditsa, reconstruction of the
existing Courthouse of Trikala and their maintenance and management, through a PPP”.
‒ In mid-April 2023, its participation in the Second Phase of the Tender began: Β.Ι. Stage:
Competitive Dialogue for the project “Drama - Amphipolis (Paleokomi) Vertical Axis through a
PPP", which had expressed its interest in the tender since December 2022. The date for submitting
participation files for the Dialogue is set for 5 March 2024.
‒ On April 21, 2023, the Contracting Authority and the association of persons AKTOR
CONCESSIONS (60%) – INTRAKAT (40%), through the Private Partnership Body under the name
PYLIA ODOS SA, signed the 30-year Partnership Agreement for the project "Design, Construction,
Financing, Operation and Maintenance of the South-West Peloponnese Kalamata – Rizomylos –
Pylos – Methoni Road Axis section, through a PPP”.
‒ On 21 April 2023, the Contracting Authority and the association of persons GEK TERNA (55%) –
AKTOR CONCESSIONS (20%) – INTRAKAT (25%), through the Private Partnership Body under the
name PASIFAI SA, signed the 30-year Partnership Agreement for the project "Design,
Construction, Financing, Operation and Maintenance of the Hersonissos - Neapoli section of the
North Road Axis of Crete, through a PPP”.
‒ On 8 May 2023, the association of persons AKTOR CONCESSIONS (51%) - MYTILINEOS (49%),
submitted a Binding Offer for the Project "Design - Construction - Financing - Operation -
Maintenance and Operation of the Northern Road Axis of Crete (NRAC) in the Chania - Heraklion
section".
‒ In May 2023, AKTOR CONCESSIONS began participating in the Second Phase of the tender: Β.Ι.
Stage: Competitive Dialog for the project "Study, Finance, Construction, Maintenance, Operation
of the Minagiotiko Dam, through a PPP".
‒ On 12 May 2023, AKTOR CONCESSIONS was qualified for the Second Phase of the Tender for the
project "Design, Construction, Financing of the Upgrade of the EO2 road axis (Montenegro -
Edessa, Giannitsa Bypass, Chalkidona Bypass) and operation/maintenance of the Axios river -
Edessa bridge section, through a PPP".
‒ On May 12, 2023, AKTOR CONCESSIONS began participating in the Second Phase of the Tender:
Β.Ι. Stage: Competitive Dialogue for the project "Design, Financing, Construction, Tech.
Management of 13 School Units of the Municipality of Rhodes project, through a PPP”.
‒ On May 16, 2023, AKTOR CONCESSIONS began participating in the Second Phase of the Tender:
Β.Ι. Stage: Competitive Dialogue for the project: "Rehabilitation and modernisation of the
irrigation networks of the Local Land Reclamation Organisation of Tavropos, through a PPP".
‒ On May 17, 2023, the joint venture GEK-TERNA (36%) – AKTOR CONCESSIONS (32%) – AVAX
(32%) filed a Model Proposal for ATHINA I which includes extensions of the current road network
of Attica to Lavrio (Phase 1 up to Kalyvia A/L), Rafina and Vouliagmenis Avenue (Phase 1 up to
I/K S. Vembo).
‒ On 22 May 2023, AKTOR CONCESSIONS submitted an Expression-Of-Interest File for the project
“Design, Construction, Financing, Maintenance and Technical Management for the Development
and Development of the former Ladopoulos Papermill LPM. (Patras), through a PPP".
‒ In June 2023, AKTOR CONCESSIONS began participating in the Second phase of the tender: Β.Ι.
Stage: Competitive Dialogue for the project: “Reservoir of Chochlakia, Prefecture of Lassithi, and
Other Related Projects - Dam of Ag. Ioannis, Ierapetra, Prefecture of Lassithi, and basic irrigation
water utilisation projects, through a PPP".
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(14) / (297)
‒ On 16 June 2023, AKTOR CONCESSIONS began participating in the Second phase of the tender:
Β.Ι. Stage: Competitive Dialogue for the project: “Irrigation network of Yperia, Prefecture of Larissa
- Orfana, Prefecture of Karditsa, through a PPP".
‒ In July 2023, AKTOR CONCESSIONS began participating in the Second phase of the tender: Β.Ι.
Stage: Competitive Dialogue for the project: “Transportation and Distribution of Water from the
Nestos River to the plain of Xanthi for irrigation purposes”.
‒ In July 2023, AKTOR CONCESSIONS began participating in the Second phase of the tender: Β.Ι.
Stage: Competitive Dialogue for the project: “Irrigation System of Almopaio through a PPP”.
‒ On 17 July 2023, the association of persons MERIDIAM (50%) - AKTOR CONCESSIONS (34%) -
AVAX (16%), submitted a Binding Offer for the new service concession agreement regarding the
“Financing, operation, maintenance and exploitation of Attica Motorway for 25 years”. In
September 2023, GEK TERNA was declared Interim Contractor.
‒ In September 2023, AKTOR CONCESSIONS began participating in the Second phase of the tender:
Β.Ι. Stage: Competitive Dialogue, for the project: ‘CORFU ISLAND WATER SUPPLY through a PPP’.
‒ In October 2023, AKTOR CONCESSIONS began participating in the Second phase of the tender:
Β.Ι. Stage: Competitive Dialogue, for the project: “Construction and Operation of the First Instance
and the Athens Public Prosecutor's Office, through a PPP”.
‒ In October 2023, AKTOR CONCESSIONS, in collaboration with Egis Airport and Aeroport de la
Cote Azur, began participating in the Second Phase of Competition: Β.Ι. Stage: Competitive
Dialogue, for the project: Grant of the right of administration, management, operation,
development, extension, maintenance and operation of Kalamata International Airport "Captain
Vas. Constantakopoulos"
‒ In November 2023, AKTOR CONCESSIONS began participating in the Second phase of the tender:
Β.Ι. Stage: Competitive Dialogue, for the project: “Implementation of a multi-functional complex
project of Kozani Active Urban Area, through a PPP.”
‒ In November 2023, AKTOR CONCESSIONS began participating in the Second phase of the tender:
Β.Ι. Stage: Competitive Dialogue, for the project: "Relocation of Korydallos Detention Center
through a PPP”.
Furthermore, during 2024 and up to the publication of this Report, the following events took place:
▪ In February 2024, AKTOR CONCESSIONS submitted an Expression-Of-Interest File for the project:
“Construction of Student Dormitories and Conference Center on University of Western
Macedonia Campuses through a PPP”.
▪ On 5.2.2024, the company received €85 million from "THERMAIKI ODOS SA" as compensation to
the Concessionaire. In particular, this company THERMAIKI ODOS, which is consolidated by means
of the equity method, in accordance with Articles 30.3.1 and 26 of the Concession Agreement of
31.10.2006 (Law 3535/2007, Government Gazette, Series I, No 41) and Minutes 1245/23.12.2021
of the full Plenary session of the Legal Council of the State, submitted to the Ministry of
Infrastructure and Transport the first and final account of Concession Compensation, and then on
12.10.2023 issued an invoice €85 million relating to compensation awarded on the basis of
termination and interest delays on the total amount awarded. AKTOR CONCESSIONS is entitled
to 50% of the compensation, i.e. €42.5m
▪ In October 2024, the existing Concession Contract (N 2445/1996) for the Attiki Odos project
expires.
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(15) / (297)
1.2. Prospects
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;
▪ Extensions and actions to increase the efficiency of the Company’s projects;
▪ Expansion of participations through the secondary market.
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 a PPP, of the projects: (a) ‘Permanent Undersea Road Tunnel Link to Salamina Island’.
▪ Design, construction, financing, operational commissioning and maintenance, through a PPP, of
the projects: School Units 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.
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(16) / (297)
1.3. Risks and uncertainties
Vehicles were stopped on the Attiki Odos motorway on 24.01.2022, due to the snowfall and bad weather
conditions. Following a request evaluation process for those vehicles that were immobilised on the
motorway on 24-25.01.2022, an amount of €7.2 million was paid until 31.12.2023.
Ministerial Decisions imposing fines of €1.0 million for Attiki Odos S.A. and Attikes Diadromes S.A. (paid
on 30.10.2023 and 24.10.2023, respectively) were notified on 23.03.2022, without prejudice to the
companies' legal rights, against which appeals were filed before the Three-Member Administrative Court
of First Instance of Athens on 23.05.2022. The hearing date for these appeals has been set for 11.11.2024
(on the appeal of “Attikes Diadromes S. A.”) and 14.11.2024 (on the appeal of “Attiki Odos S. A.”).
Finally, by 31.12.2023, actions had been brought by users before the competent Courts for the snowfall
occurrence, with the submitted claims totaling €12 million. Because of the early stage at which they
happen to be, it is impossible to determine the total liability that will arise for the Group following
completion of all proceedings.
2. ENVIRONMENT
2.1. Important events
The turnover of the Environmental segment in 2023 amounted to €100.1 million compared to €122.5
million in the respective period last year, down by 18.3%. The decrease in turnover was partly due to the
completion of the contractual operation of the Osnabruck and Kalamata plants and a reduction in the
price of recyclable materials, which were partially compensated by increased input quantities, the revision
(inflation) of waste acceptance prices, and the implementation of new projects (e.g. operation of the Strain
Processing Unit of Fyli/Liosia, implementation of upgrading work (EMA and so on).
The EBITDA of the Environment sector for 2023 was €14.2 million, compared to €15.3 million in 2022,
marking a decrease of 7.3% or - €1.1 million.
The results of the sector were negatively affected by:
- reduction of the prices of recyclable materials (particularly high prices on the recyclable market
were recorded in 2022) and
- the deletion of integral part of fixed equipment due to lifecycle replacement (heavy maintenance)
The above were partially compensated for by the following:
- increase in quantities and increase in waste acceptance prices
- complete integration of clinical waste incineration activity
The EBITDA margin stood at 14.2% in 2023 compared to 12.5% during the same period in 2022. It should
be noted that the EBITDA margin for 2022 was negatively affected by the accounting treatment of the
extraordinary contribution under Law 4936/2022 (clawback), which was applied to the line ‘Other
Revenue/Expenditure’.
Operating results amounted to €10.9 million, compared to €9.6 million in the corresponding period last
year (increase 13.4%). Results before tax amounted to €12.9 million, compared to €11.5 million last year
(increase 11.9%), while results after tax amounted to €8.6 million compared to €4.9 million in the
corresponding period of 2022 (74.9% increase).
During 2023, the following contracts were signed in the Environment segment:
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(17) / (297)
‒ Signing of a public contract (January 2023) for the execution of the project: "Construction of Milos
Landfill and Milos Biowaste Composting Unit", with a contractual cost of €3.0 million plus VAT.
‒ Signing of a public contract (March 2023) through the joint venture scheme: “JOINT VENTURE SA
- HELECTOR S.A. WTP AINEIA 18/2021" (participation of HELECTOR S.A. 30%) for the execution of
the public contract: "Provision of services for the operation of the "ANEIA" Sewage Treatment
Facility, as well as the 14 Pumping Stations of the Tourist Areas of Thessaloniki", with a contractual
cost of €6.5 million, and with an option right of 2.1 million, plus corresponding VAT for sixty (60)
months.
‒ Activation of option right (June 2023) for contract ‘A. LEASE, OPERATION AND MAINTENANCE
OF TWO (2) NEW LEACHATE TREATMENT PLANTS AT THE MAVRORACHI SANITARY LANDFILL
FOR THIRTY SIX (36) MONTHS WITH A TWELVE (12)-MONTH OPTION, and B. REPAIR, OPERATION
AND MAINTENANCE OF THE TWO (2) EXISTING EVAPORATION UNITS FOR THIRTY SIX (36)
MONTHS WITH A TWELVE (12)-MONTH OPTION, for the amount of €1.6 million plus VAT.
‒ Signing of a public contract (June 2023) HELECTOR, through the joint venture "HELECTOR SA -
WATT SA MES ATTICA INTEGRATED WASTE MANAGEMENT FACILITY" (50% participation rate of
HELECTOR) for the implementation of the project "PROVISION OF OPERATION, MAINTENANCE
AND CAPACITY INCREASE OF LEACHATE PROCESSING UNITS OF THE INTEGRATED WASTE
MANAGEMENT FACILITY OF WEST ATTICA”. Contractual construction budget: ~€17.3m plus €2m
option (for relocation) plus corresponding VAT. Operating budget €24.3 million for 4 years with
an option of €33.1 million for an additional 4 years plus corresponding VAT.
‒ Signing of a contract (June 2023) through the 100% subsidiary Herhof GmbH for the execution
of a project in Germany (Mestetten) concerning the composting of pre-selected organic waste.
The contractual amount stands at €7.3 million plus VAT.
‒ Signing of a public contract (October 2023) through the consortium "HELECTOR SA
CONSORTIUM-THALIS ES SA-UPGRADING OF POROS WASTEWATER INFRASTR. " (participation
of HELECTOR SA 50%) for the implementation of the project "Upgrading of Wastewater
Management Infrastructure of the Municipality of Poros" with a financial scope of €15.54m. plus
corresponding VAT, with a term of 72 months.
‒ Signing of a public contract (October 2023) through the consortium "HELECTOR CHERSONISSOS
SA - LIMENIKI SA JOINT VENTURE" (80% participation of HELECTOR SA) for the implementation
of the project "Construction of an Organic Fraction Mechanical Sorting and Composting Unit -
Operation of a Unit". Contractual construction budget: ~ €21.4 million plus corresponding VAT.
Operating budget €12.3 million for 3 years with an option of €12.3 million for an additional 3
years plus corresponding VAT.
‒ Signing of a public contract (October 2023) for the construction of the project "Expansion-
upgrade of Helliniko landfill (Phase B)" with a financial scope of €1.63 million + corresponding
VAT.
‒ Approval successive extensions (June, July and December 2023) of the provision of services in the
framework of the project "Design, Construction, and Operation of Waste Treatment and Disposal
Facilities of Larnaka - Famagusta Districts" with a new closing date 30.06.2024 with a total
estimated contractual cost of approximately €10.5m plus corresponding VAT.
‒ Signing of a public contract (December 2023) through the joint venture scheme: “JOINT VENTURE
HELECTOR S.A. - THALIS E.S. S.A. CHANIA WTP SLUDGE DRYING" (HELECTOR SA participation of
70%) for the project "Chania WTP Sludge Drying". Contractual construction budget: ~ €8.0 million
VAT. Operating budget €1.7m plus corresponding VAT.
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(18) / (297)
‒ Signing of a public contract (December 2023) through the joint venture scheme: “JOINT VENTURE
THALIS E.S. S.A.-HELECTOR S.A. WTP TREATMENT NETWORK OF SOLID WASTE MANAGEMENT
ORGANISATIONS OF NORTHERN PLAIN (50% participation rate of HELECTOR S.A) for the project
"Sludge Treatment Center of Wastewater Treatment Plants of Local Authorities – Members of the
Network of Solid Waste Management Organisations of Northern Plain". Contractual construction
budget: ~ €4.8 million plus corresponding VAT. Operating budget €0,2 million plus corresponding
VAT.
‒ Signature of a public contract (December 2023) for the project ‘Construction of a Waste Pre-
Treatment & Composting Plant (WPTCU) of the Municipality of Lefkada’. Construction budget
€4.3 million. Operating budget (19 months) €2.95 million. Operating option budget (50 months):
€7.3 million.
‒ Activation of an option regarding the project “Study, Construction of Projects for the First Phase
of Rehabilitation of OEDA West Attica and Transitional Waste Management” worth €7.7m in total,
which is carried out through the consortium scheme J/V HELECTOR SA. -W.A.T.T. SA - FIRST
PHASE OF RESTORATION OF THE WEST ATTICA INTEGRATED WASTE MANAGEMENT FACILITY
(participation of HELECTOR S.A. 83%)
In addition to the aforementioned, the following significant events took place in 2023:
‒ Proclamation (February 2023) of "ASSOCIATION OF THE ECONOMIC ENTITIES HELECTOR S.A. -
AKTOR S.A. KARDIA SPP CHP PLANT" (participation of HELECTOR S.A. 50%), as a temporary
contractor of the tender under Tender Number DLYLP-196 “Study, procurement, installation,
testing and turn-key commissioning (EPC/turn-key project) of a High-Efficiency Cogeneration
Unit (CHP) with internal combustion engines (ICE) of natural gas, nominal produced useful heat
output ≥ 65MWth at the facilities of Kardia SPP", with a contractual cost of €82.0 million plus VAT.
‒ Start of installation of 3MW capacity PV systems on the roofs of the facilities of the waste
management unit of West Macedonia. The utilisation of the produced energy will be carried out
on the basis of zero feed-in. The investment is implemented by the 100% subsidiary, EDADYM
SA.
‒ Activation (February 2023) of the contract for the provision of the design and technical advisory
services contract for a project carried out in Israel worth €9.0 million.
‒ HELECTOR S.A. has been selected as a temporary contractor (December 2023) for the tender
"Construction of a pre-treatment unit for residual mixed municipal waste and composting of pre-
sorted organic fraction and a landfill site for residues in Andros" with a contractual value of €10.5
(plus VAT). 24% for service expenditure) (broken down as follows: €9.2 for project cost (tax-free)
and €1.3 (plus VAT 24%) for service costs.
After 31.12.2023:
‒ A Contract is yet to be signed for the execution of a project in Germany (Buttleborn) concerning
the composting of pre-sorted organic waste, via its 100% subsidiary, Herhof GmbH. The
contractual amount stands at €12.5 million plus VAT.
‒ Signing of a contract for the performance of the contract “Construction of a Salt Slag Landfill Cell
(SSLC)” for a total value of €3.9 million.
Finally, HELECTOR SA participated in tenders for new projects (some of which participate in corporate
plans) and submitted tenders, the outcome of which is still waiting. These include, among others, the
waste management units of the Eastern Sector of the Region of Central Macedonia, Hydra, Kavala, Corfu,
Achaia, and for wastewater management infrastructure projects in the municipalities of Rafina-Pikermi
and Spata-Artemis, as well as for Hazardous Waste Management Services of Health Units with a contractor
authority, the National Central Health Procurement Authority.
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(19) / (297)
2.2. Prospects
Greece has adopted a National Strategy for the Circular Economy and has harmonised 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, ~75% of municipal waste ends up in sanitary landfills, which is far from the target of 10% by
2030. At the same time, only 20.1% of municipal waste is recycled, while 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.
Finally, it should be noted that ELLAKTOR SA is in the due diligence process in relation to the subsidiary
company HELECTOR by Motor Oil. It should be noted, however, that as of the date of adoption of this
Annual Financial Report, ELLAKTOR had not become the recipient of a takeover bid for HELECTOR SA.
2.3. Risks and uncertainties
The strong inflationary pressures, the consequences of which are largely the result of the energy crisis,
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, No 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).
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(20) / (297)
3. REAL ESTATE DEVELOPMENT
3.1. Important events
The real estate development segment recorded revenues of €10.4 million during 2023, compared to an
amount of €9.8 million for the year of 2022, increased by 6% or €0.5 million.
The revenues of the Sector are derived from the activity of the subsidiary company YIALOU
COMMERCIAL & TOURISM SINGLE-MEMBER SA (hereinafter referred to as "YIALOU SM ‘AE’), which
manages and operates the Smart Park Commercial Park. YIALOU SM SA on 30.11.2023 was sold to
TRADE ESTATES REIC of the Fourlis Group. Smart Park traffic for the period 01.01 to 30.11.2023 was
increased by 17.2% compared to the corresponding period in 2022.
Earnings before interest, depreciation, amortisation and taxes (EBITDA) in 2023 amounted to €61.7
million, compared to €6.1 million in 2022.
The change in the result for 2023 is mainly reflected in:
▪ a profit from the sale of a property in Romania of €5.7 million;
▪ a profit from the sale of a stake in ATHENS METROPOLITAN EXPO S.A. of €3.2 million;
▪ a profit from the sale of all the shares of its subsidiary, YIALOU SM SA of €46.8 million.
Earnings before interest and taxes (EBIT) in 2023 amounted to €60.2 million vs €4.4 million in 2022 and
earnings before tax were €54.9 million vs €2.9 million for the year of 2022.
In February 2023, the signing of the contract for the purchase and sale of the property of the former
American base in Gournes, Heraklion, Crete, was completed, which was auctioned in December 2021 by
the company REDS in the e-auction of HRADF for its purchase and development. For the realisation of
the purchase, a special purpose vehicle (SPV) was established by Hellenic Republic Asset Development
Fund (HRADF), which contributed (in kind) the property in question for the formation of its initial share
capital. The transaction was completed with the purchase of the company's shares (SPV) by REDS. 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. In the context of the utilisation of the
property, REDS S.A. is expected to implement investments for the development, among others, of a
luxury hotel, residents and shopping centre. There is also the possibility of developing a casino in the
property.
Also, in February 2023, REDS proceeded with the purchase of plots of land located around the perimeter
of the Smart Park commercial park, and REDS SA is considering 'best use' alternatives for their future
development, in conjunction with other adjacent properties belonging to ELLAKTOR Group.
The sale agreement of the property "A" at Avalansei Avenue in Bucharest, Romania, owned by the
subsidiary PROFIT CONSTRUCT S.R.L. was completed on 05.04.2023 by REDS SA. The buyer, VASTINT
ROMANIA SRL, paid a purchase price of €11.4 million for the property, which has a total surface area of
7,974m
2
. In addition, on 18.05.2023, the sale agreement for the 'B' property of PROFIT CONSTRUCT S.R.L
to VASTINT ROMANIA S.R.L was concluded for €1.6 million. The total area of the property is 1,170 sq.m.
and is located on Tabacarilor Avenue, in Bucharest, Romania.
On 10.10.2023, an agreement was signed by REDS SA with the company under the name TRADE ESTATES
REIC (hereinafter ‘Trade Estates’) of the Fourlis Group, to sell all its shares to a 100% subsidiary of the
company YIALOU SM SA, which owns, manages and operates the Smart Park Commercial Park. The
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(21) / (297)
decision of the Extraordinary General Meeting of Shareholders of REDS dated 31.10.2023 approved the
abovementioned transaction.
The property’s value was agreed to be €110 million, but after revaluations based on the net loan position
of YIALOU SINGLE MEMBER SA, as well as its other assets and liabilities, on 30.11.2023, the date of
completion of the sale of all shares of its subsidiary, YIALOU SINGLE MEMBER SA, the price of the
transaction was set at €95.4 million.
On 12.12.2023, REDS transferred to ROTA EXHIBITION ORGANISATION SA, its entire shareholding in the
company called ATHENS METROPOLITAN EXPO SA, namely 15.586 ordinary nominal after-vote shares
or 11.67% of its total share capital. The price of the transaction was €4.4 million.
With the completion of the transactions, the REDS SA Group will be in a position to further strengthen
its liquidity and consequently its capacity to finance its upcoming investment plans.
3.2. Prospects
As regards the Cambas Project development project in the area of Kantza, municipality of Pallini, the
Group is in the final phase of updating the business plan and will follow the procedures for the
development of the final Master Plan, following the adoption of a Presidential Decree (D.D.) for approval
by the Urban Planning of Areas for organised development of productive activities. Construction permits
and construction works with an estimated completion horizon of the next three years will follow.
In addition, the process of ripening the area in Gournes of Heraklion, Crete (Project Gournes), which
HRADF acquired in 2023, is still proceeding. The Presidential Decree authorised the urban planning
classification, which includes mixed uses for luxury hotel units, residential buildings, and commercial
parks. There is also the possibility of developing a casino in the property. The final location of the uses
of the property requires the issue of a JMD.
In relation to the Alimos Marina development project, REDS is awaiting a JMD from the jointly competent
Ministries to proceed with the issuance of permits. According to the plan, a zone of shops and
restaurants, a hotel, a pier, a pedestrian and bicycle path, a command and control tower of the marina,
a parking lot of 850-1,000 spaces will be built, among other things, in the Alimos marina. The
redevelopment includes a land area of approximately 210 acres.
Following the completion of the REDS company's purchase of plots located surrounding the Smart Park
retail park, the ideal solutions for these properties, which total around 100 acres, are reviewed in
conjunction with the ELLAKTOR Group's adjacent properties.
Finally, the Group's property in Romania is analysed in terms of all operational characteristics.
3.3. Risks and uncertainties
Following the sale on 30.11.2023 of all shares of the 100% subsidiary of YIALOU COMMERCIAL AND
TOURIST SINGLE-MEMBER S.A., which owns, manages, and operates the commercial park Smart Park,
the Real Estate Sector no longer has active operating lease contracts and thus is not exposed to the risks
associated with operating lease contracts.
Strong inflationary trends, along with rising lending rates, may have a negative impact in terms of
growing construction costs and, as a result, on capital expenses.
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(22) / (297)
The Group is exposed to the risk of changes in real estate prices and for this reason it moves according
to strict evaluation criteria, focusing its activity on prime commercial areas or low risk areas, always in
relation to the conditions prevailing in the real estate market, and considers that values can reasonably
be expected to gradually improve. The Group's policy with regard to real estate investments is to value
them at historical cost rather than at fair value.
4. CONSTRUCTION / Discontinued Activities (until 07.11.2023)
4.1. Important events
The sale of all shares of AKTOR SA to ΙΝTRΑΚΑΤ SA was completed (financial close) on 08.11.2023, with
clearance from the Competition Committee on 07.11.2023. As a result, the Construction's operations are
presented as Discontinued operations (D.A.), which comprise activities and holdings of AKTOR SA until
07.11.2023.
The Construction sector showed revenues of €421.0 million in the period 01.01-07.11.2023, compared to
€542.8 million in the whole of the 2022 financial year, a decrease of 22.4%, mainly due to the consolidation
of the sector for a period of 10 months in 2023 due to the sale of all shares of AKTOR SA to ΙΝTRΑΚΑΤ
SA.
62% of the turnover came from domestic projects and 38% from overseas.
The EBITDA of the Construction sector for the fiscal year 01.01-07.11.2023 was burdened with a loss of
€13.7 million compared to a loss of €1.7 million in fiscal year 2022.
The operating results (EBIT) of Construction amounted to losses of €15.0 million compared to losses of
€8.5 million in the fiscal year 2022. At the level of results before taxes, losses of €27.3 million were incurred
compared to losses of €10.9 million in for the financial year 2022, while the construction sector had losses
after taxes of €30.8 million compared to losses of €15.7 million in 2022.
AKTOR and its subsidiaries signed new contracts for the fiscal year 2023 (and until 07.11.2023) amounting
to €342 million in Greece and abroad.
The most important contracts signed in 2023 (until 07.11.2023 are described below with indication of the
corresponding budgets, in which AKTOR and its subsidiaries are participating, in relation to:
▪ Design, Construction of the road axis Southwest Peloponnese, section Kalamata - Rizomylos -
Pylos - Methoni with a budgeted value of €122.9 million.
▪ Design, Construction of section Hersonissos - Neapoli (VOAK) with a budgeted value of €48
million.
▪ Construction of a new football stadium of Panathinaikos in Votanikos with a budgeted value of
€29 million.
▪ Supply of rolling stock for the Thessaloniki Metro and its extension to Kalamaria with a budgeted
value of €25.9 million.
▪ Early Works Contractors, Cove Residences worth €19.3 million
AKTOR and its subsidiaries are the chosen bidders for projects with a total budgeted value of €362 million
(Group ratio). The main projects are as follows:
▪ Completion of Kymis Avenue for the section from Attica Motorway (Kymis interchange) to Ethniki
Odos (Kalyftaki Interchange), worth €103.3 million.
▪ Hellenikon Metropolitan Park - Redevelopment of Seafront and Public spaces with a budgeted
value of €85 million.
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(23) / (297)
▪ Construction of the Tsiknia Dam in the prefecture of Lesvos, budgeted value: €82.6 million.
▪ Construction of a High Efficiency Combined Heat and Power Plant (CHP), budgeted value: €41.2
million
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(24) / (297)
IV. Financial Risks of ELLAKTOR Group
The Group, due to its activities, is exposed to multiple financial risks. The Group's Financial Services
Department, as the Division responsible for the financial risks, has, in collaboration with the Risk
Management Division identified, demarcated and evaluated the risks in question, the negative effect of
which - with targeted interventions - it tries to mitigate, continuously monitoring the results of
management actions against the individual risks of this category. More generally, Financial Risks may
occur due to the impossibility of safely predicting the evolving conditions of the markets and the
fluctuation of cost/benefit variables that may arise from the effect of extraordinary events and geopolitical
developments with a prolonged and unforeseeable duration.
Financial Risks are dealt with by the Group when they occur through established relevant procedures and
their constantly monitored compliance, for each functionality of the Financial Management, with an
emphasis on functions related to: the gathering of audited financial data from the other companies of the
Group, the drafting and control of the Group's financial statements, the management of fixed assets and
equipment, the processing and payment of all kinds of expenses, compliance with tax legislation,
management of reserves and coordinated management of the Group’s overall relationship with the Banks
- with the aim of optimising the benefit for the Group, as well as monitoring cash flows per activity
(projected and actual cash flows), by staying up to date in relation to Greek and international financial
conditions.
The sub-categories of financial risks need differentiated management, with targeted responses on a case-
by-case basis. More specifically:
Credit Risk
The Group effectively monitors its receivables, therefore it avoids being exposed to significant credit risk
from commercial receivables, on the one hand, due to its policy, which is focused on cooperation with
reliable customers with proven solvency, and on the other hand, due to the nature of its activities, in any
case – if required – the necessary adjustments are implemented immediately. Please keep in mind that all
requirements relate either to the wider public sector at home (infrastructure projects securing the required
financial capital through state and community funds) and abroad, or to private customers with financial
standing and well-known status (in particular for Marina Alimos, it is stated that for the retail customers
it serves, the requirements from them are monitored by a new application that has resulted in a reduction
in arrears and an optimal management of overall requirements).
Foreign exchange risk
The Group operates inside and outside the country, and therefore, it is possible to be exposed to the risk
of exchange rates, which may come from commercial transactions or borrowing in foreign currency and
the general activity abroad. The Financial Services Department monitors cash flows in foreign exchange
(harmonisation of income and expenses in the same currency, i.e. the risk is eliminated when receivables
are combined with liabilities in the same currency), so that the management of the Group's reserves be
protected from risks of changes in exchange rates. After the sale of AKTOR this risk is almost zero.
Interest rate risk
The Group seeks to minimise its exposure to interest rate risk by typically choosing long-term borrowing
with a fixed interest rate and a floating interest rate (fixed spread) linked to euribor. Because of the
duration, if the possibility of a change in the interest rate is deemed to be significant, then a hedge is
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(25) / (297)
made to cover the interest rate risk. In 2023, with significant inflationary pressures that were constantly
changing the base interest rates, the Finance Department responded immediately by seeking stable
interest rates or covering the risk of fluctuating interest rates with hedging products. Accordingly, the
interest rate risk is considered to be adequately hedged. In the future, interest rates are expected to be
fixed and inflation will gradually decline.
Liquidity risk
The Group monitors and manages its cash flows on a daily basis. It also plans the liquidity needs on a
weekly basis and on a rolling 30-day period, while the liquidity needs for the next 6 months are
determined on a monthly basis. Keeping cash and reserves in banks comfortably cover the relevant
liquidity needs. In all cases, excess liquidity must be managed responsibly in order to achieve maximum
profit with the least amount of risk.
Greek & International Market
In the years 2022-2023 the global economy showed deceleration trends, but in 2023 it proved to be more
resilient than expected at the start of the year. However, economic changes were very diverse. The
tightening of monetary policy, the gradual reduction of budget support, the persistently high - albeit
decreasing - rate of inflation, the high debt, the impact of the war in Ukraine, geo-economic
fragmentation, and the resumption of uncertainty since October due to geopolitical tensions in the Middle
East have all had a negative impact on economic activity and expectations. Global inflation, despite
decreasing due to increased interest rates and lower global commodity prices, remains high owing to the
enhancement by spill-over effects. The risks to global economic growth remain visible and significant.
During 2023, our country's economy continued to grow at a satisfactory yet slowing pace. General
inflation has slowed significantly, owing mostly to the sustained decline in the price of energy
commodities. According to the predictions of the Bank of Greece, our country's growth rate in 2023 will
be 2.4%, with a small increase to 2.5% in 2024 and a slight decrease to 2.3% in 2025. Therefore, the Greek
economy is projected to continue to grow at a faster pace than the eurozone. The growth rate for 2024
has been revised downward from 3.0% in June 2023 to reflect the predicted higher level of interest rates
over a longer period.
In the future years, the primary driving forces behind the economy will be private consumption,
investment, and exports, with the net contribution of the external sector being marginally negative.
Monetary policy is expected to continue to have a restrictive effect on economic activity, with investment
positively contributing to growth, thanks to the resources of the Recovery and Resilience Facility.
Despite an increase in interest rates in 2023, risks to sovereign debt sustainability remain contained in the
medium term, thanks to favorable repayment terms for public liabilities, as long as the budgetary
measures implemented in response to the pandemic and the energy crisis are temporary and European
resources are efficiently used.
However, in the long term it is estimated that uncertainty will increase as the gradual refinancing of the
public debt obligations on market terms will increase the exposure of the Greek State to interest rate risk.
Responsible fiscal policy and conformity with the laws of the European fiscal framework, as well as the
long-term accumulation of sufficient budgetary reserves, are therefore essential to sustain the economy
during times of crisis. It is noted that responsibility and continuity of effort is required in order to maintain
the confidence of international investors in the economic policy pursued and to continue the upgrades
of the credit rating of the Greek State. Prudent fiscal management through the achievement of primary
surpluses will lead to a rapid decline in the government debt-to-GDP ratio, even when inflation falls to
the European Central Bank's medium-term target. At the same time, reforms should be continued, as
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(26) / (297)
should the utilisation of available European resources to sustain growth while simultaneously promoting
the Greek economy's green and digital transformations, hence increasing its productivity and growth
rates.
Maintaining satisfactory growth amid mounting international uncertainty due to geopolitical
developments is the most important challenge for our economy over the medium term. It is crucial to
continue structural reforms, particularly in sectors that have lagged behind for some time. Accelerating
the usage of the Next Generation EU (NGEU) European recovery instrument will also contribute to
increased productivity and competitiveness of domestic firms. The most significant risks to the country's
development prospects are related to potential detrimental geopolitical developments (e.g., in the Middle
East), the appearance of catastrophic climate-related phenomena, a reform fatigue, and, ultimately, a
delay in the absorption of NGEU funding.
Despite the adverse conditions of the international environment and the specificities and the inherent
weaknesses of the Greek economy, the effective figures of the Group and its overall positive course
demonstrate its potential and ability to adapt and keep on its successful evolutionary path, reinforcing
the activities undertaken by in real estate, tourism, infrastructure and environment, in ensuring the smooth
continuation of operations as a sustainable financial entity (going concern) in the future.
Other uncertainties
With the onset of the COVID-19 pandemic - at the beginning of 2020 - as well as because of extraordinary
weather phenomena due to the environmental crisis, the Group's Management has since then
continuously and carefully monitored the development of situations that may affect its operation and
assesses the possible effects in its activities, undertaking initiatives that address, as far as possible, the
impact of similar critical events.
In this context, the Group has developed contingency plans for operations in ensuring the continuity of
its vital operations, as well as the uninterrupted delivery of its services. It also took care of the general
response to environmental crises by safeguarding its assets, its employees, its partners and the local
communities in which it carries out its business activities. Business Continuity Plans (BCP) as well as
Disaster Recovery Plans (DRP) for the restoration of the functionality of information systems were drawn
up and in place, for which the Group was certified in 2023 in accordance with the ISO 22301:2019 Business
Continuity Management standard.
In addition, it developed and implements updated teleworking procedures - when required - by
developing the corresponding information systems and equipment, as well as using the necessary tools
and software, while strengthening safeguards in ΙΤ. The above procedures are constantly adjusted,
improved and optimised so that they are fully functional and effective when there is a need to be used.
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(27) / (297)
V. Consolidated report on payments to governments
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 activity of quarry products of its subsidiaries, paid to the Greek
Government during the financial year 2023 and specifically for the period 01.01.2023-07.11.2023, (on
08.11.2023 the quarrying activity of the Group was transferred), an amount of €367 thousand (fiscal year
2022: €406 thousand).
The above amount concerns payments for:
a) Quarry leasing, €207 thousand (fiscal year 2022: €208 thousand) and
b) Aggregate Quarry Fees, €160 thousand (year 2022: €198 thousand)
The amount of €367 thousand (fiscal year 2022: €406 thousand) was paid by the subsidiary ELLINIKA
QUARRIES SA.
VI. Non-Financial Information
ELLAKTOR Group approach
In ELLAKTOR Group (the “Group”), the active contribution and effective promotion of sustainable
development are placed at the core of its business planning and the activities of its business segments.
Ensuring a safe and fair working environment, providing a substantial contribution to the economy and
supporting local communities, as well as reducing the environmental impact of its activities, are key
principles of its operational strategy and philosophy. These commitments, which act as the fundamental
guide to fulfilling the Group’s mission are expressed through the modern infrastructure projects that have
been contributing to upgrading people’s quality of life and fostering the development of local
communities for decades, as well as, environmental projects promoting the circular economy and energy
production from alternative and renewable sources, contribute to creating added value for all
stakeholders.
ELLAKTOR Group’s business strategy focuses on strengthening its footprint in the Concessions,
Environment, Real Estate Development & Services, and Renewable Energy Sources segments. With a focus
on using innovative practices and modern technologies, the Group aims to create sustainable, green and
safe infrastructure for both people and the environment, and to produce alternative energy sources to
address the need for protection against Climate Change and the transition to green energy.
ELLAKTOR Group promotes the circular economy with innovative waste management solutions, while
enhancing its footprint in the production of green energy. Following international best practices and
recognized standards, the Group's actions for sustainable development are fully aligned with its corporate
values which are, meritocracy and equal opportunities, collaboration and excellence, achievement and
efficiency, innovation and best practices, integrity and respect, encouragement and progress, health and
safety.
ELLAKTOR Group has adopted and implements a Sustainable Development Policy, aiming to establish the
key principles that should guide the Group’s sustainability strategy to ensure that Environmental, Social
and Corporate Governance (ESG) factors are integrated into its business activities with the aim of creating
value for its Stakeholders.
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(28) / (297)
The Group and its companies participate in national and international associations, organizations and
institutions in order to develop the sectors in which they operate, to constantly improve the services they
offer to promote their positions at a central level, as well as to exchange their expertise and best available
practices. Examples include the Hellenic Federation of Enterprises (SEV), the SEV Council for Sustainable
Development, the Hellenic Network for Corporate Social Responsibility (CSR Hellas), the international and
national network for the United Nations Global Compact (UN Global Compact and Global Compact
Network Hellas) and the Sustainable Markets Initiative (SMI).
Purpose of information and data quality
This report has been prepared in accordance with the requirements of the European Directive on the
disclosure of non-financial information 2014/95/EU, the provisions of Law 4548/2018, the Circular
62784/2017 and the requirements of EU Taxonomy Regulations 2020/852/EU, 2021/2139/EU,
2021/2178/EU, 2023/2486/EU and 2023/2485/EU. It provides information on sustainable development
issues, risks and other non-financial matters related to the activities of the Group.
For 2023, the overview of the performance and related metrics on environmental, social and governance
(ESG) matters presented herein, have been verified by an independent auditing firm, providing reasonable
assurance, excluding data related to the Group's discontinued activities.
Regarding the quality of the quantitative data, it is worth mentioning that recognized standards were
used, such as the GRI standards and the ESG Reporting Guide of the Athens Stock Exchange.
Key Priorities for Sustainable Development
The ESG Strategy & Sustainable Development Division operates at Group level, with the primary objective
and responsibility, inter alia, to develop a sustainable development and social contribution strategy, as
well as environmental and energy management for the Group and all its companies. Its main
responsibilities also include the supervision and support of the Group companies’ activities in the specific
field, as well as on environmental and energy management issues.
As ELLAKTOR Group considers as one of the most important issues the promotion of sustainability
throughout its structure, including its supply chain, it has established a governance structure, with the aim
of overseeing progress towards the ESG targets set and the integration of the concept of sustainability
throughout the organization.
The Company’s Board of Directors is responsible for the adoption and approval of the Sustainable
Development Policy, the approval of its revisions, and the supervision of its implementation by the Group’s
companies with the assistance of the Group’s Sustainable Development Committee and the ESG Strategy
& Sustainable Development Division.
The ESG Strategy & Sustainable Development Division acts as the hub for strategic planning and
submission of proposals to the Sustainable Development Committee and the Board of Directors,
regarding issues related to the environment, society and governance. Furthermore, the ESG strategy
action plan, in collaboration with the relevant divisions and business units, prepares the Group’s Annual
Sustainability Report and monitors sustainable development key performance indicators with the aim of
their continuous improvement. The ESG Strategy & Sustainable Development Division refers to the
Strategic Development Division.
It is worth mentioning that with the decision of the Extraordinary General Meeting of Shareholders of the
Company dated 24.04.2023, the Remuneration Policy was updated and performance targets related to
sustainability, such as employee health and safety, digital transformation and corporate social
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(29) / (297)
responsibility matters, environmental and social matters, as well as governance, were added to the existing
criteria of variable remuneration.
The Sustainable Development Committee consists of the Chairman of the Board of Directors, the
Managing Director, an independent non-executive advisor specialized in natural resource management
and energy transition and the Group’s Head of Strategic Development. The purpose of the Sustainable
Development Committee is to assist the Board of Directors in enhancing the Group's long-term
commitment to increasing its positive impact on the economy, society and the environment and creating
added value for all stakeholders.
This Committee is responsible for approving, supervising, monitoring and implementing the Group’s
Sustainable Development Strategy and the roadmap for sustainable development, assessing the
adequacy and effectiveness of the Sustainable Development Policy approved by the Board of Directors,
and ensuring the adequacy of resources for its implementation. In addition, it oversees the actions
organized by the Group, with the aim of further promoting Sustainable Development as well as the
alignment of practices related to environmental and social issues with both the Group’s sustainable
development strategy and the policies approved by the Board of Directors.
For ELLAKTOR Group, Climate Change and the Circular Economy, Employee Health, Safety and
Development, Social Responsibility, and Integrity and Business Ethics are key pillars of Sustainable
Development. Innovation and Digital Transformation are at the center of its strategic pillars, acting as a
connecting link to equip the Group with modern tools to address future challenges more effectively.
The strategic pillars for sustainable development are as follows:
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(30) / (297)
Within the framework of the above strategic pillars, individual objectives have been set and a plan of
short, medium and long-term actions has been designed to achieve them. The implementation of this
plan has already been put in place and is systematically monitored by the ESG Strategy & Sustainable
Development Division, the Strategic Development Division, the Sustainable Development Committee and
the Group’s Management.
Business model
ELLAKTOR Group is one of the leading infrastructure groups in Greece, with a presence in 4 countries and
a diversified portfolio of activities focused on Concessions, Environment and Real Estate Development
and Services. With its vision of paving the way for a modern, innovative, safe, and sustainable future, and
with its corporate values as a starting point, it endeavors to provide high-quality Infrastructure, Energy,
and Environment projects daily, utilizing the unique expertise of its human resources. It promotes the
circular economy with innovative waste management solutions and strengthens its footprint in alternative
energy, thereby creating value for its shareholders and employees, while also distributing value to Society
by enhancing the Greek economy.
In more detail:
▪ In the Concessions sector, the Group operates through its subsidiary, AKTOR CONCESSIONS, holding
a leading position in concession projects in Greece through a project portfolio that includes, among
others, holdings in the largest, and state-of-the art motorways.
▪ The Group’s activity in the Environment segment is implemented through its subsidiary, HELECTOR,
which is a vertically integrated company in the field of waste management and green energy
production, with over 20 years of success. Its significant know-how and expertise enable ELLAKTOR
Group to provide integrated waste management solutions, including the design, construction, and
operation of modern waste treatment plants, as well as alternative fuel production and biogas and
biomass exploitation projects.
ELLAKTOR SA
Annual Financial Report
for the fiscal year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(31) / (297)
▪ Moreover, the Group is active in the Real Estate Development and Services segment through its
subsidiary, REDS, which has constructed and operated the Smart Park Commercial Park, until
November 2023, while the New Alimos Marina, Gournes Heraklion and Cambas Park projects are
currently under development.
▪ Following the agreement dated 30.03.2023 for the sale of all shares issued by AKTOR S.A, a subsidiary
of the Company and its 100% subsidiary AKTOR CONCESSIONS S.A., to the company named
INTRAKAT SOCIETE ANONYME TECHNICAL AND ENERGY PROJECTS and the related approval by the
Extraordinary General Meeting of shareholders of ELLAKTOR S.A. on 24.04.2023, the Competition
Commission in Plenary Session, by its decision numbered 830/07.11.2023, unanimously approved the
transaction, which was completed on 8.11.2023. With the completion of the agreement, the Group
strengthened its liquidity in order to finance its major investment plans, focus on infrastructure and
real estate development investments, and return capital to its shareholders.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(32) / (297)
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(33) / (297)
Materiality Analysis
With the aim of identifying and assessing the material sustainable development issues related to its
operations, ELLAKTOR Group conducted a materiality assessment, adopting for the first time the double
materiality approach, in the context of the relevant survey it carries out every two years, according to its
policy.
In this context, impacts resulting from the Group’s activities that affect or may affect the environment,
society, the economy and Human Rights, as well as the way in which the Group is or may be affected by
ESG and sustainable development issues (risks and opportunities) were assessed.
The latest developments, trends and challenges in the wider socio-economic environment in which the
Group operates were taken into account for this materiality analysis, as well as a number of international
and sectoral sustainable development standards, initiatives and data sources, such as the GRI Standards
2021, the SASB reporting standards, the Athens Stock Exchange ESG Reporting Guide, the European
Sustainability Reporting Standards (ESRS), etc.
The double materiality analysis conducted in early 2023, was carried out according to the following steps:
For more information about the steps followed, you can refer to the Sustainable Development Report of
ELLAKTOR Group for 2022.
Impact materiality analysis
In assessing the impact materiality for the Group both the degree of each impact and its scope were taken
into account, while for negative impacts the degree of irremediable character was also taken into account.
In addition, with regard to potential impacts, the likelihood of their occurrence in the short and medium
term was also taken into account.
Analysis of financial materiality
ELLAKTOR Group strengthened the methodology for the materiality assessment, with the aim of
alignment with the main International Standards (GRI Standards, ESRS, SASB, TCFD, etc.). In this context,
the Group carried out an analysis of the financial materiality of sustainable development issues by
identifying and assessing the most significant risks and opportunities in the short and medium term based
on their potential impact on the Group’s financial performance.
Double materiality analysis
In order to identify the most material issues of sustainable development, based on both the materiality of
the impacts and their financial materiality for the Group, a double materiality analysis was carried out,
based on which the results of these two processes were co-evaluated and recorded in a unified manner.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(34) / (297)
Ranking of material topics
The topics subject to the materiality analysis carried out in early 2023 are classified into three categories:
environmental issues (E), social issues (S) and governance topics (G).
The results of the double materiality analysis and of the impact materiality analysis, as well as of the
financial materiality analysis are presented in the table below:
ELLAKTOR SA
Annual Financial Report
for the fiscal year 1 January to 31 December 2023
Amount in € thousands, unless otherwise stated
(35) / (297)
Materiality analysis results
ELLAKTOR SA
Annual Financial Report
for the fiscal year 1 January to 31 December 2023
Amount in € thousands, unless otherwise stated
(36) / (297)
ELLAKTOR SA
Annual Financial Report
for the fiscal year 1 January to 31 December 2023
Amount in € thousands, unless otherwise stated
(37) / (297)
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(38) / (297)
Compared to the previous year, and as a result of the revised methodology, the following changes in the
material topics have occurred:
▪ Contribution in the improvement of the urban and built environment: It was integrated into other
environmental topics.
▪ Reduction of noise emissions: Merged with the material issue “Care for the prosperity of local
communities”.
▪ Attracting investors that place emphasis in Group’s performance on ESG (Environment, Society,
Governance) issues: Removed, in order to align with the requirements introduced under the new
GRI Standards.
▪ Identifying financial and operational Climate Change impacts (risks and opportunities): The
content of the topic was integrated into the material issue “Climate Change”.
In addition, compared to the previous year, the topic “Equitable and inclusive working environment and
Human Rights” has emerged as a material one.
In addition, section "III. Evolution of activities per sector”, in the subsections “Risks and uncertainties” and
section "IV. Financial Risks of ELLAKTOR Group", contain information on the most material issues / risks
of the Group (financial and non-financial, where relevant and significant) and the Group’s response.
Communication with Stakeholders
For ELLAKTOR Group, systematic and effective two-way communication with its stakeholders is the basis
for the evaluation and planning of its actions and practices, as well as for addressing everyday challenges.
The Group recognizes as stakeholders those groups that can affect and be affected, directly or indirectly,
by its activities. Stakeholders belong either to the Group’s internal environment (shareholders, employees)
or to the external environment (business community, investment community, clients, financial institutions,
local community and local government, business partners, government and regulatory authorities,
society).
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(39) / (297)
At ELLAKTOR Group, the key concern is to establish mutual trust and constructive cooperation with all
stakeholders, respecting the expectations and needs of each group. In this context, distinct
communication channels have been established with each stakeholder group, through which the Group
invites its stakeholders to participate in surveys to assess material issues of sustainable development. The
results of those surveys contribute to the formulation of the Group’s strategy. Further information
regarding communication with stakeholders, their key needs and expectations by stakeholder group, as
well as the Group's response, is provided in Sustainable Development Report of ELLAKTOR Group for
2022.
The Corporate Communications Division of ELLAKTOR Group is responsible for the planning and
implementation of communication actions with both the internal and external stakeholders for all Group’s
activities and its subsidiaries, in Greece as well as in all other countries in which it operates.
The Corporate Communications Division implements policies to manage and protect the Group's
corporate reputation, plans and implements communications in full alignment with the Group's vision
and values, ensures proper communication with stakeholders and harmonizes the entire Group with those
communication policies and the approved communication strategy. Specifically, the Corporate
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(40) / (297)
Communications Division has adopted and implements a number of policies, such as the Group’s Media
Relations and Press Office Policy, the Group’s Advertising Policy, the Group’s Social Media Management
Policy, the Group’s Internal Communication Policy, the Public Position Policy, the Financial
Communication Policy etc.
At the same time, the Group’s primary communication with the investment community
(Shareholders/Investors) is carried out through a structured process which is based on the Investor
Relations Policy and describes the principles and procedures through which the Group ensures the
accurate, timely, regular and equitable information of its shareholders, providing them with all necessary
clarifications and information regarding the exercise of their rights, stemming from their shareholder
status.
GRI 417-3 (Total number of incidents of non-compliance concerning marketing communication):
In 2023, no incidents of non-compliance concerning marketing communication were recorded.
E-Environment
ELLAKTOR Group, recognizing its impact on the environment, has set as a goal and priority the effective
environmental management and the reduction of any potential burden from its business activities,
applying best available practices and techniques, developing strategies for the continuous improvement
of its environmental performance and focusing on the development of a responsible corporate culture
for the environment and energy.
The Group’s ESG & Sustainable Development Strategy division is responsible, among other things, for the
systematic monitoring of environmental management by the Group’s companies, the development of
appropriate action plans and environmental programs that will lead to improvement of the environmental
performance of the Group’s business areas, as well as for the enhancement of the environmental
awareness among the Group’s employees and business partners. The Group’s main companies have an
Environment & Energy Department, which is responsible for ensuring the proper compliance and
continuous improvement of the environmental and energy management systems of each subsidiary. In
each project and depending on its nature and size, an Environmental and Energy Management Officer is
appointed for the implementation of environmental terms, environmental legislation and the
Environmental Management Plan, who is guided and supported by the Environmental & Energy
Management Department of each subsidiary.
Environmental management
The Group has adopted an Environmental & Energy Policy and is committed to continuous compliance
with applicable legislation and any other requirements, to protect the environment and prevent pollution,
to ensure the provision of the required information and resources, to achieve the objectives of the
implemented Environmental & Energy Management Systems, to ensure consultation and open dialogue
with stakeholders on environmental and energy issues and to continuously improve environmental and
energy performance.
The Group’s subsidiaries that implement certified Environmental & Energy Management Systems, in
accordance with ISO 14001 and ISO 50001 standards, have individual Environmental & Energy policies
that incorporate the above-mentioned commitments.
Risk identification and management
The Group identifies and assesses the main risks and threats to environmental management. Some of the
main risks identified are: the risks related to climate change, the possibility of non-compliance with
environmental legislation or environmental licensing of the project in a timely manner, any incidents of
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(41) / (297)
pollution in a water recipient, air or dust emissions beyond the limits, waste leaks, the possibility of soil
pollution, ineffective use of energy resources, increased water consumption along with potential pressure
and changes in the hydrological characteristics of water systems. Other risks that have been identified
include disturbance to the local community such as noise and vibration above the limits, reduction of the
green areas, disruption of biodiversity, complaints from stakeholders, environmental impacts from
business partners’ environmental management, risks related to ensuring business continuity and
preparedness to deal with emergencies (e.g. pandemics, wars) and changes in topography.
More details, for the recognition of risks from climate change, refer to the section "Climate change
mitigation and adaptation".
In order to reduce the environmental impacts of its activities and mitigate environmental risks, the Group
is committed to the following issues, for which it develops action plans and incorporates relevant targets
in its strategy:
▪ implementation, operation and continuous improvement of Energy & Environmental
Management Systems certified according to ISO 50001 and ISO 14001
▪ adherence to an internal audit plan to projects, by certified internal auditors
▪ implementation of best available techniques in terms of environmental protection
▪ integrated energy management aiming at rational use and energy saving through actions and
control of energy consumption, particularly reducing non-renewable energy sources
▪ reduction of greenhouse gases and other air emissions
▪ minimizing waste, hazardous and non-hazardous, through the reduction of waste generated,
reusing to the extent possible, recycling and adopting waste sorting practices at the source,
contributing to the promotion of the circular economy and industrial symbiosis
▪ rational water management and implementation of water saving and reuse practices
▪ rational management and saving of raw materials and natural resources
▪ restoration of green spaces and the landscape in general and deforestation avoidance
▪ preservation and protection of biodiversity and ecosystems in the areas where it operates
▪ effective management of nuisances such as noise, vibration, traffic congestion, in order to reduce
the impact on the local community, road traffic, utility networks and protected areas
▪ protection of antiquities and monuments of our cultural heritage
▪ aesthetic upgrading and harmonious integration of the sites into the immediate and wider
environment in which the projects are implemented
▪ continuous information, training and awareness of employees on environmental & energy issues
including employees of subcontractors
▪ consulting with stakeholders and encouraging employees to actively participate in the continuous
improvement of the Group’s environmental performance
▪ implementing contingency plans to reduce environmental impacts in the event of emergencies
(waste spills, flooding, fire)
▪ reducing the environmental footprint of subcontractors on projects through corrective actions
when deviations from internal audits are identified and through employee training.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(42) / (297)
▪ collaboration with suppliers to achieve its environmental goals.
More details regarding the risk management of climate-related risks, refer to the section "Climate change
mitigation and adaptation”.
Through the certified Environmental Management Systems, the Group achieves the systematic recording
of environmental and energy indicators, which demonstrates the continuous improvement of
performance, the identification and integration of the needs and expectations of stakeholders, the
identification of threats and the exploitation of opportunities to improve performance while also
promoting employee awareness of environmental and energy issues and the harmonious integration of
the activities’ operation in the wider natural and human environment.
The main elements of the Environmental & Energy Management Systems are the following:
▪ Organizational Structure
▪ Training and awareness raising
▪ Communication and consultation
▪ Recording and assessment of environmental aspects and impacts
▪ Management of any environmental accident
▪ Waste management procedures
▪ Environmental Management Plan in projects
▪ Emergency Response Plan
▪ Environmental & Energy Audits
▪ Monitoring and evaluation of environmental & energy indicators
▪ Management Review
Policy outcomes & non-financial performance indicators
The development and documented implementation of certified Environmental and Energy Management
Systems in accordance with ISO 14001 and ISO 50001 creates the necessary framework to ensure the
reduction and, if possible, the limitation of the environmental footprint of the subsidiaries and promotes
the goal of continuous improvement of their environmental performance.
At a Group level, in 2023, the training and awareness program for employees on environmental and
energy management issues continued, with the monthly transmission of messages, the ongoing training
of employees on Environmental & Energy introduction and the 18 Basic Rules for the Environment &
Energy, the training of Environmental & Energy Managers of subsidiaries, and the creation of relevant e-
learning courses on the e-learning platform. Additionally, in collaboration with the global non-profit
environmental and humanitarian organization We4all, training sessions were conducted on general
environmental issues, ranging from climate change to the consequences of fast fashion and food waste,
with the aim of further raising employees’ awareness on such issues.
At the headquarters, the Group, in collaboration with the owning company, proceeded with the
procurement and gradual installation of a metering system to improve energy consumption tracking by
energy type and identify opportunities for further energy-savings.
The Group decided to continue its membership in the We4All Environmental Alliance in 2023, and to
upgrade to the EARH PROTECTOR level, which is equivalent to planting up to 5,000 trees.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(43) / (297)
The reforestation of Anthousa Park in Pallini, a significant green area which was affected by the 2022 fire,
was completed, with the exclusive sponsorship of Attiki Odos, in collaboration with We4All and the
Municipality of Pallini. Additionally, Attiki Odos sponsored for the second time this year's forum of the
Union for the Protection and Development of Hymettus (SPAY) with the theme: "The Decalogue of saving
our forests - The next day," aiming to support actions for the protection of Mount Hymettus.
In the Environment sector, HELECTOR, setting as its main priority the prevention of the consequences that
may arise from the operation of facilities and the minimization of risks during the execution of the projects,
aims at zero environmental incidents/accidents. To this end, it has prepared Emergency Response Plans
for each facility, which were fully aligned with local and national pollution control plans, to provide the
necessary guidance for making the right decisions and taking the appropriate measures. It has also
prepared an Environmental Risk Assessment for each facility. The assessment identifies and assesses the
environmental impacts in the event of a major accident and natural disasters and analyses measures to
avoid and mitigate them. Finally, it systematically carries out preparedness exercises and organizes
employee training to ensure their response and readiness in the event of an emergency.
Το address and manage environmental risks and threats in the Concessions sector, MOREAS S.A., since
2009, has been implementing an ISO 14001 certified Environmental Management System. Through this
system its environmental performance is systematically recorded, promoting the goal of continuous
improvement. Furthermore, the development, documented implementation, and certification of the
Energy Management System according to ISO 50001 since 2018 represent a further step in the continuous
effort to reduce energy footprint of MOREAS S.A., during the operation, maintenance, and exploitation of
the Concession Project. Specifically, since the implementation of the Environmental and Energy
Management Systems, there has been a reduction of approximately 23% in electricity consumption
compared to 2017, the number of road traffic noise monitoring points has tripled, and the quantity of
waste generated has decreased through source separation actions of recyclable materials. In 2023, 92%
of the total waste was directed towards recycling, while the remaining 8% was delivered to licensed Waste
Processing Units.
During 2023, the Environmental and Energy Management Systems (ISO 14001 & 50001) were designed
and certified for the first time in the Development of New Alimos Marina project, as part of the goal to
certify all activities of the Group.
Climate change mitigation and adaptation
ELLAKTOR Group seeks to contribute to the collective European goal of a successful and sustainable
transition to a climate neutral economy by 2050, to recognize the risks and opportunities of climate
change and to adapt to its impacts.
At the same time, it is considering the expansion of its activities in new areas witη the use of innovative
technologies, which are going to be areas of great development interest in the next decade.
Τhe Group has committed to and has incorporated into its strategy a series of actions aimed at
successfully transitioning to zero emissions by 2050 and adapting to the inevitable impacts of climate
change. To this end, it plans to identify all sources of greenhouse gas emissions resulting from its activities,
recording direct emissions and additionally examining indirect emissions related to sources not owned or
controlled by the Group, but resulting from its activities (Scope 3). In 2023, a program was initiated to
plan actions for reducing greenhouse gas emissions, and progress was made in developing the roadmap
for a sustainable transition to a zero-emissions future, which is currently in progress.
Additionally, in 2023, the Group committed for the first time to establish short-term, scientifically validated
emission reduction targets, in accordance with the Science Based Targets initiative (SBTi).
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(44) / (297)
In the Environment segment, through the design, development and operation of biogas utilization units,
ELLAKTOR Group contributes to climate change mitigation by utilizing methane, which is released from
landfills and is the gas with the second largest climate change potential. This way, electricity is produced,
which is delivered to the grid, improving the country’s energy mix, with the overall positive impact of
these plants being much greater than their carbon footprint. It is also worth mentioning that as part of
the modernization of the Thermal Treatment Plant for Hazardous Medical Waste, there are plans to
upgrade equipment and convert the incinerator into an energy production facility (Waste to Energy). With
this upgrade, the unique Hazardous Medical Units’ Waste incinerator is moving up the waste management
hierarchy pyramid, as waste is now treated as a useful material for energy production, significantly
reducing the environmental footprint of the plant.
In the Concessions segment, based on the continuous goal of energy conservation. MOREAS S.A.
continued, in 2023, the energy-saving program and implemented a set of actions, such as the replacement
of open road luminaires along the Highway parking areas and the energy transition of the Neochori tunnel
and the part A/K Sterna-Neochori tunnel, with an estimated annual energy saving of 385 MWh.
Finally, the Group, also in the context of the implementation of the new National Climate Law, proceeded
with installing charging stations in several of its building facilities.
Through the production of 222,983 MWh of electricity from RES in 2023, it is estimated that the Group
contributed to the prevention of the emission of 976,226 t CO2 eq. from third parties.
GRI 302-1 (Energy Consumption within the organization): The Group's total energy consumption of
the Group’s continuing operations, in 2023, amounted to 124,149 MWh.
GRI 305-1 (Direct Greenhouse Gas Emissions – (Scope 1) & GRI 305-2 (Indirect Greenhouse Gas
Emissions - Scope 2): In 2023, the direct (Scope 1) GHG emissions of the continuing operations amounted
at 17,303 t CO
2
eq.
4
and include (i) emissions from fuel consumption in stationary and mobile units, (ii)
fugitive emissions from refrigeration/air conditioning equipment, and (iii) emissions from waste
management within the reporting boundaries. The indirect Scope 2 (GHG) emissions of the Group’s
continuing operations amounted to t CO
2
eq.
5
(according to location-based method) as a result of grid’s
electricity consumption.
Direct biogenic CO
2
6
emissions: In 2023, the Group’s biogenic CO
2
emissions were estimated
approximately at 108,095 t CO
2
. More specifically, 108,086 t CO
2
occurred as a result of biogas utilization
units’ operations and 9 t CO
2
from the combustion of wood pellets (emission sources related to activities
of HELEKTOR). However, it is worth mentioning that the CO
2
eq. emissions from the biogas utilization
activity of the landfill would be multiple times higher in the absence of these units, as a significant amount
of CH
4
would be released into the atmosphere. Consequently, the overall positive impact of these units is
much greater than their carbon footprint. Additionally, in 2023, the amount of biogas used for energy
production in ELEKTOR's biogas utilization units was 1,875,781 MMBtu (1,876,280.41 total biogas quantity,
of which 499.88 MMBtu were burned in flares).
4
The emissions of CH
4
and N
2
O from the biogas utilization process and pellet wood combustion have been calculated
and converted into CO
2
equivalent
5
35,099.21 t CO
2
eq. according to market-based approach
6
information separate from Scope 1 direct emissions according to GHG Protocol
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(45) / (297)
Other indirect greenhouse gas emissions (GHG Scope 3)
The methodology of calculating the other indirect Scope 3 emissions of the Group, is based on both the
widely recognized GHG Protocol and the International Standard ISO 14064-1:2018. For the year 2023, the
Group is in the process of estimating the total Scope 3 emissions from its operations. A first estimation
has been completed, related to Scope 3 categories, for which primary data were readily available. Upon
completion of data collection for all required information, the Group will proceed to calculate the relevant
Scope 3 emissions and undertake the process of ensuring the completeness of these emissions. The
categories of other indirect Scope 3 emissions from continuing activities recorded by the Group so far are
estimated at 321,721 t CO
2
eq. and are presented in the following table by category.
Category of indirect GHG emissions (Scope 3)
Indirect GHG Scope 3
emissions (t CO
2
eq.)
Upstream transportation and distribution (Category 4)
2,836.6
Indirect emissions from waste management (Category 5)
315,828.9
Emissions from employee commuting (Category 7)
1,780.6
Downstream leased assets (Category 13)
1,275.2
Note: In case a subsidiary of the Group operates as a subcontractor for another subsidiary, the energy
consumption has been recorded by the 1st subsidiary offering its services and has been calculated in Scope
1.
Data collection for calculating indirect greenhouse gas emissions (GHG Scope 3) is currently underway, and
the final recording of these emissions, along with all other categories, will be presented in the Group's
Sustainable Development Report for 2023.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(46) / (297)
TCFD Report Results
To enhance resilience, the Group has completed the process of identification and analytical assessment
of climate risks and their potential financial impacts in alignment with the recommendations of the TCFD
(Task Force on Climate - related Financial Disclosures) and is in the process of designing a Climate Risk
Mitigation Program.
In an era marked by unprecedented environmental challenges, the need for absolute transparency in the
reporting of climate risks and opportunities is now of paramount importance. In this context, ELLAKTOR
Group, guided by the TCFD recommendations, systematically records and analyses the impact of climate
factors on its financial performance, ensuring that investors, stakeholders and the general public remain
informed about the Group's commitment to sustainable development.
In line with the TCFD recommendations, the footprint is structured around the following four thematic
pillars: Governance, Strategy, Risk Management, Indicators and Targets. Below is a brief summary based
on the Group's full TCFD report on climate risks and opportunities.
Governance
ELLAKTOR Group places particular emphasis on environmental management, climate risks and
sustainability in its governance practices. Going beyond compliance, the Group aims for long-term value
through effective risk management, a strategy to align with current legislation, and maintaining financial
stability.
Α. Board oversight of climate risks and opportunities.
To ensure that the ELLAKTOR Group is protected from identified risks and exploits opportunities related
to climate change, there is active involvement of both the Board of Directors and Group Management.
The Board of Directors, through the Sustainable Development Committee, oversees the Group's progress
towards the achievement of climate targets, with the help of appropriate and scientifically based
indicators. In addition, the Board of Directors' oversight, through the Sustainable Development
Committee, includes assessing policy and regulatory developments relating to climate change, reviewing
the Group's environmental performance, approving the relevant budgets, assessing the impact of climate
risks and approving the long-term strategic planning in relation to climate objectives.
In addition, the Group operates within an effective governance framework, with dedicated committees
supporting management. One such committee is the Sustainable Development Committee, which was
formed and approved in November 2021. This committee assists the Board of Directors and is responsible
for approving, overseeing, monitoring and implementing the Group's Sustainable Development Strategy
and Sustainable Development Roadmap, assessing the adequacy and effectiveness of the Board-
approved Sustainable Development Policy, as well as ensuring the adequacy of resources for its
implementation. In addition, it oversees the actions relating to the Group's sustainable development and
the harmonisation of practices relating to environmental and social issues with both the Group's
sustainable development strategy and the policies approved by the Board of Directors.
Β. The role of management in assessing and managing climate risks and opportunities.
The majority of the Board of Directors, as well as senior executives of the Group, have both the necessary
expertise and experience in issues related to sustainability and climate change. Among senior
management, the Chairman of the Board of Directors, the CEO, the members of the Sustainable
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(47) / (297)
Development Committee and the Head of Strategic Development have important roles in promoting
sustainability and aligning strategic objectives related to environmental and community.
The Board Chair is responsible for convening Board meetings. As the main representative of ELLAKTOR
Group, he leads the formulation of the individual key components and direction in the strategy, defining
together with the other Board members the vision, objectives and initiatives related to sustainability and
climate change. In this context, it advocates for the identification and description of policies and actions
on sustainability and climate change issues as part of the company's overall strategy. At the same time,
he is responsible for overseeing the processes related to the climate risk management cycle and
strengthening the company's long-term resilience. In addition, he leads the Sustainability Committee that
focuses on sustainable development and climate change issues.
Alongside the Chairman of the Board, the CEO plays a key role in shaping and implementing the Group's
strategic direction, with a focus on sustainability and climate change. The CEO acts as a bridge linking the
company to the Board of Directors, implementing the decisions of the Board of Directors and driving the
process of developing and improving the Group's Strategic Plan. Leads the integration of sustainable
practices into all key processes, including supply chain and new product and service development,
ensuring alignment with the Group's overall strategy and mission. By actively engaging with the Board
and other senior executives, the CEO aligns sustainability goals with broader business objectives and long-
term financial strategies. In particular, in 2022, he approved both the launch of the Roadmap for the
transition to a zero-emissions future by 2050 and the new Group-wide Environmental and Energy Policy,
highlighting the commitment to climate change as one of the Group's strategic pillars. By assessing the
Group's environmental impact, the CEO makes strategic decisions on climate-related issues and oversees
the formulation and validation of the Group's entire environmental policy. This responsibility extends to
embedding sustainability at the core of the Group's culture and operations, which includes working with
the Group's various Divisions and Departments.
The Head of Strategy of ELLAKTOR Group is an important and integral member of the company's
Management on climate change and sustainability issues. The Head of Strategy is responsible for the
development, implementation and review of the Group's strategic planning. Her primary role includes
integrating climate-related factors into the strategic planning process, identifying and assessing climate-
related risks, monitoring their progress and implementing strategies to mitigate their impact on the
Group's activities, thereby enhancing overall performance and profitability. In addition, the Group's Chief
Strategy Officer provides the necessary information on sustainable development reports and assesses the
effectiveness of the relevant policies, making use of all available tools. As a key member of the Sustainable
Development Committee, the Chief Strategy Officer plays a central role in driving sustainability initiatives,
promoting a unified approach and aligning the Group's strategic direction with its commitment to
environmental, social and governance issues.
In addition, a member of the Board and the Sustainable Development Committee, is a business consultant
and an engineer in new technologies and innovation, with expertise in infrastructure, environmental
protection, natural resource management and strategy development in energy transition and circular
economy investments.
Finally, ELLAKTOR Group, through its Sustainable Development Committee, actively interacts with both
national and global bodies and associations, promoting best sustainability applications. At the same time,
it performs regular audits in order to optimize its policies.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(48) / (297)
Strategy
The strategy pillar outlines ELLAKTOR Group's approach and key priorities to effectively address climate
challenges while ensuring business continuity. Through this process, the Group considers how it integrates
the management of climate risks into its strategy, the extent to which these risks affect its long-term
business activities and the effectiveness of decisions related to their management.
The adoption of a clearly defined climate change adaptation strategy is not only the basis for effectively
managing climate risks, but also for identifying opportunities that can positively impact the Group's
business, ensuring long-term resilience and sustainability. By aligning its strategic and business objectives
with climate goals, ELLAKTOR Group aims to accelerate the sustainable transition to a zero-emissions
future, enhancing its competitiveness and building trust among stakeholders, such as investors and the
wider society.
Α. Climate risks and opportunities identified by the Group in the short, medium and long term
Following the recommendations of the TCFD, ELLAKTOR Group has proceeded to identify and assess the
climate risks and opportunities that are expected to affect its operations until 2050. In this light, the Group
has assessed the risks and opportunities arising from the constantly evolving context and the changing
climate, based on the severity of their impact on the Group's operations and the likelihood of their
occurrence.
In particular, ELLAKTOR Group recognizes risks and opportunities that may affect its activities, taking into
account their geographical location and the different nature of its business lines (Environment -
Concessions - Real Estate Development and Services (continuing operations) - Construction (discontinued
operations). The identified risks and opportunities were classified based on the severity of the impact on
the Group's infrastructure and operations, and the likelihood of occurrence over 3-time horizons as
follows:
▪ Short term (until 2030): within this timeframe, ELLAKTOR Group is aligned with financial planning
to define policies, measures and targets to address risks that could have a significant financial
impact during this period.
▪ Medium-term (until 2040): during the period 2030-2040, ELLAKTOR Group will target substantial
changes related to the integration of new technologies, the investment strategy of the current
decade, as well as potential changes in climate conditions and the regulatory framework.
▪ Long-term (up to 2050): the ELLAKTOR Group's long-term strategy is closely aligned with the goal
of achieving zero emissions, highlighting its commitment to mitigating environmental impacts
and transitioning to a zero-emission future.
According to the TCFD recommendations, the climate-related risks and opportunities are:
▪ Physical risks: Extreme weather events and long-term variability.
▪ Transition risks: Legislative and legal risks arising from changes in legislation, technological,
market and reputational risks.
▪ Opportunities: Resource efficiency, energy sources, products and services, market, resilience.
Following internationally recognized standards, climate risks identified and likely to affect the Group's
operations include fires, floods, heat waves, changes in technology, reputation, market, carbon pricing
and changes in legislation. However, new opportunities are also expected to arise from these challenges.
The need for innovation in responding and adapting to new climate conditions creates opportunities for
the development of products and services linked to the improvement of business and society.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(49) / (297)
In particular, the ELLAKTOR Group aims to adopt innovative technologies, and to adapt to market changes
in all areas of its activity. By identifying climate-related opportunities such as sustainable products,
renewable energy solutions and market diversification, the Group aims to align itself with consumer
preferences, regulatory trends while strengthening its competitive advantage. Its economic strategy
addresses climate change across its products and services, supply chain, research and development
investments and operations, including environmentally friendly products, supply chain resilience, research
and development investments and operations that are highly sensitive to climate-changing conditions.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(50) / (297)
Β. Impact of climate-related risks and opportunities on the Group's business, strategy and financial
planning.
The determination of the impact arising from the identified climate-related risks and opportunities was
based on the severity of the impacts and the likelihood of their occurrence. The assessment was applied
to various areas, including, but not limited to, the products and services offered, the value chain,
mitigation and adaptation initiatives, investments in research and development projects and the business
processes of the Group's operations. As a result, the significance of each identified risk across the different
areas of the Group was calculated. Fires, floods and heat waves represent natural hazards that may cause
serious damage to infrastructure and facilities and may cause significant disruptions to the supply chain.
In addition, technological changes, and changes in legislation may increase the Group's exposure to legal
risks, creating further challenges and uncertainties. An overview of the results of the analysis is presented
in Table 1, scaled from green (lowest significance) to red (highest significance).
Efforts to address and adapt to climate change can potentially yield positive impacts and business
prospects for the Group. These prospects include efficient use of resources for cost savings, adoption of
low-emission energy sources, innovation of new products and services, compliance with climate change
legislation, meeting the demands of environmentally aware suppliers and customers, integrating
technological developments and enhancing supply chain resilience. The nature of these opportunities
varies according to geographical location, market dynamics and sector of activity.
To conduct a comprehensive economic assessment of climate-related risks and opportunities, we used
the specialized tool "S&P Global Sustainable 1 Climanomics®, Risk Analytics Platform" which is fully
aligned with TCFD requirements and integrates climate and socio-economic data with econometric
models and business data, linking physical impacts to companies' financials under different climate
scenarios. The timeframe for the projections (model outputs) is capped in decade steps, starting from the
current decade (2020-2029) and extending to the 2050s. The results are presented as average annual loss
and average annual gain for risks and opportunities, respectively. An understanding of the financial impact
of potential risks and opportunities, with a focus on the current decade 2020-2029, was conducted to
further strengthen decision-making and ensure the long-term sustainability of the Group.
The economic assessment of climate-related risks and opportunities was carried out for two different
scenarios; RCP8.5 (adverse scenario) and RCP4.5 (moderate scenario in line with the Paris Agreement),
covering each category of risks and opportunities, as well as an overall assessment for all risks and
opportunities. Although a future scenario comes with a significant degree of uncertainty and inherent
assumptions, the economic impact assessment was carried out in order to gain a deeper understanding
of possible trends.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(51) / (297)
Table 1: Level of significance of climate-related risks in various segments of the Group
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(52) / (297)
C. Resilience of the Group's strategy, taking into account different climate-related scenarios,
including a 2°C or lower scenario.
The primary goal of the ELLAKTOR Group is to achieve zero emissions by 2050, while concurrently
adapting to the inevitable impacts of climate change. Addressing climate risks through the integration of
targeted actions into its strategic planning is the cornerstone for developing a comprehensive roadmap
that will lead to a sustainable and resilient transition to climate neutrality.
To ensure its resilience against risks arising from climate change, the ELLAKTOR Group aims to establish
its strategy by taking into account five different climate scenarios (three climate policy scenarios & two
greenhouse gas emission concentration scenarios), which include climate assessments from a wide range
of activities and sectors. Through analyzing various existing and expected climate policies, the potential
evolution of greenhouse gas emissions concentrations as well as energy trends, the Group seeks to
identify potential vulnerabilities in its operations and to take targeted measures to mitigate impending
climate risks. In this way, it enhances its ability to foresee and adapt to changing environmental conditions.
Specifically, the Group adopts a preventative stance regarding climate-related risks, collaborates with
authorities, implements comprehensive plans, and certified business continuity systems according to ISO
22301:2019. This includes addressing risks such as fires, floods, heatwaves, and technological challenges.
In the context of organizing a safe work environment, Health and Safety Management Plans are prepared
before the commencement of work on each project/activity of the Group, in accordance with national
legislation and international standards. The following are part of the Group's Health and Safety
Management Plan:
▪ Professional Risk Assessment
▪ Emergency Response Plan
▪ Rapid Response Team
▪ Health and Safety Guidelines and Procedures
The Emergency Response Plan includes mapping all possible emergency situations with response and
management instructions aimed at achieving a smooth and immediate return to normal activity. The goal
of the Emergency Response Plan is to define actions and responsibilities to facilitate the management of
an emergency incident and to limit its consequences as much as possible. The Rapid Response Team of
each project/activity is trained to address potential risks, conducts readiness exercises, and in the event
of an incident, recommends the assistance of external agencies or services if required (depending on the
extent and severity of the situation). In addition, large-scale exercises take place at regular intervals, where
response times and the effectiveness of the involved parties are examined, any problems are recorded,
and corrective actions are proposed.
Furthermore, the Group has adopted an Environmental & Energy Policy, demonstrating its commitment
to continuous compliance with applicable legislation and all necessary provisions for environmental
protection, including pollution prevention. It is committed to ensuring the provision of essential
information and resources, achieving the goals described in the applied Environmental and Energy
Management Systems, actively participating in consultations and open dialogue with stakeholders on
environmental and energy issues, and continuously improving its environmental and energy performance.
The subsidiary companies of the Group, applying certified Environmental & Energy Management Systems,
adhere to specific Environmental & Energy Policies that include these commitments. Beyond the
Renewable Energy Sources sector, major companies operating in various sectors of the Group maintain
certified Environmental Management Systems (ISO 14001:2015 and/or EMAS). These systems play a
critical role in mitigating the environmental impacts arising from their activities and promote practices
such as recycling, energy conservation, effective water resource management, liquid waste management,
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(53) / (297)
and the conservation of biodiversity. At the same time, strict compliance with current environmental
legislation is ensured in all of the Group's subsidiary companies.
The table below presents the resilience of the Group concerning the risks expected to be faced in the
short-term, medium-term, and long-term horizons.
Table 2: Overview of the Group's resilience in the short, medium, and long term.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(54) / (297)
Risk management
ELLAKTOR Group adopts a comprehensive approach to managing climate-related risks, aligned with the
recommendations of the TCFD, while simultaneously implementing a robust framework for the
assessment of physical risks and transition risks, using the internationally recognized standard ISO 14090
"Adaptation to climate change".
Α. The Group's processes for identifying and assessing climate-related risks.
The Group records climate risks in its risk register and categorizes them into physical risks and transition
risks and utilizes comprehensive assessments and scenario planning to ensure long-term sustainability
and resilience. It also has a detailed process for analyzing risks, assessing the materiality of the risks, and
adaptation measures, using the guidelines and requirements of the international standard ISO 14090:2019
“Adaptation to climate change – Principles, requirements, and guidelines“. This ensures the systematic
identification of climate changes expected to impact the Group's operational locations and the diagnostic
assessment of the activities’ vulnerability to these changes.
Furthermore, the Group complies with Greek legislation and EU directives, incorporating environmental
metrics into the monitoring of its performance. The Board of Directors ensures uninterrupted operation
through the integration of the Internal Control System (ICS).
Β. The Group's processes for managing climate-related risks.
The risks arising from the impacts of climate change and the transition to a zero-carbon future are
expected to affect the companies within the Group at various operational stages. For this purpose, the
Group implements detailed procedures for their management.
As part of compliance with the criteria set in the Climate Adaptation Taxonomy Regulation, the Group
conducts a detailed assessment of the physical climate risks significant to its activities. This assessment is
based on best practices and guiding principles of the climate delegation act.
Furthermore, the Group recognizes and conducts a detailed assessment of climate risks and their potential
economic impacts. This includes the development of a climate risk management program that
incorporates key evaluation criteria as follows:
• Activity Analysis of the Group:
The first step is a thorough analysis of the Group's activities to identify physical risks and transition risks
that could affect the performance of its economic activities during their expected duration.
• Probability Assessment:
Once the climate risks expected to affect the Group's activities have been identified, the probability of
their occurrence is assessed. This step aims to understand the potential frequency and severity of the
risks.
• Determining Significance:
At this stage, an extensive evaluation is carried out to determine the degree of significance of the physical
climate risks to the activities. This assessment examines the vulnerabilities associated with the identified
risks.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(55) / (297)
• Adaptation Measures Evaluation:
The next step involves assessing the Group's adaptive capacity through the measures it has taken to
mitigate the identified physical climate risks.
Additionally, during the assessment process, the economic impacts of the risks and opportunities
identified are evaluated. To evaluate the economic impacts, a specialized tool is used to calculate the
economic impact of potential climate risks.
C. Processes for identifying, assessing, and managing climate-related risks that are integrated into the
overall risk management of the Group.
The management of climate risks is seamlessly integrated into the broader risk management framework,
with adaptations that include improvements in system management. Climate-related factors are
strategically placed in financial planning, recognizing their influence on direct costs, strategic decisions,
and access to capital.
The upcoming 2024 report of the Group, which will be in compliance with the CSRD Directive, will describe
in detail the Group's approach to biodiversity and ecosystems, outlining the economic allocations for
habitat conservation. Financial planning includes scenario analysis and stress testing for overall financial
resilience.
Metrics & Targets
The metrics and targets highlight the crucial importance of employing clear and well-substantiated
environmental metrics. These metrics provide a structure for the quantification, monitoring, and
management of the environmental impacts stemming from the Group's activities. In accordance with
international standards, the ELLAKTOR Group methodically records and observes environmental
performance metrics, such as energy consumption, water usage, and the generation of renewable energy.
Α. Metrics used by the Group for evaluating climate-related risks and opportunities, in line with the
strategy and risk management process.
The Group emphasizes sustainable practices, which include the adoption of certified energy management
systems and the emphasis on Renewable Energy Sources (RES). Practices of the circular economy, water
management strategies, and internal carbon pricing constitute an essential part of the Group’s
commitment to environmental management.
Β. Emissions of greenhouse gases (GHG) Scope 1, Scope 2, Scope 3, as well as associated risks.
The "Metrics and Targets" section of the comprehensive report also details the Group's efforts to record
and decrease its carbon footprint, inclusive of Scope 1, 2, and 3 emissions. It is noteworthy that there was
a 24% decrease in greenhouse gas emissions in 2022 compared to the prior year. The Group employs
internationally acknowledged methodologies for the calculation of emissions and the internal pricing of
carbon dioxide emissions, getting ready for possible future regulations.
C. The targets employed by the Group to manage the risks and opportunities related to the climate, as
well as the performance relative to these targets.
The ELLAKTOR Group has established ambitious targets for 2030, aimed at reducing direct and indirect
emissions, enhancing energy efficiency, and shifting towards renewable energy sources. The Group aims
to achieve a 10% reduction in the intensity of direct emissions (Scope 1) and a 20% reduction in the
intensity of indirect emissions (Scope 2) by 2027. Specifically, to bolster climate change mitigation efforts
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(56) / (297)
in 2023, the Group for the first time committed to setting scientifically validated emission reduction
targets that align with the Science Based Targets initiative (SBTi). Furthermore, the Group is committed to
the proper management of waste, aiming for a significant reduction in landfilling and ultimately reaching
a 100% diversion of waste by 2028.
Circular economy
The transition to a circular economy is a key dimension of the European Green Deal, which aims to make
the European economy carbon neutral by 2050, decouple economic growth from the use of natural
resources and the transformation of the EU into a fair and prosperous society with a modern and
competitive economy.
ELLAKTOR Group has placed, among other sustainable practices, the circular economy at the core of its
strategy, as the transition to the circular model is a prerequisite for entering a path of sustainable
development and prosperity, creating long-term value for the economy, society and the environment.
Recognizing the importance of the circular economy, but also the significant challenges in the transition
process, the Group adopts practices for the transformation of the linear production model into a circular
one, as it is the only solution to limit the use of material resources and the production of waste. By
adopting the circular economy model, the Group aims to preserve resources in the product life cycle with
the highest possible value and for the longest possible period of time.
The Group’s activity and, in particular, the Environment segment, is directly linked to the circular economy,
as through HELECTOR, it is active in the field of waste management. HELECTOR is one of the largest
companies specializing in Waste Management in Southeast Europe, and it is active throughout the whole
spectrum of the design, construction and operation of modern waste treatment plants, biological waste
treatment plants and energy recovery from biogas in landfill plants. The plants apply Best Available
Techniques at all stages of waste treatment and management in order to enhance recycling, produce
useful secondary products, minimize carbon dioxide emissions, minimize landfill residue, divert the
biodegradable fraction from landfill, and, ultimately, have a positive environmental footprint.
A key pillar of the continuous effort to optimize environmental performance indicators is the prioritization
of waste, with an emphasis on preventing its creation and preparing it for recycling and reuse. The
promotion of recovery methods (R) over disposal methods (D) is carried out through processes of
separation of waste at the source, which include employees training and awareness, the development of
appropriate infrastructure, cooperation with suitable and approved collection and treatment facilities and
monitoring the overall performance, resulting in the contribution to the ecosystems protection and the
areas surrounding these sites.
The recording of the Group's waste is one of the most important procedures for the evaluation and
implementation of best waste management practices. The Group also monitors annually the percentages
of its waste management methods (e.g. reuse, recovery and landfill), in order to evaluate and monitor its
performance over time.
Special emphasis is placed on the reuse of excavation waste within the projects of the Group and its
subsidiaries, thus contributing to the promotion of the circular economy.
A recycling and reuse program is also implemented in all types of waste resulting from the operation of
highways (waste lubricating oils, vehicles at the end of their life cycle, batteries, spare parts-scrap iron,
green waste, etc.). The New Alimos Marina implements an approved Waste Collection and Management
Plan that includes the management of all types of waste and cargo residues produced on the ships that
sail in the marina, in collaboration with licensed partners.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(57) / (297)
In addition, the recycling program implemented in the companies and headquarters of the ELLAKTOR
Group includes the management of waste from office operations (paper, toners, plastic, etc.), and waste
electrical and electronic equipment (computers, monitors, etc.).
Biodiversity conservation and ecosystem protection
The Group undertakes initiatives to protect biodiversity, fully complying with the relevant legislation and
environmental requirements, as well as with the environmental management procedures applied to
projects in areas of high environmental value.
To this end, the Group takes into account the specific environmental requirements of the projects or
activities in or near biodiversity-sensitive areas and monitors protected species (flora and fauna), as
indicated in the approved environmental terms. Indicative measures taken are:
▪ Positioning of projects at a sufficient distance from habitats e.g. clusters of shrubs and trees,
broad-leaved or coniferous forests, streams, lakes, buildings (used or abandoned), when suitable
for shelters.
▪ Recording and mapping of land use in the wider project area and identification of areas with any
protected species (flora and fauna) and species at risk.
▪ Conduct a wildlife survey of sections with flooded ditches and river crossings prior to
commencing work.
▪ Avoidance of interference with river regulation.
▪ Installation of appropriate fencing to protect local fauna and flora and special fencing to prevent
wild and stray animals from entering the highway.
▪ Limiting vegetation damage and landscape intervention to the extent strictly necessary.
▪ Reforestation of corresponding areas in the areas of intervention of the projects, after the
completion of the works.
▪ Collection and storage of excavated soil and soil layers containing plant soil, for reuse in
environmental restoration work.
▪ Avoiding activities, especially during sensitive periods such as nesting or bird breeding periods.
▪ Implement bird monitoring programs during all phases of construction of projects in Natura
areas.
▪ Immediate transport to a local veterinary center in the event of an injured animal is found.
In the Concessions segment, specifically with regard to the Attiki Odos project, sections of the motorway
were covered, where possible. The aim of these works is to integrate the project into the environment and
urban landscape. Moreover, in order to prevent the negative impacts in cases of extreme weather,
extensive flood control works and consistent tree planting were carried out on the slopes of the motorway.
With regard to the protection of the local fauna, a special fence was installed to protect wild or stray
animals from getting into the motorways. In addition, with the instalment of special stickers in accordance
with international standards, incoming birds are prevented from hitting the glass noise barriers.
In addition to the MOREAS project, for the area of the Artemisio tunnel, a Special Ecological Assessment
(EIA) has been prepared, on which an assessment was made regarding the impacts of the Project on the
conservation objectives of SPA GR2510004 and there are no significant impacts on the types of
characterization and demarcation of the area and in other protected species. Based on the conclusion of
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(58) / (297)
the assessment, the operation of the Concession Project does not substantially affect the structure and
functions of the area, as the integrity and conservation objectives of the SPA or the coherence of the
Natura 2000 Network as a whole are not affected. Regarding the flora within the boundaries of the
Concession Project, MOREAS S.A. is permanently responsible for the care and the maintenance of the
plantings. The existing flora along the highway compensates and improves the balance of greenery, and
at the same time the selected species are in harmony with the endemics without hindering their spread
or acting competitively.
In 2023, on the occasion of the celebration of World Biodiversity Day on May 22nd and World Bee Day
on May 20th, the ELLAKTOR Group organized, in collaboration with the Smart Park Commercial Park, a
unique event focusing on the protection of bees and their contribution to humanity and biodiversity
protection, raising awareness among employees, their families, and the local community.
S-Society
One of the Group’s strategic pillars is the Health, Safety and Development of its employees and the
employees of its Business Partners. As the Group’s main objective and strategic priority is to act
responsibly in relation to the Society in which it operates, it contributes to social welfare through its
business activity and its social actions, responding consistently, responsibly and transparently to the needs
and expectations of the local and wider society.
Labour matters
Recognising the importance of its human resources, the Group has designed and adopted a series of
actions and activities aimed at the continuous development of the knowledge and skills of its employees,
as well as at ensuring a healthy and safe working environment.
Human Resources
The Group invests in the well-being of its people and in shaping a positive working environment. It seeks
to create the appropriate structures and working conditions that will promote employee training,
development and advancement, offering equal opportunities and supporting diversity.
In 2023, the Human Resources Department continued to work dynamically to fill vacant positions at the
administrative and site level, selecting the most suitable executives, mainly from the market, but primarily
fully exploring the potential for the existing staff development the development and growth.
At the same time, it reviewed and further developed its existing procedures, in line with the approved
Human Resources Management Policy, and the provisions of Law 4706/20, placing emphasis on
transparency, equal opportunities and the more efficient Group operation.
Additionally, the Group has adopted a Policy against Harassment and Violence at Work, which represents
another tangible commitment to zero tolerance for any form of violence or harassment in the workplace.
The policy aims to create and establish a work environment that respects, promotes, and ensures human
dignity and the right of every individual to a workplace free from violence and harassment.
ELLAKTOR Group recognizes the existence of risks due to the lack of equal opportunities for advancement
and the lack of attractive remuneration and benefits, which may lead to the loss of experienced and
qualified employees or to a reduction in their performance.
The Group’s objective is to mitigate the aforementioned risks through due diligence policies and
procedures to retain and attract competent employees and executives, through evaluating the
performance of its employees, but also through a uniform remuneration and benefits system, which
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(59) / (297)
ensures legal remuneration and ensures that it is competitive with the labor market in each country in
which it operates, offering in many cases remuneration and benefits beyond those set by law.
As part of the Group’s principles and the Human Resources & Human Rights Policies it has adopted, the
aim is to ensure that pay is equal between people with equivalent qualifications and performing similar
work, without any discrimination. The Group’s policies on remuneration practices are approved by the
Group CEO and communicated to all employees.
The Group participates in remuneration and benefits surveys and obtains relevant data from the market,
in order to assess the competitiveness of the total remuneration of its employees. The aim of this process
is to propose corrective actions when deviations are identified, with the goal of improving employee
retention and pay competitiveness.
Employees receive equal pay for equal work, regardless of race, gender, color, nationality or national
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) at which each role has been evaluated, determine
the benefits offered by the Group.
Moreover, in the context of development and continuous improvement of employees, in order to achieve
both personal and corporate goals, a performance appraisal system has been established for the Group's
human resources. Through a specific process managed by the Human Resources Division, employees'
skills and performance are evaluated annually. The purpose of the annual performance evaluation is for
employees to be informed about their performance and to participate in training programs specifically
designed for their needs and capabilities, in order to achieve continuous improvement.
Supporting open communication, the Group holds meetings with sectoral unions (Builders Union and
Hired Technicians Union) and allows the representatives of these unions to enter its facilities and projects
for the purpose of informing employees. In the companies of the Group and depending on the size of the
projects/activities, the employees create official Health and Safety committees, which, in collaboration
with the Management of the projects/activities, strengthen the participation and consultation for the
improvement of the Health & Safety performance.
GRI 2-7 (Employees): At the end of 2023 (31.12.2023) the employed staff of the Group numbered 2,260
people, of which 1,489 were male employees and 777 were female employees, while 2,118 employees
worked in Greece and 142 abroad.
The percentage of women holding managerial positions was 41% for ELLAKTOR and 46% for AKTOR
Concessions, while for REDS it amounted to 44%.
It is worth mentioning that in 2023 at ATTIKES DIADROMES there were 115 new hires, of which 57% were
women.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(60) / (297)
Employees Training & Development
The training and development of the Group’s employees is one of the pillars for achieving its corporate
goals. For this reason, procedures related to the training and development of human resources at Group
level have been drawn up and implemented.
The purpose of training is to enhance technical knowledge and skills, cultivate a unified corporate culture
and understanding of the Group’s objectives and principles, as well as delve into the training sections of
the kye issues that have been identified from the Group.
The close monitoring of the needs for training, information and further development of employees’
competencies, in collaboration with the functional units and the Human Resources Division, are of great
importance for the development of each employee and for their ability to meet their duties, as well as
their ability to keep up with industry and market developments. In this context, the Group encourages
employees to participate in conferences in order to follow developments and, at the same time, through
the use of the E-learning platform, aims at the immediacy and high participation enabled by distance
learning.
Specifically, for the members of the Board of Directors, the Human Resources Division formulates and
proposes a Training Program annually, in cooperation with the Nomination & Remuneration Committee,
in accordance with the Group’s Training Policy for Board members and Managers and undertakes its
implementation, once approved.
The Group organizes training programs for human resources with the aim of transferring know-how and
improving the skills of employees. The type of training is selected by the Training and Development
Department of the Human Resources Division in collaboration with the employees' Managers. The training
consists of two separate plans, one concerns general training and the second is linked to the roles and
the development plan of the employees as a result of their annual evaluation.
In 2023, the Human Resources Division and the ESG Strategy & Sustainable Development Division
developed a two-year plan for educational activities aimed at further informing and raising awareness
among employees on Sustainable Development topics. The program started in May 2023, with the
training of the Group’s Divisions Heads, in collaboration with a specialized partner. for the goal was to
comprehensively cover Sustainable Development topics and ESG criteria, further integrating these issues
into the Group's philosophy and operations. Additionally, in early 2024, the "SDGs Coffee Breaks" program
was launched, an information and awareness-raising program for employees about the 17 Sustainable
Development Goals of the United Nations, in collaboration with the non-profit initiative Wise Greece.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(61) / (297)
Respect for Human Rights
For ELLAKTOR Group, respect for Human Rights is a non-negotiable value, both for its employees and its
business partners.
Due to its international presence, the Group employs a very large number of employees in its projects
and activities, either directly, by hiring them, or indirectly through its business partners. Although the
institutional framework and the working environment may vary significantly from one country to another,
ELLAKTOR Group recognizes its duty to protect the rights of people and local communities that may be
affected by its projects and activities wherever they are located. In order to ensure this, it is the Group's
intention to apply a set of principles and guidelines on Human Rights in all its companies and in all
countries where it operates.
The Group Human Rights Policy sets this framework, as well as the principles of respecting Human Rights
at work, with the aim of safeguarding the rights of both its employees and Group’s business partners, as
well as the local communities where it carries out business. The Policy is posted on the Group's website
to ensure accessibility for all stakeholders.
The Policy is based on the principles of the United Nations Universal Declaration of Human Rights (UDHR),
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). In accordance
with the Human Rights Policy the provision of equal opportunities is a mandatory condition.
The Group's principle is that, where national legislation and international Human Rights standards differ,
the stricter standard will apply. In cases where national legislation is contrary to international standards,
the Group's aim is to seek ways to comply with international standards to the maximum extent possible,
alongside compliance with national legislation.
Having signed the UN Global Compact, which promotes at an international level the adoption of 10
globally accepted Principles in the fields of Human Rights, working conditions, the environment and the
fight against corruption, ELLAKTOR Group is committed to complying with its principles in the exercise of
its business activity, as well as in its engagement with stakeholders, advocate and enhance diversity with
the aim of maintaining an inclusive workplace.
Furthermore, the Policy against Harassment and Violence at Work is another tangible commitment of the
ELLAKTOR Group to zero tolerance for any form of violence or harassment in the workplace. The policy
aims to create and establish a working environment that respects, promotes, and ensures human dignity
and the right of every individual to a workplace free from violence and harassment.
At the same time, both the Group and its employees are protected by the terms and provisions of the
Code of Conduct, which they sign when they are hired, as well as the business partners through the
contracts that are signed.
GRI 406-1 (Incidents of discrimination and corrective actions): As a result of the above procedures,
during 2023 the Group had no confirmed incident of violation and/or infringement of Human Rights and
no incident of discrimination due to race, gender, religion, age, political beliefs, etc. reported to the
Human Resources Department or the Group's Regulatory Compliance Department.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(62) / (297)
Diversity, Equity & Inclusion
Equal opportunities, as one of the Group's core values, is placed at the heart of the corporate culture,
reflecting its belief that a sustainable world can only be achieved if the right conditions are created to
encourage and value diversity, promote dignity and inclusion, both in the workplace and in the wider
society. The creation of a workplace that defends and promotes diversity, equity and inclusion allows
ELLAKTOR Group to respond effectively to challenges, foster commitment, creativity and innovation in
order to achieve economic prosperity and growth.
In order to achieve the above targets, the Group has established a Diversity, Equity and Inclusion Policy,
which outlines the key principles related to diversity, equity, and inclusion, as well as describes the
regulatory documents and Group’s commitments to developing and shaping a diverse, fair, and inclusive
working environment. Compliance with the Policy, as well as with the relevant KPIs, is monitored by the
Group's Sustainable Development Committee. In addition, in order to strengthen the corporate culture
on these issues, the ESG Strategy & Sustainable Development Division in cooperation with the Human
Resources and Communications Divisions are designing a comprehensive training program, for both
managers and team leaders, as well as for all employees, on Diversity, Equity and Inclusion issues, which
has been approved by the relevant Committee.
Ιn March 2023, eleven executives from the Strategic Development, Communication, Human Resources
and ESG Strategy & Sustainable Development Divisions, attended the in-house seminar “ISO 30415
DIVERSITY & INCLUSION”, aiming to independently and externally validate the organizational approach
applied in the Group regarding the integration of Diversity and Inclusion in the work environment.
ELLAKTOR Group’s intention is to promote the values of Diversity, Equity and Inclusion, and to strengthen
in this direction the corporate Principles, Policies and Codes, such as the Code of Ethics, the Code of
Conduct for Business Partners, the Human Rights Policy and the Human Resources Policy. In addition, the
Group aims to extend these principles across its supply chain, through the Code of Conduct for Business
Partners, which forms the basis of cooperation with Business Partners.
On the occasion of the European Diversity Month, ELLAKTOR Group signed in May 2023, the Diversity
Charter for Greek Businesses, contributing to the European Commission’s work to promote the
acceptance of diversity and equal opportunities policy in the workplace.
ELLAKTOR Group has also signed the declaration of support for the Women’s Empowerment Principles
(WEPs), created by the UN Women and the UN Global Compact, to promote worldwide gender equality
and the empowerment of women in the workplace, in the market and society. At ELLAKTOR Group, gender
equality is a non-negotiable fundamental right and the endorsement of the Women’s Empowerment
Principles is confirmation of its commitment to a workplace free of inequalities and exclusions. Through
educational programs conducted by UN Women and the UN Global Compact, executives of the ELLAKTOR
Group follow and are informed about developments in the field of gender equality in the workplace.
GRI 405-1 (Diversity of governance bodies and employees), ΑTHEX C-G4 (Composition of the Board
of Directors) and C-S2 (Women employees):
On 11.01.2024, the Board of Directors of the company consisted of eleven (11) members of Greek
nationality, eight (8) men and three (3) women. Four (4) of its members were aged 30-50 years and seven
(7) were over 50 years old. Finally, 27% of the members of the Board of Directors are women. At the end
of 2023 (31.12.2023) the percentage of female employees of the Group’s continuing operations was 34%.
It is worth mentioning that at ATTIKES DIADROMES, the percentage of female employees reached 51%,
while at REDS it was 57%.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(63) / (297)
Occupational Health & Safety (H&S)
The concern for Health & Safety of all human resources employed by the Group is a key part of its broader
business policy and philosophy, as one of the most important factors in ensuring its growth.
In the context of creating a stable, healthy and safe working environment, the Group implements an
integrated Health and Safety Management Policy and Health and Safety Management Systems, according
to the ISO 45001:2018 standard aiming at continuously maintaining and improving the Health and Safety
conditions at the workplaces, based on established procedures and safe work instructions; preventing and
minimizing accidents and occupational diseases, as well as ongoing staff training and provision of
information on matters relating to health and safety in the workplace.
Through the Health & Safety Policy, the Group aims to minimize and eliminate accidents in all its
operations, through the prevention and assessment of occupational risks, the adoption of appropriate
measures and the implementation of new Health & Safety tools at work.
As part of its operations and due diligence processes, the Group identifies and assesses a number of risks,
such as potential injuries at work, possible occupational diseases, emergency situations (pandemic
COVID-19, fire, earthquake, floods, chemical gas leakage, etc.), possible failure to comply with legal and
other requirements in a timely manner, failure to identify the occupational hazard (unsafe way of
performing work, or lack of training, failure to apply the 15 inviolable H&S rules, etc.), unsatisfactory
provision of services by third-parties (external partners, suppliers, subcontractors, etc.) on health and
safety issues, complaints from Group employees or external partners, possible sanctions or defamation
that may arise, possible exclusion of the Group from prequalification questionnaires for public or private
sector projects.
In order to manage and minimize the above risks, the Group has adopted a series of measures, such as
continuous identification, assessment and review of the relevant risks through the Written Occupational
Risk Assessment (WORA) of the projects - facilities, strict monitoring and continuous compliance with the
legislation, continuous training of employees in health and safety matters, supervision of the
implementation of health and safety measures, implementation of internal procedures and health and
safety instructions, internal H&S audits, by certified auditors, daily checks by the H&S Managers in the
projects/facilities where they have a physical and daily presence, implementation of good practices to
raise awareness and develop an H&S culture (such as the transmission of monthly Health & Safety
messages, the application of the 15 Inviolable H&S Rules, the 15-minute Health & Safety meetings and
the observance of the Monthly H&S Report, systematic meetings to exchange experiences with the Health
& Safety Managers of the projects), measurements of Health & Safety factors, as well as the emergency
plan adapted to all possible sources of risks-emergencies.
With the aim of further strengthening the Health & Safety culture in order to achieve zero accidents, the
Group has integrated into its strategy a series of actions, , such as the digitization of the "Safety Pass" tool
for all employees and the extension of the tool to all employees of its subcontractors, the development
of a digital application to record near misses, unsafe situations and actions, the monitoring of corrective
actions and the culture change program in positions of responsibility (Safety Leadership Program), the
implementation of which started as a pilot project at HELECTOR in 2024.
It should be noted that the Group also records and submits to the competent authorities, accidents with
zero days of absence from work, as they are treated with the same procedures as accidents with more
than one day of absence, in order to be analyzed and investigated so that corrective measures can be
taken to avoid similar incidents in the future. In all accidents, after the declaration to the competent
authorities, an accident investigation is carried out by the project/activity investigation team, in
accordance with the Group’s internal procedure and always in accordance with the requirements of the
applicable legislation.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(64) / (297)
On the occasion of the 2023 World Day of Safety and Health at work, celebrated every year on April 28th,
the Group carried out a set of activities aimed at raising awareness among employees on these issues.
Specifically, the Management and Health and Safety Supervisors of the Group, visited 67 projects and
held consultations with 2,189 Group’s employees and 67 employees of subcontractors. Recognizing the
importance of preparedness in emergency situations in 2023, the training program continued, including
the procurement of defibrillators and preparedness exercises at the Group's projects. Training sessions
on First Aid, fire safety and protection, practical exercises on Cardio-Pulmonary Resuscitation (CPR),
choking prevention using specialized equipment, and full evacuation drills were conducted as part of
these efforts.
The Group's Occupational Health Clinic plays a significant role in developing a uniform Health & Safety
culture. It implements initiatives on the occasion of various global health days, anti-smoking campaigns,
World Blood Donor Day, and HIV-AIDS awareness days, by informing employees, distributing relevant
educational materials, sending specific H&S messages, and maintaining direct communication with
employees, along with conducting practical scenarios for handling health and safety incidents. For
example, events were organized on Word Blood Donor Day, where a special message was communicated
to all employees and in collaboration with the Blood Donation Center of “ELPIS” Hospital, Blood Donation
Days were organized at the Group's Headquarters to meet potential blood needs for voluntary donors,
their families, and fellow colleagues in need.
Additionally, in October 2023, a month dedicated to breast cancer awareness, employees were informed
with a health message, and a presentation by "Alma Zois" organization on this topic was also scheduled.
For World Diabetes Day in November 2023, in addition to broadcasting a special message, measurements
for diabetes were conducted in collaboration with the Clinic for further monitoring and prevention.
GRI 403-9: Work-related accidents: It should be noted that in 2023, 22 employee accidents and 3
subcontractor employee accidents were recorded in the companies (continuing operations) of ELLAKTOR
Group (excluding pathological, fatal, zero-day absenteeism accidents and traffic-related accidents while
travelling to/from work). Additionally, apart from the 22 accidents, there were 2 road traffic accidents to
and from work and one accident with zero days of absence.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(65) / (297)
Social Responsibility
ELLAKTOR Group operates with environmental and social responsibility, providing high quality
infrastructure, energy and environmental projects, aiming to improve the quality of people’s life, promote
sustainability and continuously create added value for all shareholders, employees, the Greek economy
and society.
Contributing to sustainable cities & communities’ development
ELLAKTOR Group implements projects and infrastructure that contribute to the well-being of urban
residents and the creation of a more friendly and sustainable and inclusive urban environment. The Group
analyzes and assesses the risks associated with the operation of its projects and takes measures to
mitigate them, address emergency situations, and ensure the proper operation of the areas οf its activities.
In the Concessions segment and with regard to the Attiki Odos project, in order to better integrate the
project into the environment and the urban landscape, covered sections of the highway were developed
during the construction phase, where feasible (e.g. in Vrilissia and the West Peripheral Road of Hymettus).
Moreover, extensive flood control works were implemented to reduce impacts during extreme weather
conditions. Consistent tree planting is also conducted along the highway slopes.
The Environment segment’s activities offer multiple benefits to ecosystems and the economy, improving
peoples’ quality of life and contributing to resolving the issue of green space scarcity by reducing the
need for landfills.
The operation of integrated waste management units and the utilization of biogas from landfills for
energy production, along with the simultaneous capture of greenhouse gases, are some of the solutions
available and implemented by the HELECTOR company.
Finally, ELLAKTOR Group has set as a key focus of its Real Estate Development and Services segment the
upgrading of residential areas, the protection of open spaces and the creation and renovation of
recreational areas.
Nuisance management
The impacts of the Group's projects on the local community may include exposure to noise, vibrations,
air pollution, visual nuisance and burden on the traffic network.
Companies in the Concessions segment, through stationary noise measurement stations or calibrated and
certified mobiles instruments, monitor the noise level along the highways they manage, in accordance
with the current legislation and their contractual obligations. The employees of the companies in the
Concessions segment use company vehicles and construction equipment on the highways under their
responsibility, following the Operations and Maintenance Manuals and in compliance with the principles
of eco-friendly driving to reduce air emissions and noise.
The company ATTIKES DIADROMES, through special measuring devices positioned at 8 points along the
Attiki Odos highway, monitors noise levels. In cases of exceedances, with the approval of the Greek State,
ATTIKI ODOS proceeds with the installation of new sound barriers. In 2023, 130 24-h measurements were
made with mobile noise measurement units. Based on these measurements, no additional noise barriers
were required. Throughout the 22 years of operation of the highway, a total length of 21 km of sound
barriers have been installed, as well as acoustic zones near entry and exit points with special plantations.
During the year 203, the Concessions segment and more specifically the Environment Department of
MOREAS S.A. carried out traffic noise measurements along the Motorway, in 18 locations of cities or
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(66) / (297)
settlements located within the zone of 200 meters on either side of the road axis, following the approval
of these positions by the competent public authorities. It is worth noting that since the start of the
concession project in 2008 until 2023, no exceedances of the established limits have been recorded.
In the Environment segment, in order to reduce environmental noise levels at the boundaries of the
facilities, during waste collection and transportation activities and to comply with the applicable
environmental terms, HELECTOR applies various practices, such as monitoring noise levels on a regular
basis by conducting measurements at a large number of positions around the perimeter of the plants,
noisy equipment is restricted to separate structures or units, either in the design phase of new units or in
cases of identification of noise above the legal limits within the facilities perimeter, and routine
maintenance of vehicle and regular inspections at Vehicles Centers.
Communication with local communities
One of the Group’s main concerns, through its overall business activity, is to build relationships of trust,
solidarity and mutual respect with the local communities in which it operates.
Engagement with local communities is an ongoing effort to understand and respond to their needs
through discussion and cooperation, where feasible
Corporate Social responsibility actions
ELLAKTOR Group, acknowledging the importance of the broader society and responding to its needs,
undertakes initiatives to support society and vulnerable social groups, in accordance with the fundamental
principles governing the Donations-Sponsorships Policy and the procedures established at a Group level
for their evaluation and implementation. In addition, the approval, monitoring, and implementation of
the Group's Donations-Sponsorships strategy, as well as the Annual Donations-Sponsorships Plan, are the
responsibility of the Donations and Sponsorships Committee, which has been established at a Group level.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(67) / (297)
The Group’s social action focuses on the following thematic categories:
Furthermore, in the context of supporting the New Generation and healthy role models that promote
effort, ethics, development and excellence, ELLAKTOR Group became a Gold Sponsor of the Hellenic
Swimming Federation in 2022. The aim through this sponsorship, is to create better conditions for all
athletes and clubs of the federation throughout Greece, to promote the value of sports for the younger
generation and to support the aquatic professionals of the national teams in their efforts up to the 2024
Olympic Games.
In addition, a key priority is the cultivation of volunteerism and the support of initiatives that are consistent
with the Group's values and contribute to the goals of improving people's quality of life, with the
participation of employees. In this context, the Group carries out a series of voluntary actions supporting
the work of notable non-profit organizations, such as Make-A-Wish, Wise Greece, and We4All.
The Group companies plan their social contribution actions according to their segment of activity, but
also according to the needs of both the local community and the wider society, where they operate and
submit their proposals to the Donations-Sponsorships Committee for approval. Additionally, the Group
and its companies financially support reputable and recognized non-profit organizations, social
structures, foundations, and local associations.
The actions and programs implemented by ATTIKI ODOS and ATTIKES DIADROMES have focused for
more than 10 years on the education and awareness of children, young people and adults in road safety
issues.
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 educating
and raising awareness on environmental protection issues, with an emphasis on recycling.
On the occasion of the United Nations Day, ELLAKTOR Group, in collaboration with Smart Park, organized
an informative celebration and a series of experiential educational activities for the children of employees
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(68) / (297)
under the theme "Let's Keep Our Planet Blue”, in collaboration with the Smurfs, which are the official
ambassadors of the United Nations Sustainable Development Goals. In a fun way, children participated in
gardening workshops, played recycling games to learn about proper waste separation, and engaged in
various educational memory and visualization games related to green energy forms and Sustainable
Development Goals.
G-Governance
ELLAKTOR Group is committed to responsible and ethical practices, which define its approach across its
entire business activities. This commitment is critical to the success of both the Organization and its
business partners, always guided by the Group’s values.
Corporate Governance
The demanding and constantly changing environment in which ELLAKTOR Group operates necessitates
the need for an effective corporate governance framework that responds to the challenges of the times
and adapts to business, economic and social conditions, recognizing risks and opportunities.
The Management of ELLAKTOR has established a robust and effective Corporate Governance System
which will lead to the successful execution of the Company’s strategy, in order to ensure both the
profitability and the interests of its shareholders and the protection of the legitimate interests of all
stakeholders, while also implements corporate governance practices to ensure responsible organization,
operation, management, and oversight of the Group. ELLAKTOR Group applies the principles of Corporate
Governance, as defined by the current relevant legislative framework (Law 4706/2020, Law 4449/2017
article 44, and Law 4548/2018 articles 152 and 153). The aforementioned Corporate Governance principles
for the aforementioned period were incorporated into the Greek Corporate Governance Code of the
Hellenic Corporate Governance Council (June 2021) to which the Company is subject.
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.
ELLAKTOR received the ISO 37000:2021 Certificate for Governance of organizations after an audit by an
independent body and is one of the first companies in Greece to receive this certification. ISO 37000:2021
is the global point of reference for good governance, incorporating all international best practices.
It is noted that the Corporate Governance System is monitored and evaluated periodically, at least every
three (3) fiscal years, regarding its implementation and effectiveness, by an independent external
evaluator - certified professional, in accordance with CGS Evaluation Policy, which is the approved by the
Management, and the relevant Procedure. Furthermore, the Corporate Governance System may be
evaluated annually by the audit functions of the Internal Control System of ELLAKTOR. The Company, in
compliance with the relevant legislation, assessed the adequacy and effectiveness of the Corporate
Governance System of ELLAKTOR S.A. by independent certified auditors for the period (17.07.2021-
31.12.2022), which was completed without "material" findings.
Good governance not only fosters an environment of trust, transparency and accountability, but also helps
align an organization’s purpose with society’s interests by building strong relationships with stakeholders
while effectively managing and preserving its resources. The Management of ELLAKTOR Group seeks to
enhance its practices and governance framework so that, through their adoption, transparency and good
governance are ensured at all levels of the Group.
The Board of Directors of the Company places particular importance to Corporate Governance issues,
aiming at adopting and operating systems and processes that optimise the Corporate Governance
System. In this context, it has adopted a series of policies, such as Board Member Suitability Policy, the
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(69) / (297)
Conflict of Interest Policy, the Remuneration Policy, the Corporate Governance System (CGS) Evaluation
Policy, the Operating Regulations of the Board of Directors, etc. These Policies are specialised in
procedures and forms for their practical application.
Regulatory Compliance
Regulatory Compliance is an independent function that promotes good corporate governance practices
and integrity standards in the Group. The mission of Regulatory Compliance is the effective
implementation throughout the ELLAKTOR Group of a corporate spirit of integrity, with a clear emphasis
on ethics, based on high standards of business conduct, transparency, confidentiality and regulatory
compliance.
The Regulatory Compliance function, which is responsible for the design and implementation of the
Regulatory Compliance Management System, reports, through the Vice Chairman, to the Group’s Board
of Directors, a clear commitment to integrity and transparency.
For this purpose, a Regulatory Compliance Management System has been established and implemented
at Group level, which was certified by an independent body with ISO 37301:2021 (Regulatory Compliance
Management System).
Integrity Regulatory Compliance Program
In order to successfully implement the Compliance Management System, ELLAKTOR Group has developed
an Integrity Regulatory Compliance Program that includes Integrity Compliance Measures that are
incorporated in its daily work to ensure compliance with all applicable laws and regulations and to ensure
that the right decisions are made on a daily basis.
The Integrity Regulatory Compliance Program encompasses all the necessary tools and resources to
promote a culture of integrity and follows the “Commit - Assess - Act - Monitor: Constantly Improve”
approach.
In order to make it possible to report incidents of violations of the Code of Ethics, the Code of Conduct
for Business Partners, the Policies and the applicable legislation, the company has established multiple
communication channels (phone, e-mail, complaint platform, etc.) which have been renamed Talk2Ellaktor
as of October 2021. In addition, the Whistleblowing Policy has been updated to fully comply with Law
4990/2022 and European Directive 1937/2019, and a new reporting and whistleblowing platform has been
launched, allowing for the submission of anonymous reports and complaints.
In February 2023, ELLAKTOR was re-evaluated by an independent body and maintained its ISO 37002:2021
Whistleblowing Systems certification, which demonstrates the implementation and management of an
effective complaint management system in accordance with international standards.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(70) / (297)
Codes & Policies
In order to successfully implement the Integrity Compliance Management System, ELLAKTOR Group has
developed an Integrity Compliance Program that includes a set of Compliance Measures and security
mechanisms, to ensure full compliance with the legal and regulatory framework.
Specifically, Integrity and Regulatory Compliance are ensured through the parallel and complementary
implementation, as well as through thorough and effective monitoring of the implementation, of the
following regulatory documents:
▪ Code of Ethics
▪ Business Partner’s Code of Conduct
▪ Conflict of Interest Policy & Procedure
▪ Reporting Policy & Procedure
▪ Whistleblowing Policy
A more detailed description of the Integrity Compliance Management System, as well as the above
policies and procedures, are available on the Group’s website.
In the context of the Integrity Program and recognizing the importance of exchanging knowledge and
best practices, ELLETTOR Group has implemented a series of actions in this direction. Indicatively, some
of these actions are presented below:
▪ Planning and implementation of the annual Compliance Monitoring Program, as well as Training
Program in subsidiary companies of the Group, on matters related to the management of reports
(Whistleblowing) and integrity.
▪ Development and implementation, with the assistance of the Risk Management Department, of
a risk-based compliance control (audits) program. Specifically, these controls included: a) the
Anti-Bribery Management System of REDS, b) the Regulatory Compliance Management System
of ELLAKTOR, c) the Reporting Management System of ELLAKTOR, d) integrity clause in contracts
of AKTOR CONCESSIONS and HELECTOR with Third Parties, and e) the Conflict of Interest
Procedure of ELLAKTOR.
▪ Development of a Third-Party Due Diligence Policy, which enables both the monitoring of
integrity risks arising from Third Parties and the audit and evaluation of their compliance with the
regulatory framework. Furthermore, through the maintenance of the Compliance Catalyst
electronic platform (Bureau Van Dijk, a Moody’s Analytics Company), the assessment and control
of Third Parties for integrity issues are facilitated.
As part of its actions to promote integrity and transparency in all matters related to its business
operations, ELLAKTOR Group openly declares its commitment to operate with transparency and corporate
ethics, adopting specific policies and practices of good governance, while maintaining its participation in
a) the "Association of Certified Fraud Examiners (ACFE) Corporate Alliance" Program, aimed at combating
fraud, as well as b) the "Business Integrity Forum (BIF)" of Transparency International Greece.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(71) / (297)
Anti – Corruption & Anti-Bribery
ELLAKTOR complies with all applicable anti-corruption laws and conducts its business activities
transparently. All Group companies implement the Anti-Bribery Management System, while ELLAKTOR
and its main subsidiaries per segment of activity (AKTOR CONCESSIONS SINGLE MEMBER S.A., HELECTOR
S.A., AKTOR S.E., REDS REAL ESTATE DEVELOPMENT S.A.) have received a relevant ISO 37001:2016
certificate from an independent body.
The fundamental principles against corruption and bribery are described in the Code of Ethics. ELLAKTOR
Group, demonstrating its commitment to zero tolerance for corruption and bribery incidents, has also
adopted a standalone Anti-Corruption Policy with clear instructions and directions for the integration of
its provisions in every activity.
In addition, as part of the Integrity Regulatory Compliance Program, ELLAKTOR Group has developed a
methodology for the identification, assessment and management of integrity risks, which are broken
down into individual risks, identified by taking into account various factors (e.g., environment, operations,
activities, etc.) and assessed based on their likelihood and impact.
GRI 205-3 (Confirmed incidents of corruption and actions taken): Proof of the completeness,
adequacy, and effectiveness of the above Systems, as well as the related actions, is the fact that in 2023
no confirmed incidents of bribery and overall corruption were recorded within ELLΑΚTOR Group.
Additionally, no confirmed incidents of conflict of interest were recorded during the same period.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(72) / (297)
Risk management
The high volatility at the international level and the increased supervisory requirements led ELLAKTOR
Group to adopt upgraded risk management operations, focusing on Enterprise Risk Management (ERM),
a system that is currently a key competitive advantage of every modern business and is considered a
condition of continuity and sustainability.
The Group is called upon to face a multitude of ever-changing risks at a strategic, economic, geopolitical,
regulatory and operational level, turning threats into opportunities. The ERM includes all the strategic
pillars of the Group, monitors their daily activity, works proactively in the recognition and identification of
risks, their assessment and management so that their eventual outcome has as little impact on its goals
as possible.
The Group has identified the need to implement a risk management system and is working towards
making the risk management function an integral part of the daily work of all staff, regardless of
hierarchical level. The creation of a single culture for dealing with business risks is a continuous, systematic
and long-term process. Business risks are the concern of all staff, with overall awareness to achieve
prevention.
For the transparent, safe and reliable operation of companies, in terms of the management of business
risks, the Greek legislation has incorporated directives and provisions of the European Parliament and the
Council such as (EU) 2017/828 & 2017/1131. The Group is fully compliant with the current institutional
and legal framework (Law 4706/2020 and HCMC Decision No. 1/891/30.9.2020) and applies the relevant
directives, while at the same time it has incorporated in its relevant procedures the principles of ISO
31000:2018 & ISO-IEC Guide 73, as well as best practices.
In this context, an enterprise risk assessment methodology adapted to the needs and business profile of
the Group has been adopted, promoting a unified culture that integrates risk management as a whole in
processes, activities and decision-making at all levels. This methodology is followed by all business
sectors, central services and functional units and includes the following steps:
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(73) / (297)
The Management is informed and monitors the implementation of the Business Risk Management System
in the daily life of the organization, emphasizing the systematic identification and assessment of risks that
affect the business activities and additionally the timely response of the organization by planning and
implementing actions to deal with the risks, based on their criticality, as detailed in the approved
Procedure. The Management also evaluates the effectiveness and the need to readjust the
countermeasures proposed by the Risk Management Division, with the aim of achieving best
management in the framework of a cost-benefit analysis.
The organization’s main risks are identified by recording them in the Risk Register, which is a tool of the
Risk Management System adapted to the Group’s business profile (scope and nature of activities). Various
events are recorded in the Register, e.g. potential risks, from all operations, and they are analyzed based
on their probability of occurrence and their potential impact on the Group's strategic priorities and
objectives. Risk mitigation tools and actions are also selected and assessed, such as the configuration of
processes with built-in safeguards, controls and transfer of risks to third parties.
Risk response planning is carried out within the framework of a holistic approach per activity. Risk
management which is integrated into every activity and function of the Group increases its preparedness
in managing future crises from unforeseen factors, improving its ability to respond, strengthening its
resistance to impacts and cultivating the required culture in all its staff (risk co-perception and reaction)
against risks.
The main risk categories recorded in the Group's Risk Register, their evaluation and management
processes are summarized below.
Strategic Risk refers to the Group’s business choices that are affected by more general external risks that
are taken into account during decision-making and relate to the political and economic systems of
societies, government changes and policies that lead to unrest or population movements, changes in
legislative frameworks, imposition of sanctions, military engagements, creating an ever-changing
environment that can pose a threat to the Group’s operations, through their impact on the supply chain,
human resources, financial performance of operations and the safety of employees and partners.
The Group mitigates the specific risk by ensuring regular provision of the required timely, valid and
documented information to the Management with parallel feedback on the progress and development
of important projects and/or the implementation of decisions. Recognizing that the quality of the
information and data provided to support a decision is reflected in the quality of the decision,
Management analyses the risks involved in its strategic choices with the help of experts and consultants
by taking calculated risk within the acceptable levels – as defined by the Group’s risk appetite. Also, the
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(74) / (297)
acceleration of the implementation of more general projects related to the establishment of procedures
for monitoring and control of operations with the partnership of Information Technology, which is being
implemented, is evident that significantly upgrades the environmental conditions where the executives
are called upon to make the decisions for which they are responsible.
Financial Risk generally refers to anything that has a direct impact on the financial statements and affects
the results of the Group. It is addressed through the development and establishment of relevant
procedures for each function of Financial Management, with an emphasis on the collection of audited
data for the preparation of financial statements (plus the income and cash flow statement), the recording
and management of assets, processing and payment of all kinds of expenses, in compliance with tax
legislation, the management of reserves and in the coordinated management of the Group's overall
relationship with the Banks (renegotiation of pricing & other terms of cooperation, in order to optimize
the benefit for the Group), as well as on the monitoring of cash flows per activity.
More specifically, targeted actions are taken to address:
▪ liquidity risk: by planning cash needs on a weekly basis and in a rolling 30-day period, as well as
on a monthly basis by determining liquidity needs for a six-month period, according to similar
procedures in the Accounting Department,
▪ interest rate risk: hedging measures have been taken for almost all long-term borrowing
▪ exchange risk: it is eliminated by linking receivables with liabilities in the same currency (e.g.
linking claims with loan repayment in the same currency), as well as
▪ credit risk: it is limited because the Group's counterparties are mainly government agencies and
a small number of credit-tested individuals.
IT Risk relates to the security of networks, information and operating systems, the security and integrity
of the company's data, the safeguarding of sensitive information, as well as the smooth operation of
business activities. A possible breach would affect the Group's reputation, its smooth operation and its
overall competitive position. In addition, a potential cyber-attack could potentially cause a negative
impact on the financial condition and operating results, in addition to the loss of time.
The Group has developed an information security framework through which it aims to optimally protect
information systems and data. An IT Policy has been instituted which is in line with the medium-long term
strategic plan of the Group, as well as corresponding procedures, which define the investment plan in
terms of the safe support of business objectives with the development of programs to enhance the
security of data and applications, with the help of external partners, as well as the development and
establishment of a disaster recovery program in the context of the business continuity plan, which is tested
and updated/improved on a regular basis according to the business needs of the Group. It is noted that
the Group has already been insured against the risk of cyber-attacks. At the same time, there is a
continuous and structured information security awareness and training program which is applied
throughout the Group, so that all staff understand the IT risks, the need and the responsibility attributed
to them for the security of data, systems and operations.
Reputation Risk refers to the damage caused to the company's reputation by fake news, misconceptions
about the Group’s operation, its purposes and values, negative advertising, unfortunate events, possible
communication mistakes through the Group’s websites, social networks, and/or direct communication
with potential or existing clients/partners.
According to the principles of the Group, customer satisfaction, an excellent and mutually beneficial
relationship with partners and the contribution to the well-being and development of the local
communities in which it operates are its main concern and pursuit. In addition, the Corporate
Communication Division has designed and implements Policies and Procedures aimed at aligning the
entire organization with the approved communication strategy, ensuring proper communication with
stakeholder, with a view to protecting the corporate reputation.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(75) / (297)
Health & Safety Risk is important because it affects human life. Health and safety as a good is a
fundamental concern of the Group, which is included in all its strategic choices and decisions and is
integrated in the whole range of its activities. The Group constantly invests in safeguarding and protecting
health and safety. Regarding this risk, a detailed report on the Group’s management/response method is
made in the S-Society section.
Environmental Risk refers to intense weather events or long-term environmental changes, to transition
risks related to extensive political, legal, technological changes and climate change adaptation and
mitigation measures, and to the organization’s successful transition to a lower-carbon economy by
making the necessary operational adjustments. It is noted that the Group's assets are insured against
environmental risks. Regarding this risk, a detailed report on the Group’s management/response method
is made in the E-Environment section.
Regulatory Compliance Risk concerns the non-maintenance of legal and regulatory compliance at a
business, contractual, labor, social, environmental and product (product or service) level. The
Management ensures that the overall corporate activity is lawful, meets high levels of responsible
entrepreneurship and strengthens the climate of trust between the Group and its stakeholders
(employees, customers, suppliers, partners, administrative and institutional authorities, etc.), through
consistency in its principles and values and demonstrates zero tolerance as regards compliance related
actions. This risk is dealt with by the implementation of the program of the relevant Division, and in
particular by the continuous information and training of the staff on related issues and the
implementation of planned audits.
Operational Risk may appear in every function of the organization, as a result of incorrect or deficient
procedures with the absence of adequate safeguards. It is addressed by creating procedures for all Group
activities and functions incorporating the required principles of two-level control and segregation of
duties. In particular, the procedures are developed with the participation of IT, so that the required
safeguards/control mechanisms are fully set to prevent or mitigate risks through lean and digital
processes. At the same time, the appropriate and targeted training of staff on these issues enhances the
implementation and proper compliance with them, achieving prevention and mitigation of the relevant
risks.
Business Continuity
ELLAKTOR Group has been certified by an independent body for the Business Continuity Management
System according to ISO 22301:2019. This certification confirms the uninterrupted continuity of
ELLAKTOR’s activities and its contact with all its projects and its ability to prevent any malfunctions and
to protect itself from the consequences of possible exceptional events.
In addition, the Group applies an ISO 27001-certified Information Security Management System that aims
to protect the confidentiality, integrity and access of corporate information. The Information Security
Management System, consisting of Policies, Procedures and Systems, manages the level of operational
risk arising from the Group’s dependence on information systems and ensures, to the fullest extent
possible, the accuracy of the financial information provided.
Management Systems
In order to ensure transparency in all its activities and the efficiency of its business operations, ELLAKTOR
Group has developed Management Systems, which are certified in accordance with international
standards. This ensures constant improvement and greater reliability of the Group, providing also multiple
benefits related to safe working conditions, protection of the environment and enhanced productivity and
sustainability.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(76) / (297)
Company (continuing
operations)
ISO 9001:2015
ISO 45001:2018
ISO 14001:2015
ISO 50001:2018
EMAS III
ISO 39001:2012
ISO 37000:2021
ISO 37001:2016
ISO 37301:2021
IS0 37002:2021
ISO 41001:2018
ISO 27001: 2013
ISO 22301:2019
ISO/IEC 20000
-1:
2018
ELLAKTOR GROUP
√
√
ELLAKTOR S.A.
√
√
√
√
CONCESSIONS
AKTOR CONCESSIONS
SINGLE-MEMBER S.A.
√
√
√
√
√
√
ATTIKES DIADROMES S.A.
√
√
√
√
√
√
ATTIKI ODOS S.A.
√
√
√
MOREAS S.A.
√
√
√
DEVELOPMENT OF NEW
ALIMOS MARINA SINGLE
MEMBER S.A.
√
√
√
√
ENVIRONMENT
HELECTOR S.A.
√
√
√
√
√
√
√
√
√
STERILISATION S.A.
√
√
√
APOTEFROTIRAS S.A.
√
√
√
ASA RECYCLE
(ASPROPYRGOS)
√
√
√
√
√
√
ASA RECYCLE (LAMIA)
√
√
√
EDADYM SINGLE MEMBER
S.A.
√
√
√
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(77) / (297)
Company (continuing
operations)
ISO 9001:2015
ISO 45001:2018
ISO 14001:2015
ISO 50001:2018
EMAS III
ISO 39001:2012
ISO 37000:2021
ISO 37001:2016
ISO 37301:2021
IS0 37002:2021
ISO 41001:2018
ISO 27001: 2013
ISO 22301:2019
ISO/IEC 20000
-1:
2018
EPALTHEA S.A.
√
√
√
BEAL S.A.
√
REAL ESTATE
DEVELOPMENT AND
SERVICES
REDS REAL ESTATE
DEVELOPMENT S.A.
√
√
√
YIALOU COMMERCIAL &
TOURISM S.A. (Smart Park)
√
√
The company HELECTOR S.A. has been audited for the implementation of the guiding principles of the ISO 26000
standard regarding Corporate Social Responsibility management, has been certified according to the SA8000:2014
standard for "Social Accountability Management”, and its subsidiary, STERILISATION S.A. has been certified according
to the ELOT EN 12740:2000 standard with the scope of "Sterilization of Purely Infectious Hazardous Waste (PIHW) from
Healthcare Units”.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(78) / (297)
ELLAKTOR Group holds a certification for the headquarters building according to the requirements of the ELOT
1439:2013 standard, ‘‘Disability-friendly organization’’ regarding accessible parking spaces, accessible entrance,
accessible routing (horizontal and vertical), accessible services, accessible fixed equipment, accessible escape and
employee education/training.
Company (discontinued
operations)
ISO 9001:2015
ISO 45001:2018
ISO 14001:2015
ISO 50001:2018
EMAS III
ISO 39001:2012
ISO 37000:2021
ISO 37001:2016
ISO 37301:2021
IS0 37002:2021
ISO 41001:2018
ISO 27001: 2013
ISO 22301:2019
ISO/IEC 20000
-1:
2018
CONSTRUCTION
AKTOR S.A.
√
√
√
√
√
√
√
√
AKTOR F.M. SINGLE
MEMBER S.A.
√
√
√
√
√
√
√
√
HELLENIC QUARRIES S.A.
√
√
√
√
√
GREEK NURSERIES S.A.
√
√
√
TOMI S.A.
√
√
√
√
√
√
√
√
The data reported in the table for the Construction segment covers the period until 07.11.2023.
Supply Chain
The Group, in cooperation with its suppliers, aims to fully meet the needs of its projects and operations
and to achieve the highest quality of its final projects, products and services. At the same time, it focuses
on supporting local suppliers, where feasible, thus strengthening the local market.
In accordance with the existing procedures and practices, in regard to supply management, procurements
are carried out individually per company and/or project, based on predetermined specifications and
market research and on the accessibility of local suppliers.
During 2023, the Group Procurement Division, aiming for centralized procurement management,
collaborated with other Group Divisions, as well as with the Procurement Departments of the companies
and projects, in order to monitor and meet their needs. The Division undertakes purchases involving more
than one company / joint venture and / or projects of the Group, seeking to reduce costs based on
economies of scale. In addition, it monitors market trends in materials and advises the companies
accordingly.
Supply Chain Risk Management
The Group monitors, assesses and reviews the degree of impact of the various risks related to the supply
chain.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(79) / (297)
The Procurement Division and the Procurement Departments of the Group have recognized the existence
of risks concerning the supply chain and their subsequent negative impacts and have initiated actions to
manage these risks.
Among other events that significantly affect the achievement of the Group’s strategic goals and have a
significant impact on its operation, possibly its reputation, as well as the continuity of its activity, the
following were also recorded, in relation to the continuity of supply:
▪ Interruption of flow of goods due to unavailability (interrupted continuity).
▪ Inability of approved suppliers to perform supply contracts.
▪ Absence of framework agreements for some of the critical goods.
Supply Chain Surveillance Systems and Procedures
In accordance with the existing procedures and practices, in regard to supply management, procurements
are carried out individually per company and/or project, based on predetermined specifications and
market research and on the accessibility of local suppliers.
Suppliers/subcontractors are similarly selected through open market research, with request for product
specifications and proposals of at least 3 different suppliers/subcontractors. From the offers received, the
final selection takes into account the quality of the proposal and the cost of the services, as well as the
delivery/response time.
The Procurement Division and the individual procurement departments of the Group have identified the
existence of risks related to the supply chain and their subsequent negative impacts and have launched
actions to manage these risks.
Moreover, in the context of updating and further developing the systemic and operational needs, related
to the supply chain, work groups (project teams) were created for the continuous improvement of the
issues related to the supply chain.
ELLAKTOR Group has created a special "Code of Conduct for Business Partners" which includes the
description of its minimum requirements/expectations from the third parties with whom it cooperates,
including its supply chain, on issues related to responsible business and sustainable development, while
it is a basic requirement of the commercial cooperation between the two parties. The Code is aligned with
the Global Sustainable Development Goals (SDGs).
It is worth mentioning that the Group has acquired an internationally recognized tool to strengthen the
Third-Party Due Diligence process of all its sectors of activity. The tool includes a risk-based assessment
process of business partners, but also their continuous monitoring during the business relationship, and
focuses, among other things, on issues of corruption and bribery (anti-bribery & corruption), negative
information or sanctions regarding the cyberspace, environment and society etc.
More specifically, HELECTOR, through its cooperation with its suppliers and subcontractors, sets as its
goal 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 and subcontractors where possible, thus
strengthening the local market.
Additionally, a new ERP system (DANAOS-PROJECT VIEW) has been installed and is operational for
HELECTOR. This new system is integrated with SAP and will facilitate the accounting department in the
entry of invoices and the proper monitoring of payments.
GRI: 204-1 Percentage of purchases from domestic suppliers: In 2023, 92% of the Group’s companies
supplies came from local suppliers. Local suppliers are considered those whose headquarters are located
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(80) / (297)
in the country where the Group's activities are carried out, while significant locations of operation are
defined as the countries of operation, which are within the scope of the Report.
Innovation & Digital Transformation
For ELLAKTOR Group, strengthening innovation is an integral part of its strategy, accelerating the
transformation of the business segments in which it operates. In order to develop innovative solutions
and scale them appropriately to yield the expected benefits, the Group works closely with all business
segments, focusing on research projects and partnerships that have applications to all 5 business
segments. Specifically, in both the Construction and Real Estate Management and Services segments, it
supports the creation of ‘‘smart’’ buildings designed based on the principles of the circular economy using
innovative materials in terms of their properties. More analytically, initiatives are being implemented for
the optimal use of natural resources and raw materials in projects, fostering the culture of reuse and
recycling while saving energy. In the Concessions segment, the aim is to install ‘‘smart’’ operating models
as a response to the immediate and effective management of emergencies or accidents. In the
Environment segment, the focus is on waste management and the reuse of energy. For this purpose, the
Group participates in research programs and seeks new partnerships with technology companies and
universities in order to be able to transfer know-how from the research stage to the operational stage
under real conditions. In 2023, ELLAKTOR Group, participated in 8 research programs through its
subsidiaries. The main areas of interest include the use of BIM (Building Information Modelling)
technologies for creating a digital representation of the building (digital twin building), floating
photovoltaic systems, as well as the application of robotic technology, both in emergency response to
critical infrastructure incidents and in routine maintenance and repair.
Specifically, in 2023, ELLACTOR Group, through international collaborations, submitted proposals for
projects focusing on the development of economically efficient solutions for reducing carbon emissions
in buildings, modeling and construction as a service for remote infrastructures, recycling of secondary
resources, and development of a digital 'passport' for buildings using BIM technologies. It is worth noting
that in 2023, ELLACTOR Group submitted 6 proposals for research projects.
In this context, in July 2023, the funding for the 'Wood2Wood' (W2W) project was approved by the
European Commission, in which the Group will participate in collaboration with the Research University
Institute of Communication and Computer Systems (ICCS) and other recognized entities. The aim of this
project is to propose an integrated framework for the utilization of wood sourced either from dismantling
and demolitions resulting from construction works or from discarded old furniture, as this material
constitutes a significant percentage of the annual waste of European Union countries. Through advanced
wood separation and sorting technologies, appropriate recycling processes, and the use of digital tools,
W2W aims to reduce the demand for primary materials, decrease the amount of waste ending up in
landfills, create secondary value-added products, and support the transition towards a circular economy.
A tangible benefit from research programs recently completed by Group companies is the fact that the
solutions have proven to be economically sustainable and investment-efficient, thus opening up the
possibility for scaled application after submitting a patent application to the Industrial Property
Organization.
Digital transformation is a key pillar of ELLAKTOR Group’s strategy, aiming to provide user-friendly digital
services tailored to business needs. Digital transformation seeks to increase productivity by improving the
way the organization operates, increasing the quality and speed of information collection. With the use
of technology, processes are becoming more efficient and automated, allowing people to focus on more
creative and advanced tasks.
To achieve this, the Group’s IT Division applies flexible models for designing and implementing new digital
solutions, integrating innovative methods and cutting-edge technologies in various areas, taking always
under consideration the security of data and information it manages.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(81) / (297)
Digital transformation includes the following areas:
▪ Mobile and tablet access to corporate information
▪ Cloud technologies for flexibility, reliability, security and reduced operational costs
▪ Data analysis and presentation of results for decision-making
▪ Internet of Things (IoT) in production
▪ Robotics and process automation
▪ Artificial Intelligence (AI)
▪ Cybersecurity
ELLAKTOR Group, recognizing the constantly evolving risks in cyberspace, implements a comprehensive
and certified ISO 27001 Information Security Management System, aiming to protect the confidentiality,
integrity, and availability of corporate information. The role of the Group Information Security Officer is
crucial for governing data security, technological infrastructure, and particularly for informing the Group's
Management and personnel.
Through the use of the Information Security Management System, ELLAKTOR Group has developed and
implemented policies and procedures, communicated to employees, partners, and stakeholders. Training
and awareness of personnel regarding Cybersecurity is a primary priority, and seminars and readiness
exercises are conducted through a properly designed platform addressing external and internal threats
and risks, as well as the identification and reporting of incidents related to information security.
In cases involving information security incidents, approved incident response procedures are followed,
and if deemed necessary, activation of business continuity and emergency response plans is possible,
which are regularly reviewed and tested for effectiveness. Additionally, internal and external audits are
conducted to identify vulnerabilities, and appropriate technical measures are taken to mitigate the risk
associated with them.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(82) / (297)
Non-Financial KPIs 2023
Indicative key performance indicators (KPIs) for 2023 are presented below. The full set of the Group’s non-
financial KPIs will be presented in the Group’s Sustainable Development Report 2023.
Continuing Operations
ELLAKTOR Group
KPIs
2021
2022
2023
1
Ε-Environment
GRI 302-1
C-E3
Energy consumption (MWh)
139,350
135,753
124,149
GRI 305-1
CO
2
eq. emissions (tonnes CO
2
eq.)- Scope 1
2
10,280
16,912
17,303
C-E1
GRI 305-2
C-E2
CO
2
eq. emissions (tonnes CO
2
eq.) - Scope 2
2
53,584
28,748
29,243
Electricity generation from RES (ΜWh)
3
220,610
210,417
222,983
Avoidance of CO
2
eq. emissions (th. tonnes CO
2
eq.)
1,007
879
976
Environmental investments (€)
1,060,867
1,314,571
778,311
S-Society
GRI 403-9
Number of fatalities (number of employees)
0
0
0
Number of injuries (number of employees)
4
17
21
22
GRI 2-7
Number of employees 31/12
5
3,215
3,229
2,260
C-S2
Female employees (%)
5
40
43
34
GRI 406-1
Incidents of discrimination and corrective actions
0
0
0
Health & Safety investments (€)
917,573
798,209
933,052
G-Governance
GRI 204-1
Supplies procured from local suppliers (% procurement)
6
92%
91%
92%
C-G1
Composition of the Board of Directors - Percentage of Board
members who are women
43%
7
27 %
8
27%
9
C-G4
Sustainable Development Policy
10
√
√
√
C-G2
Sustainable Development Overview
11
Sustainable
Development
Committee
Sustainable
Development
Committee
Sustainable
Development
Committee
GRI 205-3
Confirmed incidents of corruption and actions taken
0
0
0
The 2023 KPIs refer to the continuing operations of ELLAKTOR Group companies based in Greece, Germany, Cyprus and
Romania, including the joint ventures in which the Group companies have a majority shareholding and/or exercise
management duties. The 2021 and 2022 KPIs include the operations of ELLAKTOR Group companies based in Greece,
Germany, Cyprus, Qatar, Romania and Jordan, including the joint ventures in which the Group companies have a
majority shareholding and/or exercise management duties. Continuing operations include the Concessions, the
Environment and the Real Estate Development & Services segments.
1. The 2023 KPIs include data from the “Smart Park” retail park, of the Real Estate Development & Services segment.
This project was constructed by the Group’s subsidiary R.E.D.S. and operated until November 2023.
2. The methodology for calculating emissions for the reference years 2022-2023, is based on both the widely
recognized GHG Protocol and the ISO 14064-1:2018 International Standard, and the factors used for the
calculations are from the documents: Greece- National Inventory Submissions 2022 & 2023, DAPEEP 2022 & 2023,
IPCC - AR5, ΙΕΑ, ecoinvent 3.10, EPA 2023, Germany-National Inventory Submissions 2023, DEFRA 2023. In direct
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(83) / (297)
Scope 1 emissions, the biogenic CO
2
emissions have not been included, which are reported separately, according to
the GHG Protocol and ISO.
3. Transmission losses have not been included in the production of electricity from RES.
4. An injury is defined as any incident during work hours that resulted in the injury of an employee, as well as in the
loss of working days (beyond the day of the incident). The number of injuries does not include fatalities, incidents
due to pathological causes, accidents with zero days of absence from work, and road accidents while commuting
to/from work.
5. Including employees, regardless of their employment relationship, employed by companies and joint ventures of
the Group (in which the Group companies has a majority shareholding and/or exercise management duties).
6. Local suppliers are those suppliers whose headquarters are located in the country where the Group’s business is
conducted, while significant locations of operation are defined as the countries of operation that are within the
scope of this Report.
7. Refers to the composition as at 31.12.2021.
8. Refers to the composition as at 31.12.2022.
9. Refers to the composition as at 11.01.2024.
10. The Group’s Sustainable Development Policy was adopted in March 2022.
11. The establishment of the Sustainable Development Committee was completed and approved by the BoD in
November 2021.
Discontinued Operations
ELLAKTOR Group
KPIs
2021
2022
2023
1
Ε- Environment
GRI 302-1
Energy consumption (MWh)
2
110,502
115,291
72,467
C-E3
GRI 305-1
CO2 eq. emissions (tonnes CO
2
eq.)- Scope 1
2
18,110
21,337
17,475
C-E1
GRI 305-2
CO2 eq. emissions (tonnes CO
2
eq.) - Scope 2
2
8,163
4,923
5,211
C-E2
Electricity generation from RES (ΜWh)
3
1,158,900
1,154,064
0
Avoidance of CO2 eq. emissions (tonnes CO
2
equivalent)
699,933
387,642
0
Environmental investments (€)
1,715,323
626,874
Ν/Α
S-Society
GRI 403-9
Number of fatalities (number of employees)
3
0
0
Number of injuries (number of employees)
4
31
40
18
GRI 2-7
Number of employees
31/12
5
4,081
4,100
3,669
C-S2
Female employees (%)
5
14%
14%
13%
GRI 406-1
Incidents of discrimination and corrective actions
0
0
0
Health & Safety investments (€)
1,054,627
518,036
598,468
G-Governance
GRI 204-1
Supplies procured from local suppliers (% procurement)
6
94%
93%
97%
GRI 205-3
Confirmed incidents of corruption and actions taken
0
0
0
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(84) / (297)
The KPIs refer to the discontinued operations of ELLAKTOR Group companies, based in Greece, Qatar and Romania,
including the joint ventures in which the Group companies have a majority shareholding and/or exercise management
duties. Discontinued operations include the RES and Construction segments.
1. The 2023 KPIs include the Construction segment for the period 01.01.2023 to 07.11.2023.
2. For the calculation of the energy produced, the direct emissions (Scope 1) and the indirect emissions (Scope 2) for
2023, an approximate methodology with specific indicators per turnover has been used.
3. Transmission losses have not been included in the production of electricity from RES for the years 2021 and 2022.
4. An injury is defined as any incident during work hours that resulted in the injury of an employee, as well as in the
loss of working days (beyond the day of the incident). The number of injuries does not include fatalities, incidents
due to pathological causes, accidents with zero days of absence from work, and road accidents while commuting
to/from work.
5. Including employees, regardless of their employment relationship, employed by companies and joint ventures of
the Group (in which the Group companies has a majority shareholding and/or or exercise management duties).
6. Local suppliers are those suppliers whose headquarters are located in the country where the Group’s business is
conducted, while significant locations of operation are defined as the countries of operation that are within the
scope of this Report.
Performance in ESG rating agencies
ELLAKTOR Group responds to the questions of sustainable development analysts and its performance is
evaluated by independent organizations such as ISS ESG, Bloomberg, S&P, Refinitiv, Sustainable Fitch,
FTSE Russell, MSCI ESG and Sustainalytics.
In addition, the Company is included in the ATHEX ESG index of the Athens Exchange Group. This index
tracks the stock market performance of listed companies that adopt and promote their Environmental,
Social and Governance (ESG) practices. It is worth noting that ELLAKTOR Group achieved a 95% score in
the “ESG transparency score” index of the ATHEX in 2023.
ELLAKTOR is included in the “Financial Times Stock Exchange4Good (FTSE4Good) Index Series”. The
FTSE4Good indices were created by FTSE Russell and assess the performance of companies in terms of
the implementation of practices in the areas of Environment, Society and Governance (ESG). The
FTSE4Good indices are used by the financial and investment market to evaluate socially responsible
investment opportunities and other business products. FTSE Russell’s assessment is based on the
performance of listed companies in the areas of Corporate Governance, Health and Safety, Anti-
Corruption and Climate Change. Companies included in this FTSE4Good index meet multiple
Environmental, Social and Corporate Governance criteria and requirements.
Finally, ELLAKTOR participated for the first time in the Bloomberg Gender Equality Index (GEI), achieving
a score higher than the inclusion threshold.
It’s worth mentioning that for the first time the Group submitted the CDP’s Climate Change questionnaire
for all the 13 scoring categories and, achieved a high B score (global average: C).
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(85) / (297)
Disclosures according to EU Taxonomy
With the action plan for sustainable finance, the European Commission essentially aims to make the
economic and financial system in the EU more sustainable and to achieve the goal of climate neutrality
by 2050. The key tool of this action plan is the EU Taxonomy Regulation.
ELLAKTOR Group proceeded to the screening of the environmentally sustainable activities, following the
guidance of the Regulations 2020/852/ΕU, 2021/2178/ΕU, 2021/2139/ΕU, 2023/2485/ΕU and
2023/2486/ΕU for Climate, by adopting a five-step assessment methodology as follows:
Taxonomy Eligibility Screening
According to the Regulation, for assessing the eligibility of an economic activity, the contribution of each
activity to the achievement of one or more of the following six environmental objectives is assessed:
1. Climate change mitigation (CCM)
2. Climate change adaptation (CCA)
3. Sustainable use and protection of water and marine resources (WTR)
4. Transition to a circular economy (CE)
5. Pollution prevention and control (PPC)
6. Protection and restoration of biodiversity and ecosystems (BIO)
In this context, ELLAKTOR Group has applied the guidelines of the Taxonomy Regulation and the Climate
Delegated Act (EU) 2021/2139, as well as their relevant modifications, and recorded the economic
activities that are identified as eligible regarding the definition of eligibility under the Taxonomy
Regulation.
It is noted that activities that are not subject to the Climate Delegated Act are included in the non-eligible
activities.
Regarding the determination of the eligible activities concerning all six environmental objectives, the
analysis and evaluation of the Group's business activities was carried out based on their nature and the
relevant NACE codes.
The Key Performance Indicators (“KPIs”) include turnover KPI, CapEx KPI and OpEx KPI. For the
presentation of these KPIs, the templates provided in Annex II of the Commission Delegated Regulation
were used. ELLAKTOR Group does not perform any activities related to nuclear energy (activities 4.26-
4.31), and therefore the dedicated templates introduced by the Complementary Delegated Act as regards
activities in certain energy were not used.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(86) / (297)
Based on the relevant Delegated Acts, the Group has identified a total of 23 continuing economic activities
as eligible, under ten (10) economic activities defined in the EU Taxonomy, which can contribute to the
CCM, CCA, CE and PPC objectives.
Taxonomy Alignment Screening
An economic activity is classified as being in compliance with Taxonomy if it meets the following
requirements:
▪ Significantly contributes to achieving one or more of the six environmental objectives
In this context, eligible economic activities were assessed on the basis of technical screening criteria
for their significant contribution.
▪ Does no significant harm (DNSH) to any of the other five environmental objectives
According to Article 17 of the Regulation 2020/852/ΕU, with regard to the criteria of no significant
harm (DNSH) on the other environmental objectives, the environmental impacts of the activity itself
and the environmental impacts of the products and services resulting from the activity over their
entire life cycle are taken into account. In particular, with regard to the criteria for not causing a
significant harm on the environmental objective “adaptation to climate change”, these are referred to
in the section “TCFD report results” of the chapter “E-Environment”.
▪ Meets the minimum social safeguards
In line with the guidelines of the Regulation and the Climate Delegated Act, the conduct of activities
in accordance with minimum safeguards was assessed, with a focus on ensuring respect for human
rights and good business conduct. In this context, the protection of human rights was assessed, as
well as the safeguarding of business ethics, including the prevention of corruption and bribery,
compliance with tax obligations and ensuring fair competition. Detailed information is available in the
section “Respect for Human Rights”.
The 23 continuing economic activities were screened against the requirements of the technical criteria
and the criteria of Do No Significant Harm (DNSH) and 14 were characterized as aligned within the
seven (7) economic activities defined in the EU Taxonomy.
It should be noted that regarding the Taxonomy Alignment Screening of the discontinued economic
activities of the Construction segment, no sufficient data were available, as a result of which
assumptions have been made during the screening of the technical and DNSH criteria.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(87) / (297)
More detailed information on the screening of these criteria is presented below:
4.1 Electricity generation using solar photovoltaic technology
The company "IOANNA PROPERTIES SRL", a subsidiary of ELLAKTOR, operates a photovoltaic park for
electricity generation in Romania using photovoltaic solar technology, meeting the technical criteria
for significant contribution to climate change mitigation. Regarding the criteria for avoiding
significant adverse impacts, the following apply: a) for climate change adaptation, see more detailed
information in the "TCFD Report Results" section of the "Environment" chapter, b) for transitioning to
a circular economy, the availability and, where feasible, use of equipment and construction elements
with high durability and recyclability are evaluated, which can be easily disassembled and refurbished,
c) for the protection and restoration of biodiversity and ecosystems, an environmental impact
assessment has been completed for the project and required mitigation and compensation measures
are implemented to protect the environment.
4.3 Electricity generation from wind technology
The subsidiary company “Aeiforiki Dodekanisou S.A.” of HELECTOR, operates three wind parks in
Rhodes, Kos, and Patmos, where electricity is generated from wind energy, meeting the technical
criteria for significant contribution to climate change mitigation. Regarding the criteria for avoiding
significant adverse impacts, the following apply: a) for climate change adaptation, see more detailed
information in the "TCFD Report Results" section of the "E-Environment" chapter, b) for transitioning
to a circular economy, equipment and construction elements with high durability and recyclability are
used, c) for the protection and restoration of biodiversity and ecosystems, the project has approved
Standard Environmental Commitments and required mitigation and compensation measures are
implemented to protect the environment.
5.8. Composting of bio-waste
The project “J/V PRASINOU EMA” concerns the processing of separate collected organic waste
through composting (aerobic digestion), and the subsequent production and use of compost.
Regarding the technical criteria for assessing the contribution to the objective of mitigating climate
change, the organic waste composted is separated at the source and collected separately, and the
resulting compost belongs to the project's entity, E.D.S.N.A., meeting the requirements for the
materials used for fertilization as defined in category 3 of Annex II of Regulation (EU) 2019/1009.
Regarding the criteria for no significant harm the following apply: a) for adaptation to climate change,
refer to the "TCFD Report Results" section of the "Ε- Environment" chapter for detailed information,
b) for pollution prevention and control, the unit processes more than 400 tons per day, emissions into
the atmosphere and water are within or below emission levels associated with best available
techniques, as defined for aerobic waste treatment in the most recent relevant best available
techniques conclusions (BACT). Additionally, the unit has a system to prevent leachate leakage into
groundwater, c) for the protection and restoration of biodiversity and ecosystems, the project has an
approved Environmental Impact Assessment and a Decision on the Approval of Environmental
Conditions, and required mitigation and compensation measures are implemented to protect the
environment.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(88) / (297)
5.10. Landfill gas capture and utilization
The 4 biogas utilization units of HELECTOR, "Operation of Tagarades Biogas Unit", "Operation of
Mavrorachi Biogas Energy Utilization Unit", "ΒEAL", and "Biogas of Western Macedonia", operate
based on the capture and utilization of methane from landfills in permanently closed areas and closed
cells, using special technical facilities and equipment that have been installed during or after the
closure of the landfills or cells of the sanitary landfills.
Regarding the technical criteria for significant contribution to climate change mitigation, the following
apply to the aforementioned projects: a) The landfill has not opened after July 8, 2020, b) The landfill
cell where the gas capture system is installed for the first time, expanded, or reconstructed has been
permanently closed and does not accept further biodegradable waste, c) The generated landfill gases
are used for electricity production as biogas, and d) Methane emissions from the landfill and leaks
from the gas collection and utilization facilities are subject to control and monitoring procedures
defined in Annex III of Council Directive 1999/31/EC.
Regarding the criteria for no significant harm, the following apply: a) for adaptation to climate change,
refer to the detailed information in the "TCFD Report Results" section of the "E-Environment" chapter
b) for pollution prevention and control, the final cessation of operations and the rehabilitation, as well
as the subsequent care of old landfill sites where the landfill gas capture system is installed, are carried
out in accordance with the general requirements specified in Annex I of Directive 1999/31/EC and the
monitoring and control procedures outlined in Annex III of the said directive and c) for the protection
and restoration of biodiversity and ecosystems, the projects have an approved Environmental Impact
Assessment and a Decision on the Approval of Environmental Conditions, and the necessary
mitigation and compensation measures are implemented to protect the environment.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(89) / (297)
2.7. Sorting and material recovery from non-hazardous waste
The projects "ASA (Aspropyrgos)" and "ASA (Thessaloniki)" involve the operation of facilities for
sorting and recovering non-hazardous waste flows, specifically recyclable glass waste, into high-
quality secondary raw materials using mechanical conversion processes. Similarly, the project "ASA
(RSC Lamia)" involves the operation of facilities for sorting and recovering of non-hazardous waste
flows, specifically recyclable waste (blue bins), into high-quality secondary raw materials using
mechanical conversion processes.
Regarding the technical criteria for significant contribution to circular economy, the following apply
to the aforementioned projects: a) for the sourcing of raw materials, non-hazardous waste primary
materials come from separately collected and transported waste (glass collection bins and blue bins),
b) for material recovery, the operations involve achieving or exceeding the existing material recovery
rates per unit by the competent authorities, which are defined in the applicable plans, permits, or
waste management contracts. The facilities internally apply predefined Key Performance Indicators
(KPIs) to monitor performance and achieve the applicable material recovery rates. Regarding materials
for which separate collection is mandatory, at least 50% of the processed, separately collected, non-
hazardous waste is converted into secondary raw materials suitable for substituting primary raw
materials in production processes. It's worth noting that for all three units, the recycling rate of
recyclable waste exceeds 60% c) for proper waste management, facilities implement best available
practices to improve the overall environmental performance of the units, such as waste designation
processes and waste acceptance procedures concerning the quality of incoming waste, traceability
and waste registration systems, waste separation processes, measures to ensure waste compatibility
before mixing or blending, technologies and procedures for material sorting and recovery, in order
to meet the relevant technical specifications and quality standards and technologies appropriate to
the waste fractions, including optical sorting, magnetic separation, or size-based separation and d)
for the quality of secondary raw materials, waste is converted into secondary raw materials, including
critical raw materials, suitable for substituting primary raw materials in production processes
(recyclable materials and glass cullet accordingly).
Regarding the criteria for no significant harm, the following apply: a) for adaptation to climate change,
please refer to the section "TCFD Report Results" in Chapter "E-Environment" for more detailed
information, b) for sustainable use and protection of water and marine resources, the projects have
an approved Environmental Impact Assessment Study and a Decision on the Approval of
Environmental Conditions, and necessary measures for mitigation and compensation are
implemented to protect the environment, c) for prevention and control of pollution, relevant
techniques are applied to prevent and control pollution, and the relevant emission limits of the Best
Available Techniques (BAT) conclusions for waste processing are met, and d) for the protection and
restoration of biodiversity and ecosystems, the projects have an approved Environmental Impact
Assessment Study and a Decision on the Approval of Environmental Conditions, and necessary
measures for mitigation and compensation are implemented to protect the environment.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(90) / (297)
2.2. Hazardous waste management
The project “Sterilisation S.A.” involves the operation of specialized facilities for the treatment of
hazardous waste from healthcare units, including physicochemical treatment and specifically
sterilization (task D9), and the project "EPALTHEA" involves the operation of specialized facilities for
the treatment of hazardous waste from healthcare units, including the incineration of non-recyclable
hazardous waste (task D10).
Regarding the monitor of technical criteria for significant harm to pollution prevention and monitor
for projects, the following apply: a) operations related to the sterilization of healthcare waste and the
incineration of waste of healthcare units comply with the requirements set forth in the conclusions
for Best Available Techniques (BAT) for waste treatment, b) during the pre-acceptance procedures,
requirements are applied in accordance with Joint Ministerial Decision 146163/08.05.2012 "Measures
and Terms for the Management of Healthcare Waste", and necessary information is collected such as
the arrival date at the waste processing unit, contact details of the waste producer, waste code, c)
during the acceptance procedures, requirements are applied according to Joint Ministerial Decision
146163/08.05.2012 "Measures and Terms for the Waste Management of Healthcare Units" and the
Decision on the Approval of Environmental Conditions of the units. Personnel involved in the pre-
acceptance and acceptance procedures are able to handle all necessary issues concerning waste
processing at the waste treatment facility. As for the "mixing or blending activities" of Directive
2010/75/EU, the projects do not use dilution to reduce the concentration of one or more hazardous
substances contained in the waste, aiming to be declassified the resulting waste mixture and convert
it to "non-hazardous waste," and therefore be treated in facilities not specifically intended for
hazardous waste treatment. Dilution is not used as a "substitute" for appropriate waste treatment d)
regarding the treatment of healthcare waste through sterilization and incineration methods, the
facilities implement best practices for the safe management of waste from healthcare activities and
comply with legal obligations such as Ministerial Decision 36060/1155/e.103/2013 "Determination of
framework of rules, measures, and procedures for the integrated prevention and control of
environmental pollution from industrial activities, in compliance with the provisions of Directive
2010/75/EU “on industrial emissions (integrated prevention and control of pollution)” of the European
Parliament and of the Council of 24 November 2010”.
Regarding the criteria of non-significant harm, the following apply: a) for adaptation to climate
change, refer to the "TCFD Report Results" section of the "E-Environment" chapter for more details,
b) for sustainable use and protection of water and marine resources, projects have an approved
Environmental Impact Assessment and a Decision on the Approval of Environmental Conditions, the
required mitigation and compensation measures for environmental protection and relevant
techniques for water and marine resource protection applied, as defined in the conclusions of the
best available techniques (BAT) for waste treatment, and c) for the protection and restoration of
biodiversity and ecosystems, projects have an approved Environmental Impact Assessment and a
Decision on the Approval of Environmental Conditions, with the required mitigation and
compensation measures are applied for environmental protection.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(91) / (297)
6.16. Water transport infrastructure
The "Development of New Alimos Marina", a subsidiary of AKTOR CONCESSIONS, operates as a
tourist port in the region of Attica. Regarding the technical criteria for significant contribution to
climate change adaptation for the Alimos Marina project, the following natural hazards have been
identified and evaluated: humidity, heatwaves, cold waves/frost, rainfall/snowfall, floods, and fires. To
assess climate risks and vulnerability in proportion to the scale and expected duration of the activity,
two of the Representative Concentration Pathways (RCPs) scenarios of the Intergovernmental Panel
on Climate Change (IPCC, AR5) have been used: the moderate scenario RCP4.5, which aligns with the
Paris Agreement, and the high-emissions scenario RCP8.5. Specifically, the vulnerability assessment
was conducted by combining the results of the analysis of expected climate parameters that are
expected to affect the operating location of Alimos Marina by 2050 (Exposure Analysis), as well as the
identification of activities susceptible to any climate change, regardless of geographical location
(Sensitivity Analysis). The estimation of climate risk was performed through the assessment of the
probability and severity of impacts associated with the risks identified as significant in the vulnerability
assessment, the assessment of the significance of the identified potential risks, and the identification
of adaptation measures to address potentially significant risks. In the case of Alimos Marina, the risk
was found to be low in all parameters, and no adaptation measures have been proposed. The
assessment was conducted based on the guidelines of European Commission Notice 2021/C 280/01
concerning technical guidance for conducting sustainability audit.
The criteria of no significant harm are as follows: a) for climate change mitigation, the project operates
as a tourist port (marina) and does not have new facilities, nor have large-scale renovations been
carried out, b) for sustainable use and protection of water and marine resources, the project has
approved environmental terms, as well as an Environmental Impact Assessment, and conducts regular
water quality checks in terms of physicochemical parameters, microbiological load, and nutrients, c)
for the transition to a circular economy, no construction or demolition projects are carried out, d) for
the prevention and control of pollution, the approved environmental conditions are observed and
measures are taken to reduce noise, dust and pollutant emissions in the project area, as well as
winterization and e) for the protection and restoration of biodiversity and ecosystems, the project has
an approved Environmental Impact Assessment and approved environmental conditions, and the
required mitigation and compensation measures are implemented to protect the environment.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(92) / (297)
Calculation and recording of Financial KPIs
To calculate the degree to which an activity is considered sustainable, the following measurement
methods have been taken into account, which are referred to in Regulation (EU) 2021/2178 as Key
Performance Indicators (KPIs). Specifically, the percentages on the annual turnover from sales of products
and services, capital expenditure (CapEx) and operational expenditure (OpEx) are presented. These
percentages correspond to the financial activities of the Group that were considered non-eligible, eligible
and non-aligned or aligned for EU Taxonomy Regulation purposes, according to the description of these
activities and taking into account their associated NACE codes, as well as the relevant technical audit
criteria as listed in Delegated Regulations 2021/2139/EU, 2022/1214/EU, 2023/2486/EU and
2023/2485/EU. The Group's economic activities were reviewed and included/excluded both on the basis
of eligibility and their alignment with the technical audit criteria provided in the relevant delegated
regulations. This evaluation is presented in detail for each aligned activity, while the activities that were
considered not meeting one or more of the technical criteria are presented on the basis of eligibility in
this report.
ELLAKTOR Group used the three following KPIs that are disclosed regarding the proportion of the
Taxonomy-eligible and Taxonomy-aligned activities, in order to calculate the respective amounts:
KPI related to turnover (Turnover) (%)
The percentage of sales in accordance with the Complementary Climate Delegated Act is calculated as
the part of the net turnover derived from products or services, linked to economic activities eligible or
aligned with the Taxonomy Regulation (numerator), divided by the net turnover of the Group
(denominator). The denominator is based on consolidated sales, in accordance with International
Accounting Standard (IAS) 1 “Presentation of Financial Statements”. Specifically, the total sales of the
Group are reflected in the line “Sales” in the Group’s Annual Financial Statements, in the Income Statement
and amount to €808.46 million (€387.46 million from Continuing and €421.01 million from Discontinued
operations).
It is noted that the amounts of Sales, both in the numerator and in the denominator, have been calculated
after the elimination of intragroup transactions.
In the column "% of Turnover (4)" of the table "Turnover", the proportion of sales for each activity, whether
is Taxonomy-aligned or Taxonomy-eligible, to the total sales of the Group is presented.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(93) / (297)
KPI related to capital expenditure (CapEx) (%)
The percentage of capital expenditure (CapEx) was calculated based on additions to tangible assets,
intangible assets and investment properties during 2023 before depreciation and any remeasurements,
including those resulting from revaluations and impairments for 2023 and excluding fair value changes
and also any possible additions to tangible assets, intangible assets and investment properties resulting
from business combinations (denominator).
The numerator equals to the part of the capital expenditure included in the denominator that is any of
the following, as set out in Regulation (EU) 2021/2178:
▪ related to assets or processes associated with Taxonomy-aligned economic activities
▪ part of a plan to expand Taxonomy-aligned economic activities or to allow Taxonomy-eligible
economic activities to become Taxonomy-aligned (‘CapEx plan’) under the following conditions: (a)
the project aims either to expand the taxonomy-aligned economic activities of the enterprise or to
upgrade the taxonomy-eligible economic activities to become taxonomy-aligned within a period of
five weeks, and (b) the plan shall be disclosed at economic activity aggregated level and be approved
by the management body of non-financial undertakings
▪ related to the purchase of output from Taxonomy-aligned economic activities and individual
measures enabling the target activities to become low-carbon or to lead to greenhouse gas
reductions.
The total capital expenditure is reflected in the table ”Investments in tangible and intangible assets, and
investment property” of note ”5. Segment reporting” of the Annual Consolidated Financial Statements,
where there is an analysis of these amounts by business sector of the Group. Specifically, the capital
expenditures amount to €12.42 million (€9.23 million from Continuing and €3.18 million of Discontinued
operations). Additionally, the capital expenditure aligns with the line “Additions” in notes “7a Property,
plant and equipment”, “8. Intangible assets & concession rights” and “9. Investments in property”.
Furthermore, in the line “Purchase of tangible and intangible fixed assets and investments in real estate”
in the “Cash Flow Statement” the amount of Capex related to Continuing operations is reported.
It should be noted that the amounts of capital expenditures, both in the numerator and in the
denominator, have been calculated after eliminating intra-group transactions.
In the column “% of capital expenditure (4)” of the table “Capital expenditure”, the proportion of capital
expenditure for each activity, whether Taxonomy-aligned or Taxonomy-eligible, to the total capital
expenditures of the Group, is presented.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(94) / (297)
KPI related to operating expenditure (OpEx) (%)
The percentage of annual operating expenditure (OpEx) was calculated based on direct non-capitalised
costs related to building renovation activities, short-term leasing, maintenance and repair, as well as any
other direct costs related to the daily maintenance of tangible assets by the company or a third party to
whom the activities necessary to ensure the continuous and efficient operation of these assets are
assigned (denominator). The numerator is equal to the part of the operating expenditure included in the
denominator that is any of the following:
▪ related to assets or processes associated with Taxonomy-aligned economic activities, including
training and other human resources adaptation needs, and direct non-capitalised costs that
represent research and development,
▪ part of the CapEx plan to expand Taxonomy-aligned economic activities or allow Taxonomy-eligible
economic activities to become Taxonomy-aligned within a predefined timeframe,
▪ related to the purchase of output from Taxonomy-aligned economic activities and to individual
measures enabling the target activities to become low-carbon or to lead to greenhouse gas
reductions, provided that such measures are implemented and operational within 18 months.
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 Consolidated Financial Statements. More
specifically, they are reflected in the line ‘Expenses for repair and maintenance of property, plant and
equipment’ in Note “31 Expenses per category” in the Annual Consolidated Financial Statements of 31
December 2023, amounting to €12.38 million (€8.93 million from Continuing and €3.45 million from
Discontinued operations).
It is noted that the amounts of operating expenses, both in the numerator and denominator, have been
calculated after the elimination of intra-group transactions.
The “% Operating expenditure (4)” column of the table “Operating expenditure” the ratio of Operating
expenditure of each operation, whether is Taxonomy-aligned or Taxonomy-eligible, to the total operating
expenditure of the Group, is presented.
When a financial activity significantly contributes to multiple environmental objectives, only the most
relevant environmental objective is reported for calculating the KPIs to avoid double counting.
Additionally, there is a separate breakdown of the financial figures of Turnover, Capital, and Operating
Expenditure, into Continuing and Discontinued Operations. For the year 2023, the Construction sector has
been classified as Discontinued Operations according to the provisions of the IFRS 5 (note 6). For
calculating the percentages of financial figures for Continuing Operations, only the Turnover, Capital, and
Operating Expenditure exclusively related to Continuing Operations are used (as the denominator).
Similarly, the percentages concerning Discontinued Operations are calculated. At the end of each table,
the figures for the total activities of the Group are also provided.
It is noted that for comparability purposes, the percentages of Discontinued Operations for the year 2022
have been restated. Therefore, the percentages have been recalculated, considering as discontinued
operations, apart from the Renewable Energy Sources sector, those of the Construction sector.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(95) / (297)
The following table provides a summary of KPIs for each sector of the ELLAKTOR Group, (see Note 5 of the Annual Consolidated Financial Statements), for
the aligned, the eligible non-aligned and the non-eligible activities (in millions and as %):
Amounts in € million
Absolute
Turnover
2023
Turnover
Ratio
2023
Absolute
Operating
Expenditure
2023
Operating
Expenditure
Ratio 2023
Absolute
Capital
Expenditure
2023
Capital
Expenditure
Ratio 2023
Sector
€ million
%
€ million
%
€ million
%
C o n t i n u i n g o p e r a t i o n s
Α. TAXONOMY-ELIGIBLE ACTIVITIES
Α.1 Environmentally sustainable activities (Taxonomy-aligned)
CONCESSIONS
8.89
2.3%
0.02
0.2%
0.88
9.6%
ENVIRONMENT
26.82
6.9%
0.70
7.8%
0.61
6.6%
OTHER
0.93
0.2%
0.04
0.5%
0.00
0.0%
Total of environmentally sustainable activities (Taxonomy-aligned)-A.1
36.63
9.5%
0.77
8.6%
1.50
16.2%
Α.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
CONCESSIONS
264.09
68.2%
6.85
76.7%
2.41
26.0%
ENVIRONMENT
13.15
3.4%
0.08
0.9%
0.11
1.2%
REAL ESTATE DEVELOPMENT
10.36
2.7%
0.02
0.2%
0.13
1.4%
Total of Taxonomy-eligible but not environmentally sustainable activities
(not Taxonomy-aligned activities)-A.2
287.59
74.2%
6.95
77.8%
2.65
28.7%
Total of Taxonomy-eligible activities (A.1 + A.2) (A)
324.22
83.7%
7.72
86.4%
4.14
44.9%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Total non-eligible activities (B)
63.23
16.3%
1.22
13.6%
5.09
55.1%
TOTAL (A+B) - Continuing operations
387.46
100.0%
8.93
100.0%
9.23
100.0%
D i s c o n t i n u e d o p e r a t i o n s
Α. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (Taxonomy-aligned)
CONSTRUCTION
17.89
4.3%
0.02
0.7%
0.00
0.0%
Α.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
CONSTRUCTION
342.93
81.5%
2.18
63.3%
2.67
83.8%
Total of Taxonomy-eligible activities (A.1 + A.2) (A)
360.83
85.7%
2.21
64.0%
2.67
83.8%
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(96) / (297)
Amounts in € million
Absolute
Turnover
2023
Turnover
Ratio
2023
Absolute
Operating
Expenditure
2023
Operating
Expenditure
Ratio 2023
Absolute
Capital
Expenditure
2023
Capital
Expenditure
Ratio 2023
Sector
€ million
%
€ million
%
€ million
%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
CONSTRUCTION
60.18
14.3%
1.24
36.0%
0.52
16.2%
TOTAL (A+B) - Continuing operations
421.01
100%
3.45
100.0%
3.18
100.0%
Total activities: Continuing & Discontinued operations
A.1 Total eligible and aligned activities - Total activities
54.53
6.7%
0.79
6.4%
1.50
12.0%
A.2 Total eligible and non-aligned activities - Total activities
630.52
78.0%
9.14
73.8%
5.31
42.8%
Total eligible activities (A.1 + A.2) (A) - Total activities
685.05
84.7%
9.92
80.1%
6.81
54.8%
Total non-eligible activities (B) - Total activities
123.42
15.3%
2.46
19.9%
5.61
45.2%
TOTAL (A+B) - Total activities
808.46
100.0%
12.38
100.0%
12.42
100.0%
The following tables provide detailed information regarding the disclosures of the three KPIs: the Turnover, the Operating expenditure and the Capital
expenditure.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(97) / (297)
2023
Substantial contribution criteria
DNSH criteria (“Does not
significantly harm criteria”)
Turnover
Amounts in € million
Code (2)
Turnover
(3)
% of turnover
(4)
Climate
change mitigation
(5)
Climate change adaptation
(6)
Water (7)
Pollution
(8)
Circular economy
(9)
Biodiversity
(10)
Climate change mitigation
(11)
Climate change adaptation
(12)
Water (13)
Pollution
(14)
Circular economy
(15)
Biodiversity
(16)
Minimum safeg
uards (17)
% turnover aligned with (
Α.1) or
eligible with (
Α.2), year 2022 (18)
Category
-Enabling activity
Category
-Transitional activity
Sector / Economic Activities (1)
€
million
%
Y,N,
N/ΕL
Y,N,
N/ΕL
Y,N,
N/ΕL
Y,N,
N/ΕL
Y,N,
N/ΕL
Y,N,
N/ΕL
Y/N
Y/N
Y/
N
Y/
N
Y/
N
Y/
N
Y/
N
%
Ε
T
Α. TAXONOMY-ELIGIBLE ACTIVITIES – Continuing operations
A.1 Environmentally sustainable activities (Taxonomy-aligned) – Continuing operations
CONSCESSIONS
Infrastructure enabling low carbon water
transport
CCA 6.16
8.89
2.3%
N/EL
Y
N/EL
N/EL
N/EL
N/EL
Y
-
Y
Y
Y
Y
Y
2.1%
-
ENVIRONMENT
Hazardous waste treatment
PPC 2.2
4.25
1.1%
N/EL
N/EL
N/EL
Y
N
N/EL
Y
Y
Y
-
Y
Y
Y
-
-
Sorting and material recovery from non-
hazardous waste
CE 2.7
2.44
0.6%
N/EL
N/EL
N/EL
N/EL
Y
N/EL
Y
Y
Y
Y
-
Y
Y
-
-
Electricity generation from wind power
CCM 4.3
1.50
0.4%
Y
N
N/EL
N/EL
N/EL
N/EL
-
Y
Y
Y
Y
Y
Y
0.4%
-
Composting of organic waste
CCM 5.8
0.00
0.0%
Y
N
N/EL
N/EL
N/EL
N/EL
-
Y
Y
Y
Y
Y
Y
-
-
Landfill gas capture and utilization
CCM 5.10
18.64
4.8%
Y
N
N/EL
N/EL
N/EL
N/EL
-
Y
Y
Y
Y
Y
Y
5.7%
-
Other categories
1.5%
OTHER
Electricity generation using solar photovoltaic
technology
CCM 4.1
0.93
0.2%
Y
N
N/EL
N/EL
N/EL
N/EL
-
Y
Y
Y
Y
Y
Y
-
-
Turnover of environmentally sustainable
activities (Taxonomy-aligned) (Α.1) –
Continuing operations
36.63
9.5%
5.4%
2.3%
0.0%
1.1%
0.6%
0.0%
Y
Y
Y
Y
Y
Y
9.7%
Of which enabling activities
0.00
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Of which transitional activities
0.00
0.0%
0.0%
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(98) / (297)
2023
Substantial contribution criteria
DNSH criteria (“Does not
significantly harm criteria”)
Turnover
Amounts in € million
Code (2)
Turnover
(3)
% of turnover
(4)
Climate
change mitigation
(5)
Climate change adaptation
(6)
Water (7)
Pollution
(8)
Circular economy
(9)
Biodiversity
(10)
Climate change mitigation
(11)
Climate change adaptation
(12)
Water (13)
Pollution
(14)
Circular economy
(15)
Biodiversity
(16)
Minimum safeg
uards (17)
% turnover aligned with (
Α.1) or
eligible with (
Α.2), year 2022 (18)
Category
-Enabling activity
Category
-Transitional activity
Sector / Economic Activities (1)
€
million
%
Y,N,
N/ΕL
Y,N,
N/ΕL
Y,N,
N/ΕL
Y,N,
N/ΕL
Y,N,
N/ΕL
Y,N,
N/ΕL
Y/N
Y/N
Y/
N
Y/
N
Y/
N
Y/
N
Y/
N
%
Ε
T
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)-Continuing operations
LAND DEVELOPMENT
Acquisition and ownership of buildings
CCM 7.7
10.36
2.7%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
-
CONCESSIONS
Infrastructure enabling low-carbon road
transport and public transport
CCA 6.15
264.09
68.2%
N/EL
ΕL
N/EL
N/EL
N/EL
N/EL
64.3%
ENVIRONMENT
Collection and transport of hazardous waste
PPC 2.1
9.36
2.42%
N/EL
N/EL
N/EL
ΕL
N/EL
N/EL
Sorting and material recovery from non-
hazardous waste
CE 2.7
3.77
0.97%
N/EL
N/EL
N/EL
N/EL
ΕL
N/EL
-
Composting of bio-waste
CCM 5.8
0.01
0.0%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
-
Other categories
0.7%
Turnover of Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned activities)
(Α.2)- Continuing operations
287.59
74.2%
2.7%
68.2%
0.0%
2.4%
1.0%
0.0%
64.9%
Α. Turnover of taxonomy-eligible activities (Α.1+Α.2) –
Continuing operations
324.22
83.7%
8.1%
70.5%
0.0%
3.5%
1.6%
0.0%
74.6%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES – Continuing operations
Turnover of taxonomy-non-eligible activities –
Continuing operations
63.23
16.3%
TOTAL (A+B) – Continuing operations
387.46
100.0%
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(99) / (297)
2023
Substantial contribution criteria
DNSH criteria (“Does not
significantly harm criteria”)
Turnover
Amounts in € million
Code (2)
Turnover
(3)
% of turnover
(4)
Climate
change mitigation
(5)
Climate change adaptation
(6)
Water (7)
Pollution
(8)
Circular economy
(9)
Biodiversity
(10)
Climate change mitigation
(11)
Climate change adaptation
(12)
Water (13)
Pollution
(14)
Circular economy
(15)
Biodiversity
(16)
Minimum safeg
uards (17)
% turnover aligned with (
Α.1) or
eligible with (
Α.2), year 2022 (18)
Category
-Enabling activity
Category
-Transitional activity
Sector / Economic Activities (1)
€
million
%
Y,N,
N/ΕL
Y,N,
N/ΕL
Y,N,
N/ΕL
Y,N,
N/ΕL
Y,N,
N/ΕL
Y,N,
N/ΕL
Y/N
Y/N
Y/
N
Y/
N
Y/
N
Y/
N
Y/
N
%
Ε
T
Α. TAXONOMY-ELIGIBLE ACTIVITIES – Discontinued operations
A.1 Environmentally sustainable activities (Taxonomy-aligned) – Discontinued operations
CONSTRUCTION- Discontinued operations
Rehabilitation and restoration of forests,
including reforestation and natural forest
regeneration after an extreme event
CCM 1.2
0.00
0.0%
Y
N
N/EL
N/EL
N/EL
N/EL
-
Y
Y
Y
Y
Y
Y
-
-
Electricity generation using solar photovoltaic
technology
CCM 4.1
3.05
0.7%
Y
N
N/EL
N/EL
N/EL
N/EL
-
Y
Y
Y
Y
Y
Y
1.7%
Ε
Installation, maintenance and repair of energy
efficiency equipment
CCM 7.3
14.84
3.5%
Y
N
N/EL
N/EL
N/EL
N/EL
-
Y
Y
Y
Y
Y
Y
0.5%
Ε
Other categories
26.2%
RENEWABLE ENERGY SOURCES- Discontinued activities
15.5%
Turnover of environmentally sustainable activities
(taxonomy) (Α.1) – Discontinued operations
17.89
4.3%
4.3%
0.0%
0.0%
0.0%
0.0%
0.0%
Y
Y
Y
Y
Y
Y
43.9%
Of which enabling activities
17.89
4.2%
4.2%
0.0%
0.0%
0.0%
0.0%
Ε
Of which transitional activities
0.00
0.0%
0.0%
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(100) / (297)
2023
Substantial contribution criteria
DNSH criteria (“Does not
significantly harm criteria”)
Turnover
Amounts in € million
Code (2)
Turnover
(3)
% of turnover
(4)
Climate
change mitigation
(5)
Climate change adaptation
(6)
Water (7)
Pollution
(8)
Circular economy
(9)
Biodiversity
(10)
Climate change mitigation
(11)
Climate change adaptation
(12)
Water (13)
Pollution
(14)
Circular economy
(15)
Biodiversity
(16)
Minimum safeg
uards (17)
% turnover aligned with (
Α.1) or
eligible with (
Α.2), year 2022 (18)
Category
-Enabling activity
Category
-Transitional activity
Sector / Economic Activities (1)
€
million
%
Y,N,
N/ΕL
Y,N,
N/ΕL
Y,N,
N/ΕL
Y,N,
N/ΕL
Y,N,
N/ΕL
Y,N,
N/ΕL
Y/N
Y/N
Y/
N
Y/
N
Y/
N
Y/
N
Y/
N
%
Ε
T
Α.2 Taxonomy-eligible but not environmentally sustainable activities (not-Taxonomy-aligned activities) – Discontinued operations
CONSTRUCTION – Discontinued operations
Conservation forestry
CCM 1.4
4.83
1.1%
ΕL
N/EL
N/EL
N/EL
N/EL
N/EL
0.1%
Electricity generation using solar photovoltaic
technology
CCM 4.1
0.07
0.0%
ΕL
N/EL
N/EL
N/EL
N/EL
N/EL
-
Electricity generation from hydropower
CCM 4.5
1.63
0.4%
ΕL
N/EL
N/EL
N/EL
N/EL
N/EL
0.5%
Transmission and distribution of electricity
CCM 4.9
0.72
0.2%
ΕL
N/EL
N/EL
N/EL
N/EL
N/EL
-
Construction, extension and operation of water
collection, treatment and supply
systems
CCM 5.1
7.84
1.9%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
0.6%
Construction, extension and operation of
wastewater collection and treatment
CCM 5.3
20.85
5.0%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
1.0%
Infrastructure for rail transport
CCM 6.14
106.24
25.2%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
-
Infrastructure enabling low-carbon road
transport and public transport
CCA 6.15
170.81
40.6%
N/EL
EL
N/EL
N/EL
N/EL
N/EL
20.7%
Infrastructure enabling low carbon water
transport
CCA 6.16
8.62
2.0%
N/EL
EL
N/EL
N/EL
N/EL
N/EL
0.1%
Construction of new buildings
CCM 7.1
11.15
2.6%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
0.1%
Renovation of existing buildings
CCM 7.2
2.36
0.6%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
0.3%
Installation, maintenance and repair of energy
efficiency equipment
CCM 7.3
0.02
0.0%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
0.0%
Maintenance of roads and highways
CE 3.4
6.93
1.6%
N/EL
N/EL
N/EL
N/EL
EL
N/EL
1.2%
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(101) / (297)
2023
Substantial contribution criteria
DNSH criteria (“Does not
significantly harm criteria”)
Turnover
Amounts in € million
Code (2)
Turnover
(3)
% of turnover
(4)
Climate
change mitigation
(5)
Climate change adaptation
(6)
Water (7)
Pollution
(8)
Circular economy
(9)
Biodiversity
(10)
Climate change mitigation
(11)
Climate change adaptation
(12)
Water (13)
Pollution
(14)
Circular economy
(15)
Biodiversity
(16)
Minimum safeg
uards (17)
% turnover aligned with (
Α.1) or
eligible with (
Α.2), year 2022 (18)
Category
-Enabling activity
Category
-Transitional activity
Sector / Economic Activities (1)
€
million
%
Y,N,
N/ΕL
Y,N,
N/ΕL
Y,N,
N/ΕL
Y,N,
N/ΕL
Y,N,
N/ΕL
Y,N,
N/ΕL
Y/N
Y/N
Y/
N
Y/
N
Y/
N
Y/
N
Y/
N
%
Ε
T
Emergency services
CCΑ 14.1
0.05
0.0%
N/EL
EL
N/EL
N/EL
N/EL
N/EL
-
Flood risk prevention and anti-flood protection
infrastructure
CCA 14.2
0.83
0.2%
N/EL
EL
N/EL
N/EL
N/EL
N/EL
-
Turnover of Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned activities)
(Α.2)- Discontinued operations
342.93
81.5%
37.0%
42.8%
0.0%
0.0%
1.6%
0.0%
24.4%
Α. Turnover of taxonomy-eligible activities (Α.1+Α.2) –
Discontinued operations
360.83
85.7%
41.2%
42.8%
0.0%
0.0%
1.6%
0.0%
68.3%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES - Discontinued operations
Turnover of taxonomy-non-eligible activities –
Discontinued operations
60.18
14.3%
TOTAL (A+B) – Discontinued operations
421.01
100.0%
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(102) / (297)
2023
Substantial contribution criteria
DNSH criteria (“Does not
significantly harm criteria”)
Turnover
Amounts in € million
Code (2)
Turnover
(3)
% of turnover
(4)
Climate
change mitigation
(5)
Climate change adaptation
(6)
Water (7)
Pollution
(8)
Circular economy
(9)
Biodiversity
(10)
Climate change mitigation
(11)
Climate change adaptation
(12)
Water (13)
Pollution
(14)
Circular economy
(15)
Biodiversity
(16)
Minimum safeg
uards (17)
% turnover aligned with (
Α.1) or
eligible with (
Α.2), year 2022 (18)
Category
-Enabling activity
Category
-Transitional activity
Sector / Economic Activities (1)
€
million
%
Y,N,
N/ΕL
Y,N,
N/ΕL
Y,N,
N/ΕL
Y,N,
N/ΕL
Y,N,
N/ΕL
Y,N,
N/ΕL
Y/N
Y/N
Y/
N
Y/
N
Y/
N
Y/
N
Y/
N
%
Ε
T
Α.1 Total eligible and aligned activities – Total activities
54.53
6.7%
4.8%
1.1%
0.0%
0.5%
0.3%
0.0%
29.9%
Α.2 Total eligible and non-aligned activities-Total
activities
630.52
78.0%
20.5%
55.0%
0.0%
1.2%
1.3%
0.0%
40.8%
Total eligible activities (A.1 + A.2) (A) – Total activities
685.05
84.7%
25.4%
56.1%
0.0%
1.7%
1.6%
0.0%
70.7%
Total non-eligible activities (B) – Total activities
123.42
15.3%
TOTAL (A+B) – Total activities
808.46
100.0%
Continuing operations
Discontinued operations
Total operations
% Turnover/Total Turnover
% Turnover/Total Turnover
% Turnover/Total Turnover
Taxonomy-aligned per
objective
Taxonomy-eligible
objective
Taxonomy-aligned per
objective
Taxonomy-eligible
objective
Taxonomy-aligned per
objective
Taxonomy-eligible
objective
CCM – Climate change mitigation
5.44%
8.11%
4.25%
41.23%
4.82%
25.36%
CCA – Climate change adaptation
2.29%
70.45%
0.00%
42.83%
1.10%
56.07%
WTR – Water and marine resources
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
CE – Circular economy
0.63%
1.60%
0.00%
1.65%
0.30%
1.63%
PPC- Pollution prevention and control
1.10%
3.51%
0.00%
0.00%
0.53%
1.68%
BIO - Biodiversity and ecosystems
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(103) / (297)
2023
Substantial contribution criteria
DNSH criteria (“Does not
significantly harm criteria”)
Operating Expenditure
Amounts in € million
Code (2)
Operating expenditure (3)
% of operating
expenditure
(4)
Climate change mitigation
(5)
Climate change adaptation
(6)
Water (7)
Pollution
(8)
Circular economy
(9)
Biodiversity
(10)
Climate change mitigation
(11)
Climate change adaptation
(12)
Water (13)
Pollution
(14)
Circular economy
(15)
Biodiversity
(16)
Minimum safeguards
(17)
% Operating
expenditure
aligned with
(Α.1) or eligible
with (Α.2), year 2022
(18)
Category
-Enabling activity
Category
-Transitional activity
Segment / Economic Activities (1)
€
million
%
Y,N,
N/EL
Y,N,
N/EL
Y,N,
N/EL
Y,N,
N/EL
Y,N,
N/EL
Y,N,
N/EL
Y/N
Y/N
Y/
N
Y/
N
Y/
N
Y/
N
Y/
N
%
Ε
T
Α. TAXONOMY-ELIGIBLE ACTIVITIES – Continuing operations
A.1 Environmentally sustainable activities (Taxonomy-aligned) – Continuing operations
CONCESSIONS
Infrastructure enabling low carbon water
transport
CCA 6.16
0.02
0.2%
N/EL
Y
N/EL
N/EL
N/EL
N/EL
Y
-
Y
Y
Y
Y
Y
0.5%
-
ENVIRONMENT
Hazardous waste treatment
PPC 2.2
0.07
0.8%
N/EL
N/EL
N/EL
Y
N
N/EL
Y
Y
Y
-
Y
Y
Y
-
-
Sorting and material recovery from non-
hazardous waste
CE 2.7
0.02
0.3%
N/EL
N/EL
N/EL
N/EL
Y
N/EL
Y
Y
Y
Y
-
Y
Y
-
-
Electricity generation from wind power
CCM 4.3
0.27
3.0%
Y
N
N/EL
N/EL
N/EL
N/EL
-
Y
Y
Y
Y
Y
Y
5.0%
-
Landfill gas capture and utilization
CCM 5.10
0.34
3.8%
Y
N
N/EL
N/EL
N/EL
N/EL
-
Y
Y
Y
Y
Y
Y
7.5%
-
Other categories
1.4%
OTHER
Electricity generation using solar photovoltaic
technology
CCM 4.1
0.04
0.5%
Y
N
N/EL
N/EL
N/EL
N/EL
-
Y
Y
Y
Y
Y
Y
-
Operating expenditure of environmentally
sustainable activities (Taxonomy-aligned)
(Α.1) – Continuing operations
0.77
8.6%
7.3%
0.2%
0.0%
0.8%
0.3%
0.0%
Y
Y
Y
Y
Y
Y
14.4%
Of which enabling activities
0.00
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Of which transitional activities
0.00
0.0%
0.0%
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(104) / (297)
2023
Substantial contribution criteria
DNSH criteria (“Does not
significantly harm criteria”)
Operating Expenditure
Amounts in € million
Code (2)
Operating expenditure (3)
% of operating
expenditure
(4)
Climate change mitigation
(5)
Climate change adaptation
(6)
Water (7)
Pollution
(8)
Circular economy
(9)
Biodiversity
(10)
Climate change mitigation
(11)
Climate change adaptation
(12)
Water (13)
Pollution
(14)
Circular economy
(15)
Biodiversity
(16)
Minimum safeguards
(17)
% Operating
expenditure
aligned with
(Α.1) or eligible
with (Α.2), year 2022
(18)
Category
-Enabling activity
Category
-Transitional activity
Segment / Economic Activities (1)
€
million
%
Y,N,
N/EL
Y,N,
N/EL
Y,N,
N/EL
Y,N,
N/EL
Y,N,
N/EL
Y,N,
N/EL
Y/N
Y/N
Y/
N
Y/
N
Y/
N
Y/
N
Y/
N
%
Ε
T
A.2 Taxonomy-eligible but not environmentally sustainable activities (not-Taxonomy-aligned activities)- Continuing operations
REAL ESTATE DEVELOPMENT
Acquisition and ownership of buildings
CCM 7.7
0.02
0.2%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
-
CONCESSIONS
Infrastructure enabling low-carbon road
transport and public transport
CCA 6.15
6.85
76.7%
N/EL
EL
N/EL
N/EL
N/EL
N/EL
52.0%
ENVIRONMENT
Collection and transport of hazardous waste
PPC 2.1
0.03
0.3%
N/EL
N/EL
N/EL
EL
N/EL
N/EL
-
Sorting and material recovery from non-
hazardous waste
CE 2.7
0.06
0.6%
N/EL
N/EL
N/EL
N/EL
EL
N/EL
-
Composting of bio-waste
CCM 5.8
0.00
0.0%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
-
Other categories
0.7%
Operating expenditure of Taxonomy-eligible but not
environmentally sustainable activities (not-Taxonomy-
aligned activities) (Α.2)- Continuing operations
6.95
77.8%
0.2%
76.7%
0.0%
0.3%
0.6%
0.0%
52.5%
Α. Operating expenditure of Taxonomy-eligible activities
(Α.1+Α.2) - Continuing operations
7.72
86.4%
7.5%
76.9%
0.0%
1.0%
0.9%
0.0%
66.9%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES – Continuing operations
Operating expenditure of taxonomy-non-eligible
activities – Continuing operations
1.22
13.6%
TOTAL (A+B) – Continuing operations
8.93
100.0%
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(105) / (297)
2023
Substantial contribution criteria
DNSH criteria (“Does not
significantly harm criteria”)
Operating Expenditure
Amounts in € million
Code (2)
Operating expenditure (3)
% of operating
expenditure
(4)
Climate change mitigation
(5)
Climate change adaptation
(6)
Water (7)
Pollution
(8)
Circular economy
(9)
Biodiversity
(10)
Climate change mitigation
(11)
Climate change adaptation
(12)
Water (13)
Pollution
(14)
Circular economy
(15)
Biodiversity
(16)
Minimum safeguards
(17)
% Operating
expenditure
aligned with
(Α.1) or eligible
with (Α.2), year 2022
(18)
Category
-Enabling activity
Category
-Transitional activity
Segment / Economic Activities (1)
€
million
%
Y,N,
N/EL
Y,N,
N/EL
Y,N,
N/EL
Y,N,
N/EL
Y,N,
N/EL
Y,N,
N/EL
Y/N
Y/N
Y/
N
Y/
N
Y/
N
Y/
N
Y/
N
%
Ε
T
A Environmentally sustainable activities – Discontinued operations
A.1 Environmentally sustainable activities (Taxonomy-aligned) – Discontinued operations
CONSTRUCTION – Discontinued operations
Installation, maintenance and repair of energy
efficiency equipment
CCM 7.3
0.02
0.7%
Y
N
N/EL
N/EL
N/EL
N/EL
-
Y
Y
Y
Y
Y
Y
Ε
Other categories
4.2%
-
RENEWABLE ENERGY SOURCES - Discontinued activities
76.0%
Operating expenditure of environmentally sustainable
activities (Taxonomy-aligned) (Α.1) – Discontinued
operations
0.02
0.7%
0.7%
0.0%
0.0%
0.0%
0,0%
0,0%
Y
Y
Y
Y
80.2%
Of which enabling activities
0.02
0.7%
0.7%
0.0%
0.0%
0.0%
0,0%
0,0%
Y
Y
Y
Y
Ε
Of which transitional activities
0.00
0.0%
0.0%
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(106) / (297)
2023
Substantial contribution criteria
DNSH criteria (“Does not
significantly harm criteria”)
Operating Expenditure
Amounts in € million
Code (2)
Operating expenditure (3)
% of operating
expenditure
(4)
Climate change mitigation
(5)
Climate change adaptation
(6)
Water (7)
Pollution
(8)
Circular economy
(9)
Biodiversity
(10)
Climate change mitigation
(11)
Climate change adaptation
(12)
Water (13)
Pollution
(14)
Circular economy
(15)
Biodiversity
(16)
Minimum safeguards
(17)
% Operating
expenditure
aligned with
(Α.1) or eligible
with (Α.2), year 2022
(18)
Category
-Enabling activity
Category
-Transitional activity
Segment / Economic Activities (1)
€
million
%
Y,N,
N/EL
Y,N,
N/EL
Y,N,
N/EL
Y,N,
N/EL
Y,N,
N/EL
Y,N,
N/EL
Y/N
Y/N
Y/
N
Y/
N
Y/
N
Y/
N
Y/
N
%
Ε
T
A.2 Taxonomy-eligible but not environmentally sustainable activities (not-Taxonomy-aligned activities)- Discontinued operations
CONSTRUCTION-Discontinued operations
Forestry conservation
CCM 1.4
0.01
0.3%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
Construction, extension and operation of water
collection, treatment and supply
systems
CCM 5.1
0.06
1.6%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
Construction, extension and operation of
wastewater collection and treatment
CCM 5.3
0.15
4.3%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
Infrastructure for rail transport
CCM 6.14
1.08
31.3%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
Infrastructure enabling low-carbon road
transport and public transport
CCA 6.15
0.72
20.8%
N/EL
EL
N/EL
N/EL
N/EL
N/EL
1.9%
Infrastructure enabling low-carbon water
transport
CCA 6.16
0.02
0.7%
N/EL
EL
N/EL
N/EL
N/EL
N/EL
0.1%
Construction of new buildings
CCM 7.1
0.10
2.8%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
Maintenance of roads and highways
CE 3.4
0.05
1.4%
N/EL
N/EL
N/EL
N/EL
EL
N/EL
Other categories
0.3%
Operating expenditure of Taxonomy-eligible but not
environmentally sustainable activities (not-Taxonomy-
aligned activities) (Α.2)- Discontinued operations
2.18
63.3%
40.4%
21.4%
0.0%
0.0%
1.4%
0.0%
2.2%
Α. Operating expenditure of Taxonomy-eligible activities
(Α.1+Α.2) - Discontinued operations
2.21
64.0%
41.1%
21.4%
0.0%
0.0%
1.4%
0.0%
82.4%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES- Discontinued operations
Operating expenditure of taxonomy-non-eligible
activities – Discontinued operations
1.24
36.0%
TOTAL (A+B) – Discontinued operations
3.45
100.0%
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(107) / (297)
2023
Substantial contribution criteria
DNSH criteria (“Does not
significantly harm criteria”)
Operating Expenditure
Amounts in € million
Code (2)
Operating expenditure (3)
% of operating
expenditure
(4)
Climate change mitigation
(5)
Climate change adaptation
(6)
Water (7)
Pollution
(8)
Circular economy
(9)
Biodiversity
(10)
Climate change mitigation
(11)
Climate change adaptation
(12)
Water (13)
Pollution
(14)
Circular economy
(15)
Biodiversity
(16)
Minimum safeguards
(17)
% Operating
expenditure
aligned with
(Α.1) or eligible
with (Α.2), year 2022
(18)
Category
-Enabling activity
Category
-Transitional activity
Segment / Economic Activities (1)
€
million
%
Y,N,
N/EL
Y,N,
N/EL
Y,N,
N/EL
Y,N,
N/EL
Y,N,
N/EL
Y,N,
N/EL
Y/N
Y/N
Y/
N
Y/
N
Y/
N
Y/
N
Y/
N
%
Ε
T
Α1. Total eligible and aligned activities - Total activities
0.79
6.4%
5.5%
0.2%
0.0%
0.5%
0.2%
0.0%
63.1%
Α2. Total eligible and non-aligned activities - Total
activities
9.14
73.7%
11.4%
61.3%
0.0%
0.2%
0.8%
0.2%
15.4%
Total eligible activities (A.1 + A.2) (A) – Total activities
9.92
80.1%
16.9%
61.5%
0.0%
0.8%
1.0%
0.2%
78.5%
Total non-eligible activities (B) – Total activities
2.46
19.9%
TOTAL (A+B) – Total activities
12.38
100%
Continuing operations
Discontinued operations
Total operations
% operating expenditure/Total operating
expenditure
% operating expenditure/Total operating
expenditure
% operating expenditure/Total operating
expenditure
Taxonomy-aligned per
objective
Taxonomy-eligible
objective
Taxonomy-aligned per
objective
Taxonomy-eligible
objective
Taxonomy-aligned per
objective
Taxonomy-eligible
objective
CCM – Climate change mitigation
7.30%
7.51%
0.67%
41.09%
5.46%
16.86%
CCA – Climate change adaptation
0.25%
76.94%
0.00%
21.45%
0.18%
61.49%
WTR – Water and marine resources
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
CE – Circular economy
0.26%
0.89%
0.00%
1.42%
0.19%
1.04%
PPC- Pollution prevention and control
0.76%
1.04%
0.00%
0.00%
0.55%
0.75%
BIO - Biodiversity and ecosystems
0.00%
0.00%
0.00%
0.00%
0.00%
0.21%
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(108) / (297)
2023
Substantial contribution criteria
DNSH criteria (“Does not
significantly harm criteria”)
Capital expenditure
Amounts in € million
Code (2)
Capitan expenditure (3)
% of capital expenditure
(4)
Climate change mitigation
(5)
Climate change adaptation
(6)
Water (7)
Pollution
(8)
Circular economy
(9)
Biodiversity
(10)
Climate change mitigation
(11)
Climate change adaptation
(12)
water (13)
Pollution
(14)
Circular economy
(15)
Biodiversity
(16)
Minimum safeguards
(17)
% of capital expenditure
in
aligned
with (Α.1) or eligible
with (Α.2), year 2022
(18)
Category
-Enabling activity
Category
-Transitional activity
Segment / Economic Activities (1)
€
million
%
Y,N,
N/EL
Y,N,
N/EL
Y,N,
N/EL
Y,N,
N/EL
Y,N,
N/EL
Y,N,
N/EL
Y/N
Y/N
Y/
N
Y/
N
Y/
N
Y/
N
Y/
N
%
Ε
T
Α. TAXONOMY-ELIGIBLE ACTIVITIES – Continuing operations
A.1 Environmentally sustainable activities (Taxonomy-aligned) – Continuing operations
CONCESSIONS
Infrastructure for water transport
CCA 6.16
0.88
9.6%
N/EL
Y
N/EL
N/EL
N/EL
N/EL
Y
-
Y
Y
Y
Y
Y
10.7%
ENVIRONMENT
Hazardous waste treatment
PPC 2.2
0.08
0.9%
N/EL
N/EL
N/EL
Y
N
N/EL
Y
Y
Y
-
Y
Y
Y
-
-
Sorting and material recovery from non-
hazardous waste
CE 2.7
0.01
0.2%
N/EL
N/EL
N/EL
N/EL
Y
N/EL
Y
Y
Y
Y
-
Y
Y
-
-
Landfill gas capture and utilization
CCM 5.10
0.52
5.6%
Y
N
N/EL
N/EL
N/EL
N/EL
-
Y
Y
Y
Y
Y
Y
23.0%
-
Other categories
5.2%
-
Capital expenditure of environmentally
sustainable activities (Taxonomy-aligned)
(Α.1) – Continuing operations
1.50
16.2%
5.6%
9.6%
0.0%
0.9%
0.2%
0.0%
Y
Y
Y
Y
Y
Y
38.9%
Of which enabling activities
0.00
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
E
Of which transitional activities
0.00
0.0%
0.0%
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(109) / (297)
2023
Substantial contribution criteria
DNSH criteria (“Does not
significantly harm criteria”)
Capital expenditure
Amounts in € million
Code (2)
Capitan expenditure (3)
% of capital expenditure
(4)
Climate change mitigation
(5)
Climate change adaptation
(6)
Water (7)
Pollution
(8)
Circular economy
(9)
Biodiversity
(10)
Climate change mitigation
(11)
Climate change adaptation
(12)
water (13)
Pollution
(14)
Circular economy
(15)
Biodiversity
(16)
Minimum safeguards
(17)
% of capital expenditure
in
aligned
with (Α.1) or eligible
with (Α.2), year 2022
(18)
Category
-Enabling activity
Category
-Transitional activity
Segment / Economic Activities (1)
€
million
%
Y,N,
N/EL
Y,N,
N/EL
Y,N,
N/EL
Y,N,
N/EL
Y,N,
N/EL
Y,N,
N/EL
Y/N
Y/N
Y/
N
Y/
N
Y/
N
Y/
N
Y/
N
%
Ε
T
A.2 Taxonomy-eligible but not environmentally sustainable activities (not-Taxonomy-aligned activities)-Continuing operations
REAL ESTATE DEVELOPMENT
Acquisition and ownership of buildings
CCM 7.7
0.13
1.4%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
-
CONCESSIONS
Infrastructure enabling low-carbon road
transport and public transport
CCA 6.15
2.41
26.0%
N/EL
EL
N/EL
N/EL
N/EL
N/EL
31.9%
ENVIRONMENT
Collection and transport of hazardous waste
PPC 2.1
0.00
0.04%
N/EL
N/EL
N/EL
EL
N/EL
N/EL
Sorting and material recovery from non-
hazardous waste
CE 2.7
0.11
1.15%
N/EL
N/EL
N/EL
N/EL
ΕL
N/EL
-
Other categories
5.4%
Capital expenditure of Taxonomy-eligible but not
environmentally sustainable activities (not-Taxonomy-
aligned activities) (Α.2)- Continuing operations
2.65
28.7%
1.4%
26.0%
0.0%
0.0%
1.2%
0.0%
37.3%
Α. Capital expenditure of Taxonomy-eligible activities
(Α.1+Α.2) - Continuing operations
4.14
44.9%
7.0%
35.6%
0.0%
0.9%
1.4%
0.0%
76.1%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES – Continuing operations
Capital expenditure of taxonomy-non-eligible activities-
Continuing operations
5.09
55.1%
TOTAL (A+B) – Continuing operations
9.23
100.0%
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(110) / (297)
2023
Substantial contribution criteria
DNSH criteria (“Does not
significantly harm criteria”)
Capital expenditure
Amounts in € million
Code (2)
Capitan expenditure (3)
% of capital expenditure
(4)
Climate change mitigation
(5)
Climate change adaptation
(6)
Water (7)
Pollution
(8)
Circular economy
(9)
Biodiversity
(10)
Climate change mitigation
(11)
Climate change adaptation
(12)
water (13)
Pollution
(14)
Circular economy
(15)
Biodiversity
(16)
Minimum safeguards
(17)
% of capital expenditure
in
aligned
with (Α.1) or eligible
with (Α.2), year 2022
(18)
Category
-Enabling activity
Category
-Transitional activity
Segment / Economic Activities (1)
€
million
%
Y,N,
N/EL
Y,N,
N/EL
Y,N,
N/EL
Y,N,
N/EL
Y,N,
N/EL
Y,N,
N/EL
Y/N
Y/N
Y/
N
Y/
N
Y/
N
Y/
N
Y/
N
%
Ε
T
Α. TAXONOMY-ELIGIBLE ACTIVITIES– Discontinued operations
A.1 Environmentally sustainable activities (Taxonomy-aligned)- Discontinued operations
CONSTRUCTION – Discontinued operations
91.7%
RENEWABLE ENERGY SOURCES- Discontinued operations
4.8%
Capital expenditure of environmentally sustainable
activities (taxonomy) (Α.1) – Discontinued operations
0.00
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
96.5%
Of which enabling activities
0.00
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Ε
Of which transitional activities
0.00
0.0%
0.0%
A.2 Taxonomy-eligible but not environmentally sustainable activities (not-Taxonomy-aligned activities)- Discontinued operations
CONSTRUCTION – Discontinued operations
Construction, extension and operation of water
collection, treatment and supply
systems
CCM 5.1
0.09
2.8%
ΕL
N/EL
N/EL
N/EL
N/EL
N/EL
Construction, extension and operation of
wastewater collection and treatment
CCM 5.3
0.01
0.4%
ΕL
N/EL
N/EL
N/EL
N/EL
N/EL
Infrastructure for rail transport
CCM 6.14
1.72
54.0%
ΕL
N/EL
N/EL
N/EL
N/EL
N/EL
Infrastructure enabling low-carbon road
transport and public transport
CCA 6.15
0.68
21.4%
N/EL
ΕL
N/EL
N/EL
N/EL
N/EL
Infrastructure enabling low carbon water
transport
CCA 6.16
0.00
0.1%
N/EL
ΕL
N/EL
N/EL
N/EL
N/EL
Construction of new buildings
CCM 7.1
0.15
4.8%
ΕL
N/EL
N/EL
N/EL
N/EL
N/EL
Maintenance of roads and highways
CE 3.4
0.01
0.2%
N/EL
N/EL
N/EL
N/EL
ΕL
N/EL
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(111) / (297)
2023
Substantial contribution criteria
DNSH criteria (“Does not
significantly harm criteria”)
Capital expenditure
Amounts in € million
Code (2)
Capitan expenditure (3)
% of capital expenditure
(4)
Climate change mitigation
(5)
Climate change adaptation
(6)
Water (7)
Pollution
(8)
Circular economy
(9)
Biodiversity
(10)
Climate change mitigation
(11)
Climate change adaptation
(12)
water (13)
Pollution
(14)
Circular economy
(15)
Biodiversity
(16)
Minimum safeguards
(17)
% of capital expenditure
in
aligned
with (Α.1) or eligible
with (Α.2), year 2022
(18)
Category
-Enabling activity
Category
-Transitional activity
Segment / Economic Activities (1)
€
million
%
Y,N,
N/EL
Y,N,
N/EL
Y,N,
N/EL
Y,N,
N/EL
Y,N,
N/EL
Y,N,
N/EL
Y/N
Y/N
Y/
N
Y/
N
Y/
N
Y/
N
Y/
N
%
Ε
T
Capital expenditure of Taxonomy-eligible but not
environmentally sustainable activities (not-Taxonomy-
aligned activities) (Α.2)- Discontinued operations
2.67
83.8%
62.1%
21.5%
0.0%
0.0%
0.2%
0.0%
0.0%
Α. Capital expenditure of taxonomy-eligible activities
(Α.1+Α.2) - Discontinued operations
2.67
83.8%
62.1%
21.5%
0.0%
0.0%
0.2%
0.0%
96.5%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES – Discontinued operations
Capital expenditure of taxonomy-non-eligible activities-
Discontinued operations
0.52
16.2%
TOTAL (A+B) - Discontinued operations
3.18
100.0%
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(112) / (297)
2023
Substantial contribution criteria
DNSH criteria (“Does not
significantly harm criteria”)
Capital expenditure
Amounts in € million
Code (2)
Capitan expenditure (3)
% of capital expenditure
(4)
Climate change mitigation
(5)
Climate change adaptation
(6)
Water (7)
Pollution
(8)
Circular economy
(9)
Biodiversity
(10)
Climate change mitigation
(11)
Climate change adaptation
(12)
water (13)
Pollution
(14)
Circular economy
(15)
Biodiversity
(16)
Minimum safeguards
(17)
% of capital expenditure
in
aligned
with (Α.1) or eligible
with (Α.2), year 2022
(18)
Category
-Enabling activity
Category
-Transitional activity
Segment / Economic Activities (1)
€
million
%
Y,N,
N/EL
Y,N,
N/EL
Y,N,
N/EL
Y,N,
N/EL
Y,N,
N/EL
Y,N,
N/EL
Y/N
Y/N
Y/
N
Y/
N
Y/
N
Y/
N
Y/
N
%
Ε
T
Α1. Total eligible and aligned activities - Total activities
1.50
12.0%
4.2%
7.1%
0.0%
0.6%
0.1%
0.0%
73.9%
Α2. Total eligible and non-aligned activities - Total
activities
5.31
42.8%
17.0%
24.9%
0.0%
0.0%
0.9%
0.0%
15.9%
Total taxonomy-eligible activities (A.1 + A.2) (A) – Total
activities
6.81
54.8%
21.1%
32.0%
0.0%
0.7%
1.0%
0.0%
89.8%
Total taxonomy-non-eligible activities (B) – Total
activities
5.61
45.2%
TOTAL (A+B) – Total activities
12.42
100.0%
Continuing operations
Discontinued operations
Total operations
% of capital expenditure/Total capital
expenditure
% of capital expenditure/Total capital
expenditure
% of capital expenditure/Total capital
expenditure
Taxonomy-aligned per
objective
Taxonomy-eligible
per objective
Taxonomy-aligned per
objective
Taxonomy-eligible
per objective
Taxonomy-aligned per
objective
Taxonomy-eligible
per objective
CCM – Climate change mitigation
5.61%
7.02%
0.00%
62.05%
4.17%
21.13%
CCA – Climate change adaptation
9.58%
35.62%
0.00%
21.54%
7.12%
32.01%
WTR – Water and marine resources
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
CE – Circular economy
0.16%
1.38%
0.00%
0.20%
0.12%
1.03%
PPC- Pollution prevention and control
0.85%
0.85%
0.00%
0.00%
0.63%
0.66%
BIO - Biodiversity and ecosystems
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(113) / (297)
This section is included for the third time in the non-financial statement of the Annual Financial Report 2023, in accordance with the provisions of EU Regulations
2020/852, 2021/2139, 2021/2178, 2023/2486, 2023/2485 and the letters 2693/30.10.2023, 3091/12.12.202 and 401/13.02.2024 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.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(114) / (297)
VII. 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 2023
Amounts in € thousand
Sales
of goods and
services
Income from
participating
interests
Purchases
of goods
and services
Receivables
Liabilities
Subsidiaries
AKTOR SA
10,846
-
-
-
-
AKTOR CONCESSIONS SA
358
-
5,546
12
104,580
REDS REAL ESTATE DEVELOPMENT SA
50
-
100
234
130
AKTOR FM SA
256
-
125
-
-
YIALOU COMMERCIAL & TOURISM
SA
108
-
-
-
-
HELECTOR SA
905
-
-
1,515
1,621
MOREAS SA
159
-
-
41
-
HELLENIC QUARRIES SA
5
-
-
-
-
TOMI SA
244
-
9
-
-
P.K. TETRAKTYS INVESTMENT
DEVELOPMENT COMPANY
-
-
-
2,850
-
DIETHNIS ALKI
-
-
-
-
1,240
ELLAKTOR VALUE PLC
-
2,300
62
-
-
OTHER SUBSIDIARIES
39
-
33
59
6
Associates
ANEMOS RES SA
236
-
-
-
13
AEGEAN MOTORWAY SA
70
-
-
-
-
TOTAL SUBSIDIARIES
12,969
2,300
5,875
4,711
107,577
TOTAL ASSOCIATES & OTHERS
305
-
-
-
13
Amounts for fiscal year 2022
Amounts in € thousand
Sales
of goods and
services
Income
from
participating
interests
Purchases
of goods
and services
Receivables
Liabilities
Subsidiaries
AKTOR SA
7,742
-
13
104,870
337
AKTOR CONCESSIONS SA
8,509
-
1,535
170
99,035
REDS REAL ESTATE DEVELOPMENT SA
45
-
-
185
6
AKTOR FM SA
331
-
164
945
218
ELLINIKI TECHNODOMIKI
ENERGY SA
26
-
834
-
-
HELECTOR SA
902
-
-
358
1,523
MOREAS SA
148
-
-
85
-
HELLENIC QUARRIES SA
8
-
-
96
-
TOMI SA
289
-
407
781
3
P.K. TETRAKTYS INVESTMENT
DEVELOPMENT COMPANY
-
-
-
2,850
-
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(115) / (297)
Amounts in € thousand
Sales
of goods and
services
Income
from
participating
interests
Purchases
of goods
and services
Receivables
Liabilities
ELLAKTOR VALUE PLC
-
-
41,694
-
2,529
BIOSAR HOLDINGS LTD
-
-
-
1,900
-
OTHER SUBSIDIARIES
195
1,569
40
216
5
TOTAL SUBSIDIARIES
18,195
1,569
44,687
112,456
103,656
With regard to the above transactions in 2023, 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 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 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.
Also, in addition to the above, by decision of the Board of Directors of the Company, in accordance with
the provisions of Articles 99, 100 and 101 of Law 4548/2018, as applicable, a license was granted for the
Company to enter into contracts with related parties (within the meaning of Article 99(2)(a) of Law
4548/2018) and in particular:
On 15.12.2023, the Board of Directors granted approval for the conclusion of a share purchase agreement
with the company “MOTOR OIL RENEWABLE ENERGY SINGLE MEMBER S.A.” (hereinafter “MORE”) for the
sale and transfer of one hundred and twenty-three million fifty-nine thousand two hundred and fifty
registered shares (123,059,250) of ANEMOS RES HOLDINGS SA, held by the Company, to the public
limited under the name MORE, which represent 25% of its wholly-owned capital, for a total consideration
of one hundred and twenty-three million five hundred and twenty thousand euros (€123,520,000), in
accordance with the specific conditions contained in the binding offer of 14.12.2023 (the ‘Offer’). The
above transaction was completed on 25.01.2024, after receiving all necessary approvals.
The fees paid to Group managers and directors for the period 1 January 2023-31 December 2023
amounted to €11,435 thousand for the Group, and €6,661 thousand for the Company, compared to €5,657
thousand and €2,320 thousand in 2022.
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 2023.
All transactions referred to are arms’ length transactions.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(116) / (297)
VIII. Events occurring during the year 2023
1. On 31.01.2023, the subsidiary company under the name “REDS REAL ESTATE DEVELOPMENT AND
SERVICES SA" trading as "REDS S.A." proceeded to the conclusion of a joint secured bond loan of a
total amount of €71.4 million through its 100% subsidiary, YIALOU COMMERCIAL SINGLE-MEMBER
S.A., for the financing of the Group's projects as well as for the refinancing of existing loans, thus
significantly reducing the perceived liquidity risk of the REDS Group.
2. On 02.02.2023, it was announced that ELLAKTOR Group was included, for the first time, in the
"Financial Times Stock Exchange4Good (FTSE4Good) Index Series" sustainability index. The full Press
Release has been posted on the Company's website, specifically at the link
https://ellaktor.com/en/media-center/news/ .
3. On 08.02.2023, the subsidiary company REDS SA announced that the period for exercising the exit
right under Article 28 of Law 3461/2006 in relation to the mandatory public offer (the "Public Offer"),
which was submitted on 19.08.2022 by the company under the name RB Ellaktor Holding B.V. (the
"Offeror"), expired on 06.02.2023 and the Offeror is no longer obliged to acquire publicly issued
shares of the Company (the "Shares") which are offered to it by shareholders of the Company in
exercise of the exit right under Article 28 of Law 3461/2006. By the end of the exit deadline, on
06.02.2023, the Offeror acquired 473,974 Shares from the Company's shareholders who exercised
the right to exit, for a consideration of €2.48 per Share. After the expiry of the exit deadline, the
Offeror informed the Company that it now directly owns 19,514,962 Shares, which correspond to
33.98% of the share capital and voting rights in the Company.
The full announcement has been posted on the website of REDS SA and specifically at the following
link 2023.02.09_REDS_Completion-TEST-RIGHT-TO-EXIT.pdf
4. On 15.02.2023, the signing of the purchase and sale contract of the property of the former US base
in Gournes Heraklion was held at the premises of the Hellenic Republic Asset Development Fund
(HRADF) with REDS S.A., a subsidiary of ELLAKTOR SA, which was the highest bidder in the e-Auction
for the purchase and development of the property.
The full announcement has been posted on the website of TAIPED and specifically at the following
link: https://hradf.com/taiped-ypografi-toy-symvolaioy-agorapolisias-toy-akinitoy-stis-goyrnes-
irakleioy/
5. On 24.03.2023 the Company, in response to a letter from the Capital Market Commission that
referred to publications of 23 March 2023, informed the investing public that on the evening of
23.03.2023 it became the recipient of a non-binding Letter of Intent for the acquisition of the
subsidiary of the company AKTOR SA from the company INTRAKAT SA. The letter of intent was
subject to terms, conditions and requirements, and had not at that time been evaluated by the
Company's Board of Directors.
6. On 30.03.2023 an agreement was signed with INTRAKAT SA for the sale of its entire shareholding in
the subsidiary construction company AKTOR SA directly and indirectly (through the 100% subsidiary
of AKTOR CONCESSIONS SA). The transaction was subject to the approval of the Competition
Commission, all other statutory approvals and permits, as well as the General Meeting of the
Company's Shareholders and its completion was expected by the end of 2023. A total amount of
€214 million was to be collected from the transaction, of which the amount of €100 million will be
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(117) / (297)
collected upon completion of the Transaction as equity value, while the amount of €114 million will
be paid gradually within 19 months from the completion of the transaction as repayment of intra-
group borrowing. The effect on the Group will be determined upon completion of the transaction
and according to Management's estimates it is not expected to be significant. The full announcement
has been posted on the Company's website, specifically at the link https://ellaktor.com/en/investor-
relations/annoucements/ .
7. On 06.04.2023 the Company announced that the shareholder REGGEBORGH INVEST B.V. informed
that the call option of 14.9343% on the voting rights (i.e. 52,000,000 common registered shares) of
ELLAKTOR SA as of 6 May 2022, was modified. Specifically, on 31.03.2023 the aforementioned call
option was reduced to 7.4671% of the voting rights (i.e. 26,000,000 common registered shares) of
ELLAKTOR SA. The full announcement has been posted on the Company's website, specifically at the
link https://ellaktor.com/en/investor-relations/annoucements/.
8. On 11.04.2023, the Company stated that the Information Note for the sale of 100% of the shares of
its subsidiary "AKTOR TECHNICAL SA" is now available. The Information Note was drawn up and
made available in accordance with the provisions of paragraph 4.1.3.12 of the Athens Stock Exchange
Regulation, as well as the relevant provisions of Resolution 25 of the Athens Stock Exchange
Management Committee, as in force at the time of its preparation. The transfer was subject to the
approval of the "ELLAKTOR SA" shareholders' Extraordinary General Meeting, which was held on April
24, 2023, as well as the Competition Committee's approval and all other statutory approvals and
licenses.
9. On 24 April 2023, the shareholders of ELLAKTOR held an Extraordinary General Meeting, which
decided the following:
o The approval of the sale of all shares of AKTOR SA, the Company's ownership, and AKTOR's
100% subsidiary CONCESSIONS SA to the company under the name "INTRAKAT TECHNICAL
AND ENERGY PROJECTS SA", as well as the authorisation of the Board of Directors to take any
action necessary for the implementation and completion of the Transaction, without restriction,
including any amendments to the contractual texts to be concluded.
o Approval of the amendment of the Remuneration Policy.
10. On 27.04.2023 the Company announced that the funds raised from the Company’s Share Capital
Increase 2021 with a cash contribution, amounting to €118.9 million, minus issue costs of €1.63
million, and which were fully allocated, in accordance with the use stipulated in the Prospectus,
approved by the Board of Directors of the Capital Market Commission on 13.07.2021 (and the
Supplement thereto approved on 29.07.2021), as well as the resolution of the Board of Directors of
the Company dated 23 September 2022, which approved the partial change in the method of
allocation of the funds of the aforementioned SCI.
Since the distribution of funds has been completed during the current fiscal year 2023, the final
Report on the Distribution of Funds Raised from the aforementioned SCI 2021, along with the
accompanying report of the chartered accountant-auditor, shall be included in the semester financial
report of the Company for the period 01.01.2023 – 30.06.2023.
11. On 28.04.2023, Mrs Eugenia (Jenny) Livadarou, Independent Non-Executive Member, resigned as a
Member of the Company's Board of Directors, the Audit Committee and the committees of the Board
of Directors in which she participated, namely the Nominations and Remuneration Committee and
the Sustainable Development Committee. Following the above resignation, on 28.04.2023 the
Company Board decided to continue its operation with the remaining members without replacing
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(118) / (297)
the resigned member, in accordance with the provisions of Article 82 of Law 4548/2018 as in force,
par. 1 of Article 13 of the Company's Articles of Association and Articles 3 and 9 of Law 4706/20, as
in force.
Following the above, the composition and formation of the Board of Directors by virtue of its decision
of 28.04.2023 is as follows:
1. Georgios Mylonogiannis, son of Stamatios-Takis, Chairman of the Board, Non-Executive
Member,
2. Aristeidis (Aris) Xenophos, son of Ioannis, Vice-Chairman, Non-Executive Member,
3. Efthimios Bouloutas, son of Theodoros, CEO, Executive Member,
4. Konstantinos Toumpouros, son of Pantazis, Director & Non-Executive Member;
5. Athina Chatzipetrou, daughter of Konstantinos, Director, Independent - Non-Executive Member,
6. Ioanna Dretta, daughter of Grigorios, Director, Independent Non-Executive Member
7. Panagiotis Kyriakopoulos, son of Othonas, Director, Non-Executive Member
8. Georgios Triantafyllou, son of Eleftherios, Director, Non-Executive Member
9. George Prousanidis, son of Ioannis, Director, Non-Executive Member, and
10. Odysseas Christoforou, son of Stamatios, Director, Independent - Non-Executive Member.
In view of the above, the Audit Committee, at its meeting on 28.04.2023, confirmed the appointment
of Mr. Panagiotis Alamanos, independent of the company, as Chairman, in accordance with the
provisions of Art. 44, Par. 1 para. e, of Law 4449/2017 of the Audit Committee's Operating Regulation
and the legislation of the Capital Market and was restructured as follows:
1) Panagiotis Alamanos, third, independent of the company, Chairman of the Audit Committee,
2) Athina Chatzipetrou, Independent Non-Executive Member, Member of the Audit Committee and
3) Ioanna Dretta, Independent Non-Executive Member, Member of the Audit Committee
12. On 02.05.2023 the Company informed the investment community that Mr. Andreas
Papanagiotopoulos, Group Treasurer & Finance Manager, has also accepted the role of Investor
Relations Officer (IRO - Shareholder Services & Corporate Announcements).
13. On 22 June 2023, the Ordinary General Meeting of the shareholders of ELLAKTOR was held which,
among other issues, (see relevant announcement at the link https://ellaktor.com/en/investor-
relations/general-assemblies/general-assemblies-2023/annual-general-assemply-june-2023/ ,
decided as follows:
o It approved, following a legitimate vote, a Plan for Acquisition of Own Shares, in accordance
with Article 49 of Law 4548/2018, for all uses permitted by law, including the distribution of
shares to employees and/or members of the management of the Company and of its affiliated
companies within the meaning of Article 32 of Law. 4308/2014, under Article 114, of Law
4548/2018, as in force, up to the completion of one-tenth (1/10) of the Company's paid-up
share capital, for a period of 24 months from the date being approved by the General Meeting,
i.e. from 22 June 2023 to 22 June 2025, with a minimum purchase price of thirty euro cents (0.30)
and a maximum purchase price of three euros (3.00) per share purchased, and delegated
authority to the Company's Board of Directors to carry out the Program.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(119) / (297)
o Approved the clearance of account "Share premium account" with accumulated accounting
losses of the Company of €16,756,758.84 from the account "Results carried forward" pursuant
to Article 35(3) of Law 4548/2018, as in force.
o Approved amendment to Articles 21 and 26 of the Company's Articles of Association
o Approved the distribution of part of Other Reserves formed by taxed profits of previous years
of the Company to members of the Board of Directors, to management executives and to
employees. Granting relevant authorisation.
o Confirmed/approved the number of independent Non-Executive Members of the Company's
Board of Directors, following a legitimate vote, i.e. the three remaining Independent Non-
Executive Members of the Company's Board of Directors, i.e. Athina Chatzipetrou, daughter of
Konstantinos, Ioanna Dretta, daughter of Grigorios and Odysseas Christoforou, son of
Stamatios.
o It affirmed the number and designations of the Audit Committee members and, following a
legitimate vote, confirmed the stay and re-election of the remaining members of the Audit
Committee, i.e. the three people listed below:
1) Panagiotis Alamanos son of Charilaos, Non-member of the Board of Directors, third party,
independent of the company within the meaning of Article 9 (1) & (2), of Law 4706/2020.
2) Athina 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.
3) Ioanna Dretta daughter of Grigorios, current independent non-executive member of the
Board of Directors, independent member within the meaning of Article 9 (1) & (2), of Law
4706/2020.
Following the above, the Audit Committee at its meeting of 22.06.2023 unanimously and
unanimously decided to appoint Mr. Panagiotis Alamanos as its Chairman, in accordance with the
provisions of Article 44(1)(e) of Law 4449/2017.
14. On 3 August 2023 the subsidiary company REDS SA announced that the Ordinary General Meeting
of Shareholders of 7 July 2023 decided, among other things, to reduce its share capital by the amount
of €8,040,883.76, by decrease of the nominal value of each existing common, nominal share with
voting rights of the Company from €1.31 to €1.17, by offsetting an equal amount of prior year losses
(note 28.4). Following this reduction, the share capital of REDS amounts to €67,198,814.28 divided
into 57,434,884 common registered shares with voting rights, with a nominal value of €1.17 each.
15. On 5 September 2023, the subsidiary company REDS SA, with its announcement following an EK
inquiry, informed that it was in advanced, exclusive negotiations with the company Trade Estates
REIC of the Fourlis group for the sale of 100% of the shares of YIALOU COMMERCIAL SINGLE
MEMBER SA, which, at that time, owned the commercial park Smart Park, but no agreement has yet
been reached. It was also assumed that the determination of the price was subject to conditions,
assumptions and terns, which were also subject to negotiation. In case of reaching an agreement,
REDS will publish the fact in accordance with the procedure provided for by the current legislation.
16. On 15.09.2023, the Company announced that, in accordance with the decision of the Ordinary
General Meeting of its shareholders on 22.06.2023 establishing a plan for the acquisition of own
shares and the decision of the Board of Directors on 14.09.2023, it intends to proceed with the
implementation of the Own Shares Program, as per Article 49 of Law 4548/2018, for each legally
authorised use. Own shares will be purchased through the Athens Stock Exchange. The maximum
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(120) / (297)
number of shares acquired may not exceed one tenth (1/10) of the Company's respective paid-up
share capital, and the Program will run for a maximum of 24 months from the date of its approval by
the General Meeting, i.e. until 22 June 2025, with a minimum purchase price of thirty euro cents (0:30)
and a maximum purchase price of three euro (3:00) per share purchased.
17. On 08.11.2023, the Company announced that, following the agreement dated 30.03.2023 for the sale
of all shares issued by AKTOR S.A., owned by the Company and its 100% subsidiary AKTOR
CONCESSIONS S.A., to the company under the name INTRAKAT SA (the "Transaction") and the
approval of the Extraordinary General Meeting of shareholders of ELLAKTOR S.A. on 24.04.2023, the
Competition Committee, which met in a plenary session unanimously approved the Transaction, in
accordance with its decision No. 830/07.11.2023 Following that, the Transaction was completed on
8.11.2023 (financial closing), with the payment of the total amount agreed as share value of €110.8
million, while €114 million shall be paid in installments within 19 months of the transaction's
completion as a repayment of intra-group lending.
18. On 01.12.2023, the subsidiary REDS SA announced that on 30.11.2023, the sale of all shares of the
subsidiary YIALOU COMMERCIAL, TOURIST ACTIVITIES AND REAL ESTATE OPERATION SINGLE
MEMBER SA, owner and manager of the SMART PARK Commercial Park, to the company TRADE
ESTATES REIC was completed. The price of the transaction was €95.4 million.
19. On 15.12.2023, the Company announced that, following the resignation from 14.12.2023 of its
Independent Non-Executive Member, Mr. Ioanna Dretta, as a Member of the Company's Board of
Directors, the Audit Committee, and the Strategic Planning Committee, in which she participated and
following the unanimous recommendation of the Nomination and Remuneration Committee, the
Company's Board of Directors, at its meeting on 15 December 2023, decided:
o to replace the resigned Member and elect Mrs. Evgenia (Jenny) Livadarou as a new Independent
Non-Executive Member of the Board of Directors
o to replace the resigned Member of the Audit Committee and elect Mrs. Evgenia (Jenny) Livadarou
as its new member.
Mrs. Livadarou meets the criteria of independence, as well as the prerequisites of individual and
collective suitability, in the context of the provisions of Article 9 of Law 4706/2020 and the Eligibility
Policy of the Board members. (see announcement in detail at https://ellaktor.com/en/investor-
relations/annoucements/.
20. On 15.12.2023 the Company announced that the Audit Committee at its meeting on the same date
confirmed the appointment of Panagiotis Alamanos, independent of the company, as Chairman, in
accordance with the provisions of Art.44(1)(e) of Law 4449/2017 of the Audit Committee's Operating
Regulation and the legislation of the Capital Market and was restructured as follows:
1) Panagiotis Alamanos, third, independent of the company, Chairman of the Audit Committee,
2) Athina Chatzipetrou, Independent Non-Executive Member, Member of the Audit Committee and
3) Evgenia (Tzeni) Livadarou, Independent Non-Executive Member, Member of the Audit Committee.
The Audit Committee will continue to operate with the above composition until the Company's next
General Meeting, at which time it will be informed of Ms. Ioanna Dretta's resignation, her
replacement by Ms. Eugenia (Jenny) Livadarou, and asked to confirm the number and qualities of the
Audit Committee members for the remainder of her term.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(121) / (297)
21. On 18.12.2023, the Company announced that, at a meeting of its Board of Directors on 15.12.2023,
it was decided to grant, in accordance with the provisions of Articles 99, 100, and 101 of Law
4548/2018, as applicable, a license was granted for the Company to enter into contract with related
parties (within the meaning of Article 99(2)(a) of Law 4548/2018). In particular, the Board of Directors
granted approval for the conclusion of a share purchase agreement with the company “MOTOR OIL
RENEWABLE ENERGY SINGLE MEMBER S.A.” (hereinafter “MORE”). (see announcement in detail at
https://ellaktor.com/en/investor-relations/annoucements/ ).
IX. Events occurring after 31 December 2023
1. On January 11, 2024, the Extraordinary General Meeting of the Shareholders of ELLAKTOR SA was
held solely by electronic means, without the physical presence of the shareholders/representatives,
and debated and decided on all of the items on the agenda, namely:
o Elected new additional member of the Board of Directors of the Company
o Announced the election of an Independent Non-Executive Member to replace a resigned one.
Designation of independent non-executive members of the Board of Directors was made for the
entire Board.
o The election of a member of the Audit Committee was announced to replace a member who has
tendered their resignation. A reappointment was made of the Audit Committee (type,
composition, number, membership and term of office), pursuant to Article 44 of Law 4449/2017,
as applicable.
o The sale of shares in ANEMOS RES SA, owned by the Company, to the public limited under the
name MOTOR OIL RENEWABLE ENERGY SINGLE MEMBER SA was approved.
(see announcement in detail at https://ellaktor.com/en/investor-relations/annoucements/ ).
2. On 11.01.2024, the Company announced that the Extraordinary General Meeting of the shareholders
of ELLAKTOR SA, meeting on 11 January 2024, among others:
(a) elected Ms. Ioanna Dretta as a new additional member of the Board of Directors of the Company;
B) announced / confirmed the election of Mrs. Evgenia Livadarou, who meets all the standards and
criteria of independence established by the applicable legislation and the Company's Suitability
Policy.
Following the foregoing, the Extraordinary General Meeting of the Company's Shareholders
determined the Independent Non-Executive Members of the Board of Directors, which are Ms. Athina
Chatzipetrou, Ms. Evgenia Livadarou, Mr. Odysseas Christoforou and Mr. Aristeidis Xenofos, who
meet all the conditions laid out in the provisions of the applicable legislation, i.e. Article 9(1) and (2)
of Law 4706/20 as applicable to the Company's Eligibility Policy, conditions and independence
criteria.
The new members’ term of office will expire at the same time as the term of office of the other
members of the current Board of Directors.
In view of the above, the Board of Directors was reconstituted as a body at its meeting of 11 January
2024 as follows:
1) Georgios Mylonogiannis, son of Stamatios-Takis, Chairman of the Board of Directors & Non-
Executive Member;
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(122) / (297)
2) Aristeidis (Aris) Xenofos, son of Ioannis, Vice-Chairman, and Independent Non-Executive Member;
3) Efthimios Bouloutas, son of Theodoros, CEO, Executive Member,
4) Konstantinos Toumpouros, son of Pantazis, Director & Non-Executive Member;
5) Athina Chatzipetrou, daughter of Konstantinos, BoD member, Independent Non-executive
Member,
6) Ioanna Dretta daughter of Grigorios, BoD member, Non-Executive Member,
7) Evgenia (Jenny) Leivadarou daughter of Ioannis, BoD member, Independent - Non-Executive
Member,
8) Panagiotis Kyriakopoulos, son of Othonos, Director & Non-Executive Member;
9) Georgios Triantafyllou, son of Eleftherios, Director & Non-Executive Member;
10) Georgios Prousanidis son of Ioannis, Director, Non-Executive Member and
11) Odysseas Christoforou son of Stamatios, BoD member, Independent Non-Executive Member.
3. On 11.01.2024, the Company announced that the Audit Committee at its meeting on the same date
confirmed the appointment of Panagiotis Alamanos, independent of the company, as Chairman of
the Audit Committee, in accordance with the provisions of Art. 44(1)(e) of Law 4449/2017 of the
Audit Committee's Operating Regulation and the legislation of the Capital Market and was
restructured as follows:
1) Panagiotis Alamanos, third, independent of the company, Chairman of the Audit Committee,
2) Athina Chatzipetrou, Independent Non-Executive Member, Member of the Audit Committee and
3) Evgenia (Tzeni) Livadarou, Independent Non-Executive Member, Member of the Audit Committee.
4. On 25.01.2024, the Company informed the investors that on 25.01.2024, and after receiving all the
necessary approvals, it was signed between ELLAKTOR and MOTOR OIL RENEWABLE ENERGY SINGLE
MEMBER SA. (hereinafter referred to as “ΜΟRE”) the Purchase Agreement for the transfer of the
remaining 25% of ANEMOS RES SA owned by the Company to ΜΟRE, a subsidiary of MOTOR OIL
(GREECE) CORINTH REFINERIES SA. (MOH). The aforementioned transaction (financial closing) was
completed on the same day, with the payment of €123,52 million to the Company.
5. On 29.02.2024, the Company informed about a change in voting rights received from its
shareholders, specifically that on 26 February 2024, RB ELLAKTOR HOLDING B.V. (owned by
REGGEBORGH INVEST B.V.) transferred to REGGEBORGH INVEST B.V. (hereafter referred to as
'REGGEBORGH'), through an over-the-counter (OTC) transaction, the total of the shares and the
accompanying voting rights held in the Investee, i. e. 54,404,755 ordinary registered shares with
voting rights representing 15,6249% of the total share capital of the Investee. (see announcement
details at https://ellaktor.com/en/investor-relations/annoucements/ ).
6. Following a question from the Securities and Exchange Commission regarding press reports on
"...Information indicates that a due diligence process is underway in Helector by Motor Oil...", the
Company informed the investing public on 08.04.2024 that the Company's Management is constantly
investigating possibilities for the optimal use of its assets and carefully examines any expression of
interest. In this context, the Company confirmed that a due diligence process was initiated at
HELECTOR by Motor Oil. It is noted, however, that ELLAKTOR has not received a takeover bid for
HELECTOR. The Company carefully reviews all data, and if an agreement is reached, the Company's
Management will notify the investment public directly, as the law requires.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(123) / (297)
The present Annual Report of the Board of Directors for the period from January 1 to 31 December 2023
is available online at www.ellaktor.com specifically at the link https://ellaktor.com/en/investor-
relations/financial-information/annual-financial-report/ .
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(124) / (297)
Β.2. Explanatory Report of the Board of Directors
of the public limited ELLAKTOR SA for the administrative year 2023,
in accordance with Articles 150, 151, 152 and 153 of Law 4548/18 as in force, Article 4 par. 7 and 8 of
Law 3556/2007, as amended, as well as Article 10(1) of Directive 2004/25/EC of the European Parliament
and of the Council of 21.04.2004)
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
in force on 31.12.2023, based on a shareholder notification:
Shareholder
Number of Shares
& Voting Rights
% Participation
Total %
Participation
Direct
Indirect
1
REGGEBORGH INVEST BV
1
102,867,595
29.54%
15.62%
45.17%
2
RB ELLAKTOR HOLDING B.V.
1
54,404,755
15.62%
0.00%
3
MOTOR OIL (HELLAS) CORINTH
REFINERIES S.A.
2
104,000,000
29.87%
0.00%
29.87%
4
ATLAS NV
3
34,114,860
9.80%
0.00%
9.80%
Notes:
1. REGGEBORGH INVEST B.V. is not controlled by any natural person or legal entity, in accordance with Article 3
of Law 3556/2007. On 06.05.2022, it acquired a Call Option on 52,000,000 common registered shares (i.e.
14.9343% of voting rights) of ELLAKTOR S.A. with a period of 36 months for the exercise/conversion of the Call
Option from 06.05.2022 to 06.05.2025. REGGEBORGH INVEST B.V. is not entitled to exercise the voting rights
associated with the call option shares during the respective call option exercise period. On 02.08.2022, due to
the acquisition of shares offered to the subsidiary of the company RB ELLAKTOR HOLDING B.V., as a result of
an Optional Public Offer submitted by the latter on 6 May 2022, the total participation of REGGEBORGH
INVEST B.V. in the Issuer's share capital and voting rights amounted to 46.15% (i.e. 160,680,530 shares), with
a direct participation of 30.52% and indirect participation, through RB ELLAKTOR HOLDING B.V., 15.62%, of
the total voting rights of ELLAKTOR SA.
On 31 March 2023, the Issuer's option to purchase 52,000,000 shares and voting rights (i.e. 14.9343%) that
was obtained on 6 March 2022 was reduced to 26,000,000 shares and voting rights (i.e. 7.4671%), and the
entire rate of REGGEBORGH INVEST B.V. amounted to 45.17% (i.e. shares of 157,272,350), with a direct
participation of 29.54% and indirect participation, through RB ELLAKTOR HOLDING B.V., of 15.62% in the total
voting rights of ELLAKTOR SA.
On 26.02.2024, RB ELLAKTOR HOLDING B.V. transferred to REGGEBORGH INVEST B.V. the total shares held in
ELLAKTOR SA, i.e. 54,404,755 shares and corresponding voting rights, i.e. 15.62% of the total voting rights of
ELLAKTOR SA. REGGEBORGH INVEST B.V. now has a direct stake of 45.17% (i.e. shares of 157,272,350 and
corresponding voting rights) in ELLAKTOR SA.
2. The acquisition of 104,000,000 common registered voting shares issued by ELLAKTOR S.A. (corresponding to
29.87% of the voting rights of the Issuer) from MOTOR OIL (HELLAS) CORINTH REFINERIES S.A., took place
through OTC DVP on 06.05.2022.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(125) / (297)
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.
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.
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 Programme will be implemented in accordance with the
special provisions in the Group’s approved Remuneration Policy and within the provisions of
article 113 of Law 4548/2018, as currently in force. (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/investor-relations/annoucements/ ).
The Board of Directors of the Company, at its meeting on 14 September 2023, after the
authorisation given by the Ordinary General Meeting of Shareholders on 22 June 2023, adopted
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(126) / (297)
a Plan for the Acquisition of Own Shares, in line with Article 49 of Law 4548/2018, for all uses
permitted by law, including the distribution of shares to employees and/or members of the
management of the Company and of its affiliated companies within the meaning of Article 32 of
Law. 4308/2014, under Article 114, of Law 4548/2018 as in force. Specifically, at the
aforementioned General Meeting, the acquisition by the Company, directly or indirectly, of own
shares through the Athens Stock Exchange was approved as follows:
o The nominal value of the Treasury Shares will not exceed ten per cent (10%) of the Company's
paid-up share capital at any given time.
o The share purchase program will be completed within the statutory period of twenty-four
(24) months, i.e. from 22.06.2023 to 22.06.2025
o For all purposes and uses allowed under the legislation in force, including the decrease of
share capital and distribution to personnel.
o The maximum purchase price of the Company's treasury shares are three euros (€3) per share
and the minimum purchase price thereof are thirty cents of Euro (€0.30) per share.
In implementation with the General Meeting's resolution and the ELLAKTOR BoD decision of
14.09.2023, 870,295 treasury shares were acquired over the period from 15.09.2023 to
31.12.2023, which represent 0.25% of the Company’s paid up share capital, for a total acquisition
value of €1,965,297.59, at an average acquisition value of €2.258 per share.
As of the date of approval hereof, 17 April 2024, the Company currently holds 1,034,735 treasury
shares, representing 0.30% of its paid-up share capital, for a total acquisition value of
€2,372,821.83 and an average acquisition price of €2.293 per share.
i. There are no significant agreements that have been signed by the Company, which come into
force or are amended or are terminated as a result of the change in the Company’s control,
following a takeover bid.
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 financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(127) / (297)
Β.3. Corporate Governance Statement
General
I. a) Corporate Governance Code
aa) For the period from 1 January 2023 to 31 December 2023, ELLAKTOR (hereinafter the ‘Company’) has
applied the principles of corporate governance as defined by the relevant legislative framework (Law
4706/2020, Law 4449/2017 Article 44 and Law 4548/2018 Articles 152 and 153). The aforementioned
Corporate Governance principles for the aforementioned period were incorporated into the Greek
Corporate Governance Code of the Hellenic Corporate Governance Council (June 2021) to which the
Company is subject.
bb) By the decision of its Board of Directors dated 28.06.2021, the Company, in compliance with the
current legislative framework and in accordance with the specific provisions of Article 17 of Law
4706/2020 and article 4 of Decision 2/905/03.03.2021 of the Board of Directors of the Hellenic Capital
Market Commission, has adopted the Greek Corporate Governance Code of the Hellenic Corporate
Governance Council (June 2021), which is posted on the Company's website www.ellaktor.com,
specifically at the link CORPORATE GOVERNANCE CODE - Ellaktor
cc) Corporate governance practices applied by the Company in addition to the provisions of the
law.
In the closing year 2023 and up to the publication of this Report, 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.
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.
These Committees are detailed in paragraph e) Composition and functioning of the administrative,
management and supervisory bodies and their committees:
‒ Sustainable Development Committee
‒ Strategic Planning 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, which is incorporated into the annual
Regulatory Compliance Action Plan and in full alignment with corporate values.
ELLAKTOR Group has established and is implementing a Regulatory Compliance Management
System that is concerned with the harmonisation of the current regulatory and regulatory
framework, the Code of Ethics, and the Policies and Procedures of Regulatory Compliance that have
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(128) / (297)
been approved by the Company's Management, with the goal of operating on the basis of the values
of integrity and transparency. This system has been certified under ISO 37301:2021, which
incorporates ISO 37001:2016 (Anti-Corruption Management System) and ISO 37002:2021
(Complaints Management System).
To successfully implement the Regulatory Compliance Management System, the Company created
a Regulatory Compliance Program for Integrity, which includes a number of regulatory compliance
measures and safeguards to ensure complete compliance with the applicable legislation and
regulatory framework.
In particular, Integrity and Transparency must be assured through the concurrent and
complementary execution - as well as thorough and effective implementation management - of the
regulatory documents listed below:
1. Internal Rules of Procedure: The Rules of Procedure embody the principles of Corporate
Governance adopted by Ellaktor and are consistent with its company profile, mission, operations,
structure, organisational chart, and internal policies and procedures. The Internal Rules of
Procedure were amended and authorised by the Company's Board of Directors on 1 October
2023, and are available on the Company's website, specifically at the link
https://ellaktor.com/etairiko-profil/etairiki-diakyvernisi/kanonismos-leitourgias/.
2. Code of Ethics: The Code includes the fundamental principles, rules and values that serve as the
foundation for our corporate activities, which in turn define our daily behavior. It describes the
Group's standards, ethical principles, and expectations of its management, employees, and third
parties who interact with them.
3. Code of Conduct for Business Partners: The Code establishes the integrity standards expected
of all Hellaktor Group partners and is completely consistent with the Code of Ethics.
4. Anti-Corruption Policy: Ellaktor is committed to zero tolerance for bribery and corruption,
follows all applicable anti-corruption laws, and conducts its commercial activities in complete
transparency. It should be emphasised that the principal subsidiaries have obtained the relevant
certifications.
5. Policy and Conflict of Interest Process: They supplement the other applicable policies and
procedures, as well as the Code of Ethics. These normative documents establish the company's
commitment to dealing with conflicts of interest, the procedures required for implementing
preventive measures, and the steps to manage them.
6. Report Management Policy and Process: The Group ensures the implementation and operation
of an effective reporting management system in accordance with applicable legislation and
international standards. It is pointed out that 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 properly addressed and
based on the procedures in a confidential manner without fear of retaliation against anyone who
expresses any concern or reports any potentially problematic incident in good faith.
7. Third Party Due Diligence Policy: Ellaktor is committed to applying high integrity standards to
all of its business operations and activities, and has established an audit framework and criteria
for establishing, maintaining, and monitoring relationships with third parties, with the goal of
ensuring that they meet the Company's integrity standards and ESG (Environmental, Social, and
Governance) principles. This Policy allows for the monitoring of integrity risks posed by third
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(129) / (297)
parties in order to avoid contamination, as well as the control and evaluation of their compliance
with laws, regulations, standards, Group values, ESG targets, and other rules.
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 2/905/03.03.2021, 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.
2.2.13 The company adopts a
diversity policy that forms part of
the eligibility policy.
In addition to the members of the Board of Directors for
whose selection the Company applies the provisions of the
approved Eligibility Policy for Board Members, the Rules of
Procedure of the Company of 01.10.2023 and the special
provisions of the provisions of Law 4706/20, there are no
defined diversity criteria with specific representation goals
by gender and specific timetables for achieving them, for
the selection of the Company’s top and senior managers.
The Company is considering the adoption of appropriate
diversity criteria for its top and senior managers and is
working on the relevant timetable for their implementation,
while it estimates that additional time will be required in
order to make it possible to establish and implement
diversity criteria for top and senior managers, taking into
account the nature of the Company's activity. It is estimated
that there is no risk from this deviation, as long as it
remains.
2.
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.
3.
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 2021, 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.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(130) / (297)
4.
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 2024. Therefore, there is no risk from this
deviation.
c) i. 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 attaches particular importance to the Internal Audit System and
its components, the Internal Audit Unit and the Risk Management Unit (the third component of the
system is Regulatory Compliance whose function is mentioned above), for which it bears
responsibility, aiming at the adoption and operation of procedures and processes that optimise the
accuracy and validity of the data, as well as compliance with the procedure of drawing up the financial
statements, ensuring high quality results.
The operation of the Internal Audit and Risk Management Units, with the proactive audit approach
of the Group's functional units, the identification, evaluation and management of risks, contribute to
the quality of financial and accounting processes. At the same time, in collaboration with the Group's
IT Department, they monitor and continuously improve the process and systems that support the
creation and compilation of financial statements, upgrading the insurance system to ensure
compliance with the basic principles of "separation of duties" and "dual control". The scope, size and
complexity of the Group's activities require constant readjustment of insurance policies to
prevent/avoid existing/identified risks as well as new ones.
The Board of Directors utilises the Internal Audit System to safeguard the Company's assets and
moreover, through Risk Management, it manages the risks within the framework of the risk appetite
it has determined, in order to achieve the smooth achievement of the business objectives and the
provision of accurate and comprehensive information to the shareholders and other interested
parties, regarding the actual situation and prospects of the Company. In order to additionally ensure
the above, the Board of Directors evaluates the Internal Audit System in accordance with the
provisions of Law 4706/2020 in order to confirm its continuous proper and effective operation.
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 at regular intervals to include the changes
coming from the external operating environment and the Group's harmonisation / response to it, so
that the required decisions are made in time to achieve the business objectives. The budget is
monitored every month by the relevant Financial Planning, Budgeting & Reporting department and
the Management is informed about the change of the financial figures and comparisons with the
budget, through monthly reports in the context of the regular meetings of the management team.
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 kept according to a specific
procedure when they are created;
‒ financial departments of the Company conduct periodic (usually monthly) checks to reconcile
key account balances, e.g. for payroll, customers, suppliers, banks, VAT, taxes withheld, etc;
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(131) / (297)
‒ the applicable procedures for closing the financial statements, include specific submission
deadlines, they give detailed instructions on how to gather, the format and control of the data,
they describe the analytical responsibilities to ensure and control the correctness of the data,
as well as the analytical methodology / description of the required actions.
Compliance with the above is thoroughly checked in all steps by the Internal Audit Unit which,
together with the other components of the Internal Audit System, supervises and improves alignment
with the institutional provisions, the completeness, the quality and the adequacy of the existing
related procedures mentioned above.
As an indication of the work of the Internal Audit Unit, it is mentioned that the scope of its audits
covers all the Group's activities, with an audit approach of different types, which are not independent
of each other, do not operate individually, as they are linked and complement each other in practice
and in their implementation. The main ones are the following:
▪ 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 and
annual financial reports, book-keeping of accounts.
▪ 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 Audit
Committee.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(132) / (297)
The procedure covers the audit of the Company’s operations, its compliance with the requirements
of supervisory authorities and legislative framework, the effective risk management and the
preparation of reliable 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 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 accuracy of the financial data
provided.
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. In addition, the Group's
Management invests significantly in cyber security by constantly upgrading the relevant systems and
the general protection framework (DRP prevention and response/remediation).
ELLAKTOR Group was certified in 2023 to the ISO 22301 standard on Business Continuity
Management for all of its activities.
The ISO 22301 Certification has enabled the Group to establish and maintain an effective BCMS
(Business Continuity Management System) that protects it against unforeseen conditions and
emergencies, thereby promoting resilience and improving risk management processes.
These conclusions are confirmed by the fact that the Company's management paid special attention
to the Risk Management Division in order to maintain stability and uninterrupted business continuity,
as well as to emphasise the effective management of risks, both from the Company's internal
environment and from the operating environment, that may have an impact on the financial
statements and cause deviation from its business objectives. In this context, the said Division, with
the approval of the Risk Management and Procedure Policy by the Management, ensures in
cooperation with all the operational units of all the activities of the Company (and its subsidiaries),
the identification, description and analysis, assessment and recording of overall risks. The risks in
question are evaluated in terms of their criticality (a function of their frequency of occurrence and
impact) so that they receive an appropriate response from the Company in accordance with the
Management’s defined willingness to take risks (Risk Appetite). Risk management is carried out with
the aim of avoiding/preventing, mitigating (in frequency and/or impact) and transferring the risks to
third parties, through combined actions to increase safeguards/control points, operational actions
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(133) / (297)
and structural interventions, as well as taking other corrective actions, where and when deemed
necessary.
The Head of the Risk Management Division reports to the Managing Director and, through him, to
the Board of Directors, to whom he or she provides reports and updates on the management of
identified risks, the degree of compliance with the Company's Risk Management Policy and Risk
Appetite, and the Group's current risk profile (risk profile).
ii. Results of the Internal Audit System (IAS) Evaluation Report, pursuant to Article 14(3)(j) and
(4) of Law 4706/2020
The Company, in accordance with Article 14(3)(j) of Law 4706/2020 and Decision No 1/891/30.9.2020
of the Board of Directors of the Hellenic Capital Market Commission, as amended by Decision No EK
2/917/17.06.2021 of the Board of Directors of the Hellenic Capital Market Commission, as in force,
assigned on 25.01.2023 to KPMG Certified Auditors S.A. to assess the adequacy and effectiveness of
the Internal Audit System of the company ELLAKTOR SA and its significant subsidiaries, with reference
date 31 December 2022 and reference period from the entry into force of Article 14 of Law 4706/2020
(17.07.2021) until 31.12.2022.
KPMG completed the audit with no "material" findings regarding the Company's IAS and made
reference to the Corporate Governance Statement, which is a component of the Company's
published Annual Financial Report 2022. The IAS will be evaluated every three years beginning with
the reference date of the last review.
iii. Results of the Corporate Governance System (CGS) Assessment Report referred to in Article
4(1) of Law 4706/2020
In accordance with Article 4(1) of Law 4706/2020, on 18 October 2023, KPMG Certified Auditors S.A.
was commissioned to evaluate the adequacy and effectiveness of the Corporate Governance System
of the company ELLAKTOR S.A., with a reference period ranging from the entry into force of Article
14 of Law 4706/2020 (17.07.2021) to 31 December 2023. The audit was completed without ‘material’
findings as to the Corporate Governance System and no corrective actions were required. Please
keep in mind that the Corporate Governance System evaluation is conducted every three years,
beginning with the reference date of the most recent evaluation.
d) The information required under Article 10(1)(c), (d), (f), (h) and (i) of Directive 2004/25/EC of the
European Parliament and of the Council of 21 April 2004 (paragraph 1 d of Article 152 of Law
4548/2018), are mentioned in the Explanatory Report, which is included in the Annual Report of the
Board of Directors for the year from 01.01.2023 to 31.12.2023.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(134) / (297)
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.
7
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, in actual presence
or remotely, via electronic means. 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.
7
For the year 2023, the deadline for the general meeting referred to in par. 1 of Article 119 of Law 4548/2018 (Government Gazette, Series I, No 104),
Article 69 of Law 4072/2012 (Government Gazette, Series I, No 86) and Article 10 of Law 3190/1955 (Government Gazette, Series I, No 91) is extended
for fifty (50) calendar days, pursuant to Article 18 Law 5055/2023, published in Government Gazette, Series I, No 161/2023. Deadlines related to the
submission of practical meetings of shareholders or partners and approved financial statements to the General Commercial Registry are extended
accordingly.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(135) / (297)
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 the legislation in force, read in conjunction with the
provisions of the Articles of Association, provided that they are not contrary to the relevant laws,
namely in Article 124 of Law 4548/2018, read in conjunction with Article 14 of Law 4569/2018 and
Articles 27, 28 and 29 of Law 4706/2020, as well as Regulation (EU) 2018/1212 and the Operating
Regulation of the Hellenic Central Securities Depository (Government Gazette, Series II, No
1007/16.03.2021).
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).
‒ 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 transmits 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)
Details of shareholders’ rights are posted on the Company’s website at
https://ellaktor.com/en/investor-relations/general-assemblies/.
As its shares are listed on the Athens Stock Exchange Market, the Company is required to publish
notices in compliance with 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, the
decisions of the Capital Market Commission 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:
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(136) / (297)
‒ 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.
Finally, shareholders and investors may refer to the Company's website and specifically to the link
https://ellaktor.com/ependitikies-sxeseis/ir-contact/ with the competent Shareholder Services
and Corporate Announcements Department.
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
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(137) / (297)
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.
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,
the Corporate Governance Code and the Suitability Policy for Members of the Board of Directors.
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, which are
posted on the Company's website https://ellaktor.com/.
Executive Directors’ Competencies
The Executive Members of the Board of Directors are responsible and in charge of the execution
of the decisions of the Board of Directors and the continuous monitoring of the Company's
operations.
Their main responsibilities are the following:
• they are responsible for the implementation of the strategy set by the Board of Directors
• they regularly consult with the non-executive members on the appropriateness of this
strategy
• they submit reports to the Board of Directors and notify members without delay with details
of their assessments and proposals to handle crisis situations or risks that affect the financial
position of the company.
Responsibilities of Non-Executive Members
The non-Executive Members have the responsibility of supervising the corporate activities, by
contributing with their knowledge and experience to the configuration of the Company's strategy
and to the promotion of all corporate issues.
Their main responsibilities are the following:
• monitor and look into the Company’s strategy, the implementation of this strategy, as well
as the attainment of its objectives
• they shall supervise the executive members and they shall control their performance
• they shall examine and express an opinion on the proposals provided by the executive
members.
Independent Non-Executive Directors
The independent non-executive members of the Board of Directors are appointed by the
Company's General Meeting of Shareholders, with a minimum of one-third (1/3) of the total
number of members and a maximum of two. The criteria determining the independence of the
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(138) / (297)
Members of the Board of Directors are laid down in Article 9 of Law 4706/2020 on corporate
governance.
The Board of Directors shall, at least once a year and in any event prior to the publication of the
annual financial report, as appropriate to each individual case, review each of its independent
Members' compliance with the submission of a responsible declaration of dependency on their
commitment to the Independence Criteria.
If an independent non-executive Member fails to meet any of the independence criteria at any
time, the Board of Directors will take appropriate steps to replace them in accordance with the
applicable laws and Articles of Association, as that Member has lost its status as an independent
Member.
The independent non-executive members of the Board of Directors submit reports to the
Company's ordinary or extraordinary General Meeting of Shareholders, either jointly or
individually, that are independent of those submitted by the Board of Directors.
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, the Board of Directors’ Operation Regulation 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 Board of Directors as a decision-making body and management body of the Company has
the following responsibilities:
1. Defines and supervises the implementation of the corporate governance system pursuant
Articles 1 to 24 of Law 4706/2020, it monitors and periodically assesses every three (3)
financial years the system’s implementation and effectiveness, by taking appropriate action
to address deficiencies.
2. Ensures the adequate and efficient operation of the Company's Internal Audit System, which
aims at the following, in particular, objectives:
i. the consistent implementation of business strategy, with the efficient use of available
resources;
ii. identification and management of material risks which are associated with its business
activity and operation;
iii. the efficient operation of the Internal Audit Division;
iv. ensuring the completeness and reliability of the data and information required for the
accurate and timely determination of the Company's financial position and the
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(139) / (297)
preparation of reliable financial statements, as well as its non-financial statement, in
accordance with Article 151 of Law 4548/2018,
v. compliance with the regulatory and legislative framework, as well as with the Internal
Operating Regulation governing the operation of the Company.
3. Ensures that the functions constituting the internal audit system are independent of the
business sectors which are controlled by them, and that they have the appropriate financial
and human resources, as well as the powers for their efficient operation, according to those
required by their role. The lines of reference and the allocation of responsibilities are clear,
enforceable and duly documented.
4. Ensures that the detailed curriculum vitae of the candidate member is updated without delay
and it is kept posted throughout the term of office of each member.
5. Furthermore the Board of Directors, among others, has in particular the responsibility for the
following:
• The supervision of the execution of the decisions of the Board of Director and of the
General Meeting.
• It shall define the identity of both executive and non-executive directors.
• The determination of the strategy, business plans, and the annual budget, redefining,
modifying and monitoring thereof.
• The definition and supervision of the implementation of the corporate governance
system.
• Monitoring the functioning and effectiveness of the Internal Control System.
• Facilitation of the work of the Company's internal auditors in all appropriate ways, by
assigning their supervisory duties to the Audit Committee.
• The approval of the Suitability Policy of its Members.
• The definition of remuneration policy for Directors.
• The approval of the remuneration paid to the Company's managerial executives and to
the internal auditors.
• The replacement of the members of the Board of Directors in case this is required (e.g
resignation).
• Selection and appointment of the Company’s CEO;
• The assignment of responsibilities to the CEO and to the Managerial executives of the
Company (in accordance with the Law and the Articles of Association of the Company).
• The selection, appointment and replacement of the managerial executives, the
monitoring of their work and the determination of their remuneration based on the
interest of the Company and the interest of the shareholders.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(140) / (297)
• Assuring effective business risk assessment system and decision-making for prudent
management thereof,
• Ensuring the transparency of the Company's business activities in general,
• Monitoring and solving likely conflict of interest issues among executives, Directors and
shareholders, also including cases of incorrect management of assets or transactions with
associated parties.
• The preparation of a report in relation to the transactions of the Company and of its
affiliated companies, which is submitted to the supervisory authorities.
• An increase in share capital via the procedure stated in Article 22 of Law 4706/2020 and
in conformity with the articles of association.
• Approval of deviations in the use of funds raised from those mentioned in the prospectus,
and suitable decisions by the competent corporate body, in accordance with Article 22(3)
of Law 4706/2020.
• The sale of Company's assets in accordance with Article 23 of Law 4706/20.
• Approval of deviations in the use of funds raised from those mentioned in the prospectus,
and suitable decisions by the competent corporate body, in accordance with Article 22(3)
of Law 4706/2020.
• The sale of Company's assets in accordance with Article 23 of Law 4706/20.
• Any matters among those set out in the Company’s Articles of Association.
6. At the start of each calendar year, the Board of Directors adopts a meeting schedule that is
changed based on the needs of the firm in order to ensure the correct, complete, and timely
performance of its tasks, as well as the consideration of all matters on which it makes
decisions.
The Rules of Procedure of the Board of Directors contain detailed information on the roles and
responsibilities of the BoD members, the manner of operation, and other essential information
and are posted on the Company's website at https://ellaktor.com/en/ellaktor-
group/management/board-of-directors/rules-of-operation-of-the-bod/ .
Until the release of this Report, the Company's Board of Directors has resulted 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 Georgios Mylonogiannis, Aristeidis 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 Board of Directors’ decision of 21.05.2021 on its reconstitution into Body following
the election of Mr Euthymios Bouloutas who replace the resigned Mr Dimitrios Kondylis,
(iii) the decision of the Ordinary General Meeting of the Company’s Shareholders dated
22.06.2021, which elected two additional new members, namely, Ms Ioanna Dretta and
Ms Evgenia Leivadarou (Independent Non-Executive member), as this was further
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(141) / (297)
reconstituted into Body, in accordance with the Table below, at its meeting on the same
date,
(iv) the Extraordinary General Meeting of the Company's Shareholders held on 30.06.2022,
during which three additional members of the Board of Directors were elected, namely,
Messrs Panagiotis Kyriakopoulos, Georgios Triantaphyllou and Georgios Prousanidis, as
this was further reconstituted into Body, in accordance with the Table below, at its
meeting on the same date,
(v) the Annual General Meeting of the Company's Shareholders held on 28.07.2022, during
which Mr. Odysseas Christoforou was elected as the eleventh member and Independent
Non-Executive Member of the Board of Directors, as this was further reconstituted into a
Body according to the table below, at its meeting on the same date. The same Ordinary
General Meeting of the Company's Shareholders reappointed the following members as
Independent Non-Executive Members of the Board of Directors, namely, Ms Athina
Chatzipetrou, Ms Ioanna Dretta, Ms Eugenia (Jeni) Livadarou and Mr Odysseus
Christoforou,
(vi) the reconstitution of the Board of Directors as of 28.04.2023 into a Body, following the
resignation of Ms Evgenia Livadarou,
(vii) the Annual General Meeting of the Company's Shareholders on 22 June 2023, at which
the following members were reappointed as Independent Non-Executive individuals of
the Board of Directors, namely Messrs. Athina Chatzipetrou, Ioanna Dretta and Odysseas
Christoforou,
(viii) the reconstitution of the Board of Directors as of 15.12.2023, following the resignation of
Ms Ioanna Dretta (14.12.2023) and her replacement by Ms Evgenia Livadarou and
(ix) the Extraordinary General Meeting of the Company's Shareholders dated 11.01.2024, at
the meeting of which Mrs. Ioanna Dretta was elected as the eleventh member of the
Board of Directors, as it was further reconstituted into a body according to the table
below, at its meeting on the same date. The same Extraordinary General Meeting of the
Company's Shareholders reappointed the following members as Independent Non-
Executive Members of the Board of Directors, namely, Ms Athina Chatzipetrou, Ms
Evgenia (Jenny) Livadarou, Mr Odysseas Christoforou and Mr Aristeidis (Aris) Xenofos.
The term of office of the members is five years formally expiring on 27 January 2026, commencing
from the date of the election of the members of the original Board of Directors, i.e. on 27.01.2021,
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) (27.01.2021) years, as determined in Article 7 par. 2 of the Company’s Articles of Association
and Article 85 of Law 4548/2018, as applicable. It is noted that the term of office of the four
additional members of the Board of Directors expires at the same time as the term of office of
the other members of the current Board of Directors of the Company.
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 eleven (11) members, of which there are one (1) executive member and ten (10) non-executive
members. Of these six, four (4) are independent non-executive members within the meaning of
Article 9 of Law 4706/20, as currently in force.
Specifically, the existing Board of Directors of the Company is composed of the following persons:
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(142) / (297)
Name
Title
Capacity
Business Address
1.
Georgios Mylonogiannis,
son of Stamatios-Takis
Chairman
Non-executive
member
25, Ermou Street,
Kifissia Attiki
2.
Aristeidis (Aris) Xenofos,
son of Ioannis
Vice-Chairman
Independent non-
executive member
25, Ermou Street,
Kifissia Attiki
3.
Efthymios Bouloutas, son
of Theodoros
Managing
Director
Executive member
25, Ermou Street,
Kifissia Attiki
4.
Konstantinos Toumpouros,
son of Pantazis
Director
Non-executive
member
25, Ermou Street,
Kifissia Attiki
5.
Athina Chatzipetrou,
daughter of Konstantinos
Director
Independent non-
executive member
25, Ermou Street,
Kifissia Attiki
6.
Ioanna Dretta, daughter of
Grigorios
Director
Non-executive
member
25, Ermou Street,
Kifissia Attiki
7.
Evgenia (Jenny) Livadarou
daughter of Ioannis
Director
Independent non-
executive member
25, Ermou Street,
Kifissia Attiki
8.
Panagiotis Kyriakopoulos,
son of Othon
Director
Non-executive
member
25, Ermou Street,
Kifissia Attiki
9.
Georgios Triantafyllou, son
of Eleftherios
Director
Non-executive
member
25, Ermou Street,
Kifissia Attiki
10.
Georgios Prousanidis, son
of Ioannis
Director
Non-executive
member
25, Ermou Street,
Kifissia Attiki
11.
Odysseas Christoforou, son
of Stamatios
Director
Independent non-
executive member
25, Ermou Street,
Kifissia Attiki
The independent non-executive members of the Board of Directors fulfill the conditions of
independence of Article 9 of Law 4706/20, as in force and the Suitability Policy of the BoD
members, from the date of their election until today.
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 authorisation, 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 as well as the Board of Directors’ Internal Regulation.
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.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(143) / (297)
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 01 January 2023 and 31 December 2023 the Board of Directors of the Company met 37
times.
A detailed table showing the attendance of members of the Board of Directors at its meetings,
either in person or by proxy, for the period from 01 January 2023 to 31 December 2023 is
indicated below:
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 of Directors are detailed
below:
S/N
Name
Time interval
Meetings (37)
Participation
(%)
1.
Georgios Mylonogiannis
01.01 - 31.12.2023
37
100%
2.
Aristeidis Xenofos
01.01 - 31.12.2023
37
100%
3.
Efthymios Bouloutas
01.01 - 31.12.2023
37
100%
4.
Konstantinos Toumpouros
01.01 - 31.12.2023
37
100%
5.
Athina Chatzipetrou
01.01 - 31.12.2023
36
97%
6.
Ioanna Dretta
01.01 - 14.12.2023
33
94%
7.
Eugenia Livadarou (from 22
June 2021)
01.01 - 28.04.2023 &
15.12 - 31.12.2023
19
100%
8.
Panagiotis Kyriakopoulos
01.01 - 31.12.2023
37
100%
9.
Georgios Triantafyllou
01.01 - 31.12.2023
37
100%
10.
Georgios Prousanidis
01.01 - 31.12.2023
36
97%
11.
Odysseas Christoforou
01.01 - 31.12.2023
37
100%
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(144) / (297)
Name
Name of Company/Legal Entity
Title
Georgios Mylonogiannis,
son of Stamatios-Takis
MYLONOGIANNIS AND ASSOCIATES
LAW FIRM
Partner
Aristeidis (Aris) Xenofos,
son of Ioannis
SOLERGY M. PCC
Partner
HELIOS PARK PCC
Partner
PQH SINGLE SPECIAL LIQUIDATOR
Member of the Settlements &
Liquidation Committee
VIOTI PHARMACEUTICALS S.A.
President & Managing Director
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), Chairman and CEO
ERGONOMIA TECHNICAL
CONTRACTORS SA
Shareholder (5%, direct
participation)
ERGOMETRIA SA
Shareholder (50%, direct
participation)
P-S ENGINEERING STUDIES & BUSINESS
STRATEGY SINGLE MEMBER P.C.
Sole Partner and Administrator
(100%, direct participation)
TOURISM ENTERPRISES RIO BEACH –
ARMONIA S.A.
Shareholder (6%, direct
participation)
Athina Chatzipetrou,
daughter of Konstantinos
ΧΜ EDUCATIONAL LABORATORIES OF
ATTICA PCC
Shareholder (67%, direct
participation), Member of the
Board
Ioanna Dretta, daughter of
Grigorios
MARKETING GREECE SA
Chairperson
ADK CONSULTING ENGINEERS SA
Shareholder 0.4362%
QUEST HOLDINGS S.A.
Independent Non-Executive
Member of the BoD
Evgenia Livadarou,
daughter of Ioannis
NATIONAL ACCESSIBILITY AUTHORITY
Member of the Board of Directors
Panagiotis Kyriakopoulos,
son of Othon
QUEST HOLDINGS S.A.
Independent Non-Executive
Member of the BoD
EUROSEAS LTD
Member of the Board of Directors
EURODRY LTD
Member of the Board of Directors
CAMBRIDGE FINANCE Ltd
Chairman & CEO
XRYSOS ODIGOS S.A.
Member of the Board of Directors
RADIO COMMUNICATION SA
Executive
SEV (ΗΕLLENIC FEDERATION OF
ENTERPRISES)
Member of the Board of Directors
EUROPEAN MEDIA SERVICES SA
Shareholder
AUDIOMAX HOLDINGS
Chairman of the BoD
PER CAPITA SA INVESTMENTS &
HOLDINGS
The Vice-Chairman of the BoD
NOVA I.T. SA
Member of the Board of Directors
MOD
Special Adviser
Georgios Triantafyllou, son
of Eleftherios
MOTOR OIL (HELLAS) CORINTH
REFINERIES S.A.
Chief Strategy Officer
Georgios Prousanidis, son
of Ioannis
MOTOR OIL (HELLAS) CORINTH
REFINERIES S.A.
Legal Counsel and Secretary of the
Board of Directors
Odysseas Christoforou, son
of Stamatios
OPAP S.A.
Deputy CEO
TORA WALLET Α.Ε.
Non-Executive Chairman of the
Board
TORA DIRECT A.E.
Non-Executive Chairman of the
Board
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(145) / (297)
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 at the Company's website (www.ellaktor.com) and specifically at
https://ellaktor.com/en/ellaktor-group/management/board-of-directors/.
Georgios 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.
Aristeidis (Aris) Xenofos, Vice Chairman of the Board, Independent 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 (HRADF). In the field of capital markets, he contributed
to the development of the institution of professional management of institutional funds and to
the consolidation of the dominant position of financial organisations by taking over the position
Name
Name of Company/Legal Entity
Title
HELLENIC LOTTERIES S.A.
Non-Executive Member of the
Board
IPPODROMIES S.A.
Vice-Chairman of the Board (Non-
Executive)
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(146) / (297)
of Deputy General Director at ALPHA Asset Management AEDAK (Greece), CEO at Eurobank Asset
Management AEDAK (Greece), Chairman at 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.
Konstantinos Toubouros, Non-Executive Member: He has year-long 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, budgeting and costing, risk management, planning and creating a sound basis for the
implementation of profitable technical projects.
He is a graduate civil engineer with a postgraduate degree in Hydraulic Engineering &
Environment from the National Technical University of Athens (NTUA).
Athina Chatzipetrou, 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 position of CEO since
2017. Today, she is 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 multi-stakeholder projects, in different
fields of economic activity, taking over management roles in complex environments to produce
positive outcomes. He is President of Marketing Greece, a company of the Association of Greek
Tourism Enterprises (SETE) (SETE) that aims to reposition Greece's product by combining
sustainable development concepts. He served as Minister of Tourism in the Caretaker Government
of I. Sarmas. As of 11.12.2023, he was Managing Director of the subsidiary REDS SA, listed on the
Athens Stock Exchange Main Market.
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.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(147) / (297)
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.
Panagiotis Kyriakopoulos, Non-Executive Member. He is the Chairman and CEO of Cambridge
Finance, a company that provides consulting services. He is also a member of the Board of
Directors of the US Stock Exchange listed shipping companies Euroseas Ltd and Eurodry Ltd, a
member of the Board of Directors of Quest Group and member of the Board of Directors of the
Association of Businesses and Industries (SEV).
He is graduate in Naval Mechanical Engineering from the University of Newcastle upon Tyne,
Great Britain. He holds a master's degree (M.sc) in Naval Engineering and Mechanical Engineering
from the Massachusetts Institute of Technology (MIT), USA and a master's degree (MBA) in
Business Administration from Imperial College London.
Georgios Triantafyllou, Non-Executive Member. Head of Motor Oil Group strategy team,
including corporate development, mergers and acquisitions and corporate planning. His key areas
of focus include strategy making, corporate vision development, execution of strategic initiatives
and development of future growth areas such as alternative and renewable fuels and the circular
economy. Prior to joining the Firm, he worked for 13 years in Goldman Sachs' Investment Strategy
sector in New York and London, focusing on the energy sector, where he was head of the bank's
Southeast Europe.
He holds a double degree in Economics and History from Brandeis University and holds an MBA
from the MIT Sloan School of Management.
Georgios Prousanidis, Non-Executive Member. Mr. Prousanidis has been the Legal Advisor of
the Motor Oil Group (Hellas) Corinth Refineries SA since 2001.
He holds a degree from the Law School of the University of Athens and an LLM from Columbia
Law School, New York.
Odysseas Christoforou, Independent - Non-Executive Member. He has more than 25 years of
professional experience, having served in senior management positions of major Greek and
multinational companies, in the sectors of gambling, banking, financial and consulting services.
Among other positions, he has served as Executive Management Consultant at the Bank of Greece
(2009-2014), General Manager of Communication of the Bank of Cyprus Group (2006-2008),
General Manager of Marketing & Communication of Emporiki Bank (2004-2006) and General
Manager of Sales & Communications of Ernst & Young S.E. Europe (2002-2004). Since 2014, he
has been a member of the senior management team of OPAP, the largest gambling group in
Greece. In June 2019 he was appointed Deputy CEO of OPAP. He serves as Chairman of the
Regulatory Compliance Committee of OPAP and participates in the Boards of Subsidiaries of the
group. He is a graduate of the Department of Social Work of the University of Western Attica and
holds a Master's degree in Public Relations & Communication from the University of Ulster (N.
Ireland).
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(148) / (297)
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 Attica 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:
Dimosthenis Revelas, Financial Director (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.
Vasiliki (Vali) Niatsou, Director of Legal Services for ELLAKTOR Group (also occupies the
position of Corporate Secretary - see above for summary CV).
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(149) / (297)
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.
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.
Panagiotis Tsirogiannis, Head of Regulatory Compliance and Risk Management Unit of
ELLAKTOR Group. He has 20 years of professional experience (with a significant construction
business, Big4, and law firms). He served as Chief Compliance and Corporate Governance Officer,
as well as Legal Advisor, and he specialised in commercial law, private international law, and
arbitration. In addition, he has been involved in preparing contracts for large construction
projects.
He holds a degree in law from the National and Kapodistrian University of Athens and he has
completed his postgraduate studies at the École Supérieure de Gestion in business administration
(MBA). He also holds the following certifications: Risk Management (PMI), Certified Fraud
Examiner (ACFE) and CIPP/E (IAPP).
Faye Chadiou, Group Communications Director since 1 September 2021. She has more than
20 years of experience in the field of Corporate and Marketing Communication, having served,
during her professional career, as a contact group for bodies and major Greek and international
business groups, Head of Corporate Communications in Gravity The Newtons, Corporate and
Strategic Marketing Communication Manager in MYTILINEOS, Communication Director in
Hill+Knowlton Strategies and Project Manager in the Press and Communication Services of the
Organizing Committee of the Olympic Games of 2004. She holds a MASTER I in Human Resources
Management and a Bachelor of Economics and Public Administration from the University of PARIS
I Pantheon - SORBONNE.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(150) / (297)
Shares held by the members of the Board of Directors and senior executives in the Company
The following table lists the members of the Company's Board of Directors and senior
management of ELLAKTOR who - according to their declaration - possess (directly or indirectly)
shares and voting rights as of the date of publication of this Company:
Remuneration of the members of the Board of Directors and Senior Management -
Remuneration policy of the Board of Directors and Senior Management
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 and revised by
decision of the Extraordinary General Meeting dated 24.04.2023, following a proposal of the
Nominations and Remuneration Committee (NRC).
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 concerns the remuneration of the members of the Board of Directors and aims to
ensure that ELLAKTOR remunerates its Board of Directors based on its short-term and long-term
business plan.
The Remuneration Policy for the executive and non-executive members of the Board Directors,
as for all employees, is based on the principle of paying fair and reasonable remuneration for the
best and most appropriate person for the role while ensuring that the Company pays fairly and
competitively and in the longer-term interests and sustainability of the Company. The NRC and
the Board of Directors receive periodic updates on the wider employee remuneration structure
and practices within the Company, which are considered when establishing the Policy.
The Policy provides for fixed and variable fees and emoluments for the executive and non-
executive members of the Board of Directors, in order to further align the interests of these
S/N
Name
Title
No. of
Shares &
Voting
Rights
Percentage
%
1.
Efthymios Bouloutas
Chief Executive Officer,
Executive Member of the
Board
75,066
0.021%
2.
Panagiotis Kyriakopoulos
Non-Executive Member
of the Board
1,000
0.000%
3.
Eirini Bournazou
Human Resource Director
3,997
0.001%
4.
Panagiotis Tsirogiannis
Chief Compliance & Risk
Management Unit
124
0.000%
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(151) / (297)
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 Policy, in accordance with the terms of Law 4706/2020, does not provide variable salary, other
benefits, or performance-related allowances for the independent non-executive members of the
Board, in order to achieve principally the "independence of judgment" provided for by Law
4706/2020 and, secondarily, to avoid a conflict of interest and to have the opportunity to offer
constructive and objective criticisms of the administration's potentially dangerous decisions.
The Company's Remuneration Policy is governed by the following framework of principles:
compliance with the current institutional and supervisory framework, transparency, meritocracy,
competitiveness and orientation in the interests of the Company and its shareholders.
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/.
iv. Composition and functioning of the Audit Committee
The existing independent Audit Committee emerged from the decision of 27 January 2021 by the
Extraordinary General Meeting of the Company, in conjunction with the decision of 25 August
2022 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 Athina
Chatzipetrou, Independent non-executive member, Evgenia (Tzeni) Livadarou, Independent non-
executive member and Ioanna Dretta, as independent non-executive members.
At the meeting of the Audit Committee on 28.04.2023, following the decision of the Board of
Directors of the Company on the same date, to continue the operation of the Audit Committee
of the Company with three members, without replacing the resigned member Mrs. Evgenia
(Jenny) Livadarou, was formed in a House and consisted of Panagiotis Alamanos (President, non-
member of the Board. independent within the meaning of the provisions of Law 4706/2020) and
members Athina Chatzipetrou and Ioanna Dretta both Independent Non-Executive Members.
At the meeting of the Audit Committee on 15.12.2023, following the decision of the Board of
Directors of the Company on the same date, for the replacement of the resigned member Ioanna
Dretta by Mrs. Eugenia (Jenny) Livadarou, as stipulated in Article 44(1)(e) of Law 4449/2017, was
formed in a House and its President was elected, among its members.
With the decision of 11.01.2024 of the Company's Extraordinary General Meeting of Shareholders,
the Audit Committee (type, composition, number, membership and term) was reappointed in
accordance with the provisions of Article 44(1)(e) of Law 4449/2017. This General Meeting
confirmed that the Audit Committee is a Joint three-member committee, with a tenure equivalent
to the term of office of the current Board of Directors, comprised of two Independent Non-
Executive Members of the Board of Directors as defined in Article 9 of Law 4706/20, who meet
the independence criteria of the preceding article, and a third member who is independent of the
Company. During the session of the Audit Committee on 11.01.2024, the committee was
constituted into a body and its Chairman was elected from among its members.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(152) / (297)
The Audit Committee's composition as of the date of publication of this Report is as follows:
S/N
Name
Title
1.
Panagiotis Alamanos
Chairman of the Committee
(Third Person - Independent)
2.
Athina Chatzipetrou
Member of the Committee
(Independent Non-Executive Director)
3.
Evgenia (Jenny) Livadarou
Member of the Committee
(Independent Non-Executive Director)
The above officials have proven to have an adequate knowledge in the field in which the company
operates, while the Chairman of the Audit Committee, Mr. P. Alamanos, as well as its members,
Ms. A. Chatzipetrou, and Eugenia Livadarou (Independent Non-Executive Members of the Board
of Directors) meet the conditions of independence of Art. 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 Audit Committee's objective shall be to assist the Board of Directors in terms of monitoring
and oversight
(a) of condensed financial statements,
(b) of internal control systems,
(c) of the internal audit, risk management and regulatory compliance units and in general effective
governance of the Company and the subsidiaries under its control (hereinafter jointly referred to
for purposes of brevity as ‘Group’), pursuant to the provisions of the law and
(d) auditors in accordance with the provisions of Article 44 of Law 4449/2017, as amended and in
force, and Articles 10, 15 and 16 of Regulation (EU) 537/2014 of the European Parliament.
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 the decision of the Company's Audit Committee dated 20.09.2022 and
by the decision of the Company's Board of Directors dated 20.02.2023. The current regulation of
the Audit Committee is posted on the Company's website at the following address AUDIT
COMMITTEE OPERATING REGULATION.
Functioning of the Audit Committee
1. The Audit Committee meets at regular intervals, i.e. at least twelve (12) 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
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(153) / (297)
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, when
deemed necessary, any management executives involved in the Company’s governance,
including Executive Members of the Board of Directors, the Chief Financial Officer, the Head of
the Internal Audit Division, the Head of the Regulatory Compliance Division and the Head of the
Risk Management Division, to attend specific meetings or be present for discussion of specific
items on the agenda and provide explanations, as well as any person deemed able to contribute
to its task.
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.
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.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(154) / (297)
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.
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
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(155) / (297)
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 review the
most significant issues and risks which may affect the financial statements of the Company and
the Group, as well as the significant opinions and estimates of the management during their
drafting. Please find below the most important 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, when the Audit Committee
updates the Board of Directors:
‒ Assessment of Management's judgment in using the going concern assumption.
‒ Significant judgments, assumptions and estimates when preparing financial statements.
‒ Evaluation of assets at fair value.
‒ Assessment of asset recoverability and impairment tests.
‒ Accounting dealing of acquisitions.
‒ Adequacy of disclosures on the major risks faced by the company and the Group.
‒ Significant transactions with related parties.
‒ Significant unusual transactions.
‒ Physical inventories of assets.
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.
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
Division 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 Audit internal Division. In addition, the Audit Committee
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(156) / (297)
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 business, operational and financial risks as well as the results of 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.
Furthermore, the Audit Committee evaluates on an annual basis the performance of the Head
of the Internal Audit Division, with the evaluation process of the Group's managers.
8. 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, assess, manage and continuously
monitor risks, dealing with the main ones through the Risk Management Policy implemented
by the Group, as well as their disclosure in the published financial information in a correct way,
when this is deemed necessary.
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 Elevator's judgment shall not be influenced by third
parties or facts. When selecting the IAS Evaluator, issues related to their knowledge and
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(157) / (297)
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.
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.
The Audit Committee carries out a self-evaluation of its work on an annual basis, in accordance
with the provisions of the HCGC that the Group has incorporated, and every three (3) years it is
evaluated by an external consultant selected by the Board of Directors, based on the provisions
of Law 4706/2020, who should have the appropriate professional certifications (depending on the
professional qualifications he claims) as well as proven relevant experience.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(158) / (297)
Proceedings of the Audit Committee during fiscal year 2023
For the purposes of performing its various tasks, the Audit Committee met fifteen (15) times in
2023, twelve (12) of which were in full quorum.
Ι. Works related to the 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
8
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 2022, 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)
accounting for leases; 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.
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.
8
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 financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(159) / (297)
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 2022.
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 2023.
6. The Audit Committee sent on 19.06.2023 a Public Call for Interest to the Award of the
Project “Regular Audit Services of the individual and consolidated financial statements of
the Company and the ELLAKTOR Group, for the year ending 31.12.2024”. Following the
evaluation of the financial offers, the Audit Committee unanimously decided to delegate
the project to the Grant Thornton Audit House, which was approved by the Administrative
Board. The award will be promoted as scheduled for discussion and approval at the
Company's Ordinary General Meeting of Shareholders.
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.
3. Within 2023, the Internal Audit Division has completed 16 regular audit reports in
accordance with the scheduled plan for the year 2023 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 2023.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(160) / (297)
4. The Audit Committee evaluates the staffing and the organisational structure of the Internal
Audit Division and the recruitment procedures have started for an experienced executive
who will strengthen the Internal Audit Division. The Audit Committee proceeded with the
evaluation of the Internal Audit Division for the year 2023.
5. The Audit Committee has approved the annual audit schedule prepared by the Internal
Audit Division for fiscal year 2023, 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.
9
6. The Director of the Internal Audit Division was present at 8 out of the 15 meetings of the
Committee throughout 2023.
7. The Committee continues to consider the changes brought about by Law 4706/2020 on
Corporate Governance, in the powers and obligations of the Committee itself.
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.
ΙΙΙ. 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.
9
The Audit Committee receives updates on the work of the Internal Audit Division in addition to the reports
prepared by it (regular and extraordinary).
9
In 2023, 16 ordinary audit reports (2 on operations abroad
and 14 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 consulting works, and ensured that
these works represented in any case less than 30% of the available working hours of the permanent Management
staff.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(161) / (297)
IV. Sustainable Development
ELLAKTOR Group places an active contribution to, and substantial promotion of, sustainable
development at the heart of its business planning and the activities of its sectors. Ensuring a safe
and fair working environment, substantial support for the economy and local communities, and
reducing the impact of its activities on the environment are key principles of the Group. These
commitments, which act as the fundamental guide to fulfilling its mission, are expressed through
modern infrastructure projects that have been upgrading people’s quality of life for decades, as
well as environmental and energy projects that promote the circular economy and energy
production through alternative and renewable sources, while creating added value for all its
social partners.
During 2023, a number of initiatives took place in the area of Sustainable Development. In more
detail, ELLAKTOR Group has conducted an analysis of substantive issues, adopting for the first
time the double materiality approach, taking into account the latest developments, trends and
challenges in the wider socio-economic environment in which it operates, as well as a number
of international and sectoral standards of sustainable development, initiatives and data sources
such as the GRI International Standards (GRI Standards 2021), the SASB Reference Standards, the
ESG Information Disclosure Guide of the Athens Exchange and the European Standards of
Sustainability Reports (ESRS).
At the same time, in 2023, the Group submitted for the first time a report to be evaluated at the
Independent Certification Body (CDP) for the 13 notification areas on climate change with a high
"B" rating (worldwide average: C), while continuing with the process of recognizing and
evaluating climate risks and their potential economic impacts in accordance with the
recommendations of the TCFD (Task Force on Climate – related Financial Disclosures). In
addition, it started designing a roadmap towards zero greenhouse gas emissions by 2050 and
committed itself for the first time to setting short-term, scientifically sound emission reduction
targets in line with the Science Based Targets initiative (SBTi) initiative.
Furthermore, volunteering activities continued in 2023 (with an emphasis on environmental and
inclusion and integration actions), with high levels of participation and participation of young
workers, as well as two first open actions with the local community with a social awareness impact
of over 1,800 people. In March 2023, executives from the Divisions for Strategic Development,
Communication, Human Resources, and Strategy ESG & Sustainable Development also attended
the intra-corporate seminar "ISO 30415 DIVERSITY & INCLUSION" aimed at the independent and
external validation of the organisational approaches implemented in the Group for the
Integration of Diversity and Inclusion in the Work Environment. Additionally, on the occasion of
the European Month of Diversity, the ELLAKTOR Group signed the Diversity Charter for Greek
Enterprises in May 2023, contributing to the European Commission's efforts to promote the
acceptance of diversity opportunities and equal workplace policies.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(162) / (297)
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.
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
The Audit Committee conducted a self-assessment for the fiscal year 2022 during the fiscal year
under review.
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 Nominations and Remuneration Committee at the date of publication of
this Report is as follows:
S/N
Name
Title
1.
Athina Chatzipetrou
Chairman of the Committee
(Independent Non-Executive Director)
2.
Aristeidis Xenofos
Member of the Committee
(Independent Non-Executive Director)
3.
Odysseas Christoforou
Member of the Committee
(Independent Non-Executive Director)
4.
Evgenia Livadarou
10
Member of the Committee
(Independent Non-Executive Director)
This Committee is, among others, 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
10
On 28.04.2023 Mrs. Livadarou resigned from the Board of Directors of ELLAKTOR and its committees, i. e. the Audit Committee
and the Nominations and Remuneration Committee. Mrs. Evgenia Livadarou, an independent Non-Executive Member of the Board
of Directors of ELLAKTOR, is appointed as a new additional Member of the Nominations and Remuneration Committee and the
Sustainable Development Committee by decision of ELLAKTOR’s Board of Directors on 10.01.2024.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(163) / (297)
makes proposals to the Board of Directors in accordance with the Suitability Policy, of persons
suitable for membership of the Board of Directors.
Proceedings of the Nominations and Remuneration Committee during the year 2023
The Nominations and Remuneration Committee held eight meetings in 2023, all of which had a
full quorum. During the aforementioned meetings in the year 2023, the Committee worked out
a range of issues and submitted proposals to the Board of Directors of the Company on issues
including:
▪ Made a Review of Remuneration Policy
▪ Completed the work of the Individual and Collective Assessment of Suitability and
Effectiveness of the Board of Directors and presented the results to the Board of Directors.
▪ It was transformed into a three-member body following a member's resignation.
▪ Amended an approved Stock Options program.
▪ Formulated a proposal to provide an exceptional short-term cash bonus variable for the
year 2022.
▪ Carried out the annual assessment of the independence of the independent members of
the Board of Directors.
▪ Proposed fees of the members of the Board of Directors, the Audit Committee and the
Nominations and Remuneration Committee to the Company's Board of Directors.
▪ Proposed to the Board of Directors of the Company the election of a new Director to
replace a director who has tendered his/her resignation.
▪ Recommended to the Company's Board of Directors the appointment of a new
Independent member to the Audit Committee, to replace a resigned member.
▪ Recommended to the Board of Directors of the Company the remuneration report of the
Board of Directors for the financial year 2022.
▪ Proposed to the Board of Directors of the Company the new composition of the Audit
Committee.
▪ Recommended to the Company's Board of Directors the re-election of a resigned member
of the Board of Directors.
▪ Recommended that the Director’ status be re-designated from non-executive to
independent non-executive Director.
▪ Elaborated and recommended to the Board the process of Periodic Evaluation of CEOs and
Committees of this Company following a study of Evaluation of the Company's Corporate
Governance system.
Annual Review by the Board of Directors to determine fulfillment of the conditions of
independence for its independent non-executive members.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(164) / (297)
The Nominations and Remuneration Committee, in the context of its responsibilities, the
application of the provisions of Article 9 of Law 4706/2020 and the Eligibility Policy for Board
Members, re-checked the fulfillment of the Independence Criteria of the Independent Non-
Executive Members of the Board of Directors during its meeting on 15.12.2023 and 21.12.2023,
and verified the fulfillment of the conditions, criteria and independence factors of Article 9 of Law
4706/2020 and the Political Suitability of the members of the Board of Directors of the Company,
of the Independent Non-Executive Members of the Board of Directors, listing the relevant
recommendations to the Board of Directors.
The Company's Board of Directors therefore decided and summoned the Company's
Extraordinary General Meeting of Shareholders (11.01.2024) to redefine and identify the
independent non-executive members of the Company's Board of Directors among other issues.
The Board of Directors also confirmed that all the candidates, i.e. Mr. Athina Chatzipetrou,
Odysseas Christoforou, Evgenia Livadarou and Aristeidis Xenofos, met at the time of their
appointment by the Company the independence requirements of Article 9 of Law 4706/2020 as
applicable, and they are not subject to any impediments, or incompatibilities with the internal
policies, codes and regulations of the Company.
vi. Strategic Planning Committee
By the decision of the Board of Directors of the Company dated 30.06.2022, the Strategic Planning
Committee was established with the responsibility of evaluating and monitoring the execution of
the Budget and the Group's business plan, the processing of proposals for new activities and
investments of the Company, as well as the exploration of potential new areas of development.
The said Committee's composition
11
as of the publishing date of this Report is set out below:
S/N
Name
Title
1.
Efthymios Bouloutas
Chairman of the Committee
(Chief Executive Officer - Executive Member of the Board)
2.
Konstantinos Toumpouros
Member of the Committee
(Non-Executive Director)
3.
Panagiotis Kyriakopoulos
Member of the Committee
(Non-Executive Director)
4.
Georgios Triantafyllou
Member of the Committee
(Non-Executive Director)
11
On 14.12.2023, Ms Ioanna Dretta, an Independent Non-Executive Member of the Board of Directors of ELLAKTOR, resigned from
this management body of the Company and from all its Committees (including the Strategic Planning Committee).
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(165) / (297)
To carry out its work, the Strategic Planning Committee held two (2) meetings in 2023, during
which a series of issues related to investment and financing decisions were discussed, as well as
issues related to the wider strategic planning of the Group.
vii. Sustainable Development Committee
The Sustainable Development Committee was constituted by decision of the Company's Board
of Directors on 30.11.2021, and as of the publication of this Report, it consists of the following
members:
The Sustainable Development Committee was constituted by decision of the Company's Board
of Directors on 30.11.2021, and as of the publication of this Report, it consists of the following
members:
S/N
Name
Title
1.
Georgios Mylonogiannis
Chairman of the Committee
(Non-Executive Director)
2.
Efthymios Bouloutas
Member of the Committee
(Chief Executive Officer - Executive Member of the Board)
3.
Evgenia Livadarou
12
Member of the Committee
(Independent Non-Executive Director)
4.
Aphrodite Avramea
Member of the Committee
The aforementioned Committee assists the Board of Directors and is responsible for the approval,
supervision, monitoring and implementation of the Group's Sustainable Development Strategy
and the roadmap for sustainable development, evaluating the adequacy and effectiveness of the
Sustainable Development Policy approved by the Board of Directors, as well as ensuring the
adequacy of resources for its implementation.
It also oversees the Group's actions in relation to the Group's sustainable development and the
harmonisation of practices related to environmental and social issues with the Group's sustainable
development strategy and the policies approved by the Board of Directors. Furthermore, the
purpose of the Committee is to strengthen 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.
More information on the purpose, operation and responsibilities of the Commission is given in
the Rules of Procedure of the Sustainable Development Committee.
12
On 28.04.2023 Mrs. Evgenia Livadarou, Independent non-executive Member of the Board of Directors of ELLAKTOR, resigned from
this management body of the Company and from all its Committees. By decision dated 15/12/2023,
Ms. Livadarou, Board Member of the Company's Board of Directors, has replaced a resigned Member of the Board of Directors and
was re-appointed Member of the Sustainable Development Committee.
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(166) / (297)
In 2023, the Sustainable Development Committee met three (3) times to examine a variety of
topics connected to the Group's ESG Strategy and broader Sustainable Development challenges.
Sustainable Development topics are detailed in Subsection IV. Non-financial information, in
Section B.I. Annual Report of the Board of Directors of ELLAKTOR SA
Participation of the members of the Board of Directors in its Committees
The table provided below shows the number of committee meetings and the percentage
participation of the members of the Board of Directors in the period 1 January 2023 to 31
December 2023:
Meetings
per Committee
Composition
of Committees
Time
interval
Meetings
Participation
%
Audit
Committee
15
Panagiotis Alamanos
01.01 - 31.12.2023
15
100%
Athina Chatzipetrou
01.01 - 31.12.2023
13
87%
Eugenia Livadarou (from 22
June 2021)
01.01 - 28.04.2023 &
15.12 - 31.12.2023
6
100%
Ioanna Dretta
01.01 - 14.12.2023
12
86%
Nominations and
Remuneration
Committee
8
Athina Chatzipetrou
01.01 - 31.12.2023
8
100%
Aristeidis Xenofos
01.01 - 31.12.2023
8
100%
Odysseas Christoforou
01.01 - 31.12.2023
8
100%
Eugenia Livadarou (from 22
June 2021)
01.01 - 28.04.2023
4
100%
f) Description of the policy on diversity that applies to the Company’s administrative,
management and supervising bodies
In accordance with the Policy of Suitability of the members of the Board of Directors of ELLAKTOR
SA, approved by the decision of the Board of Directors of the Company on 01.06.2021 and then by
the decision of the Ordinary General Meeting of Shareholders on 22.06.2021, the Company adopts
and implements a diversity policy in the appointment of new members of the Board of Directors,
with the aim of promoting an appropriate level of diversification in the Board of Directors and
forming a diverse group of members. This seeks to bring together a diverse range of degrees and
abilities in order to ensure a variety of perspectives and experiences, as well as the most pluralism as
feasible in order to make correct 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.
However, there is currently no independent policy on diversity. The Nominations and Remuneration
Committee assists the Board of Directors within the framework of its responsibilities with regard to
the finding study of diversity criteria for selection of the members of the Board of Directors.
The Company is considering the adoption of appropriate diversity criteria for its top and senior
managers and is working on the relevant timetable for their implementation, while it estimates that
additional time will be required in order to make it possible to establish and implement diversity
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(167) / (297)
criteria for top and senior managers, taking into account the nature of the Company's activity. (See
Annex I) relative deviation from the ΗCGC 2.2.13, as presented in sub-section “(b) Deviations from
the Greek Corporate Governance Code” of this Corporate Governance Statement.
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.
These conclusions are confirmed by the fact that the Diversity, Equity and Inclusion Policy (Dec. 2022,
https://ellaktor.com/wp-content/uploads/2023/07/ELLAKTOR-Group-Diversity-Equity-
Inclusion_gr_final.pdf) of the Group identifies the basic principles relating to diversity, parity and
inclusion, describes the relevant normative documents of the Group's commitments to develop and
shape a diverse, fair and inclusive working environment. In this context, the ELLAKTOR Group signed
the Diversity Charter for Greek Businesses in May 2023, contributing to the work of the European
Commission to promote the acceptance of diversity and the policy of equal opportunities in the
workplace.
In addition, 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 27,3% of the Board of Directors of the Company are women. The Directors also vary
in terms of age, from 41 to 62 years old, with an average age of 54 years.
The table provided shows the diversity, experience and skills of the Company’s current Directors:
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(168) / (297)
Name
Role
Independence
Diversity
Experience & Skills
Gender
Age
Sustainable
Development
International
Experience
Related
Sectors
Finance
Governance
Legal
Transformation
s
Restructuring
Board
Experience
Georgios
Mylonogiannis
Chairman,
Non-
Executive
A
60
√
√
√
√
√
√
√
√
Aristeidis (Aris)
Xenofos
Vice-
Chairman,
Non-
Executive
√
A
60
√
√
√
√
√
√
√
Efthymios
Bouloutas
Managing
Director
A
62
√
√
√
√
√
√
√
√
Konstantinos
Toumpouros
Non-
Executive
Director
A
45
√
√
√
√
√
√
√
√
Athina
Chatzipetrou
Non-
Executive
Director
√
F
60
√
√
√
√
√
√
Ioanna Dretta
Non-
Executive
Director
F
44
√
√
√
√
√
√
Evgenia (Jenny)
Livadarou
Non-
Executive
Director
√
F
41
√
√
√
√
√
√
√
Panagiotis
Kyriakopoulos
Non-
Executive
Director
A
62
√
√
√
√
√
√
√
√
Georgios
Triantafyllou
Non-
Executive
Director
A
41
√
√
√
√
√
√
√
√
√
Georgios
Prousanidis
Non-
Executive
Director
A
62
√
√
√
Odysseas
Christoforou
Non-
Executive
Director
√
A
54
√
√
√
√
√
√
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 financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(169) / (297)
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/ellaktor-group/management/nomination-and-
remuneration-committee/suitability-policy-for-members-of-bod/ .
Kifisia, 17 April 2024
FOR THE BOARD OF DIRECTORS
THE COMPANY’S CEO
EFTHYMIOS BOULOUTAS
ELLAKTOR SA
Annual Financial Report
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(170) / (297)
C. Independent Auditor’s Report
PricewaterhouseCoopers SA, GEMI: 001520401000, T: +30 210 6874400, www.pwc.gr
Athens: 260 Kifisias Ave & 270 Kifisias Ave, 152 32 Chalandri | T: +30 210 6874400
Thessaloniki: Agias Anastasias & Laertou Streets, 55535 Pylaia | T: +30 2310 488880
Ioannina: 2 Pargis Square, 1st floor, 45332 | T: +30 2651 313376
Patras: 2A 28is Oktovriou & 11, Othonos Amalias Street 26223 | T: +30 2616 009208
(171) / (297)
[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 2023, 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 material 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 2023, 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.
(172) / (297)
The non-audit services that we have provided to the Company and its subsidiaries during the year
ended as at 31 December 2023 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.
Key audit matter
How our audit addressed the key audit matter
Estimation of recoverable amount of
concession rights
(Note 8b of the Consolidated Financial
Statements)
As at 31 December 2023, the Group held
concession rights amounting to €198.3 million.
The management examines on an annual basis
whether there are indications of impairment of
the concession rights and in the event that such
indications are identified, it performs an
impairment test in order to determine whether a
concession right should be impaired comparing
between the recoverable amount of the right
and its book value.
Management determines the recoverable
amount as the higher of value in use and fair
value, less costs to sell, in accordance with the
provisions of International Accounting Standard
36.
The determination of the recoverable amount of
each concession right depends primarily on the
future operating cash flows of the concession
project, the cash flow growth rate and the
discount rate.
We focused on this area due to the amount of
the concession rights, but also due to the
estimates and assumptions used by the
management in order to determine the
recoverable value of the concession right of the
subsidiary company Moreas SA, for which there
were signs of impairment due to reduced
estimated revenues compared to the original
We evaluated management's overall impairment
testing process.
In this context, we carried out audit procedures in
order to confirm that the assessment of the
recoverable value of the concession right of the
subsidiary company Moreas S.A. was carried out on
the basis of generally accepted methods and that it is
based on reasonable assumptions. With the
participation of our experts specialized in valuations,
we carried out the following:
-We evaluated management's estimate and
conclusions regarding the existence of indications of
impairment in the concession right.
-We evaluated management's analyses, according to
which the recoverable value of the concession right
for which an impairment test was performed is formed
based on the present value of the future cash flows
of the concession project.
-We reviewed the key assumptions adopted by
management for the calculation and discounting of
the highway's future cash flows, such as budgeted toll
revenue, growth rate until the end of the concession,
estimated operating costs and discount rate, taking
into account trends of the market and assumptions
used in impairment testing in prior years.
-We evaluated management's projections of future
cash flows by comparing them with actual historical
data and taking into account the results of the most
recent transportation study.
-We investigated whether the discount rate was
within an acceptable range by assessing the cost of
capital and the cost of borrowing and comparing the
discount rate with market data.
-We reviewed the mathematical accuracy of the cash
flow models and reconciled the relevant data with the
latest financial model approved by the lending banks.
(173) / (297)
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 2023 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.
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.
Key audit matter
How our audit addressed the key audit matter
budget.
From performing the aforementioned audit
procedures, we determined that the determination of
the recoverable amount was based on reasonable
assumptions.
(174) / (297)
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.
(175) / (297)
• 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.
• 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.
(176) / (297)
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 18 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, 2023, in XHTML format
“213800VUQHMOGEWKNG87-2023-12-31-el.html”, as well as the provided XBRL file
“213800VUQHMOGEWKNG87-2023-12-31-el.zip” with the appropriate marking up, on the
aforementioned consolidated financial statements, including the other explanatory information (Notes to
the 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, as well as the financial information included in the other explanatory information, should be
marked-up with XBRL 'tags' and ‘block tag’, 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.
(177) / (297)
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, 2023, 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.
(178) / (297)
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,
2023, in XHTML file format “213800VUQHMOGEWKNG87-2023-12-31-el.html”, as well as the provided
XBRL file “213800VUQHMOGEWKNG87-2023-12-31-el.zip” with the appropriate marking up, on the
aforementioned consolidated financial statements, including the other explanatory information, have
been prepared, in all material respects, in accordance with the requirements of the ESEF Regulatory
Framework.
Athens, 18 April 2024
The Certified Auditor
Pricewaterhouse Coopers S.A.
Certified Auditors
268 Kifissias Avenue
153 32 Halandri
SOEL Reg. No. 113
Despina Marinou
SOEL Reg. No. 17681
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(179) / (297)
(179) / (297)
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 2023
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(180) / (297)
(180) / (297)
Contents of Annual Financial Statements
Statement of Financial Position .............................................................................................................................................. 182
Income Statement .................................................................................................................................................................... 184
Statement of Comprehensive Income ................................................................................................................................... 186
Statement of Changes in Equity ............................................................................................................................................. 188
Statement of Cash Flows ......................................................................................................................................................... 190
Notes to the financial statements .......................................................................................................................................... 192
1 General information ....................................................................................................................................................... 192
2 Material accounting policies .......................................................................................................................................... 192
2.1 Basis of preparation of the financial statements .........................................................................................................................192
2.2 New standards, amendments to standards and interpretations: .........................................................................................197
2.3 Consolidation ...............................................................................................................................................................................................199
2.4 Segment reporting ....................................................................................................................................................................................202
2.5 Foreign exchange conversions ............................................................................................................................................................202
2.6 Investment property .................................................................................................................................................................................203
2.7 Leases ..............................................................................................................................................................................................................204
2.8 Prepayments for long-term leases .....................................................................................................................................................206
2.9 Property, Plant and Equipment............................................................................................................................................................206
2.10 Intangible assets .........................................................................................................................................................................................207
2.11 Impairment of non-financial assets ...................................................................................................................................................208
2.12 Financial Instruments ...............................................................................................................................................................................208
2.13 Financial derivatives ..................................................................................................................................................................................211
2.14 Inventories.....................................................................................................................................................................................................212
2.15 Trade and other receivables..................................................................................................................................................................212
2.16 Restricted cash deposits .........................................................................................................................................................................212
2.17 Cash and cash equivalents .....................................................................................................................................................................213
2.18 Share capital .................................................................................................................................................................................................213
2.19 Borrowings ....................................................................................................................................................................................................213
2.20 Current and deferred taxation .............................................................................................................................................................213
2.21 Employee benefits .....................................................................................................................................................................................214
2.22 Provisions ......................................................................................................................................................................................................215
2.23 Revenue recognition ................................................................................................................................................................................216
2.24 Service Concession Arrangements .....................................................................................................................................................218
2.25 Distribution of dividends ........................................................................................................................................................................220
2.26 Grants ..............................................................................................................................................................................................................220
2.27 Recognition of other income................................................................................................................................................................221
2.28 Trade and other payables ......................................................................................................................................................................221
2.29 Reclassifications and rounding of items ..........................................................................................................................................221
3 Financial risk management ............................................................................................................................................ 222
3.1 Financial risk factors..................................................................................................................................................................................222
3.2 Cash management ....................................................................................................................................................................................227
3.3 Fair value estimation ................................................................................................................................................................................230
4 Critical accounting estimates and judgments of the management .......................................................................... 232
4.1 Significant accounting estimates and assumptions ...................................................................................................................232
4.2 Critical judgments by Management regarding application of accounting principles ................................................234
5 Segment reporting .......................................................................................................................................................... 235
6 Discontinued Operations and assets held for sale ...................................................................................................... 239
7 Property, plant and equipment and right-of-use assets ............................................................................................ 242
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(181) / (297)
(181) / (297)
8 Intangible assets & concession rights .......................................................................................................................... 246
9 Investment property ....................................................................................................................................................... 248
10 Investments in subsidiaries ............................................................................................................................................ 251
11 Investments in associates & joint ventures ................................................................................................................. 252
12 Joint arrangements consolidated using the proportionate method ........................................................................ 255
13 Financial assets at fair value through other comprehensive income ....................................................................... 255
14 Prepayments for long-term leases ................................................................................................................................ 256
15 Guaranteed receipt from the Hellenic State (IFRIC 12) .............................................................................................. 257
16 Derivative financial instruments ................................................................................................................................... 257
17 Inventories ....................................................................................................................................................................... 258
18 Receivables ...................................................................................................................................................................... 259
19 Other financial assets at amortised cost ...................................................................................................................... 263
20 Restricted cash deposits ................................................................................................................................................. 264
21 Cash and cash equivalents ............................................................................................................................................. 264
22 Time Deposits over 3 months ........................................................................................................................................ 265
23 Share Capital & Premium Reserve ................................................................................................................................ 266
24 Other reserves ................................................................................................................................................................. 267
25 Loans and lease liabilities ............................................................................................................................................... 270
26 Grants ............................................................................................................................................................................... 272
27 Trade and other payables .............................................................................................................................................. 272
28 Deferred taxation ............................................................................................................................................................ 273
29 Employee retirement compensation liabilities ............................................................................................................ 276
30 Provisions ......................................................................................................................................................................... 278
31 Expenses per category .................................................................................................................................................... 280
32 Other income & other profit/(loss) .............................................................................................................................. 281
33 Financial income/expenses ............................................................................................................................................ 282
34 Employee benefits........................................................................................................................................................... 283
35 Income tax ....................................................................................................................................................................... 283
36 Profit / (loss) per share................................................................................................................................................... 286
37 Dividends per share ........................................................................................................................................................ 286
38 Commitments and receivables ...................................................................................................................................... 287
39 Contingent liabilities ...................................................................................................................................................... 287
40 Transactions with related parties .................................................................................................................................. 288
41 Other notes ...................................................................................................................................................................... 289
42 Events after the reporting date ..................................................................................................................................... 290
43 Group holdings ................................................................................................................................................................ 291
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(182) / (297
(182) / (297)
Statement of Financial Position
GROUP
COMPANY
Note
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
ASSETS
Non-current assets
Property, plant and equipment
7a
247
358
Right-of-use assets
7b
76
809
Intangible assets
8a
199
282
Concession right
8b
-
-
Investment property
9
3,200
3,200
Investments in subsidiaries
10
346,476
428,674
Investments in associates & joint ventures
11
1,223
124,741
Other financial assets at amortised cost
19
-
-
Financial assets at fair value through other
comprehensive income
13
-
342
Deferred tax assets
28
84
235
Prepayments for long-term leases
14
-
-
Guaranteed receipt from the Hellenic State (IFRIC
12)
15
-
-
Derivative financial instruments
16
-
-
Restricted cash deposits
20
-
-
Other non-current receivables
18
39,104
104,669
390,609
663,311
Current assets
Inventories
17
-
-
Trade and other receivables
18
97,522
12,262
Financial assets at fair value through other
comprehensive income
13
-
-
Financial Assets at fair value through profit and
loss
431
-
Prepayments for long-term leases
14
-
-
Guaranteed receipt from the Hellenic State (IFRIC
12)
15
-
-
Time Deposits over 3 months
22
23,706
-
Restricted cash deposits
20
-
-
Cash and cash equivalents
21
83,406
108,567
205,065
120,828
Assets held for sale
6
123,518
-
328,583
120,828
TOTAL ASSETS
719,192
784,139
EQUITY
Equity attributable to shareholders
Share capital
23
13,928
13,928
Share premium
23
590,650
607,407
Treasury shares
23
(1,965 )
(1,965)
-
Other reserves
24
62,103
67,157
Profit/(loss) carried forward
(194,228 )
(55,459)
(16,757)
609,256
671,735
Non-controlling interests
-
-
Total equity
609,256
671,735
LIABILITIES
Non-current liabilities
Long-term borrowings
25
-
97,500
Long-term lease liabilities
25
-
-
Deferred tax liabilities
28
-
-
Employee retirement compensation liabilities
29
293
381
Grants
26
-
-
Derivative financial instruments
16
-
-
Other long-term liabilities
27
304
1,523
Other non-current provisions
30
-
-
597
99,404
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(183) / (297
(183) / (297)
GROUP
COMPANY
Note
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
Current payables
Trade and other payables
27
11,222
5,033
Current tax liabilities (income tax)
427
3,814
Short-term borrowings
25
97,500
2,300
Short-term lease liabilities
25
189
1,853
Dividends payable
-
-
Other short-term provisions
30
-
-
109,339
13,000
Total liabilities
109,936
112,404
TOTAL EQUITY AND LIABILITIES
719,192
784,139
The notes on pages 192 to 297 form an integral part of these financial statements.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(184) / (297)
Income Statement
GROUP
1-Jan to
Note
31-Dec-23
31-Dec-22
Continuing
operations
Discontinued
operations*
Total
Continuing
operations
Discontinued
operations
Total
Sales
5
Cost of sales
31
(234,116 )
(441,141 )
(675,257 )
(265,640 )
(620,356 )
(885,996 )
Gross profit
(20,133 )
Distribution costs
31
(6,320 )
(6,320 )
(5,179 )
(5,179 )
Administrative expenses
31
(42,521 )
(19,269 )
(61,790 )
(42,576 )
(20,951 )
(63,528 )
Other income
32
Other profit/(losses) - net
32
(12,886 )
Share of profit or loss from core activity associates, accounted for
using the equity method
11
(157 )
Operating profit/(loss)
(14,969 )
Income from dividends
Share of profit or loss from non-core activity associates,
accounted for using the equity method
11
(9 )
Financial income
33
Finance (expenses)
33
(53,742 )
(12,688 )
(66,430 )
(85,595 )
(20,382 )
(105,976 )
Profit/(loss) before taxes
(27,336 )
Income tax
35
(27,597 )
(3,500 )
(31,097 )
(31,430 )
(15,087 )
(46,517 )
Net profit/(loss) for the year from all activities
(30,836 )
(2,601 )
Profit/(Loss) from sale of Construction sector in the year 2023 /
RES sector in the year 2022
6
(5,043 )
(5,043 )
Net profit/(loss) for the financial year
(35,879 )
(2,601 )
Profit/(loss) for the period attributable to:
Equity holders of the Parent Company
36
(35,672 )
(23,924 )
Non-controlling interests
(207 )
(35,879 )
(2,601 )
Restated basic earnings per share (in EUR)
36
(0.1025 )
(0.0687 )
*
In accordance with the requirements of IFRS 5, following the classification of assets and liabilities as held for sale as at 31.03.2023, no depreciation has been
recorded for these assets for the period from 01.04.2023 until 07.11.2023.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(185) / (297)
COMPANY
1-Jan to
Note
31-Dec-23
31-Dec-22
Continuing
operations
Discontinued
operations
Total
Continuing
operations
Discontinued
operations
Total
Sales
542
-
542
120
95,543
95,663
Cost of sales
31
(374)
-
(374)
(100)
(33,443)
(33,543)
Gross profit
167
-
167
21
62,100
62,120
Administrative expenses
31
(12,657)
-
(12,657)
(13,440)
(903)
(14,343)
Other income
32
22
-
22
89
2,518
2,607
Other profit/(losses) - net
32
(4,527)
-
(4,527)
(152,288)
(3,988)
(156,276)
Operating profit/(loss)
(16,994)
-
(16,994)
(165,618)
59,726
(105,891)
Income from dividends
2,300
-
2,300
-
1,569
1,569
Financial income
33
9,261
-
9,261
12,513
5
12,518
Finance (expenses)
33
(8,668)
-
(8,668)
(58,412)
(12,911)
(71,323)
Profit/ (loss) before taxes
(14,101)
-
(14,101)
(211,517)
48,390
(163,127)
Income tax
35
(509)
-
(509)
(3,716)
(9,776)
(13,492)
Net profit/(loss) for the year from all activities
(14,611)
-
(14,611)
(215,233)
38,614
(176,619)
Profit/(Loss) from sale of AKTOR SA in the use 2023/RES sector in the
fiscal year 2022
6
-
(45,584)
(45,584)
-
496,429
496,429
Net profit/(loss) for the financial year
36
(14,611)
(45,584)
(60,194)
(215,233)
535,043
319,810
Restated basic earnings per share (in EUR)
36
(0.0420)
(0.1310)
(0.1729)
(0.6181)
1.5366
0.9185
The notes on pages 192 to 297 form an integral part of these financial statements.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(186) / (297)
Statement of Comprehensive Income
GROUP
1-Jan to
31-Dec-23
31-Dec-22
Continuing
operations
Discontinued
operations
Total
Continuing
operations
Discontinued
operations
Total
Net profit/(loss) for the financial year
(35,879 )
(2,601 )
Other comprehensive income
Items that may be subsequently reclassified to profit or loss
Currency translation differences
(76 )
(24 )
(14,884 )
(14,908 )
Cash flow hedges
(25,947 )
(25,947 )
(26,023 )
(21,701 )
(14,884 )
Items that will not be reclassified to profit and loss
Actuarial gains/(losses)
(152 )
(152 )
Change in fair value of financial assets
Other comprehensive income for the period (net of taxes)
(14,663 )
Total Comprehensive Income/(Loss) for the year
(31,557 )
Total Comprehensive Income for the period attributable to:
Equity holders of the Parent Company
(31,350 )
Non-controlling interests
(207 )
(31,557 )
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(187) / (297)
COMPANY
1-Jan to
31-Dec-23
31-Dec-22
Note
Continuing
operations
Discontinued
operations
Total
Continuing
operations
Discontinued
operations
Total
Net profit/(loss) for the financial year
(14,611)
(45,584)
(60,194)
(215,233)
535,043
319,810
Other comprehensive income
Items that will not be reclassified to profit and loss
Actuarial gains/(losses)
24
109
-
109
69
-
69
109
-
109
69
-
69
Other comprehensive income for the period (net of taxes)
109
-
109
69
-
69
Total Comprehensive Income/(Loss) for the year
(14,501)
(45,584)
(60,085)
(215,163)
535,043
319,879
The notes on pages 192 to 297 form an integral part of these financial statements.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(188) / (297)
Statement of Changes in Equity
GROUP
Attributed to Owners of the parent
Note
Share
capital
Share
premium
Other
reserves
Own shares
Results
carried
forward
Total
Non-
controlling
interests
Total equity
1 January 2022
(688,133 )
Net profit/(loss) for the year
Other comprehensive income
Currency translation differences
24
(14,880 )
(14,880 )
(28 )
(14,908 )
Change in the fair value of financial assets through other
comprehensive income
24
Changes in value of cash flow hedge
24
Actuarial gains/(losses)
24
Other comprehensive income for the period (net of taxes)
Total Comprehensive Income/(Loss) for the year
Distribution of dividend
(29,134 )
(29,134 )
Transfer to reserves
24
(3,151 )
Effect of acquisitions and change in participation share in
subsidiaries
(2,841 )
(2,780 )
Change in preemptive share purchase rights reserve
24
(2 )
31 December 2022
(194,228 )
1 January 2023
(194,228 )
Net profit/(loss) for the year
Other comprehensive income
Currency translation differences
24
(17 )
Change in the fair value of financial assets through other
comprehensive income
24
Changes in value of cash flow hedge
24
(19,091 )
(19,091 )
(6,856 )
(25,947 )
Actuarial gains/(losses)
24
(49 )
(49 )
(103 )
(152 )
Other comprehensive income for the period (net of taxes)
(6,913 )
Total Comprehensive Income/(Loss) for the year
Write-down of the Profit and Loss Reserve with accumulated
accounting losses
23
(16,757 )
Purchase of treasury shares
(1,965 )
(1,965 )
(1,965 )
Distribution of dividend
(29,892 )
(29,892 )
Transfer from reserves
(54,213 )
Effect of change in participation share in subsidiaries and in sales of
subsidiaries
(219,218 )
(17,538 )
Change in preemptive share purchase rights reserve
24
(429 )
(429 )
(429 )
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(189) / (297)
GROUP
Attributed to Owners of the parent
Note
Share
capital
Share
premium
Other
reserves
Own shares
Results
carried
forward
Total
Non-
controlling
interests
Total equity
Distribution of Other Reserves to Bod Members and managers
(4,736 )
31 December 2023
(1,965 )
COMPANY
Note
Share
capital
Share premium
Other reserves
Own shares
Results carried
forward
Total equity
1 January 2022
13,928
607,407
65,697
-
(336,567)
350,465
Net profit for the year
-
-
-
-
319,810
319,810
Other comprehensive income
Actuarial gains/(losses)
24
-
-
69
-
-
69
Other comprehensive income for the period (net of taxes)
-
-
69
-
-
69
Total Comprehensive Income/(Loss) for the year
-
-
69
-
319,810
319,879
Change in preemptive share purchase rights reserve
24
-
-
1,391
-
-
1,391
31 December 2022
13,928
607,407
67,157
-
(16,757)
671,735
1 January 2023
13,928
607,407
67,157
-
(16,757)
671,735
Net profit/(loss) for the year
-
-
-
-
(60,194)
(60,194)
Other comprehensive income
-
Actuarial gains/(losses)
24
-
-
109
-
-
109
Other comprehensive income for the period (net of taxes)
-
-
109
-
-
109
Total Comprehensive Income/(Loss) for the year
-
-
109
-
(60,194)
(60,085)
Write-down of the Profit and Loss Reserve with accumulated accounting
losses
23
-
(16,757)
-
-
16,757
-
Change in preemptive share purchase rights reserve
24
-
-
(429)
-
-
(429)
Distribution of Other Reserves to Bod Members and managers
24
-
-
(4,736)
-
4,736
-
Purchase of treasury shares
-
-
-
(1,965)
-
(1,965)
31 December 2023
13,928
590,650
62,103
(1,965)
(55,459)
609,256
The notes on pages 192 to 297 form an integral part of these financial statements.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(190) / (297)
(190) / (297)
Statement of Cash Flows
Note
GROUP
COMPANY
1-Jan to
1-Jan to
1-Jan to
1-Jan to
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
Cash and cash equivalents at year start
21
108,567
76,503
Operating activities
Profit/(losses) before tax from Continuing
Operations
(14,101)
(211,517)
Profit/(losses) before tax from Discontinued
Operations
6
(27,336 )
-
48,390
Profit/(loss) before tax
(14,101)
(163,127)
Plus/less adjustments for:
Depreciation and amortisation
5
988
1,103
Impairment of tangible and intangible fixed assets and
investment property
7,932
-
-
Impairment of subsidiaries
10
4,333
181,569
Provisions for impairment of receivables and asset
adjustments
160
36,404
Provisions
(14,512 )
52
279
Guaranteed receipt adjustment (based on cash flows)
15
-
-
Option Benefit Plan
24
(429 )
(429)
1,391
Results (income, expenses, profit and loss) from investing
activities
(24,599 )
(29,046 )
(11,522)
(12,513)
Share (in profit) from main activity participating interests
accounted for by the equity method
(10,504 )
(4,974 )
-
-
Gain on the recognition of an affiliated company at fair
value
(65,820 )
-
(65,499)
Profit from sale of investment property (mainly from
Smart Park)
5
(55,824 )
-
-
Debit interest and related expenses
33
8,668
58,412
Plus/minus adjustments for changes in working capital
accounts or related to operating activities:
Decrease/(increase) in inventories
-
-
Decrease/(increase) in receivables
(34,589 )
2,321
(7,628)
(Decrease)/increase in liabilities (except borrowings)
(523)
650
Less:
Debit interest and related expenses paid
(42,627 )
(84,866 )
(300)
(49,283)
Taxes paid
(40,303 )
(34,720 )
(3,776)
-
Discontinued operations
6
(90,179 )
(56,798 )
-
(35,510)
Total inflows/(outflows) from operating activities (a)
(44,020 )
(14,128)
(53,751)
Investing activities
Acquisition/sale of subsidiaries, associates, joint ventures
(24,886 )
(17,860 )
(683)
(414)
Proceeds from sale of RES Branch
-
671,490
Proceeds from sale of Construction Segment
6
90,153
-
Proceeds from sale of YIALOU COMMERCIAL
-
-
(Acquisition)/disposal of other financial assets
13,
19
(4,721 )
339
(339)
Liquidations/(Placements) of time deposits over 3
months
22
(179,956 )
(23,706)
-
Purchase of tangible and intangible assets and
investment property
(9,235 )
(14,709 )
(46)
(288)
Proceeds from sale of tangible, intangible assets and
investment properties
-
13
Interest received
1,436
5,577
Loans to related parties
(223)
-
Proceeds from loans repaid to related parties
-
120,000
Loans granted to the Construction Sector
(108,579)
(78,845)
Proceeds from loans repaid to the Construction Sector
34,100
12,000
Dividends received
2,300
-
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(191) / (297)
(191) / (297)
Note
GROUP
COMPANY
1-Jan to
1-Jan to
1-Jan to
1-Jan to
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
Discontinued operations
6
(39,506 )
(32,993 )
-
2,671
Total inflows/(outflows) from investing activities (b)
(15,535 )
(4,908)
731,865
Financing activities
Purchase of treasury shares
(1,965 )
(1,965)
-
Proceeds from borrowings
-
500,000
Loan repayment
(118,243 )
(1,205,398 )
-
(500,000)
Proceeds from issued/utilised loans from related parties
-
97,500
Settlements of loans taken out by related parties
(2,300)
(670,000)
Settlement of lease liabilities (amortisation)
7b
(4,548 )
(4,600 )
(1,859)
(1,504)
Dividends paid & tax on dividends paid
(30,212 )
(28,529 )
-
-
Grants received/(returned)
-
-
(Increase)/decrease in restricted cash
(13,735 )
(16,370 )
-
-
Third party participation in share capital increase of
subsidiary
-
-
Discontinued operations
6
(42,795 )
-
(72,047)
Total inflows/(outflows) from financing activities (c)
(49,187 )
(623,734 )
(6,124)
(646,050)
Net increase/(decrease) in cash and
cash equivalents of the period (a) + (b) + (c)
(108,742 )
(25,161)
32,064
Exchange differences in cash and cash equivalents from
discontinued operations
(1,859 )
-
-
Cash and cash equivalents at year end
21
83,406
108,567
The notes on pages 192 to 297 form an integral part of these financial statements.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(192) / (297)
(192) / (297)
Notes to the financial statements
1 General information
Group primarily operates in Greece , Germany , Romania and Cyprus , but has a limited presence in other
countries.
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 December 2023 were approved by the Board of Directors on 17 April 2024 and are
subject to approval by the General Meeting of Shareholders. They are available on the Company's website
www.ellaktor.com, under section “Investor Relations - Financial Reporting”, subsection “Annual Report”.
The financial statements of the consolidated companies are available online at www.ellaktor.com, under
“Investor Relations - Financial Reporting” subsection ‘Financial Statements of the Group-Subsidiaries”.
2 Material accounting policies
2.1 Basis of preparation of the financial statements
The accounting principles that are considered material and 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 financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(193) / (297)
(193) / (297)
2.1.1.Going Concern
The financial statements for the year from 1 January to 31 December 2023 were prepared in accordance
with International Financial Reporting Standards (IFRS) and provide a reasonable presentation 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, also taking into account the effects of extrinsic factors, (price rises,
climate issues etc) 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 and investment plans of the Group.
According to the evaluation of the Management, inflation will continue to be a challenge for the Group
companies despite legislative regulations and compensatory measures from the government. In addition,
the policy of raising interest rates by central banks in order to reduce inflationary pressures resulted in an
increase in the financing cost of loan agreements signed by the Group's subsidiaries during the year.
However, the Group has entered into interest rate swaps to hedge interest rate risk on a major amount of
its loan commitments, resulting in 83.3% of the loan being considered fixed rate.
Despite the volatile international environment and the challenges that macroeconomic and geopolitical
developments bring to all sectors, ELLAKTOR Group has taken steady steps in recent years to implement
the new business model, which includes a significant reduction in lending and growth in its main areas of
activity. More specifically:
▪ It finalised the sale of 75% of the Group's Renewable Energy Sector (RES) to MOTOR OIL
RENEWABLE ENERGY SINGLE MEMBER SA in 2022, thereby increasing the Group's liquidity.
▪ It repaid in 2022 the International Corporate Bond for €670 million (2019 edition) in 2022, two
years before its original expiration date, saving over €40 million per year in financial costs.
▪ It completed in 2023 the sale of all AKTOR SA shares to ΙΝΤRΑΚΑΤ (note 6). The price paid for the
acquisition of the company was €110.8 million, with €114 million paid in installments within 19
months following the transaction's conclusion as payback of intragroup borrowing.
▪ It completed the sale of 100% of the shares of YIALOU COMMERCIAL AND TOURIST SINGLE
MEMBER S.A., which owns, manages and operates the commercial park Smart Park, in TRADE
ESTATES REIC of the Fourlis Group. The overall price for the sale of the YIALOU SM SA company
was €95.4 million.
▪ Finally, in January 2024, it completed the sale of ELLAKTOR's 25% stake in ANEMOS RES SA to
MOTOR OIL RENEWABLE ENERGY SINGLE MEMBER S.A. for a total price of €123.52 million.
The aforementioned business moves resulted in the strengthening of the Group's capital structure, as the
Group, inter alia:
▪ It further strengthened its financial situation by increasing operational and net profitability, as
well as corresponding profit margins.
▪ It significantly boosted its liquidity, estimated at 31.12.2023 around €552 million, and hence its
ability to seamlessly finance its investment initiative and return funds to shareholders.
The Group, through its subsidiary AKTOR CONCESSIONS, focuses on activities to expand existing projects
as well as new projects to be developed under PPP or concession contracts, as well as the Marina Alimos
development project. These new infrastructure projects in Greece are expected to be financed to a
significant extent by private funds, due to the limited financial resources available to the Greek State. The
Group, with the advantage of high liquidity (which will significantly strengthen after expiry of the Attiki
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(194) / (297)
(194) / (297)
Odos existing Concession Contract (N 2445/1996) in October 2024) and long-term experience, looks
forward to expanding its portfolio, which is expected to maintain the profitability of this sector.
In terms of the environment, in addition to the continual focus on maintaining market leadership through
organic development, Management is constantly examining opportunities for asset utilisation. In this
regard, Motor Oil has launched a due diligence procedure in HELECTOR (note 42), although no acquisition
bid for HELECTOR has been made. A probable acquisition agreement is expected to further strengthen
the Group's available funds.
In the sector of Real Estate Management, the Group's business plan focuses primarily on the development
projects of the Cambas Project in the Kantza area and the Gournes Project in Heraklion, Crete. The
required actions are taken for both projects to reach the maturity stage in terms of authorisations and
approvals. Management estimates that the Group has the capital and creditworthiness to develop both
these and other real estate projects in Greece.
In view of the foregoing, Management estimates that it has secured the continued operation of the Group,
and the financial statements have therefore been prepared in accordance with the going concern
accounting basis.
2.1.2 Climate change
The ELLAKTOR Group is well aware of the challenges encountered due to environmental issues. The
challenges relate to issues of compliance with relevant environmental legislation and regulations, as well
as potential material damage to the facilities of the environmental projects it builds, concession projects,
and investment assets as a result of extreme weather events. Furthermore, potential disruptions in the
operation of the Group's initiatives could lead to reputational concerns.
The Group seeks to contribute to the collective European goal of a successful and sustainable transition
to a climate-neutral economy until the year 2050, to identify the risks and opportunities of climate change
and to adapt to its effects.
The Group has committed to and integrated into its strategy a series of actions with the aim of successfully
transitioning to zero emissions by 2050 and adapting to the inevitable effects of climate change. In 2023,
a program for preparing activities to reduce greenhouse gas emissions and developing a roadmap for a
sustainable transition to a zero-emission future was initiated and is still underway. Furthermore, in 2023,
the Group committed for the first time to adopting short-term science-based emission reduction targets
in accordance with the Science Based Targets initiative (SBTi).
To address such concerns, the Group is working systematically to reduce the possible negative impact
and proactively address risks across our business operations. In this context, the Group follows relevant
environmental legislation and rules, implements sustainable practices and procedures, and assesses the
ELLAKTOR Group's environmental footprint.
During the financial statement preparation process, management examined the potential financial
implications of the identified risks. Based on the assessment, the impact of climate challenges is not
predicted to:
• be significant for the period of continuing activity
• bring about the recognition of an important obligation or provision relating to environmental legislation,
• lead to the amendment of existing loan agreements.
• influence factors (such as the useful life) that determine the carrying amount of non-current assets
• have an impact on the projected cash flows used in the impairment check on non-current assets,
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(195) / (297)
(195) / (297)
It should be noted that the majority of non-current assets are related to concessions, such as rights of use
of assets (Marina Alimos), rights of concession and financial contribution from the state (Moreas AE,
EPADYM, and Pylia Odos), investments in associates (Gefyra SA and Aegean Motorway SA), and loans to
related parties (secondary loans to concession companies). These projects are entirely compliant with
current environmental legislation and frameworks, thus the risk of a negative impact on their book value
is minimal.
Environmental variables, such as special "green" criteria applicable during the construction stage, the use
of environmentally friendly materials, and energy savings, are included when estimating the fair value of
Investment Property. These factors had no effect on the book value of the investment property.
As a result of the foregoing, the risks and possibilities associated with climate challenges have no
substantial financial implications for the consolidated financial statements, the Group's and Company's
results, or the value of the financial instruments they hold.
2.1.3 Macroeconomic environment
In 2023, the global economy grew, amid staggered energy prices and an improved business and consumer
climate. The Greek economy maintained its upward trajectory in 2023, helped by robust private
consumption and strengthening investments. At the same time, it is predicted that in 2024, with the help
of European funds and a gradually improving external environment, it will continue to grow higher than
its long-term dynamics.
An indicator of the increase in private consumption is the 9.5% increase in Attica Motorway crossings
compared to 2022, while the Greek economy's improvement has positively impacted the discount rates
used by the Group for the valuation of its assets (for example, the valuation of Olympia Odos with a
discount rate from 10% on 31.12.2022 to 8% on 31.12.2023) and the control of the impairment of the
concession right of the subsidiary MOREAS SA.
One of the most important challenges faced by businesses and households during 2023 was inflation,
which, measured by the Harmonised Index of Consumer Prices (HICP), recorded a milder rise compared
to 2022, but still remaining at high levels. In particular, inflation in the first eleven months of 2023 was
4.2%, compared to 9.4% in the same time in 2022, and 5.7% of the Eurozone average. Over the same
period, structural inflation, excluding unprocessed food and energy prices, increased to 6.5%.
In an effort to de-escalate it, the European Central Bank (ECB) maintained the restrictive monetary policy
that it had begun in 2022, by making successive interest rate increases. The interest rate on the main
refinancing operations is now 4.5%, increased by 200 basis points in the year and 450 basis points as of
July 2022. At the last two meetings, however, the ECB maintained rates unchanged, considering that these
levels could lead to a disinflation rate. The conditions for a gradual reduction in interest rates have even
been set in 2024, provided that no additional disruptions occur in the energy sector, so that the decline
in inflationary expectations is considered to be permanent.
1
The proposed hedging measures of the central banks led to an increase in interest rates, resulting in an
increase in the financial cost of the loan contracts signed by the Group's subsidiaries during the year. As
a hedging measure, the Group has entered into interest rate swaps. It should be noted that the majority
of the interest rate swaps are long-term (often more than 5 years), thus a subsequent fall in interest rates
may have a negative impact on the Group's future cash flows.
In terms of inflation over the last few years, the most sensitive industries are the environment and
construction (now Discontinued), as their operations are most influenced by the subsequent price rises,
1
Decision of the ECB Board of Directors (25/01/2024, ECB Press Release)
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(196) / (297)
(196) / (297)
which have primarily been witnessed in energy and materials. Although there is a downturn in the rate of
increase in material prices within the current period, however, due to the implementation of price revision
legislation, certified works largely incorporate current prices as a counterweight to the risk of changes in
project budgets during their execution.
Management continuously assesses the potential effects of changes in Greece's macroeconomic and
economic environment, as well as global economic developments, to ensure that all necessary measures
have been taken to mitigate any negative impacts on the Group's activities in Greece and domestically.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(197) / (297)
(197) / (297)
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 2023. 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
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. It did not have a
significant impact on the current fiscal year.
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. It did not have a significant impact on the current fiscal year.
IAS 12 ‘Income taxes’ (Amendments): International Tax Reform – Pillar Two Model Rules (effective
for annual periods beginning on or after 1 January 2023)
The amendments introduce a mandatory temporary exception from accounting for deferred taxes arising
from the Organisation for Economic Co-operation and Development’s (OECD) international tax reform.
The amendments also introduce targeted disclosure requirements.
The temporary exception applies immediately and retrospectively in accordance with IAS 8, whereas the
targeted disclosure requirements will be applicable for annual reporting periods beginning on or after 1
January 2023. It had no substantial impact, see note 35.
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. This amendment has been
applied to the current financial year (note 28).
Standards and Interpretations effective for subsequent periods
IAS 1 ‘Presentation of Financial Statements’ (Amendments) (effective for annual periods beginning
on or after 1 January 2024)
● 2020 Amendment ‘Classification of liabilities as current or non-current’
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
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(198) / (297)
(198) / (297)
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.
● 2022 Amendments ‘Non-current liabilities with covenants’
The new amendments clarify that if the right to defer settlement is subject to the entity complying
with specified conditions (covenants), this amendment will only apply to conditions that exist
when compliance is measured on or before the reporting date. Additionally, the amendments aim
to improve the information an entity provides when its right to defer settlement of a liability is
subject to compliance with covenants within twelve months after the reporting period.
The 2022 amendments changed the effective date of the 2020 amendments. As a result, the 2020
and 2022 amendments are effective for annual reporting periods beginning on or after 1 January
2024 and should be applied retrospectively in accordance with IAS 8. As a result of aligning the
effective dates, the 2022 amendments override the 2020 amendments when they both become
effective in 2024.
IFRS 16 (Amendment) ‘Lease Liability in a Sale and Leaseback’ (effective for annual periods beginning
on or after 1 January 2024)
The amendment clarifies how an entity accounts for a sale and leaseback after the date of the transaction.
Sale and leaseback transactions where some or all the lease payments are variable lease payments that
do not depend on an index or rate are most likely to be impacted. An entity applies the requirements
retrospectively back to sale and leaseback transactions that were entered into after the date when the
entity initially applied IFRS 16.
IAS 7 ‘Statement of Cash Flows’ and IFRS 7 ‘Financial Instruments’ (Amendments) - Disclosures:
Supplier Finance Arrangements (effective for annual periods beginning on or after 1 January 2024)
The amendments require companies to disclose information about their Supplier Finance Arrangements
such as terms and conditions, carrying amount of financial liabilities that are part of such arrangements,
ranges of payment due dates and liquidity risk information. The amendments have not yet been endorsed
by the EU.
IAS 21 ‘The Effects of Changes in Foreign Exchange Rates’ (Amendments) - Lack of exchangeability
(effective for annual periods beginning on or after 1 January 2025)
These amendments require companies to apply a consistent approach in assessing whether a currency
can be exchanged into another currency and, when it cannot, in determining the exchange rate to use
and the disclosures to provide. The amendments have not yet been endorsed by the EU.
IFRS 18 “Presentation and Disclosure of the Financial Statements” (effective for annual periods
beginning on or after 1 January 2027) IFRS 18 was issued in April 2024. It specifies requirements for
presentation and disclosures in financial statements, and replaces IAS 1. Its objective is to enable investors
to compare the performance and future prospects of companies by modifying the requirements for
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(199) / (297)
(199) / (297)
presenting information in the main financial statements, in particular in the statement of financial
position results. The new standard:
• requires the presentation of two new specified sub-totals in the income statement - operating profit
and profit before financing and income taxes.
• requires disclosure of the performance indices determined by the management of a company -
subsets of income and expense not specified by the IFRSs included in public communications to
share the management's view of a company's financial performance. To increase transparency, a
corporation should make a reconciliation between these action and the sets or subsets described by
IFRSs.
• reinforces the requirements for aggregation and segregation of information to help a company
provide useful information.
• requires limited changes in the cash-flow statement to improve comparability by establishing a
consistent starting point for the indirect method of presenting cash-flows from operating activities
and removing the options for the classification of interest and dividend cash flows.
The new standard has retroactive application. It has not yet been endorsed by the EU.
The Group is in the process of investigating the possible impact of the above standards.
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.
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 given by the Group shall be classified either as equity or as a financial
liability. Amounts classified as a financial liability are subsequently remeasured at fair value, with changes
in fair value recognised in profit or loss.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(200) / (297)
(200) / (297)
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).
Participations in associates and joint ventures (see: (e) ‘joint arrangements’) 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 recognised in the income
statement, while the share of changes in other comprehensive income following the acquisition is
recognised 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
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(201) / (297)
(201) / (297)
investment, the Group does not recognise 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).
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 43c details the Group's shares in the joint ventures in which
it participates.
The Group has classified the companies presented in note 43b 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.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(202) / (297)
(202) / (297)
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 recognised in the statement of other
comprehensive income.
(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 characterised 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.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(203) / (297)
(203) / (297)
2.6 Investment 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.
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.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(204) / (297)
(204) / (297)
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.
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 re-measurement 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.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(205) / (297)
(205) / (297)
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.
(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 recognised 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.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(206) / (297)
(206) / (297)
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 realised.
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)
- 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.
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 net book value 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.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(207) / (297)
(207) / (297)
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
recognised in intangible assets. Goodwill is not depreciable and is tested for impairment annually, or even
more frequently if the circumstances indicate possible impairment, and recognised 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.
(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.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(208) / (297)
(208) / (297)
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.
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
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(209) / (297)
(209) / (297)
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
recognised 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.
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.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(210) / (297)
(210) / (297)
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.
The write-offs are mostly made for specific management reasons, such as during the liquidation of Joint
Ventures or companies set up to complete specific projects and have a finite operating period. Write-offs
of claims are also made in cases where the Group companies have exhausted all legal remedies for the
recovery of claims.
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.
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.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(211) / (297)
(211) / (297)
2.13 Financial derivatives
The Company and the Group have chosen to follow the provisions of IFRS 9. Derivatives are initially
recognised at their fair value on the date a derivative contract is entered into and are subsequently
remeasured at their fair value at the end of each reporting period. Accounting for subsequent changes in
fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature
of the item being hedged. The Group designates certain derivatives as a hedge of interest rate risk related
to the cash flows of recognised loans (cash flow hedge). At the beginning of the hedging relationship, the
Group documents the economic relationship between the hedging instruments and the hedged items,
including whether changes in the cash flows of the hedging instruments are expected to offset changes
in the cash flows of the hedged items. The Group documents its risk management scope and strategy for
undertaking hedging transactions. The fair values of derivative financial instruments identified in hedging
relationships are disclosed in note 3.3. Movements in equity hedging reserve are shown in note 24.
The effective portion of the changes in the fair value of derivatives identified and designated as accounting
cash flow hedges is recognised in the cash flow hedge reserve in equity. The gain or loss related to the
ineffective part is immediately recognised in profit or loss, under "Financial income/expenses".
Amounts accumulated in equity are reclassified in the periods when the hedged item affects profit or loss.
The gain or loss related to the effective part of the interest rate swaps that hedge the floating rate loans
is recognised in profit or loss under finance cost at the same time as the interest expense of the hedged
loans.
When a hedging instrument expires or is sold or terminated, or when a hedge no longer qualifies for
hedge accounting, any accumulated deferred gain or loss existing in equity at that time remains in equity
until the corresponding hedged cash flows affect profit or loss. In addition, if the cash flows of the hedged
item are no longer expected to occur, the accumulated gain or loss present in equity is immediately
reclassified to profit or loss.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(212) / (297)
(212) / (297)
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. They are subsequently measured at the lower of 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.
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.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(213) / (297)
(213) / (297)
2.17 Cash and cash equivalents
Cash and cash equivalents 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 recognised 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.
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.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(214) / (297)
(214) / (297)
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.
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 recognises
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 recognises restructuring costs falling within the scope of IAS
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(215) / (297)
(215) / (297)
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) Option Benefit Plan
The Group operates an option benefit program in which the company receives services from employees
in exchange for Group equity securities. The fair value of employee services received in exchange for
equity securities is recognised as an expense, with a corresponding increase in equity. The total amount
to be recognised as an expense during the period of maturation is determined in relation to the fair value
of the rights granted, excluding the effect of any non-market safeguarding conditions. At each Balance
Sheet date, the Group reviews the estimates for the number of options that are expected to be taken up.
The effect, if any, of revising the initial estimates on the results is recognised by adjusting equity
accordingly. When options are exercised, the company issues new shares. The revenues received, net of
any direct transaction charges, are credited to the share capital (nominal value) and reserve in par when
the options rights 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.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(216) / (297)
(216) / (297)
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.
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.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(217) / (297)
(217) / (297)
• 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.
• 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 financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(218) / (297)
(218) / (297)
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 15). Construction was
completed in June 2017 and since that time the company has entered the operational phase.
This model also applies to the Partnership Agreement between the PYLIA ODOS SA Group's subsidiary
company and the contracting authority MINISTRY OF INFRASTRUCTURE & TRANSPORT, the scope of
which is the: Design, Construction, Financing, Operation and Maintenance of the Road Axis of Southwest
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(219) / (297)
(219) / (297)
Peloponnese, Section Kalamata – Rizomylos – Pylos – Methoni, through a PPP for a 30-year period. The
project's construction began on 21 April 2023, with the signature of the Partnership Agreement, and will
have a duration of 4 years. Under the Partnership Contract at the end of the Work Period begins the
Service Availability Period for which the Private Partnership Body (PYLIA ODOS SA) will receive an Annual
Single Charge (availability payment adjusted based on the Consumer Price Index-T.C.) from the
Contracting Authority, according to the signed conditions. At the end of the PPP contract all rights and
titles to the assets will be transferred to the Contracting Authority.
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).
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(220) / (297)
(220) / (297)
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.
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).
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(221) / (297)
(221) / (297)
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.
On 31.12.2023 the comparative funds of the Income Statement are presented in accordance with the
provisions of IFRS 5. For more information, see Note 6 “Discontinued Operations and assets held for sale”.
No other reclassifications have been made to the comparative accounts of the Statement of Financial
Position, the Income Statement or the Statement of Cash Flows, except in tables of relevant notes, so that
the information provided in these notes is comparable to that of the current year.
The above reclassifications do not affect equity or results.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(222) / (297)
(222) / (297)
3 Financial risk management
3.1 Financial risk factors
The Group's activities expose it to a variety of financial risks. The Group's Financial Services Department,
as the Division responsible for the financial risks, has, in collaboration with the Risk Management Division
and with the supervision of the Internal Audit Division, identified, demarcated and evaluated the risks in
question, the negative effect of which - with targeted interventions - it tries to mitigate, continuously
monitoring the results of management actions against the individual risks of this category. More generally,
Financial Risks may occur due to the impossibility of safely predicting the evolving conditions of the
markets and the fluctuation of cost/benefit variables that may arise from the effect of extraordinary events
and geopolitical developments with a prolonged and unforeseeable duration.
Financial Risks are dealt with by the Company through the establishment of relevant procedures and by
constantly monitoring compliance with them in each Financial Management function, with an emphasis
on functions related to: market risks within and outside the country – depending on the Group's activity,
foreign exchange risk, interest rate risk, liquidity risk, credit risk and risk from changes in prices and values,
which are addressed with appropriate management (e.g. use of derivatives and non-derivative financial
instruments, as well as short-term investment of cash) within the framework of risk tolerance and risk
appetite, as defined by the Company's Board of Directors.
(a) Market Risk
Market risk is related to the Group's business sectors and geographical scope of operations. Indicatively,
the Group is exposed to risk from changes in the economic circumstances prevailing in the countries in
which it operates, such as instability of the political system, changes in the economic framework regarding
matters of taxation, transactions and labor circumstances (labor legislation), as well as monetary policy
issues in general (change in exchange rates and borrowing rates). The Group’s financial 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. At the same time, the Group's
strategy for the countries eligible to operate is also being updated.
i) Foreign currency risk
The group's exposure to foreign exchange risk is minimal in the present year as a result of the sale of the
Construction sector, which had a presence abroad through subsidiaries and branches.
The Company does not face significant foreign exchange risk, since the majority of its transactions are in
Euros.
(ii) Cash flow risk due to 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's exposure to the risk of fluctuations in interest rates comes
mainly from bank loans, given that the increasing trends are directly recorded in lending rates. 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 varies 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 (spread) and to a lesser extent by changes in base interest rates (e.g. Euribor), which
changed in 2022 with the significant change in interest rates. It should be pointed out that during 2022,
the key lending rate of the ECB increased by 200 basis points (from 0.75% to 2.75%), incrementally
reshaping the burden of lending interest on floating rate loans and on new fixed rate loans.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(223) / (297)
(223) / (297)
As of 31 December 2023, the debt ratio at fixed interest against the Group's total borrowings amounted
to 83.3% (2022: 79.2%).
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 2023
Total loans & lease obligations
185,361
79,626
31,375
21
296,384
Ratio of floating rate loans with interest
rate hedging
367,940
-
-
-
367,940
553,301
79,626
31,375
21
664,324
31 December 2022
Total loans & lease obligations
204,126
96,361
59,547
1,270
361,305
Ratio of floating rate loans with interest
rate hedging
393,654
-
-
-
393,654
597,780
96,361
59,547
1,270
754,958
Of total borrowings, the sum of €185.4 million represents fixed interest rate loans at an average interest
rate of 5.71% (compared to €204.1 million at an average interest rate of 5.12% for 2022), while for an
additional €367.9 million there is interest rate risk hedging (including offset and margin of loans) at an
average interest rate of 5.90% (compared to €393.7 million with an average interest rate of 4.48% for
2022). All other borrowings, amounting to €111.0 million (compared to €157.2 million in 2022) are floating
rate loans (e.g. loans in euros, Euribor + margin).
COMPANY
FIXED
FLOATING RATE
RATE
up to 6
months
Total
31 December 2023
Total borrowings
189
97,500
97,689
189
97,500
97,689
31 December 2022
Total borrowings
4,153
97,500
101,653
4,153
97,500
101,653
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.
Please note that the Group's lending is in Euro. Interest rate risk is therefore linked to fluctuations in euro
interest rates.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(224) / (297)
(224) / (297)
The Group monitors the duration and nature of the financing needs of the subsidiaries and the decision-
making process. In particular, decisions on the term of loans as well as the relation between floating and
fixed interest rates are considered by the management on an individual basis, depending on the purpose
of the financing.
Analysis of the sensitivity of Group and Company borrowings to interest rate fluctuations
At Group level, a reasonably likely change in interest rates of one hundred base points (1%
increase/decrease) would lead to a decrease/increase in profit before tax for 2023, all other variables
being equal, of €1,110 thousand (2022: €1,572 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 one hundred base points (1%
increase/decrease) would lead to a decrease/increase in profit before tax for 2023, all other variables
being equal, of €975 thousand (2022: €975 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 risk assessment for
financial assets classified at Level 3 is described in Note 3.3 below. The Company is not exposed to other
price risks.
(b) Credit Risk
The Group has developed policies and procedures with adequate safeguards 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
methods and procedures and the appropriate provisions for impairment are formed.
Most of the receivables and contractual assets relate to receivables from the Greek State, which have
been historically safe, while international development banks (i.e. EIB) participate in the financing of
ongoing projects, which ensures smooth progress and contributes to the reduction of credit risk. With
regard to Greek government projects, monthly certifications are carried out, which are approved within
contractual deadlines, followed by billing and collection. For the comparative fiscal year, most of these
amounts were related to the Construction Sector.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(225) / (297)
(225) / (297)
Receivables from the Greek public sector are detailed in the following table:
GROUP
COMPANY
Note
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
Trade receivables - Public sector
18
25,145
49,068
-
-
Retentions receivable - Public sector
18
332
810
-
-
Contract assets
11,588
122,918
-
-
Taxes and other receivables from insurance
organisations
27,926
49,183
1,483
2,942
Guaranteed receipt from grantor
15
216,139
216,782
-
-
Financial assets at amortised cost (Greek
Bonds)
19
1,930
1,898
-
-
283,061
440,660
1,483
2,942
With regard to loans to related parties and other financial assets at amortised 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 (active in the production of
significant cash flows), while other financial assets at amortised cost can be liquidated immediately, and
are safe investments in securities issued by international financial institutions, the Greek State, banks and
large Greek groups. 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.
On 08.11.2023, the transaction for the transfer of AKTOR SA to the company ΙΝΤRΑΚΑΤ SA was completed
(note 6). On 31.12.2023, the Group presents credit claims from AKTOR SA Group totaling €139,784
thousand, which are deemed to be guaranteed under the Sales Agreement of all shares of AKTOR SA
(note 6), taking into account the high unrealised impact of the AKTOR SA Group's undertaking of major
infrastructure projects in Greece, as well as the acquiring company's corporate guarantee. In addition, the
Group has recognised an amount of €2,896 thousand regarding the financial cost of discounting the long-
term part (€42,000 thousand) of this credit claim.
At 31.12.2023, the Environment sector includes total requirements of €14,652 thousand (customers,
accrued income, and contractual assets) from various construction, management, and operation projects
in the Prefecture of Attica with the Special Intergrade Association of the Prefecture of Attica There are
delays in invoicing and payment for these claims, despite the fact that the Environmental sector, primarily
through the Joint Ventures of the subsidiary company HELECTOR SA, continues to meet its contractual
responsibilities. Historically the Special Intergrade Association of the Prefecture of Attica has never
defaulted on payments, whereas for these contracts the counterparty is a Greek State institution, credit
risk is considered limited.
As a consequence, the Company is not exposed to significant credit risk, since the majority of receivables
are receivables from the Greek State, cash and cash equivalents are held by financial institutions, which
set limits on levels of exposure, while loans to related parties are related to secondary loans to large
infrastructure concession companies.
Under the concessions and the framework through which the financial contribution has been made, credit
risk is very limited (determined on the basis of Greece's credit rating level).
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(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 (working capital 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.
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 December 2023 and 2022 respectively:
GROUP
31 December 2023
MATURITY OF FINANCIAL LIABILITIES
Over 5
Within 1 year
1 to 2 years
2 to 5 years
years
Total
Trade and other payables
74,540
7,722
6,952
1,025
90,239
Lease liabilities*
2,037
1,670
2,479
145,200
151,387
Financial derivatives
2,526
6,424
17,021
117,589
143,560
Borrowings*
84,438
66,236
229,418
435,183
815,274
31 December 2022
MATURITY OF FINANCIAL LIABILITIES
Over 5
Within 1 year
1 to 2 years
2 to 5 years
years
Total
Trade and other payables
328,178
46,014
1,904
2,604
378,700
Lease liabilities*
4,393
2,021
2,593
145,907
154,914
Financial derivatives
13,004
4,290
20,153
18,374
55,821
Borrowings*
149,273
64,909
194,878
405,305
814,365
COMPANY
31 December 2023
MATURITY OF FINANCIAL LIABILITIES
Within
1 year
1 to 2 years
2 to 5 years
Over 5 years
Total
Trade and other payables
10,829
304
-
-
11,134
Lease liabilities*
189
-
-
-
189
Borrowings*
97,500
-
-
-
97,500
31 December 2022
MATURITY OF FINANCIAL LIABILITIES
Within 1
Over 5
year
1 to 2 years
2 to 5 years
years
Total
Trade and other payables
4,357
1,082
441
-
5,879
Lease liabilities*
1,908
-
-
-
1,908
Borrowings*
2,447
97,647
-
-
100,094
*Borrowings include remaining outstanding capital plus interest at fixed and floating interest rate until maturity.
(226) / (297)
(226) / (297)
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(227) / (297)
(227) / (297)
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.
Net borrowings of the Group as of 31.12.2023 and 31.12.2022 are detailed in the following tables:
31-Dec-23
Total Group
Less: MOREAS SA
(non-recourse
loan)
Group sub-total
(excluding MOREAS
SA non-recourse loan)
Short-term borrowings
52,847
20,953
31,894
Long-term borrowings
548,521
367,653
180,868
Total borrowings*
601,368
388,607
212,762
Less:
Cash and cash equivalents
302,886
14,393
288,493
Restricted cash deposits
49,873
17,330
32,544
Time Deposits over 3 months
189,956
-
189,956
Other financial assets at amortised cost
9,580
-
9,580
Cash and assets that can be immediately
liquidated
552,295
31,723
520,572
Net Debt/(Cash)
49,073
356,884
(307,810)
Total Group Equity
974,683
Total Capital Employed
666,873
Gearing Ratio
(0.462)
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(228) / (297)
(228) / (297)
31-Dec-22
Total Group
Less: MOREAS SA
(non-recourse
loan)
Group sub-total
(excluding MOREAS
SA non-recourse loan)
Short-term borrowings
119,586
18,948
100,638
Long-term borrowings
572,017
387,644
184,373
Total borrowings*
691,603
406,592
285,011
Less:
Cash and cash equivalents
413,487
20,534
392,953
Restricted cash deposits
75,127
20,898
54,230
Time Deposits over 3 months
10,000
-
10,000
Other financial assets at amortised cost
9,415
-
9,415
Cash and assets that can be immediately
liquidated
508,029
41,431
466,598
Net borrowing
183,573
365,160
(181,587)
Total Group Equity
913,524
Total Capital Employed
731,937
Gearing Ratio
(0.248)
(*) Does not include short-term and long-term lease liabilities (IFRS16) for €63.0 million as at 31.12.2023 and €63.4 million as at
31.12.2022 (Note 25)
The gearing ratio as of 31.12.2023 for the Group, excluding the loan without recourse, is calculated at -
46.2% (31.12.2022: -24.8%). This ratio is calculated as the quotient of net debt to total employed capital
(i.e. total equity plus net debt).
At parent company level, total borrowing as of 31.12.2023 amounted to €97,500 thousand (31.12.2022:
€99,800 thousand). The gearing ratio as of 31.12.2023 for the Company is calculated at -1.6% (31.12.2022:
-1.3%).
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(229) / (297)
(229) / (297)
The table below presents cash and non-cash flows in net borrowings (cash) for 2023 and 2022:
GROUP
Less: Cash and cash equivalents
Total
borrowin
gs*
Cash and
cash
equivalents
Restricted
cash deposits
Time Deposits
over 3 months
Bonds
held to
maturity
Net
borrowing
01.01.2023
285,011
392,953
54,230
10,000
9,415
(181,587)
Cash movements
19,315
(52,667)
31,951
179,956
-
(139,924)
Non-cash movements:
Currency translation
differences
(74)
(1,859)
-
-
-
1,785
Capitalised
interest
220
-
-
-
-
220
Amortisation of loan
costs
1,011
-
-
-
-
1,011
Amortisation of
premium bonds
-
-
-
-
165
(165)
Non-cash
movements
(2,155)
-
-
-
-
(2,155)
Sale of Construction
sector
(62,211)
(45,984)
(43,232)
-
-
27,005
Sale of YIALOU
COMMERCIAL
(28,355)
(3,950)
(10,405)
-
-
(14,000)
31.12.2023
212,762
288,493
32,544
189,956
9,580
(307,810)
(*) Does not include short-term and long-term liabilities (IFRS 16) for €63.0 million from leasing as at 31.12.2023 (Note 25)
(**) Group Sub-total (excluding items MOREAS SA: loan without recourse)
Less: Cash and cash equivalents
Total
borrowin
gs*
Cash and
cash
equivalents
Restricted
cash deposits
Time Deposits
over 3 months
Bonds
held to
maturity
Net
borrowing
01.01.2022
1,035,074
353,821
65,252
31,905
6,157
577,939
Cash movements
(552,106)
42,491
3,748
(21,905)
3,185
(579,626)
Non-cash movements:
Currency translation
differences
(34)
402
71
-
-
(508)
Capitalised
interest
166
-
-
-
-
166
Amortisation of loan
costs
13,458
-
-
-
72
13,386
Non-cash
movements
(3,906)
-
-
-
-
(3,906)
Sale of the RES sector
(207,640)
(3,762)
(14,841)
-
-
(189,037)
31.12.2022
285,011
392,953
54,230
10,000
9,415
(181,587)
(*) Does not include short-term and long-term liabilities (IFRS 16) for €63.4 million from leasing as at 31.12.2022 (Note 25)
(**) Group Sub-total (excluding items MOREAS SA: loan without recourse)
COMPANY
Less: Cash and cash equivalents
Total
borrowings*
Cash and cash
equivalents
Time Deposits over 3
months
Net
borrowing
01.01.2023
99,800
108,567
-
(8,767)
Cash movements
(2,300)
(25,161)
23,706
(845)
31.12.2023
97,500
83,406
23,706
(9,612)
(*) Does not include short-term and long-term liabilities (IFRS16) for €0.2 million from leasing as at 31.12.2023 (Note 25)
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(230) / (297)
(230) / (297)
Less: Cash and cash equivalents
Total
borrowings*
Cash and cash
equivalents
Restricted cash deposits
Net
borrowing
01.01.2022
942,661
76,503
18,296
847,863
Cash movements
(646,897)
32,066
(3,454)
(675,508)
Non-cash movements:
-
-
-
-
Amortisation of loan costs
11,676
-
-
11,676
Sale of the RES sector
(207,640)
(2)
(14,841)
(192,798)
31.12.2022
99,800
108,567
-
(8,767)
(*) Does not include short-term and long-term liabilities (IFRS16) for €1.9 million from leasing as at 31.12.2022 (Note 25)
3.3 Fair value estimation
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 and liabilities traded in an active market and whose fair value is determined by the
quoted prices (unadjusted) for identical assets or liabilities.
- 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).
- Level 3: for assets and liabilities whose fair value is not based on observable market data, but is mainly
based on internal estimates.
Financial assets measured at amortised cost
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-23
31-Dec-22
31-Dec-23
31-Dec-22
Financial assets
Other financial assets at amortised cost (note 19)
9,580
9,415
9,811
9,354
Long-term receivables
97,453
56,087
108,129
77,543
Financial liabilities
Short-term and long-term loans and lease liabilities
664,324
754,958
666,107
766,843
COMPANY
Book value
Fair value
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
Financial assets
Long-term receivables
39,104
104,669
39,104
107,354
Financial liabilities
Short-term and long-term loans and lease liabilities
189
1,853
189
1,853
Short and long-term loans from related parties
97,500
99,800
97,500
99,800
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(231) / (297)
(231) / (297)
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.
Financial assets measured at fair value
The table below presents the Group’s financial assets and liabilities at fair value as of 31 December 2023
and 31 December 2022.
CLASSIFICATION
LEVEL 1
LEVEL 2
LEVEL 3
TOTAL
31 December 2023
Financial assets
Financial assets at fair value through other comprehensive
income
852
-
101,044
101,895
Derivatives used for hedging
-
6,916
-
6,916
Financial liabilities
Derivatives used for hedging
-
52,214
-
52,214
31 December 2022
Financial assets
Financial assets at fair value through other comprehensive
income
878
-
58,545
59,423
Derivatives used for hedging
-
10,962
-
10,962
Financial liabilities
Derivatives used for hedging
-
31,015
-
31,015
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.
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 2023 and 2022:
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(232) / (297)
(232) / (297)
GROUP
31-Dec-23
31-Dec-22
At year start
58,545
55,720
Additions
-
1,700
Sales
(1,196)
-
Change in fair value through other
comprehensive income
43,695
1,125
At year end
101,044
58,545
Level 3 investments as of 31 December 2023 and on 31 December 2022 are as follows:
Non-listed securities:
Fair value of
investment as
at 31.12.2023
Fair value calculation method
Other information
OLYMPIA ODOS SA
90,302
Dividend yield discount
Cost of capital: 8%
OLYMPIA ODOS OPERATIONS SA
10,742
Dividend yield discount
Cost of capital: 8%
Other investments
-
Equity method at fair values
Fair value of equity as at
31.12.2023
Non-listed securities:
Fair value of
investment as
at 31.12.2022
Fair value calculation method
Other information
OLYMPIA ODOS SA
49,255
Dividend yield discount
Cost of capital: 10%
OLYMPIA ODOS OPERATIONS SA
8,094
Dividend yield discount
Cost of capital: 10%
Other investments
1,196
Equity method at fair values
Fair value of equity as at
31.12.2022
A reasonably probable change in the cost of capital by fifty basis points (increase/decrease of 0.5%) would
result in a decrease/increase in pre-tax other income of the year 2023, keeping all other variables constant,
by €-5,041 thousand and €5,420 thousand respectively (2022: €-3,026 thousand and €3,268 thousand).
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) Assessments on the impairment of tangible assets and investment property
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(233) / (297)
(233) / (297)
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.
(b) 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.
(c) Provisions
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.
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.
(d) 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.
(e) Estimates for impairment of investments in subsidiaries and associates
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
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(234) / (297)
(234) / (297)
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 financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(235) / (297)
(235) / (297)
5 Segment reporting
In the financial year 2023, the Group was mainly active in 4 business sectors:
• Construction
• Concessions
• Environment
• Real estate Development
Construction, among the aforementioned business areas, was sold in November 2023 and is thus classified
as Discontinued Operations under IFRS 5 (note 6).
Additionally, the Group was involved in Renewable Energy Sources (RES) through its 25% stake in
ANEMOS RES SA. On 25.01.2024, the transaction for the transfer of this stake to MORE, which owned 75%
of the company, was completed, with the payment of €123.5 million.
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.
Net sales for each segment are as follows:
1-Jan to 31-Dec-23
Concessi
ons
Environ
ment
Real
estate
developm
ent
Other
Total
Continuing
Operations
Discontinu
ed
Operations
-RES
Discontinu
ed
Operations
-
Constructi
on
Total
Total gross sales per
segment
283,009
100,094
10,364
1,469
394,935
-
442,890
837,825
Sales between segments
(7,479)
-
-
-
(7,479)
-
(21,882)
(29,361)
Net sales
275,530
100,094
10,364
1,469
387,457
-
421,008
808,465
1-Jan to 31-Dec-22 *
Concessi
ons
Environ
ment
Real
estate
developm
ent
Other
Total
Continuing
Operations
Discontinu
ed
Operations
-RES
Discontinu
ed
Operations
-
Constructi
on
Total
Total gross sales per
segment
269,026
122,456
9,820
544
401,846
99,502
554,744
1,056,092
Sales between segments
(377)
-
-
(221)
(599)
-
(11,950)
(12,548)
Net sales
268,649
122,456
9,820
322
401,247
99,502
542,795
1,043,544
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(236) / (297)
The results for each segment in fiscal year 2023 are as follows:
Concessions
Environmen
t
Real estate
Developmen
t
Other
Write-offs
between
segments
Total Continuing
Operations
Discontinued
Activities-
Constructions
*
Total
Total gross sales per segment
283,009
100,094
10,364
1,469
-
394,935
442,890
837,825
Sales between segments
-
-
-
-
(7,479)
(7,479)
(21,882)
(29,361)
Sales
283,009
100,094
10,364
1,469
(7,479)
387,457
421,008
808,465
Cost of sales (without depreciation)**
(95,077)
(75,274)
(355)
(762)
6,510
(164,958)
(440,933)
(605,890)
Gross profit
187,932
24,820
10,009
706
(968)
222,499
(19,925)
202,574
Selling & administration expenses (without depreciation)**
(17,059)
(10,994)
(4,110)
(11,796)
1,135
(42,825)
(18,239)
(61,064)
Other revenue and Other profit/(loss) - net (without depreciation)**
(387)
436
(2)
(3,643)
(166)
(3,763)
24,433
20,670
Profit from sale of investment property (mainly from Smart Park)
-
-
55,824
-
-
55,824
-
55,824
Share of profit or loss from core activity participating interests
accounted for using the equity method
9,684
(62)
-
883
-
10.504
-
10.504
Earnings before interest, taxes and amortisation
180,170
14,200
61,721
(13,850)
-
242,240
(13,730)
228,510
Depreciation and amortisation
(68,361)
(3,296)
(1,537)
(1,325)
-
(74,519)
(1,239)
(75,758)
Operating profit/(loss)
111,809
10,903
60,184
(15,175)
-
167,721
(14,969)
152,752
Income from dividends
909
-
135
-
-
1,045
-
1,045
Share of profit or loss from non-core activity participating interests
accounted for using the equity method
242
(23)
-
-
-
219
(9)
210
Financial income
28,328
3,835
864
9,608
(14,292)
28,344
330
28,674
Finance (expenses)
(51,458)
(1,805)
(6,252)
(8,519)
14,292
(53,742)
(12,688)
(66,430)
Profit/(loss) before taxes
89,829
12,911
54,932
(14,086)
-
143,587
(27,336)
116,251
Income tax
(21,249)
(4,307)
(1,408)
(633)
-
(27,597)
(3,500)
(31,097)
Net profit/(loss) for the fiscal year
68,581
8,604
53,524
(14,719)
-
115,989
(30,836)
85,154
Profit from the sale of the stake in the Construction sector
-
-
-
-
-
-
17,282
17,282
Loss from write-offs due to the sale of the Construction sector
-
-
-
-
-
-
(22,096)
(22,096)
Transaction costs
-
-
-
-
-
-
(229)
(229)
Loss from the sale of discontinued operation
-
-
-
-
-
-
(5,043)
(5,043)
Net profit/(loss) for the fiscal year
68,581
8,604
53,524
(14,719)
-
115,989
(35,879)
80,110
* In accordance with the requirements of IFRS 5, following the classification of assets and liabilities as held for sale on 31.03.2023, no depreciation has been
recorded for these assets until the date of completion of the sale, i.e. for the period from 01.04.2023 to 07.11.2023.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(237) / (297)
The results for each segment in fiscal year 2022 are as follows:
Concessions
Environmen
t
Real estate
Developmen
t
Other
Write-offs
between
segments
Total Continuing
Operations
Discontinued
RES activities
Discontinued
Operations
Construction
Total
Total gross sales per segment
269,026
122,456
9,820
544
-
401,846
99,502
554,744
1,056,092
Sales between segments
-
-
-
-
(599)
(599)
-
(11,949)
(12,548)
Sales
269,026
122,456
9,820
544
(599)
401,247
99,502
542,795
1,043,544
Cost of sales (without depreciation)**
(99,657)
(93,130)
(733)
(848)
541
(193,828)
(20,234)
(580,265)
(794,327)
Gross profit
169,370
29,326
9,087
(305)
(58)
207,419
79,268
(37,470)
249,217
Selling & administration expenses (without
depreciation)**
(16,067)
(10,359)
(3,191)
(12,499)
501
(41,616)
(919)
(18,940)
(61,475)
Other revenue and Other profit/(loss) - net (without
depreciation)**
(6,742)
(3,639)
163
5,584
(443)
(5,076)
(3,004)
54,734
46,653
Share of profit or loss from core activity participating
interests accounted for using the equity method
4,986
(12)
-
-
-
4,974
(156)
-
4,819
Earnings before interest, taxes and amortisation
151,546
15,316
6,059
(7,219)
-
165,701
75,189
(1,676)
239,214
Depreciation and amortisation
(68,406)
(5,703)
(1,695)
(1,006)
-
(76,810)
(12,389)
(6,787)
(95,986)
Operating profit/(loss)
83,140
9,613
4,363
(8,225)
-
88,893
62,800
(8,464)
143,228
Income from dividends
1,499
-
122
-
-
1,621
-
-
1,621
Share of profit or loss from non-core activity
participating interests accounted for using the equity
method
(22)
(30)
-
350
-
297
-
(1)
297
Financial income
18,741
3,186
126
1,558
-
23,612
6
4,924
28,542
Finance (expenses)
(37,524)
(1,236)
(1,747)
(45,088)
-
(85,595)
(12,969)
(7,413)
(105,976)
Profit/(loss) before taxes
65,835
11,533
2,866
(51,405)
-
28,829
49,837
(10,953)
67,712
Income tax
(19,466)
(6,615)
(1,281)
(4,069)
-
(31,430)
(10,369)
(4,718)
(46,517)
Net profit/(loss) for the fiscal year
46,369
4,919
1,585
(55,474)
-
(2,601)
39,467
(15,671)
21,195
Gain on sale of discontinued operation
-
-
-
-
-
-
497,393
-
497,393
Net profit/(loss) for the fiscal year
46,369
4,919
1,585
(55,474)
-
(2,601)
536,860
(15,671)
518,588
*In accordance with the requirements of IFRS 5, following the classification of assets and liabilities as held for sale on 30.06.2022, no depreciation has been
recorded for these assets until the date of completion of the sale, i.e. for the period from 01.07.2022 to 13.12.2022.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(238) / (297)
(238) / (297)
** Reconciliation of expenses by category in the Income Statement for continuing operations:
1-Jan to 31-Dec-23
Note
Expenses
(without
depreciation)
Depreciation
and
amortisation
Expenses according
to the Income
Statement
Cost of sales*
31
(164,958)
(69,159)
(234,116)
Selling & administration expenses*
31
(42,825)
(6,016)
(48,841)
Other income & other profit/loss*
32
52,062
655
52,717
1-Jan to 31-Dec-22 *
Note
Expenses
(without
depreciation)
Depreciation
and
amortisation
Expenses according
to the Income
Statement
Cost of sales*
31
(193,828)
(71,812)
(265,640)
Selling & administration expenses*
31
(41,616)
(6,140)
(47,756)
Other income & other profit/loss*
32
(5,076)
1,143
(3,933)
Inter-segment transfers and transactions are carried out at arms’ length.
Assets and liabilities of segments as of 31 December 2023 are as follows:
Note
Concessions
Environment
Real estate
Development
Other
Total
Assets (less Investments
in associates)
1,160,427
171,268
184,112
262,620
1,778,427
Investments in associates
& joint ventures
11
78,154
4,502
-
123,665
206,322
Total Assets
1,238,581
175,770
184,112
386,285
1,984,749
Liabilities
922,505
56,904
24,838
5,819
1,010,066
Note
Concessions
Environmen
t
Real estate
Developme
nt
Other
Discontinued
operations-
Constructions
Total
Investments in tangible
and intangible assets, and
investment property
7a,8,9
3,353
3,117
2,656
107
3,185
12,419
Assets and liabilities of segments as of 31 December 2022 are as follows:
Note
Constructio
n
Concessions
Environmen
t
Real estate
Developme
nt
Other
Total
Assets (less Investments in
associates)
759,400
1,041,688
156,964
146,665
144,041
2,248,758
Investments in associates
& joint ventures
11
461
72,186
4,444
-
126,559
203,650
Total Assets
759,861
1,113,874
161,408
146,665
270,599
2,452,408
Liabilities
525,850
903,441
61,107
39,186
9,300
1,538,884
Note
Constructi
on
Concessio
ns
Environ
ment
Real
estate
Developm
ent
Other
Discontinued
operations -
RES
Total
Investments in tangible and
intangible assets, and
investment property
7a,8,9
28,926
9,557
5,875
1,809
2,119
1,500
49,785
Non-current assets excluding investments in associates and joint ventures, financial assets and deferred
tax assets are distributed geographically as follows:
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(239) / (297)
(239) / (297)
31-Dec-23
31-Dec-22
Greece
457,978
604,378
Other European countries
6,678
44,685
Gulf countries – Middle East
-
2,091
American & African countries
-
117
Australia
-
142
464,656
651,413
The Group is also active abroad (note 1). In particular, total sales are allocated per region as follows:
Sales
1-Jan to
31-Dec-23
31-Dec-22
Greece
369,878
373,923
Other European countries
14,932
27,324
Gulf countries – Middle East
2,647
-
Continuing operations
387,457
401,247
Greece
259,710
462,554
Other European countries
118,739
135,188
Gulf countries – Middle East
35,724
37,361
Americas
6,834
7,193
Discontinued operations
421,008
642,297
Total
808,465
1,043,544
Of the sales (from continuing operations) in Greece, an amount of €74,209 thousand in 2023 and €99,975
thousand in 2022 come from the public sector, including public utility companies, municipalities, etc.
Furthermore, sales conducted abroad amounted to the sum of €13,363 thousand for fiscal year 2023,
while the sum of €20,848 thousand in fiscal year 2022 is from Greek state sources. In addition, from the
Group's sales of continuing activities, an amount of €292,524 thousand (2022: €305,292 thousand)
concerns the provision of products and services delivered at a specific time (at a point of time) and an
amount of €94,933 thousand (2022: €95,955 thousand) concerns the provision of products and services
delivered during the contract (over time). The Company's sales of €542 thousand (2022: €120 thousand)
concern the provision of products and services that are delivered at a point of time.
6 Discontinued Operations and assets held for sale
On 08.11.2023, the Competition Committee, in plenary session, pursuant to Decision no. 830/07.11.2023,
unanimously approved the sale of all the shares of AKTOR SA, owned by ELLAKTOR SA and its 100%
subsidiary AKTOR CONCESSIONS SA, to INTRAKAT SA (the “Transaction”) following the agreement of
30.03.2023 and the approval of 24.04.2023 the Extraordinary General Meeting of shareholders of
ELLAKTOR SA. The Transaction (financial closing), was completed with the payment of the total amount
of €110,813 thousand, which was agreed as the equity value, while an amount of €114,000 thousand, will
be paid gradually within 19 months after the completion of the transaction as a repayment of intra-group
loan to the Group companies, ELLAKTOR SA (€103,000 thousand), AKTOR CONCESSIONS SA (€3,000
thousand) and HELECTOR SA (€8,000 thousand).
In 2024, and up to the date of publication of financial statements, loans of subsidiaries ELKTOR SA and
AKTOR CONCESSIONS were received, as well as €7,000 thousand for the parent company loan.
Following the above, according to IFRS 5, a discontinued operation is a component of the Group that has
been either disposed of or classified as held for sale and
- represents a separate large segment of business activities or a geographical area of holdings,
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(240) / (297)
(240) / (297)
- is part of a single, coordinated Programme for the disposal of a large segment of activities or a
geographical area of holdings, or
- is a subsidiary acquired solely with a view to be resold.
Based on the foregoing, the income and expenses, profits and losses related to said Discontinued
Operation are presented as a separate column in the Income Statement entitled “Discontinued
Operations”, while the rest of the Group that is not affected by this transaction is presented in the
“Continuing Operations” column. The sum of Discontinued and Continuing Operations in the Income
Statement constitute the Group’s Total.
The net results of the Group and the Company from discontinued operations for the 12 months of 2023
and for the 12 months of 2022 are presented in the Income Statement.
The following table presents the net cash flows from operating, investing and financing activities related
to the discontinued operations until their sale:
Discontinued Cash Flow Statement Items
GROUP
Discontinued Operations Construction
COMPANY
Discontinued
Operations-RES
TOTAL
CONSTRUCT
ION
RES
1-Jan to
1-Jan to
7-Nov-23
31-Dec-22
31-Dec-22
31-Dec-22
31-Dec-23
31-Dec-22
Cash and cash equivalents at fiscal
year start from discontinued
operations
67,160
121,993
58,632
63,361
-
56,496
Profit/(losses) before tax from
Discontinued Operations
(27,336)
38,883
(10,953)
49,837
-
48,390
Total inflows/(outflows) from
operating activities
(90,179)
(56,798)
(21,873)
(34,925)
-
(35,510)
Total inflows/(outflows) from
investing activities
4,884
(29,231)
(26,637)
(2,594)
-
2,673
Total inflows/(outflows) from
financing activities
19,216
(42,795)
29,537
(72,332)
-
(72,047)
Exchange differences in cash and
cash equivalents
(1,859)
402
402
-
-
-
Net intra-group inflows/outflows
from continuing operations in
discontinued operations within the
year
72,505
38,506
38,091
415
-
-
Cash and cash equivalents from
discontinued operations *
44,390
70,961
67,199
3,762
-
2
*Cash and cash equivalents of discontinued operations have been incorporated as a deductive from the
investment activities from discontinued operations, excluding the fund of the Construction Sector on
31.12.2022.
The book values of the assets and liabilities of the Construction sector companies at the date of sale are
as follows:
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(241) / (297)
(241) / (297)
GROUP
Discontinued
CONSTRUCTION
Activities
Note
07-Nov-23
Assets held for sale
Property, plant and equipment
7
76,898
Intangible assets
8a
1,176
Cash and cash equivalents/Committed deposits
87,624
Trade receivables and contractual assets
492,564
Other assets
171,683
Total assets held for sale
829,946
Liabilities held for sale
Long-term borrowings
44,942
Short-term borrowings
166,360
Suppliers, subcontractors and contractual liabilities
273,127
Other liabilities
251,986
Total liabilities held for sale
736,415
Book value of net assets
93,531
Total price for the transfer of 100% of the CONSTRUCTION sector
110,813
Less: Book value of net assets
(93,531)
Profit from the sale of the stake in the Construction sector
17,282
Less: Write-offs of receivables due to the sale of the Construction
sector
(22,096)
Less: Transaction costs
(229)
Total Loss from the sale of the Construction sector
(5,043)
COMPANY
Results from the
sale of AKTOR
07-Nov-23
Price for the transfer of 81,36% of AKTOR SA from the parent company
90,153
Less: Cost of participation (note 10)
(125,219)
Loss from the sale of AKTOR SA
(35,065)
Less: Write-offs of receivables due to the sale of the Construction sector
(10,290)
Less: Transaction costs
(229)
Total loss from the sale of AKTOR SA
(45,584)
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(242) / (297)
(242) / (297)
The result of the sale of the Construction Sector is included in the “Loss from the Sale of the Construction
sector” line of the Statement of Profit or Loss.
Sale of ANEMOS RES SA
On 18.12.2023, the Company announced that, at its Board of Directors meeting of 15.12.2023, it was
decided to grant approval for the conclusion of a share purchase agreement, with the company “MOTOR
OIL RENEWABLE ENERGY SINGLE MEMBER S.A.” (“MORE”).
In particular, the Board of Directors decided to sell and transfer 123.059.250 registered shares of ANEMOS
RES SA, which the Company owns, to the public limited company MORE, corresponding to 25% of its fully
paid-up share capital, for a total price of €123,520 thousand, in accordance with the specific conditions
contained in the binding offer of 14.12.2023 ("Offer"). The purchase agreement includes warranty
declarations for such transactions, together with the respective Buyer's compensation obligations outlined
in the Offer.
Based on the above announcements and in accordance with the provisions of IFRS 5, as at 31.12.2023,
the participation of ΑΝΕΜΟS RES SA has been reclassified to Assets of assets held for sale in the Group
and the Company, and amounts to €122,343 thousand and €123,518 thousand, respectively.
On 25.01.2024, after receiving all the necessary approvals, the Purchase Agreement was signed between
ELLAKTOR and ΜΟRE. On the same day, the aforementioned transaction (financial closing) was
completed, with the payment to the Company of an amount of €123,520 thousand.
7 Property, plant and equipment and right-of-use assets
7a Property, plant and equipment
GROUP
Land &
buildings
Transpor
t means
Mechanic
al
equipme
nt
Mechanical
equipment
of wind
and P/V
farms
Furnitur
e &
other
equipme
nt
PPE
under
construct
ion
Total
Cost
Note
1 January 2022
93,700
31,221
265,210
594,696
43,091
21,892
1,049,810
Sale of RES sector
(10,719)
(210)
(2,155)
(589,309)
(505)
(282)
(603,181)
Currency translation differences
104
162
385
24
142
(2)
816
Additions except for leasing
2,385
1,487
5,650
991
2,356
32,367
45,235
Sales/write-offs
(743)
(674)
(9,250)
(200)
(445)
(8)
(11,319)
Other reclassifications
-
-
68
-
-
(68)
-
31 December 2022
84,728
31,986
259,908
6,202
44,639
53,898
481,361
1 January 2023
84,728
31,986
259,908
6,202
44,639
53,898
481,361
Sale of Construction sector
6
(49,168)
(28,649)
(176,602)
(73)
(20,652)
(31,936)
(307,079)
Sale of YIALOU COMMERCIAL
-
(2)
(66)
-
(377)
-
(445)
Currency translation differences
(20)
(3)
18
(24)
43
(140)
(127)
Additions except for leasing
4,228
1,358
1,542
-
1,643
3,423
12.195
Sales/write-offs
(6,501)
(2,272)
(15,568)
(2)
(876)
(1,780)
(26,999)
Reclassifications in other
receivables
-
-
-
-
-
(11,222)
(11,222)
31 December 2023
33,267
2,419
69,232
6,103
24,420
12,243
147,684
Accumulated Depreciation
1 January 2022
(43,029)
(28,288)
(236,668)
(172,570)
(39,547)
(906)
(521,008)
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(243) / (297)
(243) / (297)
Land &
buildings
Transpor
t means
Mechanic
al
equipme
nt
Mechanical
equipment
of wind
and P/V
farms
Furnitur
e &
other
equipme
nt
PPE
under
construct
ion
Total
Sale of RES sector
3,289
147
1,034
181,497
476
-
186,443
Currency translation differences
(74)
(118)
(214)
(16)
(131)
-
(552)
Depreciation for the fiscal year
31
(3,038)
(993)
(8,184)
(13,201)
(2,577)
2,060
(25,933)
Impairment
-
-
-
-
-
(675)
(675)
Sales/write-offs
648
644
8,917
61
297
-
10,567
31 December 2022
(42,204)
(28,607)
(235,115)
(4,229)
(41,481)
479
(351,158)
1 January 2023
(42,204)
(28,607)
(235,115)
(4,229)
(41,481)
479
(351,158)
Sale of Construction sector
6
15,726
27,876
173,494
73
20,716
(479)
237,406
Sale of YIALOU COMMERCIAL
-
10
66
-
264
-
340
Currency translation differences
3
(12)
(9)
19
(25)
-
(23)
Depreciation for the fiscal year
31
(1,220)
(1,407)
(929)
(476)
(1,757)
-
(5,790)
Impairment
-
(17)
-
-
-
-
(17)
Sales/write-offs
7,544
1,604
13,910
-
733
-
23,790
31 December 2023
(20,151)
(554)
(48,583)
(4,614)
(21,550)
-
(95,451)
Net book value at 31
December 2022
42,524
3,378
24,793
1,972
3,158
54,377
130,204
Net book value at 31
December 2023
13,116
1,865
20,649
1,489
2,870
12,243
52,233
In the current fiscal year, the item "Sales/Write-offs" consists mainly of sales of assets of the subsidiary
HRO as a consequence of the expiration of the contract of the plant's operation in Osnabruck, Germany.
The reclassifications of fixed assets under execution, in the current fiscal year, and their transfer to the
Other Requirements relate to POUNENTIS SA and ANEMODOMIKI SA. The account includes advance
payments to VESTAS in respect of the unrealised RES investment in mount Agrafa. The Group
Management is in the process of settling these advances either through their future use in RES projects
or through agreements with other energy groups.
COMPANY
Note
Land &
buildings
Transpo
rtation
equipm
ent
Mechanic
al
equipmen
t
Mechanical
equipment
for Wind
parks
Furniture
& other
equipmen
t
PPE
under
construc
tion
Total
Cost
1 January 2022
4,605
62
82
472,443
2,311
101
479,605
Sale of RES sector
(4,308)
(49)
-
(473,239)
(50)
(101)
(477,746)
Additions except for leasing
-
-
-
991
219
-
1,210
Disposals/ write-offs
-
-
-
(195)
(9)
-
(204)
31 December 2022
297
13
82
-
2,471
-
2,864
1 January 2023
297
13
82
-
2,471
-
2,864
Additions except for leasing
-
6
-
-
25
-
31
31 December 2023
297
20
82
-
2,496
-
2,895
Accumulated Depreciation
1 January 2022
(570)
(9)
(82)
(56,559)
(2,079)
-
(59,301)
Sale of RES sector
548
12
-
69,198
23
-
69,780
Depreciation for the fiscal year
31
(193)
(9)
-
(12,695)
(144)
-
(13,042)
Sales
-
-
-
57
-
-
57
31 December 2022
(215)
(7)
(82)
-
(2,201)
-
(2,505)
1 January 2023
(215)
(7)
(82)
-
(2,201)
-
(2,505)
Depreciation for the fiscal year
31
(82)
(2)
-
-
(58)
-
(142)
31 December 2023
(297)
(9)
(82)
-
(2,260)
-
(2,649)
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(244) / (297)
(244) / (297)
Note
Land &
buildings
Transpo
rtation
equipm
ent
Mechanic
al
equipmen
t
Mechanical
equipment
for Wind
parks
Furniture
& other
equipmen
t
PPE
under
construc
tion
Total
Net book value at 31
December 2022
82
6
-
-
270
-
358
Net book value at 31
December 2023
-
10
-
-
236
-
247
As of 31.12.2023, there are no charges on the assets of the Company and the Group.
7b Right-of-use assets
GROUP
Note
Land &
buildings
Transportati
on
equipment
Mechanical
equipment
Mechanical
equipment of
wind and P/V
farms
Furniture &
fittings
Total
Cost
1 January 2022
99,841
8,313
8,619
4,111
-
120,884
Sale of RES sector
(6,991)
(374)
-
(4,111)
-
(11,475)
Additions
7,219
423
-
-
1
7,643
Write-offs
(293)
(1,026)
-
-
-
(1,320)
Other
20
-
-
-
-
20
31 December 2022
99,797
7,335
8,619
-
1
115,753
1 January 2023
99,797
7,335
8,619
-
1
115,753
Additions
2,639
877
1,093
-
-
4,609
Maturities
(4,016)
(391)
-
-
-
(4,408)
Sale of Construction sector
6
(3,288)
-
(7,909)
-
-
(11,197)
Sale of YIALOU COMMERCIAL
-
(161)
-
-
-
(161)
31 December 2023
95,132
7,659
1,803
-
1
104,596
Accumulated Depreciation
1 January 2022
(11,921)
(6,339)
(4,661)
(1,681)
-
(24,602)
Sale of RES sector
981
250
-
1,717
-
2,948
Depreciation for the fiscal year
31
(4,230)
(1,101)
(49)
(37)
-
(5,417)
Maturities
162
1,026
-
-
-
1,188
Other
(3)
-
-
-
-
(3)
31 December 2022
(15,012)
(6,163)
(4,710)
-
-
(25,885)
1 January 2023
(15,012)
(6,163)
(4,710)
-
-
(25,885)
Depreciation for the fiscal year
31
(4,321)
(353)
(49)
-
-
(4,723)
Maturities
1,152
391
-
-
-
1,543
Sale of Construction sector
6
964
-
3,008
-
-
3,972
Sale of YIALOU COMMERCIAL
-
153
-
-
-
153
31 December 2023
(17,217)
(5,972)
(1,751)
-
-
(24,940)
Right-of-use assets as at 31
December 2022
84,785
1,172
3,909
-
1
89,868
Right-of-use assets as at 31
December 2023
77,915
1,688
52
-
1
79,656
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(245) / (297)
(245) / (297)
COMPANY
Cost
Note
Land &
buildings
Transportation
equipment
Mechanical
equipment for Wind
parks
Total
1 January 2022
7,573
306
2,156
10,034
Sale of RES sector
(6,991)
(374)
(2,156)
(9,520)
Additions
1,833
68
-
1,902
31 December 2022
2,416
-
-
2,416
1 January 2023
2,416
-
-
2,416
Additions
15
-
-
15
31 December 2023
2,430
-
-
2,430
Accumulated Depreciation
1 January 2022
(1,581)
(208)
(1,101)
(2,890)
Sale of RES sector
981
250
1,138
2,369
Depreciation for the fiscal year
31
(1,006)
(42)
(37)
(1,084)
31 December 2022
(1,606)
-
-
(1,606)
1 January 2023
(1,606)
-
-
(1,606)
Depreciation for the fiscal year
31
(748)
-
-
(748)
31 December 2023
(2,355)
-
-
(2,355)
Right-of-use assets as at 31
December 2022
809
-
-
809
Right-of-use assets as at 31
December 2023
76
-
-
76
In addition, the income statement and cash flow statement include the following amounts related to
leases from continuing operations:
GROUP
COMPANY
Not
e
1-Jan to
31-Dec-23
1-Jan to
31-Dec-22
1-Jan to
31-Dec-23
1-Jan to
31-Dec-22
*
Interest expenses related to leases (included in
financial income/expenses)
33
1,795
1,024
58
135
Costs associated with short-term leases and leases of
low value assets (included in cost of sales, distribution
costs, and administrative expenses)
31
2,783
3,990
130
34
Payment of liabilities from leases
(4,548)
(4,600)
(1,859)
(1,504)
Rental income (Marina Alimos)
8,888
8,442
-
-
Rent costs from short-term leases and low-value leases are mostly driven by Concessions sector activity.
The weighted average discount rate applicable to the Group as of 1 January 2023, as well as 31 December
2022, was 5.5%.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(246) / (297)
(246) / (297)
8 Intangible assets & concession rights
8a Intangible assets
GROUP
Note
Software
Goodwill
Licenses
Other
Total
Cost
1 January 2022
6,305
2,941
45,211
3,457
57,914
Currency translation differences
(128)
-
26
106
4
Sale of RES sector
(464)
-
(25,655)
(134)
(26,253)
Additions
703
-
1,242
121
2,066
Sales/write-offs
(48)
-
-
(35)
(83)
31 December 2022
6,368
2,941
20,824
3,514
33,647
1 January 2023
6,368
2,941
20,824
3,514
33,647
Currency translation differences
-
8
-
-
8
Sale of YIALOU COMMERCIAL
(60)
-
-
-
(60)
Sale of Construction sector
6
(3,657)
-
(790)
(958)
(5,405)
Additions
75
-
-
44
119
Sales/write-offs
(37)
(69)
-
(73)
(179)
31 December 2023
2,688
2,879
20,034
2,527
28,129
Accumulated Amortisation
1 January 2022
(5,214)
(709)
(10,492)
(1,991)
(18,405)
Currency translation differences
104
-
(15)
(106)
(18)
Sale of RES sector
114
-
6,885
143
7,142
Amortisation for the fiscal year
31
(289)
-
(565)
(37)
(891)
Impairment
-
-
(14,610)
-
(14,610)
Sales/write-offs
48
-
-
23
71
31 December 2022
(5,238)
(709)
(18,796)
(1,968)
(26,711)
1 January 2023
(5,238)
(709)
(18,796)
(1,968)
(26,711)
Sale of YIALOU COMMERCIAL
54
-
-
-
54
Sale of Construction sector
6
3,265
-
27
937
4,229
Amortisation for the fiscal year
31
(266)
-
(12)
(11)
(288)
Sales/write-offs
37
-
-
2
39
31 December 2023
(2,149)
(709)
(18,781)
(1,039)
(22,678)
Net book value at 31 December 2022
1,129
2,232
2,027
1,547
6,936
Net book value at 31 December 2023
540
2,170
1,253
1,488
5,452
On 31.12.2023, goodwill concerns ASA SA, which specialises in sorting recyclable solid waste into separate
recyclable materials and marketing them to licensed recyclers. The licenses belong to REA EOLIKI, which
is in the licensing stage of development of a wind farm in the Phocis region. There are no indications of
impairment for these intangible assets.
In the accumulated depreciation comparative data, the impairment of €14.6 million relates to the licenses
of the subsidiaries ANEMODOMIKI S.A. and POUNENTIS S.A.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(247) / (297)
(247) / (297)
COMPANY
Note
Software
Licenses
Other
Total
Cost
1 January 2022
1,357
19,912
-
21,268
Sale of RES sector
(434)
(19,912)
-
(20,346)
Additions
240
-
73
313
Sales
-
-
(3)
(3)
31 December 2022
1,162
-
70
1,232
1 January 2023
1,162
-
70
1,232
Additions
14
-
-
14
31 December 2023
1,176
-
70
1,246
Accumulated Amortisation
1 January 2022
(954)
(2,370)
-
(3,324)
Sale of RES sector
96
2,884
2,980
Amortisation for the fiscal year
31
(92)
(514)
-
(605)
31 December 2022
(950)
-
-
(950)
1 January 2023
(950)
-
-
(950)
Amortisation for the fiscal year
31
(97)
-
-
(97)
31 December 2023
(1,047)
-
-
(1,047)
Net book value at 31 December 2022
212
-
70
282
Net book value at 31 December 2023
129
-
70
199
8b Concession right
Note
Concession
right
Cost
1 January 2022
1,192,100
Additions
683
31 December 2022
1,192,783
1 January 2023
1,192,783
Additions
4
31 December 2023
1,192,787
Accumulated Amortisation
1 January 2022
(873,008)
Amortisation for the fiscal year
31
(61,187)
31 December 2022
(934,194)
1 January 2023
(934,194)
Amortisation for the fiscal year
31
(60,283)
31 December 2023
(994,477)
Net book value at 31 December 2022
258,589
Net book value at 31 December 2023
198,310
Concession rights as of 31.12.2023 are mainly from the subsidiaries ATTIKI ODOS SA and MOREAS SA.
Impairment test of concession right by MOREAS SA
Based on the Management's estimates, there were indications of impairment only for the concession right
of the subsidiary company MOREAS SA, due to reduced revenues estimate. For the concession right of
the subsidiary company ATTIKI ODOS SA, there were no impairment indicators.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(248) / (297)
(248) / (297)
The intangible asset with a finite useful life relating to the right of use in relation to the concession of the
highway of MOREAS SA amounts to approximately €153 million on 31.12.2023.
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 modes,
having been approved by the creditor banks, until the end of the useful life of the 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, in accordance with the approved financial model
for the 2023-2038 period (i.e. after the construction period) is approximately 4%,
• With regard to working capital, Management relied completely on historical data;
• The discount rate used by the Management for the specific intangible asset amounted to 8.9%
compared to 9.2% in the previous year.
A sensitivity analysis was performed on the underlying assumption, namely the discount rate. The fair
value of the concession ranges from €160 million to €178 million for an interest rate change of -/+1%.
Based on the results of the impairment test on 31 December 2023, 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.
9 Investment property
Note
GROUP
COMPANY
Cost
1 January 2022
192,772
7,517
Currency translation differences
3
-
Additions
1,800
-
31 December 2022
194,575
7,517
1 January 2023
194,575
7,517
Currency translation differences
(53)
-
Acquisition of subsidiary
40,200
-
Additions
101
-
Sale of YIALOU COMMERCIAL
(78,007)
-
Sales
(8,674)
-
Write-offs
(235)
-
31 December 2023
147,909
7,517
Accumulated Depreciation
1 January 2022
(45,757)
(4,317)
Depreciation for the fiscal year
31
(1,787)
-
Impairment
32
(40)
-
31 December 2022
(47,585)
(4,317)
1 January 2023
(47,585)
(4,317)
Depreciation for the fiscal year
31
(1,644)
-
Sale of YIALOU COMMERCIAL
15,880
-
Impairment
32
(1,500)
-
31 December 2023
(34,848)
(4,317)
Net book value at 31 December 2022
146,991
3,200
Net book value at 31 December 2023
113,061
3,200
On 15.02.2023, the signing of the purchase and sale contract of the property of the former US base in
Gournes Heraklion was held at the premises of the Hellenic Republic Asset Development Fund (HRADF)
with the subsidiary REDS S.A., which was the highest bidder in the e-Auction for the purchase and
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(249) / (297)
(249) / (297)
development of the property. The value of this property is €40,200 thousand, as mentioned in the line
"Acquisition of a subsidiary".
Taking into account the time horizon of the refurbishment program on the office property owned by a
Group company, the Management made an impairment of €1,500 thousand.
For the properties owned by the Group in Bucharest, Romania, REDS SA in the second quarter of 2023,
completed the agreement for the sale of "A" and "B" properties of the subsidiary company PROFIT
CONSTRUCT S.R.L. on Avalansei and Tabacarilor Avenues. The total profit from the above sales, which is
included in the year's profit and loss, is €5.8 million.
On 30.11.2023, the sale by REDS SA of all the shares of the subsidiary YIALOU SINGLE MEMBER SOCIETE
FOR COMMERCIAL, TOURIST ACTIVITIES AND REAL ESTATE EXPLOITATION (hereinafter ‘YIALOU’), owner
and manager of the Smart Park Commercial Park, to the company TRADE ESTATES REIC was completed.
The transaction price was €95.4 million, with a profit of €46.8 million.
The income from rents for fiscal year 2023 for the Group amount to €10,357 thousand (2022: €9,806
thousand) and they relate to the above subsidiary and come from the operation of the mall Smart Park,
in Spata Attica.
There are no liens on the Group's investment property as at 31.12.2023.
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 €
thousand)
Fair
value
(In €
thousand
)
Sensitivity
analysis -
Max
(In €
thousand)
Valuation
method
Value determination
and price range
(in €)
1
Greece
Real estate
developme
nt
Plots of land
4,860
5,718
6,575
Comparative
method
Plots of land: €700 -
1,300 per m
2
2
Greece
Real estate
developme
nt
Plots of land
with
buildings
949
1,124
1,284
Comparative
method / Residual
value method
Residential property:
€3,000 - 3,750 per m
2
Plots of land: €300 - 450
per m
2
3
Greece
Real estate
developme
nt
Agricultural
parcels
5
6
7
Comparative
method
Even and buildable
plots: €80-110 per m
2
4
Greece
Real estate
developme
nt
Plots of land
25,641
43,809
57,919
Income
Capitalisation
Methodology-
Discounted
Financial Flows
Offices: €20-25 per m
2
,
per month
Retail stores: 15 - 20
€per m
2
, per month
Discount rate: 10.58%
Capitalisation interest
rate: 7.75%
5
Greece
Real estate
developme
nt
Agricultural
parcels
2,134
2,497
2,889
Comparative
method
Even and buildable
plots: €20 - 40/m
2
Even and buildable
plots: €130 - 200/m
2
6
Greece
Real estate
developme
nt
Agricultural
parcels
1,468
1,727
1,986
Comparative
method
Even and buildable
plots: €20 - 40/m
2
Even and buildable
plots: €130 - 200/m
2
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(250) / (297)
(250) / (297)
S/N
Country
Sector
Property
category
Sensitivity
analysis -
Min
(In €
thousand)
Fair
value
(In €
thousand
)
Sensitivity
analysis -
Max
(In €
thousand)
Valuation
method
Value determination
and price range
(in €)
7
Greece
Real estate
developme
nt
Agricultural
parcels
26
31
36
Comparative
method
Agricultural parcels: €3 -
5.5 per m
2
8
Greece
Concession
s
Office
building
12,488
13,284
13,700
Income
capitalisation
method - cash
flow discount
technique
Offices: 15 - 20 € per
m
2
, per month
Discount rate: 8.5%
Capitalisation interest
rate: 6.75%
9
Greece
Other
Plots of land
2,581
3,200
3,283
Residual value
method
Offices: 15 - 20 € per
m
2
, per month
49,264
73,312
93,579
In addition to the above, the property in Gournes is included in the Investment Properties with value,
€40,200 thousand.
COMPANY
Α/Α
Country
Sector
Property
category
Sensitivity
analysis -
Min
(In €
thousand)
Fair
value
(In €
thousand
)
Sensitivity
analysis -
Max
(In €
thousand)
Valuation
method
Value determination and
price range (in EUR)
1
Greece
Other
Plots of land
2,581
3,200
3,283
Residual value
method
Offices: 15 - 20 € per m
2
,
per month
The determination of the fair value is classified at level 3 of the determination of fair values.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(251) / (297)
(251) / (297)
10 Investments in subsidiaries
The change to the book value of the parent company’s investments to consolidated undertakings was as
follows:
COMPANY
Note
31-Dec-23
31-Dec-22
At year start
428,674
625,926
Sale of AKTOR S.A.
6
(125,219)
-
Sale of the RES sector
-
(12,539)
Additions, new
2,000
-
Additions-increase in investment cost
1,320
513
Additions-increase in investment cost- in AKTOR
TECHNICAL SA
44,114
-
(Impairment of participation cost)
32
(4,333)
(181,569)
(Reduction - return of share capital)
(80)
(3,657)
At year end
346,476
428,674
On 08.11.2023, the transaction for the transfer of AKTOR SA to the company ΙΝΤRΑΚΑΤ SA was completed
(note 6), after the capitalization of the intra-corporate loans amount of €44,114 thousand.
In the current year, the impairment of the cost of participation relates to the Company's holdings in the
subsidiaries AEIFORIKI KOUNOU SA, INTERNATIONAL ALKI SA and HELLENIC ENERGY & DEVELOPMENT
SA, while in the 2022 fiscal year, it relates to the subsidiaries AKTOR SA, POUNENTIS GNI and
ANEMODOMIKI GNI.
The cost of participation in subsidiaries of the Company can be broken down as follows:
COMPANY
31-Dec-23
31-Dec-22
AEIFORIKI KOUNOU SA
-
2,914
AKTOR SA
-
81,105
AKTOR CONCESSIONS SA
266,400
266,400
ANDROMACHI SA
677
677
ANEMODOMIKI SA
6,468
6,468
YIALOU ANAPTYXIAKI SA
1,328
1,328
HELLENIC ENERGY & DEVELOPMENT SA
90
269
HELECTOR SA
8,635
8,635
KANTZA SA
5,554
5,554
P. K.TETRAKTYS
20
20
POUNENTIS ENERGY SA
5,567
5,567
ELLAKTOR VALUE PLC
59
59
IOANNA PROPERTIES Srl
2,000
-
REDS REAL ESTATE DEVELOPMENT SA
49,679
49,679
346,476
428,674
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 43a)
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-23
31-Dec-22
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
Non-current assets
58,303
92,676
326,115
353,677
12,094
14,977
Current assets
244,512
215,918
58,553
51,450
8,758
6,656
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(252) / (297)
(252) / (297)
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-23
31-Dec-22
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
Total assets
302,815
308,594
384,668
405,127
20,852
21,633
Non-current liabilities
1,152
37,388
506,042
513,670
4,083
4,699
Current payables
129,488
107,515
55,028
46,224
4,524
1,062
Total liabilities
130,640
144,903
561,071
559,893
8,607
5,761
Equity
172,175
163,691
(176,403)
(154,767)
12,245
15,872
Corresponding to:
Non-controlling interests
58,972
56,066
(49,975)
(43,845)
6,463
8,377
Summary Statement of Comprehensive
Income
ATTIKI ODOS SA*
MOREAS SA*
VEAL SA*
1-Jan
1-Jan
1-Jan
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
Sales
215,006
197,297
38,067
35,383
13,816
19,098
Net profit/(loss) for the financial year
83,443
66,927
(18,338)
(18,028)
373
336
Other Comprehensive Income/(Loss) for the
period (net of tax)
161
107
(3,298)
64,138
-
-
Total Comprehensive Income/(Loss) for the
year
83,604
67,034
(21,636)
46,110
373
336
Profit/(loss) for the financial year attributable to
non-controlling interests
28,580
22,923
(5,195)
(5,107)
197
177
Dividends attributable to non-controlling
interests
25,729
28,390
-
-
2,111
-
Summary Statement of Cash Flows
ATTIKI ODOS SA*
MOREAS SA*
VEAL SA*
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
Total inflows/(outflows) from operating
activities
106,242
101,942
11,047
49,376
8,648
(3,572)
Total inflows/(outflows) from investing activities
(143,627)
17,129
(1,296)
(505)
(448)
(3,466)
Total inflows/(outflows) from financing activities
(75,236)
(83,010)
(15,892)
(32,397)
(4,000)
(2)
Net increase/(decrease) in cash and
cash equivalents
(112,621)
36,061
(6,141)
16,474
4,200
(7,039)
* Data before eliminations with the larger Group
11 Investments in associates & joint ventures
GROUP
COMPANY
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
At year start
203,650
90,428
124,741
27,026
Decrease due to sale of RES sector
-
(21,193)
-
(21,413)
Decrease due to sale of the Construction sector
(100)
-
-
-
Additions: new companies and increase in
participation costs
225
17,835
-
1,225
(Sales) - (Dissolutions)
(108)
(26)
-
-
Share in profit/loss (after taxes)
10,715
5,115
-
-
Other changes to Other Comprehensive Income
(5,110)
2,531
-
-
Other changes in Equity - Distribution of dividend
(2,949)
(8,945)
-
-
(Impairment) of related company transferred
-
(5,615)
-
(5,615)
Fair value of investment in the related company
ANEMOS RES SA
-
123,518
-
123,518
Transfer to Assets held for sale
(122,343)
-
(123,518)
-
At year end
83,979
203,650
1,223
124,741
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(253) / (297)
(253) / (297)
GROUP
COMPANY
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
Participations in core activities
74,935
194,979
-
123,518
Participations in non-core activities
9,044
8,671
1,223
1,223
83,979
203,650
1,223
124,741
Shareholdings in principal activities include the following companies: AEGEAN MOTORWAY S.A., GEFYRA
SA, GEFYRA LITOURGIA SA, GEOTHERMIKOS STOCHOS II M.A.E.S., THERMAIKI ODOS CONCESSION S.A.,
and PASIPHAI ODOS SA.
The Group participates in ANEMOS RES SA with a 25% share as of 14.12.2022. On 25.01.2024, the
transaction for the transfer of this stake to MORE, which owned 75% of the company, was completed,
with the payment of €123.5 million. As at 31.12.2023, this company, which was included in the
participations of major activities, has been reclassified as Assets held for sale in the Group and the
Company, respectively (note 6).
On 05.02.2024 an amount of €85 million was received by the company THERMAIKI ODOS SA. as
compensation to the Concessionaire. In particular, this company, in accordance with Articles 30.3.1 and
26 of the Concession Agreement of 31.10.2006 (Law 3535/2007, Government Gazette, Series I, No 41) and
Minutes 1245/23.12.2021 of the full plenary of the Legal Council of the State, submitted to the Ministry
of Infrastructure and Transport the first and final account of Concession Compensation and then on
12.10.2023 issued an invoice €85 million. compensation awarded on the ground of termination and
interest delays on the total amount awarded. At 31.12.2023, the Group's results, as a result of the
foregoing arrangement, contain a profit of €5,908 thousand to the profit/loss period share of relatives as
well as €5,729 thousand to other revenue in the fiscal year.
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 to fair value and differences in
accounting policies.
Summary Statement of Financial Position
AEGEAN MOTORWAY
SA
GEFYRA SA
ANEMOS RES SA
22.22%
22.22%
27.71%
27.71%
25.00%
25.00%
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
Non-current assets
493,105
524,926
233,013
246,521
1,076,823
1,152,835
Current assets
95,942
87,505
34,132
32,695
92,009
64,251
Total assets
589,047
612,431
267,145
279,215
1,168,832
1,217,086
Non-current liabilities
467,400
489,436
76,925
102,438
622,569
679,311
Current payables
72,786
68,779
33,499
29,295
56,892
35,969
Total liabilities
540,186
558,215
110,424
131,733
679,461
715,280
Equity
48,861
54,216
156,721
147,483
489,370
501,806
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(254) / (297)
(254) / (297)
Agreement on summary financial statements
AEGEAN MOTORWAY
SA
GEFYRA SA
ANEMOS RES SA
2023
2022
2023
2022
2023
2022
Company equity 1 January
54,216
44,362
147,483
167,793
501,806
494,072*
Net profit/(loss) for the year
(7,031)
7,269
19,262
13,624
3,346
1,401
Other comprehensive
income/(loss) for the period (net
of tax)
1,676
2,585
(23)
1,067
(15,781)
6,333
Distribution of dividend
-
-
(10,000)
(35,001)
-
-
Company equity 31 December
48,861
54,216
156,721
147,483
489,371
501,806
% participation in associates & JV
22.22%
22.22%
27.71%
27.71%
25.00%
25.00%
Group participation in equity of
associates & joint ventures
10,857
12,047
43,427
40,867
122,343
125,452
Goodwill
-
-
10,266
10,266
-
-
Investments in associates/joint
ventures
10,857
12,047
53,694
51,134
122,343
125,452
Summary Statement of Comprehensive Income
AEGEAN MOTORWAY SA
GEFYRA SA
ANEMOS RES SA
1-Jan
1-Jan
1-Jan-
14-Dec*-
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-
22
Sales
91,351
87,143
48,959
58,352
96,942
5,068
Net profit/(loss) for the year
(7,031)
7,269
19,262
13,624
3,346
1,401
Other comprehensive income/(loss)
for the period (net of tax)
1,676
2,585
(23)
1,067
(15,781)
6,333
Total Comprehensive
Income/(Loss) for the year
(5,355)
9,854
19,239
14,691
(12,435)
7,735
Dividends received from associate%
-
-
2,771
8,562
-
-
*Recognition of the related company ANEMOS RES SA on 14.12.2022, after completion of the sale of the RES sector.
Other associates and joint ventures
2023
2022
Accumulated nominal value of other non-important associates and joint ventures
19,429
15,018
% of Group in:
Net profit/(loss) for the year
6,103
(625)
Other comprehensive income/(loss) for the period (net of tax)
(1,531)
78
Total Comprehensive Income/(Loss) for the year
4,572
(547)
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(255) / (297)
(255) / (297)
12 Joint arrangements consolidated using the proportionate method
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 2023 and 2022:
31-Dec-23
31-Dec-22
Assets
Property, plant and equipment
1,542
2,984
Inventories
7
3,784
Customers
8,251
25,412
Cash and cash equivalents
3,184
19,956
12,985
52,135
Details of liabilities
Suppliers
3,111
23,361
Subcontractors
1,148
14,453
Obligation to ALYSJ JV (Qatar)
-
7,650
Short-term borrowings
593
1,844
4,852
47,309
Continuing operations
Income
27,020
24,997
(Expenses)
(23,895)
(21,335)
Earnings/(losses) after taxes
2,986
5,944
Discontinued operations
Income
149,401
145,931
(Expenses)
(133,393)
(129,583)
Earnings/(losses) after taxes
16,008
16,348
13 Financial assets at fair value through other comprehensive income
GROUP
COMPANY
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
At year start
59,423
56,627
342
-
Additions
-
2,039
-
339
(Construction sector sale)
(90)
-
-
-
(Sales)
(1,506)
(503)
(339)
-
Adjustment at fair value through Other comprehensive
income: increase/(decrease)
44,068
1,260
(3)
3
At year end
101,895
59,423
-
342
Non-current assets
101,397
59,133
-
342
Current assets
498
291
-
-
101,895
59,423
-
342
Financial assets at fair value through other comprehensive income include the following items:
GROUP
COMPANY
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
Listed securities:
Shares – Greece (in €)
498
694
-
342
Shares – Foreign countries (in €)
353
185
-
-
Non-listed securities:
OLYMPIA ODOS MOTORWAY SA
90,302
49,255
-
-
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(256) / (297)
(256) / (297)
GROUP
COMPANY
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
OLYMPIA ODOS OPERATIONS SA
10,742
8,094
-
-
ATHENS METROPOLITAN EXPO ΑΕ
-
1,167
-
-
Other Shares – Greece (in €)
-
30
-
-
101,895
59,423
-
342
The “Adjustment at fair value through Other Comprehensive Income” both on 31.12.2023 as well as on
31.12.2022 is mostly due to a valuation of the Group’s holding in OLYMPIA ODOS SA and OLYMPIA ODOS
OPERATIONS SA.
The increase in fair value is mainly due to the addition of the extension of the "Patras-Pyrgos" project to
the cash flows of OLYMPIA ODOS SA., as well as the future reimbursement of the share capital.
The Group received a dividend of €1,045 thousand from the investments of this category (2022: €1,621
thousand).
On 12.12.2023, the subsidiary company REDS SA, transferred to ROTA EXHIBITION ORGANISATION SA,
its entire stake in ATHENS METROPOLITAN EXPO SA. The price of the transaction was €4.4 million.
The listed securities mainly pertain to investments in banking institutions.
14 Prepayments for long-term leases
GROUP
Note
31-Dec-23
31-Dec-22
At year start
22,512
26,198
(Depreciation and amortisation)
31
(3,686)
(3,686)
At year end
18,826
22,512
Non-current assets
15,944
18,826
Current assets
2,882
3,686
18,826
22,512
Total amortisation of prepayments for long-term leases, amounting to €18,826 thousand (2022: €22,512
thousand), comes from the subsidiary companies MOREAS SA, ATTIKI ODOS SA, ROAD
TELECOMMUNICATIONS SA and MOREAS Motorway Service Area 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.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(257) / (297)
(257) / (297)
15 Guaranteed receipt from the Hellenic State (IFRIC 12)
Note
GROUP
31-Dec-23
31-Dec-22
At year start
216,782
266,140
Recognition of a receivable under a future
contract
6,157
-
Guaranteed receipt adjustment based on
estimated cash flows
32
(130)
(3,811)
Increase in receivables
6,875
7,520
Recovery of receivables
(28,847)
(68,912)
Unwind of discount
33
15,302
15,845
At year end
216,139
216,782
Non-current assets
171,036
180,793
Current assets
45,103
35,990
216,139
216,782
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.
The line "Recognition of a Claim under a New Contract" includes the Guaranteed Claim of the subsidiary
company PYLIA ODOS for the concession of the South West Peloponnese Road Axis. The Partnership
Agreement was signed on 21.04.2023 with a duration of 4 years. More information regarding concession
agreements is given in note 2.24.
Of the total amount of the guaranteed receipt from the Greek public sector, the sum of €173,564 thousand
originates from MOREAS SA (31.12.2022: €177,707 thousand), the amount of €36,415 thousand originates
from EPADYM SA (31.12.2022: €39,075 thousand) and the amount of €6,160 thousand originates from the
company PYLIA ODOS SA (31.12.2022: €0 thousand).
The unwinding of discount is included in financial income under ‘Unwinding of guaranteed receipt
discount’.
As of 31.12.2023 (as was the case on 31.12.2022), there were no receivables from guaranteed receipts in
arrears. Under the concessions and the framework through which the financial contribution has been
made, credit risk is very limited (determined on the basis of Greece's credit rating level).
16 Derivative financial instruments
GROUP
31-Dec-23
31-Dec-22
Non-current assets
Interest rate swaps for cash flow hedging with minimum
possible interest rate floors
6,916
10,962
Total
6,916
10,962
Non-current liabilities
Interest rate swaps for cash flow hedging
52,214
31,015
Total
52,214
31,015
Details of interest rate swaps
Notional value of interest rate swaps
285,148
289,824
Nominal value of interest rate swaps for cash flow hedging
with minimum possible interest rate floors
113,077
119,345
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(258) / (297)
(258) / (297)
GROUP
31-Dec-23
31-Dec-22
Fixed Rate
4.89%
4.74%
Floating rate
Euribor+2.54%
Euribor +0.76%
For the year ended 31.12.2023, the interest rate swap agreements, which were used by the Group in
effective cash flow accounting hedging relationships, cover approximately 78% of the Group's floating
borrowings (31.12.2022: 72%) and had a total nominal value of €398,225 thousand (31.12.2022: €409,169
thousand). The swap contracts require settlement of the net interest receivable or payable every 90 or 180
days, as applicable. Settlement dates coincide with the dates on which interest is payable on the
underlying debt.
From the amounts presented in the table, the non-current assets come from the companies
DEVELOPMENT OF NEW ALIMOS MARINA SINGLE-MEMBER SA (31.12.2022: €9,156 thousand). The long-
term liabilities come from MOREAS SA companies by an amount of €33,150 thousand (31.12.2022:
€31,015 thousand), PYLIA ODOS S.A. by €17,954 thousand (31.12.2022: €0 thousand) and from AKTOR
CONCESSIONS SA in the amount of €1,110 thousand (31.12.2022: €0 thousand).
For the year ended 31.12.2023, after a qualitative as well as a quantitative evaluation of the effectiveness
of accounting hedging relationships with the hypothetical derivative method, both at the beginning of
the hedging and in the future, the Group concluded that there is a high financial correlation between the
hedging instruments (interest rate swaps) and the hedged items (interest payments on floating rate
borrowings). The portion of the cash flow hedge deemed ineffective has affected the Income Statement
with a loss of €211 thousand for 2023 and a profit of €3,174 thousand for 2022 (note 33). Gains or losses
on interest rate swaps recognised in the cash flow hedge reserve and pertain to a loss of €19,091 thousand
for fiscal year 2023 and profits of €57,296 thousand for fiscal year 2022 (note 24).
The parent company holds no financial derivatives.
17 Inventories
GROUP
31-Dec-23
31-Dec-22
Raw materials
8
10,080
Finished products
79
3,931
Semi-finished products
-
1,512
Prepayment for inventories purchase
177
201
Other
2,442
5,361
Total
2,706
21,085
Less: Provisions for obsolete, slow-moving or damaged inventory:
Finished products
-
115
Other
-
10
-
125
Net realizable value
2,706
20,959
The greater part of the inventory as of 31.12.2023 belongs to companies of the Concessions sector, while
as of 31.12.2022 to the Construction sector. The parent company holds no inventory.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(259) / (297)
(259) / (297)
18 Receivables
GROUP
COMPANY
Note
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
Customers
49,113
175,345
4
54
Trade receivables – Related parties
40
6,100
4,163
-
-
Less: Provision for impairment of receivables
(10,090)
(41,919)
-
-
Trade Receivables - Net
45,124
137,588
4
54
Contract assets
13,378
349,680
-
-
Accrued income
9,682
19,804
891
39
Loans to related parties
40
76,514
75,612
1,398
112,515
Other receivables
273,908
209,817
131,444
4,806
Other receivables -Related parties
40
8,572
6,487
4,711
8,076
Less: Provision for impairment of other
receivables and loans
(22,404)
(40,183)
(1,823)
(8,560)
Total
404,772
758,804
136,625
116,930
Non-current assets
97,453
56,087
39,104
104,669
Current assets
307,319
702,718
97,522
12,262
404,772
758,804
136,625
116,930
Net Trade Receivables
The Group's trade receivables can be broken down as follows:
31-Dec-23
31-Dec-22
Balance
Provision
for
impairment
of
receivables
Net
balance
Balance
Provision
for
impairment
of
receivables
Net
balance
Trade receivables - Greek public
sector
25,477
(1,601)
23,876
49,878
(1,952)
47,926
Trade receivables - Public sector
customers outside Greece
6,119
(102)
6,017
20,739
(197)
20,542
Other Customers in Greece &
abroad
23,618
(8,386)
15,231
108,890
(39,770)
69,121
55,214
(10,090)
45,124
179,507
(41,919)
137,588
The breakdown of maturing balances for other customers is as follows:
GROUP
COMPANY
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
Not overdue
33,570
97,942
4
54
Overdue:
3 -6 months
7,553
13,462
-
-
6 months to 1 year
2,075
14,839
-
-
1 - 2 years
2,688
11,759
-
-
More than 2 years
9,328
41,505
-
-
55,213
179,507
4
54
Less: Provision for impairment
of receivables
(10,090)
(41,919)
-
-
Trade Receivables - Net
45,124
137,588
4
54
The trade receivables account is not interest bearing and are usually settled within 30 - 60 days, for the
Group.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(260) / (297)
(260) / (297)
Provision for impairment of trade receivables €10,090 thousand (31.12.2022: €41,919 thousand) relates to
trade receivables in arrears. 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, are based on historical
data, as well as, in certain cases, external market data (mainly large companies with an international
presence). Specific provisions are recognised 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.
The movement of provision for impairment of trade receivables is presented in the following table:
GROUP
Balance as at 1 January 2022
41,631
Provision for impairment - cost of the year
1,278
Write-off of receivables during the period
(157)
Unused provisions reversed
(767)
Currency translation differences
(52)
Sale of the RES Sector
(15)
Balance as at 31 December 2022
41,919
Balance as at 1 January 2023
41,919
Provision for impairment - cost of the year
538
(Construction sector sale)
(32,367)
Balance as at 31 December 2023
10,090
The parent company has not made any provision for impairment of trade receivables.
At 31.12.2023, the Environment sector includes total requirements of €14,652 thousand (customers,
accrued income, and contractual assets) from various construction, management, and operation projects
in the Prefecture of Attica with the Special Intergrade Association of the Prefecture of Attica There are
delays in invoicing and payment for these claims, despite the fact that the Environmental sector, primarily
through the Joint Ventures of the subsidiary company HELECTOR SA, continues to meet its contractual
responsibilities. Historically the Special Intergrade Association of the Prefecture of Attica has never
defaulted on payments, whereas for these contracts the counterparty is a Greek State institution, credit
risk is considered limited.
Contract assets
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
1,989
-
Time differences
(234)
-
(Impairment)
(10)
-
Sale of Construction sector
(338,047)
(21,709)
(336,303)
(21,709)
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(261) / (297)
(261) / (297)
"Contractual assets" result mainly due to time deprivation of invoices and recognition of claims based on
additional work or arbitral awards. Available historical data suggest that credit risk is limited. For the
Provision for impairment of the contractual assets, the Group takes into account the creditworthiness of
each country based on external data and information.
The Group has applied the simplified method under IFRS 9 to calculate expected credit losses
(impairment), which uses a prediction of expected credit loss over the full life of trade receivables.
The outstanding recapitalisation balance of existing contracts up to 31.12.2023, amounts to €111.6 million.
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
contracts to customers from continuing operations in the year 2023 is €32,375 thousand (31.12.2022:
€24,034 thousand). The revenue from construction contracts excludes the €6,157 thousand in sales from
the subsidiary company PYLIA ODOS SA (note 15). The parent company has no construction contracts.
The Group's Contractual obligations were reduced to zero due to the sale of the Construction sector as
stated in note 27 (31.12.2022: €21,709 thousand).
Income recognised in fiscal year 2023 relating to contractual obligations as at 31.12.2022 amounted to
€21,709 thousand from the Construction sector (31.12.2022: €37,426 thousand).
Other receivables and related party loans
The account ‘Other receivables’ breaks down as follows:
GROUP
COMPANY
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
Receivables from partners in joint operations/joint
ventures
5,667
23,224
-
-
Sundry debtors
19,232
50,747
597
1,457
Credit claims by AKTOR SA
139,784
-
128,784
-
Vestas advances (Note 7a)
11,628
-
-
-
Receivables from the Greek State (prepaid and
withholding taxes) & social security
29,961
59,080
1,483
2,942
Prepaid expenses
4,649
7,694
555
381
Prepayments to suppliers/creditors
60,841
63,564
25
26
Cheques (postdated) receivable
2,147
5,508
-
-
273,908
209,817
131,444
4,806
The change to provision for impairment of ‘Other receivables’ and loans is presented in the following
table:
GROUP
COMPANY
Balance as at 1 January 2022
41,478
10,060
Provision for impairment - cost of the year
813
-
Write-off of receivables during the period
(171)
-
Unused provisions reversed
(66)
-
Currency translation differences
(219)
-
Sale of the RES sector
(1,652)
(1,500)
Balance as at 31 December 2022
40,183
8,560
Balance as at 1 January 2023
40,183
8,560
Provision for impairment - cost of the year
384
228
Sale of Construction sector
(18,163)
(6,965)
Balance as at 31 December 2023
22,405
1,823
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(262) / (297)
(262) / (297)
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.
On 08.11.2023, the transaction for the transfer of AKTOR SA to the company ΙΝΤRΑΚΑΤ SA was completed
(note 6). At 31.12.2023, the Group had liabilities to AKTOR Group of €5,192 thousand and receivables if
€168,817 thousand concerning loans and advances for the maintenance of Attiki Odos. Loan claims
include: a) €114,000 thousand, which occurred in the context of the transaction with the acquiring
company ΙΝΤRΑΚΑΤ SA (note 6); b) €2,896 thousand, which relates to the financial cost of discounting the
long-term part (€42,000 thousand) of the credit claim (note 33); and (c) €28,680 thousand for the factoring
of AKTOR SA claims from the parent company. In 2024, and up to the date of publication of the financial
statements, the loans of the subsidiaries HELECTOR SA and AKTOR CONCESSIONS SA were received, as
well as €7,000 thousand for the parent loan.
The claims from AKTOR SA are considered to be secured under the sales agreement of all the shares of
AKTOR SA (Note 6) taking into account the significant underperformance of the undertaking of major
infrastructure projects in Greece by AKTOR SA Group as well as the corporate guarantee of the buyer.
Loans to related parties
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. Loans to related parties in the
Group relate to secondary loans to large infrastructure companies.
31-Dec-23
31-Dec-22
THERMAIKI ODOS SA
21,307
21,307
The amount was collected in 2024 (note 11)
AEGEAN MOTORWAY SA
53,376
50,803
Repayment of loans according to the flows of
the Financial Model of the Concession Company
OLYMPIA ODOS SA
1,830
3,431
POLISPARK AE
-
70
76,513
75,612
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.
At parent company level, loans to related parties are at fixed rates of interest and have been impaired, in
accordance with the provisions of IFRS 9, by €1,398 thousand for the subsidiary PANTECHNIKI SA.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(263) / (297)
(263) / (297)
19 Other financial assets at amortised cost
Other financial assets at amortised cost include the following:
GROUP
31-Dec-23
31-Dec-22
Listed securities - bonds
Corporate Bond of GEK TERNA SA with an interest rate of 3.95% and maturity
04.04.2025
1,000
999
Corporate Bond of MOTOR OIL SA with an interest rate of 2.125% and maturity
19.07.2026
956
939
Corporate Bond of PPC SA with an interest rate of 3.875% and maturity 30.03.2026
934
904
Corporate Bond of the NATIONAL BANK with an interest rate of 2.75% and maturity
08.10.2026
1,850
1,796
Corporate Bond of EUROBANK with an interest rate of 4.375% and maturity 09.03.2025
1,984
1,978
Corporate Bond of the Hellenic Government with an interest rate of 0% and maturing on
12.02.2026
948
923
Corporate Bond of the Hellenic Government with an interest rate of 1.875% and maturity
23.07.2026
982
975
Corporate Bond of MYTILINEOS SA with an interest rate of 2.25% and maturity
30.10.2026
925
899
Total
9,580
9,415
The change in financial assets held to maturity is presented in the table below:
GROUP
31-Dec-23
31-Dec-22
At year start
9,415
6,157
Additions
-
9,335
(Maturities)
-
(6,150)
Amortisation (premium)/discount
165
72
At year end
9,580
9,415
Non-current assets
9,580
9,415
Current assets
-
-
Total
9,580
9,415
All Financial assets at amortised cost are owned by ATTIKI ODOS SA.
The amortisation of the bond premium of €165 thousand (2022: €72 thousand) has been recognised in
the Income Statement for the period, under the line ‘Financial income’.
The maximum exposure to credit risk as of 31.12.2023 is to the extent of the book value of the financial
assets in question (note 3.3). Financial assets are denominated in EUR. The parent company has no
financial assets at amortised cost.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(264) / (297)
(264) / (297)
20 Restricted cash deposits
GROUP
31-Dec-23
31-Dec-22
Non-current assets
19,418
22,616
Current assets
30,456
52,512
49,873
75,127
Restricted cash deposits come from the following areas:
GROUP
31-Dec-23
31-Dec-22
CONSTRUCTION
-
28,584
CONCESSIONS
26,135
34,579
ENVIRONMENT
2,391
1,914
REAL ESTATE DEVELOPMENT
21,207
9,911
OTHER
139
139
49,873
75,127
Restricted deposits are denominated in the following currencies:
GROUP
31-Dec-23
31-Dec-22
EUR
49,873
49,179
US DOLLAR ($)
-
25
ROMANIA NEW LEU (RON)
-
22,516
QATAR RIYAL (QAR)
-
3,046
FYROM DINAR (MKD)
-
361
49,873
75,127
Restricted cash in cases of self- or co-financed projects (project finance, indicatively, concessions projects
environmental management projects, etc.) pertains to accounts used for the repayment of short-term
installments of long-term loans or reserve accounts.
The parent company has no restricted cash.
21 Cash and cash equivalents
GROUP
COMPANY
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
Cash in hand
696
575
3
2
Sight deposits
103,150
344,291
4,621
108,565
Time deposits
199,039
68,621
78,782
-
Total
302,886
413,487
83,406
108,567
The balance of cash and cash equivalents corresponds derives from the following sectors.
GROUP
31-Dec-23
31-Dec-22
CONSTRUCTION
-
67,546
CONCESSIONS
135,494
215,873
ENVIRONMENT
21,039
20,426
REAL ESTATE DEVELOPMENT
61,480
585
OTHER
84,873
109,058
302,886
413,487
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(265) / (297)
(265) / (297)
The balance of time deposits at a consolidated level is mainly from the parent company, in the amount of
€78,782 thousand (31.12.2022: €0 thousand), and from REDS SA by €56,800 thousand (31.12.2022: €0
thousand) DEVELOPMENT OF NEW ALIMOS MARINA SA in the amount of €15,000 thousand (31.12.2022:
€0 thousand) from ATTIKI ODOS SA in the amount of €13,000 thousand (31.12.2022: €55,554 thousand)
and from ATTIKES DIADROMES SA in the amount of €17,500 thousand (31.12.2022: €13,000 thousand).
The following table shows the rates of deposits per credit rating class by Standard & Poor (S&P):
Sight and time deposits %
31-Dec-23
31-Dec-22
A+
0.1%
0.1%
BBB+
0.1%
0.0%
BB-
19.0%
0.0%
BB
63.4%
0.0%
B+
0.0%
80.5%
B
0.0%
2.6%
NR
17.4%
16.8%
TOTAL
100.0%
100.0%
Approximately 81.6% of sight and time deposit balances of the Group, as of 31.12.2023, are deposited in
systemic Greek banks that have class BB and BB- 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-23
31-Dec-22
EUR
298,467
398,244
QATAR RIYAL (QAR)
-
10,544
ROMANIA NEW LEU (RON)
4,384
2,681
COLOMBIA PESO (COP)
-
1,503
AUSTRALIAN DOLLAR (AUD)
-
117
OTHER
35
398
302,886
413,487
Deposits in currencies other than the euro are located in banks abroad, mainly in the countries
corresponding to the currency, while the majority (96.1%) of cash in euro is held in Greek banks.
Cash and cash equivalents of the parent company are expressed in EUR.
22 Time Deposits over 3 months
GROUP
COMPANY
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
ATTIKI ODOS SA
157,750
10,000
-
-
ELLAKTOR SA
23,706
-
23,706
-
AKTOR CONCESSIONS SA
8,500
-
-
-
Total
189,956
10,000
23,706
-
Time deposits for periods of more than 3 months pertain to deposits held in euros in Greek and
overseas banks.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(266) / (297)
(266) / (297)
23 Share Capital & Premium Reserve
All amounts are in € (thousands), apart from the number of shares.
Number of
Shares
Share capital
Share premium
Treasury
shares
Total
1 January 2022
348,192,005
13,928
607,407
-
621,334
31 December 2022
348,192,005
13,928
607,407
-
621,334
1 January 2023
348,192,005
13,928
607,407
-
621,334
Netting with accumulated
accounting losses
-
-
(16,757)
-
(16,757)
Purchase of treasury shares
-
-
-
(1,965)
(1,965)
31 December 2023
348,192,005
13,928
590,650
(1,965)
602,612
On 22.06.2023 the Company’s Ordinary General Meeting of Shareholders, upon a relevant proposal of the
Financial Division, discussed and following a legal vote by its decision, approved the clearance of account
"Share premium account" with the accumulated accounting losses of the Company of €16,756,758.84,
from the account "Results carried forward" pursuant to Article 35 (3) of Law 4548/2018, as applicable.
In addition, at the Ordinary General Meeting on 22.06.2023, a Plan for Acquisition of Own Shares was
approved, in accordance with Article 49 of Law 4548/2018, for all uses permitted by law, including the
distribution of shares to employees and/or members of the management of the Company and of its
affiliated companies within the meaning of Article 32 of Law. 4308/2014, under Article 114, of Law
4548/2018, as in force, up to the completion of one-tenth (1/10) of the Company's paid-up share capital,
for a period of 24 months from the date being approved by the General Meeting, i.e. from 22 June 2023
to 22 June 2025, with a minimum purchase price of thirty euro cents (0.30) and a maximum purchase price
of three euros (3.00) per share purchased, and delegated authority to the Company's Board of Directors
to carry out the Program. The purchase of Own Shares takes place through the Athens Stock Exchange.
In execution of this decision and the decision of the Board of Directors of 14.09.2023, the company
acquired 870,295 own shares, for a total amount of €1,965,298. After the aforementioned acquisitions,
ELLAKTOR owns 0.25% of the total shares of the Company.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(267) / (297)
24 Other reserves
GROUP
Statutory
reserves
Special &
extraordi
nary
reserves
Adjusted
reserves at fair
value through
comprehensive
income
Foreign
Exchange
Difference
Reserves
Cash flow
hedging
reserves
Actuarial
gains/(losses)
reserves
Stock options
reserves
Other
reserves
Total
1 January 2022
79,423
181,100
70,721
(22,237)
(69,476)
389
133
112,683
352,735
Transfer from/to retained
earnings
1,621
1,530
-
-
-
-
-
-
3,151
Change in preemptive share
purchase rights reserve
-
-
-
-
-
-
1,391
-
1,391
Change through other total
income
-
-
598
(14,880)
57,296
455
-
-
43,469
31 December 2022
81,044
182,630
71,319
(37,116)
(12,181)
843
1,524
112,683
400,746
1 January 2023
81,044
182,630
71,319
(37,116)
(12,181)
843
1,524
112,683
400,746
Transfer from/to retained
earnings
2,131
(56,245)
34
(120)
-
-
-
(13)
(54,213)
Sale of Construction sector
(19,432)
(80,501)
(39,920)
31,626
(194)
(619)
-
(110,180)
(219,218)
Distribution to members of the
Board of Directors and
Managerial Executives
-
(4,736)
-
-
-
-
-
-
(4,736)
Change in preemptive share
purchase rights reserve
-
-
-
-
-
-
(429)
-
(429)
Change through other total
income
-
-
34,313
4,263
(19,091)
(49)
-
-
19,435
31 December 2023
63,743
41,149
65,746
(1,347)
(31,465)
175
1,096
2,490
141,586
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(268) / (297)
COMPANY
Statutory
reserves
Special &
extraordinary
reserves
Actuarial
gains/(losses)
reserves
Preemptive share
purchase rights
reserve
Other
reserves
Total
1 January 2022
21,004
40,659
(3)
133
3,904
65,697
Change in preemptive share purchase rights reserve
-
-
-
1,391
-
1,391
Change through other total income
-
-
69
-
-
69
31 December 2022
21,004
40,659
66
1,524
3,904
67,157
1 January 2023
21,004
40,659
66
1,524
3,904
67,157
Distribution to members of the Board of Directors and
Managerial Executives
-
(4,736)
-
-
-
(4,736)
Change in preemptive share purchase rights reserve
-
-
-
(429)
-
(429)
Change through other total income
-
-
109
-
-
109
31 December 2023
21,004
35,923
176
1,096
3,904
62,103
At the Annual Ordinary General Meeting of Shareholders held on 22.06.2023, it was decided to distribute part of Other Reserves formed by previously taxed profits
of the Company, for a total amount of €4,736 thousand, to Board members and Directors.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(269) / (297)
(269) / (297)
(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.
(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) Preemptive share purchase rights
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 Programme is offered with the aim of rewarding the active participation of executives in achieving
the Company's strategic goals as well as strengthening employee loyalty.
The total number of Rights to be disposed of, according to the relevant decision of the General Meeting
of Shareholders and the Board of Directors of the Company, was up to 17.409.600, so that the total
nominal value of the shares that may be issued under this program does not exceed one twentieth (1/20)
of the share capital.
The allocation of the Program Rights was made for 2021 and 2022 to three cycles with decisions of the
Company Board (26.10.2021, 13.05.2022 and 21.07.2022). Detailed information is reported in the relevant
announcements of the Company at the link https://ellaktor.com/ependitikies-sxeseis/annoucements/).
The Programme concerns the period 2021-2025. Under the Programme beneficiaries can exercise their
right to purchase shares at the closing price on the grant date. The exercise price will be adjusted in light
of corporate events or operations, as specifically provided for in the terms of the plan.
In the context of the significant structural changes that have occurred in the Group, as a result of the sale
of two major Areas of Activity (RES, Construction), the Company’s Board of Directors at its meeting on
01.06.2023, following the proposal of the Nominations & Remuneration Committee of 23.05.2023,
decided to treat differently the already provided options for the acquisition of shares of the Company, for
employees of the Group companies, including employees of the transferred and transferred branches,
through a financial arrangement (i.e. with equivalent cash benefit). More specifically:
▪ Employees in the Group's construction and renewable energy sectors were given the option to fully
swap the rights awarded in the 1st, 2nd and 3rd cycles for an equivalent monetary consideration.
▪ The employees of the Group, other than Construction Sectors and RES, were able to exchange partially
or totally the rights already granted in the 1st cycle, with an equivalent cash benefit.
The summary of the share option movement is as follows:
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(270) / (297)
(270) / (297)
2023
2022
Balance at period start
11,895,000
8,034,000
Allowances issued
-
8,225,000
Rights reallocated
665,000
-
Entitlements canceled due to retirement
-
(4,364,000)
Entitlements settled in cash
(7,090,000)
-
Closing balance
5,470,000
11,895,000
On 31.12.2023, the Group recognised in the results of the 2023 financial year, with a net worth reserve
charge, an income amount of €429 thousand (note 34). Furthermore, on that date, the remaining Rights
to be granted are 1,150,600.
For the rights settled in cash, the Group distributed €5,690 thousand of which €4,736 thousand from the
parent company and amounts of €291 thousand and €663 thousand by the subsidiaries HELECTOR SA
and AKTOR CONCESSIONS SA, respectively.
The weighted average remaining contractual life of the options at the end of the period is 1.836 years.
Reserves under Article 48 of Law 4172/2013 & Goodwill L.D. 1297/1972 due to the spin-off of the RES
sector
The retained earnings of the Company, as shown in the Statement of Changes in Equity, include a) income
from dividends of subsidiaries of previous fiscal years amounting to €160,989 thousand (Article 48 of Law
4172/2013, as applicable) and b) profit from the sale/spin-off of the RES sector amounting to €561,927
thousand, which, according to tax legislation, are tracked separately in special reserve accounts
25 Loans and lease liabilities
Note
GROUP
COMPANY
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
Long-term borrowings
Bank borrowings
111,913
122,130
-
-
Bond loans
436,522
449,799
-
-
From related parties
40
-
-
-
97,500
Other
85
87
-
-
Total long-term borrowings
548,521
572,017
-
97,500
Short-term borrowings
Bank overdrafts
-
12,995
-
-
Bank borrowings
14,965
38,754
-
-
Bond loans
37,869
67,665
-
-
From related parties
40
-
-
97,500
2,300
Other
13
172
-
-
Total short-term borrowings
52,847
119,586
97,500
2,300
Total borrowings
601,368
691,603
97,500
99,800
Lease liabilities
Long-term lease liabilities
61,235
59,344
-
-
Short-term lease liabilities
1,721
4,012
189
1,853
Total lease liabilities
62,956
63,355
189
1,853
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(271) / (297)
(271) / (297)
Note
GROUP
COMPANY
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
Total borrowings & lease liabilities
664,324
754,958
97,689
101,653
The decrease observed in the Group's loans on 31.12.2023 compared to 31.12.2022, is due, in particular,
to the sale of the Construction Sector on 07.11.2023, the sale of the subsidiary YIALOU COMMERCIAL on
30.11.2023 and the loan repayments of the Concessions Sector companies.
Total borrowings include amounts of subordinated debt without recourse to the parent company
amounting to a total of €388.6 million (31.12.2022: €406.6 million) from the concession company MOREAS
SA (note 3.2).
GROUP
31-Dec-23
31-Dec-22
Long-term borrowings
Loans-corporate
180,868
184,373
Non-recourse debt
367,653
387,644
Total long-term borrowings
548,521
572,017
Short-term borrowings
Loans-corporate
31,894
100,638
Non-recourse debt
20,953
18,948
Total short-term borrowings
52,847
119,586
Total borrowings
601,368
691,603
The maturity periods of long-term borrowings are as follows:
GROUP
COMPANY
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
1 to 2 years
38,316
52,129
-
-
2 to 5 years
163,943
160,125
-
97,500
Over 5 years
346,262
359,763
-
-
548,521
572,017
-
97,500
The maturity dates of long-term lease obligations are as follows:
GROUP
31-Dec-23
31-Dec-22
1 to 2 years
1,425
1,639
2 to 5 years
2,112
2,310
Over 5 years
57,699
55,395
61,235
59,344
The Group complies with the financial indicators specified in the loan agreements.
The borrowing and leasing obligations of the Group are analysed in the following currencies:
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(272) / (297)
(272) / (297)
GROUP
31-Dec-23
31-Dec-22
EUR
664,324
738,518
ROMANIA NEW LEU (RON)
-
16,159
QATAR RIYAL (QAR)
-
267
OTHER CURRENCIES
-
12
664,324
754,958
All Company loans are expressed in Euro.
Moreover, the parent company ELLAKTOR , on 31.12.2023 had granted corporate guarantees amounting
to €55.4 million (on 31.12.2022: €58.1 million) in favor of companies in which it participates. As at
31.12.2023, there are no collateral to cover the Group's lending (note 7a and 9).
26 Grants
GROUP
COMPANY
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
At year start
4,912
55,021
-
47,201
Sale of RES sector
-
(47,012)
-
(45,287)
Additions
-
196
-
-
Transfer to income statement (Other income)
(655)
(2,915)
-
(1,582)
Returns
-
(378)
-
(332)
At year end
4,256
4,912
-
-
The most important Grant included in the balance of 31.12.2023 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,
amounting to €3,089 thousand (31.12.2022: €3,667 thousand). The grant amount covers 40% of the
investment’s budget.
27 Trade and other payables
The Company’s liabilities from trade activities are free of interest.
GROUP
COMPANY
Note
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
Suppliers
20,888
165,047
382
599
Accrued costs
15,668
32,234
149
970
Contractual obligations
18
-
21,709
-
-
Obligation for interoperability of electronic toll
systems
21,248
17,122
-
-
Advances from customers
5,831
121,884
-
-
Amounts due to subcontractors
7,042
107,584
17
232
Other payables
55,455
92,314
890
898
Total liabilities – Related parties
40
1,712
3,642
10,090
3,856
Total
127,843
561,536
11,527
6,556
Non-current
20,055
55,698
304
1,523
Current
107,788
505,838
11,222
5,033
Total
127,843
561,536
11,527
6,556
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(273) / (297)
(273) / (297)
The contractual liabilities of 31.12. 2022 amounting to €21,709 thousand which were recognised as income
in fiscal year 2023 (note 18) concern the Construction sector.
The decrease observed in the Group's Liabilities as at 31.12.2023 compared to 31.12.2022, is mainly due
to the sale of the Construction sector as at 07.11.2023.
‘Other liabilities’ can be broken down as follows:
GROUP
COMPANY
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
Other creditors
13,269
44,487
260
284
Accrued interest
9,757
7,577
-
-
REDS SA liabilities to HRADF for company GOURNES
19,674
-
-
-
Obligation to ALYSJ JV (Qatar)
-
7,650
-
-
Social security and other taxes
10,526
22,595
393
607
Amounts due to Joint Operations
1,087
2,003
-
-
Fees payable for services provided and employee fees
payable
1,142
8,001
237
7
55,455
92,314
890
898
28 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:
GROUP
31-Dec-23
31-Dec-22
Deferred tax liabilities:
28,300
26,633
28,300
26,633
Deferred tax receivables:
25,735
18,698
25,735
18,698
2,565
7,935
Total change in deferred income tax is presented below.
31-Dec-23
31-Dec-22
Balance at period start
7,935
30,036
Debit/(credit) through profit and loss
(11,941)
1,142
Other comprehensive income debit/(credit)
4,967
3,425
Sale of YIALOU COMMERCIAL
(2,290)
-
Sale of the CONSTRUCTION sector
3,893
-
Sale of the RES sector
-
(26,667)
Closing balance
2,565
7,935
*In the debit/(credit) line of the income statement, dated 31.12.2022, a debit amount of €4,274 thousand
is reflected in the tax line of the income statement, while a credit amount of €3,132 thousand is included
in the line of impairment of user licenses in Other gains/losses in note 32.
Changes in deferred tax receivables and liabilities during the fiscal year, not accounting for the offset of
balances with the same tax authority. The companies of the Group with the largest balances of deferred
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(274) / (297)
(274) / (297)
receivables and liabilities which fall under the same tax authority are ATTIKI ODOS SA., AKTOR
CONCESSIONS SA and MARINA ALIMOU SA.
Deferred tax liabilities:
Different
tax
depreciation
Construction
contracts
Changes in
value of cash
flow hedge
Right-of-
use assets
Other
Total
1 January 2022
61,715
12,459
-
13,437
10,271
97,882
Income statement
debit/(credit)
(8,642)
3,690
-
(1,081)
(2,205)
(8,239)
Other comprehensive
income debit/(credit)
-
-
2,219
-
618
2,837
Sale of the RES sector
(28,398)
-
-
(1,040)
(2,575)
(32,013)
31 December 2022
24,675
16,148
2,219
11,316
6,108
60,467
1 January 2023
24,675
16,148
2,219
11,316
6,108
60,467
Income statement
debit/(credit)
(11,388)
(520)
-
(872)
(2,557)
(15,337)
Other comprehensive
income debit/(credit)
-
-
(288)
-
9,647
9,359
Sale of YIALOU
COMMERCIAL
(2,327)
-
-
-
-
(2,327)
Sale of the
CONSTRUCTION sector
(640)
(12,783)
-
(209)
(680)
(14,312)
31 December 2023
10,320
2,845
1,931
10,235
12,519
37,851
Deferred tax assets
Different tax
depreciation
Tax losses
Constructio
n contracts
Provision for
heavy
maintenance
Liabilities
from leases
Other
Total
1 January 2022
3,635
12,190
14,808
19,437
13,381
4,396
67,847
Income statement
debit/(credit)
(1,192)
(10,324)
2,597
(872)
319
93
(9,380)
Other
comprehensive
income (debit)/
credit
-
-
-
-
-
(588)
(588)
Sale of the RES
sector
(932)
-
-
-
(722)
(3,691)
(5,346)
31 December 2022
1,510
1,866
17,405
18,565
12,978
210
52,533
1 January 2023
1,510
1,866
17,405
18,565
12,978
210
52,533
Income statement
debit/(credit)
80
(224)
63
(6,298)
(51)
3,034
(3,396)
Other
comprehensive
income (debit)/
credit
-
-
-
-
-
4,393
4,393
Sale of YIALOU
COMMERCIAL
(46)
-
-
-
(1)
9
(37)
Sale of the
CONSTRUCTION
sector
(848)
-
(15,822)
-
(230)
(1,304)
(18,205)
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(275) / (297)
(275) / (297)
Different tax
depreciation
Tax losses
Constructio
n contracts
Provision for
heavy
maintenance
Liabilities
from leases
Other
Total
31 December 2023
696
1,642
1,646
12,267
12,696
6,342
35,288
On 31.12.2023, deferred tax claims amounting to €1,642 thousand was recognised with respect to Group
companies (2022: €1,866 thousand), proportionate to accumulated tax losses of €5,686 thousand (2022:
€7,232 thousand), in accordance with forecasted future taxable income, based on approved budgets.
With regard to remaining tax losses of €524,055 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:
COMPANY
31-Dec-23
31-Dec-22
Deferred tax liabilities:
-
-
-
-
Deferred tax receivables:
84
235
84
235
(84)
(235)
Total change in deferred income tax is presented below.
31-Dec-23
31-Dec-22
Balance at period start
(235)
17,031
Debit/(credit) through profit and loss
120
9,859
Other comprehensive income debit/ (credit)
31
20
Equity debit/(credit)
-
-
Sale of the RES sector
-
(27,144)
Closing balance
(84)
(235)
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:
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(276) / (297)
(276) / (297)
Deferred tax liabilities:
Different tax
depreciation
Right-of-use
assets
Other
Total
1 January 2022
26,810
1,480
2.050
30,340
Income statement debit/(credit)
1,167
(399)
77
844
Sale of the RES sector
(27,977)
(779)
(1,853)
(30,609)
31 December 2022
-
301
274
576
1 January 2022
-
301
274
576
Income statement debit/(credit)
-
(260)
44
(216)
Other comprehensive income (debit)/credit
-
-
50
50
31 December 2023
-
42
367
409
Deferred tax receivables:
Different
tax
depreciation
Tax losses
Liabilities from
leases
Other
Total
1 January 2022
950
8,573
1,518
2,268
13,309
Income statement debit/(credit)
(35)
(8,573)
(381)
(25)
(9,015)
Other comprehensive income (debit)/credit
-
-
-
(20)
(20)
Sale of the RES sector
(915)
-
(722)
(1,828)
(3,465)
31 December 2022
-
-
414
395
810
1 January 2023
-
-
414
395
810
Income statement debit/(credit)
-
-
(368)
32
(336)
Other comprehensive income (debit)/credit
-
-
-
19
19
31 December 2023
-
-
46
447
493
29 Employee retirement compensation liabilities
The amounts recognised in the Statement of Financial Position are the following:
GROUP
COMPANY
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
Liabilities in the Statement of Financial Position for:
Employee benefit liabilities
due to exit from employment
3,702
5,059
293
381
Total
3,702
5,059
293
381
The amounts recognised in the Income Statement are the following:
GROUP
COMPANY
1-Jan to
1-Jan to
Income statement charge for:
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
Retirement benefits
3,068
3,875
69
417
Total
3,068
3,875
69
417
Change to liabilities as presented in the Balance Sheet is as follows:
GROUP
COMPANY
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
Opening balance
5,059
5,339
381
432
Indemnities paid
(2,399)
(3,423)
(17)
(321)
Construction sector sale for 2023 and
RES sector for 2022
(2,689)
(57)
-
(57)
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(277) / (297)
(277) / (297)
GROUP
COMPANY
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
Sale of YIALOU COMMERCIAL
(5)
-
-
-
Actuarial (profit)/loss charged to Statement of
Comprehensive Income
668
(675)
(140)
(89)
Total debit/(credit) to results
3,068
3,875
69
417
Closing balance
3,702
5,059
293
381
The amounts reported in the Income Statement are:
GROUP
COMPANY
1-Jan to
1-Jan to
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
Current employment cost
1,759
1,282
66
96
Financial cost
195
53
16
4
Absorption / (Movement) of Personnel
10
-
(16)
-
Past service cost
44
37
3
2
Cut-down losses
1,060
2,503
-
315
Total included in employee benefits
3,068
3,875
69
417
Actuarial (profit)/losses recognised in the Statement of Comprehensive Income are as follows:
GROUP
COMPANY
1-Jan to
1-Jan to
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
Losses from the sale of the Construction
sector and YIALOU COMMERCIAL
475
-
-
-
(Profit)/loss from the change in financial
assumptions
112
(699)
8
(55)
(Profit)/loss from change in demographic
assumptions
-
63
-
6
Net (profit)/ loss
81
(40)
(149)
(40)
Total
668
(675)
(140)
(89)
The main actuarial assumptions used for accounting purposes for the group and the company’s figures,
are the following:
GROUP
31-Dec-23
31-Dec-22
Discount rate
3.56%
4.20%
Future salary raises
2.30%
1
2.20%
1
1
Average annual long-term inflation = 2.10% (2022: 2.20%)
On a consolidated basis, the weighted average payment of retirement benefits is 7.69 years (2022: 8.98
years).
Sensitivity analysis of changes in the main assumptions for pension benefits are:
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(278) / (297)
(278) / (297)
Effect on retirement benefits for fiscal year 2023
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%
(2.42%)
1.80%
(1.98%)
2.06%
30 Provisions
GROUP
Provision for
heavy
maintenance
Forecasts of
foreign
projects
Other
provisions
Total
1 January 2022
113,709
22,866
7,131
143,706
Additional provisions for financial year
6,024
4,112
996
11,131
Sale of the RES sector
-
-
(3,598)
(3,598)
Unused provisions reversed
(3,964)
-
(666)
(4,630)
Currency translation differences
-
615
35
650
Used provisions for fiscal year
(84)
(17,593)
(1,137)
(18,813)
31 December 2022
115,684
10,001
2,761
128,446
1 January 2023
115,684
10,001
2,761
128,446
Additional provisions for financial year
11,637
1,094
10,916
23,648
Sale of Construction sector
-
(2,952)
(248)
(3,200)
Unused provisions reversed
-
(1,947)
-
(1,947)
Currency translation differences
-
9
-
9
Used provisions for fiscal year
(34,402)
(5,812)
(990)
(41,205)
31 December 2023
92,919
391
12,440
105,750
GROUP
Analysis of total provisions:
31-Dec-23
31-Dec-22
Non-current
19,577
57,973
Current
86,174
70,474
Total
105,750
128,446
COMPANY
Provision for
landscape
restoration
Other
provisions
Total
1 January 2022
3,241
280
3,521
Additional provisions for financial year
129
-
129
Sale of the RES sector
(3,369)
(100)
(3,469)
Unused provisions reversed
-
(180)
(180)
31 December 2022
-
-
-
1 January 2023
-
-
-
31 December 2023
-
-
-
The provision for heavy maintenance on 31 December 2023 refers to concession agreements by ATTIKI
ODOS SA in the amount of €55,756 thousand (31.12.2022: €84,382 thousand) and MOREAS SA of €37,164
thousand (31.12.2022: €31,303 thousand).
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(279) / (297)
(279) / (297)
With regard to current 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 largest part of the long-term provisions refers to the provision for heavy maintenance of MOREAS
SA, the concession contract of which expires in 2038.
Additional Forecasts for fiscal year 2023, amounting to €10,916 thousand, relate to ATTIKES DIADROMES
SA. With the proclamation of the New Contractor in October 2023 and the scheduled termination of the
current Concession Contract (Law 2445/1996) in October 2024, for the project of Attiki Odos, the
management of the operating subsidiary recognised the contribution and cooperation of the company's
employees over the years to the emergence of this project as one of the most important for Attica,
decided to pay them after the expiration of the Concession the amounts according to the service and
made the relevant provisions.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(280) / (297)
31 Expenses per category
GROUP
1-Jan to 31-Dec-23
1-Jan to 31-Dec-22
Note
Cost of sales
Distribution
costs
Administrativ
e expenses
Total
Cost of sales
Distribution
costs
Administrativ
e expenses
Total
Employee benefits
34
58,696
1,609
15,336
75,640
62,754
1,495
15,080
79,329
Inventories used
3,360
2
88
3,450
16,697
11
15
16,722
Depreciation of tangible assets
7
7,113
808
1,357
9,278
8,730
759
1,521
11,010
Impairment of tangible fixed assets
7
-
-
-
-
-
-
675
675
Depreciation of intangible assets
8
60,472
-
94
60,566
61,372
-
98
61,471
Depreciation of investment property
9
1,309
-
334
1,644
1,446
-
340
1,787
Amortisation of prepayments for long-term leases
14
264
-
3,422
3,686
264
-
3,422
3,686
Repair and maintenance expenses of tangible assets
8,293
2
629
8,924
4,418
2
295
4,715
Rents
7b
2,130
21
632
2,783
3,548
14
428
3,990
Third party fees
50,529
2,409
13,185
66,123
56,901
1,507
13,241
71,649
Subcontractor fees (including insurance contributions
for subcontractor personnel)
30,275
-
9
30,285
28,659
-
15
28,674
Taxes - Duties
1,556
204
2,253
4,014
1,139
26
1,951
3,116
Transportation and travelling expenses
4,359
67
407
4,833
5,607
90
416
6,113
Perishable supplies and property service charges
2,692
1
828
3,522
4,803
3
1,056
5,862
Other
3,068
1,196
3,945
8,209
9,302
1,273
4,024
14,599
Continuing operations
234,116
6,320
42,521
282,957
265,640
5,179
42,576
313,396
Employee benefits
34
80,774
-
6,375
87,149
102,557
-
7,695
110,252
Inventories used
98,704
-
62
98,766
143,283
-
92
143,374
Depreciation of tangible assets*
7
921
-
314
1,235
19,374
-
966
20,341
Depreciation of intangible assets*
8
3
-
-
3
595
-
12
607
Repair and maintenance expenses of tangible assets
3,452
-
7
3,459
13,511
-
23
13,534
Taxes - Duties
2,637
-
259
2,896
7,331
-
588
7,919
Third party fees
80,566
-
8,343
88,909
81,094
-
8,766
89,859
Subcontractor fees
121,199
-
2.257
123,456
164,016
-
945
164,961
Asset Adjustments
-
-
-
-
39,700
-
-
39,700
Other expenses
52,885
-
1,652
54,537
48,896
-
1,864
50,759
Discontinued Operations
441,141
-
19,269
460,410
620,356
-
20,951
641,307
Total
675,257
6,320
61,790
743,368
885,996
5,179
63,528
954,704
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(281) / (297)
COMPANY
1-Jan to 31-Dec-23
1-Jan to 31-Dec-22
Note
Cost of
sales
Administr
ative
expenses
Total
Cost of
sales
Administr
ative
expenses
Total
Employee benefits
34
110
4,597
4,706
-
6,082
6,082
Depreciation of tangible assets
7a,b
1
890
891
-
1,025
1,025
Depreciation of intangible assets
8
-
97
97
-
77
77
Repair and maintenance expenses of
tangible assets
-
41
41
-
63
63
Rents
7b
-
130
130
-
34
34
Third party fees
240
4,795
5,034
100
3,777
3,877
Other expenses
24
2,109
2,133
-
2,380
2,380
Continuing operations
374
12,657
13,032
100
13,440
13,540
Depreciation of tangible assets*
7a,b
-
-
-
13,100
1
13,101
Depreciation of intangible assets *
8
-
-
-
528
-
528
Repair and maintenance expenses of
tangible assets
-
-
-
10,072
-
10,072
Taxes - Duties
-
-
-
3,093
19
3,112
Third party fees
-
-
-
5,215
446
5,661
Other expenses
-
-
-
1,436
437
1,872
Discontinued Operations
-
-
-
33,443
903
34,346
Total
374
12,657
13,032
33,543
14,343
47,886
* In accordance with the requirements of IFRS 5, following the classification of assets and liabilities as held
for sale on 31.03.2023, no depreciation has been recorded for these assets until the date of completion
of their sale, i.e. for the period from 01.04.2023 to 07.11.2023. In the comparative data, for the RES sector,
depreciation has not been accounted for from 01.07.2022 to 13.12.2022 (Note 5).
32 Other income & other profit/(loss)
GROUP
COMPANY
1-Jan to
1-Jan to
Note
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
Other income
Amortisation of grants received
26
655
1,143
-
-
Rents
3,839
4,315
-
5
Revenues from concession of rights (for concession
companies)
749
721
-
-
Other income from services to third parties
2,217
2,093
-
-
Other
1,955
682
22
84
Continuing operations
9,415
8,953
22
89
Amortisation of grants received
26
-
1,772
-
1,582
Other
1,678
1,429
-
935
Discontinued Operations
1,678
3,202
-
2,518
Total Other Income
11,093
12,155
22
2,607
Other profit/(loss)
Gains from the sale ATHENS
METROPOLITAN EXPO, REAL ESTATE
DEVELOPMENT sector
3,233
-
-
-
Profit from the sale of YIALOU
COMMERCIAL
46,818
-
-
-
Gains from sale of investment property, REAL ESTATE
DEVELOPMENT sector
5,773
-
-
-
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(282) / (297)
GROUP
COMPANY
1-Jan to
1-Jan to
Note
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
Impairment of investment property
(1,500)
(40)
-
-
Gain on valuation of a related company
-
65,820
-
65,499
Write-offs of fixed assets in the subsidiaries POUNENTIS
and ANEMODOMIKI SA
(3,494)
-
-
-
Profit/(loss) from the sale of other financial assets
(1,265)
343
-
-
Impairment of subsidiaries
10
-
-
(4,333)
(181,569)
Charge due to the effects of the storm
‘ELPIS’
-
(9,000)
-
-
Provision for impairment of trade and
other receivables
(922)
(1,500)
(228)
-
Write-offs
-
(48,555)
-
(36,404)
Guaranteed receipt adjustment (based on
cash flows)
15
(130)
(3,811)
-
-
Extraordinary levy on electricity producers
-
(9,303)
-
-
Provision of compensation for staff on
Attikes Diadromes
(10,916)
-
-
-
Default interest of Thermaiki Odos
5,729
-
-
-
Other profit/(losses)
(24)
(6,839)
34
187
Continuing operations
43,302
(12,886)
(4,527)
(152,288)
Discontinued Operations
22,755
50,301
-
(3,988)
Total Other profit/(loss)
66,057
37,414
(4,527)
(156,276)
Total
77,150
49,569
(4,505)
(153,669)
In the year 2022, the claims of the parent company and of P.K. TETRAKTYS INVESTMENT SA were settled
with equal liabilities of Construction companies, was made in 2022. The impact of the settlement at the
level of interrupted activities amounts to an Other profit of €48.4 million for the “Construction” sector and
an equal loss at the level of continuing operations for the “Other” sector. For the parent company
ELLAKTOR, the loss from the write-off of receivables amounted to €36.4 million.
33 Financial income/expenses
GROUP
COMPANY
1-Jan to
1-Jan to
Note
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
Financial income
Interest income
13,042
3,504
9,261
12,513
Unwind of guaranteed receipt discount
15
15,302
15,845
-
-
Prepayment of long-term liabilities
-
4,262
-
-
Continuing operations
28,344
23,612
9,261
12,513
Discontinued Operations
330
4,930
-
5
Total financial income
28,674
28,542
9,261
12,518
Financial expenses
Financial cost of discount from AKTOR SA
18
(2,896)
-
(2,896)
-
Interest expenses involving bank loans
(40,342)
(77,745)
(5,714)
(50,550)
Interest charges on Lease liabilities
7b
(1,795)
(1,024)
(58)
(135)
Predetermined cost of early repayment of a bond
-
(7,727)
-
(7,727)
Interest expenses
(45,033)
(86,496)
(8,668)
(58,412)
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(283) / (297)
GROUP
COMPANY
1-Jan to
1-Jan to
Note
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
Financial expenses for heavy maintenance and
environmental restoration provisions
(8,498)
(2,272)
-
-
Total financial costs
(53,531)
(88,768)
(8,668)
(58,412)
Profit/ (loss) from interest rate swaps to hedge cash
flows
16
(211)
3,174
-
-
(211)
3,174
-
-
Continuing operations
(53,742)
(85,595)
(8,668)
(58,412)
Discontinued Operations
(12,688)
(20,382)
-
(12,911)
Total financial expenses
(66,430)
(105,976)
(8,668)
(71,323)
34 Employee benefits
GROUP
COMPANY
1-Jan to
1-Jan to
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
Wages and salaries
58,517
59,507
4,231
2,954
Social security costs
12,238
13,122
751
1,028
Cost of defined benefit plans
1,733
2,425
69
600
Other employee benefits
3,581
2,884
84
109
Costs of option benefit plan
(429)
1,391
(429)
1,391
Continuing operations
31
75,640
79,329
4,706
6,082
Discontinued Operations
31
87,149
110,252
-
1,528
Total employee benefits
162,789
189,581
4,706
7,610
35 Income tax
GROUP
COMPANY
1-Jan to
1-Jan to
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
Tax for the year
39,790
36,865
390
3,634
Deferred tax
(12,192)
(5,435)
120
83
Continuing operations
27,597
31,430
509
3,716
Tax for the year
3,248
5,379
-
-
Deferred tax
251
9,708
-
9,776
Discontinued Operations
3,500
15,087
-
9,776
Tax for the year
43,038
42,244
390
3,634
Deferred tax
(11,941)
4,274
120
9,859
Total tax
31,097
46,517
509
13,492
With regard to the financial years 2011 through 2015, Greek Sociétés Anonyme whose financial
statements must be audited by statutory auditors, were required to be audited by the same Statutory
Auditor or audit firm that reviewed their annual financial statements, and obtain a “Tax Compliance
Report”, as laid down in 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.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(284) / (297)
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
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
implementation of the related tax provisions, the Government’s right to assess taxes for fiscal years until
and including 2017 has be barred by 31.12.2023.
The Company was audited pursuant to Laws 2238/1994 and 4174/2013 for fiscal years 2011 to 2022 and
has received a Tax Compliance Report from PricewaterhouseCoopers SA for the years in question without
reservation. For the year 2023 the tax audit of Chartered Accountants to obtain Tax Compliance Report is
ongoing, while 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).
In the context of international tax developments, the European Directive 2022/2523/EU has been adopted,
introducing minimum tax rules of 15% (Pillar II), for entities established in the EU, members of
multinational or domestic Groups, which meet the annual consolidated revenue limit of €750 million. at
least. According to the relevant regulatory provisions, starting in the years starting from 01.01.2024
onwards, an additional tax may be imposed where the effective rate per jurisdiction is below a minimum
of 15%. In Greece, where the parent company is located and the Group carries out most of its activities,
the relevant bill was passed 05.04.2024 with application from 01.01.2024. There was no impact on the
Group's current tax liability because the relevant law was not in force at the time of reporting.
In May 2023, the IASB amended IAS 12 to provide affected entities with temporary exemptions in order
to avoid different interpretations of the standard and to improve the disclosures required. The
amendments introduced a temporary exemption from the requirements of the standard on the
recognition and disclosure of information on deferred tax assets and liabilities related to income tax
arising under the application of the Pillar II, as well as additional disclosures. The Group applied the
aforementioned exception to the financial accounts for the fiscal year ended 31.12.2023. The relevant
procedure for assessing any impact and fully complying with the requirements of the new legislation is
ongoing in the Group. The potential impact cannot currently be measured reliably, due to the complexity
of the new provisions and the fact that the process of integration into the jurisdictions of the Group,
including Greece, has not yet been completed. However, taking into account the latest available
information, the management considers that this legislation will not affect the Group.
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-23
31-Dec-22
31-Dec-23
31-Dec-22
Accounting profit / (losses) before tax from
Continuing operations
143,587
28,829
(14,101)
(211,517)
Tax is calculated according to the tax rate applicable
at the company’s registered office. 22%
31,589
6,342
(3,102)
(46,534)
Adjustments
Untaxed income
(13,850)
(15,071)
-
-
Expenses not deductible for tax purposes
15,144
37,363
3,222
53,254
Tax losses for which no deferred tax receivables were
recognised
2,656
7,480
-
-
Use of tax losses from prior financial years
(8,261)
(1,271)
-
(3,004)
Tax differences of previous years
1,089
(33)
390
-
Effect from different tax rates applying in other
countries where the Group operates
(769)
(3,380)
-
-
Taxes from Continuing Operations
27,597
31,430
509
3,716
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(285) / (297)
GROUP
COMPANY
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
Accounting profit/(losses) before tax
from Discontinued Operations
(27,336)
38,883
-
48,390
Tax calculated on the basis of the
tax rate in force at the registered office
of the parent company, i.e. 22%
(6,014)
8,554
-
10,646
Adjustments
9,513
6,532
-
(870)
Taxes from Discontinued Operations
3,500
15,087
-
9,776
Total tax
31,097
46,517
509
13,492
The Group's weighted average tax rate in the accounting profit before tax on continuing activities is
19.22% (2022: 109.02%).
The tax attributable to Other comprehensive income from continuing operations is:
GROUP
1-Jan to 31-Dec-23
1-Jan to 31-Dec-22 *
Before
tax
Tax
(debit)/credit
After
tax
Before
tax
Tax
(debit)/credit
After
tax
Currency translation differences
(76)
-
(76)
(24)
-
(24)
Change in the value of financial assets
through other comprehensive income
44,071
(9,696)
34,376
1,257
(634)
623
Cash flow hedges
(30,633)
4,686
(25,947)
78,556
(2,653)
75,902
Actuarial gains/(losses)
(184)
32
(152)
391
(75)
316
Other Comprehensive Income
13,179
(4,978)
8,201
80,180
(3,363)
76,818
COMPANY
1-Jan to 31-Dec-23
1-Jan to 31-Dec-22 *
Before
tax
Tax
(debit)/credit
After tax
Before
tax
Tax (debit)/
credit
After
tax
Actuarial gains/(losses)
140
(31)
109
89
(20)
69
Other Comprehensive Income
140
(31)
109
89
(20)
69
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(286) / (297)
36 Profit / (loss) per share
GROUP
COMPANY
1-Jan to
1-Jan to
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
Profit/(loss) attributable to shareholders of the parent company
from Continuing Operations (in € thousand)
69,002
(23,924)
(14,611)
(215,233)
Profit/(loss) from Discontinued Operations (in € thousand)
(35,672)
520,921
(45,584)
535,043
Profit/(loss) attributable to the owners of the parent - Total
(in € thousand)
33,330
496,996
(60,194)
319,810
Weighted average number of ordinary shares (in thousands)
348,087
348,192
348,087
348,192
Profit/(loss) after tax per share - restated basic from Continuing
Operations (in €)
0.1982
(0.0687)
(0.0420)
(0.6181)
Profit/(loss) after tax per share - restated basic from
Discontinued Operations (in €)
(0.1025)
1.4961
(0.1310)
1.5366
Restated basic earnings per share - Total (in €)
0.0958
1.4274
(0.1729)
0.9185
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 if options to
purchase were exercised. The resulting difference is added to the denominator as an issue of ordinary
shares without consideration. Finally, no adjustment is made to profits (numerator).
Despite the fact that the average share price for the year exceeds the exercise price of the stock options,
the adjusted earnings/(losses) per share remain significantly unaffected.
37 Dividends per share
The Annual Ordinary General Meeting of Shareholders, held on 22.06.2023, decided to not distribute
dividend for fiscal year 2022 because of the accumulated losses from previous fiscal years.
For fiscal year 2023, the Company will not distribute dividends due to losses. However, the Company’s
Board of Directors will convene before the date of the General Meeting to examine the possible return of
capital to the shareholders of the Company.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(287) / (297)
38 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 7b and 25).
Future total minimum (non-cancellable) rents receivable for operating lease contracts annually (the Group
being the lessor) are as follows:
GROUP
31-Dec-23
31-Dec-22
Up to 1 year
3,020
13,489
From 1-5 years
3,262
36,788
Over 5 years
7,475
39,643
Total
13,757
89,920
The decrease was due to the sale of the subsidiary YIALOU COMMERCIAL SA, which managed the
commercial park Smart Park.
39 Contingent liabilities
(a) Disputes in litigation or in arbitration, as well as any pending decisions by judicial or arbitration bodies
are not expected to have a significant impact on the financial standing or operation of the Group or the
company. The provisions formed are assessed as adequate.
b) Unaudited years for consolidated Group companies are shown in Note 43. The Group’s tax liabilities
for these years have not been finalised; therefore it is possible that additional charges are imposed when
the relevant audits are performed by the tax authorities.
Within 2021, the Company received two audit notifications from the tax authorities for the years 2016-
2017 and the years 2018-2019 for tax items including income, VAT, other taxes, fees and contributions
and audit of proper bookkeeping and publication of data. For these tax years definitive control sheets
were issued by the Large Enterprise Control Center, which reduced the tax losses carried forward without
charging tax. It should be noted, however, that the findings of the Audit Authority of Large Enterprises
have been challenged by the Company with the appeals under filing no ΠΡ577/2023 and ΠΡ266/2024
before the Athens Administrative Court of Appeal, which are pending to date.
For the financial years 2020 to 2023 which remain fiscally uncontrolled by the competent tax authorities
(State), the Administration estimates that, the taxes that may arise, 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.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(288) / (297)
40 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-23
31-Dec-22
31-Dec-23
31-Dec-22
a)
Sales of goods and services
16,800
11,559
13,274
18,195
Sales to subsidiaries
-
-
12,969
18,195
Other income
-
-
5,019
5,754
Financial income
-
-
7,949
12,442
Sales to associates
13,868
3,256
305
-
Sales
2,642
330
-
-
Other income
6,961
848
305
-
Financial income
4,264
2,078
-
-
Sales to affiliates
2,932
8,303
-
-
Sales
2,482
7,371
-
-
Other income
202
562
-
-
Financial income
248
370
-
-
b)
Purchases of goods and services
16,122
1,952
5,875
44,687
Purchases from subsidiaries
-
-
5,875
44,687
Cost of sales
-
-
9
1,240
Administrative expenses
-
-
258
218
Financial expenses
-
-
5,607
43,229
Purchases from associates
173
110
-
-
Cost of sales
173
110
-
-
Purchases from affiliates
15,949
1,842
-
-
Cost of sales
15,949
1,842
-
-
c)
Income from dividends
1,045
1,621
2,300
1,569
d)
Key management compensation
11,435
5,657
6,661
2,320
GROUP
COMPANY
Note
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
a)
Receivables
18
91,185
86,261
4,711
112,456
Receivables from subsidiaries
-
-
4,711
112,456
Other receivables
-
-
4,711
8,076
Short-term borrowings
-
-
-
5
Long-term borrowings
-
-
-
104,375
Receivables from associates
87,893
78,505
-
-
Customers
5,971
352
-
-
Other receivables
7,238
5,972
-
-
Short-term borrowings
21,307
21,307
-
-
Long-term borrowings
53,376
50,873
-
-
Receivables from other related parties
3,293
7,756
-
-
Customers
129
3,811
-
-
Other receivables
1,334
514
-
-
Short-term borrowings
-
-
-
-
Long-term borrowings
1,830
3,431
-
-
b)
Liabilities
25.
27
1,712
3,642
107,590
103,656
Payables to subsidiaries
-
-
107,577
103,656
Suppliers
-
-
136
348
Other payables
-
-
9,941
3,508
Financing – Short-term borrowings
-
-
97,500
2,300
Financing – Long-term borrowings
-
-
-
97,500
Payables to associates
804
2,157
13
-
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(289) / (297)
GROUP
COMPANY
1-Jan to
1-Jan to
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
Suppliers
6
2,090
-
-
Other payables
798
67
13
-
Payables to other related parties
907
1,485
-
-
Suppliers
554
454
-
-
Other payables
353
1,031
-
-
c)
Amounts payable to key management
-
10
-
-
All transactions referred to are arms’ length transactions.
Transactions, company details, include financial income of €7,941 thousand and other revenue €3,406
thousand with discontinued operations. There were write-offs of €7,229 thousand for these financial
revenues in 2023.
The decrease observed in the intra-corporate balances of the Group as at 31.12.2023 compared to
31.12.2022, is mainly due to the sale of the Construction sector as at 07.11.2023.
According to the Company, the intra-company balances of ‘Other receivables’ have been impaired by a
total amount of €1,398 thousand (31.12.2022: €8,135 thousand) (note 18). Specifically, loans to related
parties have been impaired, in accordance with the provisions of IFRS 9, by €1,398 thousand for the
subsidiary PANTECHNIKI SA.
41 Other notes
1. Personnel employed by the Company as of 31.12.2023 amounted to 70 persons and for the Group
(excluding Joint Ventures) the number was 1,949 persons, with the corresponding numbers as of
31.12.2022 amounting to 122 and 5,076 persons respectively.
2. Fees payable to the Group’s legal auditors for mandatory audit of the annual financial statements for
fiscal year 2023 amount to €696 thousand (2022: €907 thousand), €226 thousand (2022: €393
thousand) for the Tax Compliance Report and €62 thousand (2022: €66 thousand) for other non-
audit services.
Specifically, for the Group in fiscal year 2023, the total fees to companies of the
PricewaterhouseCoopers network in Greece amount to €599 thousand (2022: €823 thousand) for
mandatory audit of the financial statements, an amount of €182 thousand (2022: €346 thousand) for
the Tax Compliance Report and €62 thousand (2022: €64 thousand) for other non-audit services.
Specifically, for the Company in fiscal year 2023, the total fees to companies of the
PricewaterhouseCoopers network in Greece amounted to €285 thousand (2022: €213 thousand) for
mandatory audit of the financial statements, an amount of €24 thousand (2022: €35 thousand) for
the Tax Compliance Report and €44 thousand (2022: €12 thousand) for other non-audit services.
3. On 06.04.2023 the shareholder REGGEBORGH INVEST B.V. informed that the call option of 14.9343%
on the voting rights (i.e. 52,000,000 common registered shares) of ELLAKTOR SA as of 06.05.2022,
was modified. Specifically, on 31.03.2023 the aforementioned call option was reduced to 7.4671% of
the voting rights (i.e. 26,000,000 common registered shares) of ELLAKTOR SA.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(290) / (297)
42 Events after the reporting date
1. On 25.01.2024, the Company informed the investors that on 25.01.2024, and after receiving all the
necessary approvals, it was signed between ELLAKTOR and MOTOR OIL RENEWABLE ENERGY SINGLE
MEMBER SA. (hereinafter referred to as “ΜΟRE”) the Purchase Agreement for the transfer of the
remaining 25% of ANEMOS RES SA owned by the Company to ΜΟRE, a subsidiary of MOTOR OIL
(GREECE) CORINTH REFINERIES SA. (MOH). The aforementioned transaction (financial closing) was
completed on the same day, with the payment of €123.52 million to the Company.
2. The company is in the due diligence process in relation to the subsidiary company HELECTOR by
Motor Oil. It should be noted, however, that as of the date of adoption of this Annual Financial
Report, ELLAKTOR had not become the recipient of a takeover bid for HELECTOR.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(291) / (297)
43 Group holdings
43.a The companies of the Group which have been consolidated under the full consolidation method, are as follows:
PARENT % 31.12.2023
PARENT % 31.12.2022
Α/
Α
COMPANY
REGISTERED
OFFICE
SECTOR OF ACTIVITY
DIRECT
INDIRECT
TOTAL
DIRECT
INDIRECT
TOTAL
UNAUDITED YEARS
1
AIFORIKI DODEKANISOU SA
GREECE
ENVIRONMENT
94.44
94.44
94.44
94.44
2018-2022* , 2023
2
AIFORIKI KOUNOU SA
GREECE
OTHER
99.69
99.69
99.69
99.69
2018-2023
3
AKTOR SA
2
GREECE
CONSTRUCTION
-
-
-
81.11
18.89
100.00
2018-2022* , 2023
4
AKTOR CONCESSIONS SA
GREECE
CONCESSIONS
100.00
100.00
100.00
100.00
2018-2022* , 2023
5
AKTOR CONCESSIONS SA – ARCHITECH SA
GREECE
CONCESSIONS
95.94
95.94
82.12
82.12
2018-2022* , 2023
6
AKTOR FM SA
2
GREECE
CONSTRUCTION
-
-
100.00
100.00
2018-2022* , 2023
7
AKTOR- TOMI GP
2
GREECE
CONSTRUCTION
-
-
100.00
100.00
2018-2023
8
URBAN SOLID WASTE RECYCLING SA - ASA RECYCLE
GREECE
ENVIRONMENT
70.84
70.84
70.84
70.84
2018-2023
9
DEVELOPMENT OF NEW ALIMOS MARINA SA
GREECE
CONCESSIONS
100.00
100.00
100.00
100.00
2019-2020,2021-
2022*,2023
10
ANDROMACHI SA
GREECE
REAL ESTATE DEVELOPMENT
100.00
100.00
100.00
100.00
2018-2023
11
ANEMODOMIKI SA
GREECE
OTHER
100.00
100.00
100.00
100.00
2018-2023
12
STERILISATION SA
GREECE
ENVIRONMENT
56.67
56.67
56.67
56.67
2018-2022* , 2023
13
APOTEFROTIRAS SA
GREECE
ENVIRONMENT
61.39
61.39
61.39
61.39
2018-2022* , 2023
14
ATTIKA DIODIA SA
GREECE
CONCESSIONS
65.78
65.78
65.78
65.78
2018-2023
15
ATTIKES DIADROMES SA
GREECE
CONCESSIONS
52.62
52.62
52.62
52.62
2018-2022* , 2023
16
ATTIKI ODOS SA
GREECE
CONCESSIONS
65.75
65.75
65.75
65.75
2018-2022* , 2023
17
VEAL SA
GREECE
ENVIRONMENT
47.22
47.22
47.22
47.22
2018-2022* , 2023
18
AEGEAN GEOENERGY HOLDINGS SA
GREECE
ENVIRONMENT
94.44
94.44
94.44
94.44
2020-2023
19
GOURNES SA
1
GREECE
CONCESSIONS
55.46
55.46
-
-
2023
20
YIALOU ANAPTYXIAKI SA
GREECE
REAL ESTATE DEVELOPMENT
100.00
100.00
100.00
100.00
2018-2023
21
YIALOU COMMERCIAL & TOURISM SA
2
GREECE
REAL ESTATE DEVELOPMENT
-
-
55.46
55.46
2018-2022* , 2023
22
DIETHNIS ALKI SA
GREECE
REAL ESTATE DEVELOPMENT
100.00
100.00
100.00
100.00
2018-2023
23
EDADYM SA
GREECE
ENVIRONMENT
94.44
94.44
94.44
94.44
2018-2022* , 2023
24
ELIANA MARITIME COMPANY
2
GREECE
CONSTRUCTION
-
-
100.00
100.00
2018-2023
25
HELLENIC QUARRIES SA
2
GREECE
CONSTRUCTION
-
-
100.00
100.00
2018-2022* , 2023
26
GREEK NURSERIES SA
2
GREECE
OTHER
-
-
50.00
50.00
2018-2023
27
HELLENIC ENERGY & DEVELOPMENT SA
GREECE
OTHER
100.00
100.00
100.00
100.00
2018-2023
28
EPADYM SA
GREECE
ENVIRONMENT
94.44
94.44
94.44
94.44
2018-2022* , 2023
29
EPALTHEA SA
GREECE
ENVIRONMENT
56.66
56.66
56.66
56.66
2022-2023
30
HELECTOR SA
GREECE
ENVIRONMENT
94.44
94.44
94.44
94.44
2018-2022* , 2023
31
HELECTOR - AEIFORIKI DODEKANISOU GP
GREECE
ENVIRONMENT
94.44
94.44
94.44
94.44
2018-2023
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(292) / (297)
PARENT % 31.12.2023
PARENT % 31.12.2022
Α/
Α
COMPANY
REGISTERED
OFFICE
SECTOR OF ACTIVITY
DIRECT
INDIRECT
TOTAL
DIRECT
INDIRECT
TOTAL
UNAUDITED YEARS
32
ILIOSAR ANDRAVIDAS SA
2
GREECE
CONSTRUCTION
-
-
100.00
100.00
2018-2023
33
KANTZA SA
GREECE
REAL ESTATE DEVELOPMENT
100.00
100.00
100.00
100.00
2018-2023
34
KANTZA EMPORIKI SA
GREECE
REAL ESTATE DEVELOPMENT
55.46
55.46
55.46
55.46
2018-2023
35
J/V HELECTOR SA - WATT SA EMERGENCY NEEDS
COVER
GREECE
ENVIRONMENT
78.39
78.39
78.39
78.39
2020-2023
36
J/V HELECTOR - CYBARCO
CYPRUS
ENVIRONMENT
94.44
94.44
94.44
94.44
2007-2023
37
MOREAS SA
GREECE
CONCESSIONS
71.67
71.67
71.67
71.67
2018-2022* , 2023
38
MOREAS SEA SA
GREECE
CONCESSIONS
86.67
86.67
86.67
86.67
2018-2022* , 2023
39
NEMO MARITIME COMPANY
2
GREECE
CONSTRUCTION
-
-
100.00
100.00
2018-2023
40
ROAD TELECOMMUNICATIONS SA
GREECE
CONCESSIONS
100.00
100.00
100.00
100.00
2018-2023
41
P&P PARKING SA
GREECE
CONCESSIONS
100.00
100.00
100.00
100.00
2018-2023
42
PANTECHNIKI SA
GREECE
OTHER
100.00
100.00
100.00
100.00
2018-2023
43
PANTECHNIKI SA –LAMDA TECHNIKI SA –DEPA LTD
GREECE
OTHER
50.00
50.00
100.00
100.00
2018-2023
44
POUNENTIS SA
GREECE
OTHER
100.00
100.00
100.00
100.00
2018-2023
45
PYLIA ODOS SA
1
GREECE
CONCESSIONS
60.00
60.00
-
-
2023
46
STATHMOI PANTECHNIKI SA
GREECE
CONCESSIONS
100.00
100.00
100.00
100.00
2018-2023
47
P.K. TETRAKTYS EPENDYTIKI ANAPTYXIAKI SA
GREECE
OTHER
100.00
100.00
100.00
100.00
2018-2022* , 2023
48
TOMI SA
2
GREECE
CONSTRUCTION
-
-
100.00
100.00
2018-2022* , 2023
49
AKTOR & AL ABJAR CONTRACTING FOR TRADING
AND CONTRACTING
2
QATAR
CONSTRUCTION
-
-
100.00
100.00
2018-2023
50
AKTOR BULGARIA SA
2
BULGARIA
CONSTRUCTION
-
-
100.00
100.00
2009-2023
51
AKTOR CONCESSIONS (CYPRUS) LTD
CYPRUS
CONCESSIONS
100.00
100.00
100.00
100.00
2011-2023
52
AKTOR CONSTRUCTION INTERNATIONAL LTD
2
CYPRUS
CONSTRUCTION
-
-
100.00
100.00
2000-2023
53
AKTOR CONTRACTORS LTD
2
CYPRUS
CONSTRUCTION
-
-
100.00
100.00
2009-2023
54
AKTOR D.O.O. BEOGRAD
2
SERBIA
CONSTRUCTION
-
-
100.00
100.00
-
55
AKTOR D.O.O. SARAJEVO
2
BOSNIA-
HERZEGOVINA
CONSTRUCTION
-
-
100.00
100.00
-
56
AKTOR FACILITY MANAGEMENT LLC
2
UAE
CONSTRUCTION
-
-
100.00
100.00
-
57
AKTOR FM INTERNATIONAL LTD
2
CYPRUS
CONSTRUCTION
-
-
100.00
100.00
-
58
AKTOR FM & SERVICES WLL
2
QATAR
CONSTRUCTION
-
-
49.00
49.00
-
59
AKTOR KUWAIT WLL
2
KUWAIT
CONSTRUCTION
-
-
100.00
100.00
2008-2023
60
AKTOR QATAR WLL
2
QATAR
CONSTRUCTION
-
-
100.00
100.00
2011-2023
61
AKTOR SERVICES LTD
2
CYPRUS
CONSTRUCTION
-
-
100.00
100.00
-
62
AKTOR TECHNICAL CONSTRUCTION LLC
2
UΑΕ
CONSTRUCTION
-
-
70.00
70.00
-
63
AKVAVIT DOOEL
2
NORTH
MACEDONIA
CONSTRUCTION
-
-
100.00
100.00
-
64
AL AHMADIAH AKTOR LLC
2
UΑΕ
CONSTRUCTION
-
-
100.00
100.00
-
65
BIOSAR AMERICA INC
2
USA
CONSTRUCTION
-
-
100.00
100.00
2012-2023
66
BIOSAR AMERICA LLC
2
USA
CONSTRUCTION
-
-
100.00
100.00
2012-2023
67
BIOSAR ARGENTINA SA
2
ARGENTINA
CONSTRUCTION
-
-
100.00
100.00
2020-2023
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(293) / (297)
PARENT % 31.12.2023
PARENT % 31.12.2022
Α/
Α
COMPANY
REGISTERED
OFFICE
SECTOR OF ACTIVITY
DIRECT
INDIRECT
TOTAL
DIRECT
INDIRECT
TOTAL
UNAUDITED YEARS
68
BIOSAR AUSTRALIA PTY LTD
2
AUSTRALIA
CONSTRUCTION
-
-
100.00
100.00
2018-2023
69
BIOSAR BRASIL - ENERGIA RENOVAVEL LTDA
2
BRAZIL
CONSTRUCTION
-
-
99.99
99.99
2015-2023
70
BIOSAR CHILE SpA
2
CHILE
CONSTRUCTION
-
-
100.00
100.00
2018-2023
71
BIOSAR DOMINICANA
2
DOMINICAN
REPUBLIC
CONSTRUCTION
-
-
100.00
100.00
2018-2023
72
BIOSAR ENERGY (UK) LTD
2
UNITED
KINGDOM
CONSTRUCTION
-
-
100.00
100.00
2019-2023
73
BIOSAR HOLDINGS LTD
2
CYPRUS
CONSTRUCTION
-
-
100.00
100.00
2011-2023
74
BIOSAR PANAMA Inc
2
PANAMA
CONSTRUCTION
-
-
100.00
100.00
2013-2023
75
BURG MACHINERY
2
BULGARIA
CONSTRUCTION
-
-
100.00
100.00
2008-2023
76
CAISSON SA
2
GREECE
CONSTRUCTION
-
-
91.84
91.84
2018-2023
77
COPRI-AKTOR
2
ALBANIA
CONSTRUCTION
-
-
100.00
100.00
2014-2023
78
DUBAI FUJAIRAH FREEWAY JV
2
UΑΕ
CONSTRUCTION
-
-
100.00
100.00
-
79
ELLAKTOR VALUE PLC
UNITED
KINGDOM
OTHER
100.00
100.00
100.00
100.00
-
80
ELLAKTOR VENTURES LTD
CYPRUS
CONCESSIONS
73.61
73.61
98.61
98.61
2011-2023
81
HELECTOR CYPRUS LTD
CYPRUS
ENVIRONMENT
94.44
94.44
94.44
94.44
2008-2023
82
HERHOF GMBH
GERMANY
ENVIRONMENT
94.44
94.44
94.44
94.44
2018-2023
83
HELECTOR RECYCLING CENTER OSNABRUCK GMBH
GERMANY
ENVIRONMENT
94.44
94.44
94.44
94.44
2018-2023
84
HERHOF-VERWALTUNGS
GERMANY
ENVIRONMENT
94.44
94.44
94.44
94.44
2018-2023
85
INSCUT BUCURESTI SA
2
ROMANIA
CONSTRUCTION
-
-
100.00
100.00
1997-2023
86
IOANNA PROPERTIES SRL
ROMANIA
OTHER
100.00
100.00
100.00
100.00
2005-2023
87
JEBEL ALI SEWAGE TREATMENT PLANT JV
2
UΑΕ
CONSTRUCTION
-
-
100.00
100.00
-
88
LEVASHOVO WASTE MANAGEMENT PROJECT LLC
RUSSIA
CONCESSIONS
73.61
73.61
98.61
98.61
-
89
PMS PROPERTY MANAGEMENT SERVICES AE
GREECE
REAL ESTATE DEVELOPMENT
55.46
55.46
55.46
55.46
2018-2023
90
PROFIT CONSTRUCT SRL
ROMANIA
REAL ESTATE DEVELOPMENT
55.46
55.46
55.46
55.46
2006-2023
91
REA WIND ENERGY SA
GREECE
OTHER
100.00
100.00
100.00
100.00
2022-2023
92
REDS REAL ESTATE DEVELOPMENT SA
GREECE
REAL ESTATE DEVELOPMENT
55.46
55.46
55.46
55.46
2018-2022* , 2023
93
SC CLH ESTATE SRL
ROMANIA
REAL ESTATE DEVELOPMENT
55.46
55.46
55.46
55.46
2006-2023
* 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 (*).
1
New companies
The following companies are included in the consolidated financial statements of 31.12.2023 that were not included in the consolidated statements of the
previous fiscal year ended 31.12.2022:
➢ GOURNES S.A., with registered office in Greece. The company was acquired in Q1 2023 by the REDS subsidiary which holds 100% of its share capital.
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(294) / (297)
➢ PYLIA ODOS SA, with registered office in Greece. The company was founded by the subsidiary Aktor Concessions, which owns 60% of its share
capital.
2
Companies that are no longer consolidated on 31.12.2023
In the context of the implementation of the transaction for the transfer of the Construction Segment to INTRAKAT SA on 08.11.2023, the above companies
of the Construction Segment have been fully consolidated until 07.11.2023.
The subsidiary company YIALOU COMMERCIAL & TOURISM SA has been consolidated by 30.11.2023. On that date, the sale of all of its shares by its parent
company, REDS SA, to TRADE ESTATES REIC was completed.
Please note that for the subsidiaries in the Table in which the Group’s consolidation rate shown is less than 50%, the direct participation of the subsidiaries
participating in their share capital exceeds 50%.
43.b The companies of the Group consolidated using the equity method are as follows:
PARENT % 31.12.2023
PARENT % 31.12.2022
Α/Α
COMPANY
REGISTERED
OFFICE
SECTOR OF ACTIVITY
DIRECT
INDIRECT
TOTAL
DIRECT
INDIRECT
TOTAL
UNAUDITED TAX
YEARS WITH TAX
COMPLIANCE
CERTIFICATES* &
UNAUDITED
YEARS
Associates
1
ATHENS CAR PARK SA
CONCESSIONS
29.00
29.00
29.00
29.00
2018-2023
2
ANEMOS RES SA
GREECE
OTHER
25.00
25.00
25.00
25.00
2022*,2023
3
AEGEAN MOTORWAY SA
GREECE
CONCESSIONS
22.22
22.22
22.22
22.22
2018-2023
4
BEPE KERATEAS SA
2
GREECE
CONSTRUCTION
-
-
35.00
35.00
2018-2023
5
GEFYRA SA
GREECE
CONCESSIONS
27.71
27.71
27.71
27.71
2018-2022* , 2023
6
GEFYRA LITOURGIA SA
GREECE
CONCESSIONS
29.48
29.48
29.48
29.48
2018-2023
7
PROJECT DYNAMIC CONSTRUCTION
GREECE
ENVIRONMENT
30.52
30.52
30.52
30.52
2018-2023
8
ENERMEL SA
GREECE
ENVIRONMENT
47.22
47.22
47.22
47.22
2018-2023
9
PASIPHAI ODOS SA
1
GREECE
CONCESSIONS
20.00
20.00
-
-
2023
10
PEIRA SA
GREECE
REAL ESTATE DEVELOPMENT
50.00
50.00
50.00
50.00
2018-2023
11
CHELIDONA SA
2
GREECE
REAL ESTATE DEVELOPMENT
-
-
50.00
50.00
2018-2023
12
METROPOLITAN ATHENS PARK
GREECE
CONCESSIONS
25.70
25.70
25.70
25.70
2022-2023
13
POLISPARK AE
GREECE
CONCESSIONS
33.00
33.00
30.21
30.21
2018-2023
14
SALONICA PARK ΑΕ
GREECE
CONCESSIONS
24.70
24.70
24.70
24.70
2018-2023
Joint Ventures
15
THERMAIKI ODOS S.A.
GREECE
CONCESSIONS
50.00
50.00
50.00
50.00
2018-2023
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(295) / (297)
PARENT % 31.12.2023
PARENT % 31.12.2022
Α/Α
COMPANY
REGISTERED
OFFICE
SECTOR OF ACTIVITY
DIRECT
INDIRECT
TOTAL
DIRECT
INDIRECT
TOTAL
UNAUDITED TAX
YEARS WITH TAX
COMPLIANCE
CERTIFICATES* &
UNAUDITED
YEARS
16
STRAKTOR SA
2
GREECE
CONSTRUCTION
-
-
50.00
50.00
2018-2023
17
GEOTHERMAL OBJECTIVE II
GREECE
ENVIRONMENT
48.17
48.17
48.17
48.17
2021-2022*,2023
* 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 (*).
1
New companies
The following companies are included in the consolidated financial statements of 31.12.2023 that were not included in the consolidated statements of the
previous fiscal year ended 31.12.2022:
➢ PASIPHAI ODOS SA, with registered office in Greece. The company was established in the 2nd quarter of 2023. The subsidiary Aktor Concessions owns
20% of its share capital.
2
Companies that are no longer consolidated
In the context of the implementation of the transaction for the transfer of the Construction Segment to INTRAKAT SA on 08.11.2023, the above companies
of the Construction Segment have been fully consolidated with the net equity method until 07.11.2023.
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.
Α/Α
JOINT VENTURES
REGISTERED
OFFICE
% PARTICIPATION
31.12.2023
UNAUDITED YEARS
1
J/V TOMI SA – HLEKTOR SA (ANO LIOSIA LANDFILL CONSTRUCTION - SECTION II)
GREECE
38.15
2018-2023
2
JV TOMI-BILFINGER BERGER (CYPRUS- PAPHOS LANDFILL)
CYPRUS
94.44
2018-2023
3
JV DETEALA- HELECTOR-EDL LTD (EXPLOITATION OF BIOGAS, ANO LIOSION LANDFILL)
GREECE
28.33
2018-2023
4
JV HELECTOR SA-BILFINGER BERGER (MARATHOUNTA LANDFILL & ACCESS WAY)
CYPRUS
94.44
2018-2023
5
J/V HELECTOR– ARSI SA (LEASED SERVICES FOR THE OPERATION OF INCINERATOR)
GREECE
75.56
2018-2023
6
J/V BILFIGER BERGER - MESOGEIOS- HELECTOR SA (DRAINAGE TREATMENT - TAGARADA LANDFILL)
GREECE
27.39
2018-2023
7
J/V TOMI INDUSTRIAL AND COMMERCIAL SA –HELEKTOR SA (CONSTRUCTION FIRST PHASE of the 2nd LANDFILL OF THE MUNICIPALITY
OF FYLI)
GREECE
20.54
2018-2023
8
J/V PANTECHNIKI SA- J&P AVAX SA- BIOTER SA
GREECE
39.32
2018-2023
9
J/V TERNA SA – PANTECHNIKI SA
GREECE
16.50
2018-2023
10
J/V PANTECHNIKI SA – ARCHITECH SA– OTO PARKING SA
GREECE
45.00
2018-2023
11
J/V TOMI – HELECTOR – KONSTANTINIDIS (FIRST PHASE CONSTRUCTION - 2nd WEST ATTICA LANDFILL)
GREECE
14.38
2018-2023
12
J/V HELECTOR– ENVITEC (SUPPORT - OPERATION - MAINTENANCE OF MECHANICAL RECYCLING FACTORY)
GREECE
47.22
2018-2023
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(296) / (297)
Α/Α
JOINT VENTURES
REGISTERED
OFFICE
% PARTICIPATION
31.12.2023
UNAUDITED YEARS
13
J/V HELECTOR SA – TH.G.LOLOS - CH.TSOBANIDIS - ARSI SA (SUPPORT - OPERATION - MAINTENANCE OF MECHANICAL RECYCLING
FACTORY)
GREECE
66.11
2018-2023
14
J/V HELECTOR SA –TH.G.LOLOS- CH.TSOBANIDIS- ARSI SA- ENVITEC SA (RECYCLING FACTORY SERVICES)
GREECE
47.08
2018-2023
15
J/V KONSTANTINIDIS -HELECTOR
GREECE
46.28
2018-2023
16
CONSORTIUM AKTOR SA - HELECTOR SA
BULGARIA
71.78
-
17
J/V AKTOR SA - HELECTOR SA
GREECE
18.89
2018-2023
18
INCINERATOR LEASE J/V HELECTOR SA - ARSI SA (LEASE OF MEDICAL WASTE INCINERATOR (SIAPA)
GREECE
66.11
2019-2023
19
J/V HELECTOR - MICHANIKI PERIVALLONTOS SA (POLYGYROU- ANTHEMOUNTA LANDFILL)
GREECE
47.22
2019-2023
20
J/V HELECTOR - MICHANIKI PERIVALLONTOS SA (OPERATION OF PARAMYTHIAS LANDFILL)
GREECE
47.22
2019-2023
21
J/V ENVIRONMENTAL ENGINEERING SA - HELECTOR SA
GREECE
47.22
2019-2023
22
J/V FOR THE FYLI LANDFILL CELL SLOPES PROJECT
GREECE
47.22
2019-2023
23
J/V HELECTOR SA - AKTOR FM SA
GREECE
56.67
2019-2023
24
J/V FOR THE EXPLOITATION OF BIOGAS IN WESTERN MACEDONIA HELECTOR SA - THALIS ES S.A.
GREECE
56.67
2020-2023
25
J/V HELECTOR SA - TOMI SA - REHABILITATION OF THE SANITARY LANDFILL OF THE MUNICIPALITY OF SERRES
GREECE
75.56
2020-2023
26
J/V HELECTOR SA– WATT SA
GREECE
78.39
2021-2023
27
J/V PRASINOU EMA
GREECE
51.94
2021-2023
28
J/V HELECTOR - ENVIRONMENTAL ENGINEERING (ARNAIA)
GREECE
47.22
2021-2023
29
TRANSITIONAL MANAGEMENT J/V ORG APOVL. PKM HELECTOR SA MESOGEOS SA
GREECE
47.22
2022-2023
30
JV HELECTOR SA - TOMI SA (EDESSA)
GREECE
83.28
2023
31
J/V AKTOR TECHNICAL SA - HELECTOR SA (CONSTRUCTION OF THE EXTENSION OF A WATER TREATMENT PLANT IN THESSALONIKI
PHASE 2)
GREECE
21.87
2023
32
J/V AKTOR SA - HELECTOR SA (AINEIA 18/2021)
GREECE
28.33
2023
33
J/V HELECTOR WATT MES WEST ATTICA INTEGRATED WASTE MANAGEMENT FACILITY
GREECE
47.22
2023
34
J/V HELECTOR SA THALIS SA (UPGRADING OF WASTEWATER INFRASTRUCTURE OF THE MUNICIPALITY OF POROS)
GREECE
47.22
2023
35
JV HELECTOR CHERSONISSOS SA - LIMENIKI SA
GREECE
75.56
2023
36
J/V HELECTOR SA THALIS E S SA (SLUDGE DRYING OF CHANIA WTP)
GREECE
66.11
2023
37
J/V THALIS ES SA HELECTOR SA (SLUDGE TREATMENT OF FODISA B PLAIN WTP)
GREECE
47.22
2023
Compared to the consolidated financial statements of 31.12.2022, the following joint ventures were not consolidated since they were dissolved through the
competent Tax Offices in 2023:
➢ J/V AKTOR SA - AKTOR CONTRACTORS LTD
➢ J/V HELECTOR SA – ZIORIS SA
➢ J/V AKTOR SA - PANTECHNIKI SA
➢ J/V AKTOR –ATHINA (BIOLOGICAL WASTEWATER TREATMENT, VOUKOURESTIOU)
➢ J/V HELECTOR SA - AKTOR TECHNICAL SA (EGNATIA HIGH FENCING PROJECT)
ELLAKTOR SA
Annual Financial statements in line with IFRS
for the financial year from 1 January to 31 December 2023
Amounts in € thousand, unless otherwise stated
(297) / (297)
On 08.11.2023, as part of the transaction for the sale of the Construction sector, a number of joint ventures in which AKTOR SA and ΤΟΜΙ SA participated
(a total of 96 joint ventures) were transferred to ΙΝΤRΑΚΑΤ SA.