As Mr. Peristeris, President and CEO of the group, said during the General Shareholders' Meeting, the sale of 36.6% of TERNA ENERGY brings to the already very strong fund of GEK TERNA additional liquidity of €900 million. total investment power of the GEK TERNA Group now exceeds a total of €3 billion "funds that will allow us to claim new major infrastructure projects and concessions in Greece and abroad".
In addition, GEK TERNA acquires an even more attractive financial profile, since approximately €1.1 billion is now deducted from its total borrowings, resulting in the Group's net borrowings (Pro-Forma) being reduced to zero.
As Mr. Giorgos Peristeris announced, the group is the largest investor in the field of concessions, having one of the youngest (average contract duration 25 years), more diversified and low-risk portfolios with projects such as Attiki Odos, Egnatia Odos, BOAK, Heraklion International Airport of Crete, etc.
Construction sector
In the construction industry, according to the company's management, it is the largest and most profitable group with the highest backlog exceeding €5 billion. Today, over 75% of the total backlog concerns private projects (own investments and projects for third parties), while over 55% concerns own investment projects. It is noted that the backlog is expected to increase, as the contracting of projects secured by the Group (eg BOAK) progresses. Our construction arm, TERNA, in 2023 set a new annual high in the construction sector, having managed to more than double its revenue within the last 2 years.
Over €1 billion of the Construction backlog, i.e. 20% of the Group's total backlog, concerns large and emblematic private projects, such as THE GRID, the new PWC Office Building, the Office Building on the TEE plot in Dachtylidi, the Four Seasons Hotel Mykonos, the One&Only Aesthesis Glyfada, the Hub26 in Thessaloniki, the Medical Transbalkaniko Thessaloniki, the Tower of Piraeus, and the Microsoft Data Center in Spata.
Benefits from selling GEK TERNA
According to Mr. Peristeris, the sale of 36.6% of TERNA ENERGY brings to the already very strong fund of GEK TERNA additional liquidity of €900 million, so the total investment power of the GEK TERNA Group now exceeds €3 billion in total "funds that will allow us to claim new major infrastructure projects and concessions in Greece and abroad".
In addition, GEK TERNA acquires an even more attractive financial profile, since approximately €1.1 billion is now deducted from its total borrowings, resulting in the Group's net borrowings (Pro-Forma) being reduced to zero. In terms of profitability, however, compensation for the contribution of TERNA ENERGY is expected. "Both our net and operating profitability will continue to grow at a double-digit rate in the coming years and will exceed €700 million in operating profitability within the next 5 years (2028)," concluded the group head.
