According to the latest financial data, the Hellenic Public Properties Company (HPPC) SA achieved a turnover of €55.54 million in 2023, marking a 15% increase from €48.48 million in the previous year. Additionally, rental income rose by 21% year-on-year.
The company’s operating costs in 2023 amounted to €52.41 million, a significant decrease from €302.23 million in 2022.
The ongoing "dispute" with the hotel group of Pantelis Mantonanakis, which controls Attikos Ilios and spearheaded the Lagonissi investment nearly 24 years ago, continues to have a substantial impact on ETAD’s performance. The company has successfully won approximately €630 million in claims against the Greek State following eight rulings from the Supreme Court’s arbitration court.
As stated in its 2023 financial statements, ETAD has made considerable progress in managing overdue debts. Specifically, the company has:
- Collected approximately €5.95 million in overdue debts.
- Settled 7 overdue debt cases totaling approximately €0.847 million.
- Issued 35 debt certificates, in accordance with KEDE, totaling around €3.637 million
Company Business Units Performance in 2023:
- Caves of Diros: Visitation increased by nearly 50%, with a 68% rise in income. However, overall results were affected by voluntary closures.
- Akti Vouliagmeni: EBITDA grew by 33%, and ticket sales rose by 5.5%.
- Bourtzi Fortress, Nafplio: In collaboration with the Ministry of Culture, ETAD reopened the Bourtzi Fortress after decades, following extensive renovation. The monument attracted nearly 40,000 visitors between August 18 and December 31, 2023.
- Parnassos Ski Center: ETAD applied for funding from the Recovery and Resilience Fund in November 2023 for the "Modernization of the Herakles Ski Lift" project. Despite limited snowfall, the center hosted over 113,000 visitors and operated for over 100 days.
- Voras - Kaimaktsalan Ski Center: In December 2023, ETAD submitted a funding application for "Upgrading the infrastructure of the Vora Ski Center" to modernize the resort and increase visitor traffic. The center welcomed over 17,000 skiers and visitors.
- Camping Asprovalta: The campsite saw a 28% increase in overnight stays and nearly 30% growth in revenue.
- Thermal Springs Operations: The thermal springs operated throughout the summer season, as well as on public holidays and weekends.
- Health & Safety Audit: A comprehensive audit was conducted across 8 business units:
- Caves of Diros
- Akti Vouliagmeni
- Achillio Museum
- Marina of Thessaloniki
- Camping Asprovalta
- IP Caiaphas
- IP Hypatis
- IP Edipsos
- Goals for 2024:
ETAD aims to increase its revenue through
- More efficient utilization of its properties.
- Rational management of its business units.
- Increasing the overall value of its portfolio.
- Business Plan for 2024 includes:
Completion of tender processes for:
- Long-term lease of 8 XENIA properties (Tsagarada in Pelion, Karterou in Heraklion, Komotini, Xanthi, Kozani, Kalentziou in Achaia, Kastania in Corinth, and Platamonas in Pieria) and two tourist kiosks (Zacharos and Lourou in Ioannina).
- Long-term lease of a portion of the Faliro Olympic Complex, including the indoor TAE KWON DO stadium, the Glass Building, and the Water Square.
- Sale of 20 urban properties.
