DOCSLIB.ORG

Viohalco Sanitary Ware and Level to Finance the Company Was Tile Production the Swift Incorporated in Occurred

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

801 ANNUAL REPORT 2015 Viohalco • Annual Report 2015 1 Contents Viohalco S.A. 2 Message from the President of the Board of Directors 4 Viohalco’s portfolio - Business segments 8 History of Viohalco 10 Management Report 12 1. 2015 Highlights and 2016 Outlook 13 2. Subsequent events 14 3. Business performance and activity report 14 4. Risk and uncertainties 62 5. Circumstances that may considerably impact the development of Viohalco 66 Corporate Governance Statement 68 Shareholder Information and Market Data 80 Consolidated Financial Statements 2015 83 Statutory auditor's report b1 Condensed Statutory Balance Sheet and Income Statement b3 Declaration of responsible persons b5 Glossary b6 2 Viohalco S.A. Viohalco S.A. is a Belgium-based holding company of commercial subsidiaries, agents and distributors, Viohalco’s leading metal processing companies across Europe. companies have the global reach and expertise to support their customers worldwide, offering a wide range of With production facilities in Greece, Bulgaria, Romania, products and reliable services. Moreover, they constantly Russia, FYROM, Australia, and the United Kingdom, invest in research and technology, closely monitoring the Viohalco’s subsidiaries focus on achieving technological most recent market developments. advancement and specialise in the manufacture of aluminium, copper, cables, steel and steel pipes products. Viohalco’s portfolio also includes a segment dedicated to technology and R&D, comprising companies focused on Viohalco’s companies are committed to sustainable industrial research and technological development, manufacturing of high quality products and innovative engineering applications, ERP application services, as well solutions for various dynamic markets such as, building and as a segment dedicated to recycling and waste construction, energy and telecommunication networks, oil management services. and gas, transportation, marine, automotive, food and pharmaceutical packaging, heating and air conditioning, Viohalco and its companies also own substantial real estate, lithography and numerous other industrial applications. mainly in Greece, and have implemented redevelopment Through a strong marketing and sales network, including projects on a number of properties. Viohalco key data Viohalco key figures in 2015 • Listed on Euronext Brussels Exchange (VIO) and • Revenue: EUR 3.3 billion on the Athens Exchange. • EBITDA: EUR 194 million • Subsidiaries listed on the Athens Exchange: Halcor (XAKO), • EBIT: EUR 73.4 million Hellenic Cables (ELKA), Corinth Pipeworks (SOLK). • Loss of the year: EUR 63.4 million • Equity: EUR 1.2 billion • Total assets: EUR 3.5 billion • Total net debt: EUR 1.5 billion Subsidiaries’ key data Subsidiaries’ investments • Commercial network in 21 countries • 2001-2015: over EUR 2.3 billion • Products distributed in more than 100 countries • 2015: EUR 206 million Viohalco • Annual Report 2015 3 4 Message from the President of the Board of Directors The year 2015 was marked by a further decline in the rates subsequent merger with its subsidiary, Symetal, and lastly of global growth, due to the fall in commodities prices and the cross border merger of Viohalco and Elval, Alcomet, the deceleration of the development of the emerging Diatour and Eufina in February 2016. economies. Despite the context of this volatile and significantly Europe faces major institutional changes including the unstable environment, Viohalco and its companies have refugee crisis, the trend in oil and gas prices which caused strived to deliver improved results across all their key a number of energy projects to be postponed worldwide, performance indicators. Being motivated by its solid the deceleration of Chinese economic growth which fundamental principles of continuous improvement and affected global demand for our products and the sustainable development within all aspects of its continuous economic recession and political instability in operations and remaining focused on the implementation Greece, which disrupted both large scale and smaller of their strategy, Viohalco carried out the implementation projects. In this context, the risk of uncertainty and of its investment plan. nervousness in the markets has been raised. These developments had the most pronounced impact on our During 2015, Viohalco completed a number of important steel operations, which were adversely affected by the projects which reinforced its competitive position in its key increase in Chinese exports into European markets, in markets by enhancing its productivity and product range; particular. indicative are the new induction furnaces in Sovel and Sidenor’s plants, the installation of a vacuum degasser for As a result of difficult market conditions in Greece, gaining the production of high quality steel alloys in Stomana access to sufficient capital to fund constant development Industry and the construction of an LSAW method pipe of our business has been one of our key challenges in production unit at Corinth Pipeworks, enabling the recent years. To address this challenge, we have embarked penetration of the deep sea underwater pipeline market. on a corporate transformation which reached several key milestones during 2015. The completion of a series of Furthermore, the countries of the Eurozone benefited from corporate transformations provided Viohalco and its the decline of the value of Euro versus both the US Dollar companies with better access to capital and a higher profile and the GBP. The parity between Euro and US Dollar and in financial markets, which in turn, will facilitate further the GBP respectively positively affected the profitability of progress. Firstly, the cross border merger of Viohalco and exports to the United States, other USD denominated its subsidiary Sidenor in 2015, then the separation of the trading countries and the UK. The low oil prices, although industrial and commercial segments of Elval and their they were partly offset by the strong US Dollar rate, Viohalco • Annual Report 2015 5 positively affected production and transportation costs. To ensure sustainable development beyond the short-term, Viohalco consolidated revenue for 2015 increased by 11.3% we aim to further reduce our environmental footprint, raise to EUR 3,275 million, compared to the EUR 2,943 million in our operational health and safety standards, and provide 2014. This growth was mainly achieved due to sales volume outstanding opportunities for the development of our increase in all segments, with the exception of the steel people, as well as continuous support for the local segment, and the improved product mix for most communities in which we operate. The upgrading of our segments. The largest volume growth was registered in the production facilities through intensive investment cables’ and steel pipes’ segments. Consolidated revenue programmes render us now better positioned to increase was also positively affected by a 6.5% increase in the exports and improve the penetration of markets by offering average price of primary aluminium, while it was negatively new growth opportunities. affected by the 4.2% decline in copper price. Looking to the future, we are cautiously optimistic about Net finance costs increased by 15% to EUR 111 million in the outlook of 2016 given the current political and 2015 from EUR 96 million in 2014, due to an increase of EUR economic scene in our key markets, but we remain 52 million in total debt and an increase in other interest confident that we will effectively adapt to the ever- bearing instruments to finance increased working capital changing economic and business conditions in which we needs. operate. Loss before income tax of Viohalco in 2015 amounted to EUR Nikolaos Stassinopoulos 36.8 million compared to a loss before income tax of EUR 90 President of the Board of Directors million in 2014. Loss of the year amounted to EUR 63.4 million in 2015, compared to a loss of EUR 87.5 million for 2014. 6 Viohalco’s companies’ presence Headquarters Customers served in more than 100 countries Viohalco • Annual Report 2015 7 Manufacturing sites in 7 countries A strong commercial network in 21 countries 8 Viohalco’s portfolio - Business segments Viohalco operates under the following organisational framework that comprises eight business segments: Viohalco segments Aluminium Copper Elval Bridgnorth Aluminium Etem Bulgaria Halcor Symetal * Elval Colour Sofia Med Fitco Cables Steel Hellenic Cables Sidenor Steel Industry Stomana Industry Icme Ecab Fulgor Sovel Dojran Steel Steel pipes Real estate Corinth Pipeworks Noval Zao TMK CPW Technology and R&D Recycling Elkeme Teka Systems Praksys Aeiforos Anamet Aeiforos Bulgaria Bianatt * Business Unit • Aluminium : Elval and its subsidiaries, Bridgnorth power, telecommunication and submarine cables, as Aluminium and Etem Bulgaria, deliver a wide variety of well as enamelled wires and compounds. products from aluminium coils and sheets for general applications and aluminium foil for household use, to • Steel : Sidenor Steel Industry, Stomana Industry and special products, such as rolled and extruded alu minium their subsidiaries manufacture long, flat and down - products for shipbuilding, automotive and construction stream steel products. industries, and lithographic coils. • Steel pipes : Corinth Pipeworks engages in the pro - • Copper : Halcor and its subsidiaries produce a wide duction of steel pipes for the transportation of natural range of copper and copper alloy products that span gas, oil and water networks, as well
Recommended publications
  • AXIA Research

    AXIA Research

    Greece Outlook 2019: The year of the elections AXIA Research Table of Contents Start of a new era ......................................................................................................... 3 Early elections or at the end of the government’s term? ....................................................................... 3 Unexciting economic performance, while fiscal space shrinks without pro-growth ........................................... 4 Elections is the key catalyst for the markets .................................................................................... 5 Top picks ......................................................................................................................... 5 2019, the year of the elections ......................................................................................... 6 The day after the Prespa Agreement ......................................................................................................................................... 6 Timing of elections: May vs. September/October ...................................................................................................................... 7 Looking at recent polls ............................................................................................................................................................... 9 Strategies by Syriza and ND ahead and after the elections ...................................................... 13 Syriza to try to close the gap with ND as is already regrouping
  • ³Privatisation, Employment and Employees´ Nikiforos Manolas

    ³Privatisation, Employment and Employees´ Nikiforos Manolas

    &RQIHUHQFHRQ ³3ULYDWLVDWLRQ(PSOR\PHQWDQG(PSOR\HHV´ 1LNLIRURV0DQRODV (FRQRPLVW 0LQLVWU\RI(FRQRP\DQG)LQDQFH *UHHFH 5HJXODWRU\ 5HIRUPV 6WUXFWXUDO &KDQJHV DQG 3ULYDWLVDWLRQ LQ *UHHFH GXULQJ V 3DSHU VXEPLWWHG EXW QRW SUHVHQWHG ± 2FWREHU $WDN|\ ,VWDQEXO 7XUNH\ 5HJXODWRU\5HIRUPV6WUXFWXUDO&KDQJHVDQG3ULYDWLVDWLRQLQ*UHHFHGXULQJV ,%DFNJURXQG During 90s, for the fist time in post-war history, Greek strategies for economic development shifted markedly reliance on market forces rather than on state-managed growth. In the pre-1974 period Greece’s state-led development strategy based on import substitution and credit allocation produced strong growth (7% with manufacturing on the average at 11.4% annually), combined with low inflation (4%) and small balance of payments deficits (2.1% of GDP) until 1974. From 1974 until 1995 the economy showed a completely different picture. GDP annual growth rate averaged 2%, manufacturing growth slowed to almost zero, annual inflation averaged 18%, and the average external deficit, as a share of GDP, doubled. This performance was much worse than that of its neighbors and the other countries of the European Union (EU). The economic slowdown can be attributed almost completely to two major factors, namely the decline in the share of total investments in GDP, and the decline in the productivity of new investments. In an environment which had led to a downward spiral in economic performance, ultimately resulting in crisis (of slowing growth) and many large private firms that had grown rapidly in
  • Annual Report 2020

    Annual Report 2020

    Business segments Enter/ Full Financial Financial Exit Screen Highlights R&D&I and Statements 2020 Aluminium Copper Cables Steel pipes Steel Real estate Technology 2020 ● ● ● ● ● ● ● ● ● Annual Report 2020 Business segments Enter/ Full Financial Financial Exit Screen Highlights R&D&I and Statements 2020 Aluminium Copper Cables Steel pipes Steel Real estate Technology 2020 ● ● ● ● ● ● ● ● ● Copper Steel Pipes page 22 page 36 Aluminium Cables page 16 page 30 © Noble Energy © Noble Energy Business segments Enter/ Full Financial Financial Exit Screen Highlights R&D&I and Statements 2020 Aluminium Copper Cables Steel pipes Steel Real estate Technology 2020 ● ● ● ● ● ● ● ● ● Table of contents A. Viohalco 2 B. Message from the President of the Board of Directors 4 C. Business segments 6 D. Financial highlights 2020 10 E. Business segments review 16 F. Subsequent events 58 G. Risks and uncertainties 60 H. Non-financial information report 66 I. Corporate governance statement 80 J. Appendix – Alternative Performance Measures (APMs) 96 K. Consolidated financial statements 2020 and Auditor’s report 102 L. Declaration of responsible persons 194 M. Condensed statutory balance sheet and income statement 195 N. Glossary 198 Real Estate page 48 Steel R&D&I and page 42 Technology page 52 Business segments Enter/ Full Financial Financial Exit Screen Highlights R&D&I and Statements 2020 Aluminium Copper Cables Steel pipes Steel Real estate Technology 2020 ● ● ● ● ● ● ● ● ● A. Viohalco Viohalco S.A. (‘Viohalco’) is the Belgium-based holding company
  • Corporate Presentation

    Corporate Presentation

    Corporate Presentation Viohalco at a glance Diversified metals processing leader providing a wide range of products and solutions tailored to international customers’ needs. Listed holding company 7 business Serving Investments 2020 Focused on 80+ years of leading metal segments 21 markets EUR 283 million technology history processing companies and innovation across Europe Sales across the globe Sales revenue in EUR million Aligned with European Green Deal principles through low carbon operations and circular products 4,406 4,198 Product line supporting the transition to a 3,850 3,721 climate neutral economy 3,119 Strong environmentally focused investment Revenue 2020 a-EBITDA 2020 EBT 2020 programme with annual expenditures in EUR 3.9 billion EUR 295 million EUR 59.5 million excess of EUR 26 million Highly skilled personnel with industrial 2016 2017 2018 2019 2020 experience in secondary metals production Corporate Presentation | 2 Segments Operating through distinct business segments, Viohalco companies provide quality, innovative products and services Segmentsto a diverse range of industries. Aluminium Copper Cables Steel pipes Steel Real estate Technology and R&D&I Viohalco and Cenergy Holdings are listed on the Euronext Brussels and the Athens Stock Exchange ElvalHalcor is listed on the Athens Stock Exchange Corporate Presentation | 3 Markets Diversified portfolio of businesses serving dynamic markets, such as building and construction, beverages and food packaging, sea, road and rail transportation, automotive, telecommunications,
  • Speakers CV Speakers CV

    Speakers CV Speakers CV

    2 Speakers CV Speakers CV Opening Session John Chadjivassiliadis Chairman ΙΕΝΕ Dipl. Mechanical and Electrical Engineer of the NTUA (1960) is expert in the development of the renewable energy sources and sustainable power systems. Worked for the Public Power Corporation (1962-1990) in the department of power generation, he was director of power plants, and project manager in large power plants. From the mid-1970s John was in charge of the development of wind and solar energy projects for power generation with the successful Windpark of Kythnos, the first in Europe (1982) and the biggest hybrid by wind and solar PV. Since 1990, he is consultant engineer in energy, especially in the renewable energy sources, energy efficiency and sustainable development. For many years he served as an expert in evaluating research proposals and programs, coordinator and technical assistant of large research projects for RES integration into the networks within the European Commission research programs. John has been a scientific committee member in a number of European and international conferences, invited lecturer in international events and conferences where he presented over 80 papers. H e is founding Member of the European Wind Energy Association (EWEA, 1982), member of national and EU missions for international cooperation in scientific research and technology, founding Member and Secretary General of IENE, National Representative in the Mirror Group of the European PV Technology Platform, Member of the Scientific Committee of the Hellenic Association of Mechanical and Electrical Engineers, Major in Reserve of the Hellenic Army in the Technical Corp. John is the recipient of the “Prize Aeolus” Award, for his contribution in wind energy development, by the Hellenic Wind Energy Association-member of EWEA (2009), as well as of the “2010 PES Chapter Outstanding Engineer” Award, for his contribution in renewable energy research and development by the ΙΕΕΕ Power & Energy Society, PES Greece Chapter.
  • Hellenic Petroleum – a Leading Energy Group in SE Europe

    Hellenic Petroleum – a Leading Energy Group in SE Europe

    Credit Update June 2014 Contents • Introduction – Group Overview • Strategy update • Industry & market developments • Credit update • Strategic business units (SBUs) • Appendix 1 Group’s Profile • Largest SEE independent downstream Group, with investments in Power & Gas – €10b Turnover with 14 MT of product sales, with strong export orientation (50% exports) – Leading Greek market position covering c. 60- 65% of local wholesale market fuels demand – Regional footprint through subsidiaries; coastal refineries provide supply chain advantage • Completed its strategic investment plan, with positive cash flow impact – A €2bn investment plan with €150-200m of incremental cash flow opportunity at mid-cycle margins; no material capex requirements – Asset portfolio allows upside on recovery of refining margins and Greek market • Successfully implemented a transformation competitiveness improvement plan on Group structure and operational model – Transformation initiatives added c.€270m annual benefits with additional opportunities of €130m over the next 18-24 months • Consistent delivery of strategic targets; improving balance sheet – Achievement of strategic targets, despite Greek crisis & industry “black swans” – Continuous support from local and international relationship banks throughout crisis – Completion of capex cycle allows deleveraging from higher than target gearing – Opportunities for value monetisation (DEPA/DESFA sale process) 2 Complex refining asset base and leading domestic market share; Group positioned to benefit from Greek market
  • Press Release of Viohalco Sa

    Press Release of Viohalco Sa

    REGULATED INFORMATION INSIDE INFORMATION PRESS RELEASE OF VIOHALCO SA Brussels, March 10, 2021 The enclosed information constitutes regulated information as defined in the Belgian law of 2nd August 2002 and the Royal Decree of 14 November 2007 regarding the duties of issuers of financial instruments which have been admitted for trading on a regulated market. Viohalco’s subsidiary, ElvalHalcor today submits its results for the year ended 31 December 2020 to the Athens Stock Exchange Highlights • Strong profitability with a-EBIDTA at EUR 136 mil • Robust and well-established presence across all markets • Completion of the investment and successful operation of the new four-stand Tandem hot rolling aluminium mill • Uninterrupted operations for all production facilities despite the Covid-19 pandemic 2020 was marked by the new coronavirus pandemic that affected and continues to test all countries at a global scale by affecting all aspects of human activity. All countries imposed restrictions in movement, which were called to confront a significant number of challenges. As a result, during the first half of 2020, rapid signs of a substantial slowdown of the global economy started to show at unprecedented levels. ElvalHalcor responded immediately by prioritising the health and safety of its employees, suppliers, customers and partners, taking measures that secure the unhindered operation of its production facilities with the least possible repercussions, supporting our society. Under these circumstances, ElvalHalcor's consolidated revenues presented a slight decrease by 0.8% for 2020 despite the 6.8% recession in the Eurozone reaching total sales of EUR 2,028.6 million, compared to EUR 2,044.6 million for the respective prior year.
  • Chapter 15 Greece: Case Studies of a Mechanism for Company ‘Exit’ from a Crisis-Ridden Country

    Chapter 15 Greece: Case Studies of a Mechanism for Company ‘Exit’ from a Crisis-Ridden Country

    Chapter 15 Greece: case studies of a mechanism for company ‘exit’ from a crisis-ridden country Christos A. Ioannou 1. Introduction Since the onset of the financial crisis, there have been a number of prominent cases of companies ‘exiting’ Greece through an effective transfer of their registered headquarters to another country. These have been complex, multi-stage processes, particularly in the cases in which the companies were listed on the Athens stock exchange, thus engaging securities law as well as company law. This chapter analyses three of these cases, the relocation of the metals group Viohalco to Belgium, the dairy company FAGE to Luxembourg and the Coca-Cola Hellenic Bottling Company to Switzerland. The Cross-border Mergers Directive played a direct role in the first two cases, both of which involved forming a subsidiary in another Member State and then merging the parent company into that subsidiary. The third case used a similar mechanism, however, as the transfer was to a country outside of the EU (Switzerland), the Directive was not used specifically. Significantly, in all three cases the mergers were one component of ‘in- house’ restructurings rather than the joining together of truly independent companies. These three cases had very different impacts on labour and labour relations. The first case analysed – the merger of the metals group Viohalco SA Group into a Belgian listed holding in 2013 – was received positively by the trade union and the workers’ side. There were no direct negative implications for employment relations in the group of companies involved and affected by the Cross-border Mergers Directive.
  • Asset Development Plan 31 January, 2017

    Asset Development Plan 31 January, 2017

    Asset Development Plan 31 January, 2017 Table of Contents 1. Regional Airports ................................................................................................................................................................................................................. 3 2. Hellinikon ............................................................................................................................................................................................................................. 4 3. Afantou, Rhodes .................................................................................................................................................................................................................. 5 4. Hellenic Gas Transmission System Operator (DESFA) ......................................................................................................................................................... 6 5. Piraeus Port Authority (OLP) ................................................................................................................................................................................................ 7 6. Thessaloniki Port Authority S.A. (OLTH) .............................................................................................................................................................................. 8 7. 10 Port Authorities ..............................................................................................................................................................................................................
  • Annual Financial Report for the Period from 1 of January

    Annual Financial Report for the Period from 1 of January

    Annual Financial Report For the Period from 1st of January to 31 st of December 2014 In accordance with Law 3556/2007 SIDENOR HOLDINGS S.A. Societe Anonyme Reg. No.: 2310/06/B/86/20 2-4 Mesogeion Ave. Athens These financial statements have been translated from the original statutory financial statements that have been prepared in the Greek language. In the event that differences exist between this translation and the original Greek language financial statements, the Greek language financial statements will prevail over this document. Annual Financial Report 31 December 2014 Table of contents Σελίδα Α. Board of Directors Statements 2 Β. Board of Directors’ Annual Report 3 C. Independent Auditor’s Report 20 D. Annual Financial Statements 23 E. Information as per article 10 of Law no. 3401/2005 91 F. Figures and Information 92 1 Annual Financial Report 31 December 2014 Α. Board of Directors Statements (According to article 4, par 2, of Law no. 3556/2007) The Members of the Board of Directors of the Societe Anonyme with the trade name SIDENOR HOLD- INGS S.A. and the distinctive title SIDENOR S.A., based in Athens, 2-4, Mesogeion Avenue: 1. George Kalfarentzos, son of Christos, Chairman of the Board of Directors, 2. Nikolaos Mariou, General Manager and BoD member, 3. Stavros Theodoropoulos, BoD member in our above capacity, hereby state and confirm that according to our knowledge: The company and consolidated financial statements of SIDENOR S.A., for the fiscal year 01.01.2014- 31.12.2014, which have been compiled according to the International Financial Reporting Standards, pro- vide a true and fair view of the assets and the liabilities, the own capital and the financial results of SIDENOR S.A., as well as the entities included in the consolidated financial statements, taken as a whole.
  • Hellenic Cables S.A. "Hellenic Cables Industry S.A."

    Hellenic Cables S.A. "Hellenic Cables Industry S.A."

    HELLENIC CABLES S.A. "HELLENIC CABLES INDUSTRY S.A." Report on the Market Value of the transferred assets and liabilities based on the Statement of Financial Position as at 31 December 2015 based on the provisions of article 52 of Law 4172/2013 DFK P AUDIT S.A. Certified Public Accountants and Business Advisors 4 Vas. Sofias & 153 Kifissias Ave., GR-151 24 Marousi Tel.: +30 (210) 7249302, Fax: +30 (210) 7212075 Greek ICPA (SOEL) Reg. No.: 163 Reg. No. in Accounting Standardisation and Auditing Committee (ELTE):031 www.pdaudit.gr HELLENIC CABLES SA Report on the Market Value of the transferred Assets and Liabilities based on the Statement of Financial Position as at 31 December 2015. Table of contents 1 Mission, purpose and extent of project 3 2 Establishment, term and registered office of the Contributor 4 3 Purpose of the Contributor 4 4 Shareholders - Share Capital of the Contributor 5 5 Management - Representation of the Contributor 5 6 Description of the Contributing Industry 5 6.1 Description of the Manufacturing Process per Factory 6 6.2 Description of the Industrial Products Manufactured 10 7 Description of Contributed Part of Commercial Sector 11 8 Approach to project and audit procedures 12 9 Valuation method 13 10 Valuation methodology for the contributed assets and liabilities 14 11 Breakdown of Statement of Financial Position as at 31 December 2015 of the contributed sector (amounts in Euro) 15 11.1 Assets 15 11.2 Liabilities 31 11.3 Equity 37 12 Conclusion 40 13 Details of Acquirer 42 14 Exchange ratio of shares 43 ANNEXES I.
  • Ellaktor Group Presentation De

    Ellaktor Group Presentation De

    Group Presentation December 2013 Recent Developments / 9M2013 Financial Highlights The agreements for the re-initiation of the suspended BOT projects of Argean Motorways and Olympia Odos have been submitted for approval to the parliament of the Hellenic Republic - financial close targeted in December 2013 Revenues in 9Μ 2013 reached € 884.5 ml, slightly increased (1.7%) compared to 9M2012, mainly as a result of increased revenues in Construction Operating profit (EBIT) reached € 83.9 ml Profit before tax reached € 42.9 ml, decreased by 13.8% vs 9M 2012 After tax (before minorities) the group reported losses of € 12.0 ml vs profits of € 26.8 ml in 9M 2012, negatively affected by increased deferred taxation of ~ € 25 ml as a result of the corporate tax rate increase from 20% to 26% (mainly impacting Attiki Odos) - no withholding tax on dividend distribution is expected on future dividend inflows from group companies that will have a net positive cash flow effect for the group Total construction backlog stands at ~ € 3.2 bn (incl. ~ € 390 ml of contracts pending signature) Negotiations for the re-initiation of the suspended BOT projects are in their final stages Corporate related Net Debt as of 30/9/2013 reached € 438.3 ml vs € 513.2 ml as of 31/12/2012, mainly due to an increase in cash - refinancing of corporate debt at ELLAKTOR and AKTOR Concessions is at its final stages of documentation and is expected to be signed by year end 2013 9eld0029 2 Key Investment highlights Leading infrastructure player in Greece with an increasing international footprint Significant values from participation in Eldorado Well-balanced diversified Gold / Hellas Gold portfolio of activities Growth prospects in Waste Unrivalled construction Management and knowhow (backlog Renewable Energy c.€3.2bn) Strong expected dividend stream from mature concessions (i.e.