The last general meeting of Intrakat under this name was held yesterday, a few days after the presentation of the new name and its restructuring plan, as it has now been renamed Aktor Group of Companies.
The management raised the issue of the €200 million capital increase. As the group's President and CEO, Alexandros Exarchou, said, the amount of investment for the real estate, RES, and facility management sectors is "large and ambitious," saying that the group is expected to record the same growth rates as those of the last two years. It said that turnover increased from €225 million to €1.1 billion, while EBITDA reached €60 million, with backlog increasing from €1.3 billion to €4.5 billion.
"The most difficult task was the absorption of Aktor, which was facing serious difficulties prior to the acquisition, with many projects at risk of delays or cancellations," Mr. Exarchou noted, stressing, however, that the price for the acquisition "would be paid again.".
CAPITAL INCREASE
Speaking about the €200 million that was overruled by shareholders, Mr. Exarchou stressed that it was necessary, and an important part of this effort was to secure financing to meet the needs of the projects and accelerate their completion. "Aktor's absorption included important projects, such as the Thessaloniki metro and the Patras-Pyrgos project, in which the group is in a competitive position, while in Romania there was a 168% increase in productivity," he said.
THE STOCK
The biggest gamble, according to Mr. Exarchou, was how to bring Aktor's capacity on stream and end the year with a profitable result. "It was extremely difficult, but we did it, getting to now, changing the name to have a cohesive group, choosing the most historic name in the construction industry. Aktor is the heart of a group that we are creating and which will have nothing to do with the past," he said.
A large part of the restructuring involves investing capital to digitise the company's system of projects and operations in order to reduce human error to the maximum extent possible, as well as losses.
The integration of systems that monitor the progress of projects will allow the group to have a full picture of cash flow and understand problems that arise in construction and other activities.
He also reiterated the importance of investing in human resources, with the group creating its own nursery of scientists who will be trained on areas that the company needs. In this context, it will announce in January a program of 50 scholarships, aiming to make these 100 in three years.
Speaking about the five subsidiaries that the group has set up, Mr. Exarchou stressed that these will run with parallel dynamics, while he did not rule out the possibility that they will also operate autonomously in the future.
REAL ESTATE
On Aktor Real Estate and the agreement to acquire the 57 properties in Prodea's portfolio, he said that these are prime properties, already leased to prime tenants, and their performance is expected to reach EBITDA of €40 million in 2030 and €55 million in 2025. He added that these properties are expected to be legally settled by April. "The development of this business is important, but we do not intend to get into the... suffering of real estate development. For us, the purpose is to manage properties that exist, and we will use the other subsidiaries both for maintenance and energy efficiency that will give a picture of a steady revenue stream, creating security conditions."
RES
The group is also focusing on further development of wind power. It said it is a favorable time for wind turbine acquisitions with long-term tariffs. Within the next year, it aims to have at least 500 MW in operation.
FACILITY MANAGEMENT & CATERING
In facility management, the subsidiary will grow, and its operation will make a big contribution to the group, creating an advantage over other groups that do not have this asset. The company continues to be in negotiations to acquire a stake in a catering company.
TWO PROJECTS
Aktor is in discussions for two mature concession projects (majority and non-majority). According to him, the company is seeking a mature concession package, leaving open the possibility of a new capital increase if something closes, either in Greece or abroad. "The main interest in concessions is in Greece, but I think there will certainly be interest in Romania as well."
STAFF HOTELS
Mr. Exarchou also referred to the development of staff hotels, saying that two hotels are currently being completed in Mykonos and the procedures for leasing them will proceed. "It is a fantastic business with a small but stable and secure profit margin. We already have a big client, and we will choose an equally big client for the second one."
