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"We have not worked for the last two years, we were in a dead end in the decision-making on the board." With these sentences, the new CEO of the construction group "Elktrot ", Mr. Anastasios Kallitsantsis, stressed at the stage of the General Assembly of shareholders of the company the administrative crisis that has occurred within the largest technical enterprise of the country. Now, having been with his brother Dimitris in the internal struggle of major shareholders, he is being asked to shoulder the burden of reorganizing the group, a process that, according to the neutral observers, should have already taken place.
the general meeting of July 25 can be described as historical, because it is a single process for the country's business time, where a part of the shareholders ( a minority when the initiative was launched) was successful, with the help of At the same time, it is also a message addressed to the entire business sector, and not only to the construction, on the importance of the role of corporate governance for foreign institutional investors, decisive for the Kallitsantsi brothers, held vote. The historicity of this General Assembly has another dimension, since it marks the exit, at least for the moment, of the once powerful Bobola family of the building and public works sector with which it has been identified for years. decades. [19659002] The main pillar of the proposal that will be implemented by Kallitsantsi will be the development of a grouping strategy, abolishing the existing model, where each subsidiary was essentially an autonomous and rooted entity, which was headed by each shareholder separately. To this end, we have already begun the search process for senior market executives, who will take over the management of the group's most important subsidiaries, namely "Aktor", which constitutes the "Acron Concessions" construction arm, which groups together Concessions and "Electrot", the subsidiary of the waste management sector.
"Wind" and REDS, subsidiaries in the renewable energy and real estate sectors will continue to function as they are, as they are already run by professional managers. At the same time, the day after the group concerns the continuity of all the sites built by "Aktor", and as a new administration, where the movements were launched (for example contests, contracts),
As regards the existing minority shareholders, namely Leonidas Bobola and Dimitris Koutras, they have not disclosed their intentions regarding their retention in Elktrot 's capital as liabilities. shareholders, they're going to sell the shares t What seems like a small chance right now, it's the creation of a new construction company, which will compete with "Eldorator". Mr. Koutras could have recently said that if he was defeated he would establish a new company, but such an exercise seems extremely difficult because it requires substantial capital and a production mechanism, which is doubtful if it can be found soon
. Mr. Anastasios Kallitsantsis is eager to point out at the general meeting that if Ms. Bombola-Koutra's side turns against "Eldorator" and compete with her, "I think that spoils her reputation as a participant in the # 39; group history.I believe that if one of the two sides moves competitively, the other must respond. "
At the same time, the beginning of autumn is supposed to have taken the first important steps to change the way the group is managed, not only has it attempted to position itself as Chief Financial Officer for the entire group but has also begun to transfer the power of affiliates to group, that is to say at the central level. Thus, the group's board of directors will now have full control over individual activities, oversee them and make changes if the results are not desirable (which was not feasible until now, Business leaders were at the same time essential
It is recalled that Mr. Anastasios Kallitsantsis has publicly agreed that the term of office of the existing Board of Directors will be three years, at the end of which period he will retire. and will propose another board of directors
The plans and objectives of the new administration for the companies of the group
an increase in the EBITDA of 15% in the medium term and for all the activities of the "Ellector" group is intended for the new management, on the basis of the program presented in the previous weeks.On the basis of the strategic plan to be implemented, Specific and targeted interventions will be encouraged in the operation and targeting of the group (and of course the administration), and the maturity of the existing investment program in each sector will also be capitalized. Thus, it is estimated that it is possible to increase the operating profits by 67% in the field of wind farms, by 65% in concessions, by 15% in the sector of the wind farms. environment and 3.5% in the construction sector. Especially in the construction sector, the goal is to stabilize the turnover of more than 1 billion euros and the profit margin of 3.5 to 5%
For example, One of the first steps will be the merger of individual subsidiaries, of which about 12 million euros will be saved each year. With regard to the strategic plan, it is emphasized that the focus remains on the construction sectors (taking into account the "Aktor" rehabilitation), concessions, waste management and wind farms. In the construction, priority will be given to profitability, compared to the simple increase of the unused balance at any price, while the focus will be on the projects that "Eldorator" has a competitive advantage of the experience . Such are, among others, subway projects, tunnels, special construction projects (eg hospitals). In addition, the centers of interest will be those that offer a stable cash flow over time, such as major rail projects and construction and maintenance of major highways. In addition, the future development strategy will focus on three key areas, concession projects through the "Acron concessions", the environmental sector (waste management) by "Electrot" and the Renewable energy production (SER) by "Wind", which will be retained in the group's portfolio, with the main objective of completing the existing investment plan, which should give more value to the group. and strengthen the
With regard to the real estate industry (REDS), the implementation of the second phase of development of the Smart Park commercial park will begin. This is the development of an additional 15,500 m². an investment of 20 million euros, which had been "frozen" in recent weeks, until the resolution of the administrative crisis of the group. At the same time, the procedure for securing investments in the former cities of Cambay, where the Cambas project is launched, will be continued, and the Group's presence in this market will be reviewed as it is likely to seek buyers for these properties, (f, b, e, v, n, t, s) {if (f.fbq) returns, n = f.fbq = function (for example,) {n.callMethod? n.callMethod.apply (n, arguments): n.queue.push (arguments)}; if (! f.fbq) f._fbq = n; n.pay = n; n.loaded =! 0; n.version = 2.0 & # 39 ;; n.queue = []; t = b.createElement (e); t.async =! 0; t.src = v; s = b.getElementsByTagName (e) [0]; s.parentNode.insertBefore (t, s)} (window, document, "script", // connect.facebook.net/en_US/fbevents .js & # 39;); fbq (& # 39; init & # 39 ;, & gt; 109138906120213 & gt;); fbq (& # 39; track & # 39 ;, "PageView");
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