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TERNA ENERGY: Significant increase in turnover and profitability in 2015

Νίκος Καραγιάννης

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According to the financial statements of 31/12/2015, which were prepared in accordance with the International Financial Reporting Standards, the financial results of TERNA ENERGY for the year 2015 are as follows:

Consolidated sales for 2015 amounted to 198.6 million euro compared to 158.2 million euro in 2014, increased by 25.5%.

Income from the electricity production sector amounted to 140.3 million euro compared to 110.3 million euro in 2014, increased by 27.1%.

Sales of the Company’s division of electric energy trading amounted to 26.8 million euro. Sales of the Company’s construction division for third parties amounted to 20.2 million euro versus 35.5 million euro in 2014. In the concessions division (e-ticketing), revenues accounted for 11.3 million euro.

EBITDA amounted to 99.3 million euro compared to 74 million euro in the previous year, increased by 34.1%, due to the increased installed capacity and the higher wind performance prevailing in Europe during 2015 compared to the previous year. ΕΒΙΤ amounted to 60.3 million euro compared to 41.8 million euro, increased by 44.2%. Earnings before tax amounted to 30.3 million euro compared to 12.1 million euro in 2014, increased by 149.6%. Net earnings after minority interest amounted to 17.4 million euro compared to 5.8 million euro, increased by 198.4%.

Cash flows from operating activities before changes in working capital amounted to 103.8 million euro versus 74.7 million euro in the previous year. The Group’s net debt position (bank debt minus cash & cash equivalents) at the end of the year 2015 amounted to 319.3 million euro compared to 259 million euro at the end of the previous quarter. The Group’s investments during the year 2015 settled at 79.7 million euro.

The management of the Group will propose to the General Shareholders’ Meeting the distribution of dividend amounting to 0.09 euro per share.

The Group’s total installed capacity accounts for 664 MW. The Group has installations of 394 MW in Greece, 138 MW in the USA, 102 MW in Poland and 30 MW in Bulgaria. At the same time, the Group has RES installations currently under construction or ready for construction with a capacity of 274 MW, in Greece and abroad.

Overall, the Company operates, is constructing or has full licensing of 938 MW of RES installations in Europe and America. The Company is targeting to reach almost 1,000 MW of RES projects in operation in all countries where it operates over the following years.

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INTRAKAT: Underbidder for preliminary works of Thessaloniki Metro extension project

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After two extensions, the tender regarding the preliminary works for the large expansion of Thessaloniki Metro to the western suburbs has been finally successful. The process of the financial offers’ unsealing awarded INTRAKAT as the underbidder with a 27.03% discount. AKTOR came second with 22.03% and Mytilineos-Xanthakis consortium with 9.31%. An important element of this tender was «reasonable» discounts offered, after a long time.

The purpose of the project is to carry out all the required studies, archaeological surveys, utility networks’ and traffic bypasses as well as other required works, at the future constuction sites of the Thessaloniki Metro northwestern extension and Pylea Depot.

It is reminded that the auction took place on October 10, after two consecutive extensions. The original date was July 29th which was  postponed for August 29th and then for the end of October.

The cost of the project is 18.6m euros (incl. VAT) and its duration is estimated at 24 months after the contract is signed. With rough estimates, if the project starts next summer it could be -with no further delays- by mid-2022.

The funding of the project comes from Public Investments Program and the contracting authority is Attiko Metro SA. It is the first major tender for the network’s extension since 2012, when Metro’s expansion to Kalamaria has been auctioned.

Attiko Metro SA, aiming at a further development of Thessaloniki Metro’s network, plans its northwestern expansion. This is planned to be a circular line (11 km long with 9 stations), starting at the «New Railway Station» (terminal) and ending at «Dimokratia» Station.

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Plans for road connection between Elliniko and Athens International Airport via Argyroupolis Tunnel

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The connection of Elliniko area to Athens Airport, El. Venizelos, via Argyroupolis Tunnel is now under consideration. According to information of ypodomes.com, a crucial step was taken last Friday, when a Memorandum of Understanding was signed between the Ministry of Infrastructure and Transport and the Ministry of Environment and Energy.

In the cooperation framework, decisions were made regarding the procedures for determining the evaluation criteria -and their weight- as well as the procedure for the evaluation of Attica’s road axes to be implemented in the next period, which appear to be finalized within the basic scenario.

The document that has been composed by a joint working group highlights the willingness of the Ministries to cooperate on the activation and alignment with Attica’s Regulatory Plan, following what was said at the joint meeting between the Secretary Generals.

Attiki Motorway extension and other road projects

According to the same sources, issues are also being discussed, at a Secretary Generals’ level, regarding major structural intervention projects, both concerning Attica’s Regulatory Plan and the plans of Infrastructure and Transport Ministry for the extension of Kymis Ave., the extension to Rafina (via the Airport), Ilioupolis Urban Tunnel (completion of Athens Intermediate Ring Road), Salamina-Perama underwater Road Link, etc. as well as their relevance to the development of fixed-track networks (i.e. Metro, Light Metro or Tramway and Suburban Railway), as it is provided in the ARP.

The cooperation axes include the exploration of solutions for road inteconnection of Elliniko area and Athens International Airport «Eleftherios Venizelos». The finalization of the investment in Elliniko plays a crucial role in connecting the area with the Airport and could even be considered necessary if one considers the traffic load that will be developed in the area upon the projects’ completion.

Of course, this would not -automatically- mean qualifying Argyroupolis Tunnel (in whatever form it’s decided), for implementation. As the same sources point out at ypodomes.com, there are 6 basic scenarios on how this connection could be made, ranging from having a road tunnel, a train tunnel (Metro or railway), alternative routes (via Vari-Koropi road axis) and more.

What is of value at the moment is that a scenario that was introduced in 2009, i.e. Argyroupolis Tunnel, is re-activated and it is no longer confined to the consideration of road interconnection only, but within a holistic approach and with full respect for the Regulatory Plan of Attica region (in order to avoid adventures in the Council of State).

The apparent shifting of interest towards fixed-track projects from clasic roads may eventually bring to the surface a dual project or the dominance of the fixed-track means of transport.

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India’s first HS line now expected to open in 2023

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Bullet train China

India’s first high-speed rail project –a 508km line linking Mumbai and Ahmedabad– is facing land acquisition problems and is likely to miss the August 2022 opening target.

The original plan was to open the line by the end of 2023, but the date was brought forward to August 15 2022 by the government to coincide with the 75th anniversary of Indian independence. The plan was then revised so that just the 50km section from Surat to Billimora in Gujarat would open on Independence Day.

However, with only 50% of the land acquired so far, even completing the initial section by Independence Day is highly unlikely. India’s National High Speed Rail Corporation Limited (NHSRCL), which is responsible for implementing the project, says the priority is to expedite land acquisition so that the line can open by the end of 2023.

In August, Mr Suresh Angadi, minister of state for railways, informed the Indian parliament that 97% of landowners in Gujarat state had consented to land acquisition but the government was still facing challenges acquiring pockets of land in Maharashtra.

Out of the total length of 508km, 468km will be elevated, 27km will be in tunnel and the remaining 13km will be at grade. The tunnel will include a 7km under-sea section near Thane.

The total cost of the project is estimated at Rs 1100bn ($US 15.5bn). Japan is providing a loan of Rs 880bn at an interest rate of 0.1% which India should repay in 50 years with a moratorium on repayments of up to 15 years.

Since the high-speed project was launched in September 2017, tenders have been floated for 348km, about 69% of the route, at an estimated cost of more than Rs 350bn.

Stations

The high-speed line will have 12 stations. According to the feasibility report, trains stopping at every station will cover the distance in 2h 58min at a maximum speed of 320km/h, but with only four stops the journey time would be cut to 2h 7min.

A fleet of 24 series E5 Shinkansen trains will be procured from Japan, six of which will be assembled in India. The trains will have between 10 and 16 coaches with capacity for between 1300 and 1600 passengers. Three depots will be built at Sabarmati, Surat and Thane.

Talking to IRJ, NHSRCL’s managing director, Mr Achal Khare, says: “This high-speed project is a second revolution in the transport sector in the country, the first being metro rail. It is expected to bring about a paradigm shift not only in public transport, but also in the way of life of the people.”

Source: railjournal.com

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