Superfund: New record for 2023 – At 177.4m euros revenue

In a new record it was moved in 2023 with its financial performance being higher last year, and with more than double and profits over 2022. The Superfund announced its results report for 2023 having to show record revenues reaching 177.4m euros. In detail, he announced that dividend revenues for the year 2023 (€177,4 million) are more than twice the previous year 2022 (€ 74,2 million). In this event, the distribution of dividends by Athens International Airport from profits of the year, as well as previous years (a dividend from AIA 2023: €171.3 million, 2022: €50.3 million). It is noted that the revenue of the year 2023, unlike previous years, does not include income from dividends from EYDAP and EKATH companies whose shares were transferred to the Greek State on 3.8.2023. The exceptional increase in revenue was much greater than the increase in organic expenditure by €1.5 million, and absorbed the extraordinary partial impairment of the value of participation in a subsidiary of € 18.5 million. At the same time, income from income/interest amounted to € 5.6 million, three times as much as 2022 (€1.7 million). As a result, net profits in 2023 amounted to € 154 million, more than twice the year 2022 profits (€ 67 million) and are now the new historical high. The continuous profitability has also increased the cash resources that have exceeded €273 million, despite the high dividends that it has distributed so far to the Greek State (distributes 77.5% of the annual profits). In addition to the continuity of excellent performance, according to the quarterly report, the Superfund continues initiatives to improve the efficiency, effectiveness and services offered by its subsidiaries, such as: The major steps in the best use of public property, with the pilot project of valuation of 500 properties of the EBRD and the integrated programme, where for the first time a full record of 36,000 real estate will be made, a project launched with the approval of the relevant tender by the Board of Directors of both the EBRD and the Super Fund. The dynamic entrance of Eleftherios Venizelos to the Athens Stock Exchange, which attracted the interest of Greek and foreign investors, and was described as the largest IPO in the Greek market for at least 2 decades, overtaking the offer by 12 times. The successful activation of the investment role of the Transfund, with the first investment in a subsidiary of the Greek Alykes, and the aim of implementing a development plan and attracting a strategic investor at a later stage. The first investments of €10 million already implemented in Greek corporate bonds. The international competition for the creation of the new fund, the Investment Fund. Digital transformation in transport where by tap and pay method the passenger can pay directly his ticket with his card or mobile without using a paper ticket. Improved governance in the operation of the ELTAs: after the start of the transformation plan, deviations arose in the plan due to macroeconomic and exceptional and unrepeated events, such as Covid pandemic and widespread cyberattack. Within 2023 the update of the transformation plan of the ELTAs began. Upon completion of the update, an impairment check was carried out on the basis of this provision, which determined the recoverable value of the participation in €81.5 million. As a result, impairment loss of €18.5 million was accounted for for for for the difference between recoverable and book value. The new management of the subsidiary has already identified actions that will bring additional benefits by opting for an accounting performance of better than the updated plan. Already the results of the first 2 months of 2024 are positive, compared with the corresponding month of the previous year. The ESG transformation of the Group, with the first edition of related reports from all subsidiaries and specific commitments to reduce the carbon footprint. Group procurement procedures by creating economies of scale. The implementation of modern governance procedures in accordance with international standards. These results result from the implementation of the Trans-Team strategy and its reform function. They document the added value it has for the country, and the perspective it creates, for the benefit of the economy, society and the environment.