METKA ANNUAL REPORT 2015 - page 38-39

Annual Report of the Board of Directors of the Company METKA S.A. On the consolidated
and Company Financial Statements For the financial year 2015
The 2015 turnover from Defense projects amounted to € 35.3 mil-
lion corresponding to a 5.3% of the total 2015 turnover.
C) Various Projects -Infrastructure
«Construction of remaining infrastructure,
permanent way, signaling-telecommanding,
telecommunications and electrical engineering
works for the tunnel facilities for the new railway
line Kiato-Rododafni»
ΜΕΤΚΑ announced on 11.9.2014 the contract for the project «Con-
struction of remaining infrastructure, permanent way, signaling-
telecommanding, telecommunications and electrical engineer-
ing works for the tunnel facilities for the new railway line Kiato-
Rododafni». The total budget of the project is € 273 million and is
co-funded by the European Regional Development Fund (ERDF),
under Priority Axis 2 of the Operational Programme “Accessibility
Improvement” of the Greek NSRF 2007-2013.
The Kiato-Rododafni railway line is part of the larger construc-
tion project for the new double railway line from Athens (SKA) to
Patras and is considered an infrastructure project of significant
importance, since upon its implementation it will be possible to
connect the Peloponnese with the modern railway network of
Athens. The New Double High-Speed Railway Line KIATO-PATRAS
is the extension of the new ATHENS - KORINTHOS - KIATO Dou-
ble High-Speed Railway Line, which will link the Greek Capital to
Patras, the third largest economic centre of the country.
For the implementation of the project METKA will collaborate
with the international company THALES, a global leader in the
field of signaling and telecommanding, as well as with XANTHA-
KIS S.A., a Greek company specialized in railway superstructure
The Implementation of the project started immediately with the
signing of the contract. According to the 15
account of works
(until February 2016) a 30% of the project has been certified as al-
ready executed, amounting to € 68.1 million, whereas the amount
received so far is € 50.7 million, which corresponds to the 12
account of the works completed within 2015.
It should be noted that the works continued smoothly, financed
by METKA, even in conditions of temporary financial inertia with
payment delays and “capital control”. Account payments returned
into normal in December 2015.
C) Other Projects - Sales
In addition to the aforementioned projects, during 2015 the
Group completed various projects (infrastructure, maintenance,
machining, etc.)
Various Projects and other sales participated with € 86.5 million
in the 2015 turnover representing a 12.9% of the total turnover.
ΙΙ. Νew projects awarded to the Company in 2015
Construction of a 250 MW Power Plant in Ghana
Power Projects, a 100% subsidiary of ΜΕΤΚΑ, has signed a ma-
jor contract to provide a fast-track EPC as well as Operation and
Maintenance support for a 250 MW Power Plant in Ghana.
The project is a 5-year Build, Own, Operate and Transfer (BOOT)
and was signed with the government of Ghana and METKA’s
partners in the deal, Ameri Energy, the energy investment arm
of His Royal Highness Sheikh Ahmed Bin Da lmook Al Maktoum
member of Ruling family of Dubai.
The total contract budget for Power Projects is $ 360 million.
METKA EGN : New Solar Power EPC Contracts
METKA EGN, a 50,1% subsidiary of METKA, has recently signed
contracts for turn-key engineering, procurement and construc-
tion (EPC) and operations and maintenance (O&M) for 7 solar
photovoltaic (PV) power plants with a total capacity exceeding
116 MW and contract value of approximately € 112 million.
The largest of the contracts is concluded with Oriana Energy,
LLC, a subsidiary of the Sonnedix Group (collectively, “Sonnedix”),
a leading solar energy Independent Power Producer (IPP), for a
large scale 57MW project in Puerto Rico. Together with the EPC
for the solar plant, which will be completed in mid 2016, METKA
EGN will also provide operation and maintenance services.
A further six contracts have been signed for projects in the Unit-
ed Kingdom with leading investors –including Lightsource and
Moser Baer, both existing clients, and Canadian Solar which is a
new client for METKA EGN.
Through these new contracts, METKA EGN demonstrates the
strong potential of the company for international growth, and
positions itself as a new leader in the solar power sector on a
global level.
Procurement, installation, commissioning and
delivery of 2 new gas-turbine units of 13MW for
the Paros and Mykonos power stations
On 09/06/2015 METKA signed a contract with the Public Power
Corporation for the procurement, installation, commissioning
and “turn-key” delivery of 2 new gas-turbine, open-cycle TUR-
BOMACH TITAN 130 units, with a power of 13.060 kW at the gen-
erators’ terminals, in ISO conditions and light- fueled oil (LFO), for
the Paros and Mykonos power units. The contractual value is €
16.5 million. The project was realized with a fast-track process and
delivered as per the time schedule in July 2015.
Construction and commissioning of an
Open-Type High-Voltage Substation (AIS)
220/60, 2x120MVA.
On 29/10/2015 METKA signed a new contract with SPA,
Société Algérienne de Gestion du Réseau de Transport
de l’Electricité GRTE (GRTE Spa, member of the Sonelgaz
Group, the biggest supplier of electric power in Algeria) in
consortium with its subsidiary POWER PROJECTS, for the
engineering, procurement, construction and commission-
ing of an open-type High-Voltage Substation AIS 220/60,
2x120MVA at site conditions. It is the first High-Voltage Sub-
station and the sixth project of METKA in Algeria, and high-
lights the company’s commitment towards establishing a
strong presence in regional fast growing markets. The total
budget for METKA S.A. is € 14.4 plus DZD 571.6 million (total
approx. € 19.7 million) and the time schedule is 24 months.
Construction of Patriot
The fifth contract for the construction of Patriot PAC-3 com-
plexes for Raytheon Company was signed on 16/6/2015.
The contractor is INTRACOM Defense Electronics through
an agreement with Raytheon Company/IDS (Integrated
Defense Systems) and the project is the construction and
delivery of 44 semi-trailers and 34 launcher platforms. The
total contractual value is $ 38.6 million and final deliveries
are anticipated in 2018.
Construction of Patriot
The sixth contract for the construction of Patriot complexes
for Raytheon Company was signed on 24/7/2015. The con-
tractor is INTRACOM Defense Electronics through an agree-
ment with Raytheon Company/IDS (Integrated Defense
Systems) and the project is the construction and delivery
of 42 semi-trailers and 36 launcher platforms. The total con-
tractual value is $ 37,8 million and final deliveries are antici-
pated in 2018.
Construction and maintenance of the
electricity networks in the areas of Ioannina-
Kefalonia-Komotini & Florina
On 09/06/2015 METKA undertook from the Hellenic Elec-
tricity Network Administrator S.A. the construction and
maintenance of the network in the areas of Ioannina-Kefalo-
nia-Komotini & Florina, starting on 01/07/2015 and for three
years with a total contractual budget of € 13.6 million.
Boiler upgrade in Units I and II of SES Agios
Dimitrios for NOx emission reduction with
primary measures and conformity to the
requirements of the European Directive
On 23/11/2015 METKA signed a new contract with the Pub-
lic Electricity Company S.A. for the design and engineering,
manufacturing, tests on site, procurement, transportation
and storage of the equipment at the project’s facilities, the
erection, construction, assembly, installation, tests on site
and commissioning of the Boilers further to the upgrade
with primary measures (Boilers incorporating the new
equipment and modified existing equipment) for NOx emis-
sion reduction at Units I and II of SES Agios Dimitrios. The to-
tal contract budget for METKA S.A. is € 13.75 million and the
time schedule 22 months including the final Performance
ΙΙΙ. Other important events in 2015
Commencement of commercial operation of
the Power Plant in Zarqa, Jordan
The commercial operation of the 143 MW combined-cycle
Power Plant in Zarqa, Jordan, on behalf of Samra Electric
Power Co. (SEPCO) commenced in June 2015.
The project concerns the engineering, procurement, con-
struction and commissioning of a 143MW expansion to an
existing power plant, by the addition of a combined cycle
plant, of ALSTOM technology, to the existing open cycle gas
turbines. The total contract value is US $143 million and Jor-
danian Dinars 11 million.
Final acceptance is expected within 2016.
Decisions of the Regular General Assembly
of 6/5/2015
The annual Regular General Assembly of the company’s
shareholders took place on May 6 2015, and the following
decisions, among others, were taken:
a) Approval of the company and consolidated financial
statements for the period 01/01-31/12/2014.
b) Distribution of a dividend € 0.5000 per share. The net
payable dividend after a tax deduction of 10% was € 0.4500.
c) Approval of a € 3,6 million compensation out of the
2014 profit (according to article 24 of law 2190/1920) to the
BoD members for their services to the Company.
d) The General Assembly discharged the Board of Direc-
tors and the Auditors from any liability for compensation
regarding the activities carried out in connection with the
financial year 2014.
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