METKA GROUP | ANNUAL REPORT 2013 - page 129

127
Annual financial statements from the 1st of January to the 31st of December 2013
43. Capital management policies and procedures
Group’s capital management objectives are to ensure its ability to continue as a going –concern. This is achieved
through the assuring of preserving borrowing ability. Furthermore, other objective is to provide an adequate
return to the shareholders and the achievement of its contractual obligations.
The Group monitors capital on a basis of net debt to equity. The ratio for the years 2013 and 2012 is as follows:
Group policy is to keep borrowing at a low level. Furthermore, Group policy is to borrow only when it is necessary
and for short-term.
The above ratio analysis shows the achievement of management goals as far as the capital management is
concerned.
44. Subsequent events
METKA has announced on 13.2.2014 that its Turkish subsidiary, Power Projects Sanayi
İ
n
ş
aat Ticaret Limited
Ş
irketi (Power Projects Limited), in consortium with General Electric, has signed a new contract with Société
Algérienne de Production de l’Electricité (SPE Spa).
This is METKA’s fifth major project in Algeria, and emphasizes the company’s commitment to further develop
its presence in one of the region’s most important growth markets. The project concerns the engineering,
procurement, installation and commissioning of eight (8) mobile gas turbine power generation units with a
total output of 179,72 MW at site conditions, to be installed at three (3) sites in Algeria. The total contract value
for Power Projects Limited is US$ 66.085.842. The project will be carried out on a fast-track schedule, with
commercial operation in the first half of 2014.
METKAhas announced on 11.03.2014 its appointment as the provisional contractor for the project «Construction
of remaining infrastructure, permanent way, signalling-telecommanding, telecommunications and electrical
engineering works for the tunnel facilities for the new railway line Kiato-Rododafni” (Tender no. 715), following
the decision of the Board of Directors of ERGA OSE S.A., in the context of the open call for tender. The total
budget of the projects amounts to €273,000,000 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, and is scheduled for implementation over a period of 24 months following the contract award date.
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