METKA GROUP | ANNUAL REPORT 2014 - page 32-33

31
30
It is the Group’s policy to constantly assess its results and performance on a monthly basis, aiming to detect any devia-
tions from its objectives and to adopt the required corrective measures timely and effectively. The Group assesses its
performance by using financial performance indices, in particular:
o
ROCE (Return on Capital Employed) – The index divides the earnings before taxes, financial, investment results
and total depreciations with the total Group capital employed, which is the sum of the equity, plus the total
borrowing obligations and the long term provisions.
o
ROE (Return on Equity) – The index divides the earnings after tax by the Group Equity.
o
EVA (Economic Value Added) – This index can be determined by multiplying the Capital Employed with the
difference (ROCE – Cost of Capital) and is the amount by which the Group increases its economic value. The
Group uses the model of WACC «Weighted Average Cost of Capital» in order to calculate the Cost of Capital.
Index
2014
2013
2012
ROCE
20%
21%
20%
ROE
18%
20%
19%
EVA
91.813 thous.
82.358 thous.
76.130 thous.
The mean yield values of the Greek State Bonds during December 2014 were especially high and, therefore, not
appropriate to be used in such an assessment.
For this reason, the European bond index iboxx AA Corporate Overall 10+ EUR indices was used as a basis for the
estimation of the EVA index. Its mean yield for the same period was 1,55%.
B. Significant events of the year 2014
I. Projects continued in year 2014
A) EPC Projects
1. Power Plant Station of 724MW in Deir Azzour, Syria
The joint venture of ANSALDO – METKA (METKA acting as a leader)
undertook for the account of the Public Establishment of Electricity for
Generation (PEEG) the engineering, procurement, construction and
commissioning of a natural gas power plant that generates power with
natural gas fuel and diesel (auxiliary fuel), with nominal capacity of 724
MW in Deir Azzour, Syria.
The budget of the contract is
687 million paid through a Letter of
Credit which already has been opened in our company’s name and
confirmed in April 2012. The project’s degree of implementation is ap-
prox. 26%.
2. Construction and commissioning of a 590,726 MW open-cy-
cle, three turbine, dual fuel (natural gas/diesel) power plant in
Hassi R’mel, Algeria
On 19/11/2013 METKA announced a new contract with Société Al-
gérienne de Production de l’Electricité (SPE Spa which belongs to
Sonelgaz Group, the biggest power supplier in Algeria), in a joint ven-
ture with General Electric. It is the fourth major project undertaken by
METKA in Algeria, and highlights the company’s commitment towards
establishing a strong presence in regional growth markets. The project
concerns the engineering, procurement, installation and commission-
ing of a dual fuel (natural gas/ diesel) open cycle power plant, with
three gas turbines and a total output of 590,726 MW at site conditions.
The total contractual value for METKA is
154 million plus DZD 2.311
million and the project’s completion was 16.5 months.
4. Power Plant Construction of 143 MW in Jordan
With the 16/12/2012 contract, METKA undertook on behalf of
Samra Electric Power Co. (SEPCO) the expansion of an existing
power station in Jordan, following a successful completion of
the relevant tender.
The project in Zarqa, near the capital Amman, concerns the en-
gineering, procurement, construction 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 Jordanian Dinars
11 million.
The plant’s commercial operation is expected in April 2015.
The project’s completion is approx. 93%.
5. Power Plant Station of 701 MW in Deir Ali, Syria
The joint venture of ANSALDO – METKA (METKA acting as a
leader) undertook for the account of the Public Establishment of
Electricity for Generation (PEEG) the engineering, procurement,
construction and commissioning of a natural gas power plant
that generates power with natural gas fuel, with nominal capac-
ity of 701 MW in Deir Ali, Syria.
The execution of the project started in July 2010 following the
opening of the Letter of Credit.
A 92% of the project has already been executed.
The contract price amounts up to
673 million and, according
to the updated timetable, the tests-commissioning are expected
to be completed in the 4
th
trimester of 2015.
6. Construction and commissioning of a natural gas fired,
open-cycle power plant, with two gas turbines, of 368,152
MW in Hassi R’mel, Algeria
On 14/05/2013 METKA announced a new contract with Société
Algérienne de Production de l’Electricité (SPE Spa which be-
longs to Sonelgaz Group, the biggest power supplier in Algeria),
in a joint venture with General Electric. It is the third major proj-
ect undertaken by METKA in Algeria, and highlights the com-
pany’s commitment towards establishing a strong presence in
regional growth markets. The project concerns the engineering,
procurement, installation and commissioning of a natural gas
fired, open cycle power plant, with two gas turbines and a total
output of 368,152 MW at site conditions. The total contractual
value for METKA is
72 million plus DZD 2.127 million (approx.
92.8 million in total) and the time schedule is 29.5 months.
Due to delayed civil engineering works by the Client, there will
be an extension of the time schedule.
The project’s completion is approx. 54%.
7. Construction of a 775 MW power
plant in Denizli, Turkey
Following successful entry of the Deni-
zli CCPP 800MW plant into commercial
operation already since June 2013 and
resolution of all pending commercial and
technical issues, the Provisional Accep-
tance Certificate (PAC) has been signed on
April 24 2014. The turn-key EPC contract
has been carried out by METKA S.A. and
its fully owned Turkish subsidiary, Power
Projects Ltd. The owner of the project is the
joint venture RWE/Turcas Guney Elektrik
Uretim A.S. The Denizli CCPP is the sec-
ond natural gas after the Samsun CCPP
state-of-the-art natural gas fired power
plant of this size that METKA has built in
Turkey on behalf of international investors.
Both Plants combine the high efficiency
and operational flexibility needed to serve
effectively the Turkish electricity market.
METKA / Power Projects scope of the en-
tire and complete engineering, procure-
ment, construction, commissioning and
put in operation the power plant, consisting
mainly of two Siemens Gas Turbine gener-
ator sets type SGT5 – PAC 4000F and one
Siemens Steam Turbine generator set type
SST5 – PAC 5000 combined with two heat
recovery steam generators and all associ-
ated Βalance of Plant equipment. The cool-
ing of the power plant’s main equipment is
performed by an Air Cooled Condenser.
8. SES Aliveri V, PPC project
Construction was completed within 2012
but commissioning was postponed due to
lack of a natural gas supply. This was ar-
ranged in November 2012 and the works
re-started. The project was completed in
the first half of 2013. Its semi-commercial
and commercial operation was completed
within the second half of 2013, terminating
also the guarantee period.
Final acceptance is pending and is expect-
ed within 2015.
Further to an agreement with the client,
an extension of the contract was signed in
24/2/2015 with a new completion period of
30 months. The electromechanical works
are in an advanced state and the commis-
sioning works have already begun, in line
with the new time schedule.
The project’s completion is approx. 57%.
3. Thermal Power Plant Construction of
1250 MW in Iraq
Further to a contract signed on 23/11/2011,
METKA undertook on behalf of the Ministry
of Electricity Republic of Iraq, the engineer-
ing, installation and commissioning of a
thermal power plant of 1250MW, with Gen-
eral Electric turbine technology, in open
cycle, natural gas fueled, in the area Basra
of South Iraq.
The contract budget is $ 401,2 million and
the project’s completion is approx. 72%.
Annual Report of the Board of Directors
1...,12-13,14-15,16-17,18-19,20-21,22-23,24-25,26-27,28-29,30-31 34-35,36-37,38-39,40-41,42-43,44-45,46-47,48-49,50-51,52-53,...130
Powered by FlippingBook