METKA GROUP | ANNUAL REPORT 2014 - page 34-35

9. HES Ilarion Hydroelectric Project, Small Ilarion and Small
The project’s timetable was modified so that its progress is aligned
with the activities of the civil works performed by another contractor
and PPC’s reservoir filling program. The electromechanical erection
has almost been completed and the station has entered into commer-
cial operation in 2014. Final acceptance is pending and is expected
within 2015.
10. Construction of a combined cycle, gas-fired power plant of
1.642,6 MW in Al-Anbar, Iraq
The project concerns the engineering, procurement, construction and
commissioning of a combined cycle, natural gas fired power plant in
Al-Anbar, Iraq, of a total output 1642,6 ΜW at site conditions. The proj-
ect’s total budget is USD 1.050 million and the time schedule is 32
METKA managed to limit its exposure to the high-risk region of Iraq
through an agreement with SEPCO III, which is now responsible for the
execution of the project in Al-Anbar, while METKA provides support in
project management issues.
The participation of the EPC Projects in the 2014 sales turnover
amounts to
546,5 million which corresponds to a 89,7%.
B) Defense Projects
1. Patriot production
The production of air defense systems Patriot PAC-3 for Raytheon
Company is being continued.
Completed within 2014 was the production and delivery of defense
systems for the Government of Taiwan. The contracting party was IN-
TRACOM Defense Electronics under the agreement with the Raytheon
Company and the project’s main features were the manufacture of 42
semi-trailers and 39 launcher mechanics.
A fourth contract is also in progress which concerns defense systems
for the government of Kuweit. The contracting party is INTRACOM De-
fense Electronics under an agreement with the Raytheon Company/
IDS (Integrated Defense Systems) and the project’s main features are
the manufacture of 12 semi-trailers and 10 launcher platforms. Com-
pletion of delivery is expected within 2015. In December 2014, 4 semi-
trailers & 3 launcher platforms had already been delivered.
2. Defined metal structures of the hull and turret for 62 LEOP-
ARD 2A7 main battle tanks for the Middle East market
On 26/11/2013 METKA signed an industrial coproduction agreement
with Krauss-Maffei Wegmann GmbH & Co. KG (KMW), Europe’s lead-
ing manufacturer of highly protected wheeled and tracked military ve-
hicles. KMW chose METKA to supply defined metal structures of the
hull and turret for 62 LEOPARD 2A7 main battle tanks for the Middle
East market. The value of the agreement adds up to 56,5 million euro
and deliveries are expected to be concluded within 2016.
METKA and KMW have been business
partners in producing LEOPARD 2HEL
tanks for the Greek Army since 2003 when
the two companies set the basis of their co-
operation that included extensive know how
transfer and substantial investments on
highly sophisticated machinery in METKA’s
two factories in Volos. This new agreement
is the result of the successful execution of
the Greek program that qualified METKA
as one of the very few companies that can
perform such demanding fabrication works
worldwide and, certainly, sets a milestone
in their long-term cooperation, particularly
with regard to preservation of jobs and
know-how in Greece’s Defense Industry.
The contribution of Defense projects to the
2014 turnover amounted to
26,0 million
corresponding to 4,3% of the total turnover.
C. Various Projects - Infrastructure
1. Construction of the road Kanavari
– Thespion intersection – Domvrena
(Korini) – Thisvi – Prodromos (with a
Dombrena detour) 2nd phase
This is a project of 37 km roadwork in the
provincial network of Voiotia prefecture.
Initial deadline was nine hundred (900) cal-
endar days from the date of the contract
(22/3/2012), and completion date was
08/09/2014. Due to both extended archeo-
logical findings during construction and
changes in the initial road map, the proj-
ect took a three month extension. The new
completion date was 31/12/2014.
The project was completed in line with the
new time schedule and delivered to the
State. According to the terms of the initial
contract, there is a 15-month guarantee-
maintenance period starting from 1/1/2015.
The initial budget was
17,2 million (VAT
included). Due to change in the technical
specifications, the new contractual budget
decreased to
16,9 million (VAT included)
further to agreement with the Department.
The work was completed in line with con-
tractual obligations and technical specifi-
cations, absorbing a 93,3% of the budget.
This amount has been certified and fully
paid to the project’s Contractor.
2. Other Projects - Sales
In addition to the aforementioned projects,
during 2014 the Group completed various
projects (infrastructure, maintenance, ma-
chining, etc.)
Various Projects and other sales participated with
36,8 million
in the 2014 turnover representing a 6,0% of the total turnover.
ΙΙ. Νew projects assigned to the Company in 2014
Construction of 8 mobile generators with total output
179,72 MW in Algeria
ΜΕΤΚΑ announced on 13.2.2014 that its Turkish subsidiary
Power Projects Sanayi
aat Ticaret Limited
irketi (Power Proj-
ects Limited) signed a new contract with Société Algérienne de
Production de l’Electricité (SPE Spa).
This is the fifth major project undertaken by METKA in Algeria,
which shall be realized by a consortium of Power Projects Lim-
ited with General Electric. It concerns the engineering, procure-
ment, construction 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 contractual value for Power Projects Limited is $66 million.
The project was carried out on a fast-track basis. All units are
in operation and the relevant provisional acceptance protocols
were signed in September 2014.
«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
«Construction of remaining infrastructure, permanent way, sig-
naling-telecommanding, telecommunications and electrical en-
gineering 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 “Ac-
cessibility Improvement” of the Greek NSRF 2007-2013 and is
scheduled for implementation over a period of 24 months fol-
lowing the contract award date.
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 XANTHAKIS
S.A., a Greek company specialized in railway superstructure
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 Double High-Speed Railway Line, which will link the
Greek Capital to Patras, the third largest economic centre of the
The Implementation of the project started
immediately with the signing of the con-
tract. According to the 3
account of works
(until January 2015) an amount of
has been certified as already executed
works, whereas the amount received is
4mil. that corresponds to the first two ac-
counts of works.
Additional fuel for the 1250 MW power
plant in Iraq
With the 23/11/2011 contract METKA un-
dertook on behalf of the Ministry of Electric-
ity Republic of Iraq, the engineering, instal-
lation and commissioning of an open cycle
gas turbine power plant of 1250 ΜW ca-
pacity, with General Electric turbines, in the
area Basra of Southern Iraq. Further to the
client’s invitation and in order to optimize
the unit’s flexibility, ΜΕΤΚΑ undertook with
the 12/06/2014 contract the engineering,
installation and commissioning of equip-
ment which will allow the Unit to operate
also with HFO (Heavy Fuel Oil).
The contractual value is $166,5 million.
III. Other important events in 2014
Decisions of the Regular General
Assembly of 18/6/2014
The annual Regular General Assembly of
the company’s shareholders took place on
June 18 2014, and the following decisions,
among others, were taken:
a) Approval of the separate and consoli-
dated financial statements for the period
b) Distribution of a dividend
0,3000 per
c) Approval of a fee of
3,6 million out of
the 2013 profit, in line with article 24 of C.L.
2190/1920, for the BOD members for their
services to the company.
d) The General Assembly discharged the
Board of Directors and the Auditors from
any compensation liability regarding the
activities carried out in connection with the
financial year 2013.
e) Election of a new BOD comprised of
eleven (11) members which was estab-
lished as a body on 18.06.2014 as follows:
Annual Report of the Board of Directors
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