Reduced income and losses in 2010, compared to 2009, reported Olympia Odos, the company that has taken up the construction and upgrading of Elefsina-Korinthos-Patra-Pyrgos-Tsakona motorway.
The “I don’t pay” movement and the sharp fall of 20% in traffic volume –caused by the rise of gas price over the last 15 months-, are the main reasons for the shrinking of the company’s results.
During last year, Olympia Odos reported turnover of €74.9m against €82.6m in 2009, while losses before tax amounted to €1.048m.
Regarding liabilities, banking debt stood at €336.9m from €159.3m in 2009.
On a technical level, the agreement between banks - construction companies and the state was not feasible even in May, while the construction activity in five concession projects (Olympia Odos, Ionia Odos, Moreas, Aegean Highway, E65) proceeds at very slow pace, if not suspended.
The construction activity is carried out at a reduced rate because of the cessation of bank funding, Olympia Odos CEO Kostas Papandreou told Capital.gr. This action was necessary to reduce operating costs and therefore keep active the construction sites, he added.
However, the resuming of construction requires the signing of a Memorandum of Understanding between the state and the companies. After it becomes a law bill, a special collateral facility with a deposit of €500m will be established.
This agreement should have been already completed, however it won’t be ready before June.
As for Olympia Odos, the completion of the project is expected two years later than scheduled, mainly due to the long delays implanting the necessary expropriations.
It should be noted that French Vinci Concessions (29.9%), German Hochtief PPP Solutions (17%), J&P Avax (17%), GEK TERNA (17%), Aktor Concessions (17%) and Athena (2.1%) are involved in the consortium of Elefsina-Korinthos-Patra-Pyrgos-Tsakona motorway.
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