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Completing the bank sector recapitalization is the necessary step for stabilizing the Hellenic Economy. Alas,
it is not sufficient. Reinforcing the reliability of the country and lifting the quarantine of banks from the inter-
national fiscal markets are necessary prerequisites for restoring liquidity and supporting the efforts of the
private sectors. At this level, the challenge for the country is to utilize the more favorable environment shaped
in recent months and to follow a financial recovery track from 2013 onwards.
Throughout the past year, ΜΕΤΚΑ confronted the consequences of unstable financial environment. The dis-
trust to the country posed major obstacles in its international business, posing difficulties in launching new
initiatives. Alongside, the company had to tackle the considerable problems and challenges resulting from the
escalation of the turmoil in Syria. Taking a highly responsible stand, Corporate Management took all the nec-
essary measures for protection its employees and facilities and designed alternative methods to ensure the
progress of works despite hardships, so as to achieve the soonest possible completion of the Project that will
allow our client the ability to generate power where this is an utmost necessity for the client country’s people
and economy.
Despite hardships, the company remained on an unfaltering positive course for 2012 as well. It managed to
overcome challenges through a high level of proficiency, leveraging the authority and reliability it has built in
the past years.
Faithful to its outgoing nature and the continuous reinforcement of its export oriented profile, the company
continued to produce the majority of income outside Greece and also to considerably broaden its project port-
folio abroad.
The results of 2012 fiscal year reflect the influence of adverse economic environment as well as the endurance
of ΜΕΤΚΑ.
In particular, the Group turnover for the current 2012 fiscal year amounted to € 547,5 mio compared to €
1.003,7 mio in the previous fiscal year; correspondingly, the numbers for the Company in the same period
amounted to € 327,9 mio as opposed to € 815,1 mio
The 2011 economic environment led to impressive performance figures which would not be sustainable under
the current conditions, as already forecasted by company Management.
The following factors resulted in the above developments for the Group:
a) The project «Construction of a Power Plant 700 MW rating» in Syria, contractual price € 673 mio. In the cur-
rent fiscal year it recorded a turnover amounting to €141,26 mio.
b) The ongoing construction of the project titled « Construction of A Power Plant , 775 MW rating» at Denizli,
Turkey, contractual price €478,6 mio whose turnover amounted to €116,78 mio.
c) The ongoing construction of the project titled «Construction of a Combined Cycle Power Plant 870 MW» at
Samsounta, Turkey, contractual price € 327 mio and $ 117 mio, in the current fiscal year recording a turnover
of €65,79 mio.
and d) The «Design, procurement, construction and commissioning of an ALSTOM GT 13E2 gas turbine rated at
146 MW» in Jordan, contractual price $ 100 mio and 2 mio JOD. In the current fiscal year the project recorded
a turnover of €42,15 mio.
