Trade with Greece
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Thessaloniki Water Supply and Sewerage
Company (EYATH), as well as 100% of TRAIN-
OSE equity. Moreover, the Greek state holds a
65% stake in the Public Gas Corporation (DEPA
— the remainder is controlled by Hellenic
Petroleum) and a 90% stake in Hellenic Post
(ELTA).
Certain state properties (such as the Cassandra
property etc.), as well as marinas, had also been
slated for development.
Privatization revenue targets have undergone
many downward revisions since the Fund’s incep-
tion in 2011, while privatization deals worth €5.4
billion were concluded, leading to the payment of
almost €3 billion, since there are still payments
due.
In terms of value, the largest privatizations till this
date concern the sale of 33% of the Greek
Organization of Football Prognostics (OPAP), as
well as the sales of the International Broadcast
Centre (IBC), the State Lottery, prime properties
at Kassiopi (Corfu), Paliouri (Chalkidiki) and
Aphantou (Rhodes), and the Astir Palace
Vouliagmeni hotel.
According to its annual report, in 2013 the
HRADF had a turnover of €6.8 million, with after
tax losses of €460 thousand.
The privatisation programme, as implemented so
far by the HRADF, presents the following picture:
Regional Airports
The tender has been completed, with Fraport-
Sientel as concessionaires for a total period of 40
years. Based on the agreement, the projected
revenues of the Greek state exceeded €10 billion.
The lump sum that would have to be paid upon
conclusion of this deal stands at €1.234 billion.
Moreover, the joint venture would have to pay an
annual rent of €22.9 million, as well as 28.6% on
its annual ΕΒΙΤDA. The agreement has not yet
been ratified by the Court of Auditors.
Hellenikon
The tender has been completed and awarded to
a joint venture led by Lamda Development. It has
been ratified by the Court of Auditors and the only
thing that remains is the signing of the agree-
ment.
