Particularly active in the first five months of 2023 was Hellenic Metro - the new name since 25 May of Attiko Metro, which is 100% controlled by the state. Apart from the name change, in view of the opening of the Thessaloniki metro next year, the company, according to its 2022 financial report published on Friday, carried out three share capital increases, in January (€5 million), March (€42.5 million) and a bolder one in May (€125 million).
The new capital, totalling €172.5 million, provided by the Public Investment Programme (PIP), is deemed necessary as the company faces the completion of the Thessaloniki metro project, the start of work on the fourth line of the Athens metro and smaller projects such as the creation of a tram depot in Elliniko. On the occasion of the publication of the report, "Hellenic Metro SA" presented the progress of the projects until the first five months of 2023.
Regarding the implementation of the extension of the Thessaloniki Metro to Kalamaria, which was tendered in April 2009 as a "design-build" and awarded in June 2013, according to the company, it continued smoothly during 2022. At the end of 2021, fifteen new trains were tendered, including six for the needs of the main Thessaloniki Metro project and nine for the needs of the extension to Kalamaria. The tender was completed and the contract was signed this year at the end of February.
In the same project, the tender for the signalling system was completed and the contract, signed in 2020 and originally due to be completed in March this year, was approved and extended until 19/01/2024 at a contract cost of €21.9 million. At the same time, the Thessaloniki Metro Development Study will be delivered in July. It is recalled that in the context of the transport planning for the city of Thessaloniki, in September 2020, the contract for the Thessaloniki Metro Development Study (MAMTH) was awarded to the company A.D.T. OMEGA Consulting Engineers ATE with a price of 2.01 million euros. However, due to the pandemic, the start of work on the contract was in May 2021 and is currently underway. The contract completion date has been extended to the 25th of next month.
Athens Metro Line 4
Regarding the main construction contract of the project "Line 4 Section A, Veikou Grove - Goudi", the following were implemented by mid-May: (a) arrival of the "metropodica" TBM2 at the "Katehaki" Frear, start of the assembly of the machine head and body, landing of the machine parts at the starting shaft and continuation of the machine assembly, b) the stations "Kolonaki", "Dikastiria" and part of the station "Akademia" were handed over to the Contractor of the main contract, c) start of piling works at the station "Kolonaki" and at the shaft "Veikou" (entrance shaft TBM1), d) start of excavation and temporary shoring works at the shaft "Veikou".
In the same construction and on the Line 4 precursor works project (archaeological works and relocation of utility networks), by May: (a) the preparatory actions for the signing of the 5th Subcontract of the Framework Agreement were executed; (b) traffic regulation works, bypasses of CSO networks and site landscaping are in progress, under the 4th Subcontract; c) the stations "Kolonaki", "Dikiria" and part of the station "Akademia" have been delivered to the Contractor of the main contract, while the station "Galatsy" is in the process of completion and delivery of the construction site.
Expansion of the Tram depot in Elliniko
The contract signed last year at the end of March with the Contractor K/X TERNA S.A. - THEMELI S.A. concerns the extension of the existing Tram Depot in the area of Elliniko within 790 calendar days. In particular, it concerns the construction of a new metal building/frame, adjacent to the existing tram depot, which will accommodate the depositing of 22 new tram vehicles on 11 parallel new tracks.
According to the information provided by Hellenic Metro, by mid-May the construction of the train inspection pit on line 7 and the extension of line 2 had been completed. At the extension site, excavation work on 95 percent of the land has been completed, while concrete has been laid on 90 percent of the foundation and 80 percent of the superstructure of the perimeter fence walls. In addition, concrete work has begun on the foundation of the shelter. The rescue archaeological excavation is ongoing in the NE part of the perimeter fence.
Financial figures
In terms of key financial figures, the turnover of Hellenic Metro SA in 2022 decreased by 22% to EUR 597.4 million compared to EUR 765.9 million in 2021. According to the company's management, the decline was mainly due to a decrease in spare parts sales at Stasi. In terms of profit after tax, the company reported a loss of EUR 182.6 million, up 4% compared to EUR 175.8 million in 2021.
The balance of accumulated losses that the company has since inception increased to EUR 3.18 billion. This is due to the peculiarity of operating without any revenue from commercial activity or the provision of services. As noted in this respect, 'the Company is temporarily deprived of revenues from commercial activity or from the provision of services in relation to the use and operation of the Metro system and the operation of the Company currently relies entirely on its funding from the Public Investment Programme (PIP)'.
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