Hellenic Practice’s steadiness sheet for the 12 months 2023 hit “purple”, with the corporate displaying unfavorable fairness of -44.5 million euros from 20.5 million euros in 2022.
The tragic accident in Tempi, which claimed the lives of 57 folks, after which the large destruction in Thessaly as a result of dangerous climate Daniel, brought on big issues within the railway challenge of the corporate, freezing passenger and freight visitors for months.
Η Hellenic Practice
Practice stoppages twice final 12 months, for greater than 3.5 months in complete, left the corporate with heavy losses of €65 million, which noticed its income drop by 43.16%.
In response to Hellenic Practice’s steadiness sheet for 2023, losses amounted to 65.7 million euros in comparison with 883,428 in 2022. Turnover was 97.023 million euros from 153.8 97 million euros within the earlier 12 months, falling 60%
The assist from the Italians
“These two essential and extraordinary occasions had a major influence on the corporate’s monetary state of affairs, which was additional aggravated by the delay in funds from the S&P contract signed with the Greek authorities on 14.4.2022. Till the date of penning this report, invoices are pending to be collected
for the execution of contractual providers of the 12 months 2022 with a complete worth of roughly 60 million euros, along with a further quantity of roughly 20 million euros relating to numerous claims, additionally arising till 31.12.2022, that are topic to last however formal approval in order that be disbursed to Hellenic Practice”, emphasizes the administration of the corporate, which, because it notes, obtained assist from its Italian shareholder: “To finance the monetary hole attributable to the delay in receipts from the YDY contract, the guardian firm Ferrovie dello Stato Italiane Holding Spa (“FSI”) with the assure of the shareholder, Trenitalia Spa, secured the corporate a further financing line for working capital of 95 million euros till 31/12/2023, of which 70 million euros have been taken throughout fiscal 12 months 2023 and the €25 million throughout fiscal 12 months 2022, burdening the corporate’s outcomes for fiscal years 2022 and 2023 with vital extra monetary prices.”
In response to Hellenic Practice knowledge, the quantity of compensation it has paid to the households of the victims quantities to 2.74 million euros and considerations these passengers who have been injured on the unhappy night time of February 28, 2023, in addition to those that misplaced their private belongings.
Compensation for public providers
At the start of 2022, the corporate has signed a contract with the Greek State for the availability of a public service, which activated the Public Service Obligations (PSO) providers aimed toward financing the Firm’s deficit providers and specifically at compensating the Firm for masking prices with a purpose to adjust to it
contracted schedule and pricing coverage with the Greek State for the following 10 plus 5 years.
For the availability of those transport providers, the Greek State undertakes to pay the Firm an annual compensation of as much as 50 million euros (excluding VAT), decreased by any imposed penalties in accordance with the provisions of the Settlement. From the operation of the contract, the Firm is entitled to an annual minimal revenue of two million euros, and in case of a constructive monetary consequence, the Greek State receives 20% of the distinction between the consequence and the minimal revenue.
Pursuant to article 10.14 in any case the place the necessity arises to exceed the utmost compensation quantity of greater than 50 million euros, Hellenic Practice could also be compensated with elevated compensation supplied that the related credit are elevated by the Ministry of Finance, relying on the growing prices or to scale back manufacturing in such a approach that the Contract is balanced with the compensation of fifty million euros.
Within the occasion that a rise within the related appropriations will not be ensured and the transport providers supplied for in Annex A of the PWD Settlement can’t be carried out with the compensation of fifty million euros (excluding VAT), the variety of routes supplied is straight away adjusted in order that their provision made doable by the compensation of fifty million euros (excluding VAT).
Additionally, the corporate is asking the Greek authorities to pay it the quantity of 60 million euros for the 12 months 2022, which derives from the contract signed between the 2 sides. From the steadiness sheet it seems that invoices for the efficiency of contractual providers for the 12 months 2022 with a complete worth of roughly 60 million euros are pending to be collected, along with a further quantity of 20 million euros that considerations numerous claims additionally for the 12 months 2022.
Recapitalization
As well as, as a result of losses incurred throughout 2023, the corporate’s complete fairness is unfavorable and subsequently the circumstances of paragraph 4 of article 119 of Regulation 4548/2018 are met. The Administration of the Firm will convene the Normal Assembly of Shareholders inside six months from the reporting date with a purpose to take acceptable measures (amongst others the rise of Share Capital) for the required recapitalization of the Firm.
It’s famous that the Firm is a counterparty to the Greek State for the availability of the passenger transport challenge for the interval 2022-2031 (with the opportunity of extension as much as 2036), via the Public Well being Service Settlement, which incorporates mechanisms to guard the Supplier from extraordinary damages
The compensations for Tempi and Daniel
Nonetheless, the corporate is able to declare compensation from the general public for the shutdown of its challenge as a result of accident in Tempi and the destruction attributable to Daniel: “For the 12 months 2023, the corporate recorded vital losses from the operation of the contract, primarily for causes associated to the choices to scale back transport work following the Tempe accident in addition to the catastrophic harm to the railway infrastructure of central Greece from the acute climate occasions Daniel in September 2023. The corporate intends to assert the compensations is contractually entitled to those vital damages, however it’s famous that the Firm’s claims haven’t been acknowledged as earnings throughout the 12 months 2023 because the circumstances of IFRS 15 weren’t met”, Hellenic Practice characteristically states in its steadiness sheet.
SOURCE: ot.gr
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