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Technical Olympic S.A. Annual Report 2024
2668_rns_2025-05-29_801b7e8e-b4c4-4732-ad02-9e8ebc38a927.pdf
Annual Report
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Annual Analysts' Briefing
2024 Annual Financial Report
29.05.2025
Source: Annual Reports Techol, 2024.
Highlights 2024-2025
TECHNICAL OLYMPIC S.A., as the holding company, actively monitors and coordinates all the activities of the Group companies, and provides them with administrative, advisory, and operational support. It also defines and supervises the goals and projects undertaken to implement, as well as ensuring organic and functional synergy across various departments.
Enhance shareholders' value
Core Competences
Integrity
Innovation
Adaptability
Efficiency
Corporate Responsibility
At a glance, 2024
Consolidated Income
| Amounts in th. € |
FY 2023 | FY 2023 | % |
|---|---|---|---|
| Sales* | 19.115 | 16.314 | 17% |
| Gross profit/(loss) | 8.128 | 4.726 | 72% |
| Administrative expenses |
-4.759 | -3.906 | 22% |
| Operating results | 3.515 | 1.886 | 86% |
| Profits / (losses) before tax |
12.831 | 6.189 | 107% |
| Profits / (losses) after tax |
12.547 | 5.959 | 111% |
| Result from discontinued operations |
-6.243 | -3.893 | 60% |
(*) Revenues in fiscal year 2024 show an increase, mainly due to revenues from vessel charters, which amounted to €16,027 thousand, as well as income from Real Estate operations, which reached €2.212 thousand. Samos Marina reported revenue growth for fiscal year 2024.
Group Key Figures/Indicators
| Amounts in th. € |
Indicator calculation |
FY 2024 | FY 2023 |
|---|---|---|---|
| Working Capital | Current assets – Short term liabilities |
74.084 | 62.086 |
| Net Debt | Total Financial Liabilities – Total Cash |
-19.010 | -11.038 |
| % EBITDA | EBITDA / Sales | 46% | 54% |
Following our investment moves in the shipping and tourism sectors, investments followed in other sectors such as real estate management, loan and energy management, aiming at growth and profitability.
Group Key Figures/Indicators
in € mn
Group Financial Position
| Amounts in th. € |
FY 2024 | FY 2023 |
|---|---|---|
| Fixed and Right-of-use assets (Owner-occupied and Investment assets) |
93.197 | 104.767 |
| Investments in associates | 961 | 3 |
| Goodwill | 1.179 | |
| Equity Instruments | 23.415 | 25.268 |
| Commercial and other receivables |
45.909 | 44.792 |
| Financial assets at fair value through profit and loss & other total income |
25.235 | 24.743 |
| Cash and cash equivalents | 33.977 | 22.910 |
| Total assets: | 223.872 | 222.483 |
| Financial liabilities | 20.093 | 15.816 |
| Deferred tax obligations/ Current tax liabilities |
6.936 | 6.810 |
| Commercial and other obligations |
4.484 | 3.925 |
| Other liabilities | 10.727 | 10.637 |
| Equity | 181.632 | 185.295 |
| Total liabilities and equity: | 223.872 | 222.483 |
Alternative Performance Measures Indicators
| Performance Ratio | FY 2024 | FY 2023 | % |
|---|---|---|---|
| Net results after tax / Equity | 6,9% | 3,2% | 115% |
| Profitability Ratio | |||
| Net EBITDA / Total income | 46,4% | 53,9% | -14% |
Non-Financial Performance Ratios
| Employment | FY 2024 | FY 2023 |
|---|---|---|
| Rate of full-time employees staying at work |
92,31% | 81,63% |
| Education & Development | ||
| Man-hours of training | 200 | 0 |
| Human Rights | ||
| Rate of women in direct employment |
36,54% | 46,94% |
Liquidity
| 2024 | 2023 | |
|---|---|---|
| Bank borrowing | 7.051 | 7.588 |
| Finance and Operating lease liabilities* |
4.754 | 5.161 |
| Bond loans |
5.330 | |
| Total Financial Liabilities |
17.135 | 12.749 |
| Cash and cash equivalents |
33.977 | 22.910 |
| Blocked bank deposits |
2.168 | 877 |
| Total Cash | 36.145 | 23.787 |
| Net debt liabilities | -19.010 | -11.038 |
* The lease obligations include an amount of € 2,37 million. (€ 2,38 million for 2023) concerning the recognition of the obligation of future leases for the Samos Marina under IFRS 16 Leases" and other leases to the Group.
Group Cash Flow
| Amounts in th. € | FY 2024 | FY2023 |
|---|---|---|
| Operating Flows | 4.356 | (4.245) |
| Investment Flows | 3.216 | 2.590 |
| Financial Flows | 3.230 | (3.457) |
| Total Cash Flow | 10.802 | (5.112) |
Portfolio Diversification as of 31.12.2024
- Shipping
- Real Estate
- Tourism (Marina mgmt)
- Construction
- Building rentals
- Helicopter rentals
Shareholders Structure
Stengos family
- Own shares
- Foreign Institutional Investors
- Greek Institutional Investors
- Non-Institutional Investors
| Share Capital | 203.466.750 € |
|---|---|
| Total listed shares | 40.693.350 |
| ISIN | GRS403003007 |
Price (31/12/2025): € 2,39 Capitalization: € 97,257,107
Higher daily transactions value noted during the period 2023 at an average of 54k.
• Shipping Sector
| Name of Ship | IMO number |
Type | Built | TEU | LWT | % Participation |
Initial Cost | Ship Valuation |
Ship Valuation of our Participation |
|---|---|---|---|---|---|---|---|---|---|
| (th. \$) | (th. \$) |
(th. \$) |
|||||||
| ZIM HAIFA | 9218650 | Container | 2001 | 5.510 | 24.453 | 15% | 1.102 | 20.500 | 3.075 |
| EPAMINONDAS | 9153862 | Container | 1998 | 6.690 | 28.423 | 15% | 890 | 21.500 | 3.225 |
| MARIANNA I | 9162227 | Container | 1998 | 6.690 | 28.423 | 15% | 890 | 21.500 | 3.225 |
| TONSBERG | 9216999 | Container | 2001 | 5.447 | 23.291 | 15% | 1.252 | 31.000 | 4.650 |
| ZOI | 9216987 | Container | 2000 | 5.447 | 23.291 | 15% | 932 | 26.250 | 3.938 |
| STAMATIS B | 9280811 | Container | 2004 | 4.239 | 16.776 | 15% | 960 | 20.000 | 3.000 |
| ROMA | 9304447 | Container | 2006 | 9.784 | 36,218 | 85% | 11.915 | 61.000 | 51.850 |
Profitable Development through major drivers
| Shipping | Tourism Marinas exploitation & mgmt |
Construction segment |
Real Estate Development |
|---|---|---|---|
| Energy segment |
Flying rental services |
Geographic expansion |
ESG |
Technical Olympic Group of Companies is aiming to strengthen the existing field of activities and add new ones, specifically:
- If conditions are deemed favorable, the company intends to renew and/or increase its participation in containerships fleet.
- Expansion of Samos Marina through development of new sites yachts, dry dock areas and renovation of the buildings and the surrounding area.
- Development of a 1 MW biomass-powered electricity generation unit, located on company-owned property in the industrial area of Patras, for which a financing application has already been submitted under the Recovery and Resilience Facility (RRF).
- Development of a commercial and exhibition center in Patras, through the utilization of company-owned property, for which an application for inclusion in the Recovery and Resilience Facility (RRF) has been submitted.
- Increasing activities into private real estate development projects in prime locations, such as Vouliagmeni and Kifissia.
- Retention of a 25% equity stake in the energy company "Aeiforos", which owns 9 fully constructed photovoltaic stations with a total capacity of 8 MW, 7 of which are already connected to the HEDNO grid.
Technical Olympic Group of Companies is aiming to strengthen the existing field of activities and add new ones, specifically:
- Exploitation of the already acquired property in the U.S.A.
- Renovation and utilization of the property in Germany.
- Reactivation in the tourism sector by acquiring / developing hotel-operating properties.
SOCIAL GOVERNANCE
Group's commitments
- The continuous improvement and harmonization of internal structures, policies, and procedures with the provisions of the regulatory framework
- Reducing the negative impact on factors affecting the climate change and environmental pollution. TECHNICAL OLYMPIC S.A. has already developed a P-V plant of 77,22kW on its headquarters building (Alimos), which contributes ~75% of the building total energy requirements.
- Increasing investments in actions that support the achievement of the 2030 sustainable development goals as defined at international, European and national level
Sustainable Development
Purpose
- Reducing the negative impact on factors affecting the climate change and environmental pollution.
- Increasing investments in actions that support the achievement of the 2030 sustainable development goals as defined at international, European and national level.
Evaluation
- In March 2023, the company AMID IKE conducted an assessment of the adequacy and effectiveness of the Internal Control System of the Company and its subsidiaries, Samos Marinas S.A. and T.O. International Holding Ltd. According to the findings, the Internal Control System was deemed satisfactory. Following this initial evaluation, a new assessment for the 2023–2025 period has already been initiated.
- SustChem Technical Consulting S.A. prepared and submitted the carbon footprint report. The results were considered particularly satisfactory, both in comparison with the previous year's data and relative to peer companies.
• Real Estate Management Sector
The company named "TECHICAL OLYMPIC S.A." (hereinafter referred to as the "Company") informed the investment community of the following:
-
On July 15, 2024, its Cyprus-based subsidiary, under the name T.O INTERNATIONAL HOLDING Ltd, established a company named T.O.I. Real Estate Development LLC in the State of Delaware, United States of America.
-
On July 17, 2024, T.O.I. Real Estate Development LLC, in collaboration with the company Glenarif Properties LLC, won an auction for a property with an area of 1,715 m², located at 11295 Gulf Blvd, Treasure Island, on the west coast of the State of Florida, United States of America, offering a sum of two million six hundred forty thousand dollars (\$2,640,000), with the aim of developing it (through a joint venture according to the terms of their agreement) as a Condo Hotel. Of the aforementioned amount of two million six hundred forty thousand dollars (\$2,640,000), T.O.I. Real Estate Development LLC paid an amount of two million five hundred eight thousand dollars (\$2,508,000).
• Loan Management Sector
The company named "TECHICAL OLYMPIC S.A." (hereinafter referred to as the "Company") informed the investment community that its Ireland-based subsidiary, "PREMIER FINANCIAL SERVICES HOLDCO LTD," which is indirectly controlled by the Company through "T.O INTERNATIONAL HOLDING LTD" and "PFC PREMIER FINANCE CORPORATION LTD," has entered into an agreement for the sale of all the shares it holds in "PREMIER FINANCIAL SERVICES SINGLE-MEMBER PRIVATE LIMITED COMPANY FOR THE MANAGEMENT OF LOANS AND CREDIT CLAIMS."
• Real Estate Management Sector
The company named "TECHICAL OLYMPIC S.A." (hereinafter referred to as the "Company") informed the investment community in December of the following:
Its Cyprus-based subsidiary, T.O INTERNATIONAL HOLDING Ltd, has established a company in Germany, with a 100% ownership stake, which bears the name T.O. International GmbH. The newly established company in Germany, T.O. INTERNATIONAL GMBH, has formed a new company with the German-based company Konstantin Vermögensverwaltung GmbH, under the name QUARTIER GRÜNER WEG GmbH, which is also based in Germany. Both companies, as shareholders, each hold a 50% stake in the newly formed company.
On December 18, 2024, the company QUARTIER GRÜNER WEG GmbH signed a purchase agreement for an existing office building near Frankfurt Airport, with a total area of 12,428.16 m² of main spaces, 1,550.00 m² of auxiliary storage spaces, and 16,950 m² of garage space. The purpose is to renovate and redesign the building into a residential complex with studio apartments, each ranging from approximately 22 m² to 40 m². The purchase price for this property amounts to 15,000,000 euros. The purchasing company aims to cover part of the purchase price through bank financing.
• Real Estate Management Sector
The company named "TECHICAL OLYMPIC S.A."(hereinafter referred to as the "Company") informed the investment community that, on January 17, 2025, it signed an agreement for the immediate purchase of all shares of the public limited company named "GREENHILL VOULA ESTATES REAL ESTATE AND CONSTRUCTION PUBLIC LIMITED COMPANY," with the trade name "GREENHILL VOULA," for a total price of sixty-seven thousand six hundred euros (€67,600).
GREENHILL VOULA holds 100% ownership of a plot of land measuring 7,328.48 m², located in the Pygadakia area of the Municipality of Vari – Voula – Vouliagmeni, on which an unfinished residential complex is being constructed. This transaction completes the process of acquiring full control of the property in the Pygadakia area of the Municipality of Vari – Voula – Vouliagmeni.
Thank you!
20 Solomou St., Alimos, 174 56, Athens, Greece
www.techol.gr
Technical Olympic Group of Companies