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businessdaily-Ypertameio-Dimitriadis-Grigoris
Φωτο: Υπερταμείο

Soaring dividends in the Growthfund, "firepower" for new investments

At €192 million, the Growthfund's reserves reached €192 million in 9 months thanks to increased dividends from El. Venizelos. It paves the way for investments, while its revenues will also feed the new National Investment Fund when it is established.

Slowly but steadily, the assets of the Growthfund are being strengthened and allow it to take an even more active role, so that apart from the good operation and promotion of the goodwill of its 16 subsidiaries, it also invests in the Greek economy as a capital manager.  

According to the 9M 2023 annual report of the Fund, its assets stood at €192 million compared to €115 million in the same period last year, due to the increased dividends received. 

It is noted that the new National Investment Fund, which in the first phase will be set up with state funds equal to half of the valuation of EYDAP and EYATH, which left the supervision of the Yperta Fund, will also be "fed" by the revenues of the Yperta Fund.

The total revenues of the Growthfund are almost exclusively due to dividends from its subsidiaries. In 9M 2023, dividends received by the Growthfund amounted to EUR 118.6 million compared to EUR 74.2 million in 9M 2022. Last year, dividends of EUR 14.9 million from EYDAP and EYATH were included, which will no longer be counted. 

Where the dividends came from in the 9 months

The main "blood donor" of these dividends was Eleftherios Venizelos airport, contributing 112.5 million or 97% of the total. The remaining dividends came from OTE with €2.88 million - the State Treasury has the right to collect the dividend on the 1% share held by the State in the Agency; from the Central Market and Fisheries Agency €1.21 million, from GAIAOSE €1 million, from the Central Market of Thessaloniki €0.7 million and from Hellenic Salt Works €0.3 million.

By the end of the year, the dividends of the Growthfund will exceed EUR 160 million, as well as dividends and capital repayments from Eleftherios Venizelos, in which the Growthfund retains a 25% stake, will be added.

It is noted that 50% of the dividends received by the Growthfund is directed to reduce the public debt, about 30% of the dividends will support the public investment programme and the remaining 20% will be used - in combination with the funds already available - for investments in the Greek economy.

So far, the Growthfund has made a single investment, in Hellenic Salt Works, where it has increased its stake from 55% to 80% by paying €3 million. When the Growthfund was given the green light by the Ministry of Finance to also pursue an investment policy, it was budgeted to invest €50 million between 2022 and 2024. A consolidated balance sheet for 2022 has not yet been published.

In the 9-month balance sheet - it has not yet published a consolidated balance sheet for 2022 - the Treasury's profits stood at EUR 114.2 million, an all-time high since the institution's establishment.

Payroll and administration costs increased by 7% to EUR 3.49 million, due to the higher number of staff compared to 9M 2022. Third-party fees increased by 39% to EUR 2.93 million, which is attributed to "the launch of important consulting projects related to the subsidiaries of the Superfund, such as the valuation of Real Estate, cybersecurity maturity assessment and upgrade services and advisory services to the boards of directors".

Financial income more than tripled to €3.36 million due to higher cash and higher interest yields.

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