Investors are taking a close look at Hellenic Saltworks, as Growthfund’s tender for the sale of a majority stake moves into the financial due diligence phase. Sources familiar with the matter told Euro2day.gr that the Virtual Data Room (VDR) has opened.
The opening of the VDR is the key step before binding bids are submitted. Potential investors will be asked to assess the true value of a productive asset with a strategic position in the domestic salt market.
Bidders include KALAS, Mantis Trading, Meccanica Group, Italy’s SOSALT and the consortia of M.P. Theodorou–Salinity Group, Pitsias–Konstantopoulos and Unisel–Chion.
The tender, which has been under way since last December, concerns the sale of at least 51% of the share capital, out of the 80% held by Growthfund. The exact stake to be transferred will be determined in the second phase of the process, while the remaining 20% of the company is owned by municipalities.
Last year, Hellenic Saltworks increased sales by 26.8% to €6.36 million, as demand from processors and traders strengthened and sales of salt for de-icing recovered. The higher level of commercial activity, however, did not translate into higher profits. Net profit fell by 21.2% to €500,399, from €635,138, with the net profit margin narrowing to 7.9%, compared with 12.7% in 2024.
The pressure came mainly from distribution costs, which more than quadrupled, reaching €930,363. According to management, the increase was linked to the transfer of large quantities of salt between facilities to meet sales and ease the build-up of inventories.
At year-end, inventories had reached €6.78 million, exceeding annual turnover, while cash and cash equivalents had fallen to €602,089 from €1.39 million. The company has equity of €17.21 million and total liabilities of €2.43 million.