Key Developments from the Implementation of the 2022 – 2024 Strategic Plan

GROWTHFUND AT A GLANCE

 

The Growthfund has a pivotal presence in the economic life and development of the country, with 16 subsidiaries and participations, and activities spanning across six major investment sectors: energy, real estate, food and supply, transportation and infrastructure, technology, and postal services. The Group employes 25,000 people, and value of assets under management currently amounts to €5.5 billion.

In 2021, Growthfund outlined its new 2022-2024 Strategy, which defines its evolution along two main pillars:

1. As an active shareholder
2. As a responsible investor in the Greek economy

The 2022-2024 Strategic Plan was developed and compiled in alignment with the strategic directives of Growthfund’s Sole Shareholder, the Ministry of Finance, which were received in February 2021. The Strategic Plan includes a specific reform agenda, and, for the first time, incorporates both quantitative and qualitative Key Performance Indicators (KPIs). It sets forth objectives linked to economic and sustainable development, along with specific timelines, in accordance with international standards. A key directive from the Sole Shareholder is the transformation of Growthfund into a model Public Investment Fund.

Strategic KPIs as National Performance Indices The strategic objectives of Growthfund have been integrated into the Unified Government Policy Plan for 2023, as well as into the Annual Action Plan for 2023 of the Ministry of Finance and National Economy.

Strategic, Business Planning, and Monitoring The Growthfund Strategic Plan is a key tool for achieving its mission to safeguard and maximize the value of the public assets it manages. Growthfund has established a framework of monthly monitoring and reporting rules aimed at improving the efficiency of its subsidiaries and their financial results. In this context, beyond regular performance reports, the portfolio companies submit to Growthfund a revised quarterly estimate for the year-end closure (Rolling Forecast), covering both their financial results and the degree of achievement of their goals in relation to non-financial indices. For this purpose, performance dashboards have been designed to automate the monitoring process for all portfolio companies.

Read more in the following attachment.