Ladies and gentlemen, thank you for standing by. I'm Constantinos, your Chorus Call operator. Welcome, and thank you for joining the Ellaktor Group conference call and live webcast to present and discuss the Ellaktor Group's first half, 2022 financial results. All participants will be in listen-only mode, and the conference is being recorded. The presentation will be followed by question and answer session for institutional investors and analysts via audio conference. Please refer to invitation received if you wish to connect to the audio conference for your questions. Should anyone need assistance during the conference call, you may signal an operator by pressing star and zero on your telephone. At this time, I would like to turn the conference over to Mr. Efthymios Bouloutas, CEO, Ellaktor Group, Mr. Dimos Revelas, CFO, Ellaktor S.A., Ms. Aphrodite Avramea, Head of Strategy, and Mr. Yannis Mamakos, Investor Relations Officer.
Mr. Revelas, you may now proceed.
Thank you. Good afternoon to all, and welcome to Ellaktor's conference call regarding the first half 2022 results. The press release announcing Ellaktor's financial and operating results for the first half of 2022. The interim consolidated financial information and the presentation were issued earlier this afternoon after the market closed. For those of you who haven't seen those, they are available on the investor section of our website www.ellaktor.com. On our call today, we will share with you the business update and review of our financial results, and then we will host a Q&A session. I would now like to turn over the floor to Mr. Bouloutas, our CEO.
Thank you very much, Dimos. Good afternoon, ladies and gentlemen. Thank you very much for participating in Ellaktor's first half 2022 financial results. For ease of presentation, we will follow the PDF that was presented on site earlier today. I will start with page number five, where I will remind you that on the 6th of May 2022, Motor Oil Hellas proceed with an announcement that it has acquired approximately 30% stake in Ellaktor. At the same time, Motor Oil has reached an investment framework agreement with Reggeborgh Invest, our other large investor, subject to customary conditions and regulatory approvals for the acquisition of 75% of the shares of the company to be established, which will own Ellaktor's RES.
In that respect, following a due diligence process and a fairness opinion obtained by the Ellaktor board, on August 1st, it was decided by the board of Ellaktor that we conclude the share purchase agreement and a shareholder agreement with Motor Oil Renewable Energy, which is a subsidiary of Motor Oil Hellas, and the commencement of the process of the division of the company, with a spin-off of the company's RES segment and its contribution to a new company to be incorporated. Motor Oil's board approved the conclusion of the above transaction documents on the 4th of August. On the 25th of August, we had an extraordinary General Assembly of the shareholders of Ellaktor that approved the transaction for the transfer of the 75% of Ellaktor's RES sector to .
Motor Oil has scheduled an EGM on the subject on September eighth. Just to remind you, with the transaction structure and economics, Ellaktor will proceed with a hive down of the RES sector to a newly incorporated company called SpinCo, for the purpose of the presentation. MORE and Ellaktor will jointly form a new company called HoldCo, in which Ellaktor will hold a stake of 25% and MORE a stake of 75%. MORE will cover its participation in HoldCo with cash, while Ellaktor will participate in HoldCo share capital by contribution in kind of approximately 14% of SpinCo shares. Ellaktor then will sell and transfer the remaining SpinCo shares for cash consideration. HoldCo will merge with SpinCo through the absorption of the former by the latter.
The total cash consideration for 100% of SpinCo shares, which is the equity value, has been determined at EUR 794.5 million. The total consideration in terms of enterprise value amounts to EUR 994.1 million versus announced enterprise value of EUR 1 billion. Following the respective EGM approvals, the closing of the transaction is conditional upon any other regulatory approvals, including the approval by the Hellenic Competition Commission, and it is expected to be completed by year-end. Turning now to page number six. Further business developments have been that Reggeborgh has launched at the same time on May 6 a voluntary tender offer for the purchase of Ellaktor shares for a consideration of EUR 1.75 per share in cash.
This voluntary tender offer has been approved by the Hellenic Capital Market Commission and has run its course and in on the 26th of July, it was completed. Reggeborgh's voluntary tender offer was completed successfully, and shareholders tendered approximately 54.4 million shares or 15.6% of the company's share capital. Following the tender completion, the main shareholder, Reggeborgh Invest, now holds directly or indirectly a stake of approximately 46.15% in Ellaktor. Furthermore, on August 1st, Ellaktor Value, which is a fully owned subsidiary of Ellaktor, announced an offer to purchase for cash any and all of the outstanding senior secured notes due 2024 at a price of 101% of the aggregate principal amount plus the accrued interest.
This offer was triggered due to a change of control taking place as a consequence of the framework agreement entered into between Reggeborgh and Motor Oil. The offer is valid until September 21st, and Ellaktor will fund the purchase of the notes of the offer with financing facilities already committed by local banks and along with existing cash. Furthermore, due to Reggeborgh's participation in Ellaktor that ended up being north of 33%, RB Ellaktor Holding announced on August 19th, the launch of a mandatory tender offer for 22.8 million shares in REDS, representing the shares not owned directly or indirectly by the offeror, including Ellaktor's stake or by persons acting in concert with the offeror.
At the same time, an offering circular was filed with the Hellenic Capital Market Commission, and the price determined for the offer is EUR 2.48 per share in cash for every tender shares. That completes, let's say the corporate developments with the mandatory tender offers, the tender offer for the high yield bond, and also the completion of a major part of the RES sales process. Now we move to page number seven, and we will focus on the financial results of the first half. Given the prospective sale of the RES segment, the financial information for this segment is presented separately in accordance with IFRS 5 non-current assets held for sale and discontinued operations.
For comparison purposes, financial information for the RES segment is also presented as a part of Ellaktor Group and as a discontinued operation. The first bullet point is that the first half Group revenue came in at EUR 479 million, out of which EUR 428 million comes from continuing operation. 22% higher versus the same period of last year, while exceeding the EUR 1 billion threshold on a last 12 month basis. Of which, EUR 894 million come from continuing operation.
In terms of profitability, the first half 2022 group EBITDA came in at EUR 126 on a comparable basis, out of which EUR 82 from continuing operations, up 65% versus the respective period of the first half of 2021, with a margin at 26% higher by seven percentage points versus the same period of last year. The reported EBITDA for the period is EUR 117 million, out of which EUR 73 from continuing operations, higher 2.3 x versus last year.
Finally, the first half profitability, the pre-tax profit came in at EUR 31 million, out of which six from continued operation, versus losses of EUR 48 million during the first half of 2021, while net income for the first half of the year stood at EUR 12 million, out of which losses of EUR 7 million from continued operation, versus losses of EUR 55 million in the first half of 2021. For the high yield bond we discussed, the developments while the net debt of the group is at the end of the semester, EUR 556 million, out of which 367 from continuing operation, down from 578 at the end of 2021.
Group cash and liquid assets at EUR 428 million, of which EUR 385 million from continued operation, versus EUR 557 million at the end of December 2021, excluding Moreas Concession. Finally, Net Debt to EBITDA, comparable last 12 months, multiplier, excluding Moreas Concession, is at 2.6x. Operating cash flow for the first half of the year came in at + EUR 42 million, of which EUR 13 million from continuing operations, compared with outflows of EUR 1 million during the same period of last year.
In terms of financial results, the group revenue, the EBITDA for all activities can be seen itemized in slide number eighth, where effectively you see that the revenue of all activities was positive versus last year, registering on the average a very healthy growth of 22%, 25% in terms of continuing operations. Itemized every activity posted a revenue growth. 29% for construction and concession, 1% for the environment, and we will explain why that is in a second. 4% on RES, which is now a discontinued operation. Almost 60% for the real estate, albeit from a smaller base vis-a-vis the other activities.
In terms of EBITDA, all activities other than the environment reported a healthy, very healthy increase, 113% on the average, again, with a very big increase in construction and concessions. Concessions came in at 21%, and on comparable basis, 37%. We remind you that comparable versus the reported concessions difference by EUR 9 million, which is a charge relating to the January traffic disruptions in Attiki Odos. On the environment business, second quarter results incorporate a provision for the retrospective adjustment regarding increased RES revenue, common sector that they had market spot prices, which is EUR 9.1 million impact in revenue and EUR 7.9 million impact in EBITDA.
On the left-hand side of the same page, you can see the graphs with the EBITDA with the sales and EBITDA, where you see a significant normalization versus the same period of last year. The company has completed a big part of the restructuring and is cruising now in what is the true earnings potential of the group, driven predominantly from changes in revenue. In terms of operating update, I would like to point a couple of items. New projects of EUR 321 million were signed during the first half in construction.
That includes the Patras–Pyrgos National Road, the Psyttaleia operation and maintenance, the Corinth Canal restoration works, and the design, procurement, installation, and commissioning of telecommunication and control systems in the Thessaloniki Metro. The outlook is very healthy because the company is preferred bidder for additional projects worth approximately EUR 1 billion. All in all, the current backlog is EUR 2.8 billion compared with EUR 2.5 billion on December of 2021, and the EBITDA for first half of 2022 continues to break even, underpinning the turnaround that has been completed. In terms of concessions, traffic in all roads we operate was up approximately 30% for the first half of 2022 versus the same period of last year.
Specifically in Attiki Odos, the first half was higher by 28% vis-a-vis the same period of last year. On February 25th, we've been announced preferred investor in Kalamata- Rizomylos- Pylos, PPP. On March 18th, we initiated construction works for the Patras-Pyrgos in Olympia Odos. On June 7th, we participate in a JV, Aktor Concessions participates in a JV that has been announced a preferred investor in Voula PPP. Finally, on August 5th, a consortium of which Aktor participates, submit an offer for the acquisition of majority stake in the share capital of Igoumenitsa Port Authority. Again, here, during the rest of the year, we expect that various PPP concession and privatization projects will be tendered, and we will participate in the majority of them.
Finally, for the environment, we discussed about the profitability charge, the EBITDA charge, that relates to both revenue and also profitability that is effectively a tax on the hyper profits as the government calls it. There's a lot of ambiguity on how these are gonna be implemented. However, for prudence purposes, we decided to take this charge. In terms of new businesses, we've discussed even in March that we've been a preferred bidder for the Attica Clinical Waste Incinerator.
We also initiated the Kozani Biogas Electricity Production, which is a new project of 1.2 MW, while we've been named as the sole bidder for the Mavrorachi Leachate Treatment Plant Upgrade Expansion, which has a construction budget of EUR 5 million and an operation of 4 + 4 years. Finally, we've been announced the preferred bidder regarding the Milos Waste Management Contract, which has a capacity of approximately 300 tons per annum. With that, I would like to complete the operational update, and I'd like to turn t he call over to Ms. Aphrodite Avramea to give you highlights about ESG activities during this quarter and last year.
Good evening. My name is Aphrodite Avramea, and I'm the Head of Strategy at Ellaktor Group. In the following few minutes, I'm going to briefly present our most recent ESG activity. In the beginning of July 2022, we released our sustainability report for the year 2021, which summarizes all of the group's ESG initiatives and achievements for the previous year. The report also describes our new ESG strategy and analyzes our strategic goals and action plans. The basic 2021 ESG figures and their 2020 equivalents are summarized in slide 10. Further enhancing last year's positive environmental impact, energy production from renewable energy sources increased by 10% to 1,380 GWh .
This result was a combination of the increase in the average capacity and the enhancement in the capacity factor of our renewable energy products. Energy consumption, on the other hand, remained stable versus the previous year at about 260 GWh, despite the increase in total turnover and the pickup with the overall economic activity as the COVID-19 pandemic entered a stabilization phase. This practically means that through our activities, we consume just 1/5 of the energy that we produce through renewable energy sources. At the same time, the amount of CO₂ equivalent emissions prevented from our operations increased by more than 30% to 2.7 million tons, while the CO₂ equivalent emissions produced by our operations decreased by 8% to 90,000 tons.
That is, we prevented 30 x more CO₂ equivalent emissions compared to the ones that we produced, increasing this figure from 20 x in the previous year. 2021 was the year of governance reorganization and enhancement, with female representation in all levels being further reinforced groupwide. As such, the percentage of women employees raised from 24%-26%. Managerial positions held by women increased from 17%-18%, while board female representation doubled to 43%. In the next slide, as mentioned, our ESG strategy was revised and informed, always within our five strategic pillars and the aim to include as many of the SDGs as possible in our strategic goals. On the environmental front, our main strategic goals are the further reduction of GHG emissions and contribution to the circular economy.
For that purpose, we have put together a detailed strategic plan with specific actions. Our long-term aspiration is to eliminate waste produced by the group's activities by 2028 and to achieve net zero by 2050. Other environmental goals entail the mitigation of climate change risks and the protection of biodiversity. We are in the process of creating road maps and designing specific programs in order to achieve these targets. Our social strategic goals focus on employees and the overall societies in which the group operates. As far as employees are concerned, enhancing their well-being, setting a culture of training and self-improvement, and focusing on health and safety while maintaining a safe and inclusive working environment are a top priority.
Our strategic goals also involve further strengthening the ties with the society and the stakeholders by establishing solid channels of communication and embracing employee volunteerism. Further strengthening the governance structures that were significantly enhanced during 2021, the group will focus on supply chain related issues, preserving integrity, and adopting corporate governance best practices. In addition, Ellaktor has set a detailed action plan in order to optimize operations and develop innovative products and services by leveraging our cutting-edge technology, practices, and opportunities. At the next slide, our ESG ratings are summarized. As you can see, overall, we enjoy satisfactory ratings and favorable rankings. This was a brief overview of our ESG activities.
I will now hand over the presentation to Mr. Dimos Revelas, the group's CFO, who will briefly present the group's financial highlights and first half 2022 results.
Thank you, Aphrodite. Moving on to slide 15, we present the group's P&L in a distinct way, i.e., separately reporting continuing and discontinued operations. Looking at continuing operations on the left-hand side of the table, revenues rose by 25% year-on-year, chiefly on account of construction and concessions, which recorded deltas of EUR 55 million and EUR 28 million, respectively. In terms of territorial breakdown, Greece accounted for 83% of continuing operations sales, while other European countries for 12%. With the remainder being accounted for by Middle East. Of domestic sales, 51% corresponds to the public sector. EBITDA settled at EUR 73 million or almost 7 x last year's respective reading, thus yielding an EBITDA margin of 17%.
Excluding one-off charges, i.e., last year's EUR 26 million arbitration charge relating to construction and this year's EUR 9 million charge relating to the traffic disruption in Attiki Odos in January. Comparable EBITDA would have been EUR 82 million compared to EUR 35 million in the same period of 2021. In the bottom line, continuing operations produced a pre-tax profit of EUR 5.6 million, reversing losses of EUR 70 million a year ago, while at the post-tax level, a loss of EUR 7 million was recorded, mostly attributable to income tax linked with the concession segment. On page 18, in compliance with IFRS 5, the renewable energy segment, assets and liabilities are being accounted for in a single line as assets and liabilities classified as held for sale. You can see that in the penultimate row of its assets and liabilities.
However, the group view, i.e., including the segment, is also provided for comparative reasons and for your convenience on the next slide. Looking at slide 18, however, total equity attributable to shareholders amounted to EUR 307 million, with the ratio over total assets standing at 10.7% compared to 10.1% at the end of last year and 8.3% at the end of 2020. The EUR 86 million delta on the asset side on the receivables line in total receivables is mostly accounted for by trade receivables and contract assets, but they're also counterbalanced by a circa EUR 70 million increase in trade and other payables, mainly due to advanced payments received. On slide 20, we have tried to show all the breakdown of our debt.
As of June 13th, the net debt of the group's continuing operations, that is the bar on the right-hand side, excluding the black bar on the top, amounted to EUR 367 million, down by EUR 13 million for the first half, driven by circa EUR 3 million less debt and circa EUR 10 million higher cash and equivalent balances. On page 21, operating cash inflows from continuing operations were established at EUR 13 million, following on the positive trend of the recent quarters compared to outflows of EUR 52 million a year ago.
On the next slides, you have dedicated a two-pager on each sector, detailing, highlighting the key financial figures and the key operating developments and business developments, but I believe most of that has been covered by Efthymios. In order for us not to be repetitive, I would like now to turn over the floor for any questions you might have. Thank you.
Ladies and gentlemen, at this time, we will begin the question and answer session. As a reminder, management will receive questions from institutional investors and analysts via audio conference. Please refer to invitation received if you wish to connect to the audio conference for your questions. Anyone who wishes to ask a question may press star followed by one on their telephone. If you wish to remove yourself from the question queue, then you may press star and two. Please use your handset when asking your question for better quality. Anyone who has a question may press star and one at this time. One moment for the first question, please. As a reminder, if you would like to ask a question, please press star and one on your telephone. Once again, to register for a question, please press star and one on your telephone.
As a final reminder to register for a question, please press star and one on your telephone. Ladies and gentlemen, there are no questions at this time. I will now turn the conference over to management for any closing comments. Thank you.
Thank you. We don't have any additional comments, and we would like to thank you very much for your time and for today to participate in our conference call presentation. Thank you very much, and have a good evening.
Ladies and gentlemen, the conference is now concluded, and you may disconnect your telephone. Thank you for calling, and have a pleasant evening.