Slide 1: 1st Half 2023 Financial Results
1st Half 2023 Financial Results September 15, 2023 H1’23 Financial Results 1
Slide 2: Disclaimer
Disclaimer. This presentation has been prepared by ELLAKTOR S.A. The information included in this presentation may be caution readers of this presentation not to place undue (the “Company”). subject to updating, completion, revision and reliance on these forward-looking statements as several amendme
Slide 3: Group Business Update
Group Business Update. On March 30th, 2023, Ellaktor S.A., AKTOR In compliance with IFRS 5 ('Non-current Assets Held Concessions S.A. and Intrakat S.A. signed an for Sale and Discontinued Operations'): agreement for the sale and purchase of all shares in AKTOR S.A. The book values of assets and liab
Slide 4: Contents
Contents. 1. 2. 3. 4. 5. Group Key Financial ESG Appendix Financial & Financial Performance Business Figures by Segment Update H1’23 Financial Results 4
Slide 5: 1. Group Financial & Business Update
1. Group Financial & Business Update H1’23 Financial Results 5
Slide 6: Financial Highlights
Financial Highlights. 1. H1’23 C.O. Revenue at €186m, unchanged 4. Group Net Cash(1): €181m vs. Net Cash(2) vs. the same period last year. equal to €152m at the end of 2022. 2. H1’23 C.O. EBITDA at €94m, a YoY increase 5. Equity attributable to shareholders at of 29% (Group EBITDA at €85m). C.O. EBI
Slide 7: Group Revenue & EBITDA
H1’ 23 Group Revenue & EBITDA. (C.O. -€2m, -2%) €m H1'22 H1'23 Δ% Q2’22 LTM Q2’23 LTM Δ% Revenue q-o-q (€m) Concessions 126.6 135.0 7% 261.7 277.4 6% Revenue C.O. D.O. RES D.O. Constr. Environment 55.7 49.5 (11%) 115.4 116.3 1% Real Estate 4.2 4.9 18% 9.1 10.6 16% 305 Other 0.3 0.7 >100% 0.5 0.9 76%
Slide 8: Segments: Business Update I/II
Segments: Business Update I/II. CONSTRUCTION CONCESSIONS ▪ As of June 30, 2023, AKTOR’s backlog was €2.2bn, with €263m ▪ Traffic for Attiki Odos was up by 11.8% YoY in H1'23, and 10% worth of projects signed during H1'23. These include: higher compared to the pre-Covid levels of H1’19. The latest ▪
Slide 9: Segments: Business Update II/II
Segments: Business Update II/II. ENVIRONMENT REAL ESTATE ▪ A 50/50 joint venture with Watt signed a contract for the ▪ Financial closing of Gournes was completed in February 2023. operation, maintenance, and leachate capacity increase in the ▪ Two plots of land in Romania were sold for a total consi
Slide 10: 2. Key Financial Figures
2. Key Financial Figures H1’23 Financial Results 10
Slide 11: Consolidated P&L
Consolidated P&L. For H1'23, Group revenues amounted to €441m, representing an 8% annual decline. However, C.O. remained flat YoY at €186m, while D.O. stood at €255m, reflecting a 13% YoY decrease due to the exclusion of RES activity. Domestic sales accounted for 95% of C.O. revenues and 79% of cons
Slide 12: Consolidated P&L - IFRS 5
Consolidated P&L - IFRS 5. Continuing Operations Discontinued Operations Total €m H1'22 H1'23 Δ% H1'22 H1'23 Δ% H1'22 H1'23 Δ% Net sales 186.5 185.8 (0%) 292.9 255.0 (13%) 479.4 440.8 (8%) Cost of Sales* (92.6) (79.6) 14% (241.2) (255.7) (6%) (333.8) (335.2) (0%) Gross profit 93.9 106.2 13% 51.7 (0.
Slide 13: Consolidated P&L
Consolidated P&L. (+€3m, +0%) Net Sales LTM (€m) €m H1'22 H1'23 Δ% Q2'22 Q2’23 Δ% C.O. D.O Net sales 479.4 440.8 (8%) 259.2 235.6 (9%) 1,002 1,016 1,044 1,029 1,005 Cost of Sales* (333.8) (335.2) (0%) (188.5) (179.4) 5% 108 109 100 Gross profit 145.6 105.6 (27%) 70.7 56.2 (21%) 626 604 Selling & Adm
Slide 14: Consolidated Balance Sheet
Consolidated Balance Sheet. Consolidated shareholders' funds: €840m, equivalent to 33% of total assets. Total liquidity: €413m (including €32m for Moreas), compared to €508m at the end of 2022. Total indebtedness: €597m (including €397m for Moreas), compared to €692m at the end of 2022. Group Net De
Slide 15: Consolidated Balance Sheet (IFRS 5)
Consolidated Balance Sheet (IFRS 5). €m Dec.'22 Jun.'23 Δ% €m Dec.'22 Jun.'23 Δ% PPE, Intangible assets & Investment Property 632.6 492.5 (22%) Equity excl. non-controlling interests 827.9 839.7 1% Investment in subsidiaries, associates and joint ventures 203.7 205.4 1% Non-controlling interests 85.
Slide 16: Group Net Debt Breakdown
Group(1) Net Debt Breakdown. Total Debt (€m) Cash & Liquid Assets (€m) Net Debt (Cash) (€m) 413 213 184 619 406 597 20 37 212 200 365 365 344 344 (152) (180) 407 397 41 32 31.12.22 30.6.23 31.12.22 30.6.23 31.12.22 30.6.23 Moreas Group x-Moreas Moreas Group x-Moreas Restricted Cash x-Moreas Moreas G
Slide 17: Consolidated Cash Flow (IFRS 5)
Consolidated Cash Flow (IFRS 5). €m 6M '22 6M '23 Δ% ▪ CF from Operating Activities Cash and equivalents at start of period 357.9 413.5 16% ▪ Adversely affected by a net movement of CFs from Operating Activities (C.O.) 66.4 86.7 31% approximately €20m from receivables relative to CFs from Operating
Slide 18: 3. Financial Performance by Segment
3. Financial Performance by Segment H1’23 Financial Results 18
Slide 19: Construction (Discontinued Operations)
Construction (Discontinued Operations). Revenue QoQ (€m) ▪ H1'23 revenues: €255m, up 6% YoY, driven by new 200 180 1.2 Greek projects and accelerated Centura project in 160 1 Romania. 140 0.8 120 ▪ Domestic activities: 68% of revenues, 57% of 100 0.6 backlog. 80 140.4 132 171.6 140.8 0.4 60 114.3 ▪
Slide 20: Concessions
Concessions. Revenue QoQ (€m) 74 1.2 72 1 ▪ Operating profitability improved by 24% YoY in 70 H1'23, driven by strong traffic performance across all 0.8 68 assets, especially for Attiki Odos. 0.6 66 71.5 70.9 70.8 ▪ Adjusting for the €9m cost of the ‘Elpis’ snowstorm in 64 70.1 0.4 Q1’22, EBITDA sti
Slide 21: Environment
Environment. Revenue QoQ (€m) 40 1.2 35 1 ▪ Turnover for H1'23 dropped by 11% to €50m, mainly due to: 30 ▪ Increased input volumes and gate fees (+€1.4m). 25 0.8 ▪ The full integration of the clinical incinerator activities (+€0.8m). 20 0.6 34.3 ▪ The suspension of operations of the Osnabruck facili
Slide 22: Real Estate
Real Estate. Revenue QoQ (€m) 3.5 1.2 3 1 2.5 0.8 ▪ Two plots of land in Romania were sold for a total 2 0.6 consideration of €13m and a profit of €5.8m in 1.5 3.3 April and May 2023. 1 2.1 2.3 2.5 2.5 0.4 ▪ H1’23 revenues increased substantially by 18% to 0.5 0.2 €4.9m. 0 0 Q2'22 Q3'22 Q4'22 Q1'23
Slide 23: 4. ESG
4. ESG H1’23 Financial Results 23
Slide 24: ESG Footprint - Environment
ESG Footprint-Environment. 2022 Key 2022 0.3 8% 0.28 0.27 251 49% 36% Achievements 248 3% 250 4% 260 0.25 0.24 Scope 1&2 GHG Electricity Waste incinerated 210 0.2 emissions per Diesel Petrol Energy 2020 2021 2022 source Natural gas Heating oil/LPG/CNG New Group Environmental consumption Energy consu
Slide 25: ESG Footprint - Social & Governance
ESG Footprint-Social & Governance. 7500 40% Key 2022 7,245 7,296 7,329 2022 92 Achievements 26% 27% 30% 24% 2021 94 7000 20% 2020 95 Employees 2020 2021 2022 % of supplies acquired Number of employees from local suppliers 85 90 95 100 Signed the Women Women Empowerment Principles 50 (WEPs) 27 43 S 2
Slide 26: ESG Ratings
ESG Ratings. Score(1) Rating Scale Rating Agency Comments Aug 2023 Dec 2022 Dec 2021 (low to high) 10 6 5 Environment 3 4 3 1 2 2 2 10 - 1 100 Social 0 Governance 69.0 69.9 67.0 110 ✓ 2nd highest score among the rated 0 - 100 Included for the first FTSE ATHEX Large Cap companies (2) 50 time in 2022
Slide 27: EU Taxonomy - FY2022
Construction 3% OpEx EU Taxonomy-FY2022. Environment 4% Revenues 22% Concessions 13% 15% 63% Construction 17% RES (disc.) 56% Construction 2% Environment 3% 29% 30% RES (disc.) 10% CapEx 41% Other 1% Environment 1% Construction 61% Construction 15% Concessions 14% Concessions 26% 10% 16% 74% RES (di
Slide 28: 5. Appendix
5. Appendix H1’23 Financial Results 28
Slide 29: P&L by Segment H1'23
P&L by Segment H1’23. Continuing Discontinued H1'23 in €m Concessions Environment Real Estate Other Elimin. Total Operations Operations Net sales 135.0 49.5 4.9 0.7 (4.4) 185.8 255.0 440.8 Cost of Sales* (45.3) (38.3) (0.4) (0.4) 4.8 (79.6) (255.7) (335.2) Gross profit 89.8 11.3 4.5 0.3 0.4 106.2 (0
Slide 30: P&L by Segment H1'22
P&L by Segment H1’22. Continuing Discontinued H1'22 in €m Concessions Environment Real Estate Other Elimin. Total Operations Operations Net sales 126.6 55.7 4.2 0.3 (0.3) 186.5 292.9 479.4 Cost of Sales* (46.5) (45.7) (0.4) (0.2) 0.2 (92.6) (241.2) (333.8) Gross profit 80.1 10.0 3.8 0.1 (0.1) 93.9 5
Slide 31: Net Debt by Segment
Net Debt by Segment. Concessions Real Estate (excl. Group (excl. Moreas (non- 30.06.2023 in € m Environment Other Group Assets H.F.S. Total Group (excl. Moreas) Gyalou) Moreas, Gyalou) recourse) Short-term Debt 27.3 3.3 2.5 0.6 33.7 17.5 51.3 36.2 87.5 Long-term Debt 153.9 12.4 0.0 0.0 166.3 379.6 5
Slide 32: Equity, Performance & Shareholders
Equity, Performance & Shareholders. Comparative Performance, Athens Stock Exchange Shareholders’ structure as of August 31, 2023 Price, Athens Stock Exchange 2.8 2.1 S-23, 1.64 2.6 1.9 2.4 1.7 Retail Normalized Performance 2.2 Institutional (<5%) 1.5 10% Investors 5% 2 1.3 Atlas N.V., Reggeborgh 10%
Slide 33: Glossary / Alternative Performance Measures
Glossary / Alternative Performance Measures. NET BEBT EBITDA EBITDA EBIT NET DEBT EXCLUDING LTM MARGIN LEASES (Earnings before Earnings before (Earnings before Total short-term and Net Debt excluding Refers to a period of Interest, Tax, interest, tax, Interest and Tax): long-term borrowings, leases
Slide 34: Contact
Dimos Revelas Group CFO drevelas@ellaktor.com Andreas Papanagiotopoulos Group Treasurer & Finance Manager/IRO apapanagiotopoulos@ellaktor.com ir@ellaktor.com ELLAKTOR HEADQUARTERS 25, Ermou St., GR 145 64 Nea Kifissia Athens - Lamia National Road, Olympic Village Interchange Greece TEL: +30 210 8185