Admie Holdings Sa · ATHEX:ADMIE
Admie Holdings Sa — 9M 2024 Earnings Presentation
30 slides from Admie Holdings Sa's earnings presentation, Dec 16, 2024
Slide 1: Driving the Energy Transition – Financial Results 9M 2024
Driving the Energy Transition Financial Results 9M 2024 Investor Presentation 16 December 2024 ADMIE Holding 2023 – Financial Results Full Year 2023
Slide 2: Agenda
Agenda 1. ADMIE Holding - Highlights 2. IPTO S.A. - Highlights 3. IPTO Investment Program progress 4. Grid Telecom 5. Appendix 2 ADMIE Holding – Financial Results 9M 2024
Slide 3: Disclaimer
Disclaimer This document contains forward-looking statements that involve risks and uncertainties. These statements may generally, but not always, be identified by the use of words such as “outlook”, “guidance”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “target” and similar expressions to
Slide 4: Highlights ADMIE Holding
Highlights ADMIE Holding 4 ADMIE Holding 2023 – Financial Results Full Year 2023
Slide 5: ADMIE Holding Overview
ADMIE Holding Overview FY ‘20 FY ‘21 FY ‘22 FY ‘23 9M‘24 Holds 51% of the Hellenic Electricity Transmission System Operator (IPTO) Net Income (m) 43.2 34.9 29.1 58.8 60.5 Dividend 0.12 0.103 0.068 0.058 0.124** Purpose: Market cap: EUR 567.3 million* ADMIE Holding Shareholding To provide operational
Slide 6: ADMIE Holding Financial Highlights 9M & Q3 2024
ADMIE Holding Financial Highlights 9M & Q3 2024 Amounts in €m INCOME 61.2 ADMIE HOLDING S.A. Q3 2024 Q3 2023 Chg % 9M 2023: 46.6 31.3% Income 23.6 17.1 38.2% OpEx 0.2 0.2 - OPEX 0.8 27.2% Net Profit 23.4 16.8 38.9% 9M 2023: 0.6 Net Debt 0 0 - NET PROFIT 60.5 31.5% Profit per share 0.10 0.07 38.9% 9M
Slide 7: ADMIE Holding P&L and Balance Sheet summary
ADMIE Holding P&L and Balance Sheet summary Amounts in €’m Profit & Loss Statement Balance sheet 30.09.2024 31.12.2023 30.09.2024 30.09.2023 Chg % Share of profits in investments accounted Non-current assets 61.2 46.6 31.3% 831.8 800.7 using the equity method Current assets 22.0 5.8 Total Revenue 61
Slide 8: Highlights IPTO S.A.
Highlights IPTO S.A. 8 ADMIE Holding 2023 – Financial Results Full Year 2023
Slide 9: IPTO at a glance
IPTO at a glance Sole Transmission System Operator (TSO) in Greece Investment Proposition High dividend returns Natural monopoly in Reduced borrowing costs Employees Transported Energy Greece and established minimum 50% earnings payout 13,671 km of HV transmission lines 2,090 49.5 TWh Rational Leadi
Slide 10: Electricity Demand & Supply for 9M 2024
Electricity Demand & Supply for 9M 2024 Production & Interconnection Mix Key figures Production mix Imports mix 2,0% • 9M’24 Total Market 5,9% 8,5% Demand reached 39.6TWh 10,8% (4.7% y-o-y) 12,1% • Renewable energy 37,0% 34,1% contribution reached 55,1% 55.1% in 9M 2024 34,5% • Net imports at 4.7 TW
Slide 11: IPTO GROUP 9M 2024 financials
IPTO GROUP 9M 2024 financials Profit & Loss Statement Total Revenues* reached €356.4m increased by €m 30.09.2024 30.09.2023 Chg % €63.5m driven by the Transmission System Rent, increased by €59.2m mainly due to an increase 334,7 275,5 21,5% in interconnection rights by €30.8m., reaching € Revenue fr
Slide 12: IPTO Group Balance Sheet and Cash flow summary
IPTO Group Balance Sheet and Cash flow summary Amounts in €’m Cash Flow evolution (€m): Balance sheet 30.09.2024 31.12.2023 Non-current assets 3,929 3,629 Current assets 388.7 441.9 Of which: Cash & equiv. 192.6 245.7 245.7 Total Assets 4,317 4,070 193.6 192.6 Equity 1,579 1,518 -99 -147.7 Non-curre
Slide 13: IPTO Financial Performance ratios
IPTO Financial Performance ratios Key figures: Net Debt € 936.7 million 9M 2023: € 1,018.9 Leverage 3.5 Net Debt/adj. EBITDA 9M 2023: 4.7 Coverage ratio 15.5x Interest coverage ratio* 9M 2023: 11.3 *EBIT/Net Interest expense Leverage 0.59 Net Debt/Equity 9M 2023: 0.67 13 ADMIE Holding – Financial Re
Slide 14: IPTO Capex
IPTO Capex Euro million Other: €85.4 Crete phase II 25% (including Ariadne) : €172.7 FY22: EUR 335 40% 12% *Capital Greece – Cyprus – Israel: €47.5 23% investment: EUR 398.9 m *9M’23: EUR 370.4m. Cyclades interconnection (phase D): €93.3 14 ADMIE Holding – Financial Results 9M 2024
Slide 15: Updated Regulatory Framework
Updated Regulatory Framework RAEWW’s Decision E-102/2023 on Regulatory Period 2023-25 WACC (pre-tax nominal) 2022 2023 2024 2025 6.10% 7.57% 7.51% 7.45% Special RAB (for PMI - by 2025) RAB Allowed Revenue (by 2025) (in 2025) € 711.8 million € 2,682.7 million € 484.8 million with 1% WACC premium 15 A
Slide 16: IPTO Investment Program progress
IPTO Investment Program progress 16 ADMIE Holding 2023 – Financial Results Full Year 2023
Slide 17: Major Projects 2024-2031
Major Projects 2024-2031 Cyclades Phase D 2024-2025 2026 2028-2029 2028-2030 2031 North Aegean Greece-Italy Crete Peloponnese Dodecanese Phase II Corridor B’ Phase I-II Interconnection Interconnection Phase I-III 17 ADMIE Holding – Financial Results 9M 2024
Slide 18: Major Projects 2024-2035
Major Projects 2024-2035 Major Project Locations Total Capex Greece-Italy Interconnection 4 5 €6.1bn Expected Commissioning: 2031 Total project cost: €507m North Aegean Interconnection Expected Commissioning : 2030 Total project cost: €1.2bn Second 400 kV branch to Peloponnese (Megalopoli - Korintho
Slide 19: Key project developments 2024
Key project developments 2024 Ariadne Interconnection Interconnection of Cyclades Dodecanese and Northeast Aegean Ariadne Interconnection islands interconnections The project will be fully operational The completion of Cyclades will enable the development of In August 2024, the conclusion of the fir
Slide 20: Key project developments 2024
Key project developments 2024 Eastern Peloponnese Corridor Great Sea Interconnection Upgrading of the Koumoundourou The construction of the new transmission line of the project Greece-Cyprus-Israel The project will be fully operational by the end of the H1 2025 is underway 6th list of Projects of Co
Slide 21: International Interconnection Plans
International Interconnection Plans 2nd interconnection with Italy Interconnection with Egypt 2nd interconnection with Albania Commissioning: 2031 Commissioning : 2030 Cooperation with EETC and ELICA SA to • Greece -Albania interconnection, together Interconnection between Greece and evaluate partic
Slide 22: GRID Telecom
GRID Telecom 22 ADMIE Holding 2023 – Financial Results Full Year 2023
Slide 23: About GRID Telecom
About GRID Telecom ➢ Founded in 2019, is a wholly owned subsidiary of the Independent Power Transmission Operator (IPTO) of Greece. ➢ IPTO’s vehicle for providing telecom services to national and international operators. ➢ Utilises the overhead Optical Ground Wire (OPGW) cables on the power grid tra
Slide 24: Appendices
Appendices 24 ADMIE Holding 2023 – Financial Results Full Year 2023
Slide 25: IPTO 9M 2024 Adjusted EBIT evolution
Appendix 1 IPTO 9M 2024 Adjusted EBIT evolution Key figures Adjusted EBIT (€m) 30.6% Adjusted EBIT Includes provisions for staff compensation and -4.0 -6.7 63.5 risks and expenses amounted to €4.7m from -2.7 -10.1 €1.8m in 9M 2023. 0.7 172.3 Revenue Increase of revenues €63.5m driven by the 131.9 in
Slide 26: WACC calculation
Appendix 2 WACC calculation On 20.07.2023 the Energy Sector of WACC components 2024 RAEWW released its decision regarding the approval of the revised return Risk-free 2.36% (WACC) on the Regulated Asset Base of the Affiliate IPTO S.A. The return for the Market risk 5.5% years 2023-2025 of the Regula
Slide 27: Regulatory Period 2023-2025
Appendix 3 Regulatory Period 2023-2025 Regulated Undepreciated Work-in-Progress Depreciation Asset Base value of Fixed CapEx Grants Amortization (RAB) Assets Write-offs & Working Capital Re-used assets Allowed Revenue (AR) Operator's Allowed Revenue Incentives In nominal terms for each year AR = O +
Slide 28: Regulatory Period 2023-2025
Appendix 4 Regulatory Period 2023-2025 Required Revenue (RR) Amount recovered through System usage charges RR = AR ± Κ ± P1 ± P2 - P3 ± P4 ± P5 ± P6 ± P7 ± INF ± EFF - LD - UP ± INC ±Κ : cost of investments financed by 3rd parties ± P1 : settlement due to under-/over-recovery of RR ± P2 : settlement
Slide 29: Shareholder Structure
Appendix 5 Shareholder Structure Hellenic Republic Free Float 51.1% 48.9% Athens Stock Exchange ATHEX: ADMIE Bloomberg: ADMIE GA 51.0% Reuters: ADMr.AT 232,000,000 common shares 25.0% 24.0% ADMIE Holding – Financial Results 9M 2024 29
Slide 30: Contact
Contact For additional information please contact ADMIE Holding Investor Relations: Lilian Filips Head of IR Tel: +30 210 3636 936 E-mail: l.filips@admieholding.gr ADMIE Holding 2023 – Financial Results Full Year 2023 30