Admie Holdings Sa · ATHEX:ADMIE
Admie Holdings Sa — FY2023 Earnings Presentation
25 slides from Admie Holdings Sa's earnings presentation, Apr 17, 2024
Slide 1: Driving the Energy Transition
Driving the Energy Transition Financial Results Full Year 2023 Investor Presentation 17 April 2024 ADMIE Holding 2023 – Financial Results Full Year 2023
Slide 2: 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 3: Highlights ADMIE Holding
Highlights ADMIE Holding Ioannis Karampelas Chief Executive 3 ADMIE Holding 2023 – Financial Results Full Year 2023
Slide 4: ADMIE Holding Overview
ADMIE Holding Overview 2020 2021 2022 2023 Holds 51% of the Hellenic Electricity Net Income (m) 44.1 40.1 29.4 59.6 Transmission System Operator (IPTO) Dividend 0.12 0.103 0.068 0.058 Purpose: Market cap: EUR 525 million* 3.00 To provide operational +33% 2.265 2.50 support to IPTO’s activities by of
Slide 5: ADMIE Holding 2023 Financial Highlights
ADMIE Holding 2023 Financial Highlights Amounts in €m INCOME 59.4 100% FY 2022:29.7 OPEX 0.8 14% FY 2022:0.7 NET PROFIT 58.8 102% FY 2022:29.1 CASH 5.4 15% FY 2022:4.7 ROCE 6.07% 236bs FY 2022:3.71% 5 ADMIE Holding 2023 – Financial Results Full Year 2023
Slide 6: Highlights IPTO S.A.
Highlights IPTO S.A. Prokopis Mavronas Financial and Accounting Services Director 6 ADMIE Holding 2023 – Financial Results Full Year 2023
Slide 7: Electricity Demand & Supply for FY 2023
Electricity Demand & Supply for FY 2023 Production & Interconnection Mix Key figures 9.9% 9.1% 7.90% 13.90% • FY’23 Total Market Demand reached 49.5 TWh (-2.4% y-o-y) 12.70% • Renewable energy 29.6% 28.20% contribution reached 51.3% in Dec’23 51,3% • Net imports at 8.2 TWh; net exports shaped at 3.3
Slide 8: IPTO Delivering sustainable growth
IPTO Delivering sustainable growth Development of People, environment Security, reliability and Exploitation of grid and new activities and governance resilience to a difficult infrastructure and for energy transition and changing expertise for value 2,090 Employees environment due to the added serv
Slide 9: IPTO GROUP FY23 financials
IPTO GROUP FY23 financials Total Revenues increased by 33%, to Group Profit & Loss Statement €391.9m., driven by the revenue from €m 31.12.2023 31.12.2022 Chg % Transmission System Rent, which increased to €367.4m (+35%), as a result of the increase in Transmission Unit System charges. Revenue from
Slide 10: IPTO Capex
IPTO Capex Other: 101.558 16% Greece – Bulgaria INTERCONNECTION: 10.885 2% 38% Crete Phase II (incl. Ariadne): 242.394 Ionian Islands: 29.116 4% FY22: EUR 335 Greece – Cyprus – Israel INTERCONNECTION: 110.801 17% Capital investment: EUR 644 +92% 23% Cyclades INTERCONNECTION: 149.250 ADMIE Holding 20
Slide 11: IPTO Cash Flow & Financial Performance ratios
IPTO Cash Flow & Financial Performance ratios Key figures: Cash Flow evolution (€m): 500 Net Debt 383.8 400 € 950.5 million 300 198.6 245.7 179.2 200 Leverage 100 3.4 Net Debt/adj. EBITDA 0 -100 Coverage ratio -200 8.18x Interest coverage ratio* -300 * The Interest coverage ratio is 4.27x including
Slide 12: 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 ADMI
Slide 13: WACC calculation
Appendix 5 WACC calculation On 20.07.2023 the Energy Sector of WACC components 2023 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 14: IPTO Investment Program progress
IPTO Investment Program progress 14 ADMIE Holding 2023 – Financial Results Full Year 2023
Slide 15: 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 Interconnection Phase II Corridor B’ Phase I-II Interconnection Phase I-III 15 ADMIE Holding 2023 – Financial Results Full Year 2023
Slide 16: Major Projects 2024-2035
Major Projects 2024-2035 Major Project Locations Total Capex Greece-Italy Interconnection 4 €6.1bn Expected Commissioning: 2031 5 Total project cost: €507m North Aegean Interconnection Expected Commissioning : 2030 Total project cost: €1.2bn Second 400 kV branch to Peloponnese (Megalopoli - Korintho
Slide 17: Key milestones in 2023
Key milestones in 2023 Ariadne Interconnection Ariadne Interconnection Interconnection of Cyclades The fourth and final phase of the electrical interconnection Installation and finalization of all subsea electrical and of Cyclades concerns the interconnection of Santorini, optical fiber cables of Cr
Slide 18: Key milestones in 2023
Key milestones in 2023 Dodecanese and Northeast Ariadne Interconnection Upgrading of the Western & Eastern Aegean islands Peloponnese Great Sea Interconnection Koumoundourou interconnections Corridor Greece-Cyprus-Israel EHV S/S In 2023, IPTO assigned the contracts The construction process of the ne
Slide 19: International Interconnection Plans
International Interconnection Plans 2nd interconnection with Italy Interconnection with Egypt 2nd interconnection with Albania Cooperation with the Operator of Egypt (EETC – Greece - Albania interconnection, together with the Interconnection between Greece and Italy, Transmission System Operator ,20
Slide 20: Key takeaways
Key takeaways Ø 2023 results posted substantial revenue growth and profitability driven by continuing execution of our investments and asset base. Ø Our ambitious investment plan of EUR 6.1bn is on track to drive the energy transition and support Greece’s decarbonisation objectives. Ø International
Slide 21: Appendices
Appendices 21 ADMIE Holding 2023 – Financial Results Full Year 2023
Slide 22: ADMIE Holding Balance Sheet and Cash flow summary
Appendix 1 ADMIE Holding Balance Sheet and Cash flow summary Amounts in €’m Balance sheet 31.12.2023 31.12.2022 Cash flows 31.12.2023 31.12.2022 Non-current assets 800.7 755.4 CF from Operations -0.9 -0.6 Current assets 5.9 5.0 of which: Cash & equiv. 5.4 4.7 CF from Investing 15.1 17.3 Total Assets
Slide 23: IPTO Group Balance Sheet and Cash flow summary
Appendix 2 IPTO Group Balance Sheet and Cash flow summary Amounts in €’m Group Balance sheet Cash flows 31.12.2023 31.12.2022 31.12.2023 31.12.2022 Non-current assets 3,628.6 3,060.2 CF from Operations 383.8 217.9 Current assets 441.9 470.5 Of which: Cash & equiv. 245.7 198.6 Total Assets 4,070.5 3,
Slide 24: IPTO FY23 Adjusted EBT evolution
Appendix 3 IPTO FY23 Adjusted EBT evolution Key figures Adjusted EBT (€m) 110.7% Revenue Combined effect due to increase of Revenues from transmission system rent (net), Revenue from Balancing Market and Revenue from other 180.00 97.33 0.31 operations totally by €97.3m. -1.11 0.32 0.51 160.00 -7.14
Slide 25: 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 25