Slide 1: Analyst Briefing AVAX Group 2023 Financial Results
Analyst Briefing AVAX Group 2023 Financial Results 14.05.2024
Slide 2: Group Financial Results
Group Financial Results % of % of amounts in € million 2023 2022 turnover turnover FINANCIAL RESULTS (continuing operations) Turnover 453.5 402.7 Gross Profit 36.8 8.1% 20.9 5.2% Operating Profit 37.5 8.3% 39.3 9.8% Pre Tax Profit 16.7 3.7% 18.5 4.6% Net Profit 10.0 2.2% 12.9 3.2% EBITDA 60.8 13.4%
Slide 3: Analyst Forecasts
Analyst Forecasts * amounts in € million 2024F 2025F 2024F 2025F Turnover 733.7 834.9 626.8 730.0 Net Profit 28.1 40.5 27.8 40.7 EBITDA 86.1 104.5 62.9 76.7 Forecast publication date 08.05.2024 25.04.2024 Share target-price €3.00 €2.79 upside potential (13.05.2024) +90% +76% * sponsored research 3
Slide 4: Group Bank Debt
Group Bank Debt amounts in € million - 60% 4
Slide 5: Group Work-in-Hand
Group Work-in-Hand amounts in € million 5
Slide 6: Main Projects
Main Projects Value for amounts in € million Country AVAX Athens Metro Line #4 Greece 1.020 Deva 1,750MW Power Plant [EPC] Romania 709 Stavros Niarchos Foundation Hospitals Greece 443 The Ellinikon, Infrastructure Works, Phase 1 Greece 285 Bralos – Amfissa Road Section Upgrade Greece 218 Salonica Fl
Slide 7: Concession / PPP portfolio
Concession / PPP portfolio Salonica Flyover [PPP, 50%] Aegean Motorway [concession 23.61%] Athens Ring Road [concession 34.21%] Various Underground Car Ilia Waste Management Parks in Athens and [PPP, 50%] Salonica [concession, ~25%-55%] Moreas Motorway [concession, 15%] Olympia Motorway [concession
Slide 8: Marinas
Marinas Athens Marina Limassol Marina 99.8% 33.5% ▪ 130 berths ▪ 650 berths, for vessels up to 110m ▪ infrastructure works in progress, to expand ▪ concession ends in 2062 capacity to 162 berths in Q4 2025 ▪ commercial area 6,600sqm ▪ concession ends in 2046 ▪ residential area 41,400sqm ▪ excellent
Slide 9: Group Strategy
Group Strategy
Slide 10: Pillar Α : Construction
Pillar Α : Construction Positive Operating Cash Flow generation from Construction ▪ Improving performance in the construction segment. Even in 2023, the construction segment recorded improved returns, despite the wrap-up of low-performance projects ✓ EBITDA €26.7m with a 6.2% margin in 2023 (vs €17.
Slide 11: Pillar Β : Participations
Pillar Β : Participations Sizeable Portfolio ▪ participations in concessions, PPPs and marinas are currently valued at €465 million, taking into account the term to maturity and nature of each contract ▪ projected dividends (nominal) ~€1.1 billion ▪ preservation of value in the long run, despite the
Slide 12: Pillar C : New Investments
Pillar C : New Investments Concessions / PPP ▪ prequalified for 25 PPP projects, with total budget ~€3.5-€4.0 bn ▪ submitted a concession-based Unsolicited Proposal for extensions to the Athens Ring Road ▪ greater headroom for financing new investments by AVAX Concessions ▪ equity IRR target 9-14% E
Slide 13: Shareholders – Share Statistics
Shareholders – Share Statistics Attractive Investment Features ✓ ~€235m capitalisation ✓ re-started dividend distribution ✓ growing stock liquidity • three Market Makers • stock futures Athens AVAX General Index 2024 -15% +14% 12Μ +67% +31% Three main shareholders control 57.3% of AVAX shares ▪ free