Avax S.a. · ATHEX:AVAX
Avax — J&p-Avax — 3rd Annual Greek Roadshow 2008
35 slides from Avax's conference presentation, Oct 2, 2008
Slide 1: Group Presentation at the 3rd Annual Greek Roadshow
Group Presentation at the 3rd Annual Greek Roadshow October 2 & 3, 2008
Slide 2: Contents
Contents Group Overview Construction Concessions Real Estate Development Financial Summary Investment Summary 2
Slide 3: J&P-AVAX at a Glance
J&P-AVAX at a Glance Focused on construction and concessions 9Greece’s 2nd largest contractor and concession operator Superior performance in construction margins Outstanding success rate in tenders for concessions 9well-poised to clinch further concession deals Most internationalised Greek cont
Slide 4: Strategic Investor: The J&P Group
Strategic Investor: The J&P Group GROUP 2007 TURNOVER OF €1.4 BN, OF WHICH 95% CONSTRUCTION-RELATED Joannou & Paraskevaides Families 100% 42.2% J&P Overseas J&P AVAX SA Active since the 1940s, incorporated An additional 24.6% held by in the Channel Islands in 1961 executive members of the BoD A l
Slide 5: Construction
Group Overview Construction Concessions Real Estate Development Financial Summary Investment Summary 5
Slide 6: Construction Division Overview (1/2)
Construction Division Overview (1/2) Excellence in construction performance among Greek peers in 2007 : 9most profitable construction division (on absolute EBIT terms) 92nd largest revenue (=87% of sector leader) 92nd highest EBIT margin (5.2% in 2007) Local construction margins eased in 2007, alig
Slide 7: Construction Division Overview (2/2)
Construction Division Overview (2/2) Most internationalised Greek contractor 9international business grew to 44% of total revenues in 2007 (vs 35% in 2006 and 19% in 2005) 9active in N.Ireland, Poland, Albania, Bulgaria, Romania, Cyprus, Jordan, U.A.E., Qatar, Ethiopia 9international projects accoun
Slide 8: Group Work-In-Hand (July 2008)
Group Work-In-Hand (July 2008) €3,2 bn 2,9 0,3 2,3 0,3 €2,4 bn 1,2 0,9 €1,6 bn €0,8 bn 1,7 1,4 €0,0 bn Signed Projects Projects to be Added in Near- Total Work-In-Hand Term Greece Int'l Markets Total 8
Slide 9: Concessions
Group Overview Construction Concessions Real Estate Development Financial Summary Investment Summary 9
Slide 10: Concessions
Concessions Greece’s 2nd largest concession operator, and the only local group with concessions outside Greece The value of the Group’s concession portfolio will keep growing at a fast pace in coming years, owning to the early stage of development of its concession projects Outstanding success ra
Slide 11: Concession Bidding Record (last 3 years)
Concession Bidding Record (last 3 years) Concession Year Tender Outcome / Status Ionian Toll Road, Greece 2006 Lost Maliakos-Kleidi, Greece 2006 Won Elefsina-Corinth-Patras-Pyrgos-Tsakona, Greece 2006 Won Horgos-Pozena Motorway, Serbia 2006 Lost Water Theme Park, Greece 2006 Won International Broadc
Slide 12: Concession Portfolio (1/2)
Concession Portfolio (1/2) Total J&P-AVAX Debt Concession Construction stake Raised Term Budget In Operation Athens Ring Road 30.83% €1,244 m €705 m 23 y Rio-Antirrio Bridge 20.53% €839 m €370 m 42 y Athens Ring Road 35% €50 m 23 y Service Stations Athens Car Parks 20% €36 m €19.2 m 30 y Piraeus Por
Slide 13: Concession Portfolio (2/2)
Concession Portfolio (2/2) Total Debt Concession J&P-AVAX stake Construction Raised Term Budget To be developed (contract signed) : 21.25% Concession Maliakos-Kleidi €836 m €722 m 30 y 20.7% Construction Elefsina-Corinth- 21% Concession Patras-Pyrgos- €2,220 m €1,613 m 30 y Tsakona 23% Construction
Slide 14: Concession Pipeline
Concession Pipeline Total Estimated J&P-AVAX Construction Start of stake Budget Construction Declared Preferred Bidder (pending contract signature) : Faliro Marina 58% €7 m H1 2009 Paphos-Polis Highway 22.5% €275 m H1 2009 Paphos Marina 25% €230 m H1 2009 Gara du Nord Car Park 100% €36 m H1 2009 19.
Slide 15: Athens Ring Road
Athens Ring Road J&P-AVAX Group Participation –Concession 30.83% Aktor Concessions 59.3%, Other Shareholders–Concession AttiKat 9.9% Remaining Concession Term 16 y (to 2024) Total / J&P-AVAX Group Construction Budget €1,244 m / €383 m Debt Raised €705 m Expected Return ROE cap 13.1% Expected Start o
Slide 16: Rio-Antirrio Bridge
Rio-Antirrio Bridge J&P-AVAX Group Participation –Concession 20.53% Vinci 57.45%, Other Shareholders–Concession Aktor Concessions 22.02% Remaining Concession Term 31 y (to 2039) Total / J&P-AVAX Group Construction Budget €839 m / €162 m Debt Raised €370 m Expected Return ROE cap 11.5% Start of Divid
Slide 17: Maliakos-Kleidi Motorway
Maliakos-Kleidi Motorway J&P-AVAX Group Stake –Concession 21.25% J&P-AVAX Group Stake -Construction 20.7% Hochtief 35%, Other Shareholders–Concession Aktor Concessions 20%, Vinci 13.75%, AEGEK 10% Concession / Construction Term 30 y (to 2038) / 4.5 y Concession / Construction (new + upgrade) 230km /
Slide 18: Elefsina-Corinth-Patras-Pyrgos-Tsakona Motorway
Elefsina-Corinth-Patras-Pyrgos-Tsakona Motorway J&P-AVAX –Concession 21% J&P-AVAX -Construction 23% Vinci 36%, Hochtief 25%, Other Shareholders–Concession Aktor Concessions 18% Concession / Construction Term 30 y (to 2038) / 6 y Concession / Construction (new + upgrade) 365km / (283km + 82km) Total
Slide 19: Queen Alia International Airport, Jordan
Queen Alia International Airport, Jordan J&P-AVAX Group Stake -Concession 9.5% J&P-AVAX Group Stake -Construction 50% ADIC 36%, Noor Financial Investment 24%, EDGO 9.5%, Other Shareholders–Concession ADP Management 9.5%, J&P Overseas 9.5%% Concession / Construction Term 25 y (to 2032) / 3.5 y Projec
Slide 20: Limassol Marina, Cyprus
Limassol Marina, Cyprus J&P-AVAX Group Stake -Concession 31% J&P-AVAX Group Stake -Construction 55% Cybarco 18%, CADS Holdings 18%, Other Shareholders–Concession Francoudi & Stephanou 18%, Limassol Marina 10%, J&P Ltd 5% Concession / Construction Term 53 y (to 2061) / 3-5 y Construction of Marina, C
Slide 21: Real Estate Development
Group Overview Construction Concessions Real Estate Development Financial Summary Investment Summary 21
Slide 22: J&P DEVELOPMENT
J&P DEVELOPMENT Wholly-owned subsidiary of J&P-AVAX A real estate investment and development company, focused on holiday homes and office projects in Greece and residential and commercial developments in the CEE countries, currently Romania and Poland Investments in CEE countries expected to c
Slide 23: J&P DEVELOPMENT - Development Pipeline
J&P DEVELOPMENT -Development Pipeline Land Built Area Land Project Location (m2) (m2) Value Revenue VERZISORI Street, 7,035 11,250 €5.3 m €20.0 m Bucharest, RO, residential PANDURI Sos, residential 438 3,629 €0.4 m €5.3 m Bucharest, RO (@50%) PIRAEUS Avenue, 3,220 8,380 €4.8 m €24.7 m Piraeus, GR, o
Slide 24: J&P DEVELOPMENT - Land Investments
J&P DEVELOPMENT -Land Investments Land Built Area Land Development Location (m2) (m2) Value Value WARSAW PERIPHERY, PL, 325,000 100,000 €4.0 m €100 m (@25%) mixed use 21ST KM A1 BUCHAREST – PITESTI HIGHWAY, RO, 101,000 50,000 €3.0 m €100 m commercial use UNIRII Spl. 778 2,350 €1.8 m €6 m Bucharest,
Slide 25: Financial Summary
Group Overview Construction Concessions Real Estate Development Financial Summary Investment Summary 25
Slide 26: Consolidated Results
Consolidated Results amounts in € m H1 2008 2007 2006 2005 2004 Turnover 432.2 683.3 360.3 357.5 469.7 Gross Results 33.7 54.7 44.5 49.3 77.5 Other Income (Expenses) 2.5 3.7 1.8 (2.1) (0.6) Operating Expenses (21.1) (37.3) (33.4) (32.4) (27.3) Income (Loss) from Associates 17.4 30.3 22.1 11.7 (7.3)
Slide 27: Consolidated Results by Business Division
Consolidated Results by Business Division amounts in € m Construction Concessions Other* Total 6M 2008 Turnover 413.2 - 18.9 432.2 Gross Results 33.4 - 0.3 33.7 EBITDA 31.2 11.3 0.2 42.6 EBIT 22.1 11.2 (0.8) 21.3 Pre Tax Earnings 22.2 Net Earnings 17.0 6M 2007 Turnover 239.4 - 7.4 246.8 Gross Result
Slide 28: Profit Margins by Business Division
Profit Margins by Business Division amounts in € m Construction Concessions Other* Total 6M 2008 Gross Results 8.1% - 1.5% 7.8% EBITDA 7.5% - 1.1% 9.9% EBIT 5.3% - (4.2%) 7.5% Pre Tax Earnings 5.1% Net Earnings 3.9% 6M 2007 Gross Results 9.0% - 6.1% 8.9% EBITDA 8.8% - 6.5% 10.7% EBIT 6.1% - (0.3%) 7
Slide 29: Consolidated Balance Sheet
Consolidated Balance Sheet amounts in € m H1 2008 2007 2006 2005 2004 Fixed Assets 401.1 358.4 176.2 156.0 139.9 Inventory 41.0 44.3 30.3 26.8 88.9 Receivables from Clients 627.0 486.9 273.2 219.2 199.7 Cash & Equivalent 53.0 64.4 54.3 51.4 35.2 1,122.1 954.0 534.0 453.4 463.7 Total Assets Long-Term
Slide 30: Consolidated Cash Flow
Consolidated Cash Flow amounts in € m H1 2007 2006 2005 2004 2008 Pre Tax Earnings 22.2 33.8 28.2 20.3 39.4 Depreciation 10.1 15.9 9.7 9.4 12.4 Provisions 0.0 2.8 0.8 (0.3) (0.3) Financial Results 10.3 (17.6) (6.8) (6.2) (2.9) Other Items (21.9) (35.6) (22.1) (1.9) 0.1 Change in Working Capital (119
Slide 31: Investment Summary
Group Overview Construction Concessions Real Estate Development Financial Summary Investment Summary 31
Slide 32: Stock Performance
Stock Performance Dividend Per Share (in € cents) 40 80% 34 32 71% 69% 30 30 28 60% 27 20 45% 20 17 40% 35% 12 12 12 11 10 20% 0 0% 2001 2002 2003 2004 * 2005 * 2006 * 2007 * * under IAS/IFRS DPS Net Profit per share Div Payout Ratio Relative J&P-AVAX Share Price / Index Change 280% 220% 160% 100% 4
Slide 33: Shareholder Base, end-Aug 2008
Shareholder Base, end-Aug 2008 Retail Investors 11.7% J&P Group Institutionals 42.2% -Intl 12.6% 23.3% 9.2% Other Main Institutionals Shareholders -Greek 24.6% 8.9% J&P Group + Other Main Shareholders = 66.8% 33
Slide 34: Investment Points
Investment Points Strong Points : 9Excellence in construction performance & concession win rate 9Growing portfolio of lucrative concession projects 9Sizeable work-in-hand, including concession-related works Opportunities : 9Short-listed for further concessions in Greece and abroad 9Booming construct
Slide 35: Building the Future - Investor Relations
BUILDING THE FUTURE Investor Relations Angelos Kiosklis 16 Amarousiou-Halandriou Street 151 25, Marousi, Greece +30-210-6375592 ª+30-6947-909049 +30-210-6375779 akiosklis@jp-avax.gr