Gek Terna S.a. · ATHEX:GEKTERNA
Gek Terna — FY2022 Earnings Presentation
30 slides from Gek Terna's earnings presentation, April 2023
Slide 1: FY 2022 Results Presentation April 2023
FY 2022 Results Presentation April 2023
Slide 2: FY 2022 Highlights
FY 2022 Highlights Robust financial performance by all segments leads to record level profitability and further strengthens the Group’s financial position. Excellent growth prospects with a solid and diversified pipeline of projects and clear market leadership GEK TERNA Group ▪ Sharp rise in revenue
Slide 3: FY 2022 Group Key Financial Figures
FY 2022 Group Key Financial Figures Net Earnings attributed to parent Revenues adj. EBITDA shareholders exc. non-operating items(1) 3,938.3 661.8 174.4 +244.2% y-o-y +104.6% y-o-y +426.9% y-o-y Amounts in € m (unless otherwise stated) EPS Investments Net debt 1.42 1,501.6 FY 2021: 0.89 338.4 FY 2021
Slide 4: Group adj. EBITDA
Group adj. EBITDA Strong growth momentum driven by investments, asset management and market positioning 661.8 Thermal Energy Amounts in € m (unless otherwise 335.5 stated) RES 323.5 33.2 242.0 161.1 Construction 161.5 129.4 80.6 19.0 52.8 Concessions 105.5 101.8 111.7 Other (inc. eliminations) FY 20
Slide 5: Group Revenues adj. EBITDA
Group Revenues adj. EBITDA Excellent performance by all segments leads to sharp rise in revenues and profitability Revenues FY 2021 FY 2022 y-o-y % of total (FY 2022) (1) €m Construction 600.6 1,024.2 70.5% 24.7% RES 224.4 236.2 5.3% 5.7% Concessions 173.0 202.0 16.8% 4.9% Thermal Energy generation
Slide 6: Consolidated Income Statement
Consolidated Income Statement €m FY 2021(3) FY 2022 y-o-y ▪ Revenues increase driven by energy segment (change in Revenues 1,144.2 3,938.3 244.2% consolidation perimeter, higher energy prices) and EBITDA 294.1 544.5 85.1% construction (increased activity levels) Non-cash items(1) 29.4 117.3 ▪ Operat
Slide 7: Cash flow bridge
Cash flow bridge Robust operating profitability and financing actions support increased activity levels, while maintaining high liquidity and enabling shareholder remuneration. Investments supported by new project-specific facilities as well as cash subsidies (vis-a-vie Amfilochia) Amounts in € m (u
Slide 8: Balance sheet highlights
Balance sheet highlights Total assets (€ m) Equity attributed to shareholders (€ m) 855 5,978 4,812 600 4,635 515 FY 2020 FY 2021 FY 2022 FY 2020 FY 2021 FY 2022 WC (€ m) Equity ratio (Total Equity / Total Assets) % of Revenues 1,648 20.6% 19.9% 18.9% 1,095 18.1% 17.8% 954 14.0% 710 738 526 553 184
Slide 9: Debt highlights I: Leverage KPIs
Debt highlights I: Leverage KPIs Operating profitability further strengthens financial position with significant headroom and liquidity to facilitate investment pipeline Group Net Debt (1) (€ m) Parent Co. Cash position & Net Debt (€ m) 1,475 557.7 559.1 1,366 466.1 1,214 1,107 359.3 360.9 156.9 FY
Slide 10: Debt highlights II: Structure and maturities
Debt highlights II: Structure and maturities Gross debt breakdown by type Gross debt breakdown by coupon Hedged with the Recourse, 34.1% use of IRS, 32.8% Fixed, 37.4% €3.0 bn €3.0 bn Non-recourse, 65.9% Variable, 29.7% Group cost of debt Corporate bond maturities (€ m) 5.30% 500 4.38% 3.89% 3.65% 3
Slide 11: Debt highlights II: Financial debt by segment/subsidiary
Debt highlights II: Financial debt by segment/subsidiary €m FY 2022 FY 2021 Gross Debt Cash(1) Net Debt/(Cash) Gross Debt Cash(1) Net Debt/(Cash) Construction 80.0 200.7 (102.7) 87.7 334.9 (247.2) RES 1,030.8 362.5 668.3 912.6 312.2 600.5 Thermal Energy 232.5 238.7 (6.2) 101.1 53.3 47.8 o/w external
Slide 12: Business Segments Review
Business Segments Review
Slide 13: Concessions highlights
Concessions highlights (€m) FY 2021 FY 2022 ▪ Traffic in motorways increases 16.2% y-o-y following lift of pandemic restrictions (+4.2% vs. 2019) Revenues 173.0 202.0 ▪ Operating profitability grows in line with traffic adj. EBITDA 101.8 111.7 ❑ Margin erosion related to COVID-related margin 58.8% 5
Slide 14: Concessions – Operating performance
Concessions – Operating performance Total Transactions in Nea & Kentriki Odos (m) Toll revenues Nea & Kentriki Odos (€ m) 162.1 51.1 152.1 49.1 141.6 44.0 127.1 38.8 FY 2019 FY 2020 FY 2021 FY 2022 FY 2019 FY 2020 FY 2021 FY 2022 Nea & Kentriki Odos cash distributions > €230m of cash distributed ~ €
Slide 15: Concessions – Pipeline update
Concessions – Pipeline update ▪ Komotini 877MW new CCGT under construction (>65% Greek toll roads (km) completed). Trial period expected within 1H-2024 887 ▪ New airport in Kasteli, Crete construction accelerating following upgraded masterplan. COD 2026/27 377 ▪ Egnatia Motorway currently finalizing
Slide 16: Construction highlights
Construction highlights (€m) FY 2021 FY 2022 ▪ Backlog increases further to € 5.3bn, with € 1.2bn of new contracts (inc. extensions) signed in 2022 Revenues 600.6 1,024.2 ▪ Ramp up in activity levels following the launch of execution adj. EBITDA 52.8 80.6 of new public and private projects in Greece
Slide 17: Construction – Backlog analysis
Construction – Backlog analysis Backlog evolution (€ bn) Backlog FY 2022 (€ bn) 5.3 Kasteli Airport 0.6 4.9 2.4 Motorways (Central Greece-Nea Odos-Olympia) 0.7 2.4 2.2 Komotini CCGT 0.3 0.6 2.5 2.9 Railway Line Sofia-Dragoman (BG) 0.1 1.6 Heron Retail Store II FY 2020 FY 2021 FY 2022 EPC Unit 6 Cypr
Slide 18: Energy from RES highlights
Energy from RES highlights ▪ Installed capacity increases to 905MW from 895MW in end- (€m) FY 2021 FY 2022 2021 following gradual commissioning of new wind park Revenues 224.4 236.2 cluster in Evoia before the end of year adj. EBITDA 161.5 161.1 ▪ 2.0 GW of projects currently in operation, under con
Slide 19: Energy from RES – Operating performance
Energy from RES – Operating performance Installed capacity (MW) RES Portfolio load factor 32.6% 31.8% 31.2% 30.5% 1,222 29.2% 29.5% 29.2% 27.0% 27.5% 27.6%27.1% 26.3% 895 905 YE-2021 YE-2022 YE-2022 inc. 100% of new WP in Evoia Greece Poland Bulgaria Total FY 2020 FY 2021 FY 2022 Generation volumes
Slide 20: Thermal Energy Production, Supply and Trading
Thermal Energy Production, Supply and Trading ▪ Consolidation perimeter changes due to majority stakes (€m) FY 2021 FY 2022 acquisition (currently 100% owned) Revenues 252.6 2,661.1 ❑ HERON II fully consolidated as of Nov’2021 adj. EBITDA 33.2 333.5 ❑ HERON I fully consolidated as of Feb’2022 margin
Slide 21: Thermal Energy – Operating performance
Thermal Energy – Operating performance Greek power market generation mix Greek DAM (€/MWh) 458 447 50.1 52.4 50.6 Total demand (TWh) 363 35.3% 42.9% 46.7% % of RES and hydro 298 307 269 264 264 260 251 242 230 7.0% 6.8% Net Imports 17.7% 210 169 252 264 32.8% RES 134 221 38.8% 29.5% Other 147 10.1%
Slide 22: ESG Highlights
ESG Highlights 22
Slide 23: ESG KPIs
ESG KPIs 2021 2022 People Total number of employees (Greece& Abroad) including JVs 5,470 6,730 Total number of employees (Greece& Abroad) 3,371 4,369 Percentage of female employees (Greece) 28.76% 25.72% Percentage of female employees (Abroad) 21.55% 16.00% Percentage of female employees at the top
Slide 24: Our ESG highlights
Our ESG highlights ✓ Optimum balance between economic performance and responsible environmental and social practices ✓ Operations with direct and indirect economic, social and environmental impact ✓ ESG committee established ✓ Implementation of a sustainable development policy to address such challe
Slide 25: Recent achievements
Recent achievements GEK TERNA participated in CDP Climate Change for the first time in 2022, scoring above Construction Sector and Global Average 25
Slide 26: Appendix
Appendix 26
Slide 27: Investment case highlights
Investment case highlights A vertically integrated infrastructure group, holding the leading position in a niche, growing market, operating critical assets with long term and visible cash flow streams Presence in landmark projects across the country continuously extracting value through synergies an
Slide 28: Performance by Segment
Performance by Segment Thermal Energy FY 2022 Hold Co and Construction RES Concessions generation, supply Eliminations Group (€ m) Other and trading Revenues 1,024.2 236.2 202.0 2,661.1 25.4 (210.6) 3,938.3 Gross profit 94.8 142.4 55.7 326.8 2.4 (16.4) 605.7 adj.EBITDA 80.6 161.1 111.7 335.5 (12.2)
Slide 29: Group Balance Sheet and Cash Flow
Group Balance Sheet and Cash Flow Group Balance Sheet Group Cash Flow (€ m) FY 2021* FY 2022 €m FY 2021* FY 2022 Tangible and Intangible fixed assets 1,985.9 2,208.5 adj. EBITDA 323.5 661.8 Investments 254.4 387.1 Non-cash adjustments (5.2) (3.9) Other long-term assets 272.4 278.9 Net WC changes 45.
Slide 30: Investors Contacts
Investors Contacts Argyris Gkonis - IR Officer agkonis@gekterna.com +30 210 6968499 Investor Relations Desk ir@gekterna.com +30 210 6968457 30