Admie Holdings Sa · ATHEX:ADMIE
Admie Holdings Sa — Q1 2024 Earnings Presentation
23 slides from Admie Holdings Sa's earnings presentation, Jun 18, 2024
Slide 1: Driving the Energy Transition: Financial Results Q1 2024
Driving the Energy Transition Financial Results Q1 2024 Investor Presentation 18 June 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. Appendix 2 ADMIE Holding – Financial Results Q1 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 Financial Highlights Q1 2024
ADMIE Holding Financial Highlights Q1 2024 Amounts in €m INCOME 18.8 25% Q1 2023: 15.0 OPEX 0.2 7% Q1 2023: 0.2 NET PROFIT 18.6 25% Q1 2023: 14.8 CASH 5.3 FY 2023: 5.4 NET DEBT 0 FY 2022: 0 DIVIDEND 0.124* 114% FY 2023: 0.058 *2024 e 5 ADMIE Holding – Financial Results Q1 2024
Slide 6: Highlights IPTO S.A.
Highlights IPTO S.A. 6 ADMIE Holding 2023 – Financial Results Full Year 2023
Slide 7: Electricity Demand & Supply for Q1 2024
Electricity Demand & Supply for Q1 2024 Production & Interconnection Mix Key figures 1,1% • Q1’24 Total Market 4,2% Demand reached 12.5 8,4% 11,2% TWh (1.0% y-o-y) • Renewable energy 35,8% 17,7% contribution reached 38,6% 55,0% 55.0% in Q1 2024 • Net imports at 1.9 TWh; 31,7% net exports shaped at 1
Slide 8: IPTO Group Q1 2024 financials
IPTO GROUP Q1 2024 financials Profit & Loss Statement Total Revenues increased by 16.8%, to €109.8m €m 31.03.2024 31.03.2023 Chg % driven by the revenue from Transmission System Rent, which increased to €103.6m (+16.8%), as a result of the increase in Transmission Unit Revenue from transmission syst
Slide 9: IPTO Capex
IPTO Capex Euro million Crete phase II (including Ariadne) : €16,5 17% 29% Other: €27,8 FY22: EUR 335 Cyclades interconnection (phase D): €31,8 33% Greece – Cyprus – Israel: €20,97 Capital 21% investment: EUR 97,15 m 9 ADMIE Holding – Financial Results Q1 2024
Slide 10: IPTO Cash Flow & Financial Performance ratios
Cash 31.12.2022 IPTO Cash Flow & Financial Performance ratios Key figures: Cash Flow evolution (€m): Net Debt € 904 million Leverage 0.58x Net Debt/Equity Leverage ratio 37% 10 ADMIE Holding – Financial Results Q1 2024
Slide 11: 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 11 A
Slide 12: 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 13: IPTO Investment Program progress
IPTO Investment Program progress 13 ADMIE Holding 2023 – Financial Results Full Year 2023
Slide 14: 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 14 ADMIE Holding – Financial Results Q1 2024
Slide 15: 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 16: Key project developments 2024
Key project developments 2024 Ariadne Interconnection Dodecanese and Northeast Aegean Ariadne Interconnection Interconnection of Cyclades islands interconnections The entire submarine electric (500kV) and optical fiber cables for the Crete-Attica The final phase of the Cyclades electrical In summer
Slide 17: Key project developments 2024
Key project developments 2024 Upgrading of the Koumoundourou Western & Eastern Peloponnese Great Sea Interconnection EHV S/S Corridor Greece-Cyprus-Israel Ariadne Interconnection The construction of the new gas-insulated (GIS) In October 2023, IPTO was appointed as the The last section of the Megalo
Slide 18: International Interconnection Plans
International Interconnection Plans 2nd interconnection with Italy Interconnection with Egypt 2nd interconnection with Albania Interconnection between Greece and Cooperation with EETC and ELICA SA to Greece - Albania interconnection, together Italy, with total capacity of 1 GW. evaluate participatio
Slide 19: Appendices
Appendices 19 ADMIE Holding 2023 – Financial Results Full Year 2023
Slide 20: ADMIE Holding Balance Sheet and Cash flow summary
Appendix 1 ADMIE Holding Balance Sheet and Cash flow summary Amounts in €’m Balance sheet 31.03.2024 31.12.2023 Cash flows 31.03.2024 31.03.2023 Non-current assets 819.5 800.7 CF from Operations -0.3 -0.2 Current assets 5.6 5.9 Total Assets 825.1 806.5 CF from Investing 174 - Equity 825.0 806.4 CF f
Slide 21: 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 31.03.2024 31.03.2023 31.03.2024 31.12.2023 Non-current assets 3,694 3,629 CF from Operations 48.9 92.1 Current assets 440 442 Of which: Cash & equiv. 2,712 246 Total Assets 4,133 4,070 CF from In
Slide 22: IPTO Q1 2024 Adjusted EBIT evolution
Appendix 3 IPTO Q1 2024 Adjusted EBIT evolution Key figures Adjusted EBIT (€m) 22.3% Revenue Combined effect due to increase of Revenues from transmission system rent (net), Revenue from Balancing Market and Revenue from other operations totally by €15.7m. Third Party fees Negative effect of €2.8m.,
Slide 23: 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 23