Ellaktor Sa · ATHEX:ELLAKTOR

Ellaktor Sa — El.Tech. Anemos — 9M 2016 Earnings Presentation

13 slides from Ellaktor Sa's earnings presentation, December 2016

  1. Slide 1: 9m 2016 Results

    9m 2016 Results December 2016

  2. Slide 2: 9m 2016 Calendar of Main Events

    9m 2016 Calendar of Main Events  Energy yield +13,8% increase in energy yield due to new capacity additions (i.e. Ortholithi 20,7 MW & Magoula Ext. 16,1 MW).  Overall performance − 26,3% capacity factor. − 98,7% weighted average availability. − 22,3 €/MWh net income.  Lyrkio wind farm − Electrifi

  3. Slide 3: 9m 2016 Economic Highlights

    9m 2016 Economic Highlights Revenues Increased by + 14,7% • Reached € 32,9 ml vs €28,7 ml in 9m 2015 due to increased capacity EBITDA Increased by +11,5% • Reached € 23,5 ml • EBITDA margin sustained roughly constant at 71,3% vs. 73,4% in 9m 2015 EBT Increased by +24,3% • Reached € 11,4 ml EAT after

  4. Slide 4: Evolution of key P&L figures (IFRS in € ml)

    Evolution of key P&L figures (IFRS in € ml) Revenues EBITDA & EBITDA margin (%) 45 40,1 50 100% 40 36,9 45 32,9 40 70,1% 73,4% 71,3% 80% 35 31,7 31,6 65,0% 66,1% 28,7 35 60,0% 30 28,1 30 60% in € mn 25 22,1 23,5 25 20,6 20,9 21,0 in € mn 20 20 40% 15 15 10 10 20% 5 5 0 0 0% 2012 2013 2014 2015 9m '1

  5. Slide 5: Evolution of key Balance Sheet figures (IFRS in € ml)

    Evolution of key Balance Sheet figures (IFRS in € ml) Total Assets Total Equity 400 140 130,3 343,3 122,4 350 330,5 328,6 115,0 120 275,2 287,8 300 100 250 74,8 77,4 in € mn in € mn 80 200 60 150 40 100 50 20 0 0 2012 2013 2014 2015 9m '16 2012 2013 2014 2015 9m '16 Net Debt Operating power plants 1

  6. Slide 6: ANEMOS RES Asset Portfolio

    ANEMOS RES Asset Portfolio RES operating plants & pipeline projects by Geography RES projects by development phase (MW) (MW) 39,1 40,0 109,2 30,0 5,0 144,0 100,0 9,0 15,0 45,8 (1) 34,0 658 130,0 1,2 775 8,7 MW 33,7 540 Pipeline 62,9 2,0 138,8* 17,1 76,0 247 129 106 Wind (Operating) 17 Wind (Under Co

  7. Slide 7: Strategy Going Forward – Maintain Growth Profile

    Strategy Going Forward – Maintain Growth Profile  Base is and will continue to be Greece.  Focus on WIND. Market Segment  Track market developments.  Evaluating investment opportunities in European Union.  Continue to develop pipeline with high quality sites (capacity factors in line with histo

  8. Slide 8: IPO Proceeds to finance wind farms of 93,5 MW

    IPO Proceeds to finance wind farms of 93,5 MW Projects’ ID  Projects’ financing (93,5 MW) structure  Equity : 30% MW GWh/yr 1  Debt : 46%  Cash grants : 24% Ortholithi 20,7 45,5  € 32,5 ml equity raised through the IPO (July 2014) devoted for the implementation of the 93,5 MW by year 2017.  De

  9. Slide 9: Performance

    Performance Capacity factors by project 9m 2016 vs. 9m 2015 Net Income (€/MWh) 2015-Q3 2016-Q3 25 40% 22,3 35% 20 18,8 30% 25% 20% 15 15% 10% 10 5% 0% 5 0 2015-Q3 2016-Q3 Anemos RES (wind, hydro, solar) Anemos (wind only) 9m 2015 9m 2016 9m 2015 9m 2016 capacity factor (%) 26,6% 26,3% capacity facto

  10. Slide 10: Group Asset Performance Details

    Group Asset Performance Details Mean Installed Licensed Energy Yield (GWh) annual Long Term Operation FiT Power plant Site Company / SPV Stake Capacity Capacity availability Yield License Date (€/MWh) (MW) (MW) (GWh/yr) 2013 2014 2015 2013-15 Antissa Lesvos EL.TECH.ANEMOS S.A. 100% 4,20 4,20 Oct-03

  11. Slide 11: Consolidated P&L

    Consolidated P&L 30/9/2016 30/9/2015 % change (€ thousands) IFRS IFRS Revenue 32.893 28.679 14,7%  Revenues rose by +14,7% due to new capacity Cost of goods sold (15.146) (13.621) installed (Oper. Licenses: W/F Ortholithi as of 07/2015 and W/F Magoula Ext. as of 09/2015). Gross Margin 17.747 15.058

  12. Slide 12: Consolidated Balance Sheet

    Consolidated Balance Sheet 30/9/2016 31/12/2015 % change (€ thousands) IFRS IFRS Fixed assets 274.411 267.513 2,6%  Cash & cash equivalents reduced by Intangible assets 14.835 15.154 -2,1% -31,7% because of IPO projects’ implementation. Other non-current assets 6.792 7.727 -12,1% Non-current assets

  13. Slide 13: Consolidated Cash Flows

    Consolidated Cash Flows 30/9/2016 30/9/2015 % change (€ thousands) IFRS IFRS Cash Flow from Operations Profit Before Tax 11.442 9.208 24%  Operating cash flows increased by only Adjustments for: +1% despite significant growth in all Depreciation 7.243 6.179 economic parameters comprising Provisions

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