Ellaktor Sa · ATHEX:ELLAKTOR
Ellaktor Sa — El.Tech. Anemos — H1 2017 Earnings Presentation
14 slides from Ellaktor Sa's earnings presentation, September 2017
Slide 1: 6m 2017 Results
6m 2017 Results September 2017
Slide 2: Calendar of main events
Calendar of main events Energy yield +2,8% increase in energy yield Overall performance − 23,1% capacity factor − 98,7% weighted average availability IPO (07/2014) projects’ progress − 39,6 MW Lyrkio W/F: TOCs signed (10.03.17); Operation Permit issued 27.07.17 − 17,1 MW Kalogerovouni W/F: con
Slide 3: Financial highlights
Financial highlights Revenues Increased by 0,9 % • Reached € 22,3 ml vs € 22,1 ml in 6m 2016, despite unusually low wind performance data during the semester, as new capacity was added EBITDA Dropped by 3,1% • Marginally dropped to € 15,5 ml vs € 16,0 ml in 6m 2016, due to unusually low wind perform
Slide 4: Evolution of key P&L figures (IFRS in € ml)
Evolution of key P&L figures (IFRS in € ml) Revenues EBITDA & EBITDA margin (%) 50 100% 50 45,2 45 40,1 70,1% 72,3% 40 66,1% 69,2% 69,4% 80% 40 31,6 35 30 60% in € ml 30 in € ml 22,1 22,3 25 31,3 28,1 20 20 40% 15 20,9 10 10 16,0 15,5 20% 5 0 0 0% 2014 2015 2016 6m '16 6m '17 2014 2015 2016 6m '16 6
Slide 5: Evolution of key Balance Sheet figures (IFRS in € ml)
Evolution of key Balance Sheet figures (IFRS in € ml) Total Assets Total Equity 450 160 393,5 400 140 132,7 133,5 352,6 122,4 350 330,5 328,6 115,0 120 300 100 in € ml in € ml 250 80 200 60 150 40 100 20 50 0 0 2014 2015 2016 6m '17 2014 2015 2016 6m '17 Net Debt Operating power plants (as of 30.06.
Slide 6: RES Asset Portfolio
RES Asset Portfolio RES operating plants & pipeline projects by Geography RES projects by development phase (MW) (MW) 39.1 40.0 116.8 30.0 5.0 144.0 90 9.0 658 (1) 15.0 636 523 MW 45.8 34.0 Pipeline 114.7 1.2 8.7 9.9 24.3 60.5 241 2.0 138.8 145 113 36 76 Application Production Environmental Under Op
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
Slide 8: IPO Proceeds to finance wind farms of 93,5 MW
IPO Proceeds to finance wind farms of 93,5 MW Projects’ financing structure Projects’ ID Equity : 28,8% MW GWh/yr (1) Status Debt : 48,1% Cash grants : 23,1% Ortholithi 20,7 45,5 Operating € 32,5 ml equity raised through the IPO (July 2014) devoted for the implementation of the 93,5 MW by
Slide 9: New wind farm investment program 127,6 MW
New wind farm investment program 127,6 MW PROJECTS' IDs 1 Site MW GWh/yr Wind Turbine Generator €/ΜWh Status Ag. Dynati Ext. Kefalonia 2,4 5 Enercon E-82/2,35 MW FiP 98 Trial Operation Thivaikos Viotia 9,9 28 Vestas V 112/3,3 MW FiP 98 Under construction Gropes Lakonia 18,9 44 Enercon E-44/0,9 MW Fi
Slide 10: Performance
Performance Capacity factors by project 6m 2017 vs. 6m 2016 Net Income a.m.** (€/MWh) 40% 30 26,1 35% 25 30% 25% 20 19,1 20% 15% 15 10% 10 5% 0% 5 0 2016-Η1 2017-Η1 Wind, hydro, solar Wind only 6m 2016 6m 2017 6m 2016 6m 2017 Capacity factor (%) 26,8% 23,1% Capacity factor (%) 26,6% 23,1% Net Income
Slide 11: Group Asset Performance Details (September 2017)
Group Asset Performance Details (September 2017) Mean Installed Licensed Operation Energy Yield (GWh) annual Long Term FiT Power plant Site Company / SPV Stake Capacity Capacity License Yield (€/MWh) availability (MW) (MW) Date (GWh/yr) 2014 2015 2016 2014-16 Antissa Lesvos EL.TECH.ANEMOS S.A. 100%
Slide 12: Consolidated P&L
Consolidated P&L 30/6/2017 30/6/2016 % change (€ thousands) IFRS IFRS Revenue 22.343 22.137 0,9% Revenues rose by 0,9% despite unusually low wind performance data, counterbalanced by Cost of goods sold (11.582) (10.142) new capacity under trial operation during the Gross Margin 10.762 11.995 repor
Slide 13: Consolidated Balance Sheet
Consolidated Balance Sheet 30/6/2017 31/12/2016 % change (€ thousands) IFRS IFRS Fixed assets 324.358 278.608 16,4% Fixed assets increased by 16,4% reflecting Intangible assets 16.689 16.902 -1,3% investments in new generation wind farms. Other non-current assets 2.073 2.445 -15,2% Current asset
Slide 14: Consolidated Cash Flows
Consolidated Cash Flows 30/6/2017 30/6/2016 % change (€ thousands) IFRS IFRS Cash Flow from Operations Operating cash flows rose overall by Profit Before Tax 5.590 7.986 -30% 9% despite contraction in profits due Adjustments for: to significant improvement in Depreciation 5.601 4.828 collecting re