Aktor Societe Anonyme Holding Company Technical And Energy Projects · ATHEX:AKTR
Aktor Societe Anonyme Holding Company Technical And Energy Projects — Intrakat — FY2023 Earnings Presentation
37 slides from Aktor Societe Anonyme Holding Company Technical And Energy Projects's earnings presentation, Apr 23, 2024
Slide 1: FY 2023 Annual Financial Results
FY 2023 Annual Financial Results April 23, 2024
Slide 2: Contents
Contents 1 Overview 2 Financial Results 3 Going Forward 4 Annex
Slide 3: Overview
1 Overview
Slide 4: A leading construction group in Greece, with growing footprint in SE Europe
A leading construction group in Greece, with growing footprint in SE Europe 70 years of successful c. €0.8 bn FY 2023 consolidated operation turnover* c. €4.9 bn c. 5,800 backlog employees (incl. JVs) 4 *Pro forma figures refer to FY 2023 Intrakat Group results and annualized Aktor Group results
Slide 5: Diversified portfolio focusing on three strategic pillars
Diversified portfolio focusing on three strategic pillars 1 2 3 Real Estate Environment RES PPPs / Concessions Construction Facility Quarrying management activities • Extensive know how • 20MW installed capacity (EOD • 4 PPPs in operation • Ability to deliver “turn-key” 2023) • 2 PPPs newly signed w
Slide 6: FY 2023 marked by important events, having a profound impact on Intrakat's growth potential
FY 2023 marked by important events, having a profound impact on Intrakat’s growth potential Jan Mar Apr Apr May Share Capital Acquisition of Signing of 2 Preferred Marina Increase 100% of Aktor flagship PPPs: bidder in PPP Residential €100m S.A. • Kalamata – Pylos “Student Tower, budget (pending app
Slide 7: Financial Results
Vv ) 2 Financial Results
Slide 8: Robust performance unlocks solid return to operating profitability
Robust performance unlocks solid return to operating profitability Group Group Group Group Backlog Turnover Gross Profit EBITDA EAT €4.9bn (+270% y-o-y) €412m €40m €16m €3m (+83% y-o-y) (+122% y-o-y) (turnaround from -€3m y-o-y) (turnaround from -€24m y-o-y) Cash Equity Net Debt Operating Market Cap
Slide 9: Impressive turnaround backed on three major axes
Impressive turnaround backed on three major axes 1 Ongoing flow 2 End of legacy 3 Focus on of new backlog, profitable projects and improved markets, with acceleration margins growth of projects’ potential execution 9
Slide 10: Remarkable boost recorded in group turnover and gross profit
Remarkable boost recorded in group turnover and gross profit Turnover (€m) COGS (€m) +83% 412 +79% 372 225 207 31.12.2022 31.12.2023 31.12.2022 31.12.2023 Gross Profit (€m) Gross Margin (%) +122% 40 10% 8% 18 31.12.2022 31.12.2023 31.12.2022 31.12.2023 10 Note: FY 2023 consolidated figures include F
Slide 11: Positive trend in EBITDA continues
Positive trend in EBITDA continues EBITDA (€m) EBITDA Margin (%) 16 4% -3 -1% 31.12.2022 31.12.2023 31.12.2022 31.12.2023 EBT (€m) EAT (€m) 3 8 -25 -24 31.12.2022 31.12.2023 31.12.2022 31.12.2023 11 Note: FY 2023 consolidated figures include FY 2023 Intrakat Group results and Aktor Group financial r
Slide 12: Diversified turnover with significant contribution to EBITDA from RES and other activities
Diversified turnover with significant contribution to EBITDA from RES and other activities Turnover EBITDA Backlog Other Real Estate abroad, & Other, 8% 10% Romania; 20% Romania, 8% RES, 18% Greek Greek public private sector, 55% sector, 29% Construction, Greece; 80% 72% 12 Note: FY 2023 consolidate
Slide 13: Improved capital structure…
Improved capital structure… Equity (€m) Net Debt (€m) -3% +168% 162 128 123 60 31.12.2022 31.12.2023 31.12.2022 31.12.2023 Net Debt / Equity (x) Net Debt per Segment 2,11 11% 14% 0,76 75% 31.12.2022 31.12.2023 Construction RES Other 13 Note: FY 2023 consolidated figures include FY 2023 Intrakat Grou
Slide 14: …coupled with significant cash position
…coupled with significant cash position €48m €57m new net CAPEX debt €66m €100m Aktor share acquisition capital net of cash increase Amounts in €m 14 Note: FY 2023 consolidated figures include FY 2023 Intrakat Group results and Aktor Group financial results for the period 08.11-31.12.2023
Slide 15: Considerable increase in current assets reinforce liquidity
Considerable increase in current assets reinforce liquidity Cash & Cash Equivalents (€m) Current Assets (€m) +400% 1,015 +394% 125 25 203 31.12.2022 31.12.2023 31.12.2022 31.12.2023 Working Capital Current Ratio (%) 10 101% 81% -46 31.12.2022 31.12.2023 31.12.2022 31.12.2023 15 Note: FY 2023 consoli
Slide 16: Boost in turnover leads sound turnaround of construction segment EBITDA
Construction Boost in turnover leads sound turnaround of construction segment EBITDA Turnover (€m) EBITDA (€m) EBITDA Margin (%) 398 11 3% 217 -2% -4 31.12.2022 31.12.2023 31.12.2022 31.12.2023 31.12.2022 31.12.2023 16 Note: FY 2023 consolidated figures include FY 2023 Intrakat Group results and Akt
Slide 17: RES contribute 18% of total consolidated EBITDA, showcasing segment's unique growth potential
RES RES contribute 18% of total consolidated EBITDA, showcasing segment’s unique growth potential Turnover (€m) EBITDA (€m) EBITDA Margin (%) 5 53% 3 18% 2 0,3 31.12.2022 31.12.2023 31.12.2022 31.12.2023 31.12.2022 31.12.2023 17 Note: FY 2023 consolidated figures include FY 2023 Intrakat Group resul
Slide 18: Other activities driven by real estate
Other Other activities driven by real estate Turnover (€m) 9 7 3,5 5,3 31.12.2022 31.12.2023 Real estate Other EBITDA (€m) EBITDA 2 margin 18% 1 Real estate €2.4m Other 31.12.2022 31.12.2023 -€0.8m 18 1. Other segment activity includes real estate and controlled parking systems. 2. Note: FY 2023 con
Slide 19: Going Forward
3 Going Forward
Slide 20: Construction backlog records a new €4.9bn historic high
Construction Construction backlog records a new €4.9bn historic high 4.9 1,1 Romania: €1.0bn 3,8 Greece: Signed projects Projects to be signed €3.9bn 1.3 2.2 2.7 Amounts in €bn 31.12.2022 31.12.2023 AKTOR INTRAKAT 20 Projects signed within FY 2023 amounted to €1.2bn
Slide 21: RES represents a strategic pillar for the Group
RES RES represents a strategic pillar for the Group Invests or participates directly or indirectly in RES and storage projects Specialized team Design – Study – Development – Operation COD 2023 COD 2024-2026 COD > 2026 Capacity: Power (GW) 20MW 0.2GW 0.7GW 0.9 in operation 0.8 -- 0.2GW 0.6GW 1.0 --
Slide 22: Strategic partnership with PPCR adds value to RES portfolio
RES Strategic partnership with PPCR adds value to RES portfolio Framework agreement signed with PPCR for the joint development of RES portfolio up to 2.7GW total power Intrakat transfered to PPCR PPCR will acquire 49% of Intrakat mature wind projects Group holding companies and will with total capac
Slide 23: Landmark projects form Intrakat's PPP & Concessions portfolio
PPP & Concessions Landmark projects form Intrakat’s PPP & Concessions portfolio CAPEX SECTOR STATUS DESCRIPTION (€m) ● Eastern Peloponnese Motorway, Corinth- Tripoli-Kalamata and Lefktro-Sparta 844 In Section, J/V Moreas, (Intrakat participation operation 13.3%) MOTORWAYS ● Concession period: 30 yea
Slide 24: Drive towards operational excellence
Drive towards operational excellence 1 Operating model 2 Revisit Group’s 3 Realize synergies from 4 Streamline processes and transformation governance the acquisition adapt policies enhancing model, of AKTOR, in line with top-line effectively enabling Group’s organization balancing common strategy a
Slide 25: ESG focus accelerates within FY 2024
ESG focus accelerates within FY 2024 Internally, FY 2024 focus is placed on developing an integrated CSRD reporting Q1 2024 ESG Action Plan Roadmap framework and (following AKTOR’s recent acquisition) further strengthening data • Selection of Sustainability Partner to support the governance, sustain
Slide 26: Annex
4 Annex
Slide 27: Greece regains investment grade, economy in a unique momentum
Greece regains investment grade, economy in a unique momentum GDP, Greece vs EU average (%) Debt as % of GDP (%) Foreign Direct Investments (in €bn) 7,5 5,6% 172,6 5,4 4,6 3,4% 160,3 2,0% 2,3% 2,5 152,3 0,5% 0,6% 2022 2023E 2024P Greece EU 2022 2023E 2024P AVG 2013-2020 2021 2022 2023Ε Labor Cost pe
Slide 28: Romanian economy expected to overperform vs EU average
Romanian economy expected to overperform vs EU average GDP (%) Inflation (%) 4,1% 12,0% 2,9% 9,7% 1,8% 5,8% 2022 2023E 2024P 2022 2023E 2024P Current account balance (% of GDP) Fiscal deficit (% of GDP) 2022 2023E 2024P 2022 2023E 2024P -5,3% -7,1% -6,3% -6,3% -7,3% -9,3% 28 Source: Bank of Greece
Slide 29: Balance Sheet
Balance Sheet THE GROUP THE COMPANY (Amounts in € ‘000) 31.12.2023 31.12.2022 31.12.2023 31.12.2022 ASSETS Non-current assets 412.0 222.7 234.7 127.6 Inventory 28.9 10.2 7.2 2.7 Trade receivables 430.7 105.8 169.9 113.3 Cash and cash equivalents 125.2 25.4 40.9 18.1 Other current assets 430.1 61.8 1
Slide 30: Profit & Loss Account
Profit & Loss Account THE GROUP THE COMPANY (Amounts in €m) 01.01- 01.01- 01.01- 01.01- 31.12.2023 31.12.2022 31.12.2023 31.12.2022 Turnover 412.1 225.4 304.4 207.7 Cost of sales -371.7 -207.2 -278.1 -189.9 Gross Profit 40.4 18.2 26.3 17.7 Other income 35.0 2.5 3.6 1.6 Administrative expenses -42.1
Slide 31: Statement of Cash Flows
Statement of Cash Flows THE GROUP THE COMPANY (Amounts in €m) 31.12.2023 31.12.2022 31.12.2023 31.12.2022 Cash Flows from Operating Activities (Loss) / Profit of period 2.9 -23.6 -15.4 -22.2 Adjustments for: Taxes 5.5 -0.9 1.2 -0.1 Depreciation 10.5 6.3 4.5 2.6 Impairments 2.1 3.5 0.7 7.6 Net intere
Slide 32: Important projects under execution (Backlog)
Important projects under execution (Backlog) BUDGET DESCRIPTION (in € m.) AKTOR - Repair of the railway line Brasov - Simeria, section of the Rhine - Danube corridor, for traffic with a maximum speed of 160 km/h, section Brasov - Sighisoara, subdivisions: Apata - Cata LOT 2 (Romania) 475 Constructio
Slide 33: Stock Performance & Shareholders' Structure
Stock Performance & Shareholders’ Structure Share capital : €48.157.195,50 Shareholders structure (%) Shares outstanding : 160.523.985 WINEX Type of shares : Common registered 37.8% INVESTEMENTS LIMITED Nominal value : €0,30 CASTELLANO PROPERTIES 26,7% 14.5% ISIN : GRS432003028 LIMITED 37,8% : INKAT
Slide 34: Glossary
Glossary EBITDA Gross Profit EBITDA Margin Current Net Debt to Market Margin Ratio Equity capitalization EBITDA Current assets to Total debt minus Total number of Earnings before Gross profit to turnover current liabilities cash and cash shares times share interest, taxes, to turnover equivalents to
Slide 35: Contact Details
Contact Details Alexandros Exarchou Kostas Adamopoulos, CFA Loukas Karalis Vice Chairman & CEO CFO Chief Strategy & IR Officer INTRAKAT 19klm Markopoulo Avenue, 19002 Paiania Τel +30 210 667 4700 | E-mail: ir@intrakat.gr www.intrakat.gr 35
Slide 36: Disclaimer
Disclaimer Some of the information in this presentation contains forward-looking statements within the meaning of securities laws. All forward-looking statements address matters that involve risk and uncertainties and there are many important risks, uncertainties and other factors that could cause t
Slide 37: Thank you!
® intrakat ) Thank you!