Aktor Societe Anonyme Holding Company Technical And Energy Projects · ATHEX:AKTR
Aktor Societe Anonyme Holding Company Technical And Energy Projects — Intrakat — H1 2023 Earnings Presentation
35 slides from Aktor Societe Anonyme Holding Company Technical And Energy Projects's earnings presentation, Sep 27, 2023
Slide 1: H1 2023 Interim Financial Results
H1 2023 Interim Financial Results September 27, 2023
Slide 2: Contents
Contents 1 2 3 4 5 The Recent Financial Acquisition of Developments Results ESG AKTOR Annex (pages 4-5) (pages 6-17) (pages 18-19) (pages 20-21) (pages 22-35) 2
Slide 3: Message from our CEO
Message from our CEO “The first six months of 2023 were marked by a series of important events, with profound impact on the company’s growth potential. In January, Intrakat completed successfully, a share capital increase of €100m, securing the required funds in order to proceed with the implementat
Slide 4: Recent Developments
1 Recent Developments
Slide 5: Significant events marked positively H1 2023
Significant events marked positively H1 2023, having a profound impact on Intrakat’s growth potential Preferred bidder in RAWEW’s tender for the Share Capital Acquisition of Signing of Marina construction of 3 Mouzaki wind Ecomar Project Increase 100% of Aktor 2 flagship PPPs Residential energy stor
Slide 6: Financial Results
2 Financial Results
Slide 7: Robust performance by all segments enables return to solid operating profitability
Robust performance by all segments enables return to solid operating profitability on a consolidated basis Group Group Group Projects to Be Turnover EBITDA EΑT Executed €149m €9m €18m €2.1bn (+45% y-o-y) (turnaround from -€7m y-o-y) (turnaround from -€18m y-o-y) (+71% or + c.€1bn y-o-y) Cash Equity
Slide 8: Remarkable boost recorded in group turnover and gross profit margin
Remarkable boost recorded in group turnover and gross profit margin Turnover Gross Profit • Consolidated turnover surged at €149m, recording a 45% increase compared to +45% 149 Gross +512% 17 margin €103m during H1 2022. 12% • Group gross profit boosted at €17m from 103 €3m a year ago, marking an as
Slide 9: Positive footprint in all segments, drives EBITDA to recover
Positive footprint in all segments, drives EBITDA to recover in less than 12 months since new management took over Constructions RES Other* EBITDA Waterfall 136 3 10 TURNOVER 94 78 9 9 Amounts in €m 0 30.06.2021 30.06.2022 30.06.2023 30.06.2022 30.06.2023 30.06.2021 30.06.2022 30.06.2023 EBITDA marg
Slide 10: Proceeds from share capital increase contribute to €60m cash raise
Proceeds from share capital increase contribute to €60m cash raise… Cash Flow Waterfall 01.01- 01.01- 01.01- (Amounts in €m) 30.06.2021 30.06.2022 30.06.2023 €27m from Due to the nature of Cash Flows from operating activities subsidiary’s constructions activity, it is expected that claims litigation
Slide 11: Significant decrease in net debt and improvement in liquidity
which in turn lead to a significant decrease in net debt and impressive improvement in liquidity… • With debt remaining relatively unchanged in Net Debt Net Debt Breakdown per Segment comparison to FY 2022, the surge in cash lead to -26% 128 a significant decrease in net debt, which 126 amounted to
Slide 12: Construction projects to be executed recorded a new historic high
Constructions Construction projects to be executed recorded a new €2.15bn historic high circa +€1bn in 1 year 2.146 0.647 1.254 0.777 1.500 Amounts in €bn 30.06.2021 30.06.2022 30.06.2023 Backlog Projects to be signed Out of total backlog of €1.50bn during H1 2023, new contracts signed amounted to €
Slide 13: Constructions: boost in turnover lead EBITDA to positive ground
Constructions Boost in turnover lead constructions segment EBITDA to positive ground Turnover & COGS EBITDA Our Strategy 7 EBITDA Gross margin margin 5% Public / Private • More than €40bn 136 12% Infrastructure EU funds expected to be invested in 94 Projects – infrastructure Amounts in €m Environmen
Slide 14: Landmark projects form Intrakat’s PPP & Concessions portfolio
PPP & Consessions Landmark projects form Intrakat’s PPP & Concessions portfolio CAPEX SECTOR DESCRIPTION (€m) ● Eastern Peloponnese Motorway, Corinth-Tripoli-Kalamata and Lefktro- 844 Sparta Section, J/V Moreas, (Intrakat participation 13.3%) ● Concession period: 30 years ending in 2038 ● SW Pelopon
Slide 15: Energy becomes a strategic pillar for the Group
Energy Energy becomes a strategic pillar for the Group Invests or participates directly or indirectly in RES and storage projects Specialized team Design – Study – Development – Operation Capacity: COD 2023 COD 2024-2025 COD > 2025 Projects Power (MW) 20MW 31 893,6 15MW in operation 121MW 753MW 5MW
Slide 16: Energy: H1 2023 results signal the segment’s growth potential
Energy Η1 2023 results signal the segment’s growth potential Turnover & COGS EBITDA 1 Gross EBITDA margin margin 57% 52% 3 Amounts in €m Segment’s COGS breaks down to €0.4m 1 development 0 expenditures and €0.6m operating expenditures 30.06.2022 30.06.2023 -1 COGS Turnover 30.06.2022 30.06.2023 • Du
Slide 17: Other: real estate performance further enhances operating profitability
Other Real estate performance further enhances group’s operating profitability Turnover EBITDA EBITDA 10 margin 9% 9 0.9 2 0.8 Real estate 3 2 €1.0m 1 Amounts in €m 6 6 Metallic constructions €-0.1m 30.06.2022 30.06.2023 30.06.2022 30.06.2023 Metallic constructions Real estate Other • Other segment
Slide 18: ESG
3 ESG
Slide 19: Company’s culture and strategy integrates ESG practices
Company’s culture and strategy integrates ESG practices UTILISATION OF NATURAL RESOURCES INVESTMENT IN NEW FORMS OF CIRCULAR ECONOMY ENERGY PRODUCTION • Reducing carbon footprint to 0.04 CO2/m2 for the • Development of innovative Company's headquarters • Utilization of RES for Energy activities with
Slide 20: The Acquisition of AKTOR
4 The Acquisition of AKTOR
Slide 21: Joining forces with AKTOR establishes Group’s leading position
Joining forces with AKTOR, establishes Group’s leading position Acquisition of 100% of AKTOR SA for a cash consideration of €100m pending competent authorities’ approval expected within Q4 2023 plus €114m liabilities of AKTOR SA to ELLAKTOR Group companies, which will be repaid gradually from AKTOR
Slide 22: Annex
5 Annex
Slide 23: Greek economy in a unique momentum
Greek economy in a unique momentum GDP Growth, Greece vs EU Average Net Debt as % of GDP Foreign Direct Investments (in €m) 7,221 +2.2% +5.9% 5,350 161.5 160.1 +8.4% +1.0% +3.5% 2,500 141.1 2,000 134.2 +5.4% 2021 2022 2023E Greece EU 2019 2020 2021 2022 AVG 2002-2012 AVG 2013-2020 2021 2022 Labor Co
Slide 24: EU funds to create an unprecedented stream of investments in Greek economy
EU funds to create an unprecedent stream of investments in Greek economy, in the coming years, with a clear focus in green transition c. €40bn expected to be invested in infrastructure projects 120 60 26 5 31 Amounts in € bn Initial Resilience and Recovery Upgrade in Resilience and NSRF 2021-2027 fu
Slide 25: Selected Constructions Indicators, Greece & Raw Materials Prices
Selected Constructions Indicators, Greece & Raw Materials Prices Constructions Production Index New Constructions Licenses New Surface Licensed (in units (# of licenses) (in '000 m2) 84 75 70 6,055 68 25,165 5,561 23,970 63 18,928 4,129 17,308 15,342 3,533 3,781 2018 2019 2020 2021 2022 2018 2019 20
Slide 26: Selected Energy Macro Indicators, Greece
Selected Energy Macro Indicators, Greece Share of Energy from RES in Europe (%) (2021) Installed RES Capacity by Type in Greece (GW) 1 5 4 3 0.5 2 1 0 Wind Solar Solar (rooftop) Hydro Biomass 0 2020 2021 2022 ISL NOR SWE FIN LVA ALB MNE EST AUT DNK PRT HRV LTU SRB SVN ROU XXL MDA GRC EU27 ESP FRA DE
Slide 27: Financial Statements, Statement of Financial Position
Financial Statements, Statement of Financial Position GROUP COMPANY (Amounts in €m) 31.12.2021 31.12.2022 30.06.2023 31.12.2021 31.12.2022 30.06.2023 ASSETS Non-current assets 165.7 222.7 260.1 114.5 127.6 161.4 Inventory 9.4 10.2 10.1 2.0 2.7 4.1 Trade receivables 119.1 105.8 167.4 117.5 113.3 151.
Slide 28: Financial Statements, Statement of Comprehensive Income
Financial Statements, Statement of Comprehensive Income THE GROUP THE COMPANY (Amounts in €m) 01.01- 01.01- 01.01- 01.01- 01.01- 01.01- 30.06.2021 30.06.2022 30.06.2023 30.06.2021 30.06.2022 30.06.2023 Turnover 87.0 103.1 149.2 86.7 94.7 139.4 Cost of sales -85.4 -100.3 -132.0 -83.6 -92.0 -123.1 Gro
Slide 29: Financial Statements, Statement of Cash Flows
Financial Statements, Statement of Cash Flows THE GROUP THE COMPANY 01.01- 01.01- 01.01- 01.01- 01.01- 01.01- (Amounts in €m) 30.06.2021 30.06.2022 30.06.2023 30.06.2021 30.06.2022 30.06.2023 Cash Flows from operating activities (Loss) / Profit of period -14.2 -18.4 17.7 -10.5 -19.9 0.1 Adjustments
Slide 30: Important projects under execution (Backlog)
Important projects under execution (Backlog) CLIENT DESCRIPTION BUDGET (in € m.) Construction of an Ecomar oil storage terminal in UAE, Fujairah region 352 Construction and Maintenance Projects of Electricity Distribution Networks, ΔΔ-214 (6 234 projects) Construction works with the early participat
Slide 31: Stock Performance & Shareholders’ Structure
Stock Performance & Shareholders’ Structure Share capital : €48.157.195,50 Shareholders structure (%) Shares outstanding : 160.523.985 14.5% WINEX Type of shares : Common registered 37.8% INVESTEMENTS LIMITED Nominal value : €0,30 CASTELLANO PROPERTIES 14.5% LIMITED 15.9% ISIN : GRS432003028 37.8% :
Slide 32: Glossary
Glossary EBITDA Working Gross EBITDA Current EBITDA Net Debt ROE ROA Capital Profit Margin Ratio Coverage to Margin Equity Earnings before Current Gross profit EBITDA Current EBITDA Total debt Return on Return on interest, taxes, assets minus to turnover to turnover assets to to interest minus cash
Slide 33: Contact Details
Contact Details Kostas Adamopoulos Loukas Karalis Ioanna Papavasileiou CFO Chief Strategy & Investor Relations Officer Investor Relations INTRAKAT 19klm Markopoulo Avenue, 19002 Paiania Τel +30 210 667 4700 | E-mail: ir@intrakat.gr www.intrakat.gr 33
Slide 34: 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 35: Thank you!
® intrakat ) Thank you!