Ellaktor Sa · ATHEX:ELLAKTOR
Ellaktor Sa — Q1 2022 Earnings Presentation
38 slides from Ellaktor Sa's earnings presentation, May 30, 2022
Slide 1: 1st Quarter 2022 Financial Results
1st Quarter 2022 Financial Results May 2022 Q1’22 Financial results 1
Slide 2: Disclaimer
Disclaimer. This presentation has been prepared by ELLAKTOR S.A. The information included in this presentation maybe caution readers of this presentation not to place undue (the “Company”). subject to updating, completion, revision and reliance on these forward-looking statements as a amendment and
Slide 3: Contents
Contents. 1. 2. 3. 4. Financial & Key Financial Performance Appendix Operational Figures by Segment Update Q1’22 Financial results 3
Slide 4: 1. Financial & Operational Update
1. Financial & Operational Update 4
Slide 5: Financial Highlights
Financial 1 Q1’22 Group Revenue at €220m, 14% higher vs same quarter last year Highlights. Q1’22 Group EBITDA Comp.(2) at €67m, up by 65% vs the respective figure of Q1’21 with the 2 respective margin at 31%, higher by 10pp vs Q1’21. Reported EBITDA for the period at €58m or +43% y-o-y. EBITDA Comp.
Slide 6: Q1 2022 Group Revenue & EBITDA
Q1 2022 Group Revenue & EBITDA. Revenue qoq (€m) €m Q1’21 Q1’22 Δ Q1’21 LTM Q1’22 LTM Δ Revenue Construction 96.5 101.3 5% 466.1 467.5 0% 27 +14% Concessions 40.3 56.5 40% 192.3 249.5 30% 278 RES 32.5 31.9 (2%) 102.4 105.1 3% 244 220 Environment 24.3 30.9 27% 103.8 121.7 17% 193 200 Real Estate 1.3
Slide 7: Recent developments [May 6th 2022]
Recent developments [May 6th 2022]. Retail (<5%) ▪ Motor Oil (Hellas) Corinth Refineries 20.0% Reggeborgh Invest B.V. S.A. (MOH) announced it acquired 30.5% 104,000,000 shares of Ellaktor S.A. GR Funds 3.1% (Ellaktor), corresponding to a stake of Shareholding 29.87%, from Kiloman (49,184,124 Int’l.
Slide 8: Recent developments [May 6th 2022]
Recent developments [May 6th 2022]. ▪ RB Ellaktor Holding B.V. (RBE, or Offeror), a Dutch company, wholly owned by Reggeborgh Invest B.V. (RBI), announced the initiation of a Voluntary Tender Offer (VTO) process by informing the HCMC and the BoD of Ellaktor and submitting to them a draft of the Info
Slide 9: Update on Recent developments
Update on Recent developments. ▪ MOH’s offer regarding the RES Business Unit was received on May 11th, 2022 and was presented and discussed in a specially convened BoD Framework ▪ Ellaktor is in the process of assessing and evaluating MOH’s proposal and has appointed a financial advisor to provide ‘
Slide 10: Operational Update
Operational Update. Construction Concessions Renewables Environment Real Estate Segment Segment Segment Segment Sector New projects of c. €262m were Recovery of traffic volumes to During Q1’22 the energy Preferred bidder Cambas Park: The business signed during Q1 2022. PreCovid-19 levels in motorway
Slide 11: ESG Footprint
ESG Footprint. 2020 2021 Δ% E 2020 2021 Δ% Green energy generation (GWh)(4) 1,250 1,380 +10 Total employees-Core (1) 7,245 7,296 +1 % of women employees Energy consumption (GWh)(4) 248 250 +1 24% 26% +8 Total employees-All (2) CO2 eq. emissions prevented (‘000 t)(4) 2,035 2,666 +31 7,811 7,423 -5 In
Slide 12: 2. Key Financial Figures
2. Key Financial Figures 12
Slide 13: Consolidated P&L
Consolidated P&L. Revenues reached €220m an increase of €27m, driven by higher revenues from Concessions (+€16m), Environment (+€7m) & Construction (+€5m). Selling & Administrative Expenses at €12m, or a decline of 9% yoy, mainly due to lower Environment and Headquarter expenses. EBITDA reached €58m
Slide 14: Consolidated P&L
Consolidated P&L. €m Q1’21 Q1’22 YoY Q1’21 LTM Q1’22 LTM YoY in €m Net Sales LTM 1. Net sales 193.0 220.2 14% 860.7 942.7 10% 82 +10% 2. Cost of Sales* (142.9) (145.3) (2%) (766.0) (710.7) 7% 943 3. Gross profit 50.1 74.9 50% 94.7 232.0 >100% 915 4. Selling & Admin. expenses* (13.3) (12.0) 9% (66.6)
Slide 15: Consolidated Balance Sheet
Consolidated Balance Sheet. Group Total Assets by the end of March 2022 at €2,865mn an increase of €30m from end of 2021. Intangible Assets include the Concession Rights of Attiki Odos and Moreas and the decrease is due to the amortization of the Right Total Debt as at the end of Q1’22 amounted to €
Slide 16: Consolidated Balance Sheet
Consolidated Balance Sheet. Dec.'21 Mar.'22 Δ% Dec.'21 Mar.'22 Δ% PPE, Intangible assets & Investment property 1,130.7 1,106.1 (2%) Equity excl. non-controlling interests 286.0 306.3 7% Investment in subsidiaries, associates and joint ventures 90.4 91.0 1% Non-controlling interests 77.4 86.5 12% Fin
Slide 17: Net Debt and Liquidity
Net Debt and Liquidity. Net Debt* as of Mar 31st, 2022: €571m, vs €578m at Dec 31st, 2021. Total Debt Cash and Liquid Assets Net Debt + 4.9% €23m -0.6% -€9m -3.2% -€32m 470 493 1,461 1,452 39 991 959 13 10 426 38 427 84 65 413 388 93 97 280 266 354 360 -1.2% 578 571 662 662 31.12.2021 31.03.2022 31.
Slide 18: Consolidated Cash Flow
Consolidated Cash Flow. €m Q1’21 Q1’22 Δ (%) Operating cash inflows amounted to €40.1m vs €5.5m, mainly due to Cash and equivalents at start of period 294.3 357.9 22% improved performances in Concessions & RES CFs from Operating Activities 5.5 40.1 >100% CFs from Investment Activities (97.3) 25.9 >1
Slide 19: 3. Performance by Segment
3. Performance by Segment Q1’22 Financial results 19
Slide 20: A. Construction
A. Construction Selected New Projects In total, new projects of a value of €262m were signed during Q1’22 while an additional €44m, have been signed after March 31st, 2022. ✓ Patra – Pyrgos national road of 74,8Km length (€105m) ✓ Psyttalia WWTP operation & maintenance (€68m) ✓ Corinth Canal restora
Slide 21: A. Construction
A. Construction €m Q1’21 Q1’22 Δ Q1’21 LTM Q1’22 LTM Δ Revenue Revenue 96.5 101.3 5% 466.1 467.5 0% & EBITDA (9.8) 0.0 n.m. (164.8) (65.6) 60% EBITDA EBITDA Comp.* (9.8) 0.0 n.m. (164.8) (39.4) 76% EBITDA Comp. % (10%) 0% (35%) (8%) • Q1’22 EBITDA has benefited from an amount of €2.4m from the final
Slide 22: B. Concessions
B. Concessions Attiki Odos traffic level was higher compared to Q1’21 by 45%, but lower compared to Q1’19 levels (pre-COVID) by 6%, mainly due to severe weather conditions during the last week of January, that caused significant traffic disruptions On January 24th, an offer has been submitted for th
Slide 23: B. Concessions
B. Concessions €m Q1’21 Q1’22 Δ Q1’21 LTM Q1’22 LTM Δ Revenue Revenue 40.3 56.5 40% 192.3 249.5 30% & EBITDA 20.2 24.3 21% 113.5 147.0 29% EBITDA 20.2 33.3 65% 113.5 156.0 37% EBITDA Comp.* EBITDA Comp. % 50% 59% 59% 63% Revenue QoQ (€m) EBITDA Comp. QoQ (€m) Attiki Odos ADT Evolution 2019-Q1’22 50.
Slide 24: C. Renewable Energy Sources
C. Renewable Energy Sources Operational highlights Development highlights 493 MW installed capacity with 341 GWh of energy yield. Ongoing activities: 93.5 €/MWh effective tariff. ✓ Central Evia wind farms (286 MW). WAVG remaining PPA lifetime stands at 16.7 years. ✓ Extensions of existing wind farms
Slide 25: C. Renewable Energy Sources
C. Renewable Energy Sources €m Q1’21 Q1’22 Δ Q1’21 LTM Q1’21 LTM Δ Revenue 32.5 31.9 (2%) 102.4 105.1 3% Revenue & EBITDA 27.6 26.9 (3%) 81.0 83.6 3% EBITDA EBITDA % 85% 84% 79% 80% Revenue QoQ (€m) EBITDA QoQ (€m) RES KPIs 32.5 33.7 27.6 27.5 26.9 KPI FY’18 FY’19 FY’20 FY’21 Q1’22 31.9 W.A. Capacit
Slide 26: D. Environment
D. Environment During Q1’22: ✓ Extension of clinical waste incinerator service contract for 7 months (up to mid Aug ’22) or up to an overall amount of € 5.2m ✓ Bid submission regarding Hersonisos waste management facility through JV scheme (80% owned). Construction budget ~ € 19.5mn, Operation budge
Slide 27: D. Environment
D. Environment €m Q1’21 Q1’22 Δ Q1’21 LTM Q1’22 LTM Δ Revenue 24.3 30.9 27% 103.8 121.7 17% Revenue & EBITDA 4.3 7.6 78% 4.4 20.0 >100% EBITDA EBITDA % 18% 25% 4% 16% Revenue QoQ (€m) EBITDA QoQ (€m) Tonnage & MWh (in ‘000s) 7.6 31.1 31.5 30.9 208 28.2 187 183 5.6 5.6 168 24.3 4.3 52 57 49 53 1.2 Q1
Slide 28: E. Real Estate
E. Real Estate Smart Park: ✓ Footfall reached pre-pandemic levels. ✓ Occupancy at 97% with new tenants in the process of opening their shops (KFC & Germanos shops are under construction, Parfois store already opened) Cambas Park: Once Master Plan is completed the project will enter its final stage b
Slide 29: E. Real Estate
E. Real Estate €m Q1’21 Q1’22 Δ Q1’21 LTM Q1’22 LTM Δ Revenue 1.3 2.1 63% 6.2 8.4 34% Revenue & EBITDA 0.9 1.7 93% 3.8 7.0 87% EBITDA EBITDA % 70% 83% 61% 84% Revenue QoQ (€m) EBITDA QoQ (€m) Smart Park Performance Rent Income (€m) Footfall (m visitors) 3.6 2.9 2.9 2.0 2.1 2.0 2.1 1.7 1.4 1.7 1.4 1.
Slide 30: 4. Appendix
4. Appendix Q1’22 Financial results 30
Slide 31: P&L by Segment Q1'22
P&L by Segment Q1’22. Q1’22 in €m Construction Concessions RES Environment Real Estate Other Elimin. Total Net sales 101.3 56.5 31.9 30.9 2.1 0.1 (2.6) 220.2 Cost of Sales* (97.4) (22.7) (5.0) (22.4) (0.1) (0.1) 2.6 (145.3) Gross profit 3.9 33.8 26.8 8.5 1.9 (0.0) 0.0 74.9 Selling & Administrative e
Slide 32: P&L by Segment Q1'21
P&L by Segment Q1’21. Q1’21 in €m Construction Concessions RES Environment Real Estate Other Elimin. Total Net sales 96.5 40.3 32.5 24.3 1.3 0.1 (1.9) 193.0 Cost of Sales* (103.2) (18.8) (4.9) (18.1) (0.1) (0.1) 2.2 (142.9) Gross profit (6.7) 21.5 27.5 6.2 1.2 (0.0) 0.3 50.1 Selling & Administrative
Slide 33: Net Debt by Segment
Net Debt by Segment. Concessions Total Corporate Moreas 31.03.2022 in € m Construction RES Environment Real Estate Other Total Group (excl. Moreas) (excl. Moreas) (non recourse) Short-term Debt 14.0 - 35.7 3.7 4.7 (0.0) 58.2 30.8 89.0 Long-term Debt 4.6 23.2 230.6 19.5 26.8 662.0 966.7 396.1 1,362.8
Slide 34: Greece: Growth will ease but remain solid
Greece: Growth will ease but remain solid. During 2021 GDP of Greece witnessed a strong Construction index turned positive for the first recovery time since 2016 Real GDP Growth (%) Construction index (%) 5,7% 10% 8.3% 5% 3.5% 3.1% 1.9% -6,0% 0% -9,6% -5% -14,0% -9.0% -18,2% -10% 2019 2020 2021 2022
Slide 35: Sustainability Eligibility – EU Taxonomy
Sustainability Eligibility – EU Taxonomy. 5% Environment 3% Environment 16% RES 45% Construction 11% Construction 19% Environment 42% Construction 55% RES Revenue OpEx 25% RES CapEx Eligibility Eligibility Eligibility 71% 83% 58% 34% Concessions 31% Concessions 14% Concessions Q1’22 Financial result
Slide 36: ESG Ratings
ESG Ratings. Rating Agency Score(1) Rating Scale Relative Performance Environment: 2 10 1 Social: 2 Governance: 5 Worst QualityScore Best QualityScore 0 100 ✓ 3rd highest score among the rated FTSE ATHEX Large Cap companies 67 and best score among Greek construction companies (2) Worst ESG disclosur
Slide 37: Glossary / Alternative Performance Measures
Glossary / Alternative Performance Measures. EBITDA Net Debt EBITDA EBIT Net Excluding Margin % Debt Leases (Earnings before Interest, Earnings before interest, tax, (Earnings before Interest Total short-term and long- Net Debt excluding leases is Tax, Depreciation and depreciation and and Tax): Ear
Slide 38: Contact / Ellaktor Headquarters
Dimos Revelas Group CFO drevelas@ellaktor.com Yiannis Mamakos Investor Relations Officer ymamakos@ellaktor.com ir@ellaktor.com ELLAKTOR HEADQUARTERS 25, Ermou St., GR 145 64 Nea Kifissia Athens - Lamia National Road, Olympic Village Interchange Greece TEL: +30 210 8185000 | FAX: +30 210 8185001 e-ma