Admie Holdings Sa · ATHEX:ADMIE
Admie Holdings Sa — Non-Deal Roadshow (June 2024)
34 slides from Admie Holdings Sa's roadshow presentation, June 2024
Slide 1: Driving the Energy Transition
Driving the Energy Transition Corporate Presentation ATHEX Paris Mid Cap Event ADMIE Holding 2023 – Financial Results Full Year 2023 June 2024
Slide 2: Agenda
Agenda 1. ADMIE Holding - Highlights 2. IPTO S.A. - Highlights 3. IPTO Investment Program progress 4. GRID Telecom 5. Appendix 2 ADMIE Holding Paris Midcap Event 2024
Slide 3: Disclaimer
Disclaimer This document contains forward-looking statements that involve risks and uncertainties. These statements may generally, but not always, be identified by the use of words such as “outlook”, “guidance”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “target” and similar expressions to
Slide 4: Highlights ADMIE Holding
Highlights ADMIE Holding 4 ADMIE Holding 2023 – Financial Results Full Year 2023
Slide 5: ADMIE Holding Overview
ADMIE Holding Overview 2020 2021 2022 2023 2024e Holds 51% of the Hellenic Electricity Transmission System Operator (IPTO) Net Income (m) 44.1 40.1 29.4 59.6 - Dividend 0.12 0.103 0.068 0.058 0.124 Purpose: Market cap: EUR 525 million* ADMIE Holding Shareholding To provide operational support to IPT
Slide 6: ADMIE Holding 2023 Financial Highlights
ADMIE Holding 2023 Financial Highlights Amounts in €m INCOME 59.4 100% FY 2022: 29.7 OPEX 0.8 14% FY 2022: 0.7 NET PROFIT 58.8 FY 2022: 29.1 102% CASH 5.4 15% FY 2022: 4.7 NET DEBT 0 FY 2022: 0 ROCE 6.07% 236bs FY 2022: 3.71% 6 ADMIE Holding Paris Midcap Event 2024
Slide 7: Highlights IPTO S.A.
Highlights IPTO S.A. 7 ADMIE Holding 2023 – Financial Results Full Year 2023
Slide 8: IPTO at a glance
IPTO at a glance Sole Transmission System Operator (TSO) in Greece Investment Proposition High dividend returns Natural monopoly in Reduced borrowing costs Employees Transported Energy Greece and established minimum 50% earnings payout 13,671 km of HV transmission lines 2,090 49.5 TWh Rational Leadi
Slide 9: Electricity Demand & Supply for FY 2023
Electricity Demand & Supply for FY 2023 Production & Interconnection Mix Key figures 9,9% 9,1% 7,90% 13,90% • FY’23 Total Market Demand reached 49.5 TWh (-2.4% y-o-y) 12,70% • Renewable energy 29,6% 28,20% contribution reached 51.3% in Dec’23 51,3% • Net imports at 8.2 TWh; net exports shaped at 3.3
Slide 10: IPTO Delivering sustainable growth
IPTO Delivering sustainable growth Development of People, environment Security, reliability and Exploitation of grid and new activities and governance resilience to a difficult infrastructure and for energy transition and changing expertise for value 2,090 Employees environment due to the added serv
Slide 11: IPTO GROUP FY23 financials
IPTO GROUP FY23 financials Total Revenues increased by 33%, to Group Profit & Loss Statement €391.9m., driven by the revenue from €m 31.12.2023 31.12.2022 Chg % Transmission System Rent, which increased to €367.4m (+35%), as a result of the increase in Transmission Unit System charges. Revenue from
Slide 12: IPTO Capex
IPTO Capex Other: 101.558 16% Greece – Bulgaria INTERCONNECTION: 10.885 2% 38% Crete Phase II (incl. Ariadne): 242.394 Ionian Islands: 29.116 4% FY22: EUR 335 Greece – Cyprus – Israel INTERCONNECTION: 110.801 17% Capital investment: EUR 644 +92% 23% Cyclades INTERCONNECTION: 149.250 12 ADMIE Holding
Slide 13: IPTO Cash Flow & Financial Performance ratios
Cash 31.12.2023 31.12.2022 IPTO Cash Flow & Financial Performance ratios Key figures: Cash Flow evolution (€m): 500 Net Debt 383,8 400 € 950.5 million 300 198,6 245,7 179,2 200 Leverage 100 3.4 Net Debt/adj. EBITDA 0 -100 Coverage ratio -200 4.27x Interest coverage ratio* -300 *EBIT/Interest expense
Slide 14: Updated Regulatory Framework
Updated Regulatory Framework RAEWW’s Decision E-102/2023 on Regulatory Period 2023-25 WACC (pre-tax nominal) 2022 2023 2024 2025 6.10% 7.57% 7.51% 7.45% Special RAB (for PMI - by 2025) RAB Allowed Revenue (by 2025) (in 2025) € 711.8 million € 2,682.7 million € 484.8 million with 1% WACC premium 14 A
Slide 15: WACC calculation
Appendix 5 WACC calculation On 20.07.2023 the Energy Sector of WACC components 2023 RAEWW released its decision regarding the approval of the revised return Risk-free 2.36% (WACC) on the Regulated Asset Base of the Affiliate IPTO S.A. The return for the Market risk 5.5% years 2023-2025 of the Regula
Slide 16: IPTO Investment Program progress
IPTO Investment Program progress 16 ADMIE Holding 2023 – Financial Results Full Year 2023
Slide 17: IPTO's Major Projects 2024-2031
IPTO’s Major Projects 2024-2031 Cyclades Phase D 2024-2025 2026 2028-2029 2028-2030 2031 North Aegean Greece-Italy Crete Peloponnese Dodecanese Phase II Corridor B’ Phase I-II Interconnection Interconnection Phase I-III 17 ADMIE Holding Paris Midcap Event 2024
Slide 18: IPTO's Major Projects 2024-2035
IPTO’s Major Projects 2024-2035 Major Project Locations Total Capex Greece-Italy Interconnection 4 5 €6.1bn Expected Commissioning: 2031 Total project cost: €507m North Aegean Interconnection Expected Commissioning : 2030 Total project cost: €1.2bn Second 400 kV branch to Peloponnese (Megalopoli - K
Slide 19: IPTO's Key milestones in 2023
IPTO’s Key milestones in 2023 Ariadne Interconnection Ariadne Interconnection Interconnection of Cyclades The fourth and final phase of the electrical interconnection Installation and finalization of all subsea electrical and of Cyclades concerns the interconnection of Santorini, optical fiber cable
Slide 20: IPTO's Key milestones in 2023
IPTO’s Key milestones in 2023 Dodecanese and Northeast Ariadne Interconnection Upgrading of the Western & Eastern Aegean islands Peloponnese Great Sea Interconnection Koumoundourou interconnections Corridor Greece-Cyprus-Israel EHV S/S In 2023, IPTO assigned the contracts The construction process of
Slide 21: IPTO's International Interconnection Plans
IPTO’s International Interconnection Plans 2nd interconnection with Italy Interconnection with Egypt 2nd interconnection with Albania Cooperation with the Operator of Egypt (EETC – Greece - Albania interconnection, together with the Interconnection between Greece and Italy, Transmission System Opera
Slide 22: GRID Telecom
GRID Telecom 22 ADMIE Holding 2023 – Financial Results Full Year 2023
Slide 23: About GRID Telecom
About GRID Telecom ➢ Founded in 2019, is a wholly owned subsidiary of the Independent Power Transmission Operator (IPTO) of Greece. ➢ IPTO’s vehicle for providing telecom services to national and international operators. ➢ Utilises the overhead Optical Ground Wire (OPGW) cables on the power grid tra
Slide 24: Greece-Crete market dynamics
Greece-Crete market dynamics ➢ There is market demand for traffic to/from Eastern Europe to follow a more optimal path with Greece acting as the gateway ➢ Τhe market is seeking additional back-up routes for traffic destined to Western Europe, and Greece is well-positioned to being a gateway for one
Slide 25: GRID Telecom deployments
GRID Telecom deployments ➢ from Crete to Greece mainland via new-laid subsea cable systems: ΜΙΝΟΑS East West and APOLLO East West ➢ from Greece to Italy via spectrum over the IONIAN subsea cable system ➢ from Greece to Middle East and West Europe by being one of the main investors of the 2AFRICA Cre
Slide 26: GRID Telecom deployments
GRID Telecom deployments ➢ Grid Telecom has signed a Letter of Intend (LOI) with Quadrivium to explore the potential collaboration to establish a joint-venture partnership to jointly develop, build and operate common cable landing infrastructure in Crete ➢ Is at the stage of final contract negotiati
Slide 27: Key takeaways
Key takeaways ➢ 2023 results posted substantial revenue growth and profitability driven by continuing execution of our investments and asset base ➢ Our ambitious investment plan of EUR 6.1bn is on track to drive the energy transition and support Greece’s decarbonisation objectives ➢ International in
Slide 28: Appendices
Appendices 28 ADMIE Holding 2023 – Financial Results Full Year 2023
Slide 29: Shareholder Structure
Shareholder Structure Hellenic Republic Free Float 51.1% 48.9% Athens Stock Exchange ATHEX: ADMIE Bloomberg: ADMIE GA 51.0% Reuters: ADMr.AT 232,000,000 common shares 25.0% 24.0% ADMIE Holding Paris Midcap Event 2024 29
Slide 30: ADMIE Holding Balance Sheet and Cash flow summary
Appendix 1 ADMIE Holding Balance Sheet and Cash flow summary Amounts in €’m Balance sheet 31.12.2023 31.12.2022 Cash flows 31.12.2023 31.12.2022 Non-current assets 800.7 755.4 CF from Operations -0.9 -0.6 Current assets 5.9 5.0 of which: Cash & equiv. 5.4 4.7 CF from Investing 15.1 17.3 Total Assets
Slide 31: IPTO Group Balance Sheet and Cash flow summary
Appendix 2 IPTO Group Balance Sheet and Cash flow summary Amounts in €’m Group Balance sheet Cash flows 31.12.2023 31.12.2022 31.12.2023 31.12.2022 Non-current assets 3,628.6 3,060.2 CF from Operations 383.8 217.9 Current assets 441.9 470.5 Of which: Cash & equiv. 245.7 198.6 Total Assets 4,070.5 3,
Slide 32: IPTO FY23 Adjusted EBT evolution
Appendix 3 IPTO FY23 Adjusted EBT evolution Key figures Adjusted EBT (€m) 110.7% Revenue Combined effect due to increase of Revenues from transmission system rent (net), Revenue from Balancing Market and Revenue from other operations totally by €97.3m. Third Party fees Negative effect of €7.1m., mai
Slide 33: GRID Telecom – Key figures
GRID Telecom – Key figures 33 ADMIE Holding Paris Midcap Event 2024
Slide 34: Contact
Contact For additional information please contact ADMIE Holding Investor Relations: Lilian Filips Head of IR Tel: +30 210 3636 936 E-mail: l.filips@admieholding.gr 34 ADMIE Holding 2023 – Financial Results Full Year 2023