Ellaktor Sa · ATHEX:ELLAKTOR
Ellaktor Sa — H1 2021 Earnings Presentation
28 slides from Ellaktor Sa's earnings presentation, Aug 30, 2021
Slide 1: ELLAKTOR Group H1 2021 Financial Results
ELLAKTOR Group H1 2021 Financial Results 0
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by ELLAKTOR S.A. (the “Company”). The information contained in this presentation has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, compl
Slide 3: Content pages
Content pages Business & Operational Update 3 Key Financial Figures 8 Performance by Segment 16 Appendix 22 2
Slide 4: Quarterly Business Update
Quarterly Business Update 2Q Group Revenue at €200.3m, or 6% lower y-o-y, but +4% sequentially vs 1Q (€193m). 1H Group Revenue at €393.3m (-10% y-o-y), with rate of decline improving vs. 1Q (-14% y-o-y) Concessions 2Q Revenue at €57.9m (+42% y-o-y and +44% q-o-q) and 1H at €98.2m (+8% y-o-y), on
Slide 5: Quarterly Profitability Update
Quarterly Profitability Update On 23rd of July, the Group was notified that the International Court of Arbitration in Qatar, awarded an amount of c. $98.5m in favor of a subcontractor and against the foreign consortium ALYSJ-JV in relation to a subcontracting agreement regarding the Gold Line of D
Slide 6: Operational Update
Operational Update As discussed in our 1Q results presentation, the Group has since Feb. 2021 embarked upon a business and operational restructuring, focusing on: • Improving balance sheet structure and injecting equity into AKTOR • Gaining access to the local banking system • Optimizing the geogr
Slide 7: Operational Update (cont'd)
Operational Update (cont’d) In Concessions, trends are anticipated to improve due to the recovering traffic, while the new project Alimos Marina 40+10 year concession started on Jan. 1st, 2021 with encouraging trends In Renewables, RAE issued producer certificates for PV assets (140MW) in Northe
Slide 8: Content pages
Content pages Business & Operational Update 3 Key Financial Figures 8 Performance by Segment 16 Appendix 22 7
Slide 9: 1H 2021 Key Financial Highlights
1H 2021 Key Financial Highlights Group Revenue: €393m, down by 10% yoy. Increase in Concessions, Renewables and Environment was 1 offset by decrease in Construction - Construction (26%), shows signs of stabilization in Q2 2021 vs Q2 2020 - Concessions +8%, as COVID-19 related restrictions on movemen
Slide 10: 1H 2021 Consolidated Revenue and EBITDA
1H 2021 Consolidated Revenue and EBITDA Revenue €m 1Q 2020 1Q 2021 Δ 2Q 2020 2Q 2021 Δ 1H 2020 1H 2021 Δ Construction 129.5 96.5 (25%) 127.1 92.8 (27%) 256.6 189.4 (26%) Concessions 50.4 40.3 (20%) 40.8 57.9 42% 91.1 98.2 8% RES 23.9 32.5 36% 21.2 19.2 (9%) 45.1 51.6 14% Environment 22.4 24.3 9% 24.
Slide 11: Net Debt and Liquidity
Net Debt and Liquidity Net Debt* as at June 30th 2021: €768m, up from €707m as at December 31st 2020 Total Debt Cash and Liquid Assets Net Debt +1.8% +5.2% -7.4% 1,525 1,553 406 1,178 376 1,120 30 443 438 37 28 59 410 54 412 107 157 57 316 298 285 768 232 707 660 661 31.12.2020 30.06.2021 31.12.2020
Slide 12: Consolidated P&L
Consolidated P&L €m 1Q'20 1Q'21 YoY 2Q'20 2Q'21 YoY 1H'20 1H'21 YoY H1’21 vs H1’20 1 Net sales 224.6 193.0 (14%) 213.2 200.3 (6%) 437.8 393.3 (10%) Revenues decreased to €393m (-€44m), driven mostly by 2 Cost of Sales& (158.7) (143.1) 10% (172.6) (175.4) (2%) (331.3) (318.5) 4% Construction revenu
Slide 13: Consolidated Balance Sheet
Consolidated Balance Sheet €m 31.12.20 30.06.21 yoy 1 Intangible assets 420.5 389.9 (7%) Group total Assets at the end of June 2021 stood at €2,814m vs 2 Property, plant and equipment 585.2 641.8 10% €2,822m at the end of 2020, recording a marginal decrease of €8m 3 Financial assets at fair value*
Slide 14: Net Debt by Segment
Net Debt by Segment Total Concessions Corporate Moreas (non 30.06.2021 in € m Construction RES Environment Real Estate Other Total Group excl. Moreas (excl. recourse) Moreas) 1 Short-term Debt 62.5 - 46.0 7.3 3.4 - 119.2 24.4 143.5 2 Long-term Debt - 29.6 251.6 21.7 32.3 661.0 996.2 413.6 1,409.80 3
Slide 15: Consolidated Cash flow
Consolidated Cash flow €m 1H’20 1H’21 Δ (%) H1’21 versus H1’20 1 Cash and equivalents at start of period 298.2 294.3 (1%) 2 CFs from Operating Activities (77.6) (1.2) 98% Operating cash outflows amounted to €1.2m vs of €77.6m, mainly 3 CFs from Investment Activities 2.7 (30.9) n.m. due to favorabl
Slide 16: Content pages
Content pages Business & Operational Update 3 Key Financial Figures 8 Performance by Segment 16 Appendix 22 15
Slide 17: Construction
Construction Revenue and EBITDA New Projects Construction of sewage networks and pipelines in areas of the €m 1Q 20 1Q 21 Δ 2Q 20 2Q 21 Δ 1H 20 1H 21 Δ Municipalities of Rafina - Piperi and Spata – Artemis (€32m) Revenue 129.5 96.5 (25%) 127.1 92.8 (27%) 256.6 189.4 (26%) Operation and maintenan
Slide 18: Concessions
Concessions Revenue and EBITDA Recent Developments €m 1Q 20 1Q 21 Δ 2Q 20 2Q 21 Δ 1H 20 1H 21 Δ Attiki Odos traffic performance is trending higher compared to 2020 (+6% YTD), and has reached the levels of 2019 (pre-COVID) in July Revenue 50.4 40.3 (20%) 40.8 57.9 42% 91.1 98.2 8% and August. EBITD
Slide 19: Renewable Energy Sources
Renewable Energy Sources Revenue and EBITDA Highlights €m 1Q 20 1Q 21 Δ 2Q 20 2Q 21 Δ 1H 20 1H 21 Δ 493 MW installed capacity as of 30.06.2021 Revenue 23.9 32.5 36% 21.2 19.2 (9%) 45.1 51.6 14% Additional 88 MW to be constructed, with completion post 2023 Capacity factor of 25.7% vs 25.9% in H
Slide 20: Environment
Environment Revenue and EBITDA Highlights €m 1Q 20 1Q 21 Δ 2Q 20 2Q 21 Δ 1H 20 1H 21 Δ • Medium to long term tenure in waste management contracts with favorable PPA framework for landfill biogas allow for recurring flows Revenue 22.4 24.3 9% 24.9 31.1 25% 47.3 55.4 17% • Prospects appear strong as G
Slide 21: Real Estate
Real Estate Revenue and EBITDA Highlights €m 1Q 20 1Q 21 Δ 2Q 20 2Q 21 Δ 1H 20 1H 21 Δ January to May 2021 rent income was reduced by 100% due to Covid- 19 measures applied. As a relief measure the state allows for the filing Revenue 1.8 1.3 (32%) 1.3 1.4 9% 3.1 2.6 (15%) of claims for 60% of rent
Slide 22: Content pages
Content pages Business & Operational Update 3 Key Financial Figures 8 Performance by Segment 16 Appendix 22 21
Slide 23: Greece: Strong macro & sectoral tailwinds…
Greece: Strong macro & sectoral tailwinds… Underpinned by the Recovery and Resilience Facility (RRF), which will be a catalyst for sustainable growth RRF Funds of €7.5bn Expected to be Disbursed in 2021 RRF Allocation of Grants, (Percent of GDP) Mobilised Investment 16 RRF Budget (€bn) Resources 14.
Slide 24: …Creating a Generational Opportunity in the infrastructure sector
…Creating a Generational Opportunity in the infrastructure sector for which ELLAKTOR is Optimally Positioned Planned infrastructure projects of over €43bn in the next 5 years; sector priorities for deployment of the RRF perfectly map onto the Group’s Business Units Composition of future projects 202
Slide 25: P&L by segment
P&L by segment H1 2021 in €m Construction Concessions RES Environment Real Estate Other Elimin. Total 1 Net sales 189.4 98.2 51.6 55.4 2.6 0.3 (4.2) 393.3 2 Cost of Sales (w/o Depreciation) (231.3) (38.3) (10.4) (41.8) (0.7) (0.3) 4.3 (318.5) 3 Gross profit (41.9) 59.8 41.2 13.6 1.9 0.0 0.1 74.8 4 S
Slide 26: Shareholding Structure Post Share Capital Increase
Shareholding Structure Post Share Capital Increase Shareholder Composition [27.08.2021] Headline Metrics (as of 30.08.2021) Number of Shares Outstanding: 348.1m Market Cap: €550 m RETAIL 21,1% REGGEBORGH INVEST B.V. Share Price: €1.58 29.8% YTD Price Performance: +8% GREEK ASE Index YTD Pe
Slide 27: Glossary / Alternative Performance Measures
Glossary / Alternative Performance Measures (Earnings before Interest, Tax, Depreciation and Amortization): Earnings before interest, tax, depreciation EBITDA and amortization, which is equal to Operating Results in the Group’s Income Statement plus depreciation and amortization presented in the Sta
Slide 28: Contact details
Contact details Dimos Revelas Group CFO e-mail: drevelas@ellaktor.com Dimitrios Koutsoukos Director, Business Planning and Investor Relations e-mail: dkoutsoukos@ellaktor.com Investor Relations Desk e-mail: ir@ellaktor.com ELLAKTOR S.A. 25, Ermou St., 145 64 Nea Kifissia, Athens, Greece Tel. : +30 2