Ellaktor Sa · ATHEX:ELLAKTOR
Ellaktor Sa — Investor Presentation (March 2021)
23 slides from Ellaktor Sa's investor presentation, Mar 17, 2021
Slide 1: Share Capital Increase: Proposed Framework & Timeline
Share Capital Increase Proposed Framework & Timeline Investors’ Presentation 17th March 2021
Slide 2: Contents
Contents 1 ELLAKTOR Group: A well diversified Infrastructure Player 2 The Opportunity: Capitalise on the Positive Macro Outlook and Prospects 3 The Rationale of Share Capital Increase 4 Share Capital Increase: Framework and Timeline 1
Slide 3: 1. ELLAKTOR Group: A well diversified Infrastructure Player
1. ELLAKTOR Group: A well diversified Infrastructure Player 2
Slide 4: ELLAKTOR Group at a glance – a leading diversified infrastructure player
ELLAKTOR Group at a glance – a leading diversified infrastructure player Visible, predictable, long term cash flows from well invested portfolio of critical infrastructure Concessions Renewables Environment Construction Real Estate Developer and operator, Operation of concession Construction of Oper
Slide 5: A rapidly growing portfolio of well invested critical infrastructure assets in Greece
A rapidly growing portfolio of well invested critical infrastructure assets in Greece Significant investment over the last 2 decades, establishing a high quality asset base with c. €3bn total assets 1 x4 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2
Slide 6: 2. The Opportunity: Capitalise on the Positive Macro Outlook and Prospects
2. The Opportunity: Capitalise on the Positive Macro Outlook and Prospects 5
Slide 7: Greek Macro Outlook – V shaped recovery expected
Greek Macro Outlook – “V shaped” recovery expected • According to consensus Real GDP Evolution (%) projections, Greece • Following Greece’s decade long recession, the IMF 5.6 economy showed signs of recovery in 2017, is not only accelerating by early 2020 expected to 4.1 • The onset of COVID-19 sent
Slide 8: Infrastructure investment led growth…
Infrastructure investment led growth… Planned infrastructure projects of more than €43b in the next 5 years Composition of future projects (€43 billion) 2020 - 2026 Number of Projects by completion year (cumulative) 63 4% 61 57 Infrastructure 14% 51 investment is Energy Waste Management expected to
Slide 9: … Supported by the EU Recovery Fund
… Supported by the EU Recovery Fund | The Recovery and Resilience Facility (RRF) will be a catalyst for sustainable growth RRF Grants & Loans available to Greece (€ billion) RRF Allocation of Grants, net of expected payments (% 2019 GDP) Payments Horizon 10 8.8 6 5.5 5.5 5.5 5.5 8 5 6 5.5 5.5 5.4 4.
Slide 10: ELLAKTOR’s businesses are expected to benefit significantly
ELLAKTOR’s businesses are expected to benefit significantly The sector priorities for deployment of the RRF perfectly map onto the Group’s Business Units Transportation (€b) Energy (€b) Waste Management (€b) 8.6 9.0 8.2 Metro / 7.4 Tram 6.4 5.3 Railway 3.3 1.4 1.4 0.8 0.0 Railways Airports Motorways
Slide 11: 3. The Rationale of Share Capital Increase (SCI)
3. The Rationale of Share Capital Increase (SCI) 10
Slide 12: Concessions, RES and Environment contribute the majority of EBITDA
Concessions, RES and Environment contribute the majority of EBITDA (3-year average of €220m per annum) Revenues per BU (€m) EBITDA per BU (€m) 80 143 7 3 2018 BUs share 2020 LTM BUs share 5 41 26 50 1,857 7 4 Robust & 86 7 42 resilient to 60 65 Construction 237 COVID-19 79% 241 56% 155 212 EBITDA 1,
Slide 13: Concessions: Group’s flagship cash generator
Significant cash flow generation from long term concession Concessions: Group’s contracts… flagship cash generator Key highlights Concessions Cash flow (€ m.) Cash & Liquid • The Group is the largest concessionaire in Greece Assets, 358 313 262 end of period • AKTOR Concessions provides integrated a
Slide 14: RES Portfolio: Attractive returns and stable cash flow generation
RES Portfolio: … and Renewables offtake agreements Attractive returns and stable cash flow Key highlights RES Cash flow (€ m.) generation Cash & Liquid • Second largest renewable energy producer in Assets, 34 16 28 Greece end of period • 491MW of installed capacity and a further 88MW underway • ELLA
Slide 15: Environment: uniquely positioned to capitalize on attractive industry dynamics
Environment: Medium to long term waste management contracts alongside favorable PPA framework for landfill biogas W-t-E assets uniquely positioned to capitalize on attractive Key highlights Environment Cash flow (€ m.) industry dynamics Cash & Liquid • Largest player in waste management in Greece As
Slide 16: Group’s performance has been negatively affected in the past by Construction’s losses
Group’s performance has been negatively affected in the past by Construction’s losses Key Construction Challenges Critical operational challenges EBITDA 2018 – 2020 LTM (€m) 40 -8 • Ad hoc selection of target geographical markets without the -57 -33 -127 -83 appropriate operating model and contr
Slide 17: ELLAKTOR’s BoD proposes a Rights’ Issue of €120.5m
ELLAKTOR’s BoD proposes a Rights’ Issue of €120.5m: €100m will be directed to AKTOR allowing it to restore its competitiveness & stabilize its performance and €20.5m will be used to accelerate RES investment plan 1. Resolving AKTOR’s liquidity issues Key Initiatives Coverage of AKTOR’s financing nee
Slide 18: Transformation Plan
On top of the SCI of €120.5m, a Group wide Transformation Plan is being implemented, aiming to revise the cost structure The Programme is expected to deliver significant benefits Adjust cost base to current size of the business, while securing flexibility for the future Total 2020 Actual Results & •
Slide 19: Following the SCI, the Group is well placed to proceed with a growth strategy
Following the Share Capital Increase, the Group is well placed and sufficiently funded to proceed with a growth strategy Construction Concessions Renewables Environment Real Estate • Geographical focusing • Integration of additional • Deployment and • Growth in line with the • Achieve full tenancy o
Slide 20: 4. Share Capital Increase: Framework & Timeline
4. Share Capital Increase: Framework & Timeline 19
Slide 21: Share Capital Increase (SCI) – Use of Funds Raised
Share Capital Increase (SCI) – Use of Funds Raised The total funds of €120.5m that will be raised from the Share Capital Increase will be used as follows: • An amount of €100m will be used to cover the capital requirements of the Construction pillar, AKTOR SA. In more details: - An amount of €45m wi
Slide 22: Share Capital Increase expected to be completed by June ’21
Based on current time-plan, the Share Capital Increase is expected to be completed by June ‘21 SCI – Indicative Dates Period for exercise of Pre-emption & New shares EGM trading start 02/04/2021 Oversubscription right date Ex – rights date Jun ‘21 BoD Prospectus 12/03/2021 Trading of Approval Pre-em
Slide 23: ELLAKTOR Group
y ELLAKTOR GROUP