Slide 1: 1st Half 2022 Financial Results
1st Half 2022 Financial Results Aug. 2022 H1’22 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 H1’22 Financial results 3
Slide 4: 1. Financial & Operational Update
1. Financial & Operational Update H1’22 Financial results 4
Slide 5: RES Sale Progress
RES Sale Progress. ▪ On August 1st, the BoD of Ellaktor granted its approval for: o the conclusion of (a) a share purchase agreement and (b) a shareholders’ agreement, with MORE, a subsidiary of Motor Oil Hellas (MOH) o the commencement of the process of division of the Company with the spin-off of
Slide 6: Other developments
Other developments. ELLAKTOR’s shareholder structure – Aug. ‘22 Retail (<5%) Institutional Investors 11.2% 3.0% Reggeborgh ▪ Reggeborgh’s Voluntary Tender Offer (VTO) for Ellaktor shares was Atlas N.V. Invest B.V. Voluntary concluded on July 26th. Shareholders tendered 54.4m shares, or 15.6% 9.8% 46
Slide 7: Financial Highlights
Financial Given the prospective RES segment sale, the financial information of this segment is presented separately, in accordance with IFRS 5 - "Non-current Assets Held for Sale and Discontinued Operations” (D.O.). For comparison purposes financial information Highlights. for the RES segment is als
Slide 8: H1 2022 Group Revenue & EBITDA
H1 2022 Group Revenue & EBITDA. Revenue qoq (€m) C.O. D.O. 59 €m H1’21 H1’22 Δ Q2’21 LTM Q2’22 LTM Δ Revenue +29% Construction 189.4 244.7 29% 431.8 518.1 20% Concessions 98.2 126.6 29% 209.4 261.7 25% 278 259 Environment 55.4 55.7 1% 110.0 115.4 5% 244 34 22 Real Estate 2.6 4.2 59% 6.3 9.1 44% 20 2
Slide 9: Operational Update
Operational Update. Construction Concessions Environment Real Estate D.O. / Renewables Segment Segment Segment Sector Segment New projects of c. €321m were Recovery of traffic volumes to Preferred bidder Cambas Park: The business During Q2’22 the energy signed during H1 2022. Pre-Covid-19 levels in
Slide 10: ESG Focus
ESG Focus. 26% / 24% Of personnel are women 250 / 248 Energy consumption (GWh)(1) 18% / 17% S Of managerial positions held by women 1,380 / 1,250 Green energy generation (GWh)(1) 47,704 / 43,297 Hours of employee training 2,666 / 2,035 94% / 95% E CO2 eq. emissions prevented (‘000 t)(1) Of supplies
Slide 11: ESG Strategic Goals
ESG Strategic Goals. ▪ Further reduce GHG emissions ▪ Strengthen Health & Safety culture to achieve zero accidents ▪ Contribute to circular economy ▪ Enhance employees’ well-being ▪ Mitigating climate change risks ▪ Embrace diversity & inclusion ▪ Protect and sustain biodiversity ▪ Reinforce trainin
Slide 12: ESG Ratings
ESG Ratings. Rating Agency Score Rating Scale Relative Performance Environment: 3 10 1 Social: 2 Governance: 4 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 (1) Worst ESG disclosure s
Slide 13: 2. Key Financial Figures
2. Key Financial Figures H1’22 Financial results 13
Slide 14: Consolidated P&L
Consolidated P&L. Revenues reached €479m (o/w €426m from C.O.), an increase of €86m (o/w €84m from C.O.), driven mainly by higher revenues in Construction (+€55m) and Concessions (+€28m). Selling & Administrative Expenses at €28m (o/w €27.4m from C.O.), or an increase of 8% yoy, mainly due to higher
Slide 15: Consolidated P&L - IFRS 5
Consolidated P&L - IFRS 5. Continuing Operations Discontinued operations Total €m H1’21 H1’22 YoY H1’21 H1’22 YoY H1’21 H1’22 YoY 1. Net sales 341.7 425.7 25% 51.6 53.7 4% 393.3 479.4 22% 2. Cost of Sales* (307.9) (323.7) (5%) (10.4) (10.1) 2% (318.2) (333.8) (5%) 3. Gross profit 33.8 102.1 >100% 41
Slide 16: Consolidated P&L
Consolidated P&L. €m H1’21 H1’22 YoY Q2’21 LTM Q2’22 LTM YoY in €m Net Sales LTM 1. Net sales 393.3 479.4 22% 847.9 1,001.6 18% 154 +18% 2. Cost of Sales* (318.2) (333.8) (5%) (769.0) (723.8) 6% 1,002 3. Gross profit 75.1 145.6 94% 78.9 277.7 >100% 915 943 (26.0) (28.0) (8%) (62.3) (56.8) 9% 848 863
Slide 17: Consolidated Balance Sheet
Consolidated Balance Sheet. Group Total Assets by the end of June 2022 at €2,875m (o/w €2,325m from C.O.) an increase of €40m 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
Slide 18: Consolidated Balance Sheet (IFRS 5)
Consolidated Balance Sheet (IFRS 5). Dec.'21 Jun.'22 Δ% Dec.'21 Jun.'22 Δ% PPE, Intangible assets & Investment property 1,130.7 645.5 (43%) Equity excl. non-controlling interests 286.0 307.4 8% Investment in subsidiaries, associates and joint ventures 90.4 62.3 (31%) Non-controlling interests 77.4 7
Slide 19: Consolidated Balance Sheet
Consolidated Balance Sheet. Dec.'21 Jun.'22 Δ% Dec.'21 Jun.'22 Δ% PPE, Intangible assets & Investment property 1,130.7 1,090.3 (4%) Equity excl. non-controlling interests 286.0 307.4 8% Investment in subsidiaries, associates and joint ventures 90.4 88.0 (3%) Non-controlling interests 77.4 78.0 1% Fi
Slide 20: Net Debt and Liquidity
Net Debt and Liquidity. Net Debt C.O.* as of Jun 30th, 2022: €367m, vs €380m at Dec 31st, 2021. Total Debt Cash and Liquid Assets Net Debt -2.9% -€43m 1,461 1,418 -€30m -3.0% 991 961 280 252 - 2.6% -€12m 197 209 470 458 426 415 82 43 93 90 13 30 413 385 47 47 662 662 -3.4% 328 338 380 367 31.12.2021
Slide 21: Consolidated Cash Flow (IFRS 5)
Consolidated Cash Flow (IFRS 5). €m H1’21 H1’22 Δ (%) OCF LTM Evolution Cash and equivalents at start of period 294.3 357.9 22% in €m CFs from Operating Activities (C.O.) (52.4) 12.6 >100% 57.6 CFs from Operating Activities (D.O.) 51.2 29.6 (42%) Total CFs from Operating Activities (1.2) 42.3 >100%
Slide 22: 3. Performance by Segment
3. Performance by Segment H1’22 Financial results 22
Slide 23: A. Construction
A. Construction Selected New Projects In total, new projects of a value of €321m were signed during H1’22 while an additional €24m, have been signed after June 30th, 2022. ✓ Patra – Pyrgos national road of 74,8Km length (€105m) ✓ Psyttalia WWTP operation & maintenance (€68m) ✓ Corinth Canal restorat
Slide 24: A. Construction
A. Construction €m H1’21 H1’22 Δ Q2’21 LTM Q2’22 LTM Δ Revenue Revenue 189.4 244.7 29% 431.8 518.1 20% & EBITDA (54.0) 0.1 >100% (193.0) (21.3) 89% EBITDA EBITDA Comp.* (27.8) 0.1 >100% (166.8) (21.3) 87% EBITDA Comp. % (15%) 0% (39%) (4%) *H1’21 & Q2’21 LTM are adjusted for €26,2m provision for ICC
Slide 25: B. Concessions
B. Concessions Traffic in all roads we operate was up by 31% during H1’22 vs. same period LY. Specifically in Attiki Odos, traffic level, during the first half of the year, was higher by 28% compared to the same period of LY, but lower by 1.5% compared to H1’19 (pre-COVID) as a result of heavy snowf
Slide 26: B. Concessions
B. Concessions €m H1’21 H1’22 Δ Q2’21 LTM Q2’22 LTM Δ Revenue Revenue 98.2 126.6 29% 209.4 261.7 25% & EBITDA 56.7 68.6 21% 128.6 154.7 20% EBITDA 56.7 77.6 37% 128.6 163.7 27% EBITDA Comp.* EBITDA Comp. % 58% 61% 61% 63% *H1’22 & Q2’22 LTM excludes one-off provisions of €9.0m for fines and payments
Slide 27: C. Environment
C. Environment During Q2’22: ✓ Preferred bidder announcement (JV scheme – 60% participation) regarding Attica clinical waste incinerator concession tender for the revamping and 25y operation of the facility. Contract budget ~ € 86m corresponding to PV of projected revenue over project life ✓ Announc
Slide 28: C. Environment
C. Environment €m H1’21 H1’22 Δ Q2’21 LTM Q2’22 LTM Δ Revenue 55.4 55.7 1% 110.0 115.4 5% Revenue & EBITDA 9.9 7.2 (28%) 7.2 13.9 92% EBITDA EBITDA % 18% 13% 7% 12% Revenue QoQ (€m) EBITDA QoQ (€m) Tonnage & MWh (in ‘000s) 437 33.9 7.6 7.2 31.1 31.5 383 390 30.9 28.2 345 9.1* 5.6 5.6 7.9* 24.8 103 1
Slide 29: D. Real Estate
D. Real Estate Smart Park: Footfall grows at a steady rate, already exceeded pre-pandemic levels. Occupancy is over 97% while two new tenants namely Parfois and KFC started operations. Cambas Park: Once Master Plan is completed the project will enter its final stage before construction, that is the
Slide 30: D. Real Estate
D. Real Estate €m H1’21 H1’22 Δ Q2’21 LTM Q2’22 LTM Δ Revenue 2.6 4.2 59% 6.3 9.1 44% Revenue & EBITDA 1.2 2.7 >100% 3.9 7.7 99% EBITDA EBITDA % 46% 64% 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 2.1 2.0 2.1 2.1 1.4 1.7
Slide 31: E. Discontinued Operations / Renewable Energy Sources
E. Discontinued Operations / Renewable Energy Sources Operational highlights (H1’22) Development highlights 493 MW installed capacity, 573 GWh of energy yield. Ongoing activities: 93.6 €/MWh effective tariff. ✓ Central Evia wind farms (286 MW). WAVG remaining PPA lifetime stands at 16.4 years. ✓ Ext
Slide 32: E. Discontinued Operations / Renewable Energy Sources
E. Discontinued Operations / Renewable Energy Sources €m H1’21 H1’22 Δ Q2’21 LTM Q2’22 LTM Δ Revenue 51.6 53.7 4% 100.4 107.7 7% Revenue & EBITDA 40.7 43.4 7% 77.2 87.1 13% EBITDA EBITDA % 79% 81% 77% 81% Revenue QoQ (€m) EBITDA QoQ (€m) RES KPIs 33.7 27.5 26.9 KPI FY’18 FY’19 FY’20 FY’21 H1’22 31.9
Slide 33: 4. Appendix
4. Appendix H1’22 Financial results 33
Slide 34: P&L by Segment H1'22
P&L by Segment H1’22. H1’22 in €m Continuing Discontinued Construction Concessions Environment Real Estate Other Elimin. Total Operations Operations Net sales 244.7 126.6 55.7 4.2 0.3 (5.8) 425.7 53.7 479.4 Cost of Sales* (236.0) (46.5) (45.7) (0.4) (0.2) 5.2 (323.7) (10.1) (333.8) Gross profit 8.7
Slide 35: P&L by Segment H1'21
P&L by Segment H1’21. H1’21 in €m Continuing Discontinued Construction Concessions Environment Real Estate Other Elimin. Total Operations Operations Net sales 189.4 98.2 55.4 2.6 0.3 (4.2) 341.7 51.6 393.3 Cost of Sales* (231.3) (38.2) (41.8) (0.6) (0.3) 4.3 (307.9) (10.4) (318.2) Gross profit (41.9
Slide 36: Net Debt by Segment
Net Debt by Segment. Continuing Total Discontinued Concessions Moreas 30.06.2022 in € m Construction Environment Real Estate Other operations Continuing Operations Total (excl. Moreas) (non recourse) (excl. Moreas) Operations RES Short-term Debt 10.7 - 3.9 5.1 - 19.7 18.4 38.1 35.8 73.8 Long-term De
Slide 37: 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 2021 figures H1’22 Fin
Slide 38: Glossary / Alternative Performance Measures
Glossary / Alternative Performance Measures. EBITDA Net Debt EBITDA EBIT Net Excluding LTM Margin Debt % Leases (Earnings before Interest, Earnings before interest, tax, (Earnings before Interest Total short-term and long- Net Debt excluding leases is Last Twelve Months. Refers Tax, Depreciation and
Slide 39: Contact
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