Slide 1: 1st Half 2022 Financial Results Restricted Group
Aug 2022 1st Half 2022 Financial Results Restricted Group RG – 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 RG – H1’22 Financial results 3
Slide 4: 1. Financial & Operational Update
1. Financial & Operational Update 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. C.O. D.O. Revenue qoq (€m) 125 €m H1’21 H1’22 Δ% Q2’21 LTM Q2’22 LTM Δ% 113 108 102 106 Concessions 88.0 111.7 27% 183.7 228.5 24% 34 Revenue 19 20 32 22 Environment 55.4 55.7 1% 110.0 115.3 5% Other 0.2 0.2 16% 0.4 0.2 (42%) Continuing Operations 143.7 167.6 17% 294.
Slide 9: Sectoral Operational Update
Sectoral Operational Concessions Environment D.O. / Renewables Update. Segment Segment Segment Recovery of traffic volumes to Preferred bidder During Q2’22 the energy Pre-Covid-19 levels in announcement (JV scheme produced was 234 GWh with motorway Concession SPVs. through Helector - 60%), for insta
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 13
Slide 14: Consolidated P&L
Consolidated P&L. Revenues increased to €221m (o/w €168m from C.O.) up by 13% during H1 ’22 on the back of: ✓ Concessions advancing by 27% with sales reaching €112m ✓ Environment marginally higher reaching at €57m and ✓ D.O. / RES sector up by 4% standing at €54m Selling & Administrative Expenses hi
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 143.7 167.6 17% 51.6 53.7 4% 195.3 221.3 13% 2. Cost of Sales* (73.0) (84.8) (16%) (10.4) (10.1) 2% (83.4) (94.9) (14%) 3. Gross profit 70.6 82.8 17% 41.3 43
Slide 16: Consolidated P&L
Consolidated P&L. in €m Net Sales LTM €m H1’21 H1’22 Δ% 1. Net sales 195.3 221.3 13% 57 2. Cost of Sales* (83.4) (94.9) (14%) +15% 3. Gross profit 111.9 126.4 13% 426 446 452 394 399 4. Selling & Admin. expenses* (14.3) (16.2) (13%) 106 105 108 100 98 5. Other income & Other gain/(loss)* 5.1 (3.4) <
Slide 17: Consolidated Balance Sheet
Consolidated Balance Sheet. Group Total Assets at the end of June ‘22 increased marginally by 1% vs Dec’21 reaching €1,794m (o/w €1,244m from C.O.). Intangible Assets include the Concession Rights of Attiki Odos and the decrease is due to the depreciation of the Right Total Debt as at the end of fir
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 770.1 291.9 (62%) Equity excl. non-controlling interests 286.2 307.7 8% Investment in subsidiaries, associates and joint ventures 236.5 261.1 10% Non-controlling interests 77.1 77.
Slide 19: Consolidated Balance Sheet
Consolidated Balance Sheet. Dec.'21 Jun.'22 Δ% Dec.'21 Jun.'22 Δ% PPE, Intangible assets & Investment property 770.1 736.7 (4%) Equity excl. non-controlling interests 286.2 307.7 8% Investment in subsidiaries, associates and joint ventures 236.5 286.7 21% Non-controlling interests 77.1 77.7 1% Finan
Slide 20: Net Debt and Liquidity
Net Debt and Liquidity. Net Debt* C.O. as of June 30th, 2022: €398m, down from €429m as of Dec 31st, 2021. Total Debt Cash and Liquid Assets Net Debt* (3.0%) 988 958 (3.2%) 280 252 627 607 (2.7%) 23 23 21 23 361 197 209 352 82 43 11 14 (7.3%) 662 662 268 295 429 398 31.12.2021 30.06.2022 31.12.2021
Slide 21: Consolidated Cash Flow (IFRS 5)
Consolidated Cash Flow (IFRS 5). €m H1’21 H1’22 Δ (%) OCF Evolution Cash and equivalents at start of period 228.3 293.7 29% in €m CFs from Operating Activities (C.O.) 6.3 28.5 >100% CFs from Operating Activities (D.O.) 51.2 29.6 (42%) (11.1) Total CFs from Operating Activities 57.5 58.1 1% 16.4 CFs
Slide 22: 3. Performance by Segment
3. Performance by Segment RG – H1’22 Financial results 22
Slide 23: A. Concessions
A. 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 24: A. Concessions
A. Concessions €m H1’21 H1’22 Δ Q2’21 LTM Q2’22 LTM Δ 88.0 111.7 27% 183.7 228.5 24% Revenue Revenue & EBITDA 54.9 63.2 15% 118.0 141.3 20% EBITDA EBITDA Comp.* 54.9 72.2 31% 118.0 150.3 27% EBITDA Comp. % 62% 65% 64% 66% Revenue QoQ (€m) EBITDA Comp.* QoQ (€m) Attiki Odos ADT Evolution 2019-Q2’22 6
Slide 25: B. Environment
B. 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 26: B. Environment
B. 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 27: C. Discontinued Operations / Renewable Energy Sources
C. 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 28: C. Discontinued Operations / Renewable Energy Sources
C. 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 29: 4. Appendix
4. Appendix RG – H1’22 Financial results 29
Slide 30: P&L by Segment H1'22
P&L by Segment H1’22. H1’22 in €m Continuing Discontinued Concessions Environment Other Elimin. Total Operations Operations Net sales 111.7 55.7 0.3 (0.1) 167.6 53.7 221.3 Cost of Sales* (38.4) (45.7) (0.2) (0.4) (84.8) (10.1) (94.9) Gross profit 73.2 10.0 0.1 (0.4) 82.8 43.5 126.4 Selling & Adminis
Slide 31: P&L by Segment H1'21
P&L by Segment H1’21. H1’21 in €m Continuing Discontinued Concessions Environment Other Elimin. Total Operations Operations Net sales 88.0 55.4 0.3 (0.1) 143.7 51.6 195.3 Cost of Sales* (31.2) (41.8) (0.3) 0.3 (73.0) (10.4) (83.4) Gross profit 56.8 13.6 0.0 0.2 70.6 41.3 111.9 Selling & Administrati
Slide 32: Net Debt by Segment
Net Debt by Segment. Continuing Total Restricted 30.06.2022 in € m Concessions Environment Other RES Operations Group (RG) Short-term Debt 0.0 3.9 (0.0) 3.9 35.8 39.7 Long-term Debt 23.3 17.2 662.2 702.7 215.9 918.5 Total Debt 23.3 21.1 662.2 706.6 251.6 958.2 Cash 230.4 34.6 19.9 284.9 24.6 309.5 T
Slide 33: 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 RG – H1’2
Slide 34: 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 35: Ellaktor Headquarters and Investor Relations contacts
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