Ellaktor Sa · ATHEX:ELLAKTOR
Ellaktor Sa — Q3 2021 Earnings Presentation
37 slides from Ellaktor Sa's earnings presentation, Nov 29, 2021
Slide 1: Q3 2021 Financial Results
Q3 2021 Financial Results November 2021 1 * Rio –Antirrio Bridge
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 3
Slide 4: 1. Financial & Operational Update
1. Financial & Operational Update 4
Slide 5: Financial Highlights
Financial 1 3Q Revenue €244m up 7% vs same quarter last year & 22% up vs 2Q’21. 9M’21 Group Revenue at €638m down by 4% yoy, with decrease rate Highlights. decelerating vs 1H’21 (-10%) 2 3Q’21 Group EBITDA at €48.8m up 25% vs last year 9M’21 Comparable Group EBITDA at €124.7m (+12% vs 9M 2020) and c
Slide 6: Sectoral Financial Highlights
Sectoral Financial Highlights. Construction 3Q Concessions 3Q RES 3Q Revenue Environment 3Q Real Estate 3Q Revenue at Revenue at at €20.3m Revenue at Revenue at €128.0m €67.9m (-11% yoy | €28.2m €2.0m (+9% yoy | (+12% yoy | +6% qoq) (+1% yoy | (+2% yoy | +38% qoq) +17% qoq) -9% qoq) +48% qoq) 3Q’21
Slide 7: 9M 2021 Group Revenue & EBITDA
9M 2021 Group Revenue & EBITDA. Revenue qoq (€m) €m 1H 2020 1H 2021 Δ 3Q 2020 3Q 2021 Δ 9M 2020 9M 2021 Δ Construction 256.6 189.4 (26%) 117.8 128.0 9% 374.5 317.4 (15%) Concessions 91.1 98.2 8% 60.9 67.9 12% 152.0 166.1 9% 244.4 RES 45.1 51.6 14% 22.8 20.3 (11%) 68.0 71.9 6% 193.0 200.3 Environment
Slide 8: Operational Update
Operational Update. First milestone of balance sheet Construction and Waste Management optimization was reached in Aug 21 with segments have participated in various the successful completion of the €120.5m public & private tenders with the first share capital increase. tangible signs of improvem
Slide 9: Operational Update
Operational Update. Construction Concessions Renewables Environment Real Estate Segment Segment Segment Segment Sector New projects of c.€366m were Improving trends on the back RAE issued producer HELECTOR signed new projects Following the Presidential signed during 2021, depicting of recovering tra
Slide 10: Our ESG Focus
Our ESG Focus. The Group has adopted the United Nations 2030 Agenda, Continued efforts to improve ESG disclosure in line with best represented by the 17 Sustainable Development Goals for practices and expectations of our stakeholders 2030, with priority to achieve the ones that are directly link
Slide 11: Our Sustainable Development Strategic Pillars
Our Sustainable Development Strategic Pillars. Employee Health, Safety Supporting Local Low Carbon Economy Business Ethics Innovation and Development Communities 248 GWh 7,245 11 9 € 3.9 m energy consumption employees types of certifications granted research programs to which in community investment
Slide 12: 2. Key Financial Figures
2. Key Financial Figures 12
Slide 13: Consolidated P&L
Consolidated P&L. 9M’21 vs 9M’20 Revenues reached €638m (ie. a decrease of €29m), driven mostly by Construction revenues, which were lower by €57m. The decrease was substantially offset by Concessions (+€14m), RES (+€4m), and Environment (+€8m) Selling & Administrative Expenses stood at €39m, po
Slide 14: Consolidated P&L
Consolidated P&L. €m 1Q 2020 1Q 2021 YoY 2Q 2020 2Q 2021 YoY 3Q 2020 3Q 2021 YoY 9M 2020 9M 2021 YoY 1. Net sales 224.6 193.0 (14%) 213.2 200.3 (6%) 229.4 244.4 7% 667.1 637.7 (4%) 2. Cost of Sales* (158.7) (143.1) 10% (172.6) (175.4) (2%) (175.5) (184.0) (5%) (506.8) (502.6) 1% 3. Gross profit 65.9
Slide 15: Consolidated Balance Sheet
Consolidated Balance Sheet. Group Total Assets at the end of September 2021 stood at €2,897m vs €2,822m at the end of 2020, recording a marginal increase of €75m Intangible Assets include the Concession Right from Attiki Odos and Moreas and the decrease is due to the amortization of the Right
Slide 16: Consolidated Balance Sheet
Consolidated Balance Sheet. €m 31.12.20 30.09.21 yoy €m 31.12.20 30.09.21 yoy Intangible assets 420.5 374.2 (11%) Equity excl. non-controlling interests 229.7 298.4 30% Property, plant and equipment 585.2 632.1 8% Non-controlling interests 102.7 79.6 (22%) Financial assets at fair value* 58.8 63.8 9
Slide 17: Net Debt and Liquidity
Net Debt and Liquidity. *Excludes Moreas non-recourse net debt, cash and liquid assets and €63.2m lease liabilities IFRS 16 as at 30.09.2021 and €18.6m as at 31.12.2020 ** Includes Construction, Concessions Recourse, Environment and Real Estate Net Debt* as at September 30th 2021: €637m, down from €
Slide 18: Consolidated Cash Flow
Consolidated €m Cash and equivalents at start of period 9M’20 298.2 9M’21 294.3 Δ (%) (1%) Cash Flow. CFs from Operating Activities CFs from Investment Activities (34.3) 10.5 22.5 (1.5) >100% <(100%) CFs from Financing Activities 12.0 24.9 >100% 9M’21 vs 9M’20 Net increase / (decr.) in cash & equiva
Slide 19: 3. Performance by Segment
3. Performance by Segment 19
Slide 20: A. Construction
A. Construction Selected New Projects In total, new projects of a value of €366m were signed during 2021 out of which c.€166m in the last 3-month period New Hotel complex in Attica Region (€109m) Construction of sewage networks and pipelines in areas of the Municipalities of Rafina - Piperi and
Slide 21: A. Construction Revenue & EBITDA
A. Construction €m 1Q 20 1Q 21 Δ 2Q 20 2Q 21 Δ 3Q 20 3Q 21 Δ 9M’20 9M’ 21 Δ Revenue Revenue 129.5 96.5 (25%) 127.1 92.8 (27%) 117.8 128.0 9% 374.5 317.4 (15%) & EBITDA (1.2) (9.8) <(100%) (16.1) (44.3) <(100%) (25.9) (16.1) 38% (43.2) (70.1) (62%) EBITDA EBITDA (comp.) (1.2) (9.8) <(100%) (16.1) (18
Slide 22: B. Concessions
B. Concessions Recent Developments Attiki Odos traffic performance is trending higher compared to 2020 (+8% YTD), and has reached the levels of 2019 (pre-COVID) in July, August and September Marina Alimos which is the largest marina in Southeast Europe with 1,100 berths; Concession started Janua
Slide 23: B. Concessions Revenue & EBITDA
B. Concessions €m 1Q 20 1Q 21 Δ 2Q 20 2Q 21 Δ 3Q 20 3Q 21 Δ 9M’20 9M’ 21 Δ Revenue 50.4 40.3 (20%) 40.8 57.9 42% 60.9 67.9 12% 152.0 166.1 9% Revenue & 31.3 19.5 (38%) 21.8 37.2 71% 46.5* 43.7 (6%) 99.6 100.4 1% EBITDA EBITDA EBITDA % 62% 48% 53% 64% 76% 64% 65% 60% *9M’20 period includes €9.1m one-
Slide 24: C. Renewable Energy Sources
C. Renewable Highlights Average WTG fleet age at 30.09.21 stood at 5.6 years 493 MW installed capacity as of 30.09.2021 Energy Sources RAE issued new Production Certificate for Capacity factor of 23.7% vs 24.6% in 9M’20, 70.6 MW Battery Energy Storage System mainly due to the below historica
Slide 25: C. Renewable Energy Sources Operating & Financial
C. Renewable Energy Sources €m 1Q 20 1Q 21 Δ 2Q 20 2Q 21 Δ 3Q 20 3Q 21 Δ 9M’20 9M’ 21 Δ Revenue 23.9 32.5 36% 21.2 19.2 (9%) 22.8 20.3 (11%) 68.0 71.9 6% Revenue & 19.8 27.6 40% 16.9 13.0 (23%) 17.5 16.2 (7%) 54.2 56.9 5% EBITDA EBITDA EBITDA % 83% 85% 79% 68% 77% 80% 80% 79% Revenue QoQ (€m) EBITDA
Slide 26: D. Environment
D. Environment Highlights Significant increase in EBITDA compared to Q3’20 mainly due to: - Increase in clinical waste volumes resulting from COVID 19 situation - Significant increase in recovered recyclables prices driven by the latest developments in global demand - Mavrorachi biogas project of
Slide 27: D. Environment Revenue & EBITDA
D. Environment €m 1Q 20 1Q 21 Δ 2Q 20 2Q 21 Δ 3Q 20 3Q 21 Δ 9M’20 9M’ 21 Δ Revenue 22.4 24.3 9% 24.9 31.1 25% 28.0 28.2 1% 75.3 83.6 11% Revenue & 4.0 4.3 6% 2.8 5.6 103% 2.7 5.6 109% 9.5 15.4 63% EBITDA EBITDA EBITDA % 18% 18% 11% 18% 10% 20% 13% 18% Revenue QoQ (€m) EBITDA QoQ (€m) Key metrics (to
Slide 28: E. Real Estate
E. Real Estate Highlights Smart Park: No rent reductions from July onwards applied and Smart Park has been operating in full with steadily increasing footfall. Smart Park has filed a compensation claim to the State for €1.6m of lost rental revenues due to the COVID-19 restrictive measures and ha
Slide 29: E. Real Estate Revenue & EBITDA
E. Real Estate €m 1Q’20 1Q’21 Δ 2Q’20 2Q’21 Δ 3Q’20 3Q’21 Δ 9M’20 9M’21 Δ Revenue 1.8 1.3 (32%) 1.3 1.4 9% 2.0 2.0 2% 5.1 4.7 (8%) Revenue & 1.3 0.8 (39%) 0.1 0.3 122% 1.3 1.4 9% 2.7 2.5 (8%) EBITDA EBITDA EBITDA % 70% 63% 10% 21% 65% 70% 53% 53% Revenue QoQ (€m) EBITDA QoQ (€m) Smart Park Performan
Slide 30: 3. Appendix
3. Appendix 30
Slide 31: P&L by Segment 2021
P&L by Segment 2021. 9M 2021 in €m Construction Concessions RES Environment Real Estate Other Elimin. Total Net sales 317.4 166.1 71.9 83.6 4.7 0.4 (6.4) 637.7 Cost of Sales* (372.9) (58.5) (14.2) (62.3) (0.9) (0.4) 6.6 (502.6) Gross profit (55.5) 107.7 57.7 21.2 3.8 0.0 0.2 135.2 Selling & Administ
Slide 32: P&L by Segment 2020
P&L by Segment 2020. 9M 2020 in €m Construction Concessions RES Environment Real Estate Other Elimin. Total Net sales 374.5 152.0 68.0 75.3 5.1 0.2 (8.0) 667.1 Cost of Sales* (387.3) (54.1) (13.9) (57.3) (1.1) (0.4) 7.4 (506.8) Gross profit (12.9) 97.9 54.1 18.0 4.0 (0.1) (0.7) 160.3 Selling & Admin
Slide 33: Net Debt by Segment
Net Debt by Segment. Concessions Total Corporate Moreas 30.09.2021 in € m Construction RES Environment Real Estate Other Total Group (excl. Moreas) (excl. Moreas) (non recourse) Short-term Debt 12.3 - 46.2 6.4 3.4 0.0 68.2 32.5 100.7 Long-term Debt 0.0 23.1 248.5 21.7 32.4 661.6 987.3 405.6 1,392.9
Slide 34: Greece: Strong Macro & Sectoral Tailwinds
Greece: Strong Macro Greece is expected to benefit significantly from the RRF, which is expected to catalyze growth and & Sectoral Tailwinds. economic transformation The highest allocation of grants in Europe on a percentage of GDP basis 6M 2021 GDP average growth rate at 6.2% RRF Funds of €7.
Slide 35: Generational Opportunity for Infrastructure Investments
Planned infrastructure projects of over 4% Generational 4% €43bn in the next 5 years; sector priorities 14% 14% for deployment of the RRF perfectly map onto the Group’s Business Units Opportunity for Energy Motorways 12% 12% Total of €43bn 58% infrastructure Waste Management Railways Tourism 8% 8% 5
Slide 36: Glossary / Alternative Performance Measures
Glossary / Alternative Performance Measures. EBITDA Net Debt EBITDA Margin EBIT Net Excluding % Debt Leases (Earnings before Interest, Tax, Earnings before interest, tax, (Earnings before Interest and Total short-term and long-term Net Debt excluding leases is Depreciation and Amortization): depreci
Slide 37: Investor Relations Desk
Dimos Revelas Group CFO e-mail: drevelas@ellaktor.com Investor Relations Desk e-mail: 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-mail: info@ellaktor.com Sit