Ellaktor Sa · ATHEX:ELLAKTOR
Ellaktor Sa — H1 2024 Earnings Presentation
30 slides from Ellaktor Sa's earnings presentation, Sep 12, 2024
Slide 1: 1st Half 2024 Financial Results
1st Half 2024 Financial Results September 12, 2024 H1’24 Financial Results 1
Slide 2: Disclaimer
Disclaimer. This presentation has been prepared by ELLAKTOR S.A. The information included in this presentation may be caution readers of this presentation not to place undue (the “Company”). subject to updating, completion, revision and reliance on these forward-looking statements as several amendme
Slide 3: Group Business Update
Group Business Update. Balance Sheet Transformation Business Outlook Visible, long-term earnings streams from operations Concessions €670m Group liquidity (as of June 2024) and a solid capital structure, Substantial PPP and Concessions pipeline offers ample prospects for provide enhanced flexibility
Slide 4: Contents
Contents. 1. 2. 3. 4. 5. Group Key Financial ESG Appendix Financial & Financial Performance Business Figures by Segment Update H1’24 Financial Results 4
Slide 5: 1. Group Financial & Business Update
1. Group Financial & Business Update H1’24 Financial Results 5
Slide 6: Financial Highlights
Financial Highlights. 1. H1’24 C.O. Revenue at €145m, 6% higher 4. Group Net Cash(1): €458m vs. Net Cash(2) compared to the same period last year. equal to €302m at the end of 2023. 2. H1’24 C.O. EBITDA at €89m, stable YoY 5. Equity attributable to shareholders at (Group EBITDA at €100m). C.O. EBITD
Slide 7: H1'24 Group Revenue & EBITDA
H1’24 Group Revenue & EBITDA. (C.O. +€9m, +13%) €m H1'23 H1'24 Δ% Q2'23 Q2'24 Δ% Revenue Revenue QoQ (€m) Concessions 135.0 144.4 7% 70.8 78.0 10% C.O. D.O. Environment D.O. Construction Real Estate 4.9 - (100%) 2.5 - (100%) Other 0.7 0.4 (40%) 0.4 0.3 (38%) 236 224 Eliminations (4.4) (0.1) 99% (4.3
Slide 8: Segments: Business Update
Segments: Business Update. CONCESSIONS ENVIRONMENT (Discontinued Operations) Traffic for H1’24 was higher 5.7% y-o-y in Attiki Odos and During H1’24: 5.3% y-o-y in the rest of the highways A €12.5m contract was signed in Germany relating to a The €42.5m Thermaiki Odos claim was collected in
Slide 9: 2. Key Financial Figures
2. Key Financial Figures H1’24 Financial Results 9
Slide 10: Consolidated P&L - IFRS 5
Consolidated P&L - IFRS 5. Continuing Operations Discontinued Operations Total €m H1'23 H1'24 Δ% H1'23 H1'24 Δ% H1'23 H1'24 Δ% Net sales 136.2 144.7 6% 304.6 47.9 (84%) 440.8 192.7 (56%) Cost of Sales* (41.3) (40.5) 2% (294.0) (32.3) 89% (335.2) (72.8) 78% Gross profit 95.0 104.2 10% 10.6 15.6 47% 1
Slide 11: Consolidated Balance Sheet (IFRS 5)
Consolidated Balance Sheet (IFRS 5). €m Dec.'23 Jun.'24 Δ% €m Dec.'23 Jun.'24 Δ% PPE, Intangible assets & Investment Property 448.7 389.6 (13%) Equity excl. non-controlling interests 896.6 748.2 (17%) Investment in subsidiaries, associates and JVs 84.0 73.8 (12%) Non-controlling interests 78.1 31.7
Slide 12: Group Net Debt Breakdown
Group(1) Net Debt Breakdown. Total Debt (€m) Cash & Liquid Assets (€m) Net Debt (Cash) (€m) 55 (104) 583 671 567 19 357 355 529 195 185 30 625 (302) 467 389 (458) 382 32 27 31.12.23 30.06.24 31.12.23 30.06.24 31.12.23 30.06.24 Moreas (non-recourse) C.O. Moreas (non-recourse) C.O. Restricted Cash C.O
Slide 13: Consolidated Cash Flow (IFRS 5)
Consolidated Cash Flow (IFRS 5). €m H1'23 H1'24 Δ% CF from Investment Activities Cash and equivalents at start of period 413.5 302.9 (27%) Outflow of €65.2m for the acquisition of additional shares of CFs from Operating Activities (C.O.) 74.9 65.5 (13%) REDS SA CFs from Operating Activities (D.O
Slide 14: 3. Financial Performance by Segment
3. Financial Performance by Segment H1’24 Financial Results 14
Slide 15: Concessions
Concessions.. Revenue QoQ (€m) 80.0 78.0 75.9 75.0 • H1’24 Revenues 7% higher y-o-y at €144m driven 70.8 72.1 by strong traffic growth across motorways (+5.7% in 70.0 AO) 66.4 65.0 • EBITDA up 19.3% YoY to €101m, on account of contained opex, higher contribution by affiliates 60.0 consolidated with
Slide 16: Real Estate
Real Estate. Revenue QoQ (€m) 3.0 2.8 2.7 2.5 2.5 Total available liquidity at €60.9m as of 30.06.24, 2.0 facilitating the smooth execution of the 2 large 1.5 development projects 1.0 0.5 0.0 0.0 0.0 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 60.0 EBITDA QoQ (€m) 52.1 50.0 40.0 30.0 20.0 10.0 6.9 0.9 -0.5 -1.0
Slide 17: Environment (D.O.)
Environment (D.O.). Revenue QoQ (€m) Turnover for H1’24 dropped slightly by 3% to €48m, as a 26.0 blended result of: 25.4 25.4 25.5 25.2 Lower input volumes and gate fees in the Larnaca project 25.0 24.5 A reduced pace of execution of construction contracts 24.5 Lower DAM energy prices 24.0
Slide 18: 4. ESG
4.ESG H1’24 Financial Results 18
Slide 19: 2023 ESG Footprint - Environment
2023 ESG Footprint - Environment. 1100 200 0.39 0.34 0.40 0.32 150 0.30 1000 97% 100 0.20 80% 139 900 1,007 88% 136 124 976 50 0.10 879 58% Energy 0 0.00 CO2 eq. emissions 800 Group's waste 30% consumption 2021 2022 2023 prevented 2021 2022 2023 recovered (R) 2021 2022 2023 ‘000 t Energy consumption
Slide 20: 2023 ESG Footprint - Social
2023 ESG Footprint - Social. 5,000 50% 4,500 45% 4,000 40% 3,500 40% 43% 35% 10 34% 0G 3,000 30% 7 2,500 25% 2023 5 S 2,000 20% 1,500 3,215 3,229 15% 2022 5 5 1,000 2,260 10% 0 500 5% 2021 2021 2022 2023 Employees0 0% Confirmed incidents Average hours of 2021 2022 2023 of discrimination 1498 1499 15
Slide 21: 2023 ESG Footprint - Governance
2023 ESG Footprint - Governance. 10 2023 27 S 2022 27 5 0 3 6 8 % women 2021 43 members at BoD(1) Participation in 2021 2022 2023 research programs -10 10 30 50 2 93 1 0 92 91 92 92 91 Confirmed incidents 0 90 of corruption, 2021 2022 2023 % of supplies acquired 2021 2022 2023 bribery and conflict f
Slide 22: 2023 ESG Achievements
2023 ESG Achievements. Adopted targets of UN Global Compact E Disclosed for the first time Identified, assessed and disclosed the impact of Set near-term Group wide emission “Forward Faster” initiative environmental data for climate-related factors on reductions in line with climate change through f
Slide 23: ESG Ratings
ESG Ratings. Score(4) Rating Scale Rating Agency Comments 2024 2023 2022 2021 (low to high) 9 Environment 6 6 4 10 - 1 2 1 2 1 2 2 2 2 Social 100 Governance (1) 74.1 73.1 69.9 67.0 3nd highest score among the 110 0 - 100 primarily ASE listed companies (2) 50 77 79 80 80 60 23th out of the 311 Co
Slide 24: 5. Appendix
5.Appendix H1’24 Financial Results 24
Slide 25: P&L by Segment H1'24
P&L by Segment H1’24. Continuing Discontinued H1'24 in €m Concessions Real Estate Other Elimin. Total Operations Operations** Net sales 144.4 - 0.4 (0.1) 144.7 47.9 192.7 Cost of Sales* (40.3) - (0.2) - (40.5) (32.3) (72.8) Gross profit 104.1 - 0.2 (0.1) 104.2 15.6 119.8 Selling & Administrative exp
Slide 26: P&L by Segment H1'23
P&L by Segment H1’23. Continuing Discontinued H1'23 in €m Concessions Real Estate Other Elimin. Total Operations Operations** Net sales 135.0 4.9 0.7 (4.4) 136.2 304.6 440.8 Cost of Sales* (45.3) (0.4) (0.4) 4.8 (41.3) (294.0) (335.2) Gross profit 89.8 4.5 0.3 0.4 95.0 10.6 105.6 Selling & Administr
Slide 27: Net Debt by Segment
Net Debt by Segment. Concessions Group (excl. Moreas (non- Environment- 30.06.2024 in € m Real Estate Other Group Total Group (excl. Moreas) Moreas) recourse) Held for Sale Short-term Debt 12.7 2.5 0.6 15.8 24.5 40.3 6.7 47.0 Long-term Debt 169.6 0.0 0.0 169.6 357.1 526.7 9.8 536.6 Total Debt 182.2
Slide 28: Equity, Performance & Shareholders
Equity, Performance & Shareholders. Price, Athens Stock Exchange Comparative performance vs. FTSE25 Shareholders’ structure as of Sep. 9th, 2024 3.0 240 2.8 220 Retail (<5%) 9.4% 2.6 200 Institutional Investors 2.4 180 5.8% 2.2 160 Atlas NV 9.8% Reggeborgh 2.0 140 Invest BV 48.2% 1.8 120 €0.50/sh ca
Slide 29: Glossary / Alternative Performance Measures
Glossary / Alternative Performance Measures. NET BEBT EBITDA EBITDA EBIT NET DEBT EXCLUDING LTM MARGIN LEASES (Earnings before Earnings before (Earnings before Total short-term and Net Debt excluding Refers to a period of Interest, Tax, interest, tax, Interest and Tax): long-term borrowings, leases
Slide 30: Contact details
Dimos Revelas Group CFO drevelas@ellaktor.com Andreas Papanagiotopoulos Group Treasurer & Finance Manager/IRO apapanagiotopoulos@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 8185