Slide 1: Full Year 2022 Financial Results
Full Year 2022 Financial Results April 2023 FY’22 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: ELLAKTOR Transformation Journey
ELLAKTOR Transformation Journey. A sustainable recovery of the Unlocking Value Earnings: Higher Visibility/Lower Group, bolstered by new Volatility ▪ RES equity value at €795m shareholding structure and BoD, since early 2021… ▪ SPA for the sale of AKTOR (€100m equity + Improved Operating Performance
Slide 4: Debt & Equity Transactions Totaling €3bn
Debt & Equity Transactions Totaling €3bn. RES Equity Ticket (100% stake) €795m RES Refinancing & top-up debt €520m Completed SSN Repayment (2 Sale of Aktor years prior to In Progress S.A. in 2022 maturity) €670m (expected total Bridge Loan Facility proceeds) €500m €214m Concessions Debt Facility €27
Slide 5: Contents
Contents. 1. 2. 3. 4. Financial & Key Financial Performance Appendix Operational Figures by Segment Update FY’22 Financial Results 5
Slide 6: 1. Financial & Operational Update
1. Financial & Operational Update FY’22 Financial Results 6
Slide 7: Financial Highlights
• Given the completion of the RES segment, financial information on this slide is presented separately, by IFRS 5 - "Non-current Financial Assets Held for Sale and Discontinued Operations” (D.O.). • For comparison purposes, financial information for the RES segment is also presented as part of the G
Slide 8: FY & Q4 2022 Group Revenue & EBITDA
FY & Q4 2022 Group Revenue & EBITDA. (+€27m, +10%) €m FY’21 FY’22 Δ% Q4’21 Q4’22 Δ% Revenue q-o-q (€m) Construction 462.7 554.7 20% 145.4 174.5 20% Revenue C.O. D.O 305 Concessions 233.3 269.0 15% 67.2 71.5 6% Environment 115.1 122.5 6% 31.5 34.3 9% 278 24 Real Estate 7.6 9.8 30% 2.9 3.3 15% 259 259
Slide 9: Operational Update
Operational Update. Construction Concessions Environment Real Estate D.O. / Renewables Segment Segment Segment Sector Segment ▪ New projects of c. €907m ▪ Recovery of traffic volumes ▪ New contract (JV scheme ▪ CAMBAS Park: ▪ Energy produced during were signed in 2022. to Pre-Covid-19 levels for thr
Slide 10: ESG KPIs
7500 40% 7,329 7,245 7,296 30% ESG KPIs. 26% 24% 27% 7000 20% 0.3 Employees 2020 2021 2022 0.28 0.27 Number of employees 248 250 251 260 0.25 Women 0.24 S 210 0.2 2022 0 Energy 2020 2021 2022 consumption(1) 2021 Energy consumption (GWh)) Energy consumption / turnover (kWh/€) Incidents of 2020 discri
Slide 11: 2022 ESG Achievements
2022 ESG Achievements. Included in the New Donations Signed the Women New Group “FTSE4Good Index Policy & Donations Empowerment Environmental Policy Series” Committee Principles (WEPs) Bloomberg's GEI Initiated the design assessment: Diversity, Equity & of the roadmap Conducted double Achieved a sco
Slide 12: ESG Ratings
ESG Ratings. Score Rating Scale Y-o-Y Rating Agency Comments 2022 2021 (low to high) Performance Environment: 2 Environment: 3 Social: 2 Social: 2 10 - 1 Governance: 4 Governance: 5 ✓ 2nd highest score among the 69.9 67 0 - 100 rated FTSE ATHEX Large Cap companies vs 3rd last year (1) ✓ 15th out of
Slide 13: EU Taxonomy
Construction 3% OpEx EU Taxonomy. Environment 4% Revenues 22% Concessions 13% 15% 63% Construction 17% RES (disc.) 56% Construction 2% Environment 3% 29% 30% RES (disc.) 10% CapEx 41% Other 1% Environment 1% Construction 61% Construction 15% Concessions 14% Concessions 26% 10% 16% 74% RES (disc.) 3%
Slide 14: 2. Key Financial Figures
2. Key Financial Figures FY’22 Financial Results 14
Slide 15: Consolidated P&L
Consolidated P&L. Revenues reached €1044m (o/w €944m from C.O.), increasing by €128m yoy (€134m from C.O.), driven mainly by higher revenues in Construction (+€92m) and Concessions (+€36m). Selling & Administrative Expenses at €62m (o/w €61m from C.O.), or an increase of 12% yoy, mainly due to an in
Slide 16: Consolidated P&L - IFRS 5
Consolidated P&L - IFRS 5. Continuing Operations Discontinued Operations Total €m FY'21 FY'22 Δ% FY'21 FY'22 Δ% FY'21 FY'22 Δ% Net sales 809.8 944.0 17% 105.7 99.5 (6%) 915.5 1,043.5 14% Cost of Sales* (688.5) (774.1) (12%) (19.8) (20.2) (2%) (708.3) (794.3) (12%) Gross profit 121.3 169.9 40% 85.9 7
Slide 17: Consolidated P&L
Consolidated P&L. (+€128m, +14%) Net Sales LTM (€m) C.O. D.O €m FY'21 FY'22 Δ% Q4'21 Q4’22 Δ% 1,044 1,016 Net sales 915.5 1,043.5 14% 277.8 304.9 10% 1,002 Cost of Sales* (708.3) (794.3) (12%) (206.1) (276.6) (34%) 943 100 915 108 109 Gross profit 207.2 249.2 20% 71.7 28.3 (60%) Selling & Admin. exp
Slide 18: Consolidated Balance Sheet
Consolidated Balance Sheet. Group Total Assets at €2.5bn. Intangible Assets include the Concession Rights of Attiki Odos and Moreas. Total Debt at the end of 2022 amounted to €692m, reduced by 53% or €769m since December 31st, 2021. Our total debt exposure also includes the non-recourse Moreas debt
Slide 19: Consolidated Balance Sheet
Consolidated Balance Sheet. €m Dec.'21 Dec.'22 Δ% €m Dec.'21 Dec.'22 Δ% PPE, Intangible assets & Investment Property 1,130.7 632.6 (44%) Equity excl. non-controlling interests 285.9 827.9 >100% Investment in subsidiaries, associates and joint ventures 90.4 203.7 >100% Non-controlling interests 77.4
Slide 20: Net Debt and Liquidity
Net Debt and Liquidity. Net Cash C.O.* as of Dec. 31st, 2022: €182m, vs Net Debt €381m on Dec 31st, 2021. Total Debt (€m) Cash and Liquid Assets (€m) Net Debt (Cash) (€m) -53%, -€769m +8%, +€38m Down by >100%, -€562m 1,461 991 508 471 54 197 Other (incl. Restricted Cash 47 - 662 C.O. 41 Bridge facil
Slide 21: Consolidated Cash Flow (IFRS 5)
Consolidated Cash Flow (IFRS 5). €m FY'21 FY'22 Δ% Cash and equivalents at start of period 294.3 357.9 22% OCF Evolution (€m) CFs from Operating Activities (C.O.) (43.8) 21.5 >100% 2021 2022 CFs from Operating Activities (D.O.) 110.4 14.9 (86%) Total CFs from Operating Activities 66.7 36.4 (45%) CFs
Slide 22: 3. Performance by Segment
3. Performance by Segment FY’22 Financial Results 22
Slide 23: A. Construction
A. Construction Selected New Projects Projects valued in aggregate at €907m awarded for 12M’22; additional €45m after December 31st, 2022. ▪ North Crete road section Neapoli-Agios Nikolaos (€139m) ▪ Patra-Pyrgos national road (74,8km, €105m) ▪ Bucuresti-Craiova-Timisoara-Cluj-Brasov-Iasi-Galati-Cons
Slide 24: A. Construction
A. Construction €m 12M’21 12M’22 Δ% Q4'21 Q4’22 Δ% Revenue Revenue 462.7 554.7 20% 145.4 174.5 20% & EBITDA (75.4) (1.7) 98% (5.3) (1.6) 70% EBITDA Comp.* (49.2) (1.7) 97% (5.3) (1.6) 70% EBITDA EBITDA Comp. % (11%) (0%) (4%) (1%) *12M’21 are adjusted for €26,2m provision for ICC arbitration in Qata
Slide 25: B. Concessions
B. Concessions Traffic on the Concession Motorways we participate in was up by 17.4% during AKTOR Concessions participates by 20% in the JV declared (on June 7) as a 2022 vs 2021. Specifically, for Attiki Odos, traffic was higher by 12.5% compared preferred investor for Crete Northern Axis PPP. to t
Slide 26: B. Concessions
B. Concessions €m 12M’21 12M’22 Δ% Q4'21 Q4'22 Δ% Revenue Revenue 233.3 269.0 15% 67.2 71.5 6% & EBITDA 142.8 151.5 6% 35.9 41.6 16% EBITDA Comp.* 142.8 160.5 12% 35.9 41.6 16% EBITDA EBITDA Comp. % 61% 60% 54% 58% *FY’22 excludes a one-off of €9m for fines and payments related to January’s traffic
Slide 27: C. Environment
C. Environment FY22 Results ▪ EBITDA slightly decreased (-2.2%) vs FY21, mainly due to the imposition of extraordinary levy (EL) regarding increased RES revenue compensated at Day Ahead Market (DAM – spot) prices for the period Oct’21 – Jun’22. ▪ The FY21 EBITDA was boosted by €2.6m due to increased
Slide 28: C. Environment
C. Environment Revenue €m 12M’21 12M’22 Δ% Q4'21 Q4'22 Δ% Revenue 115.1 122.5 6% 31.5 34.3 9% & EBITDA 16.7 15.3 (8%) 1.2 4.0 >100% EBITDA EBITDA % 14% 13% 4% 12% Revenue qoq (€m) EBITDA qoq (€m) FY’22 - Tonnage & MWh (in ‘000s) Revenue EBITDA DAM Adj. MWh Tonnage 7.9 882 7.6 820.7 763.8 781 34.3 31
Slide 29: D. Real Estate
D. Real Estate Smart Park: Footfall growth ~14%. Occupancy at 99%. Cambas Park: Upon completion of the Master Plan, building permits are expected within the next year. Construction will begin in Q1’24. Gournes Project: The property acquisition was completed in February 2023; the Master Plan to follo
Slide 30: D. Real Estate
D. Real Estate Revenue €m 12M’21 12M’22 Δ% Q4'21 Q4'22 Δ% Revenue 7.6 9.8 30% 2.9 3.3 15% & EBITDA 6.2 6.1 (3%) 3.6 2.4 (33%) EBITDA EBITDA % 82% 62% 124% 73% Revenue qoq (€m) EBITDA qoq (€m) Smart Park Performance 3.3 3.6 Rent Income (€m) Footfall (m visitors) 2.9 3.3 2.3 2.9 2.1 2.1 2.4 2.3 2 2.1
Slide 31: E. Discontinued Operations / Renewable Energy Sources
E. Discontinued Operations / Renewable Energy Sources Operational highlights (12M’22) Other highlights 493,4 MW installed capacity, 810 GWh energy yield. Developments 92.9 €/MWh effective tariff. ▪ Styra I & Central Evia Environmental Terms granted (374,2 WAVG remaining PPA lifetime stands at 15.9 y
Slide 32: E. Discontinued Operations / Renewable Energy Sources
E. Discontinued Operations / Renewable Energy Sources Revenue €m 12M’21 12M’22 Δ% Q4'21 Q4'22 Δ% Revenue 105.7 99.5 (6%) 33.7 24.1 (29%) & EBITDA 84.4 75.2 (11%) 27.5 15.1 (45%) EBITDA EBITDA % 80% 76% 81% 63% Revenue qoq (€m) EBITDA qoq (€m) RES KPIs 27.5 26.9 33.7 31.9 KPI FY’18 FY’19 FY’20 FY’21
Slide 33: 4. Appendix
4. Appendix FY’22 Financial Results 33
Slide 34: P&L by Segment 12M'22
P&L by Segment 12M’22. Continuing Discontinued 12M'22 in €m Construction Concessions Environment Real Estate Other Elimin. Total Operations Operations Net sales 554.7 269.0 122.5 9.8 0.5 (12.5) 944.0 99.5 1,043.5 Cost of Sales* (591.9) (99.7) (93.1) (0.7) (0.8) 12.2 (774.1) (20.2) (794.3) Gross prof
Slide 35: P&L by Segment 12M'21
P&L by Segment 12M’21. Continuing Discontinued FY'21 in €m Construction Concessions Environment Real Estate Other Elimin. Total Operations Operations Net sales 462.7 233.3 115.1 7.6 0.5 (9.4) 809.8 105.7 915.5 Cost of Sales* (518.9) (88.0) (89.5) (0.8) (0.5) 9.2 (688.5) (19.8) (708.3) Gross profit (
Slide 36: Net Debt by Segment
Net Debt by Segment. Continuing Total Discontinued Concessions Moreas (non- Total BOT Non- 31.12.2022 in € m Construction Environment Real Estate Other Operations Continuing Operations Total Group (excl. Moreas) recourse) Recourse (excl. Moreas) Operations (RES) Short-term Debt 45.1 22.0 3.4 30.1 (0
Slide 37: Macro Themes
Macro Themes. A Generational Infrastructure Regional Hub & Opportunity Tourism FDI & EU Funds Economic Climate Hitech Planned Greece almost The highest FDI Greece rose 16 Greece to become infrastructure broke the 2019 figures in 2022 places in the EIU a logistics and projects of over tourism arrival
Slide 38: Macro Trends
Macro Trends. GR Gross Capital Formation & Δ% YoY GR vs Germany 10YR Declining Levels & Spread 30,000 25 Spread (rhs) GR 10YR Germay 10YR 25,000 20 6 4.75 15 20,000 5 4.25 3.75 10 EUR M 4 15,000 % 3.25 Spread % Yield % 3 5 2.75 2 10,000 2.25 1 0 1.75 0 1.25 5,000 -5 -1 0.75 J-18 M-19 J-19 M-20 J-20
Slide 39: Equity, Performance & Shareholders
Equity, Performance & Shareholders. Price, Athens Stock Exchange Normalized Performance, Athens Stock Exchange Shareholders’ structure as of February 28, 2023 2.4 ELLAKTOR FTSE/ATHEX Large Cap Construction Average (Peers) 80% 2.2 60% 2 Retail (<5%) 11% Institutional 40% Investors 1.8 4% Atlas N.V. A
Slide 40: 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 41: Contact
Dimos Revelas Group CFO drevelas@ellaktor.com ir@ellaktor.com Andreas Papanagiotopoulos Group Treasurer & Finance Manager apapanagiotopoulos@ellaktor.com ELLAKTOR HEADQUARTERS 25, Ermou St., GR 145 64 Nea Kifissia Athens - Lamia National Road, Olympic Village Interchange Greece TEL: +30 210 8185000