Slide 1: H1 2018 Financial Results
H1 2018 Financial Results September 17th, 2018 1
Slide 2: Disclaimer
Disclaimer This document contains forward-looking statements that involve risks and uncertainties. These statements may generally, but not always, be identified by the use of words such as “outlook”, “guidance”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “target” and similar expressions to
Slide 3: Contents
Contents 1 H1 2018 Results 2 Appendix IPTO key financial items 3
Slide 4: In 2018 we focus on transmission system growth
In 2018 we focus on transmission system growth
Slide 5: IPTO H1 '18 Highlights
IPTO H1 ’18 Highlights • IPTO system rent €117.1M • EBITDA €102.1M • Ad hoc provision release amounting to €26.6Μ due to dismissal of €102.1M Reported EBITDA a contractor lawsuit • Plan accelerating investments in place ✓ commissioning of 1st Phase of Cycladic islands interconnection completed (€247
Slide 6: ADMIE Holding H1 '18 Highlights
ADMIE Holding H1 ’18 Highlights €22.6M • Net profit €22.6M Net Profit • Distribution of interim dividend €3.16 cents per share completed on August • In 2019 total dividend is expected to amount around €3.16 cents per share €7 cents per share Interim Dividend 2018 • Opex €120K mainly related to tradi
Slide 7: IPTO selected items
IPTO selected items EUR M Balance sheet 31.12.2017 30.06.2018 P&L H1 17 H1 18 Chg yoy System rent 121.2 117.1 -3.3% Non-current assets 1,607.4 1,586.7 Total revenues 131.9 124.8 -5.4% Current assets 2,131.3 1,323.6 Reversals/(Provisions & 0.5 22.0 Impairments) Of which: Cash & equiv. 771.8 538.0 EBI
Slide 8: ADMIE Holding selected items
EUR M ADMIE Holding selected items Balance sheet 31.12.2017 30.06.2018 P&L H1' 17 H1' 18 Income from Affiliate 9.0 22.7 Non-current assets 520.1 528.9 EBITDA 8.2 22.5 Current assets 2.3 12.4 Operating Income 8.2 22.5 of which: Cash & equiv. 2.2 12.3 Net profit 8.2 22.6 Total Assets 522.4 541.2 Cash
Slide 9: Demand & Supply
Demand & Market demand (TWh) Net Production mix 6.0 Lignite Supply 5.2 5.0 4.7 4.2 4.2 4.2 4.2 4.2 4.3 0.0% 3.7 3.7 3.9 3.9 NatGas 4.0 26.0% 32.1% 3.0 Hydro 2.0 RES* 1.0 14.2% • Consumption at c24.9 0.0 27.6% Other TWh Jan Feb Mar Apr May Jun 2017 2018 • Lignite at 32.1% in H1 ’18 in generation mix
Slide 10: Revenue & EBITDA
EUR M Revenue IPTO Revenues IPTO EBITDA 104.0 81.9% 84.0% & EBITDA 82.0% 131.9 102.0 +10.1% 80.0% 124.8 3.0 100.0 78.0% -5.4% • Revenues -5.4% yoy 98.0 76.0% 0.4 7.7 96.0 74.0% 102.1 • System rent decrease by 7.3 94.0 70.3% 72.0% 70.0% €4.1M reflecting reduced 121.2 117.1 92.0 68.0% 90.0 92.8 invoic
Slide 11: Net profit higher on various drivers
EUR M Net profit higher on various drivers IPTO Net profit 44.4 9.5 9.4 -5.1 32.2 -1.6 • EBITDA increase due to a provision release amounting to €26.6 M due to dismissal of a contractor lawsuit • Drop in total financial expenses mainly due IPTO Cash flow ladder to improvement in 25.9 0.0 0.5 111.6 t
Slide 12: Cash flow generation
Cash flow EUR million H1 17 H1 18 generation EBITDA 92.8 102.1* Chg in WC, 64.6 25.9** non-cash Provisions & Other Cash reserves excluding the Tax paid -57.1 - amount deposited to Interest paid, net -15.6 -6.1 HEDNO pursuant to a Cash Flow from Operations 84.6 121.9 decision of the Ministry of Subsi
Slide 13: Appendix
Appendix IPTO key financial items 13
Slide 14: IPTO P&L items
IPTO P&L items EUR million 2014 2015 2016 2017 Η1 2018 System rent 242.3 239.7 225.5 236.9 117.1 Total revenues 312.6 264.6 248.6 256.5 124.8 Reversals/ (Provisions & - -25.1 -7.3 -5.5 22.0 Impairments) EBITDA 183.8 154.8 152.0 172.0 102.1* As % of revenues 58.8% 58.5% 61.1% 67.0% 81.9% Operating In
Slide 15: IPTO Balance sheet items
IPTO Balance sheet items EUR million 2014 2015 2016 2017 30.06.2018 Non-current assets 1,537.7 1,597.8 1,617.4 1,607.4 1,586.7 Current assets 1,089.1 1,151.6 1,237.1 2,131.3 1,323.6 Total Assets 2,626.8 2,749.4 2,854.5 3,738.7 2,910.2 Total Equity 1,028.0 1,014.0 898.1 967.2 978.2 Interest-bearing l
Slide 16: IPTO Free cash flow
IPTO Free cash flow EUR million 2014 2015 2016 2017 H1 '18 EBITDA 183.8 154.8 152 172.0 102.1* WC, Provisions & Other 23.7 66.4 65.5 35.5** 25.9** Tax paid -3.9 0.0 -10.0 -57.1 0.0 Interest, net -29.6 -31.2 -30.6 -24.9 -6.1 Cash Flow from Operations 174.0 190.0 177.0 125.5 121.9 Subsidies 1.1 17.8 8
Slide 17: Contact
Contact For additional information please contact ADMIE Holding Investor Relations: Tel: +30 210 3636 936 E-mail: office@admieholding.gr or visit: www.admieholding.gr