Slide 1: 9-Months 2022 Financial Results
9-Months 2022 Financial Results Nov. 2022 9M’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: Contents
Contents. 1. 2. 3. 4. Financial & Key Financial Performance Appendix Operational Figures by Segment Update 9M’22 Financial Results 3
Slide 4: 1. Financial & Operational Update
1. Financial & Operational Update 9M’22 Financial Results 4
Slide 5: Recent developments / RES Sale Progress
Recent developments / RES Sale Progress. August 1st August 4th August 25th September 8th November 29th End of 2022 Approval Process • ELLAKTOR BoD approval • MOH BoD approval for • The EGM of ELLAKTOR • EGM approval by MOH. • Scheduled ELLAKTOR • Transaction concluded. for the SPA and SHA with the S
Slide 6: Other developments
Other developments. ▪ On August 1st, Ellaktor Value PLC, a wholly owned subsidiary of Ellaktor, announced an offer to purchase any of its outstanding 6.375% Senior Secured Notes due 2024 @ 101% plus accrued interest. ▪ The offer was triggered by a change of control due to the Framework Agreement bet
Slide 7: Financial Highlights
Financial • Given the prospective RES segment sale, financial information on this slide is presented separately, by IFRS 5 - "Non-current 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 Gr
Slide 8: Q3 2022 Group Revenue & EBITDA
Q3 2022 Group Revenue & EBITDA. (+€15m, +6%) Revenue qoq (€m) €m 9M’21 9M’22 Δ% Q3’21 LTM Q3’22 LTM Δ% Construction 317.4 380.2 20% 442.0 525.6 19% Revenue C.O. D.O Concessions 166.1 197.5 19% 216.5 264.7 22% 278 Environment 83.6 88.1 5% 110.2 119.7 9% 259 259 244 Real Estate 4.7 6.5 39% 6.4 9.4 47%
Slide 9: Operational Update
Operational Update. Construction Concessions Environment Real Estate D.O. / Renewables Segment Segment Segment Sector Segment ▪ New projects of c. €723m ▪ Recovery of traffic volumes ▪ New contract (JV scheme ▪ CAMBAS Park: The ▪ Energy produced during were signed during 9M’22. to Pre-Covid-19 level
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 9M’22 Financial Results 13
Slide 14: Consolidated P&L
Consolidated P&L. Revenues reached €739m (o/w €663m from C.O.), increasing by €101m yoy (o/w €97m from C.O.), driven mainly by higher revenues in Construction (+€63m) and Concessions (+€31m). Selling & Administrative Expenses at €44m (o/w €43m from C.O.), or an increase of 12% yoy, mainly due to an
Slide 15: Consolidated P&L - IFRS 5
Consolidated P&L - IFRS 5. Continuing Operations Discontinued Operations Total €m 9M'21 9M'22 Δ% 9M'21 9M'22 Δ% 9M'21 9M'22 Δ% Net sales 565.8 663.2 17% 71.9 75.4 5% 637.7 738.6 16% Cost of Sales* (488.0) (502.5) (3%) (14.2) (15.2) (7%) (502.2) (517.8) (3%) Gross profit 77.8 160.7 >100% 57.7 60.2 4%
Slide 16: Consolidated P&L
Consolidated P&L. (+€153m, +18%) Net Sales LTM (€m) €m 9M'21 9M'22 Δ% Q3'21 LTM Q3’22 LTM Δ% C.O. D.O Net sales 637.7 738.6 16% 862.9 1,016.4 18% Cost of Sales* (502.2) (517.8) (3%) (777.6) (723.9) 7% 1,002 1,016 Gross profit 135.5 220.9 63% 85.2 292.6 >100% 943 915 109 Selling & Admin. expenses* (3
Slide 17: Consolidated Balance Sheet
Consolidated Balance Sheet. Group Total Assets at €2,8bn (o/w €2,3bn from C.O.). Intangible Assets include the Concession Rights of Attiki Odos and Moreas; 9M’22 Rights amortization €46m. Total Debt at the end of 9M’22 amounted to €1,4bn (o/w €1,2bn from C.O.), reduced by 3% or €40m since December 3
Slide 18: Consolidated Balance Sheet (IFRS 5)
Consolidated Balance Sheet (IFRS 5). €m Dec.'21 Sep.'22 Δ% €m Dec.'21 Sep.'22 Δ% PPE, Intangible assets & Investment Property 1,130.7 632 (44%) Equity excl. non-controlling interests 285.9 320.9 12% Investment in subsidiaries, associates and joint ventures 90.4 65.1 (28%) Non-controlling interests 7
Slide 19: Consolidated Balance Sheet
Consolidated Balance Sheet. €m Dec.'21 Sep.'22 Δ% €m Dec.'21 Sep.'22 Δ% PPE, Intangible assets & Investment Property 1,130.7 1,076.9 (5%) Equity excl. non-controlling interests 285.9 320.9 12% Investment in subsidiaries, associates and joint ventures 90.4 90.8 0% Non-controlling interests 77.4 91.2
Slide 20: Net Debt and Liquidity
Net Debt and Liquidity. Net Debt C.O.* as of Sep. 30th, 2022: €412m, vs €380m on Dec 31st, 2021. Total Debt (€m) Cash and Liquid Assets (€m) Net Debt (€m) HYB Remaining Business Units** Cash and Liquid Assets C.O Restricted Cash C.O. C.O. ex. Moreas Moreas (non-recourse) D.O./RES Moreas (non-recours
Slide 21: Consolidated Cash Flow (IFRS 5)
Consolidated Cash Flow (IFRS 5). €m 9M’21 9M’22 Δ% Cash and equivalents at start of period 294.3 357.9 22% OCF Evolution (€m) CFs from Operating Activities (C.O.) (44.1) (3.8) 91% 2021 2022 CFs from Operating Activities (D.O.) 66.5 43.7 (34%) Total CFs from Operating Activities 22.5 39.8 77% CFs fro
Slide 22: 3. Performance by Segment
3. Performance by Segment 9M’22 Financial Results 22
Slide 23: A. Construction
A. Construction Selected New Projects ▪ Projects valued in aggregate at €723m awarded for 9M’22; additional €48m after September 30th, 2022. ▪ North Crete road section Neapoli-Agios Nikolaos (€140m) ▪ Patra-Pyrgos national road (74,8km, €105m) ▪ Bucuresti-Craiova-Timisoara-Cluj-Brasov-Iasi-Galati-Co
Slide 24: A. Construction
A. Construction €m 9M’21 9M’22 Δ% 9M’21 LTM 9M’22 LTM Δ% Revenue 317.4 380.2 20% 442.0 525.6 19% Revenue EBITDA (70.1) (0.1) >100% (183.2) (5.4) 97% & EBITDA Comp.* (43.9) (0.1) >100% (157.0) (5.4) 97% EBITDA EBITDA Comp. % (14%) 0% (36%) (1%) *9M’21 & 9M’21 LTM are adjusted for €26,2m provision for
Slide 25: B. Concessions
B. Concessions Traffic on all roads we operate was up by 18.5% during the first 9m of 2022 vs On June 7, a JV in which AKTOR Concessions participates, has been the same period LY. Specifically, for Attiki Odos, traffic was higher by 16.9% announced preferred investor in BOAK PPP (20% participation-N
Slide 26: B. Concessions
B. Concessions €m 9M’21 9M’22 Δ% 9M’21 LTM 9M’22 LTM Δ% Revenue Revenue 166.1 197.5 19% 216.5 264.7 22% & EBITDA 106.8 109.9 3% 129.7 145.8 12% EBITDA EBITDA Comp.* 106.8 118.9 11% 129.7 154.8 19% EBITDA Comp. % 64% 60% 60% 58% *9M’22 & 9M’22 LTM exclude one-off provisions of €9.0m for fines and pay
Slide 27: C. Environment
C. Environment During Q3’22: ▪ Contract signed (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 the project life ▪ Legislative actio
Slide 28: C. Environment
C. Environment €m 9M’21 9M’22 Δ% 9M’21 LTM 9M’22 LTM Δ% Revenue Revenue 83.6 88.1 5% 110.2 119.7 9% & EBITDA 15.4 11.3 (27%) 10.1 12.6 24% EBITDA EBITDA Comp. % 18% 13% 9% 10% Revenue qoq (€ m) EBITDA qoq (€ m) 9M - Tonnage & MWh (in ‘000s) DAM Adj. DAM Adj. Total Revenue MWh Tonnage 660 33.9 30.7 5
Slide 29: D. Real Estate
D. Real Estate Smart Park: Footfall grows at a steady rate. Occupancy exceeds 98%. Cambas Park: Once Master Plan is completed the project will enter its final stage before construction, that is the issuance of the building permits. Gournes Project: Finalization of the SPA with HRADF* Alimos Marina:
Slide 30: D. Real Estate
D. Real Estate €m 9M’21 9M’22 Δ% 9M’21 LTM 9M’22 LTM Δ% Revenue Revenue 4.7 6.5 39% 6.4 9.4 47% & EBITDA 2.6 3.7 38% 3.9 7.2 86% EBITDA EBITDA Comp. % 56% 56% 61% 77% Revenue qoq (€m) EBITDA qoq (€m) Smart Park Performance 3.6 Rent Income (€m) Footfall (m visitors) 2.9 2.9 2.3 2.1 2.1 2.1 2.3 2 2.1
Slide 31: E. Discontinued Operations / Renewable Energy Sources
E. Discontinued Operations / Renewable Energy Sources Operational highlights (9M’22) Development highlights 493 MW installed capacity, 810 GWh energy yield. Ongoing activities: 93.2 €/MWh effective tariff. ▪ Applications for Grid Connection Terms: WAVG remaining PPA lifetime stands at 16.2 years. o
Slide 32: E. Discontinued Operations / Renewable Energy Sources
E. Discontinued Operations / Renewable Energy Sources €m 9M’21 9M’22 Δ% 9M’21 LTM 9M’22 LTM Δ% Revenue Revenue 71.9 75.4 5% 97.8 109.1 12% & 56.9 60.0 6% 75.9 87.5 15% EBITDA EBITDA EBITDA Comp. % 79% 80% 78% 80% Revenue qoq (€m) EBITDA qoq (€m) RES KPIs 27.5 26.9 33.7 31.9 KPI* FY’18 FY’19 FY’20 FY
Slide 33: 4. Appendix
4. Appendix 9M’22 Financial Results 33
Slide 34: P&L by Segment 9M'22
P&L by Segment 9M’22. Continuing Discontinued 9M'22 in €m Construction Concessions Environment Real Estate Other Elimin. Total Operations Operations Net sales 380.2 197.5 88.1 6.5 0.3 (9.5) 663.2 75.4 738.6 Cost of Sales* (367.9) (72.5) (70.3) (0.6) (0.3) 9.1 (502.5) (15.2) (517.8) Gross profit 12.3
Slide 35: P&L by Segment 9M'21
P&L by Segment 9M’21. Continuing Discontinued 9M'21 in €m Construction Concessions Environment Real Estate Other Elimin. Total Operations Operations Net sales 317.4 166.1 83.6 4.7 0.4 (6.4) 565.8 71.9 637.7 Cost of Sales* (372.9) (58.3) (62.3) (0.7) (0.4) 6.6 (488.0) (14.2) (502.2) Gross profit (55.
Slide 36: Net Debt by Segment
Net Debt by Segment. Continuing Moreas Concessions Operations Total BOT Total Continuing Discontinued Total 30.09.2022 in € m Construction Environment Real Estate Other (non- (excl. Moreas) (excl. Non- Recourse Operations Operations (RES) Group recourse) Moreas) Short-term Debt 15.9 15.9 3.8 6.6 (0.
Slide 37: 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 9M’22 Fin
Slide 38: Equity, Performance & Shareholders
Equity, Performance & Shareholders. Price, Athens Stock Exchange Normalized Performance, Athens Stock Exchange Shareholders’ structure as of October 31st, 2022 2 ELLAKTOR FTSE/ATHEX Large Cap Construction Average (Peers) 50% 1.9 ELLAKTOR , 24% 1.8 40% Retail (<5%) 11% 1.7 30% Institutional Investors
Slide 39: 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 40: Contact: Investor Relations
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