Slide 1: Q4 & FY 2021 Financial Results
April 2022 Q4 & FY 2021 Financial Results Q4 & FY 2021 Financial Results Q4 & FY 2021 Financial results 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: 2021 Overview
2021 Overview. Capital Structure Organizational and Profitability Optimization Operational Restructuring Enhancement Redesign business model Total Cost Base contained by €89m €50m bridge financing Restore profitability €120m share capital increase Centrally coordinated management EBITDA
Slide 4: Contents
Contents. 1. 2. 3. 4. Financial & Key Financial Performance Appendix Operational Figures by Segment Update Q4 & FY 2021 Financial results 4
Slide 5: 1. Financial & Operational Update
1. Financial & Operational Update 5
Slide 6: Financial Highlights
Financial 1 FY’21 Group Revenue at €915m (+3% y-o-y), Q4’21 Revenue at €278m up 23% vs Q4’20 Highlights. Q4’21 Group EBITDA at €60m yielding a margin of 22%. Group’s highest EBITDA since Q1’19 2 FY’21 Comparable(2) Group EBITDA at €191m, or 5.6x the respective FY’20 figure FY’21 Reported Group EBITD
Slide 7: Q4 & FY 2021 Group Revenue & EBITDA
Q4 & FY 2021 Group Revenue & EBITDA. €m Q4’20 Q4’21 Δ 2020 2021 Δ Revenue qoq (€m) Revenue Construction 124.6 145.4 17% 499.1 462.7 (7%) 277.8 Concessions 50.4 67.2 33% 202.4 233.3 15% 244.4 RES 25.9 33.7 30% 93.9 105.7 13% 193.0 200.3 Environment 26.6 31.5 19% 101.9 115.1 13% Real Estate 1.7 2.9 71
Slide 8: Sectoral Financial Highlights
Sectoral Financial Highlights. Construction Q4 Concessions Q4 RES Q4 Revenue Environment Q4 Real Estate Q4 Revenue at Revenue at at €33.7m Revenue at Revenue at €145.4m €67.2m (+30% yoy | €31.5m €2.9 (+17% yoy | (+33% yoy | +66% qoq) (+19% yoy | (+71% yoy | +14% qoq) -1% qoq) +12% qoq) +41% qoq) Q4’
Slide 9: Operational Update
Operational Update. Construction’s organizational, operational and Significant backlog enhancement in Solidification of the capital structure through financial restructuring fully phasing-in construction €120.5m fresh equity raised and increasing Operating Cash Flows ✓ Cost of sales optimization ✓ €
Slide 10: Addressing the cost base
Addressing the cost base. Recurring cost benefits paving the way for a leaner, more productive platform Group Cost Base* Amounts in €m -€89m 852.0 -10% (19.6) (7.4) Provisions & write-offs: -€19m (PV related) Other : -€2m 26.2 (38.5) 763.1 (21.2) (28.5) % y-o-y (8%) (6%) (19%) (17%) N/A (16%) 2020 L
Slide 11: Sectoral Operational Update
Sectoral Operational Update. Construction Concessions Renewables Environment Real Estate Segment Segment Segment Segment Sector New projects of c.€436m were Recovery of traffic in motorway During Q4’21 the energy yield HELECTOR signed in FY21 new Cambas Park: following the signed during 2021, depict
Slide 12: ESG Footprint
ESG Footprint. 2020 2021 Δ% E 2020 2021 Δ% Green energy generation (GWh)(4) 1,250 1,380 +10 Total employees-Core (1) 7,245 7,296 +1 % of women employees Energy consumption (GWh)(4) 248 250 +1 24% 26% +8 Total employees-All (2) CO2 eq. emissions prevented (‘000 t)(4) 2,035 2,666 +31 7,811 7,423 -5 In
Slide 13: 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 Q4 & FY 2021 Financial
Slide 14: ESG Ratings
ESG Ratings. Rating Agency Score(1) Rating Scale Relative Performance Environment: 2 10 1 Social: 2 Governance: 5 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 (2) Worst ESG disclosur
Slide 15: 2. Key Financial Figures
2. Key Financial Figures 15
Slide 16: Consolidated P&L
Consolidated P&L. 12M’21 vs 12M’20 Revenues reached €915m an increase of €23m, driven by higher revenues from Concessions (+€31m), Environment (+€13m) & RES (+€12m).This increase was partially offset by revenues in Construction which came in lower by €36m. Selling & Administrative Expenses stood at
Slide 17: Consolidated P&L
Consolidated P&L. €m Q4’20 Q4’21 YoY FY’20 FY’21 YoY Net Sales LTM in €m 1. Net sales 225.2 277.8 23% 892.3 915.5 3% 915 2. Cost of Sales* (275.4) (206.1) 25% (781.7) (708.3) 9% 892 3. Gross profit (50.3) 71.7 >100% 110.6 207.2 87% 4. Selling & Admin. expenses* (18.8) (16.0) 15% (70.4) (54.8) 22% 86
Slide 18: Consolidated Balance Sheet
Consolidated Balance Sheet. Group Total Assets at the end of December 2021 remained practically unchanged at €2.8bn. Intangible Assets include the Concession Rights of Attiki Odos and Moreas and the decrease is due to the amortization of the Right Receivables were reduced by 7% or €53m mainly due to
Slide 19: Consolidated Balance Sheet
Consolidated Balance Sheet. FY’20 FY’21 yoy FY’20 FY’21 yoy PPE, Intangible assets & Investment property 1,152.6 1,130.7 (2%) Equity excl. non-controlling interests 234.1 286.0 22% Investment in subsidiaries, associates and joint ventures 60.6 90.4 49% Non-controlling interests 104.2 77.4 (26%) Fina
Slide 20: Net Debt and Liquidity
Net Debt and Liquidity. Net Debt* as at Dec 31st, 2021: €578m, down from *Excludes Moreas non-recourse net debt, cash and liquid assets and €62.6m lease liabilities IFRS 16 as of Dec 31st, 2021, and €18.6m as of Dec 31st, 2020 ** Includes Construction, Concessions Recourse, Environment and Real Esta
Slide 21: Consolidated Cash Flow
Consolidated Cash Flow. €m FY’20 FY’21 Δ (%) Operating cash inflows amounted to €66.7m vs outflows of €23.8m, mainly due to improved operating performance of RES, Concessions and Cash and equivalents at start of period 298.2 294.3 (1%) Environment segments CFs from Operating Activities (23.8) 66.7 >
Slide 22: 3. Performance by Segment
3. Performance by Segment Q4 & FY 2021 Financial results 22
Slide 23: A. Construction
A. Construction Selected New Projects In total, new projects of a value of €436m were signed during 2021 while an additional €228m, have been signed since the beginning of 2022. ✓ Patra – Pyrgos national road of 74,8Km length (€83m) ✓ Psyttalia WWTP operation & maintenance (€68m) ✓ Additional agreem
Slide 24: A. Construction
A. Construction €m Q4'20 Q4'21 Δ FY'20 FY'21 Δ Revenue Revenue 124.6 145.4 17% 499.1 462.7 (7%) & EBITDA (113.0) (5.3) 95% (156.3) (75.4) 52% EBITDA EBITDA (comp.) (113.0) (5.3) 95% (156.3) (49.2) 69% EBITDA (comp.) % (91%) (4%) (31%) (11%) Revenue QoQ (€m) EBITDA comp. QoQ (€m) Backlog Analysis* (€
Slide 25: B. Concessions
B. Concessions Attiki Odos traffic level was higher compared to 2020 by+17%, and reached 2019 levels (pre-COVID) during the 2nd semester Alimos Marina concession is the largest marina in Southeast Europe with 1,100 berths, started January 1st ’21 On January 24th ’22 an offer has been submitted for t
Slide 26: B. Concessions
B. Concessions €m Q4'20 Q4'21 Δ FY'20 FY'21 Δ Revenue 50.4 67.2 33% 202.4 233.3 15% Revenue & EBITDA 22.9 35.9 57% 124.1 142.8 15% EBITDA EBITDA % 45% 54% 61% 61% Revenue QoQ (€m) EBITDA QoQ (€m) Attiki Odos Daily Average Traffic Evolution 2019-21 50.1 300 67.9 67.2 Thousands 250 57.9 36.6 35.9 200
Slide 27: C. Renewable Energy Sources
C. Renewable Energy Sources Operation highlights Development highlights 493 MW installed capacity with 1,129 GWh of energy yield. Ongoing activities: 93.6 €/MWh effective tariff. ✓ Evia projects (496 MW), in cooperation with EDPR. WAVG remaining PPA lifetime stands at 16.9 years. ✓ Extensions of exi
Slide 28: C. Renewable Energy Sources
C. Renewable Energy Sources €m Q4'20 Q4'21 Δ FY'20 FY'21 Δ Revenue 25.9 33.7 30% 93.9 105.7 13% Revenue & EBITDA 19.0 27.5 45% 73.2 84.4 15% EBITDA EBITDA % 73% 81% 78% 80% Revenue QoQ (€m) EBITDA QoQ (€m) RES KPIs 32.5 33.7 27.6 27.5 KPI FY’18 FY’19 FY’20 FY’21 W.A. Capacity (MW) 284.3 303.3 464.3
Slide 29: D. Environment
D. Environment Highlights Within FY21 c.€103m total projects have been signed, with the most significant being the following: ✓ Expansion of Fyli landfill – Contract Value € 26.5m –JV participation at 83% ✓ Athens Mechanical Recycling Plant (EMA) operation (3+3 years) – Contract Value € 49.1m (3y) -
Slide 30: D. Environment
D. Environment €m Q4'20 Q4'21 Δ FY'20 FY'21 Δ Revenue 26.6 31.5 19% 101.9 115.1 13% Revenue & EBITDA (5.3) 1.2 >100% 4.2 16.7 >100% EBITDA EBITDA % (20%) 4% 4% 14% Revenue QoQ (€m) EBITDA QoQ (€m) Key metrics (tonnage & MWh in ‘000s) 5.6 5.6 31.1 31.5 822 759 781 28.2 4.3 621 24.3 1.2 204 202 178 20
Slide 31: E. Real Estate
E. Real Estate Highlights Smart Park: ✓ No rent reductions from July onwards applied and Smart Park has been operating in full capacity with steadily increasing footfall. ✓ Filed for a compensation claim to the State for €1.6m of lost rental revenues due to the COVID-19 restrictive measures and has
Slide 32: E. Real Estate
E. Real Estate €m Q4'20 Q4'21 Δ FY'20 FY'21 Δ Revenue 1.7 2.9 71% 6.8 7.6 11% Revenue & EBITDA 1.2 3.6 >100% 4.3 6.2 45% EBITDA EBITDA % 73% 124% 63% 82% * Higher EBITDA due to reverse of asset impairment Revenue QoQ (€m) EBITDA QoQ (€m) Smart Park Performance Rent Income (€m) Footfall (m visitors)
Slide 33: 4. Appendix
4. Appendix Q4 & FY 2021 Financial results 33
Slide 34: P&L by Segment 2021
P&L by Segment 2021. FY’21 in €m Construction Concessions RES Environment Real Estate Other Elimin. Total Net sales 462.7 233.3 105.7 115.1 7.6 0.5 (9.4) 915.5 Cost of Sales* (518.9) (88.0) (19.8) (89.5) (0.8) (0.5) 9.2 (708.3) Gross profit (56.1) 145.3 85.9 25.6 6.8 0.0 (0.2) 207.2 Selling & Admini
Slide 35: P&L by Segment 2020
P&L by Segment 2020. FY’20 in €m Construction Concessions RES Environment Real Estate Other Elimin. Total Net sales 499.1 202.4 93.9 101.9 6.8 0.4 (12.1) 892.3 Cost of Sales* (611.1) (79.4) (21.1) (81.5) (1.0) (0.3) 12.8 (781.7) Gross profit (112.0) 123.0 72.7 20.4 5.8 0.0 0.6 110.6 Selling & Admini
Slide 36: Net Debt by Segment
Net Debt by Segment. Concessions Total Corporate Moreas 30.12.2021 in € m Construction RES Environment Real Estate Other Total Group (excl. Moreas) (excl. Moreas) (non recourse) Short-term Debt 8.6 0.0 45.7 3.7 3.7 (0.0) 61.8 20.2 82.0 Long-term Debt 4.6 23.2 233.8 19.5 29.9 662.3 973.3 405.7 1,379.
Slide 37: Greece: Solid Macro to continue
Greece: Solid Macro to continue. During 2021 GDP of Greece witnessed a strong Construction index turned positive for the first recovery time since 2016 Real GDP Growth (%) Construction index (%) 5,7% 10% 8.3% 4.9% 5% 3.5% 1.9% -6,0% 0% -9,6% -5% -14,0% -9.0% -18,2% -10% 2019 2020 2021 2022E 2023E 20
Slide 38: Glossary / Alternative Performance Measures
Glossary / Alternative Performance Measures. EBITDA Net Debt EBITDA EBIT Net Excluding Margin % Debt Leases (Earnings before Interest, Earnings before interest, tax, (Earnings before Interest Total short-term and long- Net Debt excluding leases is Tax, Depreciation and depreciation and and Tax): Ear
Slide 39: Contact
Dimos Revelas Group CFO drevelas@ellaktor.com Yiannis Mamakos Investor Relations Officer ymamakos@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 8185000 | FAX: +30 210 8185001 e-ma