Gek Terna S.a. · ATHEX:GEKTERNA

Gek Terna — Investor Presentation (June 2020)

25 slides from Gek Terna's investor presentation, June 2020

  1. Slide 1: Corporate Presentation June 2020

    Corporate Presentation June 2020

  2. Slide 2: Group Overview

    GROUP OVERVIEW

  3. Slide 3: Group Structure

    Group Structure Construction Energy Production Concessions Real Estate Mining 37.9% 100% 100% 50%1 Real Estate 100% 100% Assets held by Terna SA as well 25%1 17%2 as other SPVs 1. ENGIE owns 50% of HERON I and HERON II; Qatar Petroleum owns 25% of HERON II 3 2. Other shareholders: VINCI (29.9%); HOC

  4. Slide 4: 2019 results at a glance

    2019 results at a glance In 2019, the Group continued to invest in its core activities. It successfully refinanced a significant portion of Group debt Revenue EBITDA EBITDA Margin (vs FY 2018) (vs FY 2018) (vs FY 2018) €1,156m €285.1m 24.7% (17.5%) +1.8% +470 bps Net Profit Concessions’ EBITDA Const

  5. Slide 5: 2019 Highlights

    2019 Highlights  Group EBITDA remained stable as increases in energy production and concessions were offset by construction and the fact that certain projects remain at rump-up phase  The Group made significant steps towards rebalancing its portfolio, with the full consolidation of a number of its

  6. Slide 6: Developments during the period by activity

    Developments during the period by activity Activity Revenue €m Comments 2019  Increased exposure to Motorway projects during 2019 186  Bidding for the Hellenikon project 2018 197 Concessions 2017 89 2019 237  Continued strong profitability and cash flow generation  Installed capacity increased t

  7. Slide 7: Consolidated Revenue & EBITDA evolution

    Consolidated Revenue & EBITDA evolution Concessions and renewable energy partially offset the decline in revenue from construction and also led to improved profitability at EBITDA level Revenue bridge (€m) Adj. EBITDA bridge (€m) 800 900 1.000 1.100 1.200 1.300 1.400 200 220 240 260 280 300 Group re

  8. Slide 8: Revenue & EBITDA mix by activity

    Revenue & EBITDA mix by activity Significant rebalancing of Group portfolio towards concessions and renewable energy with a longer-term and more stable cash flow profile Revenue mix (€m) EBITDA mix (€m) 19 2,3 216 1,6 0 0 32 14 37 151 173 197 16 237 27 89 109 129 157 177 140 15 189 0 0 12 955 949 98

  9. Slide 9: Construction Activity

    Construction Activity

  10. Slide 10: Construction: Significant increase in construction backlog to €1.7bn

    Construction Significant increase in construction backlog to €1.7bn through new contract wins Construction Outlook Projects completed & under construction Casino resort Limassol Nikola Tesla Airport  Backlog stable to €1.7bn following successful new contract wins: International airport in Heraklion

  11. Slide 11: Backlog overview

    Backlog overview Backlog  Largest project: Design and Construction of new international airport in Heraklion, Crete (€478.8m) €1,240.5  Other projects include the construction of motorways, office buildings and Greece power projects for clients such as the Ministry of Public Works  Accounts for c

  12. Slide 12: Construction highlights

    Construction highlights Select delivered / under construction projects Infrastructure Buildings Industrial Energy Ionia Odos Agia Nappa Marina Shell Tank Farm HERON II Power Plant  Construction and delivery of Klokova  Construction of two towers (115m high);  Construction of ten product tanks wit

  13. Slide 13: Concessions

    Concessions

  14. Slide 14: Concessions overview

    Concessions overview Kentriki Odos Kasteli Airport  Total length: 231km — Equity invested €67m (100%)  New airport in Crete — 3,200m runway — Senior bank debt (non recourse): €451m — 71,620m2 terminal  Expiration: 2036 — 15m passengers per year  Equity: €158.4m (100%); €36m subordinated loan Nea

  15. Slide 15: Energy Production

    Energy Production

  16. Slide 16: Energy Production – Renewable Energy (TERNA Energy)

    Energy Production – Renewable Energy (TERNA Energy) Largest renewable energy platform in Greece with substantial operations abroad Overview Installed capacity evolution (MW)  TERNA Energy is the largest renewables energy group in Greece with significant activities in the USA, Poland and Bulgaria 13

  17. Slide 17: Overview of current portfolio and future pipeline

    Overview of current portfolio and future pipeline Organic growth and value creation with a focused strategy and attractive pipeline Sales by Business Unit Historical Capital Expenditure (€m) 250 229 Energy from RES 7% 205 13% 200 Construction 146 1% 150 109 100 86 Electricity Trading 58 50 Concessio

  18. Slide 18: Heron I & Heron II

    Heron I & Heron II The company is engaged in thermal energy production as well as electricity distribution through its participation in Heron I and Heron II Overview of thermal plants Project Status MW Type HERON I In operation 147 OCGT HERON II In operation 432 CCGT HERON I HERON II  Independed en

  19. Slide 19: Real Estate

    Real Estate

  20. Slide 20: Real Estate

    Real Estate Overview P&L P&L 2015 2016 2017 2018 2019  GEK Terna is engaged in Real Estate Revenue 6.7 7.3 3.4 9.2 5.2 development - the company holds a Growth % 61.5% 8.9% (53.0%) 168.1% (43,5%) differentiated portfolio in Greece and abroad EBITDA (0.7) (5.0) 15.6 1 (0.6) 0.3 — Offices Margin % (1

  21. Slide 21: Appendix – Financial Data

    Appendix – Financial Data

  22. Slide 22: Group Balance Sheet

    Group Balance Sheet GROUP 31.12.2019 31.12.2018* ASSETS Non-current assets Intangible fixed assets 754,958 802,665 Right of use assets 34,664 0 Tangible fixed assets 1,670,747 1,332,693 Goodwill 3,025 3,183 Investment property 40,916 41,030 Participations in subsidiaries 0 0 Participations in associ

  23. Slide 23: Group P&L

    Group P&L GROUP Profit and Loss 1.1-31.12.2019 1.1-31.12.2018* Continuing operations Turnover 1,155,739 1,402,700 Cost of sales (919,263) (1,165,281) Gross profit 236,476 237,419 Administrative and distribution expenses (75,658) (65,287) Research and development expenses (3,931) (1,591) Other income

  24. Slide 24: Group Cash Flow

    Group Cash Flow GROUP 1.1-31.12.2019 1.1-31.12.2018 Cash flows from operating activities Profit before tax 77,817 60,815 Adjustments for the agreement of the net flows from the operating activities Depreciation 122,822 111,721 Fixed assets grants amortization (8,194) (8,106) Provisions 1,073 16,541

  25. Slide 25: 85, Mesogeion Ave., Athens 26, Greece

    85, MESOGEION AVE., ATHENS 115 26, GREECE T. +30 210 6968000 —_-F. +30 210 6968098-99 Email: info@gekterna.com GEK TERNA GROUP OF COMPANIES www.gekterna.com

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