Gek Terna S.a. · ATHEX:GEKTERNA
Gek Terna — Investor Presentation (June 2020)
25 slides from Gek Terna's investor presentation, June 2020
Slide 1: Corporate Presentation June 2020
Corporate Presentation June 2020
Slide 2: Group Overview
GROUP OVERVIEW
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
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
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
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
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
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
Slide 9: Construction Activity
Construction Activity
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
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
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
Slide 13: Concessions
Concessions
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
Slide 15: Energy Production
Energy Production
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
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
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
Slide 19: Real Estate
Real Estate
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
Slide 21: Appendix – Financial Data
Appendix – Financial Data
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
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
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
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