Group Presentation. April 2014
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1 Group Presentation April 2014
2 Recent Developments / 2013 Financial Highlights The restructuring of the suspended BOT projects was successfully completed in December the agreements were ratified by the parliament of the Hellenic Republic and signed by all parties involved - current mobilisation of project sites to undertake construction works Group figures stabilised in revenues reached 1,241.8 ml (0.7% increase vs 2012) - operating profit (EBIT) amounted to 76.0 ml that includes however, real estate valuation adjustments ( 41.9 ml) and provisions from the RES New Deal and the RES tax levy ( 11.9 ml) - EBIT adjusted for the above items amounted to ml (increased by c. 11% vs 2012) Results after tax before minorities were losses of 49.0 ml, negatively impacted by deferred taxation charges ( 25 ml) and tax provisions on tax-free reserves ( 5.4 ml) The Group s liquidity position improved significantly with corporate related Net Debt reducing to ml (as of 31/12/2013) vs ml as of 31/12/ mainly due to improved liquidity position in construction The Group s funding risk significantly decreased with the completion of the refinancing at ELLAKTOR ( ml) and AKTOR Concessions ( 170 ml) through long term secured syndicated bank facilities Total construction backlog stands at ~ 3.0 bn (with another ~ 1.3 bl of contracts pending signature) 9eld0029 2
3 Key Investment highlights Leading infrastructure player in Greece with an increasing international footprint Significant values from participation in Eldorado Gold / Hellas Gold Well-balanced diversified portfolio of activities Growth prospects in Waste Management and Renewable Energy Unrivalled construction knowhow (backlog c. 3bn) Strong expected dividend stream from mature concessions (i.e. Attiki Odos) 9eld0029 3
4 Table of contents 1. Group overview Pages 5~8 2. Undisputed leader in the Greek construction sector Pages 9~11 3. Leading player in Greek concessions Pages 12~15 4. Market leader in Waste Management Services Pages 16~18 5. Significant growth prospects in the Energy sector Pages 19~21 6. Real Estate & Other Investments Pages Group financials & Shareholder information Pages 23~29 9eld0029 4
5 Key milestones in the ELLAKTOR Group history 1950 s & 1960 s Establishment of TEB, ELLINIKI TECHNODOMIKI and AKTOR Concession for ATTIKI ODOS and RION-ANTIRION Bridge signed Merger of TEB, ELLINIKI TECHNODOMIKI and AKTOR Entry in the Waste Management sector (HELECTOR) Acquisition of a stake in HELLAS GOLD First international construction contracts awarded in Romania and the Middle East (Kuwait) Participation in 3 out of 5 concession projects awarded in Greece 2007 Acquisition of PANTECHNIKI, leading to controlling stake in ATTIKI ODOS (59.2%) Concession activities spun off as AKTOR CONCESSIONS Swapped a 30% stake in HELLAS GOLD with a 20% stake in EUROREAN GOLDFIELDS Change of name from ELLINIKI TECHNODOMIKI TEB SA to ELLAKTOR SA Commencement of MOREAS, OLYMPIA ODOS and AEGEAN MOTORWAY concessions HELECTOR SA - AKTOR SA - AKTOR CONCESSIONS SA has signed contract for the project Construction and Operation of the Household Waste Management System in Saint Petersburg Final EIS (Environmental Impact Study) of HELLAS GOLD approved by the Ministry of Environment & Climate Change, on 26th of July 2011 Sale of a 7.07% stake in EGU to Qatar Holding (Oct.2011) 2012 European Goldfields ( EGU ) absorbed by Eldorado Gold ( ELD ) (21st February 2012) 9eld0029 5
6 Ellaktor Group organisational structure Construction Concessions Waste management Energy Real estate Other holdings 100% AKTOR SA 100% AKTOR CONCESSIONS 95% HELECTOR SA 86% ELLINIKI TECHNODOMIKI ANEMOS 21.95% ELPEDISON POWER 55.46% REDS 15.3% HELLENIC CASINO OF PARNITHA No 1 in Greece No 1 in Greece Leader in Greece & Cyprus Significant growth prospects 4,264 full time employees with activities in more than 18 countries Listed on the ASE with a market capitalization of ~ 703 ml (1) (1) As of 28 th of March eld Ellaktor is the leading, diversified, regional infrastructure player
7 Ellaktor Group key financials (Amounts in ml) Revenues EBIT (1) (2) (3) Profit Before Tax Net profit after Minorities eld Notes : (1) 2013 Operating Profit (EBIT) includes real estate valuation adjustments of 41.9 ml and provisions from the RES New Deal and the RES tax levy of 11.9 ml (2) 2012 Operating Profit (EBIT) includes profit from the sale of Eldorado shares of 19 ml and provisions for doubtful receivables of 13 ml (3) 2011 Operating profit (EBIT) includes profit from the sale of a 7.07% stake in EGU to Qatar Holdings and from reclassifying the remaining participation in EGU and Hellas Gold as financial assets available for sale, provisions for doubtful receivables and adjustments for revised profitability of construction backlog
8 Ellaktor Group key financials (continued) (Amounts in ml) Total assets Total equity Net debt Corporate net debt (1) Notes : (1) Excluding debt and cash / cash equivalents of non recourse BOT related projects 9eld0029 8
9 Construction segment overview 60 years in construction AKTOR SA, (a 100% subsidiary), is the undisputed market leader in Greece with unmatched technical know-how Emphasis on building our international backlog also due to the current Greek sovereign debt crisis ~ 31% of backlog is international (mostly Middle East and Europe) Key priorities Stabilizing operating margins Accelerate backlog execution Pending finalisation of on-going negotiations on construction work allocation (Olympia Odos and Aegean Motorway) OTHER Revenues include all Groups activities FY2013 Construction revenues : 893 ml 9eld0029 9
10 Construction backlog at 3bn as of with another ~ 1.3bn of projects that remain to be signed Backlog Analysis by sector ( ml) Backlog by geography 2,974 1,903 BOT projects restructured * * Pending finalisation of on-going negotiations on construction work allocation , , Backlog Evolution ( ml) 3, , , Backlog Blue City To be signed 9eld
11 Construction Backlog : Selective projects Infrastructure Projects Building Projects BOT * Key current Greek projects Project Participation Amount (%) ( ml) Thessaloniki's Metro-Extension to Kalamaria 100% 370 Structure and Technical works in Chalikidi Mines 100% 94 ERGOSE Project: Rododafni-Psathopyrgos, Panagopoula's Tunnel 43% 137 ERGOSE Project: Lianokladi - Domokos 100% 44 Construction 2nd phase of Thriasio Complex 65% 26 Egnatia Highway: Koromilia -Krystalopigi (Kozani) 60% 32 New Port in Patras 100% 19 Distribution networks PPC 100% 18 Settlement of steam Eshatia (Attiki) 100% 7 Psittaleia STP: Operation and Maintenance 48% 5 Stylida's Deviation 50% 16 Expansion of Macedonia Airport 30% 7 North Road section in Crete 100% 3 Hania Airport : Extension-Plants 100% 44 Chalkida General Hospital 75% 28 Lefkada General Hospital 75% 15 National Gallery 100% 15 Airport Expansion Building in Ioannina 100% 14 National Museum of modern art 100% 8 Hospital Evagelismos:new surgical area 100% 6 Korinthos -Tripoli - Kalamata (Moreas) 71.67% 56 Elefsina - Patra - Tsakona (Olympia) 17% 423 Maliakos - Kleidi (Aegean) 19.3% 68 * Pending finalisation of on-going negotiations on construction work allocation Europe Gulf Region & Other countries Key current International projects Project Participation Amount (%) ( ml) Railway line Micasasa-Coslariu Simeria, Sect Brasov-Simeria (RO) 51% 71 Design & Build of National Road 18 Baia (RO) 100% 32 Highway E80, LOT2 Road and Bridges at Stanicenje (SR) 100% 73 Highway E80 Section Crvena Reca-Ciflic (SR) 100% 18 Highway Ε80, LOT2 Bancarevo, Crvena Reca (SR) 50% 36 Road Section Tirane -Elbasan SEGI & III (ALB) 49% 4 Hydroelectric projects in Albania 100% 17 Highway LOT4 Struma (BG) 100% 18 Highway Demir Kapija Smokvica (FYROM) 100% 172 Waste processing plant in Saint Petersburg (RU) 30% 65 Mostar wastewater Treatment Plant (BiH) 100% 10 Wastewater Treatment Plant Bacau (RO) 100% 8 Project Development of Internal Security Force Camp at Al Duhail (Qatar) Construction of Multipurpose Hall at SADD Sports Package 2 MainWorks (Qatar) Participation Amount (%) ( ml) 50% % 73 Banana Island Resort Village (Qatar) 100% 1 New Doha International Airport BUATC (Qatar) 40% 17 Wastewater Treatment Plan IZMIR (TUR) 51% 2 9eld
12 Concessions segment overview AKTOR CONCESSIONS S.A., a 100% subsidiary of ELLAKTOR, is the largest concession holder in Greece Holds mature assets (59.2% in Attiki Odos and 22.0% in Rion-Antirrion Bridge) Participates in the three out of five major concession projects under construction in Greece (Moreas, Olympia Odos and Aegean Motorway) The last two have been successfully restructured in December 2013, after more than two-years long discussions, following the reduction in traffic all over Greece due to the macroeconomic crisis of the country. The restructuring involved, among others, an increase in the State s contribution using EEC funds, a reduction in the scope of the project in the case of Olympia Odos and a resolution of all long pending matters. Participates in concessions of 6,800 parking spaces (5,000 already in operation) Selectively pursuing new opportunities with strategic partners, integrating necessary skills and expertise for successful project delivery and carefully managing its investment exposure. Current tenders include: international concession projects (Romanian motorway BOTs in a consortium with Vinci & Strabag (Preferred Bider in Comarnic-Brasov Motorway), waste PPP mandate in St. Petersburg, Russia) Greek Privatization Program opportunities (incl. Thessaloniki Water Supply & Sewerage Co. in partnership with Suez Environment and Regional Airports in partnership with Vinci Airports) Greek PPPs, primarily focusing on waste management together with HELECTOR (preferred bidder for the Western Macedonia waste PPP, prequalified for Agrinio, Achaia, Eperous, Attica, Eastern Macedonia-Thrace waste PPPs) 12
13 Overview of ELLAKTOR s Concession portfolio Ioannina Gefyra Igoumenitsa (Rion Antirrion Bridge) In operation since ,7bn contract price 22% stake Olympia Odos (Athens Corinth - Patra - Highway) Conditional Patra to Tsakona Under construction (completed 43,2%) 1,34bn contract price after restructuring 17% stake Larissa Trikala Karditsa Lamia Patra Aegio Korinthos Tripoli Sparta Kalamata Athens Aegean Motorway (Maliakos Klidi Highway) Under construction (76,58% completed) 1,02bn contract price 20% stake Attiki Odos (Athens Ring Road) In operation since ,2bn contract price 59% stake Moreas (Korinthos Tripoli Kalamata Highway) Under construction (91% completed) 0,85bn contract price 72% stake 9eld
14 Operating Concessions assets Low risk mature assets with high expected dividend streams Type of concession AKTOR Concessions (%) Total length Commencement of operation End of concession Toll ring road in Athens 59.2% 65.2Km March 2001 September 2024 Toll bridge 22.0% 2.3Km (1) August 2004 December 2039 Total investment 1,310ml 839ml Average daily traffic (2013) 2013 revenue 2013 net profit First Net Profit Year Operator ~200,561 vehicles 162,4ml 20,8ml 2012 ATTIKES DIADROMES: 47.4% ~8,685 vehicles 33,4ml (provisional) 2.7ml (provisional) 2004 GEFYRA LEITOURGIA: 23.1% Note: (1) 8.2 Km total length, which includes access bridges, toll plaza and the connections with the national roads network 9eld
15 Concessions under Construction... Moreas is nearing completion (expected within 2014). The Aegean Motorway and the Olympia Odos projects have been restructured, with the new construction schedule extended up to the end of 2015, beginning 2016 Type of concession AKTOR Concessions (%) Motorway Korinthos-Tripoli-Kalamata & Sparti-Lefktro 71.67% Motorway Maliakos - Kleidi 20.00% Motorway Elefsina -Korinthos-Patra (Pyrgos Tsakona) 17.00% Other Shareholdings 15.00% J&P-Avax 13.33% Intracom 35.00% Hochtief 13.75% Vinci 16.25% J&P-Avax 10.00% Aegek 5.00% Athina 29.90% Vinci 17.00% Hochtief 17.00% J&P-Avax 17.00% Gek Terna 2.10% Athina Total length 205 Km 230 Km 201 Km Commencement of operation March 2008 March 2008 August 2008 Restructured Dec Dec Duration of concession 30 Years 30 Years 30 Years Total investment 1.0bn 1.7bn 2.1bn Average daily traffic (2013) ~41,266 vehicles ~58,477 vehicles ~49,690 vehicles Operator The Concessionaire The Concessionaire OLYMPIA ODOS LEITOURGIA (shareholdings as in concession company) 9eld
16 Overview of Waste Management Services ( HELECTOR ) HELECTOR SA, a 94.4% subsidiary of the ELLAKTOR Group, is the market leader in Waste Management and Waste-to-Energy sectors in Greece and Cyprus while at the same time dynamically expanding abroad extensive know-how in designing, developing, operating and maintaining integrated waste management facilities, landfills, incinerators and sorting plants own worldwide patented technologies for Mechanical Biological Treatment (MBT) the largest landfill biogas producer in Europe with 30MW in operation and ~10MW under development Total HELECTOR backlog: Exceeding 270 ml Recurring operational revenue : ~ 62 m p.a. Significant prospects in Greece a number of Concession / PPP projects in Greece are in tender stage / expected to be tendered Already announced preferred bidder for the W. Macedonia PPP project (1 st Waste Management PPP project to be tendered) moving forward to financial close. Participating in 5 Competitive Dialogue procedures and in 3 PQ Significant prospects internationally signed a Waste Management PPP contract in St. Petersburg (Russia) (capacity 350,000 t/a pa) Recently signed a contract for the WM project of Sofia, Bulgaria (one of the biggest projects in Europe at the moment - capacity 410kt / a) Executing two projects in Croatia (WM plants & residual landfill), one in Slovenia (WM plant) and one in Jordan (landfill rehabilitation & biogas exploitation) More prospects expected in Cyprus (Nicosia & Limassol) 9eld
17 Overview of the Waste Management market... the Greek market has better growth prospects compared to its EU peers 200.0% 175.0% 150.0% 125.0% 100.0% 75.0% 50.0% 25.0% 0.0% 9eld EU Municipal Waste Treatment, 2007 (% of total waste) % of BMW (1) land-filled in 2007 vs 1995 (1) Biodegradable Municipal Waste Source: Eurostat 2009 Promising potential in Greece from a move towards waste treatment (vs. landfill disposal) and power generation from biogas Concession / PPP pipeline WM projects in Greece includes W. Macedonia - 120k tons p.a. (Announced Preferred Bidder) Aitoloakarnania 110k tons p.a.(cd phase) Attica projects (4) 1,355κ tons p.a. (2 CD phase 2 PQ phase completed) Patras 150k tons p.a. (CD phase) Ioannina 150k tons p.a. (Bid phase) E. Macedonia - Thrace 155k tons p.a. (PQ phase) Corfu projects - ~ 100k tons p.a. (approved by PPP Secretariat) Thessaloniki 400k tons p.a. (Tender Pending) On a regional basis, market prospects are also promising given low market penetration in South Eastern Europe and the Balkans, where HELECTOR is already making inroads (Bulgaria, Slovenia, Croatia, Skopje, Russia, Lithuania) while also targeting the Turkish market PQ Prequalification CD Competitive Dialogue PB = Preferred Bidder
18 Current Waste Management Portfolio Project type Landfill & Leachate Treatment plants Construction & Management Mechanical Biological Plants Hospital Waste Mgt Plants Recycling Plants Waste to Energy Plants Wind Energy Description Location Country Capacity Ownership Status Comments Construction of Landfill Ano Liossia, Attica Greece 2,000 kt/y n/a Restoration - Construction of Landfill Fyli, Attica Greece 2,500 kt/y n/a Under construction - Construction of Landfill Tagarades, Salonica Greece 720 kt/y n/a Restoration - Construction of Landfill Mavrorachi, Salonica Greece 540 kt/y n/a Operation - Construction of Landfill Livadia Greece 50 kt/y n/a Under construction - Construction of Landfill Thiva Greece 70 kt/y n/a Under construction - Construction of Landfill Limnos Greece 40 kt/y n/a Operation - Management of Landfill Pafos Cyprus 70 kt/y 100% Operation 10-year concession since 2005 Management of Landfill Larnaka Cyprus 50 kt/y 100% Operation 10-year concession since 2010 Management of leachate treatment plant Fyli & A. Liossia Greece 750 m 3 /day 100% Operation 6 years operation contract Management of leachate treatment plant Pafos Cyprus 230 m 3 /day 100% Operation 6 years operation contract Herhof Recycling Osnabrueck Osnabrueck Germany 105 kt/y 100% Operation 17-year concession since 2006 Berlin MBT Berlin Germany 180 kt/y n/a Operation Turnkey for third party Trier MBT Trier Germany 180 kt/y n/a Operation Turnkey for third party Larnaka MBT Larnaka Cyprus 220 kt/y 100% Operation 10-year concession since 2010 Imathia MBT Vergina, Imathia Greece 100 kt/y 100% Contract signed 25-year concession A. Liossia Recycling & Compost Plant Attica Greece 300 kt/y 70% Contract signed 3+3 -year operation contract 1 st completed, Anaerobic Digestion Plants Schloßvippach, Kessel, Ulzen, Dorpen Germany Total 89 kt/y n/a 2 nd -3 rd under construction - Croatia MBT Plants Mariscina & Kastijun Croatia Total 190 kt/y n/a Contract signed Turnkey for third party Apotefrotiras (Hospital Waste Incinarator) Ano Liossia, Attica Greece 12 kt/y 70% (a) Operation 9-year concession since 2007 Fyli Recycling Plant Fyli, Attica Greece 100 kt/y n/a Operation Private Investment Koropi Recycling Plant Koropi, Attica Greece 75 kt/y n/a Operation Private Investment BEAL : Landfill biogas-fired plant (b) Ano Liossia, Attica Greece 23.5 MW 50% (c) Operation 20-year PPA since 2004 Tagarades : Landfill biogas-fired plant Tagarades, Salonica Greece 5.0 MW 100% Operation 20-year PPA since 2007 Fyli : Landfill biogas-fired plant Fyli, Attica Greece 10 MW 100% Production license Awarded in 2009 Jordan : Landfill biogas-fired plant Amman Jordan Up to 6 MW 100% Contract signed Turnkey for third party + 5y operation Aeiforiki Dodekanisou Rhodes, Kos, Patmos Greece 7.8 MW 99.5% Operation 20-year PPA since eld Note: (a) Remaining 20% controlled by Arsi SA; 10% by Polyeco (b) Largest in Europe (c) Remaining 50% controlled by EDL
19 Renewables segment ( ELTECH Anemos )... favourable framework, for a growing market that faces however limitations in financing Regulatory framework RES must cover 20% of total energy consumption & 40% of electricity by 2020 Prospective target capacity of wind and solar generated power in Greece until 2020: 7,500 MW and 2,200 MW respectively New Deal (regarding RES, Law 4254/ ) is expected to gradually remove uncertainty in the regulatory framework and gradually resolve the liquidity issues of System Operators LAGIE / DEDDIE Among others the New Deal envisages for Wind: extension of PPAs for 7 years (total years) for existing projects in operation during the last 12 years) Wind tariffs reduced by c. 5-7% (wind tariffs range between /MWh depending on location and availability or not of CAPEX subsidy) credit invoice for 10% of 2013 Wind RES revenues CAPEX subsidies 20% to 40% (Law 3299/2004) valid for applications until 31/12/2013 ELLAKTOR entered the renewable energy sector in 2000 through its 86% subsidiary ELTECH Anemos Total installed capacity: is 171 MW (12 wind farms, 1 photovoltaic plant and 1 SHPP) 60 MW are currently under construction Execution model design, development and supervision in-house maintenance and daily operations outsourced Greece will continue to be our base market and we will explore attractiveness of foreign markets Future development of RES projects depends on the availability of financing Tracking of technological advances in RES is key core focus remains on wind, including offshore wind parks open to other RES technologies Excellent relations with wind turbine suppliers 9eld
20 RES assets overview and key economics Wind Project Key Economics CAPEX/MW Equity/MW (25% - 40% CAPEX) Tariffs : Interconnected Non interconnected Subsidies : Either on CAPEX (20%-40%) or on tariff /MWh ~ 1.30ml 0.32ml 0.52 ml /MWh /ΜWh 0.26ml 0.52ml / MW Overview of ELTECH Anemos portfolio Yearly Average Wind Speed 0-4 m/sec m/sec m/sec m/sec Evaluation for Production Permit Production License (RAE) Environmental License Installation License Under Construction Operation m/sec m/sec m/sec > 10 m/sec Operating Under Construction Installation License Production License & Environmental Terms Evaluation for Production Permit 9eld
21 ELLAKTOR also has a ~ 22% stake in Elpedison Power Ellaktor is present in the thermal electricity generation sector through Elpedison Power, the 2 nd largest electricity producer in Greece Following the agreement signed in July 2008, HE&D owns a 22.74% stake of Elpedison Power set up together with the Hellenic Petroleum/Edison Joint Venture (75.78%) and Halcor (1.48%) Elpedison Power, aims at enhancing its generation portfolio and remain a key player in the Greek electricity market: 1 gas-fired 390MW CCGT in operation in Thessaloniki 1 gas-fired 420MW CCGT in operation in Thisvi ELLAKTOR HE&D HE&D and Halcor jointly have the institutional minority rights INTRACOM 96.56% 3.44% 24.22% Halcor HELLENIC PETROLEUM ELPEDISON POWER Thessaloniki Power (390MW) Thisvi Power (420MW) Other Assets/Activities Elpedison 75.78% EDISON 50% 50% Enhancement of its portfolio through acquisition of electricity generation assets expected to be privatized Further power generation opportunities considered in Greece and the Balkans 9eld
22 Real Estate REDS ELLAKTOR holds a 55.46% stake in R.E.D.S. SA Listed on ASE with a market cap : 39m (28/3/2014) REDS enjoys a high quality Property portfolio (~ 120,3 m, Book Value at 31/12/2013) Smart Park is operational as of 20/10/2011 Signed leases for 97% of GLA Long term project funding in place Kantza Mall Project : Town planning design procedure is under way. Project approval by the Ministry of Culture in place. Project s Geological Design approval is expected. Villa Cambas listed building permit is expected Other Investments MONT PARNES CASINO ELLAKTOR holds an indirect 15.3% stake in Hellenic Casino Parnitha Non-core asset Initial investment : 33 ml Dividends received to date : 20ml Other shareholders - Regency Entertainment : 35.7% - Greek State: 49.0% Revamping of facilities is underway Tables: 61 (of which 11 in VIP area) slot machines: ~660 ELLAKTOR 30% GOLD ELLAKTOR holds 1.1% in ELDORADO GOLD ( ELD *) 95% owner of Hellas Gold 5% of HELLAS GOLD *ELD is listed on Toronto and NYSE, with ~4.6 bn CAD$ (~3.1 bn ) market cap (28/3/2014) REGENCY ENTERTAINMENT 70% 2013 Key financials revenues: 94.7ml profit after tax: 2.7ml GREEK STATE ATHENS RESORT CASINO AE 51% 49% ATHENS MONT PARNES CASINO AE 9eld
23 Consolidated P&L FY2013 (IFRS in ml) (Amounts in ml) 31/12/ /12/2013 Change (%) Revenues 1, , % EBITDA % EBITDA margin (%) 17.7% 14.7% EBIT % EBIT margin (%) 9.3% 6.1% Profits/ (Loss) from Associates % Profit/ (Loss) before Tax % Profit Before Tax margin (%) 4.7% 1.3% Profit/ (Loss) after Tax before Minorities % Net Profit/ (loss) after Minorities % Earnings/ (Loss) per share (1) Notes : (1) Weighted average number of shares : 172,431,279 (2012 and 2013) Revenues marginally increased to 1,241.8 ml with increased revenues in Environment ( 13 ml) and Wind ( 5 ml) that absorbed the revenue decrease in Concessions (~ 12 ml) Group Operating Profit (ΕΒΙΤ) was 76.0 ml that includes however : real estate valuation adjustments ( 41.9 ml) provisions from the RES New Deal and the RES tax levy ( 11.9 ml) EBIT adjusted for the above items amounted to ml (increased by c. 11% vs 2012) Profit before tax reached 15.6 (vs 58.1 ml as of 2012 After tax (before minorities) the group reported losses of 49.0 ml vs profits of 32.4 ml in 2012, negatively affected by increased deferred taxation of ~ 25 ml (as a result of the corporate tax rate increase from 20% to 26% mainly impacting Attiki Odos) and provisions for tax-free reserves of 5.4 ml 9eld
24 Consolidated Balance Sheet (IFRS in ml) (Amounts in ml) 31/12/ /12/2013 Change (%) Intangible assets 1, , % Property, plant and equipment % Financial assets available for sale (1) % Financial assets held to maturity (1) % Receivables (2) 1, , % Other non-current assets % Other current assets % Cash (incl. restricted cash) % Total Assets 4, , % Total Debt 1, , % Other Short Term Liabilities % Other Long Term Liabilities % Total Liabilities 3, , % Shareholders Equity 1, , % Financial assets available for sale decreased from ml to 77.0 ml to mainly due to fair value adjustment of the Eldorado stake Real Estate Investments and Real Estate in Fixed Assets include a valuation adjustment of 41.9 ml The decrease of financial assets held to maturity (~ 78 ml) was absorbed by the increase in cash ( 110 ml) Total receivables (short-term and long-term) excluding deposits longer than 3 months decreased to 1,030.9 ml (from 1,091.4 ml as of 31/12/2012) Total equity excl. minorities decreased by ~ 74 ml mainly as a result of real estate valuation adjustments losses due to increased taxation and the fair value adjustment of the Eldorado stake Shareholders Equity (excluding minorities) % Notes: (1) Includes both current and non current assets (2) Receivables as of 31/12/2012 and 31/12/2013 include time deposits over 3 months of ml and 43.9 ml respectively 9eld
25 Consolidated Cash Flows (IFRS in ml) (Amounts in ml) 31/12/ /12/2013 Cash Flows from Operating Activities Cash Flows from Investment Activities Cash Flows form Financing Activities Net increase / (decrease) in cash and cash equivalent Cash equivalents at start of period Cash equivalents at end of period (1) Positive operating cash flows of ml Net Cash inflows from investment activities amounted to 74.0 ml and include - Inflow of ~ 57 ml from converting time deposits over 3 months to cash - Inflow of ~ 60 ml mainly from net inflows from financial assets held to maturity - capex of ~ 74 ml Construction: ~ 13 ml Concessions : ~ 44 ml (mainly Moreas) Wind Farms: ~ 14.5 ml Real Estate : ~ 1.5 ml Environment: ~ 1 ml Cash outflows from financing activities amounted to outflows of ml Notes : (1) Does not Include restricted cash (31/12/2012: 81.8 ml and 31/12/2013: 83.5 ml), time deposits over 3 months (31/12/2012: ml and 31/12/2013 : 43.9 ml) and bonds held to maturity (31/12/2012: ml and 31/12/2013 : 80.3 ml) 9eld
26 Segmental analysis of FY2013 Results (IFRS in ml) (Amounts in ml) Construction & Quarries Real Estate Concessions Environment Wind Farms Other Total Revenues ,241.8 EBITDA EBITDA margin (%) 5.4% nm 60.6% 18.3% 60.1% nm 14.7% EBIT EBIT margin (%) 3.0% nm 29.8% 11.9% 34.1% nm 6.1% Profit before Tax Profit before Tax margin (%) 2.1% nm 17.2% 12.9% 12.5% nm 1.3% Net Profit (before minorities) Net Profit margin (before minorities) (%) 1.2% nm -4.9% 6.9% 9.6% nm -3.9% Net Profit (after minorities) eld
27 Segmental analysis of FY2012 Results (IFRS in ml) (Amounts in ml) Construction & Quarries Real Estate Concessions Environment Wind Farms Other Total Revenues ,232.8 EBITDA EBITDA margin (%) 5.4% -20.4% 57.1% 30.0% 65.8% nm 17.7% EBIT EBIT margin (%) 2.6% -41.2% 30.4% 22.1% 41.4% nm 9.3% Profit before Tax Profit before Tax margin (%) 1.4% -76.6% 21.0% 21.3% 14.9% nm 4.7% Net Profit (before minorities) Net Profit margin (before minorities) (%) 0.6% -94.2% 16.1% 14.5% 11.9% nm 2.6% Net Profit (after minorities) eld
28 Ellaktor s debt profile ( ml, as of )... refinancing at ELLAKTOR and AKTOR Concessions was concluded in December 2013 reducing refinancing risk Ellaktor s key debt statistics Debt maturity profile + + = - = Long-term debt: 1,409.6 Short-term debt: Total debt: 1,657.5 Non Recourse Debt Corporate related Debt = Cash & Liquid Assets (1) 1,023.1 Non recourse related Cash & Liquid Assets Corporate related Cash Corporate related Net debt : Shareholder s equity: 1,150.4 Total capital (2): 1,505.2 Capital leverage ratio: 23.6% Corporate related Net Debt (1) / Gearing ratio (2) 31,3% 31,2% 29,0% 22,8% 23,6% 563,7 596,0 12,9% 513,2 372,3 354,8 174,9 31/12/ /12/ /12/ /12/ /12/ /12/ % 50% 40% 30% 20% 10% 0% (1) Includes Cash, Restricted Cash, Time deposits over 3 months, bonds held to maturity (2) Total equity + net debt Source: Company financial statements Net Debt Gearing Ratio Notes : (1) Corporate related Net Debt = (Short and Long Term Debt excluding BOT related Debt) [Cash and Liquid Assets (i.e. Cash & Cash Equivalents, Restricted Cash, Time deposits over 3 months under receivables, bonds held to maturity) but excluding Cash and Liquid Assets of BOT related projects) (2) Gearing ratio = Corporate related Net Debt / (Equity + Corporate Related Net Debt) 9eld
29 Share price performance and shareholder structure Shareholder structure (March 2014) Retail 31,34% Treasury 2,58% Management Team 35,16% 170,00 150,00 130,00 110,00 Share price performance LTM (28/3/2013 ~ 28/3/2014) CONSTRUCTION ELLAKTOR Greek Institutional Investors 12,84% Foreign Institutional Investors 18,08% 90,00 70,00 50,00 30,00 10,00 ATHEX 30% 25% ELLAKTOR share weighting on Indices (31/3/2014) 25,33% -10,00 20% 15% 10% Reuters ticker: HELr.AT Bloomberg ticker: ELLAKTOR:GA 5% 3,40% 2,29% 0% ASE General Index Construction Index FTSE Large Cap Index 9eld
30 Contact details Anastassios Kallitsantsis Chairman of the Board of Directors Stergios Pitoskas Investor Relations Antony Hadjioannou Treasurer ELLAKTOR S.A. 25, Ermou St., GR Nea Kifissia, Greece Athens TEL.: FAX: website: 9eld
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