Group Presentation. August 2009

Transcription

1 Group Presentation August 2009

2 TABLE OF CONTENTS 1. Group overview 2. Undisputed leader in the Greek construction sector 3. Leading player in Greek concessions 4. Waste Management Services 5. Significant growth prospects in wind energy 6. Real Estate & other investments 7. Shareholder information 8. Key Investment Highlights 1

3 KEY MILESTONES IN THE ELLAKTOR GROUP HISTORY 1950 s and 1960 s Establishment of TEB, Elliniki Technodomiki and AKTOR Concession for Attiki Odos and Rion-Antirrion Bridge signed Merger of TEB, Elliniki Technodomiki and AKTOR 2000 Entry in Renewable Energy sector (ELTECH Anemos) 2002 Construction activities spun off under AKTOR Set up of REDS (Real Estate arm of the group) Acquisition of a stake in Mont Parnes Casino 2003 Entry in Waste Management sector (HELECTOR) Acquisition of a stake in Hellas Gold First construction contracts awarded in Romania and the Middle East (Kuwait) Acquisition of HERHOF by HELECTOR ENKA-AKTOR JV awarded USD $ 2 bn mandate for the Oman Blue City project Participation in 4 out of 6 concession projects awarded in Greece & commencement of Thermaiki Concession Acquisition of Pantechniki, leading to controlling stake in Attiki Odos Concession activities spun off as AKTOR Concessions Swapped a 30% stake in Hellas Gold with a 20% stake in European Goldfields 2008 Change of name from ELLINIKI TECHNODOMIKI TEB SA to ELLAKTOR SA Commencement of Moreas, Olympia Odos and Aegean Motorway concessions 2

4 ELLAKTOR GROUP: A DIVERSIFYING GROUP Construction Concessions Waste RES - Wind Real Estate Other Holdings Management 100% 100% 80% 83% 55.4% ELTECH ANEMOS 23.9% (2) 14.7% 100% (1) HELLENIC CASINO OF PARNITHA 66.7% HELLENIC ENERGY & DEVELOPMENT No 1 in Greece No 1 in Greece Leader in Greece & Cyprus Significant growth prospects Additional Significant Real Estate Portfolio Hidden values tied up 4,970 full time employees with activities in 10 countries Market Capitalization : 1,064 mln (3) Notes (1) Indirect participation via AKTOR (2) Direct and indirect participation (via AKTOR) (3) As of 27 th August

5 ELLAKTOR GROUP - KEY FIGURES (IFRS, mil ) REVENUES EBIT ,3% 27,5% ,1% ,0% ,0% 170,3% ,4% EBT 80 61, ,7% ,6 5,4% NET PROFIT -22,2% ,4% ,8-27,0% 95 8, Νon recurring profits 4

6 CONSOLIDATED INCOME STATEMENT FY2008 IFRS (, m) Change (%) Revenues , % EBITDA % EBITDA margin (%) 11.8% 16.2% EBIT % EBIT margin (%) 8.8% 11.4% Profits from Associates % Profit before Tax % Profit Before Tax margin (%) 18.1% 9.1% Adjusted (1) Profit before Tax % Net Profit before Minorities % Net Profit after Minorities % Adjusted (1) Net Profit after Minorities % Earnings per share (2) % Adjusted (1) Earnings per share (2) % Notes (1) 2007 figures adjusted for non-recurring profits from Hellas Gold transaction ( 50.7m) and sale of Attika Telecoms ( 11.1m) while 2008 figures adjusted for non recurring capital gain on sale of real estate assets ( 8.6 m) (2) Weighted average number of shares outstanding: 159,604 thousands (200)7 vs 174,460 thousands (2008 ) 5

7 Consolidated P&L (IFRS in ml) Increased revenues, operating income and net income after minorities 6 M M 2009 Change (%) Revenues , % EBITDA % EBITDA margin (%) 18.5% 15.4% EBIT % EBIT margin (%) 13.6% 10.9% Profits from Associates % Profit before Tax % Profit Before Tax margin (%) 11.8% 9.0% Revenues increased by 39.3% to 1,102.5 ml and is mainly attributed to increased revenues in construction of 41.1% (~243 ml), concessions of 29.7% (~ 38 ml) and Quarries of 87.2% (~ 11mln) Group Operating Profit (ΕΒΙΤ) increased by 11.5% to ml with an EBIT margin of 10.9% Profit before Tax increased by 5.9% to 99 ml and Net Income after Minorities increased by 16.8% to 50.8 ml Profit after Tax before Minorities % Net Profit after Minorities % Earnings per share (1) % Notes : (1) Weighted average number of shares : (1 st Half 2008) and (1 st Half 2009) 6

8 Consolidated Balance Sheet (IFRS in ml) 31/12/ /6/2009 Change (%) Long Term Assets 1, , % Cash and Cash Equivalent % Other Current Assets (1) 1, , % Total Assets 3, , % Short Term Debt % Other Short Term Liabilities , % Long Term Debt 1, , % Other Long Term Liabilities % Total Liabilities 2, , % Shareholders Equity 1, , % Shareholders Equity (excluding minorities) % Notes : (1) Receivables (under Other Current Assets) as of 31/12/2008 and 30/6/2009 include long term deposits of ml and ml respectively 7

9 Segmental analysis of 1 st Half 2009 Results (IFRS in ml) Construction Concessions Environment Wind farms Real Estate Quarries Other Total Group Revenues ,102.5 EBITDA EBITDA margin (%) 5.9% 62.9% 18.2% 58.9% % 20.2% -6.9% 15.4% Operating profit (EBIT) EBIT margin (%) 3.8% 47.3% 14.9% 39.9% % 13.6% -12.4% 10.9% Profit before Tax Profit before Tax margin (%) 3.7% 36.6% 14.1% 22.2% -96.6% 11.3% -16.4% 9.0% Net income (after tax) Net income margin (%) 2.7% 27.7% 11.0% 17.6% % 8.1% -20.7% 6.6% Net income after minorities

10 Segmental analysis of 1 st Half 2008 Results (IFRS in ml) Construction Concessions Environment Wind farms Real Estate Quarries Other Total Group Revenues EBITDA EBITDA margin (%) 7.5% 73.3% 23.3% 33.7% -70.9% -0.9% % 18.5% Operating profit (EBIT) EBIT margin (%) 5.4% 56.2% 19.5% 46.7% -77.5% -17.0% % 13.6% Profit before Tax Profit before Tax margin (%) 5.2% 47.3% 18.4% -0.3% -98.4% -23.6% % 11.8% Net income (after tax) Net income margin (%) 3.4% 35.6% 10.4% -18.0% -93.3% -26.2% % 8.0% Net income after minorities

11 CONTRIBUTION BY LINE OF BUSINESS Revenues EBIT Net Profit after tax and minorities 100% = 1,913 mn 100% = 218 mn 100% = 95 mn 1% 0% 1% 6% 2% 7% 2% 0% 2% 2% 28% 8% 0% 1% 0% 2% % 39% Construction Concessions 75% 59% 50% Environment Wind Farms 100% = 915 mn 100% = 81 mn 100% = 130 mn Real Estate Quarries 1% 8% 4% 3% 0% 9% 4% 5% 14% Other 1% % 41% 52% 22% 7% 83% 24% 7% 1% 1% 3% 10

12 CONSTRUCTION OVERVIEW AKTOR SA is the leader in the Greek construction sector 60 years in the construction business Critical size provides economies of scale Initiated latest sector consolidation Key challenges Delivering on backlog ~ 4 bn Stabilizing operating margins Establishing AKTOR S.A in international markets (~ 35% of our backlog is in the Middle East and South East Europe) Construction revenues exceeded 1.4 billion for the first time in FY2008 and ~ 837 mn in 1 st H

13 SKILLS AND VISION LEAD TO LEADERSHIP and allows us to explore other opportunities Skills and vision led to leadership allowing for further growth Project experience & know-how Road construction Bridge construction Dams Tunnels Water-treatment Ports Buildings Industrial plants Electromechanic al installations Athletic installations Gas and fuel networks Management skills Vision Strong balance sheet ELLAKTOR J&P-ΑVAX GEK TERNA ATTI-KAT MICHANIKI AEGEK VIOTER 3,0% 2,0% 6,0% 5,0% 16,0% 23,0% 0,0% 20,0% 40,0% 45,0% Revenues include all Groups activities Source Published consolidated financial statements at 31/12/2008 Strong Balance Sheet and cash flows Leading share in construction in Greece Strong international expansion 12

14 ENABLING US TO BUILD A STRONG BACKLOG... the group has been replenishing its construction backlog ( 4 bn (1) as of 30/6/2009) ensuring the segment s future prospects Backlog Analysis (30/6/2009) Backlog by Geographic Region Infrastructure projects Concessions related projects (2) Private International Total Backlog International 35% Domestic 65% Notes: (1) The backlog of 4 bn refers to signed contracts. In addition the Group has been proclaimed preferred Bidder for projects of ~ 1.2 bn that have not been signed yet (2) Excludes the Thessaloniki submerged tunnel ( 170 ml) 13

15 PROSPECTS LOOK FAVOURABLE IN THE NEAR FUTURE Prospects in the Greek market International Prospects Total Funds for investment : 25 bn The NSRF : c bn The Group is well positioned to target additional construction related budget for infrastructure works of 7.4 bn for the period Potential extensions of Egnatia highway with junctions in Albania, FYROM and Bulgaria when undertaken may increase construction pipeline, in the medium term South East Europe Significant EU fund flows to upgrade infrastructure of recently joining EU states ( ) Romania: c. 19 bn, Bulgaria : c. 7 bn Middle East Sizeable markets despite the crisis Emphasis in infrastructure 14

16 CONCESSION OVERVIEW Concession activities of the group were spun off in 2007 to AKTOR CONCESSIONS SA, a 100% subsidiary of ELLAKTOR, enhancing visibility of the segment AKTOR CONCESSIONS is the leader in concessions in Greece managing a portfolio of concession and operation companies of equity book value of ~ 300 mn valued at ~ 1 bn Holds 59.2% in ATTIKI ODOS and 22.0% in RION- ANTIRRION BRIDGE Projects enjoy expected IRR of ~ 13% Participates in four out of six second generation major concession projects in Greece Has been nominated preferred Bidder, jointly with Vinci, for the Comarnic Brasov Motorway (~ 2 bn) Participates in a number of smaller PPP projects (marinas, underground car park lots) Participates in concessions of 4,800 underground parking spaces already in operation and 3,000 spaces under construction and issue of necessary permits Planning to bid for the 1.86 bn Athens Ring Road Extensions (72 km) and the Kastelli Airport in Crete Bidding on a significant number of PPP projects in Greece Explores prospects of concession projects internationally, usually in cooperation with international partners 15

17 CONCESSIONS PORTFOLIO IN OPERATION Low risk investments with high returns Type of concession AKTOR Concessions % Total length Commencement of Operation End of Concession Total Investment IRR on Equity Average Daily Traffic 2008 Revenue 2008 Net Profit Dividend Payout starts in Operator Toll ring road in Athens (1) 59.2% 65.2 Km March 2001 September ,244 m (431 state contr., 174 equity, 639 loan) 13.1% ~ 300,000 vehicles 253 m 75 m 2011 ATTIKES DIADROMES: 47.4% Toll bridge (1) 22.0% 2.3 Km August 2004 December m (400 state contr., 65 equity, 370 loan) 13% 13,000 vehicles 51 m 9 m 2007 GEFYRA LEITOURGIA: 23.1% (1) Managed by the operators ATTIKES DIADROMES & GEFYRA LITOURGIA respectively 16

18 SUCCESSFUL IN 4 OUT OF 6 SECOND GENERATION CONCESSIONS PROJECTS AWARDED Thessaloniki Submerged Tunnel Maliakos - Kleidi with two controlling stakes and two minority stakes Rion - Antirrion G Attiki Odos Athens - Patra - Tsakona Korinthos- Tripoli-Kalamata 17

19 OVERVIEW OF CONCESSIONS AWARDED Concessions MOREAS THERMAIKI ODOS* Notes : (1) Uses of Funds during construction defined as Construction + Financing costs + SPV costs (2) Capital Employed defined as Equity + Sub Debt + Bank Loans + State Contribution AEGEAN MOTORWAY OLYMPIA ODOS AKTOR Concessions stake % 86.67% 50.0% 20.0% 18.0% Partners Intracom 13.33% Archirodon 50.0% Hochtief % Vinci 13.75% J&P - Avax 21.25% AEGEK 10.00% Total Uses of Funds (1) during construction Vinci 36.0% Hochtief 25.0% J&P - Avax 18.0% Athena 3.0% 1.1 Billion 0.5 Billion 1.2 Billion 2.9 Billion Total Capital Employed (2) 1.0 Billion 0.5 Billion 1.0 Billion 1.9 Billion Total Construction Budget 844 million 344 million 836 million 2,220 million Equity inv. (incl. sub-debt) 105 million 59 million 136 million 201 million Project Length 205 Km 7 Km 230 Km 365 Km Concession period 30 years 30 years 30 years 30 years Construction period 4.5 years 4 years 4.5 years 6 years Commencement date 03/03/ /08/ /03/ /08/2008 Operation of existing tolls Yes No Yes Yes Dividend pay out starts in IRR on Equity 13.1 % 8.1% 9.0% 17.9% * The Project has encountered major delays due to annulment lawsuits based on environmental and archeological issues that the State was not able to resolve. As a result the Lenders notified to the Concessionaire, the termination of the Designated Loan Agreements given that the total of the extensions granted to the company had exceeded 18 months, which constitutes a State Event of Default. The State reserves the right to submit a restoration plan within sixty days. 18

20 FUTURE PROSPECTS (I) Participation in Concession / PPP Selection Processes Project Budget ( mln) Status Greece Attika Ring Road Extensions 1,860 To be tendered Kastelli Airport 1,000 To be tendered Prisons in Attica, Central Macedonia, Thessaly 240 Preselected Heraclion Port Zone 70 Preferred Bidder Convention Centre - Faliro Sports Hall 55 Preselected University of Peloponnese 90 Preselected Police Directorate Building in Piraeus 75 Preferred Bidder Zakynthos Marina 16 Sole Bidder Argostoli Marina 9 Preferred Bidder Paediatric Hospital in Thessaloniki 390 EoI submitted 14 School Buildings in Attika 90 Preselected- Bid due 18/11 16 School Buildings in Central Macedonia 80 Preselected 10 School Buildings in Attika 60 EoI submitted Courts of Justice in Patras & Heraclion 120 Preselected Demokritus University of Thrace 90 EoI due 3/9 13 Police Stations 110 Preselected International Romania / Comarnic Brassov Motorway 2,000 Preferred Bidder Bulgaria / E85 Gabrovo Shipka Tunnel 250 EoI submitted Note: EoI stands for Expression of Interest 19

21 FUTURE PROSPECTS (II) Greek Market Greek market remains the company s main focus At least two concession projects expected to be awarded in the immediate future (extension of Attika Ring Road, Kastelli airport) A flow of relatively small PPP projects (based on PPP law 3389/2005) commenced in 2008 with approved budgets of c. 4 billion 50% construction related 50% facilities management majority of PPP projects have small budgets (compared to BOT projects) various tendering authorities International Markets Monitors international markets, selective participation in Concession / PPP type tender processes Targets projects in countries where the Group is already present Option to join forces with international players on a case by case basis Has been proclaimed, jointly with Vinci, Preferred Bidder for the Comarnic Brassov Motorway (~2,4 bn) The company is selectively pursuing opportunities in other infrastructure sectors 20

22 OVERVIEW OF WASTE MANAGEMENT SERVICES Extensive know how & experience in landfill biogas fired power plants 23.5 MW power plant in Athens 5 MW power plant in Thessaloniki Under development additional ~ 14 MW landfill biogas power plant in Athens In licensing stage for two biomass fired power plants of total installed capacity of ~ 60 MW Market leader in Greece & Cyprus in waste management and waste to energy applications Extensive know how in designing, developing, operating & maintaining: landfills, Mechanical Biological Treatment plants, incinerators and recycling plants German subsidiaries own worldwide known patented technologies Expanding its regional footprint by establishing a subsidiary in Bulgaria 21

23 EXTENSIVE EXPERIENCE & KNOW HOW ACROSS THE ENTIRE WASTE MANAGEMENT VALUE CHAIN Landfills / Disposal Recycling plants Mechanical Biological Treatment plants Waste to Energy plants Ano Liossia, Attica (2,0m t/y ) Fyli, Attica (2,5m t/y) Tagarades, Salonica (720k t/y) Mavrorachi, Salonica (540k t/y ) Livadia (50k t/y) Thiva (70k t/y) Limnos (40k t/y) Paphos, Cyprus (70k t/y) Larnaka (50k t/y) Fyli (W. Attica) plant - total capacity 100,000 tones p.a. Koropi (E. Attica) plant under construction - total capacity of 75,000 tones p.a Osnabrueck (concession 90k t/y) Berlin (construction 180k t/y) Trier (construction 180k t/y) Larnaka (concession 176k t/y) Under construction BEAL (Ano Liossia, Attica) landfill biogas fired plant total capacity 23.5MW (largest in Europe) Tagarades (Thessaloniki) landfill biogas fired plant total capacity 5MW Apotefrotiras (Hospital Waste Incinerator) total capacity of 12,000 tones p.a

24 Netherlands Germany GREECE LAGS BEHIND IN MANAGING WASTE in an environmentally friendly way, according to EU Directives EU Municipal Waste Treatment, 2007 (% of total waste) % of BMW (1) landfilled in 2007 compared to % 200.0% 90% 80% 70% 60% 50% 175.0% 150.0% 125.0% 100.0% 40% 75.0% 30% 50.0% 20% 25.0% 10% 0% 0.0% Source: Eurostat News release, 9 th March 2009 Source: Eurostat 2009 Notes: (1) Biodegradable Municipal Waste 23 Sweden Belgium Greece Belgium Czech Rep Denmark Germany Estonia Ireland Spain France Italy Cyprus Latvia Lithuania Luxemburg Hungary Malta Netherlands Austria Poland Portugal Romania Slovakia Finland Sweden UK Malta Slovakia Latvia Portugal Romania Spain Ireland Cyprus Greece Finland Hungary Lithuania France Bulgaria Poland Luxembourg Czech Republic Italy UK Slovenia Estonia Denmark Austria Landfilled Incinerated Recycled Composted

25 RENEWABLES OVERVIEW ELLAKTOR group entered the renewable energy sector in 2000 through its subsidiary ELTECH ANEMOS Favorable regulatory framework new RES planning law will simplify licensing process Currently operates 5 wind farms and 1 photovoltaic plant of total installed capacity 80 MW 66 MW are currently under construction. 6.3 MW will become operational in September 2009, while the remaining 60 MW will become operational in 2010 A further two wind farms of total capacity of 40 MW have received installation licenses and will begin construction in 4Q2009 Execution model Design, development and supervision in-house maintenance and daily operations outsourced Greece will continue to be our base market. Targets: capture up to 20% of domestic market share within the next three years become one of the two largest domestic RES producers Explore attractiveness of foreign markets Tracking of technological advances in RES is key core focus remains on wind, including offshore wind parks open to other RES technologies (as illustrated by our 2 MW Photovoltaic plant, the first of its kind in Greece) Excellent relations with Wind Turbine suppliers 24

26 The Greek RES market has a favourable framework and high expected growth. and wind is the main driver for Greece to reach its RES targets; thereby constituting an attractive investment Favourable Regulatory Framework RES must cover 20% of total energy consumption by 2020 Guaranteed contracts (PPAs) for 20 years with HTSO or PPC New RES land planning framework now in force High growth prospects Greek wind development till 2020 (MWs) 9,000 8,000 7,000 6,000 5,000 4,000 CAGR % 8,000 Investment subsidies 20% to 40% (L.3299/04) 3,000 2,000 1,000 1,015 Attractive tariffs with stable and predictable escalation clauses YE 2020YE ~8,000MW under the assumption that all RES sources reach supposed target Source: 4 th report by Ministry of Development, Lalas presentation 25

27 RES ASSETS OVERVIEW & KEY ECONOMICS Total pipeline in Greece stands at ~2,100 MW Wind Project Key Economics CAPEX / MW Equity / MW (25% CAPEX) Subsidy / MW Annual revenue / MW wind Wind parks EBITDA margin Wind parks EBIT margin 1.30 m 0.32 m m % 55% Pre/Final Environmental Conditions Applications Applications Production licenses (Pre/Final Env.Terms) Production licence & Environment conditions Installation licenses Installation licence Under construction Under construction Operating Operating Operating Under construction Installation license Production license & Environmental Conditions Applications months 6 12 months months months 26

28 REAL ESTATE HIGHLIGHTS Synergies of construction with Real Estate prompted Group s involvement in real estate sector REDS S.A. is the real estate arm of ELLAKTOR Group Listed on ASE Market cap: 88 m (at 27/6/2009) ELLAKTOR controls 55.40% Primary focus of REDS is in Greece : Emphasis on retail / mall complexes Development of residential complexes around Athens Selective office development Concessions REDS enjoys a strong Property portfolio (~ 105 mln) ELLAKTOR Group also holds significant real estate assets in its own right (~ 136 mln) ELLAKTOR Group assets are reported at acquisition values (historic cost) 27

29 REDS REAL ESTATE ASSETS ASSET Description Stake Area m 2 Value ( mln) on completion Status Greece Acadimia Platonos Offices 100% 19,000 GBA 50 Building Permit (Archeological Excavations) Yialou Retail Park Retail Park 100% 91,000 (Land Surface) 103 Building Permit in progress Pre-sale to Henderson subject to completion Kantza Retail - Mall 100% (Land Surface) 60 (land used with permission) Planning permission in progress Athens Metropolitan Expo Exhibition Center 11.7% 50,000 GBA 3,5 (DCF) Development and operation of the new exhibition & congress center at Athens International Airport. Completed and operating from 01/2009 Piraeus Metropolitan Center Exhibition / Conference and Cruise Center 19.5% 60,000 GBA N/A Development and operation of the new Exhibition Center with complimentary commercial uses in the area of Piraeus Port Zone. Design in progress Elefsina Centre Regional Mall 100% 15,000 GBA 22 Land Pre-purchase agreement Ampelia Residential 100% 3,100 GBA 10 Completed. 72% sold Villa Camba Residential 100% 2,300 GBA 7 Design in Progress International Splaiul Unirii (Romania) Residential / Office 100% 32,000 GBA 60 Planning Permission in progress Baneasa Lake (Romania) Residential 100% 10, Building Permit (1 st phase of construction in progress) 28

30 OTHER INVESTMENTS Athens Mont Parnes Casino Hellas Gold / European Goldfields HE&D (Thermal Plants) 14.7% stake in Hellenic Casino Parnitha Interested to increase JV stake to 51% in the short term to maximize shareholder value potential financial investment over the long term License until 2015 Revamping of facilities is underway tables will increase to 110 slot machines to 1, Key financials: Revenues: 193 mln Profit after tax : 36 mln 19.9% stake in European Goldfields (1) that controls 95% in Hellas Gold 5% direct stake in Hellas Gold that operates the Kassandra mines in Chalkidiki Stratoni, total reserves 14.5 Moz silver, 0.2 Mt lead and 0.3 Mt zinc (in operation) Skouries, total resources 5.0 Moz gold and 1.04 Mt copper (under development) Olympias, total resources 4.3 Moz gold, 60 Moz silver, 0.6 Mt lead and 0.8 Mt zinc (under development) European Goldfields 1 st H 2009 key financials: Revenues : 20.2 mln Profit after tax : (1.35) mln Development of large scale thermal power plants through HE&D (92.5% owned) Greek market is very short on power, and the reserve margins will not improve significantly in the short to medium-term HE&D will own 22,5% of the GENCO set up together with the HELPE/Edison Joint Venture (75%) and Halcor (2,5%) GENCO aims to maintain its position as the 2 nd largest electricity producer in Greece: 1 gas-fired 390MW CCGT in operation in Thessaloniki (T-Power) 1 gas-fired 420MW CCGT under construction in Thisvi (started July 08) Additional thermal power plants under development Notes : (1) More information can be found on 29

31 SHARE PRICE PERFORMANCE & SHAREHOLDER STRUCTURE Shareholder structure (as of 27/8/2009) Share price performance during last 12 months (at 27/8/2009) Retail 15,7% Treasury Stock 2,6% Management Team 38,1% Greek Institutional Investors 12% Foreign Institutional Investors 31,6% Note: The Group retains 2.6% of own shares ELLAKTOR share weighting on Indices 30% 20% 10% 0% 1,45% ASE General Index 25,57% ASE Construction Index 1,49% FTSE-20 Index Reuters ticker: HELr.AT Bloomberg ticker: ELLAKTOR GA 30

32 KEY INVESTMENT HIGHLIGHTS Strong track record, delivering operating performance and creating value for its shareholders A well-balanced diversified portfolio of mature and growth promising assets and activities Leading position in domestic construction mainly for the public sector backlog around 4 bn, will ensure ELLAKTOR will remain leader in its home market stabilization of operating margins Concessions will secure strong dividend streams in the medium-to-long-term Significant growth potential from: Waste management activities that lag significantly in Greece RES primarily in Greece and selectively in SE European markets Strong balance sheet with a healthy capital structure Strong banking relationships 31