Company presentation. October 2016

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Transcription:

Company presentation October 2016

Disclaimer This presentation contains forward-looking statements. The words "believe", "expect", "anticipate", "intend", "plan, target, aim, will, may, would, could and similar expressions identify forward-looking statements. All statements other than statements of historical facts included in this presentation including, without limitation, those regarding the Group s financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives related to the Group s products), are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Group s actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Group s present and future business strategies and the environment in which the Group will operate in the future. Furthermore, certain forward-looking statements are based on assumptions or future events which may not prove to be accurate. The forward-looking statements in this presentation speak only as of the date of this presentation. This presentation contains market share data based on internal management as no reliable market share data is currently available from third party sources. Public information varies on definitions of segmentation and the Group may define certain product segments differently than its competitors, which may result in a different interpretation of the same information by different market participants. If a third party were to evaluate the relevant market share data in any jurisdiction in which the Group operates it may result in a different conclusion to those presented by management herein. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. The information in this presentation has not been independently verified. Information other than indicative terms (including market data and statistical information) has been obtained from various sources. All projections, valuations and statistical analyses are provided to assist the recipient in the evaluation of matters described herein. They may be based on subjective assessments and assumptions and may use one among alternative methodologies that produce different results and to the extent they are based on historical information, they should not be relied upon as an accurate prediction of future performance and the Group expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Group s expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. Neither the Group, nor any of its agents, employees or advisors intends or has any duty or obligation to supplement, amend, update or revise any of the forward-looking statements contained in this presentation. None of the Group or any of its affiliates or representatives, their respective advisers, connected persons or any other person accepts any liability whatsoever for any loss howsoever arising, directly or indirectly, from this presentation or its contents. The information contained herein is subject to change without notice. 1

Company overview ELLINIKI TECHNODOMIKI ANEMOS ( ANEMOS ) is one of the leading electricity generators from Renewable Energy Sources ( RES ) sector in Greece with a strong focus on wind energy RES in operation & pipeline projects by geography FY15 revenue: 97% wind, 2% hydro, 1% photovoltaic (MW) 4.6 yrs weighted average wind turbine fleet age, 21.6 yrs remaining PPA duration 40.0 39.1 109.2 Market Capitalisation of EUR63m (1) 30.0 One of the largest RES energy producers in Greece in terms of installed capacity 100.0 5.0 144.0 9.0 Total RES installed capacity of 208MW and 57MW under construction with a target to reach 436MW by 2019 15.0 Member of the ELLAKTOR Group 45.8 8.7 Wind (Operating) 34.0 Wind (Under Construction) RES (Pipeline) 2.0 99.2 56.7 76.0 130.0 33.7 1.2 62.9 EURm 45 40 35 30 25 20 15 10 5 31.7 20,6 31.7 22,1 36.9 36.9 31.6 20,9 31.6 28,1 40.1 40.1 100% 90% 80% 70% 60% Small-hydro (operating) Solar PV (operating) 6.3 0 2012 2013 2014 2015 EBITDA (lha) Revenue (lha) Margin (rha) 50% Source: ANEMOS Management Notes: (1) As of 11 October 2016 2

ANEMOS history Operating capacity increases to 55MW through organic growth, acquisition of licenses & installation of several wind farms. Following a series of share capital increases, the pre-ipo (2014) shareholding structure is formulated Operating capacity grows further to 171MW, including the first and only small hydroelectric power plant (5ΜW) 2011 to 2013 Operating capacity reaches 208MW following commissioning of two new wind farms (37MW) 2014 2015 Future 2010 Wind projects in early development are added to its portfolio 2002 2003 2004 to 2009 Operating capacity reaches 87MW with the construction of additional wind farm. ANEMOS first and only PV park of 2ΜW capacity is granted its operation license Listing of the Company on the Athens Stock Exchange (IPO) Construction of a further 57MW of wind farms is under way giving ANEMOS substantial scale 2001 First 9MW wind parks are commissioned on Lesvos island ANEMOS founding shareholders enter the RES market Source: ANEMOS Management 3

Development of ANEMOS installed capacity Capacity Factor 28.2% 27.8% 25.0% 27.4% 26.6% 22.9% 26.6% 26.1% EBITDA/MW ( k) EBITDA ( m) 400 35 143 159 142 148 136 122 148 144 436 Installed Capacity (MW) 400 35 350 30 350 30 300 25 300 25 250 250 20 20 200 200 15 150 15 150 10 100 10 100 5 50 550 0 0 2009 2011 2013 2015 LTM Jun-2016 Installed Capacity MW EBITDA m 2019 00 Source: ANEMOS Management 4

Visible, deliverable and high quality pipeline The current pipeline is extremely strong and is underpinned by projects which are either under construction or in advanced stage of licensing Planned capacity growth MW 500 436 400 334 300 250 200 208 172 187 100 57 102 0 2016 2017 2018 2019 Operating U/C Mature for construction The business plan is based on increasing installed capacity to 436MW by 2019 reaching a steady state The increase of installed capacity in 2017 is underpinned by sites already under construction, due for completion early 2017 The pipeline for the capacity increase between 2017 and 2019 is in final licensing stage 5

Antissa Terpandros Tetrapolis Agia Dynati Ktenias Mali Madi Magoula Kazakou Vromosykia Asprovouni Lambousa Papoura Karpastoni Lekana Smixiotiko Attractive asset base Setup Operations (1) Track Record Construction Typically 18-24 months to build blue-chip providers To ask for better quality Capacity Factors (%) 40% 30% 20% 10% 0% 2013 2014 2015 Land is either owned or leased from the Government for the duration of Production License validity (25 years) Extendable for another 25 years 21.6 years remaining duration of PPA Agreements between ANEMOS and LAGIE/DEDDIE for operating projects 247MW under existing FiT regime and 189MW new generation projects planned under revised sfip Average operating wind turbine age of 4.5 years Annual weighted average 26.6% 22.9% 26.6% Capacity Factors - ANEMOS vs. Greece 30% 28% 26% 24% 22% 20% Source: LAGIE data 2009 2010 2011 2012 2013 2014 2015 Annual weighted average - Anemos Annual weighted average - Greece Stable historical power generation Capacity factors typically higher than the Greek market average (2009-15) Very high average availability 98.8% (2009-15) Notes: (1) Numbers as of 2015YE 6

ANEMOS investment program ANEMOS is seeking to raise additional funding for the new generation (2017-18) investment program Key strengths of the program Investment Pro forma structure Certainty over PPA agreements 194m in total Capex LTM 30-Jun-2016 2019E Established and reliable partners 171.8MW additional capacity by end of 2018 MW Under Operation 206.2 436 Consistent, high-level capacity factors demonstrating solid site selection Capacity (MW) Operational Date Gross Debt ( m) 133.6 280 (1) Net Debt ( m) 117.1 Strong track record of on-time and on-budget delivery Long term O&M contracts with turbine manufacturers guaranteeing availability (97%) at applicable tariff reimbursement, securing revenues Project 1 2.3 2017 Project 2 18.9 2018 Project 3 6.4 2018 Project 4 32.0 2018 Project 5 9.9 2018 EBITDA ( m) 29.6 EBITDA/MW ( k) 143.6 Net Debt/EBITDA (x) 4.0 Project 6 102.3 2019 Total 171.8 (1) Assuming full development pipeline 7

Key credit highlights 1 Track record of increasing installed capacity 2 Megatrends support forecast market growth 3 Attractive regulatory framework 4 Robust financial performance 5 Experienced management team and highly qualified workforce 8

1. Track record of increasing installed capacity Our expertise in site identification and construction has allowed us to methodically increase installed capacity over recent years Revenue/MW ( k) 221 232 217 227 227 185 212 209 EBITDA/MW ( k) 143 159 142 148 137 122 148 144 EBITDA Margin 64.4% 68.5% 65.4% 65.1% 60.0% 66.1% 70.0% 68.7% Capacity Factor 28.2% 27.8% 25.0% 27.4% 26.6% 22.9% 26.6% 26.1% Availability 97.7% 99.3% 99.6% 98.5% 98.7% 99.1% 98.9% 99.0% MW 500 450 400 350 300 2013 Reduction in RES tariffs and one-off rebate of 10% in 2013 revenues in order to fund RES account deficit 2014 Poor wind conditions (Greek market capacity factor of 22%) 436 250 200 150 100 50 54,8 87,3 118.0 149,7 170,8 170,8 207,6 206,2 0 2009 2010 2011 2012 2013 2014 2015 LTM Jun-2016 2018 Target 9

1. Track record of increasing installed capacity Our wealth of experience has allowed us to be consistent in our construction costs and construction duration of c. 18-24 months Historical construction cost per site Average fixed assets acquisition cost of c. 1.4 m/mw, constantly decreasing to c. 1.2 m/mw in latest windfarms, in line with market average levels. Additional investments in substations & electrical grid infrastructure, available for either future ANEMOS projects to connect (at no extra cost) or third parties to connect, reimbursing ANEMOS for capex already incurred: 1) 300 MW available in 150 kv overhead transmission line in Thrace 2) 117 MW capacity available in existing 150/20 kv substations, of which 38 MW already allocated to future ANEMOS windfarms and the rest remain available 3) 150 MW substation extensions capacity at reduced cost Historical construction duration per site Consistently achieved construction within 18-24 months (market average) Wind turbine manufacturers require 9-12 months for delivery, irrespectively of project scale For large projects, where substantial works are required (i.e. access roads, substations and/or electrical connection lines), there is a slight increase in execution time Some projects benefit from existing infrastructure, thus decreasing construction period. Such is the case for some pipeline projects: Gropes, Tetrapolis, Agia Dynati, Eptadendros 10

Austria Sweden Portugal Latvia Denmark Croatia Romania Spain Slovenia Italy Finland Germany Slovakia Ireland Greece Bulgaria France UK Estonia Czech Rep. Lithuania Belgium Poland Netherlands Cyprus Hungary Luxembourg Malta 2. Mega trends support forecast market growth The significant shortfall against the target wind generation in Greece form the backbone of the business case for increasing installed capacity Total Greek wind capacity Share of renewable energy vs. target in EU MW 7,500 % share 80 2014 2020 target 70 Significant capacity for wind generation growth as market is still far from achieving the 2020 target 850 997 1,155 1,323 1,637 1,751 1,866 1,979 2,151 2007 2008 2009 2010 2011 2012 2013 2014 2015 2020 Target Source: Hellenic Wind Energy Association (HWEA) 60 50 40 30 20 10 0 Source: Eurostat, 28 July 16 18% 20-20-20 and future frameworks European policy makers introduced goals in the energy sector for 2020 based on security supply, competitive markets and sustainability: 20% reduction of CO 2 emissions compared to 1990 levels 20% of the energy, on the basis of consumption, coming from renewables; and a 20% increase in energy efficiency 11

Strike Price (98 /MWh) + extra premium (2-3 /MWh) to cover RES producer s forecasting / balancing obligations 3. Evolution of Greek RES market regulatory framework Power Purchase Agreements (PPA) 20-year PPAs (guaranteed offtake by LAGIE) 20-year PPAs (guaranteed off-take by LAGIE) + 7 years for RES in operation (2) Window to secure strike price for 189MW 20year PPAs (guaranteed off-take by LAGIE) 20-year PPAs (guaranteed off-take by LAGIE) Tariffs & LAGIE (Market Operator) Special RES Account Feed in Tariff (FiT) for Wind: 86-120 /MWh (depending on location (connected / islands) and availability of CAPEX subsidy) FiT reduced by 5% for Wind (to 82-110 /MWh) 30-40% for PV One-off Rebate on 2013 RES revenues 10% on Wind c.40% on PV Feed in Premium that will cover the delta between SMP and Strike Price Tariffs based on competitive bids organized by RAE 1) Tariff reductions in order to decrease LAGIE s RES Account deficit attributed to unsustainable PV tariffs reaching c.500 /MWh pre-2014. 2) One off rebate of 10% of 2013 revenues System Marginal Price (SMP) c. 52 /MWh (3) Until Dec 2013 Law 4254 - RES Restructuring April 2014 1/1/2016 Window fοr PPAs signed by 1/1/2017 (1) Post 1/1/2017 LAGIE s RES Account enhanced: By additional inflows, namely: difference between (SMP with RES contribution) and (SMP w/o RES contribution), estimated at 300 m /annum, in order to eliminate deficit by 31.12.17 RES special levy (ETMEAR) charged to all consumers (mean 2016: 18.13/MWh) retained, adjusting the balance of the Account. (1) Date is to be confirmed based on new legislation to be passed (2) Offset for the FiT cut and the one-off revenue rebate (2013) (3) 2015 average 12

3. Attractive regulatory framework Electricity Consumer Tariff ( /MWh) ANEMOS revenue ( /MWh) 2015 Wind tariffs supported by consumer tariffs in Greece Taxes and Levies Networks Generation and supply 194 63 30 101 91 The portion of energy and supply of the electricity tariff payable by an average household consumer in Greece is 101/MWh (1) vs. 91/MWh revenue achieved by ANEMOS ANEMOS 2015 Revenue/MWh comprises both costs and return on capital: i) operating costs, ii) interest expenses, iii) depreciation, iv) taxes, v) capex Electricity Market ( /MWh) Average SMP 2015 (producers bidding in the market to at least cover their variable cost) ANEMOS ( /MWh) 52 55 Total cost excl. depreciation Currently applicable FiT and FiP Strike prices are in line with tariffs paid by consumers RES Special Levy (+ 18/MWh) + Average SMP 2015 70 75 Total cost Generation and supply 101 91 Revenues Notes: (1) Eurostat, updated 27.09.16 13

4. Robust financial performance Revenue EBITDA & EBITDA margin (%) m m 45 40 35 30 25 20 15 10 5 0 31,7 36,9 31,6 40,1 2012 2013 2014 2015 Revenue Net Debt/EBITDA 30 25 20 15 10 5 0 20,6 22,1 20,9 28,1 2012 2013 2014 2015 EBITDA Margin Free Cash Flows 80% 70% 60% 50% 8x 7,0x 7,2x 6,8x 7x 6,3x 6x 5,1x 5,0x 5x 4,4x 4x 3x 2x 1x 0x 2009 2010 2011 2012 2013 2014 2015 000s 2013 2014 2015 EBITDA 22,142 20,901 28,070 +/- Change in WC (2,137) 2,312 795 - Tax (1,083) (352) (90) CF before Growth CapEx and Interest 18,922 22,861 28,775 - Growth CapEx (14,764) (38,151) (34,045) - Interest (7,557) (7,506) (6,482) Free Cash Flow (3,399) (22,796) (11,752) 14

5. An experienced management team delivering on a focused strategy Anastasios Kallitsantsis CHAIRMAN & CEO Theodoros Sietis COO Panagiotis Mentzelopoulos STRATEGY & INVESTMENTS Apostolos Frangoulis ENGINEERING & PROCUREMENT Panagiotis Govatsos DEVELOPMENT Gerasimos Georgoulis CFO Main shareholder (one of the founders), President of ELLAKTOR S.A. (former ELLINIKI TECHNODOMIKI TEV S.A.) since 2006 and an active member of the construction industry in Greece since 1976 Studied Civil Engineering at the National Technical University of Athens Executive Director and General Manager of the Company since 2001 CEO in ENERCOM S.A. previously A graduate of the Faculty of Mechanical Engineering of Vienna University of Technology (TUV) Strategy and Investment Director since 2011 Degree in Aerospace Engineering from the University of Southern California and a postgraduate degree (MSc) from MIT Technical Director since 2001 Studied Physics at the University of Athens and holds an MSc and PhD in Mechanical Engineering from WSU in Michigan Responsible for development and licensing of renewables for the company since 2001 PhD degree in Mechanical Engineering from the National Technical University of Athens Chief Financial Officer since 2002 A graduate of the Technological Educational Institute of Athens and of the ASOEE 15

5. An experienced management team delivering on a focused strategy Market Segment Base is and will continue to be Greece Focus on WIND, no photovoltaic parks planned Track market strategic developments Business Model Continue to develop high quality pipeline with capacity factors in line with historic values and above market average Maintain implementation model based on in-house development and outsourcing of maintenance and daily operations under close supervision by the company Leverage on scalable operational model. Net debt/ebitda target not exceeding c.3.5-4x under steady state conditions post 2019 (436MW) Funding Capitalise on available funding sources with minimum reliance on subsidies of any kind Maintain strong banking relationships and seek to expand debt availability Seek to improve existing debt terms and conditions Rapid deleveraging following completion of the 230MW ongoing investment plan. Target to negative net debt (i.e. cash exceeding outstanding debt) within 5 years from completion 16

Key Risks and Mitigants PPAs on 81% of new projects to be signed before year end, giving certainty over offtake regime Licenses and approvals received ahead of construction (subject to final operating license received on completion) Regulatory Despite the political and economic crisis of the last 6 years, changes to wind power regulation has been relatively benign: -10% one-off rebate in 2013 revenues and c. -5% decrease in FiTs, in exchange for a 7-year extension of operating license and PPAs Hellenic Republic s electricity production from renewable sources significantly behind 2020 EU targets; state continuing to encourage further renewable production Measures taken under EU supervision to eliminate LAGIE s RES Account deficit by 31.12.17 Development Wind potential measured over extended period and to the highest technical standards (ISO 17025 certified) Land secured from public and private ownership, with Permits & leases for the duration of Production License (25 years), with capability to extend for another 25 years Secure support from local communities by providing financial support (small projects of local interest, subsidy of electricity bills and levy to Local Government) Construction Blue-chip turbine manufacturers selected, providing most appropriate turbine model for local conditions Turnkey contracts with turbine manufacturers, providing power curve and defect guarantees Penalty clauses tied to production losses in the event of delays in implementation All-risk insurance policies in place Operational Long-term contracts with turbine manufacturers and guaranteed high availability (97%) with compensation at applicable tariff Insurance policies in place to cover key operating risks 17

APPENDIX 18

Wind regulatory framework Greece has put in place support measures for wind power generation since 1994, utilising a Feed-in-Tariff (FiT) scheme As of 01.01.16 onwards, the FiT system for wind power producers exceeding 3MW capacity was replaced by a sfip scheme (Law 4414/16) Period Remuneration framework RES deficit Pre 01.01.16 20-year PPAs with guaranteed off-take by the Market Operator (LAGIE) Wind energy FiTs ranging between 82 110 /MWh, depending on cash grants received & system interconnection (mainland/ islands) RES tariff reductions in order to decrease LAGIE s RES Account deficit (mainly for PV and only c. 5% for wind power) plus -10% one-off rebate on 2013 revenues RES Account deficit attributed to unsustainable PV tariffs reaching as high as 500 /MWh when wind power tariffs were roughly less than 100 /MWh PPA extended by 7 years to counterbalance tariff cuts Post 01.01.16 Post 01.01.17 20-year PPAs with guaranteed off-take by Market Operator (LAGIE) Wind energy tariffs for PPAs signed under the new regime and until 01.01.17 remain very attractive (strike price: 98 /MWh) Power forecasts in day ahead market required for RES producers Remuneration comprises: i. Market part: based on SMP (System Marginal Price) ii. Sliding premium part: covering the difference between SMP and fixed strike price (i.e. 98 /ΜWh for wind power PPAs signed pre 01.01.17) 20-year PPAs RES plants will participate in the Market through the day ahead market, submitting zero tariff bids, thus ensuring priority in dispatch, i.e. guaranteed off-take and have balancing responsibilities by making power forecasts until EU target model is fully functional sfip scheme retained, but tariffs are set on a competitive basis (auctions organized RAE) LAGIE s RES Account enhanced by additional inflows, namely: Difference between (SMP with RES contribution) and (SMP w/o RES contribution), estimated at 300m/annum, in order to eliminate deficit by 31.12.17 RES special levy (ETMEAR): LAGIE s RES Account balanced by retaining and adjusting the levy charged to all consumers (mean 2016: 18,13/MWh) All mechanisms supervised by independent Energy Regulatory Authority (RAE) 19

Consolidated income statement FYE 31.12 2013 2014 2015 H1 2016 % change % change ( thousands) IFRS IFRS IFRS IFRS ('13-'14) ('14-'15) Revenue 36,892 31,630 40,058 22,137 (14%) 27% Gross Profit 18,254 14,309 21,528 11,995 (22%) 50% EBITDA 22,142 20,901 28,070 15,998 (6%) (100%) % Margin 60.0% 66.1% 70.1% 72.3% - - EBIT 12,428 13,410 19,472 11,169 8% 45% % Margin 33.7% 42.4% 48.6% 50.5% - - Profit before Tax 3,673 6,513 12,055 7,986 77% 85% % Margin 10.0% 20.6% 30.1% 36.1% - - Net Income 2,671 4,567 7,345 5,718 71% 61% % Margin 7.2% 14.4% 18.3% 25.8% - - Source: Consolidated Financial Statements Note: Any differences in sums or % changes are due to rounding 20

Consolidated balance sheet FYE 31.12 2013 2014 2015 H1 2016 % change % change ( thousands) IFRS IFRS IFRS IFRS ('13-'14) ('14-'15) Fixed assets 215,160 243,802 267,513 267,542 13% 10% Intangible assets 17,740 16,076 15,153 14,941 (9%) (6%) Investment in affiliates 5,572 5,550 - - 0% Other non-current assets 4,853 5,525 7,727 6,681 14% 40% Non-current assets 243,325 270,954 290,394 289,164 11% 7% Cash & cash equivalents 2,702 22,573 5,088 4,576 735% (77%) Restricted cash 22,281 18,846 5,225 8,406 (15%) (72%) Pre payments for long term leasing 90 63 63 70 (30%) 0% Trade & other receivables 19,363 18,038 23,341 25,526 (7%) 29% Financial assets available for sale - - 4,467 3,458 Current assets 44,437 59,520 38,185 42,035 34% (36%) TOTAL ASSETS 287,762 330,475 328,579 331,200 12% 5% Total shareholders' equity 77,442 115,031 122,378 127,998 49% 6% Non-current bank liabilities 110,926 116,220 113,314 109,773 5% (3%) Grants 58,142 53,897 52,095 51,195 (7%) (3%) Other non-current liabilities 6,101 8,001 10,676 12,971 31% 33% Non-current liabilities 175,169 178,117 176,087 173,938 2% (1%) Current bank liabilities 26,651 29,483 24,690 23,803 11% (16%) Payables 8,189 7,843 5,380 5,423 (4%) (31%) Other current liabilities 311-44 37 Current liabilities 35,151 37,626 30,114 29,264 7% (20%) TOTAL LIABILITIES & SHAREHOLDERS' EQUITY 287,762 330,475 328,579 331,200 15% (1%) Source: Consolidated Financial Statements Note: Any differences in sums or % changes are due to rounding 21

Consolidated cash flow statement FYE 31.12 2013 2014 2015 H1 2016 % change % change ( thousands) IFRS IFRS IFRS IFRS ('13-'14) ('14-'15) Cash Flow from Operations Profit Before Tax 3,673 6,513 12,055 7,986 77% 85% Adjustments for: Depreciation 9,714 7,491 8,598 4,828 (23%) 15% Provisions 258 (17) 48 39 (107%) (382%) Bad Debts 3,250 226 1,573 700 Profit / Loss from investments (150) (1,012) (461) (101) 575% (54%) Interest Payable 8,838 7,735 7,843 3,249 (12%) 1% Changes in Working Capital: Decrease / (Increase) of receivables (2,325) 2,658 (3,215) (1,510) (214%) (221%) (Decrease) / Increase of payables (non-debt) 188 (346) (4,010) (186) (284%) (99%) Less: Interest Paid (7,557) (7,506) (6,482) (2,856) (1%) (14%) Taxes Paid (1,083) (352) (90) (17) (67%) (74%) Total Cash Flow from Operations (a) 14,806 15,391 15,859 12,131 4% 3% Cash Flow from Investments (Acquisition) / Sale of subsidiaries / affiliates and other investments - (21) - - Acquisition of Tangible and intangible fixed assets (14,764) (38,130) (34,045) (5,541) 158% (11%) Proceeds from sale of Tangible and intangible fixed assets - - - Interest income received 106 786 409 70 642% (48%) Loans (to) / from affiliates (50) - - - Restricted Cash (7,985) 4,215 14,597-153% 246% Other cash flows from investing activities - - (4,552) 998 Total Cash Flow from Investments (b) (22,694) (33,151) (23,591) (4,473) 46% (29%) Cash Flow from Financing Proceeds from share capital increase - 35,133 - - New Loan drawdown 2,552 23,083 49,378 5,483 805% 114% Loan Repayment (12,650) (14,740) (57,645) (10,265) 17% 291% Finance Lease payments (90) (378) (403) (208) 320% 7% Dividend paid to minorities - (90) (24) - (73%) Dividend Tax paid - (10) (3) - (70%) Share Capital increase expenses paid (1) (2,604) (1) - (100%) Cash Grants 19,463 (1,918) - - (110%) Participation of 3rd parties in share capital increase of subsidiaries - 22 - Restricted Cash (780) (977) (3,180) 25% Other cash flows from financing activities - (89) (78) - (12%) Total Cash Flow from Financing ( c ) 9,274 37,631 (9,753) (8,171) 306% (126%) Net Increase / (decrease) in cash and cash equivalents ( a ) + ( b ) + ( c ) 1,387 19,871 (17,485) (512) (1333%) (188%) Starting Cash Balance 1,316 2,702 22,573 5,088 105% 735% Year End Cash Balance 2,703 22,573 5,088 4,576 735% (77%) Source: Consolidated Financial Statements Note: Any differences in sums or % changes are due to rounding 22

ELLAKTOR Group ELLAKTOR S.A. is a leading construction, concession and environment business headquartered in Greece and more than 60 years of experience and know-how in complex infrastructure and building projects Activities in more than 20 countries Business headquartered in Athens and listed on the Athens Stock Exchange with a market capitalisation of 228m (1) FY15 Revenue of 1,533m and Reported EBITDA of 155m and Adjusted EBITDA of 220m Construction backlog as of 30 June 2016 of 2.8bn with a further c. 282m of contracts pending signature Owns 64.5% of ANEMOS Revenue split by geography, FY2015 Backlog split by geography, FY2015 Revenue and EBITDA split FY2014 Revenue and EBITDA split FY2015 23% 12% 8% 3% 8% 3% 20% 57% 40% 48% 13% 12% 79% Outer circle: Revenue Inner circle: EBITDA 13% 15% 84% 76% 76% Greece Middle East Other Construction Concessions Environment Other Business Unit (2015 metrics) Construction Revenue: EUR1,161m EBITDA: -EUR0.9m EBITDA (%): -0.1% Backlog (2) : EUR2.8bn Concessions Revenue: EUR206m EBITDA: EUR130m EBITDA (%): 63% Environment Revenue: EUR118m EBITDA: EUR23m EBITDA (%): 19% Backlog (2) : EUR71m Activity Infrastructure, public, private and PPP projects Business, commercial and industrial buildings Design, construction, maintenance, operation Environmental construction Environment services Waste to energy conversion Notes: (1) As of 11 October 2016 (2) As of 30 June 2016 23