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Ellaktor Group Presentation De Group Presentation December 2013 Recent Developments / 9M2013 Financial Highlights The agreements for the re-initiation of the suspended BOT projects of Argean Motorways and Olympia Odos have been submitted for approval to the parliament of the Hellenic Republic - financial close targeted in December 2013 Revenues in 9Μ 2013 reached € 884.5 ml, slightly increased (1.7%) compared to 9M2012, mainly as a result of increased revenues in Construction Operating profit (EBIT) reached € 83.9 ml Profit before tax reached € 42.9 ml, decreased by 13.8% vs 9M 2012 After tax (before minorities) the group reported losses of € 12.0 ml vs profits of € 26.8 ml in 9M 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) - no withholding tax on dividend distribution is expected on future dividend inflows from group companies that will have a net positive cash flow effect for the group Total construction backlog stands at ~ € 3.2 bn (incl. ~ € 390 ml of contracts pending signature) Negotiations for the re-initiation of the suspended BOT projects are in their final stages Corporate related Net Debt as of 30/9/2013 reached € 438.3 ml vs € 513.2 ml as of 31/12/2012, mainly due to an increase in cash - refinancing of corporate debt at ELLAKTOR and AKTOR Concessions is at its final stages of documentation and is expected to be signed by year end 2013 9eld0029 2 Key Investment highlights Leading infrastructure player in Greece with an increasing international footprint Significant values from participation in Eldorado Well-balanced diversified Gold / Hellas Gold portfolio of activities Growth prospects in Waste Unrivalled construction Management and knowhow (backlog Renewable Energy c.€3.2bn) Strong expected dividend stream from mature concessions (i.e. Attiki Odos) 9eld0029 3 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 22 7. Group financials & Shareholder information Pages 23~30 9eld0029 4 Key milestones in the ELLAKTOR Group history 1950’s & 1960’s Establishment of TEB, ELLINIKI TECHNODOMIKI and AKTOR 1996 Concession for ATTIKI ODOS and RION-ANTIRION Bridge signed 1999 Merger of TEB, ELLINIKI TECHNODOMIKI and AKTOR 2003 Entry in the Waste Management sector (HELECTOR) Acquisition of a stake in HELLAS GOLD 2004 First international construction contracts awarded in Romania and the Middle East (Kuwait) Participation in 3 out of 5 concession projects awarded in Greece Acquisition of PANTECHNIKI, leading to controlling stake in ATTIKI ODOS (59.2%) 2007 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 2008 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‘ 2011 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 Ellaktor Group organisational structure Waste Construction Concessions Energy Real estate Other holdings management 100% 86% 21.95% 100% 95% ELLINIKI 55.46% 15.3% AKTOR ELPEDISON HELLENIC CASINO AKTOR SA HELECTOR SA TECHNODOMIKI REDS CONCESSIONS ANEMOS POWER OF PARNITHA Leader in Greece Significant No 1 in Greece No 1 in Greece & Cyprus growth prospects 4,474 full time employees with activities in more than 16 countries Listed on the ASE with a market capitalization of ~ 560 € ml (1) (1) As of 29 th of November 2013 Ellaktor is the leading, diversified, regional infrastructure player 9eld0029 6 Ellaktor Group key financials 2008 – 2012 & 9M2013 (Amounts in €ml) Revenues EBIT (1) (2) 233 250 218 200 151 151 150 115 96 100 84 50 0 2008 2009 2010 2011 2012 9Μ 2012 9M 2013 Profit Before Tax Net profit after Minorities 120 200 95 175 172 100 65 73 80 150 60 40 12 100 89 90 20 1 9 58 0 50 43 50 -20 -17 2008 2009 2010 2011 2012 9Μ 2012 9M 2013 Notes : 0 (1) Operating profit (EBIT) of 2011 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 2008 2009 2010 2011 2012 9Μ 2012 9M 2013 for sale, provisions for doubtful receivables and adjustments for revised profitability of construction backlog (2) Operating Profit (EBIT) of 2012 includes profit from the sale of Eldorado shares of € 19 ml and provisions for doubtful receivables of € 13 ml 9eld0029 7 Ellaktor Group key financials 2008-2012 & 9M2013 (continued) (Amounts in €ml) Total assets Total equity 1.350 1.315 1.300 1.259 1.254 1.240 1.250 1.200 1.182 1.174 1.150 1.100 2008 2009 2010 2011 2012 30/9/2013 Net debt Corporate net debt (1) 1.000 915 855 800 765 800 742 708 564 596 600 513 600 492 438 372 400 400 175 200 200 0 0 2008 2009 2010 2011 2012 30/9/2013 2008 2009 2010 2011 2012 30/9/2013 Notes : (1) Excluding debt and cash / cash equivalents of non recourse BOT related projects 9eld0029 8 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 ~ 33% of backlog is international (mostly Middle East and the Balkans) Key priorities Stabilizing operating margins Re-initiating the suspended BOT projects (Olympia Odos and Aegean Motorway) Revenues include all Groups’ activities FY2012 Construction revenues : € 890 ml 9M2013 Construction revenues : € 630 ml 9eld0029 9 Construction backlog at € 2.8 bn as of 30.11.2013 with another ~€ 390 ml of projects that remain to be signed Backlog Analysis by sector (€ml) Backlog by geography 2,809 1,743 BOT projects Backlog Evolution (€ml) in Re-initiation 9eld0029 10 Construction Backlog : Selective projects Key current Greek projects Key current International projects Project Participation Amount Project Participation Amount (%) (€ml) (%) (€ml) Thessaloniki's Metro-Extension to Kalamaria 100% 371 51% 76 Railway line Micasasa-Coslariu Simeria, Sect Brasov-Simeria (RO) Structure and Technical works in Chalikidi Mines 100% 99 ERGOSE Project: Rododafni-Psathopyrgos, Panagopoula's Tunnel 43% 114 Design & Build of National Road 18 Baia (RO) 100% 32 Highway E80, LOT2 Road and Bridges ERGOSE Project: Lianokladi - Domokos 100% 66 100% 70 at Stanicenje (SR) Construction 2nd phase of Thriasio Complex 65% 55 Highway E80 Section Crvena Reca-Ciflic (SR) 100% 17 Egnatia Highway: Koromilia -Krystalopigi (Kozani) 60% 36 Highway Ε80, LOT2 Bancarevo, Crvena Reca (SR) 50% 31 New Port in Patras 100% 23 Road Section Tirane -Elbasan SEGI & III (ALB) 49% 9 Distribution networks PPC 100% 19 Europe Settlement of steam Eshatia (Attiki) 100% 15 Hydroelectric projects in Albania 100% 18 Psittaleia STP: Operation and Maintenance 48% 11 Highway LOT4 Struma (BG) 100% 23 Infrastructure Projects Stylida's Deviation 50% 15 Highway Demir Kapija–Smokvica (FYROM) 100% 190 Expansion of Macedonia Airport 30% 8 Waste processing plant in Saint Petersburg (RU) 30% 65 North Road section in Crete 100% 4 Wastewater Treatment Plant Bacau (RO) 100% 10 Hania Airport : Extension-Plants 100% 45 Chalkida General Hospital 75% 29 Project Participation Amount Lefkada General Hospital 75% 17 (%) (€ml) National Gallery 100% 15 Airport Expansion Building in Ioannina 100% 14 Development of Internal Security Force Camp 50% 237 National Museum of modern art 100% 7 at Al Duhail (Qatar) BuildingProjects Construction of Multipurpose Hall at SADD Sports Package 2 – Hospital Evagelismos:new surgical area 100% 7 100% 85 MainWorks (Qatar) Korinthos -Tripoli - Kalamata (Moreas) 71.67% 75 Banana Island Resort Village (Qatar) 100% 8 GulfRegion & New Doha International Airport BUATC (Qatar) 40% 17 Elefsina - Patra - Tsakona (Olympia) 17% 437 Othercountries BOT Maliakos - Kleidi (Aegean) 19.3% 58 Wastewater Treatment Plan IZMIR (TUR) 51% 3 9eld0029 11 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 three major concession projects under construction in Greece (Moreas, Olympia Odos and Aegean Motorway) Selectively pursuing new opportunities with strategic Participates in concessions of 6,800 parking spaces partners, integrating necessary skills and expertise for (5,000 already in operation) successful project delivery and carefully managing its Re-initiation of the suspended BOT projects (i.e investment exposure. Current tenders include: Olympia Odos and Aegean Motorway) is the key priority international concession projects (Romanian motorway BOTs in a consortium with Vinci & Strabag, 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
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