Group Presentation
February 2012 Key Investment highlights
Leading infrastructure player in Greece with an increasing international footprint
Healthy capital Well-balanced diversified structure portfolio of activities
Significant growth Unrivalled construction prospects from knowhow (backlog participation in European c.€2.5bn) Goldfields / Hellas Gold
Strong expected dividend Growth prospects in Waste stream from mature Management and concessions (Attiki Odos, Renewable Energy Rio Antirio bridge) Recent developments
New developments regarding European Goldfields (“EGU”)
ELLAKTOR sold a stake 7.07 to Qatar Holding (October 2011) European Goldfields (“EGU”) agreed to proceed to a transaction with Eldorado Gold (“ELD”) (December 2011) The exchange ratio is 0.85 shares of ELD for each EGU share The transaction values EGU at appr . C$2.5 billion, based on the closing price of ELD on TSX on 16 th December 2011 The transaction requires the approval of EGU‘s and ELD’s Extraordinary General Meetings (February 2012)
Working towards resolving the issues of the suspended BOT projects of Olympia Odos and Aegean Motorway
Arranging the financing of the awarded PPP waste management project at St Petersburg
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 22~23
7. Group financials & Shareholder information Pages 24~29
9eld0029 4 Key milestones in the ELLAKTOR Group history
1950’s & Establishment of TEB, ELLINIKI TECHNODOMIKI and AKTOR 1960’s 1996 Concession for ATTIKI ODOS and RION-ANTIRION Bridge signed 1999 Merger of TEB, ELLINIKI TECHNODOMIKI and AKTOR 2000 Entry in the Renewable Energy sector (ELTECH ANEMOS) Construction activities spun-off under AKTOR 2002 Set up of the Real Estate arm of the Group: REDS Acquisition of a stake in MONT PARNES CASINO 2003 Entry in the Waste Management sector (HELECTOR) Acquisition of a stake in HELLAS GOLD 2004 First construction contracts awarded in Romania and the Middle East (Kuwait) Establishment of AKTOR, subsidiary in the Middle East area 2005 Acquisition of HERHOF by HELECTOR 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 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, which concerns HELLAS GOLD mining) has been 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) European Goldfields (“EGU”) agreed to proceed to a transaction with Eldorado Gold (“ELD”) (Dec. 2011)
9eld0029 5 Ellaktor Group organisational structure
Waste Construction Concessions Energy Real estate Other holdings management
100% 86% 21.95% (2) 15.3% 100% 80% ELLINIKI 55.46% 16.6% HELLENIC AKTOR ELPEDISON AKTOR SA HELECTOR SA TECHNODOMIKI REDS HELLAS GOLD CASINO OF CONCESSIONS ANEMOS POWER PARNITHA
(1) 100% 100% HELLENIC QUARRIES BIOSAR
Additional Leader in Greece Significant No 1 in Greece No 1 in Greece significant real Hidden values & Cyprus growth prospects estate portfolio
3,916 full time employees with activities in more than 14 countries
Listed on the ASE with a market capitalization of ~ € 255 ml (3) (1) Indirect participation via AKTOR (2) Direct and indirect participation (via AKTOR) (3) As of 8th of February 2012 Ellaktor is the leading, diversified, regional infrastructure player
9eld0029 6 Ellaktor Group key financials 2008-2010 & 9M 2011 (Amounts in €m) Revenues EBIT
233 2.500 2.269 250 218 1.913 2.000 1.753 200 151 1.500 1.302 150 119 968 1.000 100 36 500 50 0 0 2008 2009 2010 9Μ10 9M11 2008 2009 2010 9Μ10 9M11
Profit Before Tax Net profit after Minorities
200 175 120 9 95 150 172 100 9 80 100 60 166 89 40 86 50 72 65 20 8 0 0 1 -20 -11 -50 -40 -36 2008 2009 2010 9Μ10 9M11 -60 2008 2009 2010 9Μ10 9M11
9eld0029 7 Ellaktor Group key financials 2008-2010 & 9M 2011 (continued) (Amounts in €m)
Total assets Total equity
6.000 1.300 1.259 4.307 4.259 1.240 3.880 4.096 1.250 4.000 1.200 1.182 1.176 2.000 1.150
0 1.100 2008 2009 2010 30/9/2011 2008 2009 2010 30/9/2011
Net debt Corporate net debt (1)
700 665 1.000 915 931 600 564 742 800 500 372 600 492 400 300 400 175 200 200 100 0 0 2008 2009 2010 30/9/2011 2008 2009 2010 30/9/2011
Notes : (1) Excluding debt and cash / cash equivalents of non recourse BOT related projects
9eld0029 8 Construction segment overview
54% 60 years in construction
AKTOR SA , (a 100% subsidiary), is the 24% undisputed market leader in Greece with unmatched technical know-how Emphasis on building our international backlog 19% also due to the current Greek sovereign debt crisis 2% ~ 40 % of backlog is in the Middle East and South East Europe 1% Key priorities Improving operating margins Revenues include all Groups’ activities Re-starting the BOT projects (Olympia Odos and Aegean Motorway) Significant prospects from EGU development of the Kassandra goldmines Construction of Photovoltaics (through BIOSAR ENERGY SA); current backlog of € 243 ml (30/09/2011) FY2010 revenues : € 1.36bn 9M2011 revenues : € 688 ml
9eld0029 9 Construction backlog at € 2.5 bn as of 30.09.2011 (1) …with another ~235 ml of projects that remain to be signed
Aktor’s backlog (€ml, 30 September 2011) Backlog by geography 3.000 1,025 2,546 2.500 International 638 638 Greece 2.000 40% 60% 387 561 1.500 732 146
561 1.000 Backlog Evolution (€ml) 171 1347 500 643 6.000 5.050 5.000 4.300 0 3.900 (2) Infrastructure Concessions Private International Total Backlog 4.000 3.172 Projects related Projects 3.000 2.471 2.546 Projects currently on hold 2.100 Olympia & Aegean Motorways 2.000 Oman Project 1.000 660 Notes: (1) HELECTOR has construction backlog of ~ € 189 ml which is not included in the backlog of 0 € 2.5 bn (~ € 150 ml from St Petersburg Project and ~ € 39 ml from other projects) (2) Includes BIOSAR ENERGY backlog of ~ € 243 ml 2004 2005 2006 2007 2008 2009 2010 9M 2011
9eld0029 10 Construction Backlog : Selective projects
Key current Greek projects Key current International projects Project Participation Amount Project Participation Amount (%) (€ml) (%) (€ml) ERGOSE Project – Lianokladi - Domokos 100% 79 Tunnel in the road section Tirane – Elbasan (ALB) 100% 56 Distribution networks PPC 100% 41 Design & Build of National Road 18 BAIA (RO) 100% 43 Aposelemi Dam 100% 18 Thrakia Ring Road Nova Zagora-Yambol (BG) 100% 31 Psittaleia STP: Operation and Maintenance 48% 34
Expansion of Macedonia airport 30% 14 Highway Section Crvena Reca-Ciflic (SR) 100% 44
North Road section in Crete 100% 15 Highway Srpska Kuca-Donji Neradovac (SR) 100% 21 SE Europe SE Waste pipe east & west sector in Thriasio 100% 14 Waste processing plant in Saint Petersburg (RU) 30% 65 1st Pfase of the 2nd Landfill in Fyli (Attiki) 78% 12 AES Solar Bulgaria Labrinovo Biosar (BG) 100% 136 Fuel pipe in Suda (Crete) 100% 13 InfrastructureInfrastructureProjects Projects 3 Undergraund Parking Station 100% 13
Tunnel in Kiato –Aigio (Peloponnese) 100% 8
New generation access networks OTE 50% 13 Project Participation Amount (%) (€ml) Chalkida General Hospital 75% 35 Blue City (Oman) 50% 638 Three level Building Complex in Paiania (Attiki ) 100% 26 New Doha Airport (Qatar) 40% 38 National Museum of modern art 100% 26 Projects Building Airport Expansion Building in Ioannina 48% 16 Tower (headquarters) of the IBQ (Qatar) 50% 50
Gulf Region Gulf Fujairah Freeway (UAE) 100% 12 Korinthos – Tripoli – Kalamata (Moreas) 71.67% 171
1st Ring Roads (Kuwait) 50% 7 Elefsina – Patra – Tsakona (Olympia) 17% 485 BOT
Maliakos – Kleidi (Aegean) 19.3% 76
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) Participates in concessions of 6,800 parking Aiming to internationalise our concession portfolio spaces (5,000 already in operation) mostly in partnership with international Reinitiating the BOT projects of Olympia Odos and players Aegean Motorway (currently suspended) is a key priority awarded (with HELECTOR) a PPP mandate for a waste management plant in St. Petersburg, Russia (currently arranging the financing) No significant progress is expected in new Greek BOT or PPP projects before the Greek sovereign debt crisis is addressed Preferred Bidder for the Police Department headquarters in Piraeus (€40ml construction budget)
9eld0029 12 Overview of ELLAKTOR’s Concession portfolio
Ioannina
Larissa Trikala Aegean Motorway Igoumenitsa (Maliakos – Klidi Highway) Karditsa Lamia • Under construction • €1,300ml budget • 20% stake
Gefyra Attiki Odos Patra Aegio Athens (Rion – Antirrion Bridge) Korinthos (Athens Ring Road ) • In operation since 2004 • In operation since 2000 • €839ml budget Tripoli • €1,244ml budget • 22% stake • 59% stake Moreas Olympia Odos (Korinthos – Tripoli – Kalamata Highway) (Athens – Patra – Tsakona Highway) Sparta • Under construction • Under construction Kalamata • €1,100ml budget • €2,900ml budget • 72% stake • 17% stake
Successful in 3 out of 5 (major highway projects ) of the 2 nd generation concession projects awarded in Greece, with 1 controlling stake and 2 minority stakes
9eld0029 13 Operating Concessions assets …Low risk mature assets with high expected dividend streams…
Type of concession Toll ring road in Athens Toll bridge
AKTOR Concessions (%) 59.2% 22.0%
Total length 65.2Km 2.3Km (1)
Commencement of operation March 2001 August 2004
End of concession September 2024 December 2039 €1,244ml (431 state contr, 174 equity, Total investment €839ml (400 state contr, 65 equity, 370 loan) 639 loan) IRR on equity 13.1% 13%
Average daily traffic (2010) ~ 281,000 vehicles ~ 13,000 vehicles
2010 revenue €227ml €48ml
2010 net profit €45ml €7ml
Dividend payout starts in 2012 2007 (2010 Dividend : €9 ml)
Operator ATTIKES DIADROMES: 47.4% 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
9eld0029 14 Concessions under Construction ... Moreas is progressing smoothly (completion to date ~ 72%) but the key priority of the group is to reinitiate the Aegean Motorway and the Olympia Odos projects
Type of concession Korinthos-Tripoli-Kalamata Maliakos - Kleidi Elefsina -Korinthos-Patra- Motorway Motorway Pyrgos Motorway
AKTOR Concessions (%) 71.67% 20.00% 17.00% 35.00% Hochtief 29.90% Vinci 15.00% J&P-Avax Other Shareholdings 13.75% Vinci 17.00% Hochtief 13.33% Intracom 16.25% J&P-Avax 17.00% J&P-Avax 10.00% Aegek 17.00% Gek Terna 5.00% Athina 2.10% Athina
Total length 205 Km 230 Km 379 Km
Commencement of operation March 2008 March 2008 August 2008
Duration of concession 30 Years 30 Years 30 Years
Total investment €1,016ml €1,198ml €2,245ml
Average daily traffic (2010) ~29,000 vehicles ~52,000 vehicles ~72,500 vehicles
Operator The Concessionaire The Concessionaire OLYMPIA ODOS LEITOYRGIA (shareholdings as in concession company) 9eld0029 15 Overview of Waste Management Services (‘HELECTOR’)
Significant prospects in Greece once the sovereign debt crisis has been addressed announced Concessionaire in the first waste management concession project in Greece (Imathia – 100k tons p.a.) a number of Concession / PPP projects in Greece are expected to come on stream HELECTOR SA, a 80% subsidiary of ELLAKTOR, Significant prospects internationally is the market leader in Waste Management and signed a Waste Management PPP contract in Waste-to-Energy sectors in Greece and Cyprus St. Petersburg (Russia) (capacity 350,000 t/a extensive know-how in designing, developing, pa) operating and maintaining landfills, incinerators Lowest bidder for two projects in Croatia and and recycling plants own worldwide patented technologies for one in Jordan Mechanical Biological Treatment (MBT) Announced preferred subcontractor in St. the only landfill biogas producer in Greece with Sebastian (Spain) PPP project (Preferred 30MW in operation and ~10MW under Bidder – JV FCC / Veolia / Serbitzu, Capacity development – 205,000 t/a) in licensing stage for two biomass fired power Prospects in Abu Dhabi (2.5 ml tons p.a.), plants for a ~60MW installed capacity Nicosia (200k tons p.a.), Limassol (200k tons Total HELECTOR backlog : € 225 ml p.a.), etc. Recurring operational revenue : ~ € 60 ml p.a.
9eld0029 16 Overview of the Waste Management market ... the Greek market has better growth prospects compared to its EU peers …
EU Municipal Waste Treatment, 2007 (% of total waste) 100% Promising potential in Greece from a move 80% 60% towards waste treatment (vs. landfill disposal) and 40% 20% power generation from biogas 0%
UK Concession / PPP pipeline in Greece includes Italy Malta Spain Latvia Ireland Poland Finland France Austria Estonia Cyprus Belgium Greece Portugal Slovakia Sweden Romania Hungary Athens WM project - more than 1.3 million Denmark Lithuania Germany CzechRep Luxemburg Netherlands Landfilled Incinerated Recycled Composted tons p.a. Source: Eurostat News release, 9 March 2009 Serres WM project - 125k tons p.a. (Prequalified) % of BMW (1) land -filled in 2007 vs 1995
200.0% Patras WM project – 170k tones p.a.
175.0% Thessaloniki WM project – 400k tons p.a. 150.0% W. Macedonia WM project - 150k tons p.a. 125.0%
100.0% (Submitted prequalification application)
75.0% On a regional basis, market prospects are also 50.0% promising given low market penetration in South 25.0%
0.0% Eastern Europe and the Balkans, where HELECTOR is already making inroads (Bulgaria, Romania, Croatia, Skopje, Russia) (1) Biodegradable Municipal Waste Source: Eurostat 2009
9eld0029 17 Current Waste Management Portfolio
Project type Description Location Country Capacity Ownership Status Comments
Construction of landfill Ano Liossia, Attica Greece 2,000 kt/y n/a Restoration - " " Fyli, Attica " " 2,500 kt/y n/a Under construction - " " Tagarades, Salonica " " 720 kt/y n/a Restoration - " " Mavrorachi, Salonica " " 540 kt/y n/a Operation - " " Livadia " " 50 kt/y " " Under construction - Landfill & Leachate " " Thiva " " 70 kt/y " " Under construction - Treatment plants " " Limnos " " 40 kt/y " " Operation - Construction & 100% Management Management of landfill Paphos Cyprus 70 kt/y Operating 10-year concession since 2005 Management of landfill Larnaka " " 50 kt/y 100% Operating 10-year concession since 2010 Management of leachate treatment plant Fyli & A. Liossia Greece 750 m 3 / day 100% Operating 6 years operation contract Management of leachate treatment plant Pafos Cyprus 230 m 3 / day 100% Operating 6 years operation contract Herhof Recycling Osnabrueck Osnabrueck Germany 105 kt/y 100% Operating 17 -year concession since 2006 Berlin MBT Berlin " " 180 kt/y n/a Operating Turnkey for third party Trier MBT Trier " " 180 kt/y n/a " " Turnkey for third party Larnaka MBT Larnaka Cyprus 220kt/y 100% " " 10 year concession since 2010 Mechanical Biological Plants Imathia MBT Vergina , Imathia Greece 100 kt/y 100% Contract signed 25-year concession A. Liosia Recycling & Compost Plant Attica Greece 300 kt/y 70% Contract signed 3+3 -years operating contract Schloßvippach, Kessel, 1st completed, 2 nd – 3th Anaerobic Digestion Plants Germany Total 89 kt/y n/a - Ulzen, Dorpen under construction Apotefrotiras Hospital Waste Ano Liossia, Attica Greece 12 kt/y 70% (a) Operating 9-year concession since 2007 Mgt Plants (Hospital Waste Incinerator)
Fyli Recycling plant Fyli, Attica Greece 100 kt/y 20% Operating Private investment
Koropi recycling plant Koropi, Attica Greece Operating Recycling Plants 75 kt/y 20% Private investment
BEAL: landfill biogas-fired plant (b) Ano Liossia, Attica Greece 23.5MW 50% (c) Operating 20-year PPA since 2004
Waste to Energy Tagarades: landfill biogas-fired plant Tagarades, Salonica " " 5.0MW 100% Operating 20-year PPA since 2007 Plants Fyli: landfill biogas-fired plant Fyli, Attica " " 10 MW 100% Production license Awarded in 2009
Wind Energy Aeiforiki Dodekanisou Rhodes, Kos, Patmos " " 7.8MW 99,5% Operating 20-year PPA since 2007
9eld0029 18 Note: (a) Remaining 20% controlled by Arsi SA; 10% by Polyeco (b) Largest in Europe (c) Remaining 50% controlled by EDL Renewables segment (‘ELTECH Anemos’) ... favorable framework, for a growing market that faces however limitations in securing funding …
Favourable regulatory framework
RES must cover 20% of total energy ELLAKTOR entered the renewable energy sector in consumption & 40% of electricity by 2020 2000 through its 86% subsidiary ELTECH Anemos Guaranteed contracts (PPAs) for 20 years with Total installed capacity: is 129 MW (10 wind farms and HTSO or PPC 1 photovoltaic plant) Subsidies 20% to 40%(L 3299/04) on CAPEX or 101 MW are currently under construction, 56.15 MW +20% premium on electricity sale prices if no of which will be operational in 2012 utilisation of subsidy funds Execution model Prospective target capacity of wind and solar design, development and supervision in-house generated power in Greece until 2020 : 7,500 maintenance and daily operations outsourced MW and 2,450 MW respectively Greece will continue to be our base market : target a 20% market share within the next 3 years 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 like photovoltaic plants, hybrid projects and solar thermal plants Excellent relations with wind turbine suppliers
9eld0029 19 RES assets overview and key economics
Wind Project Key Economics
CAPEX/MW ~€1.30ml Equity/MW (25%- 40% CAPEX) €0.32ml – 0.52 ml Tariffs : Interconnected 87.85 €/MWh Non interconnected 99.45 €/ΜWh Subsidies : Either on CAPEX (20-40%) €0.26 ml – 0.52ml / MW or on tariff €/MWh + 20% Annual revenue/MW wind farms w/o tariff uplift €180,000 – 240,000 with +20% tariff uplift €215 ,000 – 290 ,000
Overview of ELTECH Anemos portfolio 1.104 Yearly Average Wind Speed
0 - 4 m/sec 4.001 - 5 m/sec 536 5.001 - 6 m/sec 6.001 - 7 m/sec 7.001 - 8 m/sec 181 Operating 129 8.001 - 9 m/sec Under Construction 69 101 9.001 - 10 m/sec Installation License Production License & Environmental Terms > 10 m/sec Evaluation for Production Evaluation for Production Environmental Installation Under Operation Permit Production Permit License (RAE ) License License Construction
9eld0029 20 ELLAKTOR also has a ~ 22% stake in Elpedison Power
HELLENIC INTRACOM EDISON ELLAKTOR PETROLEUM Ellaktor is present in the thermal electricity 96.56% generation sector through Elpedison Power, the 3.44% 50% 50% 2nd largest electricity producer in Greece Following the agreement signed in July 2008, HE&D owns a 22.74% stake of Elpedison Power HE&D Halcor Elpedison set up together with the Hellenic Petroleum/Edison Joint Venture (75.78%) and 24.22% 75.78% Halcor (1.48%) HE&D and Halcor jointly have Elpedison Power, aims at enhancing its the institutional minority rights generation portfolio and remain a key player in ELPEDISON POWER the Greek electricity market: 1 gas-fired 390MW CCGT in operation in • Thessaloniki Power (390MW) Thessaloniki • Thisvi Power (420MW) (T-Power) • Other Assets/Activities 1 gas-fired 420MW CCGT in operation in Thisvi Additional thermal power plants under development Further power generation opportunities considered in Greece and the Balkans
9eld0029 21 Significant values expected from European Goldfields / Hellas Gold
ELLAKTOR indirectly controls Project Status 12.2% in European Goldfields (“EGU”) (1) that Stratoni mine in operation controls 95% of Hellas Gold Final EIS approved by the Ministry of Environment 5% stake in Hellas Gold & Climate Change (“ME&CC”), on 26th of July 2011 EGU is listed on Toronto and AIM with ~US$2.2 bn Technical Studies for Olympias and Skouries market cap (8/2/2012) Projects submitted to the ME&CC and the relevant New developments regarding European Goldfields approvals are expected shortly (“EGU”) Reserves Stratoni : 10Moz silver, 0.3Mt lead and zinc ELLAKTOR sold a stake 7.07 to Qatar Holding Skouries: 3.59Moz gold and 0.736Mt copper (October 2011) Olympias : 4.06Moz gold, 58.8Moz silver, 0.6Mt European Goldfields (“EGU”) agreed to proceed to lead and 0.8Mt zinc a transaction with Eldorado Gold (“ELD”) (December 2011) The exchange ratio is 0.85 shares of ELD for each EGU share The transaction values EGU at appr. C$2.5 billion, based on the closing price of ELD on TSX on 16th December 2011 The transaction requires the approval of EGU‘s and ELD’s Extraordinary General
Meetings (February 2012) Note (1) : www.egoldfields.com 9eld0029 22 Real Estate and other Assets
REDS MONT PARNES CASINO ELLAKTOR holds a 55.46% stake in R.E.D.S SA ELLAKTOR holds an indirect 15.3% stake in Hellenic Casino Parnitha Listed on ASE with a market cap : €44 ml (8/2/2012) Non-core asset REDS enjoys a high quality Property portfolio Initial investment : €33 ml (~ € 126.4ml, Book Value at 30/09/2011) Dividends received to date : €20ml Smart Park is operational as of 20/10/2011 Other shareholders Regency Entertainment : 35.7% Signed leases for 80% of GLA Greek State: 49.0% Long term project funding in place Received compensation of € 4ml for Henderson’s Revamping of facilities is underway cancelation of the presale agreement tables will increase to 110 Presidential decree for the zoning permission for the slot machines to 1,500 Kantza project is expected soon 2010 Key financials Development of international assets in Romania is revenues: €156ml suspended until there is more clarity on the market profit after tax: € 14.3ml prospects REGENCY HELLENIC ELLAKTOR ENTERTAINMENT REPUBLIC 70% 30%
ATHENS RESORT CASINO AE 49% 51% ATHENS MONT PARNES CASINO AE
9eld0029 23 Consolidated P&L 9M2011 (IFRS in € ml)
Change 30/9/2010 30/9/2011 (%) Group revenues decreased by 25.7%
Revenues 1,302.2 967.6 -25.7% mainly because of reduced revenues in Construction (~ € 319ml) EBITDA 203.2 116.3 -42.8% – concession revenues decreased EBITDA margin (%) 15.6% 12.0% slightly (~€ 12 ml) Group Operating Profit (ΕΒΙΤ ) decreased to EBIT 119.1 36.5 -69.4% € 36.5 ml (a reduction of 69.4%), while EBIT margin (%) 9.1% 3.8% EBIT margin stood at 3.8%
Profits/ (Loss) from Associates -2.1 1.2 158.8% Before Tax the group reported losses of € -11.3 ml Profit/ (Loss) before Tax 72.2 -11.3 -115.7% Net Losses after Minorities were € -36.2 ml Profit Before Tax margin (%) 5.5% -1.2%
Profit/ (Loss) after Tax before Minorities 18.9 -27.2 -243.4%
Net Profit/ (loss) after Minorities 8.5 -36.2 -528.3%
Earnings per share (1) 0.0491 -0.2101 -528.3%
Notes : (1) Weighted average number of shares : 172,431,279 (9M 2010 and 9M 2011)
9eld0029 24 Consolidated Balance Sheet 9M2011 (IFRS in € ml)
31/12/2010 30/9/2011 Change (%)
Long Term Assets 2,097.4 2,119.1 1.0%
Cash and Cash Equivalent 826.1 763.6 -7.6%
Other Current Assets (1) 1,383.2 1,376.6 -0.5%
Total Assets 4,306.8 4,259.3 -1.1%
Short Term Debt 540.4 504.3 -6.7%
Other Short Term Liabilities 764.2 710.1 -7.1%
Long Term Debt 1,406.0 1,449.5 3.1%
Other Long Term Liabilities 356.5 418.9 17.5%
Total Liabilities 3,067.1 3,082.8 0.5%
Shareholders Equity 1,239.7 1,176.5 -5.1%
Shareholders Equity (excluding minorities) 957.8 903.9 -5.6%
Notes: (1) Receivables (Other Current Assets) as of 30/9/2011 and as of 31/12/2010 include • time deposits over 3 months of € 74.2 ml and € 117.2 ml respectively • bonds held to maturity of € 184.6 ml and € 87.7 ml respectively
9eld0029 25 Segmental analysis of 9M2011 Results (IFRS in € ml)
Construction Real Wind Concessions Environment Other Total & Quarries Estate Farms
Revenues 688.0 1.7 206.0 54.2 16.7 1.1 967.6
EBITDA -28.2 -0.9 113.7 20.6 11.9 -0.8 116.3
EBITDA margin (%) -4.1% -55.4% 55.2% 38.0% 71.4% N/A 12.0%
EBIT -52.7 -1.1 67.4 16.5 8.0 -1.7 36.5
EBIT margin (%) -7.7% -65.3% 32.7% 30.5% 48.1% N/A 3.8%
Profit before Tax -64.0 -1.7 46.0 16.1 3.7 -11.4 -11.3
Profit before Tax margin (%) -9.3% -100.7% 22.4% 29.6% 21.9% N/A -1.2%
Net Profit (before minorities) -61.3 -2.4 33.5 12.0 2.8 -11.8 -27.2
Net Profit margin (before minorities) (%) -8.9% -141.7% 16.3% 22.2% 16.8% N/A -2.8%
Net Profit (after minorities) -50.9 -1.4 16.7 8.9 2.2 -11.9 -36.2
9eld0029 26 Segmental analysis of 9M2010 Results (IFRS in € ml)
Construction Real Concessions Environment Wind Other Total & Quarries Estate Farms
Revenues 1,006.8 2.1 217.5 59.4 15.4 1.0 1,302.2
EBITDA 53.8 -1.6 123.5 17.1 9.6 0.7 203.2
EBITDA margin (%) 5.3% -76.1% 56.8% 28.9% 62.6% N/A 15.6%
EBIT 20.8 -1.8 80.6 13.6 6.2 -0.3 119.1
EBIT margin (%) 2.1% -86.6% 37.1% 22.9% 40.4% N/A 9.1%
Profit before Tax 9.6 -1.9 56.7 12.3 4.9 -9.4 72.2
Profit before Tax margin (%) 1.0% -90.0% 26.1% 20.7% 31.9% N/A 5.5%
Net Profit (before minorities) -4.0 -2.7 29.5 6.2 3.1 -13.1 18.9
Net Profit margin (before minorities) (%) -0.4% -126.0% 13.6% 10.4% 20.3% N/A 1.5%
Net Profit (after minorities) 3.3 -1.5 13.6 3.7 2.3 -13.0 8.5
9eld0029 27 Ellaktor’s debt profile (€m, as of 30.09.2011) ... the group has a healthy capital structure and despite the current turmoil can finance its activities …
Ellaktor’s key debt statistics Debt maturity profile Between 1 and 2 years Long-term debt: 1,449.5 + 22% Short-term debt: 504.3 Over 5 + years 44% Total debt: 1,953.8 = Non Recourse Debt 1,021.7 - Between 2 Corporate related Debt 932.1 = and 5 years 34% Cash & equivalent 1,022.4 + Corporate related Net Debt (Cash) (1) / Gearing ratio (2) Non recourse related Cash 755.2 - 800 60% Corporate related Cash 267.2 = 700 50% 600 Corporate related Net debt : 665 36,1% 40% 500 31,3% Shareholder’s equity: 1,176 400 22,8% 30% Total capital(1): 1,841 665,0 300 563,7 12,9% 20% Capital leverage ratio: 36.1% 200 372,3 10% 100 174,9 0 0% 31/12/2008 31/12/2009 31/12/2010 30/9/2011 Net Debt / (Cash) Gearing Ratio Notes : (1) Corporate related Net Debt = (Short and Long Term Debt excluding BOT related Debt) – (Cash & Cash Equivalents incl. time deposits over 3 months under receivables but excl. cash & cash equivalents of (1) Total equity + net debt BOT related projects) Source: Company financial statements (2) Gearing ratio = Corporate related Net Debt / (Equity + Corporate Related Net Debt)
9eld0029 28 Share price performance and shareholder structure
Shareholder structure Share price performance LTM (January 2012) (1/2/2011 ~ 8/2/2012) 60
Treasury Stock 2.6% 40
Retail 34.4% 20 ATHEX Management Team 38.1% 0
-20 Greek CONSTRUCTION Institutional Foreign -40 Investors Institutional ELLAKTOR 11.3% Investors 13.6% -60
ELLAKTOR share weighting on Indices -80 (8/2/2012) 20% 13,66%
Reuters ticker: HELr.AT 10% Bloomberg ticker: ELLAKTOR:GA 0,96% 1,21% 0% ASE General ASE FTSE-20 Idex Idex Construction Idex
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