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Cenergy Holdings Annual Report 2018.Pdf Table of Contents Cenergy Holdings S.A. ........................................................................................................................ 4 Message from the Chairman of the Board of Directors ...................................................................... 5 Cenergy Holdings’ portfolio –Segments and History .......................................................................... 7 MANAGEMENT REPORT ................................................................................................................... 10 2018 Highlights and 2019 Outlook .................................................................................................... 10 Financial Performance ....................................................................................................................... 11 Activity Report and Financial Performance by Segment ................................................................... 14 Non-Financial Information ............................................................................................................... 51 Cenergy Holdings ............................................................................................................................... 51 Operating Segments .......................................................................................................................... 55 Corporate Governance ..................................................................................................................... 67 Introduction ....................................................................................................................................... 67 Board of Directors .............................................................................................................................. 68 Committees of the Board .................................................................................................................. 73 Executive management ..................................................................................................................... 75 Remuneration report ......................................................................................................................... 77 Company’s Risk Management and Internal Audit Function .............................................................. 78 Control Activities and Relationship with Subsidiaries ....................................................................... 79 Financial Reporting and Monitoring Activities .................................................................................. 80 Conflict of interests............................................................................................................................ 80 Shareholders ...................................................................................................................................... 81 Shareholders’ Meeting ...................................................................................................................... 82 Shareholder Information and Market Data ...................................................................................... 83 CONSOLIDATED FINANCIAL STATEMENTS ........................................................................................ 86 Consolidated Statement of Financial Position ................................................................................... 89 Consolidated Statement of Profit or Loss .......................................................................................... 90 Consolidated Statement of Profit or Loss and Other Comprehensive Income .................................. 91 Consolidated Statement of Changes in Equity .................................................................................. 92 Consolidated Statement of Cash Flows ............................................................................................. 93 Notes to the Consolidated Financial Statements .............................................................................. 94 Statutory Auditor's Report ............................................................................................................. 168 Report on the consolidated financial statements ........................................................................... 168 Other legal and regulatory requirements ....................................................................................... 171 Declaration of responsible persons ................................................................................................ 173 Stand-alone Condensed Statutory Balance Sheet and Income Statement ...................................... 174 Alternative Performance Measures ............................................................................................... 176 Glossary ......................................................................................................................................... 179 2 ------------------------------------------------------------------------------- 3 Cenergy Holdings S.A. Cenergy Holdings S.A. (‘Cenergy Holdings’ or the ‘Company’) invests in industrial companies positioned at the forefront of high growth sectors, such as energy transfer, telecommunications and construction. Based in Belgium, the Company was founded in 2016 and is listed on Euronext Brussels and the Athens Stock Exchange (Athex). Cenergy Holdings is a subsidiary of Viohalco S.A, a holding company of several leading metal processing companies across Europe. Viohalco’s subsidiaries specialise in the manufacture of aluminium, copper, cables, steel and steel pipes products and technological advancement. They have production facilities in Greece, Bulgaria, Romania, Russia, North Macedonia, Turkey and the United Kingdom. The companies in Cenergy Holdings’ portfolio: • have a long history of implementing large-scale projects in more than 70 countries; • have served major customers worldwide for nearly 70 years; • provide value added products for niche markets; and • employ more than 1,900 highly skilled people. Cenergy Holdings key figures in 2018 (EUR) • Revenue: 964 million • Adjusted EBITDA: 63 million • Adjusted EBIT: 39 million • Profit before tax: 0.7 million • Profit after tax of the year from continuing operations: 6.9 million • Equity: 203 million • Total assets: 1,059 million • Net debt: 473 million 4 Message from the Chairman of the Board of Directors Dear Shareholders, In 2018, Cenergy Holdings strengthened its position as a leading provider of energy solutions despite a challenging market setting characterised by intense competition and an uncertain international economic environment. We nevertheless believe the global energy market is growing further and presents new opportunities for Cenergy Holdings on an ongoing basis. 2018 stands out as a successful financial year for three reasons. First and foremost, our companies consolidated revenue approached the €1 billion mark with revenues reaching €964 million. Most of the boost came from the steel pipes segment with an increase over the previous year of ca. 40%. Secondly, both segments ended the year with significant order backlogs (a total of €640 million). More than the yearly rise in sales, such a backlog amount demonstrates our customers’ boosted confidence in both production segments, due in turn to their excellent product quality, controlled costs and optimized supply chain. Last but not least, in 2018 Cenergy Holdings turned out a small profit before tax (€0.7 million), with operational profitability in the rising (€63 million of adjusted EBITDA, +9% from last year). Addressing each segment in turn, in the steel pipes segment, Corinth Pipeworks celebrates its 50th anniversary with a record sales and production output. More specifically, sales in 2018 were up by 41% on a year-to-year basis with production reaching approx. 450,000 tons. It is important to note that these accomplishments were achieved during a year of very strong competition and unstable market conditions coming from import duties imposed in many countries worldwide. Operating under adverse market conditions with strong protectionism, such as that faced in the USA, Corinth Pipeworks proved that its long experience, its reputation and its strategy to remain in the forefront of technology helped keep its position as a top quality producer and increase its market share. During 2018, Corinth Pipeworks was awarded and has started production for its first deep sea offshore pipes project: the manufacture and supply of steel pipes for Energean’s Karish gas field development located in the South-eastern Mediterranean at a maximum depth of 1,750m is a highly demanding endeavor only a few companies could accomplish worldwide. Alongside it, a series of other offshore projects were successfully executed as well as big scale onshore ones in mature markets like US and Europe. It is also important to report the qualifications Corinth Pipeworks received by major oil exploration and distribution companies such as BP, Shell, Technip etc., as well as the manufacture of new products such as HFI pipes for reel-lay applications and LSAW pipes for offshore projects. All the above, combined with the concrete weight coating facility fully integrated in the company’s strategic plan, give Corinth a competitive advantage for offshore projects. With its highly advanced production base and an experienced and motivated personnel, Corinth Pipeworks enters the second fifty years
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