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ELLAKTOR ANNUAL FINANCIAL REPORT 2017 Eng Final 4.7.18

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ANNUAL FINANCIAL REPORT For the financial year from 1 January to 31 December 2017 (pursuant to article 4 of Law 3556/2007) ELLAKTOR S.A. 25 ERMOU ST - 145 64 KIFISIA Tax Registration No.: 094004914- TAX OFFICE FOR SOCIÉTÉS ANONYMES SA Reg. No: 874/06/ Β/86/16 – 100065 G.E.MI. (General Electronic Commercial Registry) No 251501000 ELLAKTOR SA Annual Financial Report for the financial year from 1 January to 31 December 2017 All amounts are in EUR thousand, unless stated otherwise Contents of Annual Financial Report A. Statements of the Members of the Board of Directors………………………………………….. 3 Β. Annual Report of the Board of Directors…………………………………………………........... 4 B.1. Annual Report of the Board of Directors of ELLAKTOR S.A………………………………… 4 B.2. Explanatory Report of the Board of Directors………………………………………………….. 21 B.3. Corporate Governance Statement………………………………………………………………... 23 C. Independent Certified Auditor- Accountant Report……………………………………………. 32 D. Annual Financial Statements for the fiscal year from 1 January to 31 December 2017……… 42 The annual financial statements of the Group and the Company from pages 42 through 140 were approved at the meeting of the Board of Directors on 26.04.2018. THE CHAIRMAN OF THE BOARD THE MANAGING DIRECTOR THE FINANCIAL MANAGER THE HEAD OF OF DIRECTORS ACCOUNTING DEPT. ANASTASIOS P. KALLITSANTSIS LEONIDAS G. BOBOLAS ALEXANDROS K. EVANGELOS N. PANOPOULOS SPILIOTOPOULOS ID Card No. Ξ 434814 ID Card No. Σ 237945 ID Card No. X 666412 ID Card No. ΑΒ 342796 (2) / (140) ELLAKTOR SA Annual Financial Report for the financial year from 1 January to 31 December 2017 All amounts are in EUR thousand, unless stated otherwise A. Statements of Members of the Board of Directors (pursuant to article 4 par. 2 of Law 3556/2007) The members of the Board of Directors of the Company trading as ELLAKTOR S.A. (hereinafter the Company), with registered offices at 25 Ermou Str., Kifissia, Attica: 25: 1. Anastasios Kallitsantsis, son of Parisis, Chairman of the Board of Directors 2. Leonidas Bobolas, son of Georgios, CEO 3. Dimitrios Koutras, son of Athanasios, Vice-Chairman of the Board of Directors, appointed as per decision of the Company’s Board of Directors acting in our capacity as above, hereby state and confirm that, to the best of our knowledge: (a) the annual financial statements of the Company and the Group for the period 01.01-31.12.2017, which have been prepared in accordance with the applicable international accounting standards, fairly represent the assets and liabilities, the equity and the statement of income and operating results of the Company, as well as of the undertakings included in the consolidation as a whole, pursuant to the provisions of article 4 of Law 3556/2007, and (b) the annual report of the Company’s Board of Directors fairly represents the information required under article 4(2) of Law 3556/2007. Kifissia, 26 April 2018 THE CHAIRMAN OF THE BOARD THE MANAGING DIRECTOR THE VICE-CHAIRMAN OF THE OF DIRECTORS BOARD OF DIRECTORS ANASTASIOS P. KALLITSANTSIS LEONIDAS G. BOBOLAS DIMITRIOS ATH. KOUTRAS ID Card No. Ξ 434814 ID Card No. Σ 237945 ID Card No. AE 023455 (3) / (140) ELLAKTOR SA Annual Financial Report for the financial year from 1 January to 31 December 2017 All amounts are in EUR thousand, unless stated otherwise B. Annual Report of the Board of Directors B.1. Annual Report of the Board of Directors of ELLAKTOR S.A. On the consolidated and separate financial statements for the financial year from 1 January to 31 December 2017 This report of the Board of Directors pertains to the twelve-month period of the fiscal year 2017 that ended (01.01-31.12.2017), and provides summary financial information about the annual financial statements and results of ELLAKTOR S.A. and the ELLAKTOR Group Companies. The Report outlines the most significant events which took place during 2017, and the effect that such events had on the financial statements, the main risks and certainties the Group is faced with, while it also sets out qualitative information and estimates about future activities. Finally, the report includes important transactions entered into between the Company and the Group and related parties, and a Corporate Governance Statement (pursuant to article 43bb of Codified Law 2190/1920). The companies included in the consolidation, except for parent company ELLAKTOR S.A., are those mentioned in note 42 of the accompanying financial statements. This Report was prepared pursuant to article 4 of Law 3556/2007 and accompanies the financial statements for the fiscal year 01.01-31.12.2017. I. Introduction The signs of stabilization and gradual recovery of the Greek economy continue with a GDP growth of 1.4% (according to the provisional figures of the Hellenic Statistical Authority) for the first time after many years. At the same time, the Hellenic Republic returned to the international markets with the issuance of a five-year bond in July 2017, while the yields of the Greek government bonds are at pre-crisis levels. International credit rating agencies have upgraded Greece’s credit rating which, of course, still lags behind the investment grade. To the extent that the agreed stabilization programmes for the Greek economy continue to be implemented, it is estimated that growth will be further boosted in 2018 (also according to the estimates of the Greek and European competent authorities). As regards the ELLAKTOR Group, the following significant events took place in 2017: • AKTOR focused on the completion of concession projects in Greece (Aegean Motorway and Olympia Odos) and on the implementation of projects undertaken, such as the Thessaloniki Metro, the TAP pipeline, the Gold Line Metro project in the State of Qatar and the implementation of road axes in the Balkans. As regards undertaking new projects ,AKTOR undertook in 2017 the railway project “Rehabilitation of the Sub-section 2C: Y END ILTEU - GURASADA and Section 3: GURASADA- SIMERIA” in Romania (in a joint venture with ALSTOM TRANSPORT S.A. and ARCADA COMPANY S.A.) of a total value of EUR 323 million, the rehabilitation of Astir Vouliagmenis hotel to the amount of EUR 68.4 million and the rehabilitation of Faliron Bay - Phase A, of a value of EUR 64 million. • With regard to the Concession segment, traffic in the mature concession projects continues to show signs of recovery (e.g. traffic on Attiki Odos in 2017 increased by 3.0%) while the Elefsina-Corinth-Patras- Pyrgos-Tsakona Motorway (a project in which the Group participates by 17%), and the Aegean Motorway, section PATHE Maliakos-Kleidi (a project in which the Group participates by 20%) were completed and delivered in full operation. (4) / (140) ELLAKTOR SA Annual Financial Report for the financial year from 1 January to 31 December 2017 All amounts are in EUR thousand, unless stated otherwise • With regard to the Environment segment, construction work on the project ‘Design, Financing, Construction, Maintenance, and Operation of Infrastructures for the Integrated Solid Waste Management System (ISWMS) of the Region of West Macedonia, through a Public - Private Partnership’ became fully operational in June 2017. It is reminded that the project, of a total investment of EUR 48 million, is the first Public - Private Partnership (PPP) in the environment sector in Greece. The Contract for the construction, maintenance and 20-year operation of the facilities that will collect and exploit the biogas generated at the Mavrorachi landfill (with capacity of 3.5 MW and total investment budget of EUR 5 million) was signed on 7 September 2017. Finally, HELECTOR S.A. was certified according to ISO 37001:2016 (against corruption and bribery) and is one of the leading companies at European level to receive such certification. • With regard to the wind farm segment, in H2 2017 the licensed capacity of Ag. Dynati wind farm was upgraded by 5 MW (from 27.2 MW to 32.2 MW) and the wind farm of the extension of Ag. Dynati, with installed capacity of 2.35 MW on Ag.Dynati mountain, Kefalonia, was put in trial operation. Further, the wind farm “Kalogerovouni-Poulos” with an installed capacity of 17.1 MW, located at the south foot of mount Parnon, within the boundaries of the Municipality of Monemvasia, was also put in trial operation during the same period. Thus, the projects of ELLINIKI TECHNODOMIKI ANEMOS S.A. and its subsidiaries that operated on 31.12.2017 had a total installed capacity of 260.3 MW. Despite the clear improvement in the economic climate, macroeconomic risks remain for Greece, as there is a need to complete the 4th assessment of the Third Economic Stability Programme, to further stabilize the banking system by de-escalating non-performing loans, and to lift restrictions on capital movement, which have been in force since June 2015 (even though relaxed). Given the above, it is estimated that 2018 will be a challenging year for the Greek economy and, accordingly, for the Group’s domestic activities. The Management continually assesses the situation and its possible impact on the Group, to ensure that all necessary and possible measures and actions are taken in good time, not only to minimize any negative impact but, also, to capitalize on positive developments. II. Overview of results for 2017 Comment on Key Figures of the 2017 Income Statement and Balance Sheet The Group’s consolidated income for the fiscal year 2017 amounted to EUR 1,865.7 million in total, compared to EUR 1,942.4 million in 2016, a slight decrease of 3.9%. This decrease was mainly attributable to the construction segment, where revenue amounted to EUR 1,509.5 million as compared to EUR 1,552.7 million in 2016, and the environment segment, where revenue amounted to EUR 76.5 million compared to EUR 106.9 million in 2016, mainly due to a decrease in construction projects.
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