Group Presentation
March 2015 Recent Developments / FY2014 Financial Highlights
Economic conditions in Greece improved in 2014 with GDP growth for the first time after six recessionary years (2008-2013 : - 25% GDP) In this context, group consolidated revenues increased to € 1,544.5 ml ( vs € 1,241.4 ml in 2013) mostly on the back of accelerated execution on construction backlog Group operating profit (EBIT) amounted to € 56.9 ml – includes a € 54.2 ml impairment in mining companies and a € 11.5 ml other non-recurring income from Moreas (mostly compensations) – EBIT adjusted for the above items amounted to € 99.5 ml Results after tax and minorities were losses of € 51.6 ml (vs losses of € 48 ml in 2013) negatively impacted from the aforementioned impairment of financial assets available for sale Total debt decreased to € 1,550.7 ml vs € 1,646.9 as of 31/12/2013 – Corporate related Net Debt as of 31/12/2014 increased to € 414.3 vs € 355.3 ml as of 31/12/2013 mostly because of decreased net cash position at construction Total construction backlog stands at ~ € 3.8 bn with another € 555 ml of contracts pending signature ELTECH Anemos is constructing 93.5 MW of wind farms funded by the IPO proceeds (€ 35 ml) and bank debt The political developments towards the end of 2014 and the continuing discussions on Greece’s financing programme, have increased uncertainty on the Greek macroeconomic environment and may impact the group’s prospects
9eld0029 2 Key Investment highlights
Leading infrastructure player in Greece with an increasing international footprint
Growth prospects in Waste Management and Well-balanced diversified Renewable Energy portfolio of activities
Strong expected dividend stream from mature Unrivalled construction concessions knowhow (backlog c.€3.8bn) (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 ELTECH ANEMOS has been listed in the Main Market of the Athens Stock Exchange since 22/07/2014 2013- Backlog 50% domestic-50% international 2014 Restructuring of Olympia Odos and Aegean Motorways 2012 European Goldfields (“EGU”) absorbed by Eldorado Gold (“ELD”) (21st February 2012)
Sale of a 7.07% stake in EGU to Qatar Holding (Oct.2011)
Final EIS (Environmental Impact Study) of HELLAS GOLD approved by the Ministry of Environment & Climate 2011 Change, on 26th of July 2011
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‘
Change of name from ELLINIKI TECHNODOMIKI TEB SA to ELLAKTOR SA 2008 Commencement of MOREAS, OLYMPIA ODOS and AEGEAN MOTORWAY concessions
Swapped a 30% stake in HELLAS GOLD with a 20% stake in EUROREAN GOLDFIELDS
Concession activities spun off as AKTOR CONCESSIONS 2007 Acquisition of PANTECHNIKI, leading to controlling stake in ATTIKI ODOS (59.2%)
Participation in 3 out of 5 concession projects awarded in Greece
First international construction contracts awarded in Balkans and the Middle East 2004 Acquisition of a stake in HELLAS GOLD
2003 Entry in the Waste Management sector (HELECTOR)
1999 Merger of TEB, ELLINIKI TECHNODOMIKI and AKTOR
1996 Concession for ATTIKI ODOS and RION-ANTIRION Bridge signed
1950’s & Establishment of TEB, ELLINIKI TECHNODOMIKI and AKTOR 1960’s
9eld0029 5 Ellaktor Group organisational structure
Waste Construction Concessions Energy Real estate Other holdings management
100% 21.95% 100% 95% 64.50% 55.46% 15.3% AKTOR HELLENIC CASINO AKTOR SA HELECTOR SA ELLINIKI ELPEDISON CONCESSIONS TECHNODOMIKI REDS OF PARNITHA POWER & ENERGY ANEMOS
Leader in Greece Significant No 1 in Greece No 1 in Greece & Cyprus growth prospects
5,795 full time employees with activities in more than 20 countries
Listed on the ASE with a market capitalization of ~ 336 € ml (1)
(1) As of 30 th of March 2015 Ellaktor is the leading, diversified, regional infrastructure player
9eld0029 6 Ellaktor Group key financials 2008 – 2014 (Amounts in €ml) Revenues Reported EBIT (1) (2) (3) (4)
2.500 2.269 233 250 218 1.913 2.000 1.753 1.545 200 151 151 1.500 1.204 1.233 1.241 150 115 1.000 100 76 57 500 50 0 0 2008 2009 2010 2011 2012 2013 2014 2008 2009 2010 2011 2012 2013 2014
Reported Profit Before Tax Reported Net profit after Minorities 130 95 175 80 65 73 172 200 30 1 12 150 90 89 -20 100 58 -48 -52 50 16 -70 Notes : 2008 2009 2010 2011 2012 2013 2014 0 2013 figures adjusted for the implementation of IFRS11 “Joint Arrangements” -11 (1) 2014 Operating Profit (EBIT) includes a € 54.2 ml reclassification to the P&L of impairments in mining -50 companies and a € 11.5 ml non recurring other income from a concession project 2008 2009 2010 2011 2012 2013 2014 (2) 2013 Operating Profit (EBIT) includes real estate valuation adjustments of € 41.9 ml and provisions from the “RES New Deal” and the RES tax levy of € 11.9 ml (3) 2012 Operating Profit (EBIT) includes profit from the sale of Eldorado shares of € 19 ml and provisions for doubtful receivables of € 13 ml (4) 2011 Operating profit (EBIT) 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 for sale, provisions for doubtful receivables and adjustments for revised profitability of construction backlog 9eld0029 7 Ellaktor Group key financials 2008-2014 (continued) (Amounts in €ml)
Total assets Total equity 6.000 1.500 1.315 1.259 1.254 5.000 1.182 1.240 4.307 4.359 4.316 4.150 4.170 1.150 1.116 3.880 4.096 1.200 4.000 900 3.000 600 2.000
1.000 300
0 0 2008 2009 2010 2011 2012 2013 2014 2008 2009 2010 2011 2012 2013 2014
Net debt Corporate net debt (1) 800 1.000 915 855 564 596 800 742 700 719 600 515 624 414 372 600 492 400 355 400 175 200 200
0 0 2008 2009 2010 2011 2012 2013 2014 2008 2009 2010 2011 2012 2013 2014
Notes : 2012-2013 figures adjusted for the implementation of IFRS11 “Joint Arrangements” (1) Excluding debt and cash / cash equivalents and liquid assets 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 ~ 53% of backlog is international (mostly Middle East and Europe) Key priorities Stabilizing operating margins Accelerate backlog execution Construction on the restructured BOT concession projects is progressing with a view to complete them by end of 2015 / beginning of 2016 OTHER
Revenues include all Groups’ activities
FY2014 Construction revenues : € 1,170.9 ml FY2013 Construction revenues : € 892.1 ml
9eld0029 9 Construction backlog at € 3.8bn as of 27.03.2015 with another ~€ 555ml of projects that remain to be signed
Backlog Analysis by sector (€ml) Backlog by geography
4000 3,777 International 53% Greece 47% 3500
3000 1,997 2500 5.500 5,050 2000 1,655 124 Backlog Evolution (€ml) 624 1500 4.500 4,300 4,332 4,245 1000 642 3,882 555 1.271 3.500 785 500 3,172 3,005 613 0 2,471 669 647 Infrastructure Private Projects International Total Backlog 2.500 Projects Greece Greece Projects 620
1.500
500 2007 2008 2009 2010 2011 2012 2013 2014 Backlog Blue City To be signed
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% 356 Railway line Micasasa-CoslariuSimeria,Sect Brasov-Simeria (RO) 51% 43 Structure and Technical works in Chalikidi Mines 100% 78 Design & Build of National Road 18 Baia (RO) 100% 28 Construction of Gold Minerals’ plant in Chalkidiki 100% 124 Highway E80, LOT2 Road& Bridges at Stanicenje (SR) 100% 50 ERGOSE :Railway line Rododafni -Psathopyrgos,Panagopoula's Tunnel 66.09% 124 Highway E80 Section Crvena Reca-Ciflic (SR) 100% 5 ERGOSE :Remaining Works - Railway line Tithorea – Domokos 33.33% 97 Highway Ε80, LOT2 Bancarevo, Crvena Reca (SR) 50% 23 ERGOSE Project: Lianokladi - Domokos 100% 3 Integrated System of Municipal Waste Facilities for Sofia Egnatia Highway: Koromilia -Krystalopigi (Kozani) 60% 34 40% 26 Municipality (BG) HYDRO Metsovitiko 100% 22 Hydroelectric projects in Albania (ALB) 100% 10
Construction 2nd phase of Thriasio Complex 65% 19 Europe Highway LOT4 Struma (BG) 100% 15 Igoumentitsa’s Port 100% 29 Highway Demir Kapija–Smokvica (FYROM) 100% 103 Infrastructure Projects New Port in Patras 100% 8 EYDAP : Psittaleia STP: Operation and Maintenance 100% 83 Waste processing plant in Saint Petersburg (RU) 30% 48 Distribution networks PPC 100% 2 Mostar wastewater Treatment Plant (BiH) 100% 8 Aposelemi Dam : Diversion works 100% 6 Wastewater Treatment Plant Bacau (RO) 100% 4 Design & Build of Highway Sebes Turda , LOT 2 (RO) 51% 62 Hania Airport : Extension-Plants 100% 32 Chalkida General Hospital 75% 23 Gerakina Beach Hotel 100% 12 Lefkada General Hospital 75% 11 Gold Line Underground in Doha (Qatar) 32% 1,122
National Gallery 100% 16 Development of Internal Security Force Camp 50% 234 Airport Expansion Building in Ioannina 100% 7 at Al Duhail (Qatar) BuildingProjects Facility Management Services at New Doha International Airport (NDIA ) National Museum of modern art 100% 1 100% 48 (Qatar)
Korinthos -Tripoli - Kalamata (Moreas) 71.67% 41 countries Back Up Approach and Training Centre at New Doha International Airport (Qatar) 40% 12 Elefsina - Patra - Tsakona (Olympia) 17% 244 BOT GulfRegion &Other Kaliti Wastewater Treatment Plant-Civil & E/M Works - Design Supply & 100% 28 Maliakos - Kleidi (Aegean) 19.3% 72 Build (AITH)
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 the three (Moreas, Olympia Odos and Aegean Motorway) out of the five major concession projects under construction in Greece ¢ Selectively pursuing new opportunities with strategic The last two have been successfully restructured in partners, integrating necessary skills and expertise for December 2013, after more than two-years long successful project delivery and carefully managing its discussions, following the reduction in traffic all over investment exposure. Current tenders include: Greece due to the macroeconomic crisis of the country. The restructuring involved, among others, an international concession projects (Romanian increase in the State’s contribution using EEC funds, motorway BOTs in a consortium with Vinci & a reduction in the scope of the project in the case of Strabag (Preferred Bidder in Comarnic-Brasov Olympia Odos and a resolution of all long pending Motorway) matters. Greek Privatization Program opportunities and the Moreas is concluding agreement with the Greek State new Kasteli Airport PPP in partnership with Vinci for Additional Operating Subsidy of 330 million euros Airports which will guarantee Debt Service payment. Greek PPPs, primarily focusing on waste Participates in concessions management together with HELECTOR (preferred of 4,940 parking spaces bidder for the Western Macedonia waste PPP, and in operation of another prequalified for Agrinio, Achaia, Attica, Eastern 1,230 spaces. Macedonia-Thrace waste PPPs)
12 Overview of ELLAKTOR’s Concession portfolio
Ioannina
Larissa Aegean Motorway (Maliakos – Klidi Highway) Trikala Igoumenitsa • Under construction (83.1% Karditsa completed ) Lamia • €1.01bn contract price • 20% stake Gefyra (Rion – Antirrion Bridge) Attiki Odos Aegio Patra (Athens Ring Road ) • In operation since 2004 Korinthos Athens • €0.7bn contract price • In operation since 2000 • 22% stake • €1.2bn contract price Tripoli • 59% stake Moreas Olympia Odos (Korinthos – Tripoli – Kalamata Highway) (Athens – Corinth - Patra Highway) Sparta • Under construction (92.75% • Under construction (completed 57.6%) completed) • €1.34bn contract price after restructuring Kalamata • €0.85bn contract price • 17% stake • 72% stake
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
Total investment €1,310ml €839ml
Average daily traffic (2014) ~196,996 vehicles ~8,685 vehicles (2013)
2014 revenue €159.7ml €32.3ml (provisional)
2014 net profit €38.9ml €2.7ml (provisional)
First Net Profit Year 2012 2004
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 The Aegean Motorway and the Olympia Odos projects have been restructured, with the new construction schedule extended up to the end of 2016.
Motorway Motorway Motorway Type of concession Korinthos-Tripoli-Kalamata Maliakos - Kleidi Elefsina -Korinthos-Patra & Sparti-Lefktro (Pyrgos – Tsakona) 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 201 Km
Commencement of operation March 2008 March 2008 August 2008
Restructured Dec. 2013 Dec. 2013
Duration of concession 30 Years 30 Years 30 Years
Total investment €1.0bn €1.6bn €2.1bn
Average daily traffic (2014) ~40,406 vehicles ~55,257 vehicles ~88,728 vehicles
Operator The Concessionaire The Concessionaire OLYMPIA ODOS LEITOURGIA (shareholdings as in concession company) 9eld0029 15 Overview of Waste Management Services (‘HELECTOR’)
¢ Significant prospects in Greece a number of Concession / PPP projects in Greece are in tender stage / expected to be tendered already announced Contractor for the W. Macedonia PPP project (1st Waste Management PPP project to be tendered) HELECTOR SA, a 94.4% subsidiary of the ¢ Significant prospects internationally ELLAKTOR Group, is the market leader in Waste executing a project in Bulgaria (one of the biggest Management and Waste-to-Energy sectors in Greece projects in Europe at the moment - capacity 410kt / and Cyprus while at the same time dynamically a), two projects in Croatia (WM plants & residual expanding abroad landfill), one in Slovenia (WM plant), one in extensive know-how in designing, developing, Germany (anaerobic & aerobic digestion) and one operating and maintaining integrated waste in Jordan (landfill rehabilitation & biogas management facilities, landfills, incinerators and exploitation) while recently awarded a project in sorting plants Romania own worldwide patented technologies for Mechanical more prospects expected in Cyprus (recently Biological Treatment (MBT) awarded a landfill biogas project in Limassol) the largest landfill biogas producer in Europe with 30MW in operation and ~10MW under development Total HELECTOR backlog: Exceeding € 204 ml Recurring operational revenue : ~ € 62 m 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) ¢ Promising potential in Greece from a move towards waste treatment (vs. landfill disposal) and power generation from biogas ¢ Concession / PPP pipeline WM projects in Greece includes W. Macedonia - 120k tons p.a. (Announced Contractor) Aitoloakarnania – 110k tons p.a.(CD phase) Patras – 150k tons p.a. (CD phase) E. Macedonia - Thrace – 155k tons p.a. (CD (1) % of BMW land-filled in 2007 vs 1995 completed) 200.0%
175.0% Corfu projects - ~ 100k tons p.a. (PQ phase) 150.0% Thessaloniki – 400k tons p.a. (Tender Pending) 125.0% Attica – Expecting new planning to be announced 100.0% 75.0% ¢ On a regional basis, market prospects are also 50.0% promising given low market penetration in South 25.0% Eastern Europe and the Balkans, where HELECTOR is 0.0% already making inroads (Bulgaria, Slovenia, Croatia, Serbia, Skopje, Russia, Lithuania) while also targeting the Turkish market (1) Biodegradable Municipal Waste Source: Eurostat 2009
9eld0029 17 PQ – Prequalification CD – Competitive Dialogue PB = Preferred Bidder 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 - Construction of Landfill Fyli, Attica Greece 2,500 kt/y n/a Under construction - Construction of Landfill Tagarades, Salonica Greece 720 kt/y n/a Restoration - Construction of Landfill Mavrorachi, Salonica Greece 540 kt/y n/a Operation - Construction of Landfill Livadia Greece 50 kt/y n/a Under construction - Landfill & Leachate Construction of Landfill Thiva Greece 70 kt/y n/a Under construction - Treatment plants Construction & Construction of Landfill Limnos Greece 40 kt/y n/a Operation - Management Management of Landfill Pafos Cyprus 70 kt/y 100% Operation 10-year concession since 2005 Management of Landfill Larnaka Cyprus 50 kt/y 100% Operation 10-year concession since 2010 Management of leachate treatment plant Fyli & A. Liossia Greece 750 m 3/day 100% Operation 6 years operation contract Management of leachate treatment plant Pafos Cyprus 230 m 3/day 100% Operation 6 years operation contract
Herhof Recycling Osnabrueck Osnabrueck Germany 105 kt/y 100% Operation 17-year concession since 2006 Berlin MBT Berlin Germany 180 kt/y n/a Operation Turnkey for third party Trier MBT Trier Germany 180 kt/y n/a Operation Turnkey for third party Mechanical Larnaka MBT Larnaka Cyprus 220 kt/y 100% Operation 10-year concession since 2010 Biological Plants A. Liossia Recycling & Compost Plant Attica Greece 300 kt/y 70% Contract signed 3+3 -year operation contract Anaerobic Digestion Plants Schloßvippach, Kessel, Ulzen, Dorpen Germany Total 89 kt/y n/a Operation Kassel & Ulzen under expansion Sofia MBT Sofia Bulgaria 410 kt/y n/a Under construction Turnkey for Sofia Municipality Croatia MBT Plants Mariscina & Kastijun Croatia Total 190 kt/y n/a Contract signed Turnkey for third party
Hospital Waste Mgt Apotefrotiras Plants (Hospital Waste Incinarator) Ano Liossia, Attica Greece 12 kt/y 70% (a) Operation 9-year concession since 2007
Fyli Recycling Plant Fyli, Attica Greece 100 kt/y n/a Operation Private Investment Koropi Recycling Plant Koropi, Attica Greece 75 kt/y n/a Operation Private Investment Recycling Plants BEAL : Landfill biogas-fired plant (b) Ano Liossia, Attica Greece 23.5 MW 50% (c) Operation 20-year PPA since 2004 Tagarades : Landfill biogas-fired plant Tagarades, Salonica Greece 5.0 MW 100% Operation 20-year PPA since 2007 Fyli : Landfill biogas-fired plant Fyli, Attica Greece 10 MW 100% Production license Awarded in 2009 Waste to Energy Jordan : Landfill biogas-fired plant Amman Jordan Up to 6 MW 100% Contract signed Turnkey for third party + 5y operation Plants Aeiforiki Dodekanisou Rhodes, Kos, Patmos Greece 7.8 MW 99.5% Operation 20-year PPA since 2007 Wind Energy
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’)
Regulatory framework RES must cover 20% of gross energy consumption & 40% ¢ ELLAKTOR entered the renewable energy sector in 2000 of electricity by 2020. through its subsidiary ELTECH Anemos. High growth perspectives indicated by 2020 target wind ¢ ELTECH Anemos was listed in the Main Market of the Athens power capacity in (7.500 MW) vs only 1.810 MW installed by Stock Exchange on 22/07/2014. end of 2013. ¢ Total installed capacity of 171 MW, comprising: New Deal (Law 4254/14) mitigates the uncertainty and 12 Wind farms : 164 MW gradually resolves the liquidity issues (delays in payments) of Market Operator (LAGIE). 1 PV : 2 MW LAGIE RES Account deficit to be eliminated by early 2016. 1 small hydro : 5 MW New tariffs (FiTs) and PPA clauses: ¢ Under construction (wind farms) : 94 MW Tariffs 82 – 120 €/ΜWh for wind energy, depending on ¢ Long term (2010 – 2014) average wind farm capacity factors grid characteristics & cash grant benefits received. of 26.5% vs. 25.3% of Greek market ( based on LAGIE/DEDDIE database ). Extension of existing wind farm PPA’s for an extra 7 years (total 20 + 7 years). ¢ Average portfolio age of 4.5 yrs (as of 31/12/2014) Cash grants 20% to 40% of CAPEX (Law 3299/04 as ¢ Implementation scheme: modified), for applications filed up to 31/12/2013. In house development, design, management of construction & supervision of operation. Outsourcing of O&M (turbine manufacturers). ¢ Target technology remains wind energy. Open to other RES technologies, depending on opportunities. ¢ Base market remains Greece. ¢ Close collaboration with wind turbine manufacturers.
9eld0029 19 Eltech Anemos RES assets overview and key economics
Wind Farm Key Economics Wind Farms geographic distribution
¢ CAPEX / MW ca. 1.30 m€ ¢ Equity 25 – 40% of capex ¢ Cash grants 20%-40% of capex ¢ Tariffs : Interconnected 82 – 107 €/MWh Non interconnected 92 – 93 €/ΜWh ¢ EBITDA margins ca. 70%
Overview of ELTECH Anemos Wind portfolio 839 MW Pipeline 768
516 1
323
164 94
Application Production licence Environments Under Operating terms Construction
Production Environmental Application Construction Operating licence Terms Approval 12–14 12 12-18 12–24 months months months months Note (1): The 526MW with production license include one 15MW hybrid project (wind-hydro) Source: Anemos Management, ELLAKTOR SA Corporate presentation 9eld0029 20 ELLAKTOR also has a ~ 22% stake in Elpedison Power & Elpedison Energy
HELLENIC INTRACOM EDISON ELLAKTOR PETROLEUM ¢ Ellaktor is present in the thermal electricity generation 96.57% sector through Elpedison Power, the 2 nd largest 3.43% 50% 50% electricity producer in Greece, as well as the supply of electricity to final consumers through Elpedison Energy. ¢ HE&D owns a 22.74% stake of Elpedison Power and HE&D Halcor Elpedison Elpedison Energy, set up together with the Hellenic
Petroleum/Edison Joint Venture (75.78%) and Halcor 24.22% 75.78% (1.48%) HE&D and Halcor jointly have ¢ Elpedison Power, aims at enhancing its generation the institutional minority rights portfolio and remain a key player in the Greek electricity ELPEDISON POWER: - Thessaloniki Power (390MW) market: - Thisvi Power (420MW) 1 gas-fired 390MW CCGT in operation in - Other Assets/Activities Thessaloniki 1 gas-fired 420MW CCGT in operation in Thisvi ELPEDISON ENERGY: - Electricity supply Enhancement of its portfolio through acquisition of - Cross-border trading electricity generation assets expected to be privatized Further power generation opportunities considered in Greece and the Balkans ¢ Elpedison Energy aims at continuing a healthy growth and maintaining its leading role in the alternative electricity suppliers’ market
9eld0029 21 Real Estate Other Investments REDS GOLD ELLAKTOR holds ¢ ELLAKTOR holds a 55.46% stake in R.E.D.S. SA 1.1% in ELDORADO GOLD (“ELD”*) 95% owner of Listed on ASE with a market cap : € 22.2m Hellas Gold (30/3/2015) 5% of HELLAS GOLD *ELD is listed on Toronto and NYSE, with ~4.3bn CAD$ (~3.2 bn €) ¢ REDS enjoys a high quality Property portfolio market cap (30/03/2015) (~ € 118 m, Book Value at 31/12/2014) MONT PARNES CASINO ¢ Smart Park is operational as of 20/10/2011 ELLAKTOR holds an indirect 15.3% stake in Signed leases 100% of GLA with N.O.I. 5.5 mil € Hellenic Casino Parnitha Non-core asset 12 years term project funding in place Initial investment : €33 ml ¢ Kantza Mall Project : Town Planning file has been Dividends received to date : €23.7ml issued to the Ministry of Town Planning & Environment Other shareholders and the procedure of the public discussion is taking - Regency Entertainment : 35.7% place at the local Municipality premises. GBA - Greek State: 49.0% 95,000m 2. Revamping of facilities is underway 2014 Key financials ¢ Urban Planning Approval (PUZ) for Unirii Project in Tables: 61 (of which 11 in VIP area) revenues: €93.3ml slot machines: ~660 Bucharest, Romania has been acquired. GBA profit after tax: €2.5ml REGENCY 2 ELLAKTOR GREEK STATE 32,000m . ENTERTAINMENT 70% ¢ Expropriation claim for € 4.7 million has been provided 30%
by a final court decision. ATHENS RESORT CASINO AE 49% 51% ATHENS MONT PARNES CASINO AE
9eld0029 22 Consolidated P&L FY2014 (IFRS in € ml) (Amounts in €ml)
31/12/2013 31/12/2014 Change (%) Revenues increased by 24.4% to € 1,544.5 ml with increased revenues in Construction (€ Revenues 1,241.4 1,544.5 24.4% 279 ml) and Environment (€ 44 ml) Operating profit (EBIT) amounted to € 56.9 ml EBITDA 182.0 162.6 -10.7% but includes a € 54.2 ml impairment charge EBITDA margin (%) 14.7% 10.5% from mining assets classified as financial assets available for sale and €11.5 ml non- EBIT 75.7 56.9 -24.9% recurring other income in concessions EBIT margin (%) 6.1% 3.7% EBIT adjusted for the above items amounted
Profits/ (Loss) from Associates -1.3 0.4 132.3% to € 99.5 ml After tax after minorities the group reported Profit/ (Loss) before Tax 15.6 -10.8 -169.0% losses of € 51.6 ml vs losses of € 48.0 ml in 2013 negatively impacted by the valuation Profit Before Tax margin (%) 1.3% -0.7% impairment
Profit/ (Loss) after Tax before Minorities -49.0 -33.3 32.1%
Net Profit/ (loss) after Minorities -48.0 -51.6 -7.6%
Earnings/ (Loss) per share (1) -0.278 -0.299
Notes : (1) Weighted average number of shares : 172,431,279 (2013 and 2014)
9eld0029 23 Consolidated Balance Sheet 31.12.2014 (IFRS in € ml) (Amounts in €ml)
31/12/2013 31/12/2014 Change (%) Tangible assets increased from € 430.2 ml to Intangible assets 1,052.5 1,005.2 -4.5% €470.4 ml mostly as a result of capex for
Property, plant and equipment 430.2 470.4 9.4% construction equipment and wind farms
Financial assets available for sale (1) 77.0 91.3 18.6% Financial assets held to maturity remained
Financial assets held to maturity (1) 80.3 79.1 -1.5% stable Receivables (2) 1,048.4 1,193.2 13.8% Financial Assets Available for Sale (mostly
Other non -current assets 442.8 424.0 -4.3% mining assets) amounted to € 91.3 ml Total receivables (short-term and long-term) Other current assets 120.2 153.9 28.0% excluding deposits over 3 months increased Cash (incl. restricted cash) 898.4 752.3 -16.3% from € 1,004.5 ml to € 1,192.7 ml mostly Total Assets 4,149.9 4,169.5 0.5% because of increased work in progress Total Debt 1,646.9 1,550.7 -5.8% receivables
Other Short Term Liabilities 903.0 960.0 6.3% Cash (including restricted cash) reduced by €146 ml to € 752.3 ml Other Long Term Liabilities 449.6 542.6 20.7%
Total Liabilities 2,999.5 3,053.3 1.8%
Shareholders Equity 1,150.4 1,116.2 -3.0% Shareholders Equity (excluding 892.2 881.3 -1.2% minorities)
Notes: (1) Includes both current and non current assets (2) Receivables as of 31/12/2013 and 31/12/2014 include time deposits over 3 months of € 43.9 ml and € 0.5 ml respectively 9eld0029 24 Consolidated Cash Flows 31.12.2014 (IFRS in € ml) (Amounts in €ml)
31/12/2013 31/12/2014 Operating cash flows of € 23.4 ml reduced vs 2013 (€ 168 ml) mainly because of increased working capital requirements in construction Cash Flows from Operating Activities 168.0 23.4 Net Cash outflows from investment activities amounted to € 39.4 ml and include: - Inflow of ~ € 43 ml from converting time Cash Flows from Investment Activities 67.7 -39.4 deposits over 3 months to cash - capex of ~ € 104 ml • Construction: ~ € 36 ml Cash Flows form Financing Activities -125.4 -119.0 • Concessions: ~ € 27 ml (Moreas) • Wind Farms: ~ € 38 ml Net increase / (decrease) in cash and 110.3 -135.0 • Environment: ~ € 2 ml cash equivalent - outflow of ~ € 22 ml for subordinated debt at Maliakos
Cash equivalents at start of period 704.6 814.9 Cash outflows from financing activities amounted to outflows of € 119.0 ml - mainly repayment of loans Cash equivalents at end of period (1) 814.9 679.9 - inflow of ~ € 35 ml from ELTECH Anemos IPO - outflow of ~ € 44.5 ml from dividend distribution to minority shareholders (mainly Attiki Odos)
Notes : (1) Does not Include restricted cash (31/12/2014: € 72.4 ml and 31/12/2013: € 83.5 ml), time deposits over 3 months (31/12/2014 : € 0.5 ml and 31/12/2013 : € 43.9 ml) and bonds held to maturity (31/12/2014 : € 79.1 ml and 31/12/2013 : € 80.3 ml)
9eld0029 25 Segmental analysis of FY2014 Results (IFRS in € ml) (Amounts in €ml)
Construction Real Wind Concessions Environment Other Total & Quarries Estate Farms
Revenues 1,170.9 6.3 206.6 128.1 31.7 0.9 1,544.5
EBITDA -9.7 1.2 136.2 20.6 20.4 -6.2 162.6
EBITDA margin (%) -0.8% 19.1% 65.9% 16.1% 64.5% nm 10.5%
EBIT -31.2 0.0 66.7 15.5 13.1 -7.1 56.9
EBIT margin (%) -2.7% -0.3% 32.3% 12.1% 41.2% nm 3.7%
Profit before Tax -40.1 -2.4 31.9 15.2 5.3 -20.7 -10.8
Profit before Tax margin (%) -3.4% -38.8% 15.5% 11.8% 16.8% nm -0.7%
Net Profit (before minorities) -45.8 -1.4 21.0 10.1 3.6 -20.7 -33.3
Net Profit margin (before minorities) (%) -3.9% -22.7% 10.2% 7.9% 11.2% nm -2.2%
Net Profit (after minorities) -46.5 -1.2 6.6 7.7 2.7 -20.9 -51.6
9eld0029 26 Segmental analysis of FY2013 Results (IFRS in € ml) (Amounts in €ml)
Construction Real Wind Concessions Environment Other Total & Quarries Estate Farms
Revenues 892.1 5.6 221.2 84.2 37.1 1.1 1,241.4
EBITDA 47.0 -16.8 134.0 15.4 22.3 -19.9 182.0
EBITDA margin (%) 5.3% -298.5% 60.6% 18.3% 60.1% nm 14.7%
EBIT 26.3 -18.1 65.8 10.0 12.7 -21.0 75.7
EBIT margin (%) 3.0% -320.6% 29.7% 11.9% 34.1% nm 6.1%
Profit before Tax 18.8 -20.2 38.0 10.9 4.7 -36.5 15.6
Profit before Tax margin (%) 2.1% -358.3% 17.2% 12.9% 12.5% nm 1.3%
Net Profit (before minorities) 10.3 -20.8 -10.8 5.8 3.6 -37.1 -49.0
Net Profit margin (before minorities) (%) 1.2% -367.9% -4.9% 6.9% 9.6% nm -3.9%
Net Profit (after minorities) 10.1 -12.0 -15.8 3.9 2.8 -37.2 -48.0
9eld0029 27 Ellaktor’s debt profile (€ml, as of 31.12.2014) Standard & Poor's Ratings Services assigned B+ credit rating to ELLAKTOR SA, with stable outlook
Ellaktor’s key debt statistics Debt maturity profile Short term (<1year) 17,8% Long-term debt: 1,275.4 Between 1 + Over 5 and 2 years Short-term debt: 275.3 + years 49,1% 8,5% Total debt: 1,550.7 = Non Recourse Debt 778.1 - Between 2 Corporate related Debt 772.6 and 5 years = 24,6% Corporate related Net Debt (1) / Gearing ratio (2) Cash & Liquid Assets (1) 831.9 + 800 60% Non recourse related Cash & - 700 Liquid Assets 473.6 50% = Corporate related Cash 358.4 600 40% 500 31,3% 31,2% 29,1% Corporate related Net debt : 414.3 400 22,8% 27,1% 30% Shareholder’s equity: 1,116.2 23,6% 300 563,7 596,0 12,9% 515,4 20% Total capital (2): 1,530.5 414,3 200 372,3 355,3 10% Capital leverage ratio: 27.1% 100 174,9 0 0% 31/12/2008 31/12/2009 31/12/2010 31/12/2011 31/12/2012 31/12/2013 31/12/2014 Net Debt / (Cash) Gearing Ratio
Notes : (1) Includes Cash, Restricted Cash, Time deposits over 3 months, (1) Corporate related Net Debt = (Short and Long Term Debt excluding BOT related Debt) – [Cash and Liquid Assets (i.e. Cash & Cash Equivalents, Restricted Cash, Time deposits over 3 months under bonds held to maturity receivables, bonds held to maturity) but excluding Cash and Liquid Assets of BOT related projects) (2) Total equity + net debt (2) Gearing ratio = Corporate related Net Debt / (Equity + Corporate Related Net Debt) Source: Company financial statements
9eld0029 28 Share price performance and shareholder structure
Shareholder structure Share price performance LTM (March 2015) (31/03/2014 ~ 30/03/2015) Treasury 2.58% 60,00
Management Retail 28.90% Team 34.18% 40,00
20,00 CONSTRUCTION
Greek 0,00 ELLAKTOR Institutional Foreign ATHEX Investors Institutional 8.49% Investors 25.85% -20,00
-40,00 ELLAKTOR share weighting on Indices (30/03/2015) -60,00 20,00%
16,00% Reuters ticker: HELr.AT 12,00% Bloomberg ticker: ELLAKTOR:GA 8,00%
4,00%
0,00% Ase General Index Construction Index FTSE Large Cap Index
9eld0029 29 Contact details
Anastassios Kallitsantsis Chairman of the Board of Directors e-mail: [email protected]
Stergios Pitoskas Antony Hadjioannou Investor Relations Treasurer e-mail: [email protected] e-mail: [email protected]
ELLAKTOR S.A. 25, Ermou St., GR 145 64 Nea Kifissia, Greece Athens TEL.: +30 210 8185000 FAX : +30 210 8185001 e-mail: [email protected] website: www.ellaktor.com
9eld0029 30