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Ellaktor Group Presentation FY 2014 31 3 2015

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Ellaktor Group Presentation FY 2014 31 3 2015 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
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