Ellaktor Sa · ATHEX:ELLAKTOR
Ellaktor Sa — FY2019 Earnings Presentation
18 slides from Ellaktor Sa's earnings presentation, May 23, 2020
Slide 1: FY2019 Group Results
ae FY2019 Group Results
Slide 2: Executive Summary
Executive Summary 2019 was an eventful year for ELLAKTOR, with the Management implementing a series of structural changes at Group level. Management is moving forward with the implementation of a new strategy, with the aim of creating long-term value • The successful Merger by Absorption of EL.TECH.
Slide 3: Business update by segment
Business update by segment +/- % vs 2018 Revenues EBITDA • Decline in turnover due to limited tendering of new projects in Greece and focus of international €m €m activities specifically in Romania • Results impacted mainly by non-recurring losses of €113.3m relating to photovoltaic projects abroad.
Slide 4: Corporate Governance
Corporate Governance The BoD consists of highly skilled, experienced members with a healthy mix of diversity in terms of gender and age Board of Directors >55%* independence with split Chairman and CEO roles Highly active BoD, with regularly scheduled meetings c.2 times per month All BoD com
Slide 5: Evolution of Group P&L Items (IFRS – in €m)
Evolution of Group P&L Items (IFRS – in €m) Revenues EBITDA 1,857 194 143 1,274 81 2018 2019 2018 2019 2019 excl.PV abroad* EBIT 91 PAT After Minorities 42 (18) (22) 2018 2019 2019 (125) (131) excl. PV abroad* 2018 2019 2019 excl. PV abroad* *excluding the €113.3m non-recurrling losses from PV proje
Slide 6: Consolidated P&L
Consolidated P&L • Group Revenues decreased by 31.4% to €1,273.6m, mostly as a €m FY2019 FY2018 Δ (%) result of decreased revenues in Construction (€875.2m vs €1,463.1m in 2018) Revenues 1,273.6 1,857.3 (31.4%) o International activities focused on Romania and Qatar (only EBITDA 80.6 142.9 (43.6%) f
Slide 7: Revenue and EBITDA (€m)
Revenue and EBITDA (€m) Revenue and EBITDA 2019 1,274 194 64 7 0 87 240 875 81 3 (7) 50 7 155 Construction Concessions Environment RES Real Estate Other Revenue 2019 (127) Construction Concessions Environment RES Real Estate Other EBITDA EBITDA 2019 2019 excl. international Revenue and EBITDA 2018 P
Slide 8: Consolidated balance sheet as at 31/12/2019
Consolidated balance sheet as at 31/12/2019 €m FY2019 FY2018 Δ (%) Total assets decreased by 5.3% to €3,056m vs €3,225m in 2018. Intangible assets 483.1 573.0 (15.7%) Property, plant and equipment 630.8 526.3 19.9% 1 • Intangible assets include the Concession Right from Attiki Financial assets at fa
Slide 9: Consolidated cash flows
Consolidated cash flows €m 31/12/2019 31/12/2018 Δ (%) • Operating cash outflows amounted to €113.9m vs operating Cash equivalents at start of period 479.4 510.1 (6.0%) cash inflows of €46.9m in FY2018 mostly due to the negative CFs from Operating Activities (113.9) 46.9 results and increased workin
Slide 10: Net debt by sector as at 31/12/2019
Net debt by sector as at 31/12/2019 Total Total BOT Concessions Corporate 31/12/2019 in € mil. Construction Environment Renewables Real Estate Other Attiki Odos Moreas Non- Total Group Recourse (excl. BOT Recourse projects) Short-term Debt 25.7 0.6 9.9 27.9 19.7 1.3 85.2 13.2 16.3 29.5 114.7 Long-te
Slide 11: Segmental analysis of FY2019 vs FY2018 results (€m)
Segmental analysis of FY2019 vs FY2018 results (€m) Group Construction Concessions Environment Renewables Real Estate Other Revenues FY2019 / 1,274 / 1,857 875 / 1,463 240 / 241 87 / 86 64 / 60 7/7 0/0 FY2018 (31%) (40%) (0.3%) +1% +6% +4% n.m. EBITDA FY2019 / 81 / 143 (127) / (92) 155 / 169 7 / 26
Slide 12: Construction highlights
Construction highlights Backlog Analysis* (€m) 2,064 • Focus of Construction on Greece and 35 68 1,841 Romania (81% of total backlog vs 60% 147 267 in 2018) Other international 413 • Exit from other international markets and PV 837 P/V (5% of total backlog vs 30% in 2018) 173 Qatar Romania • Qatar’s
Slide 13: Concessions highlights
Concessions highlights Attiki Odos strong performance continued in 2019 …as well as in other mature concessions Concession Average daily traffic volumes Traffic volumes outpacing GDP growth Data Life2 (m) 4.7% • 17.0% stake 112 136 142 Average daily traffic volumes (000’s) Greek GDP growth (2014-201
Slide 14: Renewables highlights
Renewables highlights Increase in Revenue, EBITDA and EBITDA% RES KPIs5 2016 2017 2018 20195 80 60 64 100% 45 50 42 50 Capacity2 60 31 33 80% (MW) 211 246 282 296 40 60% Operating 20 40% Capacity 0 20% factor 26.7% 25.3% 26.9% 27.1% 2016 2017 2018 2019 Availability 98.1% 98.2% 98.2% 97.2% Revenues E
Slide 15: Covid-19 Implications & Risks for 2020 performance
Covid – 19 Implications & Risks for 2020 performance • 1st semester 2020 is impacted by the spread of the Covid-19 pandemic and the restrictive measures (lock-down) implemented by the governments • The Group’s priorities are to protect employees’ health, to prevent the spread of the virus as well as
Slide 16: Next steps
Next steps Management, with the ultimate goal of the Group’s return to profitability, currently focuses on the following: Minimization of the impact of Covid-19 pandemic on the Group’s activities – Implementation of the segments’ investment plan – Restructuring of Construction. • Utilization of all
Slide 17: Disclaimer
Disclaimer This presentation has been prepared by ELLAKTOR S.A. (the“Company”). The information contained in this presentation has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, comple
Slide 18: Contact details
Contact details Emmanouil Christeas Group CFO e-mail: [email protected] Investor Relations Department 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 17