Ellaktor Sa · ATHEX:ELLAKTOR
Ellaktor Sa — H1 2020 Earnings Presentation
23 slides from Ellaktor Sa's earnings presentation, 2020
Slide 1: H1 2020 Restricted Group Results
H1 2020 Restricted Group Results
Slide 2: 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, compl
Slide 3: Content pages
Content pages Business Highlights 3 Consolidated Profit & Loss 8 Consolidated Balance Sheet & Cash Flow 11 Segmental Analysis 15 Appendix 20 Note: All figures refer to Restricted Group 2
Slide 4: Executive Summary
Executive Summary Restricted Group EBITDA at €85.7m in H1’20, compared to €103.0m in H1’19, posting a reduction of 17%, or -€17m, due to impact from Covid-19 which impacted the Concessions segment in particular Cash and Cash Equivalents at the end of June 2020 reached €202m versus €220m at the e
Slide 5: Business Update by Restricted Group segment
Business Update by Restricted Group segment Revenues EBITDA H1’20 H1’20 H1 yoy H1 yoy • Following the gradual lifting of the lockdown on May 4th 2020, traffic volumes in Attiki Odos show clear signs of recovery (yoy: Apr.’20 -72%, May’20 -37%, Jun.’20 -16%, Jul.’20 -9%, Aug.’20 mtd -6%) • EBITDA at
Slide 6: Evolution of Restricted Group P&L Items (€m)
Evolution of Restricted Group P&L Items (€m) Revenue EBITDA -7% 62.0% 53.7% 65.4% 37.8% 55.1% 43.4% Margin 100 140 -25% 120 100 80 50 89.8 88.3 89.9 90.9 90.9 82.0 60 40 20 55.7 47.4 58.7 34.4 50.1 35.6 0 0 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 60 EBIT Net profit ex
Slide 7: Restricted Group Net Debt to EBITDA and EBITDA Margin (€m)
Restricted Group Net Debt to EBITDA and EBITDA Margin (€m) Net Debt to EBITDA Restricted Group 713 Net Debt at 30.06.20 4.2x 3.2x Restricted Group 625 Net Debt at 31.12.19 Restricted Group EBITDA H1 2020 x 2* 171 30.06.20* 31.12.19 EBITDA Margin Restricted Group 196 49.6% 54.7% EBITDA FY2019 Restric
Slide 8: Content pages
Content pages Business Highlights 3 Consolidated Profit & Loss 8 Consolidated Balance Sheet & Cash Flow 11 Segmental Analysis 15 Appendix 20 Note: All figures refer to Restricted Group 7
Slide 9: Restricted Group Consolidated P&L
Restricted Group Consolidated P&L H1’20 vs H1’19 H1 yoy €m Q2'20 Q1'20 H1'20 H1'19 QoQ (%) (%) • Restricted Group Revenues decreased to €173m (-3%) due to: 1 Sales 82.0 90.9 172.9 178.1 (10%) (3%) o Concessions at €80.3m vs €103.4m 2 Cost of sales* (38.3) (32.6) (70.9) (64.2) (17%) (10%) while incre
Slide 10: Sales and EBITDA (€m)
Sales and EBITDA (€m) Sales H1 2020 EBITDA H1 2020 yoy -22% +36% +14% -46% -3% yoy -32% +39% +0.5% -88% -17% 173 86 0.2 7 -8 47 37 51 45 80 Concessions RES Environment Other Revenues HI 2020 Concessions RES Environment Other EBITDA H1 2020 Sales H1 2019 EBITDA H1 2019 178 103 0.3 -4 7 41 26 33 74 10
Slide 11: Content pages
Content page s Business Highlights 3 Consolidated Profit & Loss 8 Consolidated Balance Sheet & Cash Flow 11 Segmental Analysis 15 Appendix 20 Note: All figures refer to Restricted Group 10
Slide 12: Restricted Group Consolidated Balance Sheet
Restricted Group Consolidated Balance Sheet €m 30.06.2020 31.03.2020 31.12.2019 • Restricted Group’s total Assets were at €1,846m at the QoQ (%) H1 (%) end of June 2020 vs €1,837m at the end of 2019, 1 Intangible assets 259.3 271.9 285.3 (5%) (9%) recording a delta of +0.5% 2 Property, plant and equ
Slide 13: Net Debt by sector
Net Debt by sector Total Total Total Concessions 30.06.2020 in € m RES Environment Other Attiki Odos Restricted Unrestricted ELLAKTOR Recourse Group (RG) Group (UG) Group 1 Short-term Debt 0.6 34.7 10.2 1.4 0.0 46.9 52.4 99.2 2 Long-term Debt 3.4 289.7 24.3 662.2 0.3 979.9 463.7 1,443.5 3 Total Debt
Slide 14: Restricted Group Consolidated Cash Flows
Restricted Group Consolidated Cash Flows €m H1'20 H1'19 Δ €m Q2'20 Q1'20 Comments 1 Cash equivalents at start of period 220.5 288.1 (23%) 1 Cash equivalents at start of period 244.3 220.5 Q2’20 includes €25m interest 2 Cash Flows from Operating Activities 1.2 82.4 (99%) 2 CFs from Operating Activiti
Slide 15: Content pages
Content pages Business Highlights 3 Consolidated Profit & Loss 8 Consolidated Balance Sheet & Cash Flow 11 Segmental Analysis 15 Appendix 20 Note: All figures refer to Restricted Group 14
Slide 16: Restricted Group Segmental analysis of H1'20 vs H1'19 results (€m)
Restricted Group Segmental analysis of H1’20 vs H1’19 results (€m) Restricted Concessions RES Environment Other Group Revenues H12020 / 173 / 178 80 / 103 45 / 33 47 / 41 0/0 H12019 (3%) (22%) +36% +14% n.m. EBITDA H12020 / 86 / 103 51 / 74 37 / 26 7/7 (8) / (4) H12019 (17%) (32%) +39% +0.5% (88%) E
Slide 17: Concessions Highlights
Concessions Highlights EBITDA Evolution (€m) Portfolio Diversification - Alimos Marina Contract Signed -48% • At 1,100 berths Alimos Marina is the 42.5 -37% 37.8 largest marina in Southeast Europe 36.5 • 40+10 year brownfield concession 31.6 30.9 project • Its strategic location as part of the 19.6
Slide 18: Renewable Energy Sources Highlights
Renewable Energy Sources Highlights EBITDA Evolution (€m) +68% • 491 MW installed capacity as of 30.06.2019, of which 196MW in trial -15% operation 19.8 • During H1’20, 401 MW contributed to revenue and cash flow 16.9 • Remaining 90MW were connected at end of H1’20 16.3 • Additional 88 MW to be cons
Slide 19: Environment Highlights
Environment Highlights EBITDA Evolution (€m) • Medium to long term tenure in waste management contracts together with -32% favorable PPA framework for landfill biogas W-t-E application allow for recurring +18% 4.4 flows 4.0 • Prospects appear strong as Greece needs to urgently proceed with new 2.8 i
Slide 20: Content pages
Content pages Business Highlights 3 Consolidated Profit & Loss 8 Consolidated Balance Sheet & Cash Flow 11 Segmental Analysis 15 Appendix 20 Note: All figures refer to Restricted Group 19
Slide 21: Restricted Group P&L by segment
Restricted Group P&L by segment H1 2020 Concessions RES Environment Other Elimin. Total 1 Sales 80.4 45.1 47.3 0.2 - 173.0 2 Intra-group sales - - - - (0.0) (0.0) 3 Net sales 80.4 45.1 47.3 0.2 (0.0) 172.9 4 Cost of Sales* (26.9) (8.4) (35.5) (0.2) 0.0 (70.9) 5 Gross profit* 53.5 36.7 11.8 0.0 (0.0)
Slide 22: Glossary / Alternative Performance Measures
Glossary / Alternative Performance Measures (Earnings before Interest, Tax, Depreciation and Amortization): Earnings before interest, tax, EBITDA depreciation and amortization, which is equal to Operating Results in the Group’s Income Statement plus depreciation and amortization presented in the Sta
Slide 23: Contact details
Contact details George Poulopoulos Group CFO e-mail: [email protected] Dimitrios Koutsoukos Director, Business Planning and Investor Relations e-mail: [email protected] Investor Relations Desk e-mail: [email protected] ELLAKTOR S.A. 25, Ermou St., 145 64 Nea Kifissia, Athens, Greece Tel