Ellaktor Sa · ATHEX:ELLAKTOR
Ellaktor Sa — FY2020 Earnings Presentation
23 slides from Ellaktor Sa's earnings presentation, 2021
Slide 1: FY2020 Restricted Group Results
FY2020 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 EBITDA EBITDA stood at €171.5m in FY’20, compared to €191.8m in FY’19, posting a reduction of 11%, or €20.3m, mainly due to Concessions, which was 36.5% 31.9% EBITDA Margin 53.4% 46.1% down by €33.8m, while RES was up by €23m. EBITDA at €31.2m in Q4’20 vs €33.2m in Q4’19 lower
Slide 5: Business Update by Restricted Group segment
Business Update by Restricted Group segment Revenues EBITDA FY’20 FY’20 Δ yoy Δ yoy • Concessions were significantly impacted by COVID-19 and State restrictions on movement, starting in March 2020, with fluctuations throughout the year depending on severity of measures • Traffic in Attiki Odos was d
Slide 6: Evolution of main Group P&L items (€m)
Evolution of main Group P&L items (€m) Revenue EBITDA +4% 36.5% 31.9% 53.4% 46.1% Margin 400 372.1 130 358.9 120 -11% 350 200 140 110 191.8 300 100 190 120 90 250 180 80 100 -6% 171.5 70 200 80 +8% 60 33.2 31.2 150 50 30 60 97.8 40 100 90.9 40 20 30 20 50 10 20 10 0 0 0 Q4 19 Q4 20 FY19 FY20 Q4 19 Q
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 Net Debt at 31.12.20 752 4.4x 3.2x Net Debt at 31.12.19 625 EBITDA FY2020 172 31.12.19 31.12.20 EBITDA Margin % EBITDA FY2019 192 53.4 46.1 Revenue FY2020 372 Revenue FY2019 359 FY2019 FY2020 6
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 FY'20 FY'19 yoy FY’20 vs FY’19 1 Sales 372.0 358.9 4% • Restricted Group Revenues increased to €372m (+4%) due to: 2 Cost of sales (166.8) (142.8) (17%) o RES at €93.9m vs €64.1m and 3 Gross Profit 205.2 216.1 (5%) o Environment at €101.9m vs €87.3m 4 Selling Expens
Slide 10: Sales and EBITDA (€m)
Sales and EBITDA (€m) Sales FY2020 EBITDA FY2020 yoy -15% +47% +17% n.m +4% yoy -24% +47% +38% n.m. -11% 372.1 0.4 4.2 171.5 -15.1 101.9 73.2 109.3 93.9 176.0 Concessions RES Environment Other Revenue FY2020 Concessions RES Environment Other EBITDA FY2020 Sales FY2019 EBITDA FY2019 359.0 0.5 6.8 191
Slide 11: 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 10
Slide 12: Restricted Group Consolidated Balance Sheet
Restricted Group Consolidated Balance Sheet €m 31.12.20 31.12.19 yoy • Restricted Group’s total Assets were at €1,703m at the 1 Intangible assets 233.6 285.3 (18%) end of December 2020 vs €1,837m at the end of 2019, recording a delta of -7% 2 Property, plant and equipment 526.2 542.2 (3%) 3 Financia
Slide 13: Net Debt by sector
Net Debt by sector Concessions Total Restricted 31.12.2020 in € m RES Environment Other Recourse Group (RG) 1 Short-term Debt 0.7 46.4 10.2 1.4 58.7 2 Long-term Debt 31.9 273.5 22.7 662.7 990.8 3 Total Debt 32.6 319.9 32.9 664.1 1,049.5 4 Cash 191.4 5.1 28 3.7 228.2 5 Time deposits over 3 months 15.
Slide 14: Restricted Group Consolidated Cash Flows
Restricted Group Consolidated Cash Flows €m FY'20 FY'19 yoy €m Q4'20 Q3'20 Q2'20 Q1'20 1 Cash equivalents at start of period 220.5 288.1 (23%) 1 Cash equivalents at start of period 214.1 202.4 244.3 220.5 2 CFs from Operating Activities 71.3 81.2 (39%) 2 CFs from Operating Activities 35.6 34.4 (18.8
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 FY’20 vs FY’19 results (€m)
Restricted Group Segmental analysis of FY’20 vs FY’19 results (€m) Restricted Concessions RES Environment Other Group Revenues FY2020 / FY2019 372 / 359 176 / 207 94 / 64 102 / 87 0/0 +4% (15%) +47% +17% n.m. EBITDA FY2020 / FY2019 172 / 192 109 / 143 73 / 50 4/7 (15) / (8) (11%) (24%) +47% (38%) n.
Slide 17: Concessions Highlights
Concessions Highlights EBITDA Evolution (€m) Recent Developments • Attiki Odos was significantly impacted by the COVID-19 pandemic, -31.6% where traffic reduction was 24% for the year, while revenues were 37.6* down by 21% 2.0 30.9 30.9 3.5 • AKTOR Concessions signed the 40+10 year concession contra
Slide 18: Renewable Energy Sources highlights
Renewable Energy Sources highlights EBITDA Evolution (€m) +76% • 493 MW installed capacity as of 31.12.2020 19.8 • 403 MW contributed 12 months to revenue and cash flow 19.0 17.5 • Remaining 90MW were connected at end of Q1’20 16.8 • Additional 88 MW to be constructed, with completion in 2022 • Sign
Slide 19: Environment Highlights
Environment Highlights EBITDA Evolution (€m) • Medium to long term tenure in waste management contracts together with favorable PPA framework for landfill biogas W-t-E application allow for 4.0 recurring flows 2.8 2.7 • Prospects appear strong as Greece needs to urgently proceed with new infrastruct
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 FY2020 in €m Concessions RES Environment Other Elimin. Total 1 Net Sales 176.0 93.9 101.9 0.4 (0.1) 372.0 2 Cost of Sales (excl. D&A) (64.6) (21.1) (81.5) (0.3) 0.7 (166.8) 3 Gross Profit 111.4 72.7 20.4 0.0 0.6 205.2 4 Selling expenses (excl. D&A) (1.7) - (2.7) - - (
Slide 22: Glossary / Alternative Performance Measures
Glossary / Alternative Performance Measures (Earnings before Interest, Tax, Depreciation and Amortization): Earnings before interest, tax, depreciation EBITDA 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