Group Presentation April 2012
Key Investment highlights Leading infrastructure player in Greece with an increasing international footprint Healthy capital structure Well-balanced diversified portfolio of activities Significant growth prospects from participation in Eldorado Gold / Hellas Gold Unrivalled construction knowhow (backlog c. 3bn) Growth prospects in Waste Management and Renewable Energy Strong expected dividend stream from mature concessions (Attiki Odos, Rio Antirio bridge)
Recent developments New developments regarding GOLD ELLAKTOR sold a stake 7.07 to Qatar Holding (October 2011) ELLAKTOR indirectly controls 2.7% in Eldorado Gold ( ELD ) Working towards resolving the issues of the suspended BOT projects of Olympia Odos and Aegean Motorway Arranging the financing of the awarded PPP waste management project at St Petersburg 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 22~23 7. Group financials & Shareholder information Pages 24~29 9eld0029 4
Key milestones in the ELLAKTOR Group history 1950 s & 1960 s 1996 1999 2000 2002 Establishment of TEB, ELLINIKI TECHNODOMIKI and AKTOR Concession for ATTIKI ODOS and RION-ANTIRION Bridge signed Merger of TEB, ELLINIKI TECHNODOMIKI and AKTOR Entry in the Renewable Energy sector (ELTECH ANEMOS) Construction activities spun-off under AKTOR Set up of the Real Estate arm of the Group: REDS Acquisition of a stake in MONT PARNES CASINO 2003 2004 2005 Entry in the Waste Management sector (HELECTOR) Acquisition of a stake in HELLAS GOLD First construction contracts awarded in Romania and the Middle East (Kuwait) Establishment of AKTOR, subsidiary in the Middle East area Acquisition of HERHOF by HELECTOR Participation in 3 out of 5 concession projects awarded in Greece 2007 2008 2011 Acquisition of PANTECHNIKI, leading to controlling stake in ATTIKI ODOS (59.2%) Concession activities spun off as AKTOR CONCESSIONS Swapped a 30% stake in HELLAS GOLD with a 20% stake in EUROREAN GOLDFIELDS Change of name from ELLINIKI TECHNODOMIKI TEB SA to ELLAKTOR SA Commencement of MOREAS, OLYMPIA ODOS and AEGEAN MOTORWAY concessions 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 Final EIS (Environmental Impact Study, which concerns HELLAS GOLD mining) has been approved by the Ministry of Environment & Climate Change, on 26th of July 2011, sale of a 7.07% stake in EGU to Qatar Holding (Oct.2011) European Goldfields ( EGU ) agreed to proceed to a transaction with Eldorado Gold ( ELD ) (Dec. 2011) and the transaction was approved by EGU s and ELD s Extraordinary General Meetings (21st February 2012) 9eld0029 5
Ellaktor Group organisational structure Construction Concessions Waste management Energy Real estate Other holdings 100% AKTOR SA 100% AKTOR CONCESSIONS 80% HELECTOR SA 86% ELLINIKI TECHNODOMIKI ANEMOS 21.95% ELPEDISON POWER 55.46% REDS 15.3% HELLENIC CASINO OF PARNITHA 100% (1) HELLENIC QUARRIES 2.7 % ELDORADO 5% HEL. GOLD (2) 100% BIOSAR No 1 in Greece No 1 in Greece Leader in Greece & Cyprus Significant growth prospects Additional significant real estate portfolio Hidden values 4,054 full time employees with activities in more than 14 countries Listed on the ASE with a market capitalization of ~ 225 m (3) (1) Indirect participation via AKTOR (2) Direct and indirect participation (via AKTOR) (3) As of 28 th of March 2012 9eld0029 6 Ellaktor is the leading, diversified, regional infrastructure player
Ellaktor Group key financials 2008-2011 (Amounts in m) Revenues EBIT 2.500 2.000 1.500 1.913 2.269 1.753 1.204 250 200 150 218 233 151 151 (1) 1.000 100 500 50 0 2008 2009 2010 2011 0 2008 2009 2010 2011 Profit Before Tax Net profit after Minorities 200 180 160 140 120 100 80 60 40 20 0 9eld0029 7 175 172 89 90 2008 2009 2010 2011 100 95 80 95 65 73 60 40 20 1 0 2008 2009 2010 2011 Notes : (1) Operating profit (EBIT) of 2011 includes 261 ml 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 of 77 mln and adjustments for revised profitability of construction backlog
Ellaktor Group key financials 2008-2011(continued) (Amounts in m) Total assets Total equity 6.000 4.000 3.880 4.096 4.307 4.359 1.350 1.300 1.250 1.259 1.240 1.315 2.000 1.200 1.182 1.150 0 2008 2009 2010 2011 1.100 2008 2009 2010 2011 Net debt Corporate net debt (1) 1.000 800 600 492 742 915 855 700 600 500 400 372 564 596 400 200 0 2008 2009 2010 2011 300 200 100 0 175 2008 2009 2010 2011 Notes : (1) Excluding debt and cash / cash equivalents 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 ~ 45% of backlog is in the Middle East and other countries (mostly in Europe) Key priorities Improving operating margins Re-starting the BOT projects (Olympia Odos and Aegean Motorway) 1% 1% 1% 4% Revenues include all Groups activities Significant prospects from 23% 29% ELDORADO GOLD development of the Kassandra goldmines Construction of Photovoltaics (through BIOSAR ENERGY SA); current backlog of 184m ( 169m in Greece & 15m abroad) 41% FY2011 revenues : 830 m 9eld0029 9
Construction backlog at 3 bn as of 28.03.2012 (1) Backlog Analysis by sector (m ) Backlog by geography 3500 3000 2500 2000 Oman Project currently on hold 1,359 669 690 3,005 1,202 International 45% Greece 55% 1500 1,538 533 Concessions currently on hold 108 Backlog Evolution ( m) 1000 500 0 1,005 Infrastructure (2) Projects Greece Notes: (1) HELECTOR has backlog of ~ 220 m not included in the backlog of 3 bn (~ 150 m from St Petersburg Project and ~ 70 m from other projects) (2) Includes BIOSAR ENERGY backlog of ~ 169 m (in Greece) 1,802 Private International Total Backlog 31.12.2011 6.000 5.000 4.000 3.000 2.000 1.000 0 5.050 4.300 3.900 3.172 3.005 2.471 2.100 660 2004 2005 2006 2007 2008 2009 2010 2011 9eld0029 10
Construction Backlog : Selective projects Key current Greek projects Key current International projects Infra astructure Projects Project Participation Amount (%) ( m) ERGOSE Project Lianokladi - Domokos Distribution networks PPC Aposelemi Dam Psittaleia STP: Operation and Maintenance Expansion of Macedonia airport North Road section in Crete Waste pipe east & west sector in Thriasio 1st Pfase of the 2nd Landfill in Fyli (Attiki) 100% 100% 100% 48% 30% 100% 100% 78% 74 43 6 26 14 15 11 9 Fuel pipe in Suda (Crete) 100% 11 Egnatia Highway: Prefectures of Florina 33,33% 28 Tunnel in Kiato Aigio (Peloponnese) 100% 6 New generation access networks OTE 50% 13 SE Europe Project Participation Amount (%) ( m) Tunnel in the road section Tirane Elbasan (ALB) 100% 50 Road Section Tirane-Elbasan (ALB) Design & Build of National Road 18 BAIA (RO) Thrakia Ring Road Nova Zagora-Yambol (BG) Highway Section Crvena Reca-Ciflic (SR) Highway Srpska Kuca-Donji Neradovac (SR) Waste processing plant in Saint Petersburg (RU) AES Solar Bulgaria Labrinovo Biosar (BG) Highway E80, Section Prosec-Crvena Reka (SR) Highway Struma Lot 4 (BG) Railway line Micasasa- Coslariu Simeria (RO) section Brasov -SIMERIA, 49% 64 100% 43 100% 19 100% 44 100% 19 30% 65 100% 155 50% 36 100% 29 51% 86 Building Projects BOT Chalkida General Hospital Three level Building Complex in Paiania (Attiki ) National Museum of modern art Airport Expansion Building in Ioannina Korinthos Tripoli Kalamata (Moreas) Elefsina Patra Tsakona (Olympia) Maliakos Kleidi (Aegean) 75% 38 100% 24 100% 13 48% 16 71.67% 158 17% 460 19.3% 73 Gulf Region & Other countries Project Wastewater Treatment Plan IZMIR (TUR) Blue City (Oman) New Doha Airport (Qatar) Fujairah Freeway (UAE) 1st Ring Roads (Kuwait) Participation Amount (%) ( m) 51% 13 50% 669 40% 31 100% 9 50% 7 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 three major concession projects under construction in Greece (Moreas, Olympia Odos and Aegean Motorway) Participates in concessions of 6,800 parking spaces (5,000 already in operation) Concluding underway negotiations for the reinitiation of the BOT projects of Olympia Odos and Aegean Motorway (currently suspended) is a key priority Aiming to internationalise our concession portfolio mostly in partnership with international players awarded (with HELECTOR) a PPP mandate for a waste management plant in St. Petersburg, Russia (currently arranging the financing) No significant progress is expected in new Greek BOT or PPP projects before the forthcoming elections (early next May). Preferred Bidder for the Police Department headquarters in Piraeus ( 40m construction budget) 9eld0029 12
Overview of ELLAKTOR s Concession portfolio Ioannina Larissa Igoumenitsa Trikala Karditsa Lamia Aegean Motorway (Maliakos Klidi Highway) Under construction 1,300m budget 20% stake Gefyra (Rion Antirrion Bridge) In operation since 2004 839m budget 22% stake Patra Aegio Korinthos Tripoli Athens Attiki Odos (Athens Ring Road) In operation since 2000 1,244m budget 59% stake Olympia Odos (Athens Patra Tsakona Highway) Under construction 2,900m budget 17% stake Sparta Kalamata Moreas (Korinthos Tripoli Kalamata Highway) Under construction 1,100m budget 72% stake Successful in 3 out of 5 (major highway projects ) of the 2 nd generation concession projects awarded in Greece, with 1 controlling stake and 2 minority stakes 9eld0029 13
Operating Concessions assets Low risk mature assets with high expected dividend streams Type of concession AKTOR Concessions (%) Total length Commencement of operation End of concession Total investment IRR on equity Average daily traffic (2011) 2011 revenue 2011 net profit Dividend payout starts in Operator Toll ring road in Athens 59.2% 65.2Km March 2001 September 2024 1,244ml (431 state contr, 174 equity, 639 loan) 13.1% ~250,200 vehicles 203m 49m 2012 ATTIKES DIADROMES: 47.4% Toll bridge 22.0% 2.3Km (1) August 2004 December 2039 839ml (400 state contr, 65 equity, 370 loan) 13% ~ 12,700 vehicles 42m 6m 2007 (2010 Dividend : 9 m) 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... Moreas is progressing smoothly (completion to date ~ 72%) but the key priority of the group is to reinitiate the Aegean Motorway and the Olympia Odos projects Type of concession Korinthos-Tripoli-Kalamata Motorway Maliakos - Kleidi Motorway Elefsina -Korinthos-Patra- Pyrgos Motorway AKTOR Concessions (%) 71.67% 20.00% 17.00% Other Shareholdings 15.00% J&P-Avax 13.33% Intracom 35.00% Hochtief 13.75% Vinci 16.25% J&P-Avax 10.00% Aegek 5.00% Athina 29.90% Vinci 17.00% Hochtief 17.00% J&P-Avax 17.00% Gek Terna 2.10% Athina Total length 205 Km 230 Km 379 Km Commencement of operation March 2008 March 2008 August 2008 Duration of concession 30 Years 30 Years 30 Years Total investment 1,016m 1,198m 2,245m Average daily traffic (2010) ~29,000 vehicles ~52,000 vehicles ~72,500 vehicles Operator The Concessionaire The Concessionaire OLYMPIA ODOS LEITOURGIA (shareholdings as in concession company) 9eld0029 15
Overview of Waste Management Services ( HELECTOR ) HELECTOR SA, a 80% subsidiary of ELLAKTOR, is the market leader in Waste Management and Waste-to-Energy sectors in Greece and Cyprus extensive know-how in designing, developing, operating and maintaining landfills, incinerators and recycling plants own worldwide patented technologies for Mechanical Biological Treatment (MBT) the only landfill biogas producer in Greece with 30MW in operation and ~10MW under development in licensing stage for two biomass fired power plants for a ~60MW installed capacity Total HELECTOR backlog : 220 m Recurring operational revenue : ~ 61 m p.a. Significant prospects in Greece once the sovereign debt crisis has been addressed announced Concessionaire in the first waste management concession project in Greece (Imathia 100k tons p.a.) a number of Concession / PPP projects in Greece are expected to come on stream Significant prospects internationally signed a Waste Management PPP contract in St. Petersburg (Russia) (capacity 350,000 t/a pa) Signed two projects in Croatia (WM plants & residual landfill) and one in Jordan (landfill biogas) Announced preferred subcontractor in St. Sebastian (Spain) PPP project (Preferred Bidder JV FCC / Veolia / Serbitzu, Capacity 205,000 t/a) Prospects in Nicosia (200k tons p.a.), Limassol (200k tons p.a.), etc. 9eld0029 16
Overview of the Waste Management market... the Greek market has better growth prospects compared to its EU peers 100% 80% 60% 40% 20% 0% EU Municipal Waste Treatment, 2007 (% of total waste) R om a nia Lithuania M alta Po lan d C y prus Latv ia Greece Source: Eurostat News release, 9 March 2009 200.0% 175.0% 150.0% 125.0% 100.0% 75.0% 50.0% 25.0% 0.0% C z ec h R ep Slov ak ia H ung ary Es tonia Ire lan d Portugal Spain U K F in lan d Italy F ranc e Lux em b urg Aus tria D en m ark Belgium Sw eden N ethe rland s G e rm any Landfilled Incinerated Recycled Composted % of BMW (1) land-filled in 2007 vs 1995 Promising potential in Greece from a move towards waste treatment (vs. landfill disposal) and power generation from biogas Concession / PPP pipeline in Greece includes Athens WM project - more than 1.3 million tons p.a. Serres WM project - 125k tons p.a. (Prequalified) Patras WM project 170k tones p.a. Thessaloniki WM project 400k tons p.a. W. Macedonia WM project - 150k tons p.a. (Submitted prequalification application) Peloponnesse WM project 200k tons p.a. On a regional basis, market prospects are also promising given low market penetration in South Eastern Europe and the Balkans, where HELECTOR is already making inroads (Bulgaria, Romania, Croatia, Skopje, Russia) (1) Biodegradable Municipal Waste Source: Eurostat 2009 9eld0029 17
Current Waste Management Portfolio Project type Description Location Country Capacity Ownership Status Comments Landfill & Leachate Treatment plants Construction & Management Mechanical Biological Plants Hospital Waste Mgt Plants Construction of landfill Ano Liossia, Attica Greece 2,000 kt/y n/a Restoration - " " Fyli, Attica " " 2,500 kt/y n/a Under construction - " " Tagarades, Salonica " " 720 kt/y n/a Restoration - " " Mavrorachi, Salonica " " 540 kt/y n/a Operation - " " Livadia " " 50 kt/y " " Under construction - " " Thiva " " 70 kt/y " " Under construction - " " Limnos " " 40 kt/y " " Operation - Management of landfill Paphos Cyprus 70 kt/y 100% Operating 10-year concession since 2005 Management of landfill Larnaka " " 50 kt/y 100% Operating 10-year concession since 2010 Management of leachate treatment plant Fyli & A. Liossia Greece 750 m 3 / day 100% Operating 6 years operation contract Management of leachate treatment plant Pafos Cyprus 230 m 3 / day 100% Operating 6 years operation contract Herhof Recycling Osnabrueck Berlin MBT Trier MBT Larnaka MBT Imathia MBT A. Liosia Recycling & Compost Plant Anaerobic Digestion Plants Croatia MBT Plants Apotefrotiras (Hospital Waste Incinerator) Osnabrueck Berlin Trier Larnaka Vergina, Imathia Attica Schloßvippach, Kessel, Ulzen, Dorpen Mariscina & Kastijun Germany " " " " Cyprus Greece Greece Germany Germany 105 kt/y 180 kt/y 180 kt/y 220kt/y 100 kt/y 300 kt/y Total 89 kt/y Total 190 kt/y 100% n/a n/a 100% 100% 70% n/a n/a Operating Operating " " " " Contract signed Contract signed 1 st completed, 2 nd 3 th under construction Contract signed 17-year concession since 2006 Turnkey for third party Turnkey for third party 10 year concession since 2010 25-year concession 3+3 -years operating contract Ano Liossia, Attica Greece 12 kt/y 70% (a) Operating 9-year concession since 2007 - Turnkey for third party Fyli Recycling plant Fyli, Attica Greece 100 kt/y 20% Operating Private investment Recycling Plants Koropi recycling plant Koropi, Attica Greece 75 kt/y 20% Operating Private investment Waste to Energy Plants Wind Energy 9eld0029 18 BEAL: landfill biogas-fired plant (b) Ano Liossia, Attica Greece 23.5MW 50% (c) Operating 20-year PPA since 2004 Tagarades: landfill biogas-fired plant Tagarades, Salonica " " 5.0MW 100% Operating 20-year PPA since 2007 Fyli: landfill biogas-fired plant Fyli, Attica " " 10 MW 100% Production license Awarded in 2009 Jordan: landfill biogas-fired plant Amman Jordan Up to 6 MW 100% Signed contract Turnkey for third party + 5y operation Aeiforiki Dodekanisou Rhodes, Kos, Patmos " " 7.8MW 99,5% Operating 20-year PPA since 2007 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 )... favorable framework, for a growing market that faces however limitations in securing funding Favourable regulatory framework RES must cover 20% of total energy consumption & 40% of electricity by 2020 Guaranteed contracts (PPAs) for 20 years with HTSO or PPC Subsidies 20% to 40%(L 3299/04) on CAPEX or +20% premium on electricity sale prices if no utilisation of subsidy funds Prospective target capacity of wind and solar generated power in Greece until 2020 : 7,500 MW and 2,450 MW respectively ELLAKTOR entered the renewable energy sector in 2000 through its 86% subsidiary ELTECH Anemos Total installed capacity: is 129 MW (10 wind farms and 1 photovoltaic plant) 101 MW are currently under construction, 56.15 MW of which will be operational in 2012 Execution model design, development and supervision in-house maintenance and daily operations outsourced Greece will continue to be our base market : target a 20% market share within the next 3 years Explore attractiveness of foreign markets Tracking of technological advances in RES is key core focus remains on wind, including offshore wind parks open to other RES technologies like photovoltaic plants, hybrid projects and solar thermal plants Excellent relations with wind turbine suppliers 9eld0029 19
RES assets overview and key economics Wind Project Key Economics CAPEX/MW ~ 1.30m Equity/MW (25%- 40% CAPEX) 0.32m 0.52 m Tariffs : Interconnected 87.85 /MWh Non interconnected 99.45 /ΜWh Subsidies : Either on CAPEX (20-40%) 0.26 m 0.52m / MW or on tariff /MWh + 20% Annual revenue/mw wind farms w/o tariff uplift 180,000 240,000 with +20% tariff uplift 215,000 290,000 Overview of ELTECH Anemos portfolio 1.266 Yearly Average Wind Speed 0-4 m/sec 536 4.001-5 m/sec 5.001-6 m/sec 6.001-7 m/sec Evaluation for Production Permit Production License (RAE) 181 Environmental License 69 Installation License 101 Under Construction 129 Operation 7.001-8 m/sec 8.001-9 m/sec 9.001-10 m/sec > 10 m/sec Operating Under Construction Installation License Production License & Environmental Terms Evaluation for Production Permit 9eld0029 20
ELLAKTOR also has a ~ 22% stake in Elpedison Power Ellaktor is present in the thermal electricity generation sector through Elpedison Power, the 2 nd largest electricity producer in Greece Following the agreement signed in July 2008, HE&D owns a 22.74% stake of Elpedison Power set up together with the Hellenic Petroleum/Edison Joint Venture (75.78%) and Halcor (1.48%) Elpedison Power, aims at enhancing its generation portfolio and remain a key player in the Greek electricity market: 1 gas-fired 390MW CCGT in operation in Thessaloniki (T-Power) 1 gas-fired 420MW CCGT in operation in Thisvi Additional thermal power plants under development Further power generation opportunities considered in Greece and the Balkans ELLAKTOR 96.56% 3.44% HE&D HE&D and Halcor jointly have the institutional minority rights INTRACOM 24.22% Halcor HELLENIC PETROLEUM ELPEDISON POWER Elpedison 75.78% Thessaloniki Power (390MW) Thisvi Power (420MW) Other Assets/Activities EDISON 50% 50% 9eld0029 21
Significant values expected from GOLD ELLAKTOR indirectly controls 2.7% in ELDORADO GOLD ( ELD ) (1) that controls 95% of Hellas Gold ELD is listed on Toronto, NYSE and ASX with ~US$ 9.4 bn market cap (28/3/2012) Robust Asset Base (2) Mine and Project Locations (2) Note (1) : www.eldoradogold.com Note (2): The data are from ELDORADO s presentation Growing the Leading Global Gold Producer BMO Capital Markets 2012 Global Metals & Mining Conference February 27-29, 2012 9eld0029 22
Real Estate and other Assets REDS ELLAKTOR holds a 55.46% stake in R.E.D.S. SA Listed on ASE with a market cap : 30.4 m (28/3/2012) REDS enjoys a high quality Property portfolio (~ 133m, Book Value at 31/12/2011) Smart Park is operational as of 20/10/2011 Signed leases for 80% of GLA Long term project funding in place Second phase extension is being prepared (Village Cinemas) Presidential decree for the zoning permission of Kantza Mall has been issued Development of international assets in Romania is suspended until there is more clarity on the market prospects MONT PARNES CASINO ELLAKTOR holds an indirect 15.3% stake in Hellenic Casino Parnitha Non-core asset Initial investment : 33 m Dividends received to date : 20m Other shareholders Regency Entertainment : 35.7% Greek State: 49.0% Revamping of facilities is underway tables will increase to 110 slot machines to 1,500 2011 Key financials revenues: 122.4m profit after tax: 7.8m ELLAKTOR 30% REGENCY ENTERTAINMENT 70% HELLENIC REPUBLIC ATHENS RESORT CASINO AE 51% 49% ATHENS MONT PARNES CASINO AE 9eld0029 23
Consolidated P&L 31.12.2011 (IFRS in m) 31/12/2010 31/12/2011 Change (%) Revenues 1,753.1 1,204.3-31.3% EBITDA 263.3 256.8-2.4% EBITDA margin (%) 15.0% 21.3% EBIT 151.4 150.8-0.4% EBIT margin (%) 8.6% 12.5% Profits/ (Loss) from Associates -2.9 1.1 137.3% Profit/ (Loss) before Tax 88.8 90.0 1.4% Profit Before Tax margin (%) 5.1% 7.5% Profit/ (Loss) after Tax before Minorities 19.9 72.9 266.9% Net Profit/ (loss) after Minorities 0.5 72.8 n/m Earnings/ (Loss) per share (1) 0.0032 0.4221 n/m Notes : (1) Weighted average number of shares : 172,431,279 (2010 and 2011) The 31.3% decrease in Group revenues is mainly attributed to reduced revenues in Construction by ~ 527 m concession revenues decreased by ~ 21 m environment revenues decreased by ~ 7 m Group Operating Profit (ΕΒΙΤ) reached 150.8 m and includes 261 m 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 (and therefore recording the investment at fair value) provisions for doubtful receivables of 77 m and adjustments for the revised profitability of construction backlog Profit before Tax reached 90.0 m and Net Profit after Minorities increased to 72.8 m 9eld0029 24
Consolidated Balance Sheet 31.12.2011 (IFRS in m) 31/12/2010 31/12/2011 Change (%) Long Term Assets (1) 2,097.4 2,422.6 15.5% Cash and Cash Equivalent 826.1 854.1 3.4% Other Current Assets (2) 1,383.2 1,081.9-21.8% Total Assets 4,306.8 4,358.6 1.2% Short Term Debt 540.4 478.0-11.6% Other Short Term Liabilities 764.2 728.1-4.7% Long Term Debt 1,406.0 1,413.6 0.5% Other Long Term Liabilities 356.5 423.8 18.9% Total Liabilities 3,067.1 3,043.6-0.8% Shareholders Equity 1,239.7 1,315.0 6.1% Shareholders Equity (excluding minorities) 957.8 1,053.4 10.0% The increase in non current assets is mainly due to the reclassification of the group s remaining participation in EGU and Hellas Gold as Financial Assets Available for Sale ( 284 m) The decrease of current assets is attributed to the decrease in receivables from 1,146 m to 900 m mainly as a result of adjusting the backlog profitability and provisions booked in 2011 that impacted Amounts Due from Customers for Contract Work the decrease in the state s financial contribution receivable to 56.8 m (vs 102,5m as of 31/12/2010) Notes: (1) Long Term Assets as of 31/12/2011 include bonds held to maturity of 88.2 m (2) Receivables (Other Current Assets) as of 31/12/2011 and 31/12/2010 include bonds held to maturity of 94.4 m and 87.7 m respectively while as of 31/12/2010 time deposits over 3 months of 117.2 m are included 9eld0029 25
Segmental analysis of 2011 Results (IFRS in m) Construction & Quarries Real Estate Concessions Environment Wind Farms Other Total Revenues 830.3 2.9 268.9 73.4 24.7 4.1 1,204.3 EBITDA 79.8-1.1 144.4 26.0 17.0-9.4 256.8 EBITDA margin (%) 9.6% -35.9% 53.7% 35.4% 68.9% -233.0% 21.3% EBIT 49.5-1.5 82.4 20.7 11.2-11.5 150.8 EBIT margin (%) 6.0% -51.3% 30.7% 28.2% 45.3% -282.4% 12.5% Profit before Tax 31.8-2.5 56.2 20.0 4.8-20.2 90.0 Profit before Tax margin (%) 3.8% -84.1% 20.9% 27.3% 19.2% -497.9% 7.5% Net Profit (before minorities) 38.0-3.9 40.9 15.2 3.5-20.8 72.9 Net Profit margin (before minorities) (%) 4.6% -132.7% 15.2% 20.7% 14.1% -511.9% 6.1% Net Profit (after minorities) 63.1-2.2 19.0 11.0 2.8-20.9 72.8 9eld0029 26
Segmental analysis of 2010 Results (IFRS in m) Construction & Quarries Real Estate Concessions Environment Wind Farms Other Total Revenues 1,357.0 2.9 289.5 80.6 21.3 1.8 1,753.1 EBITDA 64.0-2.0 162.9 24.4 13.7 0.2 263.3 EBITDA margin (%) 4.7% -68.7% 56.3% 30.3% 64.4% 11.7% 15.0% EBIT 23.5-2.3 102.9 19.4 9.0-1.2 151.4 EBIT margin (%) 1.7% -78.4% 35.6% 24.1% 42.2% -66.9% 8.6% Profit before Tax 3.3-2.9 67.8 18.7 6.8-4.9 88.8 Profit before Tax margin (%) 0.2% -98.5% 23.4% 23.2% 32.0% -267.7% 5.1% Net Profit (before minorities) -21.5-3.9 37.6 10.7 4.2-7.2 19.9 Net Profit margin (before minorities) (%) -1.6% -134.3% 13.0% 13.3% 19.6% -390.2% 1.1% Net Profit (after minorities) -15.5-2.2 14.9 7.0 3.3-6.9 0.5 9eld0029 27
Ellaktor s debt profile ( m, as of 31.12.2011)... the group has a healthy capital structure and despite the current turmoil can finance its activities Ellaktor s key debt statistics Debt maturity profile + + = - = Long-term debt: 1,413.6 Short-term debt: 478.0 Total debt: 1,891.6 Non Recourse Debt 1,023.3 Corporate related Debt 868.3 Between 1 and 2 years 21.5% Between 2 and 5 years 34.5% Over 5 years 44% + - = Cash & equivalent 1,036.7 Corporate related Net Debt (Cash) (1) / Gearing ratio (2) (1) Total equity + net debt Source: Company financial statements 9eld0029 28 Cash & equivalent 1,036.7 Non recourse related Cash 764.3 Corporate related Cash 272.4 Corporate related Net debt : 596 Shareholder s equity: 1,315 Total capital(1): 1,911 Capital leverage ratio: 31.2% 800 700 600 500 31.3% 31.2% 400 22.8% 30% 300 563.7 596.0 12.9% 20% 200 372.3 10% 100 174.9 0 0% 31/12/2008 31/12/2009 31/12/2010 31/12/2011 Net Debt /(Cash) Gearing Ratio Notes : (1) Corporate related Net Debt = (Short and Long Term Debt excluding BOT related Debt) (Cash & Cash Equivalents, incl. time deposits over 3 months under receivables and bonds held to maturity but excl. cash & cash equivalents of BOT related projects) (2) Gearing ratio = Corporate related Net Debt / (Equity + Corporate Related Net Debt) 60% 50% 40%
Share price performance and shareholder structure Shareholder structure (March 2012) Treasury Stock 2.6% 60 40 Share price performance LTM (28/3/2011 ~ 28/3/2012) Retail 33.5% Greek Institutional Investors 11.9% Foreign Institutional Investors 13.8% Management Team 38.2% ELLAKTOR share weighting on Indices (29/3/2012) 20 0-20 -40-60 -80 ATHEX ELLAKTOR CONSTRUCTION 20% 10% 0% 0,91% ASE General Idex 11,96% ASE Construction Idex 1,24% FTSE-20 Idex Reuters ticker: HELr.AT Bloomberg ticker: ELLAKTOR:GA 9eld0029 29