Group Presentation November 2011
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 European Goldfields / Hellas Gold Unrivalled construction knowhow (backlog c. 2.5bn) Growth prospects in Waste Management and Renewable Energy Strong expected dividend stream from mature concessions (Attiki Odos, Rio Antirio bridge)
Recent developments Strategic partnership transaction between Qatar Holding and European Goldfields ( EGU ) The ELLAKTOR group sold a 7.07% stake in EGU, monetising part of its investment and enhancing the group s liquidity Funding for the development of the EGU gold mines in Chalkidiki has been secured through the US$ 600 ml facility provided by Qatar Holding 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 Smart Park is operational as of 20/10/2011 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 9eld0029 5 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 Strategic partnership of EGU with Qatar Holding / sale of a 7.07% stake in EGU to Qatar Holding
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 16.6% (2) HELLAS GOLD 15.3% HELLENIC CASINO OF PARNITHA 100% (1) HELLENIC QUARRIES 100% BIOSAR No 1 in Greece No 1 in Greece Leader in Greece & Cyprus Significant growth prospects Additional significant real estate portfolio Hidden values 3,916 full time employees with activities in more than 14 countries Listed on the ASE with a market capitalization of ~ 177 ml (3) (1) Indirect participation via AKTOR (2) Direct and indirect participation (via AKTOR) (3) As of 28 th of November 2011 9eld0029 6 Ellaktor is the leading, diversified, regional infrastructure player
Ellaktor Group key financials 2008-2010 & 9M 2011 (Amounts in m) Revenues EBIT 2.500 2.000 1.500 1.000 500 1.913 2.269 1.753 1.302 968 250 200 150 100 50 218 233 151 119 36 0 0 2008 2009 2010 9Μ10 9M11 2008 2009 2010 9Μ10 9M11 Profit Before Tax Net profit after Minorities 200 175 150 100 50 0-50 9 172 166 89 72-11 2008 2009 2010 9Μ10 9M11 120 100 80 60 40 20 0-20 -40-60 95 9 86 65 1 8-36 2008 2009 2010 9Μ10 9M11 9eld0029 7
Ellaktor Group key financials 2008-2010 & 9M 2011(continued) (Amounts in m) Total assets Total equity 6.000 4.000 3.880 4.096 4.307 4.259 1.300 1.250 1.200 1.182 1.259 1.240 1.176 2.000 1.150 0 1.100 2008 2009 2010 30/9/2011 2008 2009 2010 30/9/2011 Net debt Corporate net debt (1) 1.000 800 600 400 200 0 915 931 742 492 2008 2009 2010 30/9/2011 700 600 500 400 300 200 100 0 665 564 372 175 2008 2009 2010 30/9/2011 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 ~ 40% of backlog is in the Middle East and South East Europe Key priorities Improving operating margins Re-starting the BOT projects (Olympia Odos and Aegean Motorway) 2% 1% FY2010 revenues : 1.36bn 9M2011 revenues : 688 ml 24% 19% Revenues include all Groups activities Significant prospects from 54% EGU development of the Kassandra goldmines Construction of Photovoltaics (through BIOSAR ENERGY SA); current backlog of 243 ml (30/09/2011) 9eld0029 9
Construction backlog at 2.5 bn as of 30.09.2011 (1) with another ~235 ml of projects that remain to be signed 3.000 Aktor s backlog ( ml, 30 September 2011) Backlog by geography 2.500 1,025 2,546 638 638 International Greece 2.000 1.500 732 146 387 561 40% 60% 1.000 500 0 9eld0029 10 643 Infrastructure Projects (2) 561 171 Concessions related Projects Projects currently on hold Olympia & Aegean Motorways Oman Project Notes: (1) HELECTOR has construction backlog of ~ 189 ml which is not included in the backlog of 2.5 bn (~ 150 ml from St Petersburg Project and ~ 39 ml from other projects) (2) Includes BIOSAR ENERGY backlog of ~ 243 ml 1347 Private International Total Backlog 6.000 5.000 4.000 3.000 2.000 1.000 0 660 Backlog Evolution ( ml) 5.050 4.300 3.900 3.172 2.471 2.546 2.100 2004 2005 2006 2007 2008 2009 2010 9M 2011
Construction Backlog : Selective projects Key current Greek projects Key current International projects Infra astructure Projects Project Participation Amount (%) ( ml) 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% 79 41 18 34 14 15 14 12 Fuel pipe in Suda (Crete) 100% 13 3 Undergraund Parking Station 100% 13 SE Europe Project Participation Amount (%) ( ml) Tunnel in the road section Tirane Elbasan (ALB) 100% 56 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) 100% 43 100% 31 100% 44 100% 21 30% 65 100% 136 Tunnel in Kiato Aigio (Peloponnese) 100% 8 Building Projects New generation access networks OTE Chalkida General Hospital Three level Building Complex in Paiania (Attiki ) National Museum of modern art Airport Expansion Building in Ioannina Korinthos Tripoli Kalamata (Moreas) 50% 13 75% 35 100% 26 100% 26 48% 16 71.67% 171 Gulf Region Project Blue City (Oman) New Doha Airport (Qatar) Tower (headquarters) of the IBQ (Qatar) Fujairah Freeway (UAE) Participation Amount (%) ( ml) 50% 638 40% 38 50% 50 100% 12 BOT Elefsina Patra Tsakona (Olympia) 17% 485 1st Ring Roads (Kuwait) 50% 7 Maliakos Kleidi (Aegean) 19.3% 76 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) Reinitiating 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 Greek sovereign debt crisis is addressed Preferred Bidder for the Police Department headquarters in Piraeus ( 40ml construction budget) 9eld0029 12
Overview of ELLAKTOR s Concession portfolio Ioannina Larissa Igoumenitsa Trikala Karditsa Lamia Aegean Motorway (Maliakos Klidi Highway) Under construction 1,300ml budget 20% stake Gefyra (Rion Antirrion Bridge) In operation since 2004 839ml budget 22% stake Patra Aegio Korinthos Tripoli Athens Attiki Odos (Athens Ring Road) In operation since 2000 1,244ml budget 59% stake Olympia Odos (Athens Patra Tsakona Highway) Under construction 2,900ml budget 17% stake Sparta Kalamata Moreas (Korinthos Tripoli Kalamata Highway) Under construction 1,100ml 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 (2010) 2010 revenue 2010 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% ~ 281,000 vehicles 227ml 45ml 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% ~ 13,000 vehicles 48ml 7ml 2007 (2010 Dividend : 9 ml) 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 1,016ml 1,198ml 2,245ml Average daily traffic (2010) ~29,000 vehicles ~52,000 vehicles ~72,500 vehicles Operator The Concessionaire The Concessionaire OLYMPIA ODOS LEITOYRGIA (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 : 225 ml Recurring operational revenue : ~ 60 ml 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) Lowest bidder for two projects in Croatia and one in Jordan Announced preferred subcontractor in St. Sebastian (Spain) PPP project (Preferred Bidder JV FCC / Veolia / Serbitzu, Capacity 205,000 t/a) Prospects in Abu Dhabi (2.5 ml tons p.a.), 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% Romania Lithuania Malta EU Municipal Waste Treatment, 2007 (% of total waste) Poland Cyprus Latvia Greece Czech Rep Slovakia Hungary Estonia Ireland Portugal 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% Landfilled Incinerated Recycled Composted Spain % of BMW (1) land-filled in 2007 vs 1995 (1) Biodegradable Municipal Waste Source: Eurostat 2009 UK Finland Italy France Luxemburg Austria Denmark Belgium Sweden Netherlands Germany 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) 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) 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 Apotefrotiras (Hospital Waste Incinerator) Osnabrueck Berlin Trier Larnaka Vergina, Imathia Attica Schloßvippach, Kessel, Ulzen, Dorpen Germany " " " " Cyprus Greece Greece Germany 105 kt/y 180 kt/y 180 kt/y 220kt/y 100 kt/y 300 kt/y Total 89 kt/y 100% n/a n/a 100% 100% 70% n/a Operating Operating " " " " Contract signed Contract signed 1 st completed, 2 nd 3 th under construction 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 - 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 BEAL: landfill biogas-fired plant (b) Ano Liossia, Attica Greece 23.5MW 50% (c) Operating 20-year PPA since 2004 Waste to Energy Plants Wind Energy 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 Aeiforiki Dodekanisou Rhodes, Kos, Patmos " " 7.8MW 99,5% Operating 20-year PPA since 2007 9eld0029 18 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 ~ 1.30ml Equity/MW (25%- 40% CAPEX) 0.32ml 0.52 ml Tariffs : Interconnected 87.85 /MWh Non interconnected 99.45 /ΜWh Subsidies : Either on CAPEX (20-40%) 0.26 ml 0.52ml / 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 1.104 Yearly Average Wind Speed 0-4 m/sec 4.001-5 m/sec 536 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 European Goldfields / Hellas Gold... Strategic partnership with QATAR HOLDING secures funding for the development of the assets ELLAKTOR indirectly controls 12.2% in European Goldfields ( EGU ) (1) that controls 95% of Hellas Gold 5% stake in Hellas Gold EGU is listed on Toronto and AIM with ~US$1.6 bn market cap (25/11/2011) The strategic partnership transaction with QATAR HOLDING (announced on 3.10.2011) unlocked significant values for ELLAKTOR. Key terms of the transaction with QATAR HOLDING ( QH ) QH acquired a 9.9% interest (18.2 ml shares) in EGU / 7.07% from ELLAKTOR for C$130 ml QH was granted by ELLAKTOR a 5 year call option for a further 5.1% stake (9.37 ml shares) at C$13 per share QH agreed to provide financing of US$600 ml to EGU with an equity participation element (warrant) for 40.4 ml shares at a strike price of C$9.08 per share EGU proposes to offer unsecured loan notes of US$150 ml to existing shareholders with similar terms and warrant structure The Aggregate proceeds of US$750 ml will finance the development of EGU s project portfolio 9eld0029 22 Project Status Stratoni mine in operation Final EIS approved by the Ministry of Environment & Climate Change ( ME&CC ), on 26th of July 2011 Technical Studies for Olympias and Skouries Projects submitted to the ME&CC and the relevant approvals are expected shortly Reserves Stratoni : 10Moz silver, 0.3Mt lead and zinc Skouries: 3.59Moz gold and 0.736Mt copper Olympias : 4.06Moz gold, 58.8Moz silver, 0.6Mt lead and 0.8Mt zinc Note (1) : www.egoldfields.com
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 : 33 ml (28/11/2011) REDS enjoys a high quality Property portfolio (~ 126.4ml, Book Value at 30/09/2011) Smart Park is operational as of 20/10/2011 Signed leases for 80% of GLA Long term project funding in place Received compensation of 4ml for Henderson s cancelation of the presale agreement Presidential decree for the zoning permission for the Kantza project is expected soon 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 ml Dividends received to date : 20ml 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 2010 Key financials revenues: 156ml profit after tax: 14.3ml ELLAKTOR 30% REGENCY ENTERTAINMENT 70% HELLENIC REPUBLIC ATHENS RESORT CASINO AE 51% 49% ATHENS MONT PARNES CASINO AE 9eld0029 23
Consolidated P&L 9M2011 (IFRS in ml) 30/9/2010 30/9/2011 Change (%) Revenues 1,302.2 967.6-25.7% EBITDA 203.2 116.3-42.8% EBITDA margin (%) 15.6% 12.0% EBIT 119.1 36.5-69.4% EBIT margin (%) 9.1% 3.8% Profits/ (Loss) from Associates -2.1 1.2 158.8% Profit/ (Loss) before Tax 72.2-11.3-115.7% Profit Before Tax margin (%) 5.5% -1.2% Group revenues decreased by 25.7% mainly because of reduced revenues in Construction (~ 319ml) concession revenues decreased slightly (~ 12 ml) Group Operating Profit (ΕΒΙΤ) decreased to 36.5 ml (a reduction of 69.4%), while EBIT margin stood at 3.8% Before Tax the group reported losses of -11.3 ml Net Losses after Minorities were -36.2 ml Profit/ (Loss) after Tax before Minorities 18.9-27.2-243.4% Net Profit/ (loss) after Minorities 8.5-36.2-528.3% Earnings per share (1) 0.0491-0.2101-528.3% Notes : (1) Weighted average number of shares : 172,431,279 (9M 2010 and 9M 2011) 9eld0029 24
Consolidated Balance Sheet 9M2011 (IFRS in ml) 31/12/2010 30/9/2011 Change (%) Long Term Assets 2,097.4 2,119.1 1.0% Cash and Cash Equivalent 826.1 763.6-7.6% Other Current Assets (1) 1,383.2 1,376.6-0.5% Total Assets 4,306.8 4,259.3-1.1% Short Term Debt 540.4 504.3-6.7% Other Short Term Liabilities 764.2 710.1-7.1% Long Term Debt 1,406.0 1,449.5 3.1% Other Long Term Liabilities 356.5 418.9 17.5% Total Liabilities 3,067.1 3,082.8 0.5% Shareholders Equity 1,239.7 1,176.5-5.1% 9eld0029 25 Shareholders Equity (excluding minorities) 957.8 903.9-5.6% Notes: (1) Receivables (Other Current Assets) as of 30/9/2011 and as of 31/12/2010 include time deposits over 3 months of 74.2 ml and 117.2 ml respectively bonds held to maturity of 184.6 ml and 87.7 ml respectively
Segmental analysis of 9M2011 Results (IFRS in ml) Construction & Quarries Real Estate Concessions Environment Wind Farms Other Total Revenues 688.0 1.7 206.0 54.2 16.7 1.1 967.6 EBITDA -28.2-0.9 113.7 20.6 11.9-0.8 116.3 EBITDA margin (%) -4.1% -55.4% 55.2% 38.0% 71.4% N/A 12.0% EBIT -52.7-1.1 67.4 16.5 8.0-1.7 36.5 EBIT margin (%) -7.7% -65.3% 32.7% 30.5% 48.1% N/A 3.8% Profit before Tax -64.0-1.7 46.0 16.1 3.7-11.4-11.3 Profit before Tax margin (%) -9.3% -100.7% 22.4% 29.6% 21.9% N/A -1.2% Net Profit (before minorities) -61.3-2.4 33.5 12.0 2.8-11.8-27.2 Net Profit margin (before minorities) (%) -8.9% -141.7% 16.3% 22.2% 16.8% N/A -2.8% Net Profit (after minorities) -50.9-1.4 16.7 8.9 2.2-11.9-36.2 9eld0029 26
Segmental analysis of 9M2010 Results (IFRS in ml) Construction & Quarries Real Estate Concessions Environment Wind Farms Other Total Revenues 1,006.8 2.1 217.5 59.4 15.4 1.0 1,302.2 EBITDA 53.8-1.6 123.5 17.1 9.6 0.7 203.2 EBITDA margin (%) 5.3% -76.1% 56.8% 28.9% 62.6% N/A 15.6% EBIT 20.8-1.8 80.6 13.6 6.2-0.3 119.1 EBIT margin (%) 2.1% -86.6% 37.1% 22.9% 40.4% N/A 9.1% Profit before Tax 9.6-1.9 56.7 12.3 4.9-9.4 72.2 Profit before Tax margin (%) 1.0% -90.0% 26.1% 20.7% 31.9% N/A 5.5% Net Profit (before minorities) -4.0-2.7 29.5 6.2 3.1-13.1 18.9 Net Profit margin (before minorities) (%) -0.4% -126.0% 13.6% 10.4% 20.3% N/A 1.5% Net Profit (after minorities) 3.3-1.5 13.6 3.7 2.3-13.0 8.5 9eld0029 27
Ellaktor s debt profile ( m, as of 30.09.2011)... the group has a healthy capital structure and despite the current turmoil can finance its activities + + = - = + - = Ellaktor s key debt statistics Long-term debt: 1,449.5 Short-term debt: 504.3 Total debt: 1,953.8 Non Recourse Debt 1,021.7 Corporate related Debt 932.1 Cash & equivalent 1,022.4 Non recourse related Cash 755.2 Corporate related Cash 267.2 Corporate related Net debt : 665 Shareholder s equity: 1,176 Total capital(1): 1,841 Capital leverage ratio: 36.1% (1) Total equity + net debt Source: Company financial statements 800 700 600 500 400 300 200 100 0 Between 2 and 5 years 34% Between 1 and 2 years 22% Debt maturity profile Over 5 years 44% Corporate related Net Debt (Cash) (1) / Gearing ratio (2) 12,9% 174,9 22,8% 372,3 31,3% 563,7 36,1% 665,0 31/12/2008 31/12/2009 31/12/2010 30/9/2011 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 but excl. cash & cash equivalents of BOT related projects) (2) Gearing ratio = Corporate related Net Debt / (Equity + Corporate Related Net Debt) 60% 50% 40% 30% 20% 10% 0% 9eld0029 28
Share price performance and shareholder structure Shareholder structure (November 2011) 60 Share price performance LTM (1/12/2010 ~ 28/11/2011) Treasury Stock 2.6% 40 ELLAKTOR Retail 31.7% Management Team 39.0% 20 0 CONSTRUCTION 20% Greek Institutional Investors 11.0% Foreign Institutional Investors 15.7% ELLAKTOR share weighting on Indices (28/11/2011) 12,67% -20-40 -60-80 ATHEX 10% Reuters ticker: HELr.AT 0% 0,82% ASE General Idex ASE Construction Idex 1,13% FTSE-20 Idex Bloomberg ticker: ELLAKTOR:GA 9eld0029 29