FY2020 Group Results
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, completeness or correctness of the information or opinions contained herein. None of the Company, shareholders or any of their respective affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document.
Unless otherwise stated, all financials contained herein are stated in accordance with International Financial Reporting Standards ('IFRS').
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The information included in this presentation maybe subject to updating, completion, revision and amendment and such information may change materially. No person is under any obligation to update or keep current the information contained in the presentation and any opinions expressed in relation thereof are subject to change without notices. This presentation is subject to any future announcement so material information made by the Company in accordance with law.
This presentation does not constitute a recommendation regarding the securities of the Company.
This presentation also contains forward-looking statements, which include comments with respect to our objectives and strategies, and the results of our operations and our business, considering environment and risk conditions.
However, by their nature, these forward-looking statements involve numerous assumptions, uncertainties and opportunities, both general and specific. The risk exists that these statements may not be fulfilled. We caution readers of this presentation not to place undue reliance on these forward-looking statements as a number of factors could cause future Group results to differ materially from these targets.
Forward looking statements may be influenced in particular by factors as the effects of competition in the areas in which we operate, and changes in economic, political, regulatory and technological conditions. We caution that the foregoing list is not exhaustive.
When relying on forward-looking statements to make decisions, investors should carefully consider the aforementioned factors as well as other uncertainties and events.
1
Content | pages |
Business Highlights | 3 |
Consolidated Profit & Loss | 10 |
Consolidated Balance Sheet & Cash Flow | 14 |
Segmental Analysis | 18 |
AKTOR Funding | 26 |
Appendix | 29 |
2
Executive Summary
- Group EBITDA stood at €30m in 2020, compared to €81m in 2019, posting a reduction of 63%, or €51m mainly due to :
- Construction -€32m(-€155m vs -€123m respectively),
- Concessions -€33m (€120m vs €152m respectively) due to lockdown measures in the economy,
- Environment -€3m (€4m vs €7m respectively)
- Other -€7m(-€15m vs -€8m respectively)
which was partially offset by better performance of :
- RES +€23m (€73m vs €50m respectively)
- Real estate +€1m (€4m vs €3m respectively)
EBITDA includes non-recurring transformation costs of Construction with negative impact of €41.3m (€6.4m of restructuring costs, €12.8m due to impairment loss from sale of real estate assets and €22.2m stop loss due to exit of loss making PV projects).
- EBITDA at -€81m in Q4'20 vs -€71m in Q4'19. Construction projects were reassessed and a cash flow exercise has been performed. As a result, Q4'20 Construction have posted losses of -€112m mainly in Romania -€37m and in Greece -€23m, as well as from the closing settlement of a project in Middle East -€20m.
- Cash and Liquid Assets were at €406m at the end of Dec.'20 vs €400m at the end of Jun.'20 and €463m at the end of Dec.'19
- Net Debt (excluding Moreas non-recourse loan of €443m and cash of €30m) as at 31.12.2020 stood at €725m vs €608m at the end of Dec.'19
EBITDA (€m)
Margin | 6.3% | 3.4% |
100 | -63% | 140 | |||||
80.6 | |||||||
120 | |||||||
50 | 100 | ||||||
30.1 | 80 | ||||||
60 | |||||||
0 | |||||||
39.0 | 39.0 | 40 | |||||
(70.5) | (81.1) | 20 | |||||
-100 | 0 | ||||||
Q4 19 | Q4 20 | FY19 | FY20 |
Cash and Liquid Assets (€m)
-12.4% | +1.6% | |||||||||||
463 | ||||||||||||
94 | 400 | 406 | ||||||||||
37 | ||||||||||||
88 | ||||||||||||
71 | 74 | |||||||||||
68 | ||||||||||||
298 | 244 | 294 | ||||||||||
31.12.19 | 30.06.20 | 31.12.20 | ||||||||||
Liquid Assets | Restricted Cash | Cash and Equivalents | 3 | |||||||||
Concessions, RES, Environment and Real Estate contributed 201m of EBITDA in 2020
Net Sales per BU (€m) | EBITDA per BU (€m) |
2019 BUs share
Construction
Concessions
RES
Environment
Real Estate
2020 BUs share | 81 | |||||
1,274 | 7 | 3 | ||||
7 | 50 | 30 | ||||
87 | 4 | 4 | Robust & resilient | |||
64 | ||||||
209 | to COVID-19 | |||||
69% | 55% | 73 | ||||
240 | EBITDA | |||||
892 | 152 | 201 | ||||
7 | generation from | |||||
19% | 102 | 23% | the major growth | |||
94 | 120 | drivers of the | ||||
5% | 202 | 11% | 44 | Group - | ||
Concessions, | ||||||
875 | -65 | Renewables, | ||||
7% | 11% | Environment and | ||||
-167 | Real Estate | |||||
487 | ||||||
-90 | ||||||
0% | 1% | -15 | ||||
2019 | 2020 | -8 | ||||
2019 | 2020 | |||||
Construction | RES | Real Estate | Other | RES | ||
Concessions | Environment | Other | ||||
Construction - Non Core Markets & One Offs | Environment | |||||
Construction - Core Markets (GR & ROM) | Real Estate |
Concessions
4
EBITDA performance
yoy | Q4 yoy | 2020 EBITDA | 2019 EBITDA | ||||||||||||||||||
FY | Q4 | Q3 | Q2 | Q1 | FY | Q4 | Q3 | Q2 | Q1 | ||||||||||||
(1.2) | 4.3 | ||||||||||||||||||||
(1.2) | |||||||||||||||||||||
(25.9) | (16.1) | ||||||||||||||||||||
(26%) | (8%) | (22.3) | |||||||||||||||||||
(112.2) | |||||||||||||||||||||
Construction | (104.0) | ||||||||||||||||||||
(155.5) | (123.2) | ||||||||||||||||||||
119.5 | 152.5 | ||||||
(22%) | (34%) | 46.5 | |||||
31.3 | 30.3 | 42.6 | 42.2 | 37.3 | |||
Concessions | 20.0 | 21.8 | |||||
73.2 | |||||||||
+47% | +81% | 49.7 | |||||||
19.8 | |||||||||
RES | 19.0 | 17.5 | 16.9 | 10.5 | 12.8 | 10.1 | 16.3 | ||
4.2 | 4.0 | 6.8 | 4.4 | ||||||
(38%) | <(100%) | 2.7 | 2.8 | 2.3 | 2.4 | ||||
Environment | -2.3 | ||||||||
-5.3 | |||||||||
+48% | +22% | 3.9 | |||||||
Real Estate | 2.6 | ||||||||
1.1 | 1.3 | 1.3 | |||||||
0.1 | 0.9 | 0.9 | 0.0 | 0.7 | |||||
5 | |||||||||
Evolution of main Group P&L items (€m)
Revenue | EBITDA | |||||||||
-27.4% | -36% | 6.3% | 3.4% | Margin | ||||||
1,300 | 1,273.6 | 130 | ||||||||
1,200 | 120 | |||||||||
1,100 | 100110 | 140 | ||||||||
1,000 | 892.3 | 100 | 80.6 | 120 | ||||||
900 | 90 | |||||||||
800 | 80 | 100 | ||||||||
700 | 50 | |||||||||
70 | 30.1 | 80 | ||||||||
600 | 60 | |||||||||
500 | 50 | 60 | ||||||||
400 | 40 | |||||||||
257.4 | 0 | 40 | ||||||||
300 | 225.2 | 30 | ||||||||
200 | 20 | (70.5) | 20 | |||||||
100 | 10 | (81.1) | ||||||||
0 | -100 | 0 | ||||||||
Q4 19 | Q4 20 | FY19 | FY20 | Q4 19 | Q4 20 | FY19 | FY20 | |||
ΕΒΙΤ | PBT | |||||||||
0 | 140 | 140 | ||||||||
-10 | 120 | 120 | ||||||||
-20 | -90 | (84.0) | 100 | |||||||
100 | ||||||||||
(21.9) | -100 | 80 | ||||||||
80 | ||||||||||
-80 | -110 | 60 | ||||||||
(76.4) | 60 | (115.1) | ||||||||
-120 | 40 | |||||||||
-90 | 40 | (125.6) | ||||||||
-130 | ||||||||||
-100 | (97.6) | -1420 | 20 | |||||||
-110 | (108.4) | -150 | (149.7) | 0 | ||||||
Q4 19 | Q4 20 | FY19 | FY20 | Q4 19 | Q4 20 | FY19 | FY20 |
6
Business Update by Segment
Construction
Concessions
RES
Environment
Real Estate
Revenues
FY'20 yoy
€499m
(45%)
€202m
(16%)
€94m
+47%
€102m +17%
€7m (4%)
EBITDA
FY'20 yoy
(€155m)
(26%)
€120m
(22%)
€73m +47%
€4m
(38%)
€4m +48%
- Revenues declined due to strategic decision to focus on Greece and in Romania and Facilities Management projects in Qatar. Backlog stands at €1.8b
- The restructuring plan is on track while additional cost cutting measures have been taken already
- P&L does not include a profit of €6.9m from sale of Hellas Gold (recorded in OCI in Q2'2020).
- EBITDA at -€155m includes non-recurring transformation costs (€12.8m impairment loss from assets sale, €22.2m exit from international PVs, €0.6m restructuring costs)
- 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 and Moreas was down by 24% and 23% respectively
- The financial close of Alimos Marina took place on December 31st 2020
- EBITDA at €120m in FY'20 vs €152m in FY'19
- Revenue and EBITDA increase due to increased installed capacity, currently at 493MW
- Strategic Agreement between ELLAKTOR and EDP Renewables on the joint development of a 900MW wind park portfolio
- Revenue and EBITDA negatively impacted by €2.5m from one-off levy on RES producers
- EBITDA at €73.2m in FY'20 vs €49.7m in FY'19
- Revenue increase is mainly attributed to increased completion rate of construction projects
- Biogas facility in Mavrorachi landfill completed bringing the total installed capacity of electricity production from landfill gas to c.35MW
- EBITDA at €4.2m in FY'20 vs €6.8m FY'19, negatively impacted by one-off items of €7m (€3.2m in Germany's project, €2.7m from court decision related to 2010 case and €1.2m from one-off levy on RES producers)
- Real Estate was impacted by COVID-19 and the lockdown measures on the economy, as well as from the State mandated 40% rent exemption
- Cambas Park: successfully navigating the regulatory process of zoning and building regulations
- EBITDA at €3.9m vs €2.6m in FY'19
7
Net Debt to EBITDA and EBITDA Margin (€m)
Net Debt to EBITDA | ||||
Net Debt at 31.12.201 | 725 | 24.1x | ||
Net Debt at 31.12.19 1 | 608 | |||
7.5x | ||||
EBITDA 20202 | 30 | 31.12.19 | 2 | 31.12.20 |
EBITDA Margin
EBITDA FY2019 | 81 |
6.3% | ||
Revenue FY2020 | 892 | 3.4%2 |
Revenue FY2019 | 1,274 | |
FY2019 | FY2020 |
1Excluding Moreas Debt of €443m and Cash and Liquid Assets of €30m | 8 |
2FY2020 EBITDA includes non-recurring items relating to transformation of Construction with negative impact of €41.3m |
Content | pages |
Business Highlights | 3 |
Consolidated Profit & Loss | 10 |
Consolidated Balance Sheet & Cash Flow | 14 |
Segmental Analysis | 18 |
AKTOR Funding | 26 |
Appendix | 29 |
9
Consolidated P&L
€m
- Net Sales
- Cost of Sales (excl. depreciation)
- Gross profit
- Selling expenses (excl. depreciation)
FY'20 | FY'19 | YoY | ||
892.3 | 1,273.6 | (30%) | ||
(782.4) | (1,092.8) | 28% | ||
109.9 | 180.8 | (39%) | ||
(4.6) | (4.5) | (2%) |
FY'20 vs FY'19
• | Revenues decreased to €892m (-€381m) mostly in Construction |
(-€402m) and Concessions (-€38m) while it increased in RES | |
• | (+€30m) and Environment (+€15m) |
Administrative Expenses stood at €66m, posting a reduction of | |
7% yoy. These include one-off restructuring costs of €6.4m, | |
excluding which Administrative Expenses were at €60m. |
5
Administrative expenses (excl. depreciation)
(65.8) | (70.9) | 7% |
• EBITDA stood at €30.1m vs €80.6m. The reduction is due to: |
6
Other income / (losses) (excl. depreciation)
(9.3) | (24.7) | 62% |
- Concessions at €120m vs €152m in FY'19
7 EBITDA
- EBITDA Margin (%)
- Depreciation and Amortization
- EBIT
- Profit /(Loss) before tax
- Profit /(Loss) after tax
- Profit /(Loss) after minorities
30.1 | 80.6 | (63%) |
3% | 6% | |
(106.5) | (102.6) | (4%) |
(76.4) | (21.9) | <(100%) |
(149.7) | (84.0) | (78%) |
(172.1) | (105.7) | (63%) |
(186.7) | (131.4) | (42%) |
- Environment at €4.2m vs €6.8m while increased in:
- RES at €73m vs €50m
- Real Estate at €3.9m vs €2.6m
Group EBITDA includes non-recurring items relating to Construction's transformation with negative impact of €41.3m (€6.4m of Construction restructuring costs, €12.8 due to impairment loss from sale of real estate assets and €22.1m from stop loss from exit of loss making project in international PV projects)
- Profit Before Tax stood at -€150m vs -€84m.
10
Expenses Evolution (without depreciation)
Cost of Goods Sold (€m)
-28% | |||
1,092.8 | |||
782.4 | |||
+3% | |||
266.8 | 275.6 | ||
Q4 19 | Q4 20 | FY19 | FY20 |
Selling Expenses (€m)
-10% | +2% | |||||||
4.6 | ||||||||
4.5 | ||||||||
1.5 | 1.3 | |||||||
Q4 19 | Q4 20 | FY19 | FY20 |
Number of Employees* (Group excl. JVs)
Rest of Group
Total Group -5%
Construction
Construction -21%
Rest of Group +21%
5,975 | 5,538 | 5,654 | 5,625 | 5,676 |
2,332 | 2,437 | 2,694 | 2,729 | 2,806 |
3,643 | 3,101 | 2,960 | 2,896 | 2,870 |
31.12.2019 31.03.2020 30.06.2020 30.09.2020 31.12.2020
Administrative Expenses (€m)
-7% | |||
71.0 | 65.8 | ||
-27% | |||
24.0 | |||
17.5 | |||
Q4 19 | Q4 20 | FY19 | FY20 |
11
* Includes 209 employees of ASA (Environment subsidiary) following its acquisition in Q1 20
Net Sales and EBITDA (€m)
Net Sales FY2020 | EBITDA FY2020 | |
yoy | -45% | -16% | +47% | +17% | -4% | n.m. | n.m. | -30% |
6.8 | 0.4 | 892.3 | ||||||
101.9 | (12.1) | |||||||
93.9 | ||||||||
499.1 | 202.4 | |||||||
Construction Concessions | RES | Environment Real Estate | Other | Intragroup | Revenue | |||
Sales | FY2020 |
Net Sales FY2019
-21%-22%+47% -38%+48% n.m. | -63% | -11%yoy |
71.5 | |||
4.2 | 3.9 | 30.1 | 41.3 |
73.2 | (15.1) | ||
111.3
119.5
(155.5)
Construction Concessions | RES | Environment Real Estate | Other | EBITDA | One-offs EBITDA excl. |
FY2020 | Construction | ||||
transformation | |||||
impact |
EBITDA FY2019
7.1 | 0.5 | 1,273.6 | 6.8 | 2.6 | 80.6 | ||||||||
87.3 | |||||||||||||
(27.0) | (7.7) | ||||||||||||
64.1 | |||||||||||||
49.7 | |||||||||||||
240.3 | |||||||||||||
901.4 | |||||||||||||
152.5 | |||||||||||||
Construction Concessions | RES | Environment | Real Estate | Other | Intragroup | Revenue | (123.2) | ||||||
12 | |||||||||||||
Sales | FY2019 | Construction Concessions | RES | Environment | Real Estate | Other | EBITDA | ||||||
FY2019 | |||||||||||||
Content | pages |
Business Highlights | 3 |
Consolidated Profit & Loss | 10 |
Consolidated Balance Sheet & Cash Flow | 14 |
Segmental Analysis | 18 |
AKTOR Funding | 26 |
Appendix | 29 |
13
Consolidated Balance Sheet
€m | 31.12.20 | 30.09.20 | 30.06.20 | 31.03.20 | 31.12.19 | QoQ | yoy | |||||||||
1 | Intangible assets | 447.9 | 436.0 | 451.6 | 467.0 | 483.1 | 3% | (7%) | ||||||||
2 | Property, plant and equipment | 585.2 | 593.0 | 615.4 | 628.7 | 630.8 | (2%) | (8%) | ||||||||
3 | Financial assets at fair value* | 58.8 | 61.8 | 62.0 | 60.4 | 61.1 | (5%) | (4%) | ||||||||
4 | Financial assets at amortized cost* | 21.6 | 43.4 | 43.5 | 43.5 | 43.6 | (50%) | (50%) | ||||||||
5 | State financial contribution* | 267.6 | 278.6 | 270.9 | 269.2 | 274.4 | (4%) | (2%) | ||||||||
6 | Receivables* | 796.1 | 923.1 | 950.2 | 925.0 | 907.7 | (14%) | (12%) | ||||||||
7 | Other non-current assets | 247.6 | 250.4 | 250.0 | 254.5 | 255.7 | (0%) | (3%) | ||||||||
8 | Other current assets | 28.4 | 29.9 | 33.0 | 29.4 | 30.2 | (5%) | (6%) | ||||||||
9 | Cash (incl. restricted cash) | 368.7 | 356.4 | 311.6 | 369.9 | 369.0 | 3% | (0%) | ||||||||
10 | Total assets | 2,821.8 | 2,972.7 | 2,988.2 | 3,047.7 | 3,055.6 | (5%) | (8%) | ||||||||
11 | Equity excl. non-controlling interests | 229.7 | 363.9 | 379.6 | 402.5 | 414.1 | (37%) | (45%) | ||||||||
12 | Non-controlling interests | 102.7 | 111.7 | 104.7 | 121.3 | 118.9 | (8%) | (14%) | ||||||||
13 | Total Equity | 332.3 | 475.6 | 484.3 | 523.8 | 533.0 | (30%) | (38%) | ||||||||
14 | Total Debt | 1,543.8 | 1,540.1 | 1,542.8 | 1,546.4 | 1,491.2 | 0% | 4% | ||||||||
15 | Trade and Other Payables | 521.5 | 560.5 | 550.9 | 575.6 | 619.7 | (7%) | (16%) | ||||||||
16 | Current income tax liabilities | 15.8 | 11.6 | 13.9 | 8.9 | 3.7 | 36% | 332% | ||||||||
17 | Dividends Payable | 1.3 | 0.3 | 0.3 | 1.7 | 15.4 | 334% | (92%) | ||||||||
18 | Other current Provisions | 38.6 | 18.6 | 17.1 | 17.4 | 16.1 | 108% | 141% | ||||||||
19 | Derivative Financial instruments | 127.8 | 128.2 | 133.7 | 128.6 | 129.7 | (0%) | (1%) | ||||||||
20 | Other Non-current liabilities | 240.7 | 237.9 | 245.2 | 245.3 | 247.0 | 1% | (3%) | ||||||||
21 | Total Liabilities | 2,489.5 | 2,497.1 | 2,503.9 | 2,523.9 | 2,522.6 | (0%) | (1%) | ||||||||
22 | Total Equity and Liabilities | 2,821.8 | 2,972.7 | 2,988.2 | 3,047.7 | 3,055.6 | (5%) | (8%) | ||||||||
- Group's total Assets were at €2,822m at the end of December 2020 vs €3,056m at the end of 2019, recording a delta of -8%
- Intangible assets include the Concession Right from Attiki Odos and Moreas and the decrease is due to the depreciation of the Right
- Total Debt includes €443m of non-recourse debt relating mostly to Moreas (€443m vs €458m in 31.12.2019). Attiki Odos has outstanding debt of €0.3m
- Cash and Liquid Assets at the end of 2020 were at €406m vs €400m at the end of Jun'20 and €463m at the end of 2019
- Trade and Other Payables decreased by c.€98m yoy, or 16% to €521m
- Group's total Equity stood at €332m at the end of 2020 compared to €533m at the end of 2019. Total Equity attributable to Shareholders was €230m versus €414m at the end of December 2019
*Includes both current and non-current assets | 14 |
Net Debt by Segment
Concessions | Total | Moreas (non | Total | |||||||||
31.12.2020 in € m | Construction | RES | Environment | Real Estate | Other | Corporate | ||||||
excl. Moreas | (excl. Moreas) | recourse) | Group | |||||||||
1 | Short-term Debt | 13.4 | 0.7 | 46.4 | 10.2 | 3.5 | 1.4 | 75.8 | 17.8 | 93.5 | ||
2 | Long-term Debt | 0.6 | 31.9 | 273.5 | 22.7 | 33.8 | 662.7 | 1,025.0 | 425.1 | 1,450.2 | ||
3 | Total Debt | 14.0 | 32.6 | 319.9 | 32.9 | 37.3 | 664.1 | 1,100.8 | 442.9 | 1,543.8 | ||
4 | Cash | 54.4 | 191.4 | 5.1 | 28.0 | 2.1 | 3.7 | 284.8 | 9.4 | 294.3 | ||
5 | Time deposits over 3 months | - | 15.4 | - | - | - | - | 15.4 | - | 15.4 | ||
6 | Restricted Cash | 14.5 | 5.7 | 23.3 | 3.4 | 6.5 | 0.1 | 53.6 | 20.9 | 74.5 | ||
Financial Assets at amortized | - | 21.6 | - | - | - | - | 21.6 | - | 21.6 | |||
7 | cost | |||||||||||
8 | Total Cash + Liquid Assets | 68.9 | 234.1 | 28.5 | 31.4 | 8.7 | 3.8 | 375.4 | 30.3 | 405.7 | ||
9 | Net Debt/ (Cash) | (54.9) | (201.6) | 291.5 | 1.5 | 28.7 | 660.3 | 725.4 | 412.6 | 1,138.0 | ||
10 | Intra-segment funding | 199.1 | 160.8 | - | - | - | (359.9) | - | - | - | ||
Concessions | Total | Moreas (non | Total | |||||||||
31.12.2019 in € m | Construction | RES | Environment | Real Estate | Other | Corporate | ||||||
excl. Moreas | (excl. Moreas) | recourse) | Group | |||||||||
11 | Short-term Debt | 25.7 | 13.8 | 27.9 | 9.9 | 19.7 | 1.3 | 98.4 | 16.3 | 114.7 | ||
12 | Long-term Debt | 3.1 | 3.8 | 293.9 | 25.6 | 17.3 | 590.7 | 934.5 | 442.0 | 1,376.5 | ||
13 | Total Debt | 28.8 | 17.6 | 321.8 | 35.5 | 37.1 | 592.0 | 1,032.9 | 458.3 | 1,491.2 | ||
14 | Cash | 58.2 | 165.5 | 6.7 | 27.4 | 2.1 | 20.9 | 280.9 | 17.4 | 298.2 | ||
15 | Time deposits over 3 months | 50.4 | 50.4 | 50.4 | ||||||||
16 | Restricted Cash | 15.1 | 14.8 | 9.6 | 3.4 | 6.8 | 0.1 | 49.8 | 20.9 | 70.7 | ||
Financial Assets at amortized | 43.6 | 43.6 | - | 43.6 | ||||||||
17 | cost | |||||||||||
18 | Total Cash + Liquid Assets | 73.3 | 274.3 | 16.3 | 30.8 | 9.0 | 21.0 | 424.7 | 38.3 | 463.0 | ||
19 | Net Debt/ (Cash) | (44.5) | (256.7) | 305.5 | 4.7 | 28.1 | 571.0 | 608.2 | 420.0 | 1,028.2 | ||
20 | ||||||||||||
Intra-segment funding | 119.5 | 182.8 | - | - | - | (302.3) | - | - | - | |||
15
Consolidated Cash Flows
€m | FY20 | FY19 | (%) | €m | Q4'20 | Q3'20 | Q2'20 | Q1'20 | ||||||||||||
1 | Cash and equivalents at start of period | 298.2 | 479.4 | (38%) | 1 | Cash and equivalents at start of period | 283.7 | 243.7 | 294.3 | 298.2 | ||||||||||
2 | CFs from Operating Activities | (23.8) | (113.9) | 72% | 2 | CFs from Operating Activities | 10.5 | 43.3 | (38.6) | (39) | ||||||||||
3 | CFs from Investment Activities | 23.4 | (94.8) | 133% | 3 | CFs from Investment Activities | 12.9 | 7.8 | 4.1 | (1.4) | ||||||||||
4 | CFs from Financing Activities | 0.0 | 26.9 | (100%) | 4 | CFs from Financing Activities | (12.0) | (-10) | (15.8) | 37.8 | ||||||||||
5 | Net increase / (decrease) in cash and equivalents | (0.3) | (181.7) | 100% | 5 | Net increase / (decrease) in cash and equivalents | 11.5 | 41.2 | (50.4) | (2.6) | ||||||||||
6 | Currency translation differences | (3.6) | 0.6 | (718%) | 6 | Currency translation differences | (0.7) | (1.4) | (0.2) | (1.3) | ||||||||||
7 | Cash and equivalents at end of period | 294.3 | 298.2 | (1%) | 7 | Cash and equivalents at end of period | 294.3 | 283.7 | 243.7 | 294.3 | ||||||||||
Evolution of Cash and Liquid Assets (€m) | FY'20 versus FY'19 | ||||||||
• | Operating cash outflows amounted to €24m vs €114m, and includes €88m of | ||||||||
Liquid Assets | |||||||||
interest and related expenses paid, as well as decrease in liabilities of €78m | |||||||||
Cash and Equivalents | • | ||||||||
463 | 458 | Investment cash flows amounted to inflows of €23m vs outflows of €95m and | |||||||
439 | |||||||||
406 | 401 | includes cashing of time deposits (€35m), proceeds arising from EIB bond (€22m), | |||||||
400 | |||||||||
proceeds of the sale of real estate assets (€11m) and Hellas Gold (€7m) as well as | |||||||||
165 | 163 | ||||||||
156 | 111 | the following capex: RES €14m, Environment €3m, Construction €2m, Real Estate | |||||||
156 | 159 | ||||||||
€1m, Concessions €30m mainly due to concession right for development of New | |||||||||
Alimos Marina. | |||||||||
• Cash inflows from financing activities reached €0m vs €27m and mainly include: | |||||||||
298 | 294 | 244 | 284 | 294 | 243 | o Proceeds from the High Yield Bond tap of €70m and €35m from Real Estate | |||
and €14m in RES | |||||||||
o Outflows of €45.2m mostly from dividend distribution to minority | |||||||||
shareholders of Attiki Odos | |||||||||
31.12.2019 | 31.3.2020 | 30.06.20 | 30.09.20 | 31.12.20 | 28.02.21* | ||||
*Management accounts | 16 |
Content | pages |
Business Highlights | 3 |
Consolidated Profit & Loss | 10 |
Consolidated Balance Sheet & Cash Flow | 14 |
Segmental Analysis | 18 |
AKTOR Funding | 26 |
Appendix | 29 |
17
Segmental Analysis of FY'20 vs FY'19 Results (€m)
Revenues
FY2020 / FY2019
EBITDA
FY2020 / FY2019
Profit / (Loss)
Before tax
FY2020 / FY2019
Profit / (Loss)
After tax1
FY2020 / FY2019
Group | Construction | Concessions | RES | Environment | Real Estate | Other |
892 / 1,274 | 499 / 901 | 202 / 240 | 94 / 64 | 102 / 87 | 7 / 7 | 0 / 0 |
(30%) | (45%) | (16%) | +47% | +17% | (4%) | n.m. |
30 / 81 | (155) / (123) | 120 / 152 | 73 / 50 | 4 / 7 | 4 / 3 | (15) / (8) |
(63%) | (26%) | (22%) | +47% | (38%) | +48% | n.m. |
(150) / (84) | (177) / (146) | 30 / 60 | 38 / 25 | (1) / (1) | 0 / (0) | (40) / (22) |
(79%) | (21%) | (51%) | +50% | (24%) | n.m. | n.m. |
(172) / (106) | (182) / (155) | 17 / 41 | 34 / 34 | (0) / (2) | 0 / (0) | (40) / (22) |
(62%) | (18%) | (58%) | (1%) | +79% | n.m. | n.m. |
1. Before minorities
18
Construction Highlights
EBITDA Evolution (€m)
(1.2) | ||||
(16.1) | ||||
(25.9) | ||||
(104.0) | ||||
(112.2) | ||||
Q4 19 | Q1 20 | Q2 20 | Q3 20 | Q4 20 |
Recent Developments
- Signed new project in Romania for Brasov Simeria railway Lot 2 (€338m)
- Signed new project in Romania, Brasov Simeria railway Lot 1-3 (€185m)
- Declared preferred bidder in 3 Egnatia Odos projects (€65m)
- Signed new project in Thessalonica Wastewater Treatment Plants (€42m)
- Signed new project for Lefkada-Aktio motorway west axis (€19m)
- Is participating in the tender for the Operation and Maintenance of Psitallia sewage treatment plant (€260m o/w Aktor €105m)
International and PV backlog
International PV
Backlog Analysis* (€m)
2,064 | 1,936 | 29 | ||||||||||||||||||||
68 | ||||||||||||||||||||||
35 | ||||||||||||||||||||||
1,799 | 1 | 18 | ||||||||||||||||||||
267 | 22 | 43 | 16 | 1 | 9 | 0 | ||||||||||||||||
225 | 9 | 34 | 6 | 3 | 2 | 1 | ||||||||||||||||
205 | 12 | 2 | ||||||||||||||||||||
6 | 5 | |||||||||||||||||||||
Other
Australia
Brazil
Chile
837 | Other international | 31.12.2019 | 30.06.2020 | 31.12.2020 | ||||||||||||||||||||
809 | 810 | PV | ||||||||||||||||||||||
Qatar | International Construction ex. ROM & Qatar | |||||||||||||||||||||||
Romania | ||||||||||||||||||||||||
Greece | 68 | |||||||||||||||||||||||
858 | 837 | 43 | ||||||||||||||||||||||
741 | 3 | 7 | 34 | |||||||||||||||||||||
15 | ||||||||||||||||||||||||
5 | ||||||||||||||||||||||||
2 | 3 | 3 | ||||||||||||||||||||||
1 | ||||||||||||||||||||||||
44 | 33 | 15 | ||||||||||||||||||||||
15 | ||||||||||||||||||||||||
31.12.2019 | 30.06.2020 | 31.12.2020 | ||||||||||||||||||||||
Czech Republic
Albania
Serbia
Colombia
31.12.2019 | 30.06.2020 | 31.12.2020 | 19 |
* Includes projects under execution, contracts signed from 30.09.2020 onwards, as well as contracts to be signed
Transformation Progress Update
The Program is on track, expected to deliver higher benefits than originally planned
The Programme is expected to deliver significant benefits
Adjust cost base to current size of the business, while securing flexibility for the future | |||||
Key Objectives | • Streamline organizational structure, improve effectiveness and enhance controls through a revised CoA | ||||
• Improve operating model and achieve cost efficiencies | |||||
• Gradually align compensation & benefits' levels to market based benchmarks - while remaining | |||||
competitive, link pay with performance and shift towards variable compensation | |||||
1 | 2 | 3 | 4 | ||
Procurement Optimisation | Rationalisation of payroll | Best Practice | Disposal of non-operating | ||
Dimensionsof Transformation | cost | Organizational Model | assets and participations | ||
Programme | |||||
• Establishment of a | • Salaries' reductions | • Implementation of a | • Collection of | ||
Group Procurement | and rationalization | "Voluntary Exit | receivables, disposal | ||
Total 2020 Actual Results &
Estimated Benefits '21 - '23
32
31
10
20
function (supply | of fringe benefits | Scheme" and a | of participations/ |
centralization, | (mobile phone | | "Retirement | financial assets, |
streamlining of | cars | fuel) | Scheme" | disposals in Real |
suppliers, frame | Estate in Greece and | ||
agreements) | abroad | ||
Renegotiation with | • Reduction of | • New organizational | |
suppliers and | overtime through | structure to be put in | |
subcontractors and | effective HR | place, promoting | |
settlement of | management | effectiveness, synergies |
7
5
9
18
9
7
7 6
5 5
overdue payments | • Further | and accountability | |
rationalization and | • Effective release of | ||
alignment of fringe | personnel linked with | ||
benefits to market | projects' completion | ||
based benchmarks | rate | ||
>€30m potential | >€30m potential | >€38m potential | |
till end '23 | till end '23 | till end '23 |
2020 2021 est. 2022 est. 2023 est. actual
Procurement Excellence Rationalisation of payroll cost Best Practice Organisational Model
Disposal of non-operating assets & participations
(1) Salary reductions were effective as of Sept 1st. The cost reduction was offset by one-off compensation costs occurred as a result of layoffs that were implemented in Q4 '20. | 20 |
Concessions Highlights
EBITDA Evolution (€m) | Recent Developments |
-34%
46.5*
• Attiki Odos and Moreas, the two motorway Concessions the Group |
fully consolidates were significantly impacted by the COVID-19 |
pandemic |
3.5
30.3 31.3
21.7
2.6
• Attiki Odos traffic reduction was 24% for the year, and revenues were | |
down by 21%, while Moreas traffic reduction was 23% while revenue | |
20.0 | dropped by 21% |
40.5
• AKTOR Concessions signed the 40+10 year concession contract for the Alimos Marina, which at 1,100 berths is the largest marina in
Southeast Europe | |||||
Q4 19 | Q1 20 | Q2 20 | Q3 20 | Q4 20 |
Attiki Odos Weekly Traffic Evolution in 2020-2021 and Covid-19 Impact (yoy)
1.0 | 2020 traffic reduction: -24% | 2021 YTD traffic reduction: -30% | 29% | Major Milestones | |||||||||||||||||||||
30 | |||||||||||||||||||||||||
0.9 | 9% | 20 | |||||||||||||||||||||||
1 | Full lockdown #1 | ||||||||||||||||||||||||
5% | 4% | 10 | |||||||||||||||||||||||
0.8 | |||||||||||||||||||||||||
0% | |||||||||||||||||||||||||
-8% | 2 | Partial lifting of lockdown | |||||||||||||||||||||||
0.7 | -10% | ||||||||||||||||||||||||
-13% | |||||||||||||||||||||||||
0.6 | |||||||||||||||||||||||||
-16% | 3 | International flights open | |||||||||||||||||||||||
0.5 | -17% | -33% | -27% | -20 | |||||||||||||||||||||
-30 | |||||||||||||||||||||||||
0.4 | 4 | Movement restrictions imposed again | |||||||||||||||||||||||
-40 | |||||||||||||||||||||||||
0.3 | -44% | -51% | |||||||||||||||||||||||
-56% | -50 | 5 | Full lockdown #2 | ||||||||||||||||||||||
-57% | |||||||||||||||||||||||||
0.2 | |||||||||||||||||||||||||
-60 | |||||||||||||||||||||||||
"Medea" snowstorm with widespread disruptions | |||||||||||||||||||||||||
0.1 | 1 | 2 | 3 | 4 | 5 | 6 | -707 | 6 | |||||||||||||||||
0.0 | -72% | ||||||||||||||||||||||||
-80 | 7 | 2020 week includes the impact of lockdown #1 | |||||||||||||||||||||||
Jan20 Feb20 Mar20 | Apr20 May20 | Jun20 Jul20 | Aug20 Sep20 | Oct20 Nov20 Dec20 Jan21 | Feb21 | Mar21 | |||||||||||||||||||
* Q3 2020 EBITDA benefits from one-off positive impact: €3.5m reversal of provision from due to beneficial court decision; €2.5m as income compensation due to toll | 21 | ||||||||||||||||||||||||
free days for the 2019 elections
Renewable Energy Sources highlights
EBITDA Evolution (€m)
+80% | ||||
19.8 | 19.0 | |||
17.5 | ||||
16.8 | ||||
10.5 | ||||
Q4 19 | Q1 20 | Q2 20 | Q3 20 | Q4 20 |
- 493 MW installed capacity as of 31.12.2020
- 403 MW contributed full 9 months to revenue and cash flow
- Remaining 90MW were connected at end of Q1'20
- Additional 88 MW to be constructed, with completion in 2022 (due delays in Administrative delays and Covid-19 pandemic)
- Significant improvement of EBITDA mainly due to increased installed capacity
- Capacity factor of 25.5% vs 26.6% in FY'19
- Availability at 96.7%
- Average PPA life at 31.12.2020 stands at years 17.3 years
Total RES capacity with operating permits (MW) | RES KPIs | |
493 | |||||||||||||||||
401 | |||||||||||||||||
289 | |||||||||||||||||
208 | 208 | 241 | |||||||||||||||
171 | 171 | ||||||||||||||||
150 | |||||||||||||||||
118 | |||||||||||||||||
87 | 85 | 107 | |||||||||||||||
71 | |||||||||||||||||
55 55 | |||||||||||||||||
32 | 38 | 34 | |||||||||||||||
29 | 26 | 22 | |||||||||||||||
15 | 14 | ||||||||||||||||
2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | ||||||
MW Capacity | Capex | ||||||||||||||||
Operating
Financial
FY'17 | FY'18 | FY'19 | FY'20 | |
Capacity1 (MW) | 246 | 282 | 296 | 464 |
Capacity Factor | 25.3% | 26.9% | 27.1% | 25.5% |
Availability | 98.2% | 98.2% | 97.2% | 96.7% |
Revenues/MW (€k)2 | 202 | 213 | 217 | 202 |
EBITDA/MW (€k)2 | 135 | 153 | 169 | 157 |
OCF/MW (€k)3 | FY17 - FY20 average: 110 | |
1. | Weighted average installed capacity | 22 |
2. | Revenue and EBITDA / MW based on weighted average operating capacity | |
3. | OCF/MW defined as Operating cash flow per weighted average installed MW; Operating cash flow defined as EBITDA - cash taxes - changes in working capital - interest expense paid |
Environment Highlights
EBITDA Evolution (€m)
4.0
2.82.7
(2.3)
(5.3)
Q4 19 | Q1 20 | Q2 20 | Q3 20 | Q4'20 |
- Medium to long term tenure in waste management contracts together with favorable PPA framework for landfill biogas W-t-E application allow for recurring flows
- Prospects appear strong as Greece needs to urgently proceed with new infrastructure in order to comply with national and EU waste management legislation as well as utilize the available EU funding within a very tight time frame
- Investments to be launched in the next 5-year period are expected to reach €2b for the treatment of approximately 4mn tons of municipal waste
- COVID-19impact has been limited as regards Environment operations while all necessary measures to secure personnel safety together with unimpeded continuance of operations have been undertaken
Key metrics (tonnage & MWh in thousands) evolution
759781
621
480
208 | 204 | 202 | 178 |
FY'17 | FY'18 | FY'19 | FY'20 |
MWh Tonnage
Revenue breakdown per sub-sector (€m)
102 | |||||||
89 | 87 | 26 | |||||
79 | 13 | 11 | |||||
11 | 19 | 19 | 17 | ||||
20 | |||||||
48 | 57 | 57 | 59 | ||||
FY'17 | FY'18 | FY'19 | FY'20 | 23 | |||
Environment Construction | RES | Waste Management |
Real Estate Highlights
EBITDA Evolution (€m)
+25% | ||||
1.3 | 1.3 | |||
1.1 | ||||
0.9 | ||||
0.1 | ||||
Q4 19 | Q1 20 | Q2 20 | Q3 20 | Q4 20 |
Smart Park Performance | Commentary | ||||||||||
2.24 | • Due to Covid-19 measures applied footfall at Smart Park significantly dropped | ||||||||||
1.93 | during FY 2020, despite the double advantage for the Smart Pack, of being an | ||||||||||
1.77 | open retail Park, making it safer than closed space malls, and that stores were | ||||||||||
1.65 | 1.60 | ||||||||||
1.50 | open on Sundays from May to October. | ||||||||||
1.04 | 1.20 | • March to June, November & December 2020 rent income is calculated at 60% due | |||||||||
to Covid-19 measures applied. In addition rent income is calculated at 60% July to | |||||||||||
0.60 | December for food and beverage service stores (with an exception of October). | ||||||||||
0.55 | • As Cambas Park is expected to acquire Town Planning Permission within the next | ||||||||||
0.35 | 0.39 | 0.39 | 0.39 | 0.39 | |||||||
months, REDS is preparing for the project's next stages | |||||||||||
• REDS was appointed to manage the real estate development of the Alimos Marina | |||||||||||
Q4 19 | Q1 20 | Q2 20* | Q3 20 | Q4 20 | |||||||
and the offices of former Pegasus Publishing | |||||||||||
Footfall (m visitors) | Rent Income (€m) | Utility Charges (€m) |
*Footfall in Q2 20 was significantly impacted by the first full national lockdown imposed | 24 |
Content | pages |
Business Highlights | 3 |
Consolidated Profit & Loss | 10 |
Consolidated Balance Sheet & Cash Flow | 14 |
Segmental Analysis | 18 |
AKTOR Funding | 26 |
Appendix | 29 |
25
Proposed €120.5m Share Capital Increase (SCI)
Uses of funds:
- €100m will be used to cover the capital requirements of Construction
- €20.5m will be used by ELLAKTOR to finance new investments in RES
Timeline
- April 2nd 2021: Extraordinary General Meeting for the Approval of the SCI
- End of June 2021: Expected finalization of the proposed SCI, subject to approval by the shareholders on April 2nd
The successful conclusion of the proposed SCI in a timely manner is critical to fund the needs of Construction and its return to normality.
The Group has supported Construction so far, in the context of restrictions from the HY Bond ELLAKTOR issued in December 2019 (i.e. available "baskets"). As of end of March 21 the availability stands at €11m.
ELLAKTOR's Audit Committee has been informed by the external auditors (PwC) that it is critical for Construction to raise new funds.
26
AKTOR €50m Interim Financing Solution
Given the pressing need for Construction funding, management has initiated a €50m financing (bond loan) for AKTOR, prior to the completion of the proposed
SCI
This amount is considered the minimum amount necessary for AKTOR to return to normal operating conditions
Preliminary Terms | ||
• | Issuer | AKTOR S.A. |
• | Maturity: | up to 12 months |
• | Coupon: | 6.375% |
• | Repayment: | Proceeds from the proposed SCI |
Eurobank is acting as Mandated Lead Arranger
The MLA will market the bond loan to its existing [major] shareholders as take- up from banks is expected to be minimal
27
Content | pages |
Business Highlights | 3 |
Consolidated Profit & Loss | 10 |
Consolidated Balance Sheet & Cash Flow | 14 |
Segmental Analysis | 18 |
AKTOR Funding | 26 |
Appendix | 29 |
28
P&L by segment
FY 2020 in €000s | Construction | Concessions | RES | Environment | Real Estate | Other | Elimin. | Total | ||
1 | Gross Sales | 499,098 | 202,402 | 93,852 | 101,922 | 6,813 | 351 | (12,144) | 892,293 | |
2 | Cost of Sales (excl. D&A) | (611,081) | (79,677) | (21,126) | (81,516) | (1,434) | (315) | 12,772 | (782,378) | |
3 | Gross Profit | (111,983) | 122,726 | 72,725 | 20,406 | 5,378 | 35 | 628 | 109,915 | |
4 | Selling expenses (excl. D&A) | - | (1,881) | - | (2,738) | - | - | - | (4,619) | |
5 | Administrative expenses (excl. D&A) | (23,898) | (13,478) | (919) | (8,943) | (2,285) | (16,721) | 417 | (65,828) | |
6 | Other income & Other gain / (losses) (excl. D&A) | (19,592) | 12,148 | 1,380 | (4,538) | 772 | 1,538 | (1,045) | (9,336) | |
7 | EBITDA | (155,473) | 119,514 | 73,186 | 4,187 | 3,865 | (15,147) | 0 | 30,133 | |
8 | Depreciation & Amortization | (10,613) | (63,830) | (23,172) | (6,377) | (2,089) | (436) | - | (106,517) | |
9 | EBIT | (166,086) | 55,684 | 50,015 | (2,190) | 1,776 | (15,583) | 0 | (76,384) | |
10 | Income from Dividends | - | 843 | - | - | 338 | - | 1,181 | ||
11 | Share of profit/(loss) from associates | 0 | (174) | - | (25) | - | - | (198) | ||
12 | Financial income (net) | (11,147) | (26,154) | (11,694) | 1,150 | (1,905) | (24,540) | - | (74,290) | |
13 | Profit before Tax | (177,233) | 30,199 | 38,320 | (1,065) | 210 | (40,123) | 0 | (149,692) | |
14 | Income Tax | (4,984) | (12,887) | (4,658) | 690 | (525) | (82) | (22,445) | ||
15 | Profit After Tax | (182,218) | 17,312 | 33,663 | (374) | (315) | (40,205) | 0 | (172,137) | |
FY 2019 in €000s | Construction | Concessions | RES | Environment | Real Estate | Other | Elimin. | Total | ||
16 | Gross Sales | 901,391 | 240,315 | 64,050 | 87,322 | 7,109 | 467 | (27,024) | 1,273,630 | |
17 | Cost of Sales (excl. D&A) | (958,974) | (76,766) | (15,470) | (66,182) | (1,977) | (444) | 26,966 | (1,092,847) | |
18 | Gross Profit | (57,582) | 163,549 | 48,580 | 21,141 | 5,132 | 22 | (58) | 180,784 | |
19 | Selling expenses (excl. D&A) | (145) | (2,027) | - | (2,344) | - | - | - | (4,517) | |
20 | Administrative expenses (excl. D&A) | (33,684) | (13,092) | (2,280) | (8,356) | (2,680) | (11,781) | 928 | (70,945) | |
21 | Other income & Other gain / (losses) (excl. D&A) | (31,774) | 4,020 | 3,384 | (3,679) | 162 | 4,069 | (870) | (24,687) | |
22 | EBITDA | (123,186) | 152,451 | 49,684 | 6,761 | 2,614 | (7,689) | 0 | 80,635 | |
23 | Depreciation & Amortization | (13,840) | (63,353) | (14,890) | (8,490) | (1,781) | (228) | - | (102,583) | |
24 | EBIT | (137,026) | 89,098 | 34,794 | (1,730) | 833 | (7,917) | 0 | (21,947) | |
25 | Income from Dividends | 0 | 1,386 | - | - | 135 | - | - | 1,521 | |
26 | Share of profit/(loss) from associates | (6) | (73) | - | (21) | - | (2,177) | - | (2,276) | |
27 | Financial income (net) | (9,332) | (29,982) | (9,370) | 894 | (1,394) | (12,162) | - | (61,345) | |
28 | Profit before Tax | (146,364) | 60,428 | 25,425 | (856) | (425) | (22,256) | 0 | (84,048) | |
29 | Income Tax | (8,519) | (19,419) | 8,524 | (913) | (1,199) | (107) | - | (21,632) | |
30 | Profit After Tax | (154,883) | 41,010 | 33,948 | (1,769) | (1,624) | (22,363) | 0 | (105,680) |
29
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 Statement of Cash Flows | |
EBITDA margin % | Earnings before interest, tax, depreciation and amortization to revenue |
EBIT | (Earnings before Interest and Tax): Earnings before interest and tax which is equal to Operating Results in |
the Group's Income Statement | |
Total short-term and long-term borrowings, less cash and cash equivalents, restricted cash, time deposits | |
Net debt | over 3 months (disclosed in receivables), other financial assets at amortised cost/financial assets held to |
maturity (bonds) and money market funds (disclosed in financial assets at fair value through other | |
comprehensive income/available-for-sale financial assets) | |
30
Contact details
George Poulopoulos
Group CFO
e-mail:gpoulopoulos@ellaktor.com
Dimitrios Koutsoukos
Director, Business Planning and Investor Relations
e-mail:dkoutsoukos@ellaktor.com
Investor Relations Desk
e-mail:ir@ellaktor.com
ELLAKTOR S.A.
25, Ermou St., 145 64 Nea Kifissia,
Athens, Greece
Tel. : +30 210 8185000
e-mail:info@ellaktor.com
website:www.ellaktor.com
31
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Disclaimer
Ellaktor SA published this content on 31 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 March 2021 16:13:02 UTC.