ELLAKTOR S A : FINANCIAL RESULTS 2020 PRESENTATION

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').

This presentation does not constitute an offer or invitation to purchase or subscribe for any shares and neither it or any part of it shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever.

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 :

1. Construction -€32m(-€155m vs -€123m respectively),

1. Concessions -€33m (€120m vs €152m respectively) due to lockdown measures in the economy,

1. Environment -€3m (€4m vs €7m respectively)

1. Other -€7m(-€15m vs -€8m respectively)
   which was partially offset by better performance of :

1. RES +€23m (€73m vs €50m respectively)

1. 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

1. Net Sales
2. Cost of Sales (excl. depreciation)
3. Gross profit
4. 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%

1. Concessions at €120m vs €152m in FY'19

7 EBITDA

1. EBITDA Margin (%)
2. Depreciation and Amortization
3. EBIT
4. Profit /(Loss) before tax

1. Profit /(Loss) after tax
2. 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%)

1. Environment at €4.2m vs €6.8m while increased in:

1. RES at €73m vs €50m

1. 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:[e-mail]

Dimitrios Koutsoukos

Director, Business Planning and Investor Relations

e-mail:[e-mail]

Investor Relations Desk

e-mail:[e-mail]

ELLAKTOR S.A.

25, Ermou St., 145 64 Nea Kifissia,

Athens, Greece

Tel. : [phone]

e-mail:[e-mail]

website:www.ellaktor.com

31