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TRANSCRIPT
Key Investment highlights
Strong track record in delivering operating
performance and creating value for its shareholders
Well-balanced diversified portfolio of mature and
growth promising assets and activities
Strong banking relationships
9eld0029 2
Leading position in domestic construction
sector, focused on public works, with a backlog
of c.€2.9bn
Strong dividend stream from concession projects
in the medium to long-term
Significant growth expected from regulatory changes and investments
in Waste Management and RES
Strong balance sheet with a healthy capital structure
Table of contents
1. Group overview
2. Undisputed leader in the Greek construction sect or
3. Leading player in Greek concessions
9eld0029 3
4. Market leader in Waste Management Services
5. Significant growth prospects in the Energy secto r
6. Real Estate & Other Investments
7. Group financials
8. Shareholder information
Key milestones in the Ellaktor Group history
Concession for Attiki Odos and Rion-Antirrion Bridge signed1996
Merger of TEB, Elliniki Technodomiki and Aktor1999
Establishment of TEB, Elliniki Technodomiki and Aktor1950’s
and 1960’s
Entry in the Renewable Energy sector (Eltech Anemos)2000
Construction activities spun-off under AktorSet up of the Real Estate arm of the Group: REDSAcquisition of a stake in Mont Parnes Casino
2002
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Entry in the Waste Management sector (Helector)2003
Acquisition of a stake in Hellas GoldFirst construction contracts awarded in Romania and the Middle East (Kuwait)
2004
Establishment of Aktor, subsidiary in the Middle East areaAcquisition of Herhof by Helector
2005
Participation in 3 out of 5 concession projects awarded in GreeceAcquisition of Pantechniki, leading to controlling stake in Attiki Odos (59.2%)Concession activities spun off as Aktor ConcessionsSwapped a 30% stake in Hellas Gold with a 20% stake in European Goldfields
2007
Change of name from Elliniki Technodomiki TEB SA to Ellaktor SACommencement of Moreas, Olympia Odos and Aegean Motorway concessions2008
Ellaktor Group organisational structure
Other holdings
ConcessionsConstruction Real estateWaste
managementEnergy
100% 100% 80% 84% 55.4% 23.4%(2)
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100%(1)
No 1 in GreeceLeader in Greece
& CyprusSignificant
growth prospects
Additionalsignificant realestate portfolio
No 1 in Greece Hidden values
4,848 full time employees with activities in 10 countriesMarket capitalization: 489 €m(3)
(1) Indirect participation via AKTOR(2) Direct and indirect participation (via AKTOR)(3) As of 30 June 2010
Ellaktor is a dominant and highly diversified regio nal infrastructure player
14.7% Hellenic Casino of Parnitha100%
22.74%
Revenues EBIT
Ellaktor Group key financials 2005-2009 &1Q2010
Profit Before Tax Net profit after Minorities
(Amounts in €m)
581 718 9151.913 2.269
483 455
0
5.000
2005 2006 2007 2008 2009 1Q09 1Q10
79 52 81218 233
62 47
0100200300
2005 2006 2007 2008 2009 1Q09 1Q10
Profit Before Tax Net profit after Minorities
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Notes : 2008 and 2009 results include the full impact of the Pantechniki acquisition and thesubsequent full consolidation of Attiki Odos and as such are not comparable to the 2005, 2006and 2007 results
106 80 104166 172
51 32
629
0
100
200
300
2005 2006 2007 2008 2009 1Q09 1Q10
166 175
61 48 68 86 6527 13
62 9
0
40
80
120
160
2005 2006 2007 2008 2009 1Q09 1Q10
13095
Total assets Total equity
Ellaktor Group key financials 2005-2009 &1Q2010 (continued)(Amounts in €m)
1.324 1.4503.044 3.880 4.096 4.334
02.0004.0006.000
2005 2006 2007 2008 2009 1Q10
748 7741.153 1.182 1.259 1.274
0
500
1000
1500
2005 2006 2007 2008 2009 1Q10
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Net debt (1) Corporate net debt (2)
-97 -139
338492
742870
-500
0
500
1000
2005 2006 2007 2008 2009 1Q10
-97 -139-8
175372
485
-500
0
500
1000
2005 2006 2007 2008 2009 1Q10Notes : (1) 1Q10 cash/cash equivalents include bonds held to maturity, which mature in 2010(2) Excluding debt and cash / cash equivalents of non recourse BOT related projects
Contribution by line of business
Net profit after tax/minoritiesEBITRevenues
2009
1%5%1%
14%
10%2%
28%
47%
36%
15%
2%
Total: €2,268m Total: €233m Total: €65m
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2008
1%
15%
6%1%
77%
Total: €1,913m Total: €218m Total: €95m
2%
60%
29%7%
2%
51%
39%
8%2%
Note: Environment includes the activities of Helector SA (predominantly waste management and renewable energy)
Construction Concessions Environment Wind farms Real estate Other
79% 60%47%
Table of contents
1. Group overview
2. Undisputed leader in the Greek construction sect or
3. Leading player in Greek concessions
9eld0029 9
4. Market leader in Waste Management Services
5. Significant growth prospects in the Energy secto r
6. Real Estate & Other Investments
7. Group financials
8. Shareholder information
Overview of Ellaktor’s construction segment (‘Aktor ’)
� Aktor SA , Ellaktor’s 100%-controlled subsidiary, is the leader in the Greek construction sector
� 60 years in the construction business
� Critical size provides economies of scale
� Key challenges
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scale
� Initiated latest sector consolidationdelivering on backlog ~ €2.9 bn
stabilizing operating margins
establishing Aktor in international markets (~ 32% of our backlog is in the Middle East and South East Europe)
� Construction revenues are €1.78bn for FY 2009 and for the Q1 2010 €353.2 ml
53%
22%
18%
Ellaktor’s key strengths in the Construction segmen t
… further growth… leadership allowing for …
Skills and vision led to …
� Project experience & know-how
Road constructionBridge constructionDamsTunnelsWater-treatmentPorts
� Strong balance sheet and cash flows
3%
3%
1%
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PortsBuildingsIndustrial plantsElectromechanical installationsAthletic installationsGas and fuel networks
� Management skills� Vision� Strong balance sheet
flows� Leading share in
construction in Greece
� Strong international expansion
Revenues include all Groups’ activities
Source: Published consolidated financial statements at 31 December 2009
Ellaktor’s skills and vision allow for the explorat ion of new opportunities
Ellaktor’s project backlog
1,129302
2.933932
68%
32%
Backlog by geography
InternationalGreece
Ellaktor’s backlog (€m, 31 March 2010)
... the contracts backlog as of 31/03/2010 stands at €2.9 bn with another ~€75 ml of projectsthat remain to be signed
570
Infrastructureprojects
Concessionsrelatedprojects
Private International Total backlog
Backlog Evolution (€m)
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660
2.100
3.900
5.050
4.300
3.172 2.933
0
1.000
2.000
3.000
4.000
5.000
6.000
2004 2005 2006 2007 2008 2009 1Q2010
Backlog Evolution(1)
Notes: (1) Includes € 647 ml of the Blue City project in Oman (Aktor’s share)
Key current Greek projects Key current International projects
Ellaktor’s project backlog (continued)
ERGOSE Project – Lianokladi-Domokos 100% 133
METRO Project – Ag. Dimitrios – Elliniko 70% 53
Aposelemi Dam 100% 29
Psittaleia STP: Operation and Maintenance 48% 51
ISAP (Upgrade of Athens Electric Railway) 70% 31
Turnkey Engineering, Procurement & 35% 13Construction services for THISVI
Project Participation Amount (%) (€m)
Infr
astr
uctu
re P
roje
cts
Lukoil refinery in Burgas (BG) 100% 3
Palace of Civilization and Culture 100% 4
Bucharest Waste Treatment (RO) 50% 6
Bucharest Ring Object ‘7’ (RO) 100% 17
Pantechniki (RO) 100% 8
38
Project Participation Amount(%) (€m)
SE
Eur
ope
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North Road section in Crete 70% 22
332
Infr
astr
uctu
re P
roje
cts
Navarino Resorts – Messinia 100% 45
Panathinaikos Stadium 100% 90
Chalkida General Hospital 75% 36
Commercial Buildings – McArthurglen 100% 29
Elefsina Refinery – Civil works 100% 22
222
Bui
ldin
g P
roje
cts
Korinthos – Tripoli – Kalamata 87% 493
Elefsina – Patra – Tsakona 18% 534
Maliakos – Kleidi 19,3% 102
1, 129
BO
T
Blue City (Oman) 50% 647
New Doha Airport (Qatar) ~40% 134
Fujairah Freeway (UAE) 100% 69
ADNEC Exh. Hall (UAE) 40% 3
1st Ring Roads (Kuwait) 50% 13
American School of Dubai 100% 28
894
Gul
f Reg
ion
Project Participation Amount(%) (€m)
Prospects in the Greek market Prospects in the inter national market
Ellaktor’s prospects in the Construction market
South East Europe
� Significant EU support funds for the upgrading of infrastructures in States which joined the EU during the last round of expansion:
Romania: circa €19bn,
Bulgaria: circa €7bn
Middle East
� The EU co-funded National Strategic Reference Framework
(NSRF) for the 2007-2013 period had a budget of €20.4bn for
investment programmes in Greece
� Out of the latter, a total of appox. €11bn were allocated to the so-
called “Accessibility Improvement” programme, aiming at the
modernisation of infrastructure facilities and related services of the
transportation system: Middle East
� Remains an attractive and sizeable market
� Has shown focus on large infrastructure projects, despite lower visibility due to the economic crisis
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transportation system:
Ellaktor is well positioned to target this construction-related
budget of €7.4bn remaining for the period 2008-2013
� Tenders for projects funded from the latter have be en
launched or are in preparation:
Railway and Metro expansions in Athens and Thessaloniki
Attica Ring Road expansion
Kastelli Airport in Crete (€1.0bn budget)
Potential extensions of Egnatia highway with junctions in
Albania, FYROM and Bulgaria
Table of contents
1. Group overview
2. Undisputed leader in the Greek construction sect or
3. Leading player in Greek concessions
9eld0029 15
4. Market leader in Waste Management Services
5. Significant growth prospects in the Energy secto r
6. Real Estate & Other Investments
7. Group financials
8. Shareholder information
Overview of Ellaktor’s Concessions segment (‘Aktor Concessions’)
� Concession activities of the group were spun off in 2007 to Aktor Concessions SA , a 100% subsidiary of Ellaktor, enhancing visibility of the segment
� Aktor Concessions is the leader in concessions in Greece managing a portfolio of concession and operation companies of equity book value of ~€300m valued at ~€1bn
� Holds 59.2% in Attiki Odos and 22.0% in Rion-Antirion bridge
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bridge
Expected IRR of ~13%
� Participates in three major concession projects in Greece� Participates in a number of smaller PPP projects (marinas,
underground car park lots)
� Participates in concessions of 5,000 underground parking spaces already in operation and 1,800 spaces under construction and issue of necessary permits
� Planning to bid for the Kastelli Airport in Crete Athens and for the Attica Ring Road Expansion
� Explores prospects of concession projects internationally, usually in cooperation with international partners
Overview of Ellaktor’s Concession portfolio
Ioannina
IgoumenitsaTrikala
KarditsaLamia
Larissa
Aegean Motorway(Maliakos – Klidi highway)
• Under construction• €1,200m budget
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Successful in 3 out of 5 concession projects awarde d, with 2 controlling stakes and one minority stake
KorinthosAthens
Tripoli
Sparta
Kalamata
AegioPatraGefyra
(Rion – Antirion Bridge)
Olympia Odos(Athens – Patra – Tsakona highway)
Moreas(Korinthos – Tripoli – Kalamata highway)
Attiki Odos
• In operation since 2000• €1,244m budget• 59% stake
• In operation since 2004• €839m budget• 22% stake
• €1,200m budget• 20% stake
• Under construction• €2,900m budget• 17% stake
• Under construction• €1,100m budget• 87% stake
Overview of Ellaktor’s operating Concessions
Type of concession
AKTOR concessions (%)
Total length
Commencement of operation
End of concession
Toll ring road in Athens (1)
59.2%
65.2Km
March 2001
September 2024
€1,244m (431 state contr, 174 equity,
Toll bridge
22.0%
2.3Km (2)
August 2004
December 2039
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Total investment
IRR on equity
Average daily traffic
2009 revenue
2009 net profit
Dividend payout starts in
Operator
€1,244m (431 state contr, 174 equity,639 loan)
13.1%
~ 300,000 vehicles
€249m
€60m
2011
ATTIKES DIADROMES: 47.4%
€839m (400 state contr, 65 equity, 370 loan)
13%
~ 13,000 vehicles
€51m
€10m
2007 (2009 Dividend : 9 m)
GEFYRA LEITOURGIA: 23.1%
Low risk investments with high returnsNote: (1) Managed by the operators ATTIKES DIADROMES & GEFYRA LEITOURGIA respectively
(2) 8.2 Km total length, which includes access bridges, toll plaza and the connections with the national road network
Overview of Concessions under construction
Concessions
Partners
MOREAS AEGEAN MOTORWAY OLYMPIA ODOS
AKTOR concessions stake (%) 86.67% 20.0% 17.0%
� Intracom 13.33% � Hochtief 35.00 %� Vinci 13.75%� J&P – Avax 21.25%� AEGEK 10.00%
� Vinci 29.9%� Hochtief 17.0%� J&P – Avax 17.0%� Athena 2.1%� GEKTERNA 17.0%Total uses of funds (1)
during construction €1.1bn €1.2bn €2.9bn
Total capital employed (2)€1.0bn €1.0bn €1.9bn
Total construction budget €844m €836m €2,220m
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Note: (1) Uses of funds during construction defined as Construction + Financing costs + SPV costs(2) Capital Employed defined as Equity + Sub Debt + Bank Loans + State Contribution
Total construction budget €844m €836m €2,220m
Equity inv (incl sub-debt) €105m €136m €201m
Project length 205Km 230Km 365Km
Concession period 30 years 30 years 30 years
Construction period 4.5 years 4.5 years 6 years
Commencement date 3 March 2008 5 March 2008 4 August 2008
Operation of existing tolls Yes Yes Yes
Dividend pay out starts in 2022 2013 2018
IRR on equity 13.1% 9.0% 17.9%
Overview of the Concessions market
The Greek Concessions market The International Conce ssions market
� The Greek market remains the Company’s main focus
� Prospects are strong as the Greek State is increasingly using concessions and Public-Private Partnerships (PPP) for infrastructure projects
� Two significant concession projects:
Kastelli Airport in Crete (€1.0bn) for which the tender process has been launched
Attica Ring Road Expansion
� Ellaktor monitors international markets and selectively participates in Concession/PPP type tender processes
targets projects in countries where the Group is already present
option to join forces with international players on a case by case basis
� A flow of relatively small PPP projects (based on PPP law 3389/2005) also started in 2008:
approved budgets of circa €4bn
PPP projects have in their majority smaller budgets than BOT projects but contribute to the Company’s concession portfolio, visibility and long-term cash-flow stability
Preferred bidder for the Police Directorate building in Piraeus . We are in process of documents finalization (€40 m construction)
� Selectively pursuing opportunities in other infrastructure sectors (waste, marinas)
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Greece
Overview of concession/PPP pipeline
Kastelli Airport 1,000 Tender launchedPrisons in Attica, Central Macedonia, Thessaly 240 Pre-selectedHeraclion Port Zone 70 Preferred bidderUniversity of Peloponnese 90 Pre-selectedPolice Directorate Building in Piraeus 75 Preferred bidderZakynthos Marina 16 Sole bidderArgostoli Marina 9 Preferred bidderPaediatric Hospital in Thessaloniki 390 EoI submitted12 School Buildings in Attika 75 Tender in Progress
Project Budget (€m) Status
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12 School Buildings in Attika 75 Tender in Progress 16 School Buildings in Central Macedonia 80 Pre-selected10 School Buildings in Attika 60 Tender in ProgressCourts of Justice in Patras & Heraclion 120 Pre-selectedDemokritus University of Thrace 90 EoI submitted 13 Police Stations 110 Pre-selectedDomboli Building in Epirus 19 EoI submitted Administrative Building in Alexandrupoli 26 EoI submitted
International
Bulgaria/E85 Gabrovo – Shipka Tunnel 250 EoI submitted
Note: EoI stands for ‘Expression of Interest’
Table of contents
1. Group overview
2. Undisputed leader in the Greek construction sect or
3. Leading player in Greek concessions
9eld0029 22
4. Market leader in Waste Management Services
5. Significant growth prospects in the Energy secto r
6. Real Estate & Other Investments
7. Group financials
8. Shareholder information
Overview of the Waste Management market
EU Municipal Waste Treatment, 2007(% of total waste)
Source: Eurostat News release, 9 March 2009
0%20%40%60%80%
100%
Rom
ania
Lith
uani
a
Mal
ta
Pol
and
Cyp
rus
Latv
ia
Cze
ch R
ep
Slo
vaki
a
Hun
gary
Est
onia
Irel
and
Por
tuga
l
Spa
in UK
Fin
land
Italy
Fra
nce
Luxe
mbu
rg
Aus
tria
Den
mar
k
Bel
gium
Sw
eden
Net
herla
nds
Ger
man
y
Landfilled Incinerated Recycled Composted
Gre
ece
% of BMW (1) land -filled in 2007 vs 1995
� Trends driving waste treatment (vs. landfill
disposal) and power generation from biogas are
indicating promising potential for Greece
� On a regional basis, market prospects are also
promising given low market penetration in South
As Greece lags behind its Western European peers in environmental-friendly waste management, the Greek market offers better growth opportunities than the rest of the European countries
0.0%
25.0%
50.0%
75.0%
100.0%
125.0%
150.0%
175.0%
200.0%
Malt
aSlov
akia
Latv
iaPor
tuga
lRom
ania
Spain
Irelan
dCyp
rus
Greec
eFi
nland
Hunga
ryLit
huan
iaFr
ance
Bulgar
ia Pola
nd
Luxe
mbo
urg
Czech
Rep
ublic Italy UK
Sloven
iaEsto
niaDen
mar
kAus
tria
Sweden
Belgium
Nethe
rland
sGer
man
y
9eld0029 23
(1) Biodegradable Municipal WasteSource: Eurostat 2009
% of BMW (1) land -filled in 2007 vs 1995 Eastern Europe and the Balkans, where Helector
is already making inroads (Bulgaria, Romania)
through:
Ellaktor’s presence in the neighbouring countries in
construction / real estate…
…as well as Helector’s unique technological know-
how
Environment: overview of Ellaktor’s Waste Manageme nt Services (‘Helector’)
� Helector is the undisputed market leader in Greece and Cyprus in the Waste Management and Waste-to-Energy sectors
� Extensive know-how in designing, developing, operating and maintaining landfills, Mechanical Biological Treatment (MBT) plants, incinerators and recycling plants
� Own worldwide-known patented technologies
� Ellaktor is active in the Waste Management sector through its 80% owned subsidiary Helector SA
� Helector has extensive know-how and experience in landfill biogas fired power plants and is the only biogas power producer in Greece
23.5MW power plant in Athens
5MW power plant in Thessaloniki
� Under development additional ~10MW landfill biogas power plant in Athens
� In licensing stage for two biomass fired power plants of total installed capacity of ~60MW
� Own worldwide-known patented technologies through German subsidiary Herhof
� Expanding regional footprint by establishing a subsidiary in Bulgaria
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Helector’s activities are focused on the most value adding segments of the chain
RECYCLING TREATMENT DISPOSAL
� Hand sorting � Sanitary Landfills including biological treatment of
COLLECTION & TRANSPORT
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� Mechanical sorting
biological treatment of leachate
� Biogas recovery & renewable energy cogeneration
Thermal Treatment
Mechanical
Biological
Treatment
� Mechanical separation
� Aerobic digestion
� Anaerobic digestion
� Incineration
� Gasification*
� Pyrolisis*
One-stop shop in the most valuable pieces of the wa ste mgmt value chain
* Not yet applicable on a commercial scale
17-year concession since 2006Operating100%90 kt/yGermanyOsnabrueckHerhof Recycling Osnabrueck Turnkey for third partyOperatingn/a180 kt/y" "BerlinBerlin MBT
Project type Description Location Country Capacity Ownership Status Comments
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
Current Waste Management Portfolio
LandfillConstruction &
Management
10-year concession since 2010
Hospital Waste Mgt Plants
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Turnkey for third partyOperatingn/a180 kt/y" "BerlinBerlin MBTTurnkey for third party" "n/a180 kt/y" "TrierTrier MBT
10 year concession since 2010" "100%176 kt/yCyprusLarnakaLarnaka MBT
18 months operating contract50%300 kt/yGreeceAtticaA. Liosia Recycling & Compost Plant
Apotefrotiras(Hospital Waste Incinerator)
Ano Liossia, Attica Greece 12 kt/y 70% (a) Operating 9-year concession since 2007
EPANA Fyli, Attica Greece 100 kt/y 20% Operating Private investment
Koropi recycling plant Koropi, Attica Greece 75 kt/y 20% Under construction
BEAL: landfill biogas-fired plant (b) Ano Liossia, Attica Greece 23.5MW 50%(c) Operating 20-year PPA since 2004
Tagarades: landfill biogas-fired plant Tagarades, Salonica " " 5.0MW 100% Operating 20-year PPA since 2007
Fyli: landfill biogas-fired plant Fyli, Attica " " 10 MW 100% Awarded Awarded in 2009
Aeiforiki Dodekanisou Rhodes, Kos, Patmos " " 7.8MW 99,5% Operating 20-year PPA since 2007
Note: (a) Remaining 20% controlled by Arsi SA; 10% by Polyeco (b) Largest in Europe (c) Remaining 50% controlled by EDL
Recycling Plants
MechanicalBiological Plants
Waste to Energy Plants
Wind Energy
25-year concessionContract signed100%100 kt/yGreeceKateriniImathia MBT
Contract signed
Private investment
Table of contents
1. Group overview
2. Undisputed leader in the Greek construction sect or
3. Leading player in Greek concessions
9eld0029 27
4. Market leader in Waste Management Services
5. Significant growth prospects in the Energy secto r
6. Real Estate & Other Investments
7. Group financials
8. Shareholder information
Table of contents
1. Group overview
2. Undisputed leader in the Greek construction sect or
3. Leading player in Greek concessions
4. Market leader in Waste Management Services
9eld0029 28
4. Market leader in Waste Management Services
5. Significant growth prospects in the Energy secto r
6. Real Estate & Other Investments
7. Group financials
8. Shareholder information
5.a. Development prospects in the Wind energy secto r
5.b. Significant presence in the thermal energy sec tor
5.c. Significant presence in the solar energy
Overview of the Greek RES market
Favourable regulatory framework High growth prospect s
8.000CAGR 2008 – 2020: 19.8%
RES must cover 20% of total energyconsumption by 2020
Guaranteed contracts (PPAs) for 20 years with HTSO or PPC
Greek wind development until 2020 (MWs)
1.087
New RES land planning framework now in force
Investment subsidies 20% to 40%(L 3299/04)
Attractive tariffs with stable andpredictable escalation clauses
Source: Fourth report by Ministry of Development, Lalas presentation
� ~8,000MW under the assumption that all RES sources reach supposed target
The Greek RES market has an increasingly favourable framework and high expected growth with wind being the main driver for Greece to reac h its RES targets
9eld0029 29
Overview of Ellaktor’s Renewables segment (‘ELTECH Anemos’)
� Ellaktor group entered the renewable energy sector in 2000 through its subsidiary ELTECH Anemos
� Currently operates 5 wind farms and 1 photovoltaic plant of total installed capacity 86MW
� 147 MW are currently under construction, 31 MW of which will be operational by the end of 2010
� Long-term financing secured for all projects currently operating and under construction
� Execution model� Execution model
design, development and supervision in-house
maintenance and daily operations outsourced � Greece will continue to be our base market – Our main
targets are:
capture up to 20% of domestic market share within the next
three years
become one of the two largest domestic RES producers
� 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 (as illustrated by our 2MW
photovoltaic plant, the first of its kind in Greece)
� Excellent relations with wind turbine suppliers
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RES assets overview and key economicsTotal pipeline in Greece stands at ~2,100MW
Wind Project Key Economics
� CAPEX/MW €1.30m
� Equity/MW (25% CAPEX) €0.32m
� Subsidy/MW €0.26 – 0.52m
� Annual revenue/MW wind €180.000 – 240.000
� Wind parks EBITDA margin 80%
� Wind parks EBIT margin 55%
Overview of ELTECH Anemos
8614756
704
1267
199
Applications Productionlicenses and
Positive Opinions
Installationlicenses
Underconstruction
Operating
Pre/Final environmental conditions
OperatingUnderconstruction
Installationlicence
Productionlicence &
Environmentalconditions
Applications
12 – 18months
6 – 12months
12 – 18months
12 – 18months
9eld0029 31
Overview of ELTECH Anemos portfolio
Operating Production license &Environmental ConditionsUnder construction
Installation license Applications
Ellaktor’s presence in thermal electricity generati on
� Ellaktor is present in the thermal electricity generation sector through Elpedison Power, the 2nd
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%)
ElpedisonHalcor
75,78%
HE&D
24,22%
ELLAKTOR
HE&D and Halcor jointly have the institutional minority rights
HELLENIC PETROLEUM
EDISON
50% 50%
9eld0029 32
� Elpedison Power, being the 2nd largest electricity producer in Greece, aims at enhancing its importance in the Greek electricity market:
1 gas-fired 390MW CCGT in operation in Thessaloniki (T-Power)
1 gas-fired 420MW CCGT under construction in Thisvi (expected to commence operation within summer 2010)
Additional thermal power plants under development
Further power generation opportunities considered in Greece and the Balkans
ELPEDISON POWER
• Thessaloniki Power (390MW)• Thisvi Power (420MW)• Other Assets/Activities
Thessaloniki power plant Thisvi power plant(under construction)
the institutional minority rights
Ellaktor’s presence in solar energy
� Ellaktor is present in the solar energy (Photovoltaics) sector through the 100% subsidiary BIOSAR Energy SA
� BIOSAR core business:
Project development
Engineering, Procurement and Construction
� BIOSAR is the market leader in 2008-2009 in Greece
� Success story
EPC contracts were awarded through international bids
14MWp have been installed and grid-connected
BIOSAR has commissioned the largest PV plant so far (Iktinos 4.3MWp)
Revenues doubled (12M€ - 30Μ€) from 2008-2009, EBITDA margin 13.81% in 2009.Engineering, Procurement and Construction
Operation and Maintenance
Execution model
Frame contracts with the largest and most reputable PV suppliers
Highly qualified personnel for PV services (engineering, commissioning, operation of Plants)
Construction synergies with AKTOR in Greece and abroad
EBITDA margin 13.81% in 2009.
Targets
Maintain the market leadership in Greece - increase volumes by following the rapidly growing PV market
Explore other markets (e.g. Bulgaria where AKTOR is present) - bid for EPC contracts abroad
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Table of contents
1. Group overview
2. Undisputed leader in the Greek construction sect or
3. Leading player in Greek concessions
9eld0029 34
4. Market leader in Waste Management Services
5. Significant growth prospects in the Energy secto r
6. Real Estate & Other Investments
7. Group financials
8. Shareholder information
Overview of Ellaktor’s Real Estate segment (‘REDS’)
� Synergies of construction with real estate prompted Group’s involvement in the sector
� R.E.D.S SA is the real estate arm of Ellaktor Group
Listed on ASE
Market cap: € 50 m (at 30 June 2010)
Ellaktor controls 55.40%
� Primary focus of REDS is in Greece
emphasis on retail/mall complexesemphasis on retail/mall complexes
development of residential complexes around Athens
selective office development
concessions� REDS enjoys a high quality Property portfolio
(~ € 105m)
� Total Ellaktor Group real estate assets are ~ €127m
� Ellaktor Group assets are reported at acquisition values (historic cost)
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Exhibition Centre 11.7% 50,000 GBA 3.5 (DCF)� Development and operation of the new exhibition &
congress center at Athens International Airport. Completed and operating from 01/2009
Residential 100% 3,100 GBA 10� Project completed� 28 apartments in 5 blocks� 86% sold
Asset Description Stake Area m 2 CurrentMarket Value
Status
Gre
ece
–co
mpl
eted
Athens Metropolitan Expo Athens International Airport
Overview of REDS’ assets
9eld0029 36
� 86% sold
Offices 100% 19,000 GBA 20� Building permit issued in May 2008
(Archaeological Excavations in progress)
Retail Park 100% 91,000
(Land surface)32
� Building Permit for the 1st phase (31,000 M2) issued and Construction is in progress
� 50% signed leases� Pre-sale to Henderson subject to completion
Retail – Mall 100%265.000
(Land surface)
80 (land used with
permission)
� Project budget: €300m� Planning permission in progress
Acadimia PlatonosAthens
Yialou Retail Park Spata Attica
Kantza MallKantza Attica
Gre
ece
–un
der
deve
lopm
ent
AmpeliaKantza Attica
Exhibition/Conference and Cruise Center
19.5% 60,000 GBA N/A� Development and operation of the new Exhibition
Center with complimentary commercial uses in the area of Piraeus Port Zone. Design in progress
Regional Mall 100% 15,000 GBA N/A� Land pre-purchase agreement� Planning permission in progress
Piraeus Metropolitan Center
Overview of REDS’ assetsun
der
deve
lopm
ent
Asset Description Stake Area m 2 CurrentMarket Value
Status
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Residential 100% 2,300 GBA 7 � Design and planning permission in progress
Mixed use 100% 32,000 GBA 11� Site purchased in 2008� Planning permission in progress
Residential 100% 10,000 9,5� Building Permit update (First phase of construction
completed)� 78 apartments to be built
Elefsina Centre
Villa CambaKantza Attica
Splaiul Unirii(Bucharest - Romania)
Baneasa Lake(Bucharest - Romania)
Gre
ece
–un
der
deve
lopm
ent
Inte
rnat
iona
l –un
der d
evel
opm
ent
Athens Mont Parnes CasinoHellas Gold/European Goldfields
Core investments
� 14.7% stake in Hellenic Casino Parnitha
34.3% owned by Regency Entertainment (BC Partners) and 51% by the Greek State
interested to increase JV stake to 51% in the short term to maximise shareholder value potential
financial investment over the long term
� Revamping of facilities is underway
tables will increase to 110
Other investments
� 19.44% stake in European Goldfields(1) that controls 95% in Hellas Gold
� 5% direct stake in Hellas Gold Hellas Gold currently operates Stratoni mine in Chalkidiki, Greece
� PEIS (Preliminary Environmental Impact study) has been approved by the Ministry of Environment at the end of September 2009. The EIS, which is the next milestone, is being prepared for submission in 1st H of 2010. Its approval will provide the green light for the implementation of the approved business plan for the development of Kassandra Mines (Stratoni, Skouries, Olympias), in Greece.
� Resources/Reserves:Stratoni, total reserves 14.5Moz silver, 0.2Mt lead and 0.3Mt zinc(in operation)
9eld0029 38
slot machines to 1,500
� 2009 Key financials
revenues: €181.2m
profit after tax: € 21.6m
Note (1) More information can be found on www.egoldfields.com
(in operation)
Skouries, total resources 5.0Moz gold and 1.04Mt copper (under development)
Olympias, total resources 4.3Moz gold, 60Moz silver, 0.6Mt lead and 0.8Mt zinc (under development)
� European Goldfields FY 2009 key financials:Revenues: $ 62.7m
Loss after tax: $ 11.7m
Market Cap: US$ 1,174m (as of 30 June 2010)
Table of contents
1. Group overview
2. Undisputed leader in the Greek construction sect or
3. Leading player in Greek concessions
9eld0029 39
4. Market leader in Waste Management Services
5. Significant growth prospects in the Energy secto r
6. Real Estate & Other Investments
7. Group financials
8. Shareholder information
Consolidated P&L 1Q2010 (IFRS in € ml)(Amounts in €m)
Group revenues decreased by 5.9% mainly because of reduced revenues in ConstructionGroup Operating Profit (ΕΒΙΤ) reduced by 24.1% mainly due to decreased profitability in Construction and ConcessionsGroup EBIT margin stood at 10.3%, compared to 12.8% in
31/3/2009 31/3/2010Change
(%)
Revenues 483.0 454.6 -5.9%
EBITDA 86.4 74.0 -14.3%
EBITDA margin (%) 17.9% 16.3%
EBIT 61.8 46.9 -24.1%
EBIT margin (%) 12.8% 10.3%
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10.3%, compared to 12.8% in the 1 st Quarter 2009Profit before Tax reached €31.9 ml. while Net Income after Minorities reached € 13 ml
Notes :(1) Weighted average number of shares : 173.113.088 (1st Quarter 2009) and 172.431.279 (1st Quarter 2010)
Profits from Associates 1.4 -0.4 -124.6%
Profit before Tax 51.1 31.9 -37.6%
Profit Before Tax margin (%) 10.6% 7.0%
Profit after Tax before Minorities 37.0 19.6 -47.1%
Net Profit after Minorities 26.8 13.0 -51.6%
Earnings per share (1) 0.16 0.08 -51.4%
Consolidated Balance Sheet 1 Q2010 (IFRS in € ml)(Amounts in €m)
31/12/2009 31/3/2010Change
(%)
Long Term Assets 2,002.7 2,108.9 5.3%
Cash and Cash Equivalent 743.2 827.3 11.3%
Other Current Assets (1) 1,349.7 1,397.5 3.5%
Total Assets 4,095.6 4,333.7 5.8%
Short Term Debt 311.1 563.6 81.1%
Other Short Term Liabilities 848.3 871.8 2.8%
Total Assets increased by 5.8% mainly due to– net increase in intangible assets from ~€
1,000 ml to ~€ 1,026 ml (mainly Moreasconcessions rights ~ € 36 ml)
– increase of investments in associates from ~€ 185 ml to ~€ 202 ml (mainly because of the Group’s participation -€ 13 ml- in the share capital increase of Elpedison)
– increase of the State’s Financial Contribution from ~€ 107 ml to ~€ 150 ml(~€ 85 ml were collected in May 2010)
The increase in Short Term Debt to € 563.6 ml, is
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Other Short Term Liabilities 848.3 871.8 2.8%
Long Term Debt 1,383.0 1,304.5 -5.7%
Other Long Term Liabilities 294.2 320.3 8.9%
Total Liabilities 2,836.6 3,060.1 7.9%
Shareholders Equity 1,258.9 1,273.6 1.2%
Shareholders Equity (excluding minorities)
984.6 994.5 1.0%
The increase in Short Term Debt to € 563.6 ml, is mainly due to reclassification of long term bond loans to short term as they mature within one year from the current balance sheet date (31/3/2010)
– € 125 ml of ELLAKTOR– € 110 ml of AKTOR CONCESSIONS
Despite the current difficult market conditions, the Group is still able to secure adequate financing for its activities
Notes:
(1) As of 31/3/2010 € 80.9 ml of deposits longer than 3 months and € 89.7 ml of bonds held to maturity, maturing in 2010, are disclosed in Other Current Assets . The respective figures for 31/12/2009 were € 209 ml of long term deposits
Segmental analysis of 1Q2010 Results (IFRS in € ml)(Amounts in €m)
Construction &Quarries
Real Estate Concessions Environment Wind Farms Other Tot al
Revenues 353.2 1.2 73.4 17.6 6.6 2.5 454.6
EBITDA 23.4 -0.3 42.7 3.8 4.7 -0.2 74.0
EBITDA margin (%) 6.6% -21.9% 58.1% 21.6% 70.2% -8.4% 16.3%
Operating profit (EBIT) 12.1 -0.3 29.1 3.0 3.6 -0.5 46.9
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12.1 -0.3 29.1 3.0 3.6 -0.5 46.9
EBIT margin (%) 3.4% -26.8% 39.6% 17.0% 54.8% -21.2% 10.3%
Profit before Tax 8.9 -0.4 20.9 2.9 2.9 -3.3 31.9
Profit before Tax margin (%) 2.5% -30.2% 28.4% 16.5% 44.0% -133.3% 7.0%
Net income (after tax) 4.2 -0.4 15.1 2.1 2.0 -3.3 19.6
Net income margin (%) 1.2% -35.5% 20.5% 12.1% 29.8% -133.0% 4.3%
Net income after minorities 5.8 -0.2 8.0 1.1 1.5 -3.2 13.0
Segmental analysis of 1Q2009 Results (IFRS in € ml)(Amounts in €m)
Construction &Quarries
Real Estate Concessions Environment Wind Farms Other Tot al
Revenues 382.6 1.2 72.3 20.1 3.9 3.0 483.0
EBITDA 29.2 -1.3 52.0 3.7 2.7 0.2 86.4
EBITDA margin (%) 7.6% -110.8% 71.9% 18.6% 68.9% 6.4% 17.9%
Operating profit (EBIT) 19.3 -1.4 39.2 2.8 2.0 -0.1 61.8
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Operating profit (EBIT) 19.3 -1.4 39.2 2.8 2.0 -0.1 61.8
EBIT margin (%) 5.1% -116.5% 54.3% 14.0% 51.0% -4.0% 12.8%
Profit before Tax 18.2 -1.6 30.8 2.7 1.5 -0.7 51.1
Profit before Tax margin (%) 4.8% -128.7% 42.6% 13.5% 40.2% -22.5% 10.6%
Net income (after tax) 13.1 -1.6 23.3 1.9 1.2 -0.8 37.0
Net income margin (%) 3.4% -135.2% 32.3% 9.6% 30.5% -27.4% 7.7%
Net income after minorities 12.1 -0.8 14.5 0.9 1.0 -0.8 26.8
Ellaktor’s debt profile (€m, as of 31 March 2010)
485663 4
638 1304 13
286
253 4 8 564 1868 1010
372
Bank Finance Bond Loan Total long Bank Bank Bond Loan Finance Others Total short- Total debt Non- Cash & Net debt
Ellaktor’s key credit statistics Debt distribution b y expiry Evolution of Corporate related Net Debt (Cash) (1)/Gearing ratio (2)
Long-term debt: 1,304
Short-term debt: 564
Total debt: 1,868
Net debt: 485
Shareholder’s equity: 1,274
Total capital(1): 1,759
Capital leverage ratio: 27.6%
(1) Total equity + net debtSource: Company financial statements
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Over 5 years 41%
Between 2 and 5 years
21%
Between 1 and 2 years
8%
Less than a year 30%
-139,4
-7,8
174,9
372,3
485,4
-22,0%
-0,7%
12,9%22,8%
27,6%
-40,0%
-20,0%
0,0%
20,0%
40,0%
60,0%
-200,0
0,0
200,0
400,0
600,0
31/12/2006 31/12/2007 31/12/2008 31/12/2009 1Q2010
Corporate related Net Debt (Cash) Gearing Ratio
Bankborrow ings
Financeleases
Bond Loan Total longterm debt
Bankoverdrafts
Bankborrow ings
Bond Loan Financeleases
Others Total short-term debt
Total debt Non-recourse
debt
Cash &equivalents
Net debt
Notes : (1) Corporate related Net Debt = (Short and Long Term Debt excluding BOT related Debt) – (Cash & Cash
Equivalents incl. long term deposits under receivables and bonds held to maturity maturing in 2010 but excl. cash & cash equivalents , long term deposits under receivables and bonds held to maturity maturing in 2010 of BOT related projects)
(2) Gearing ratio = Corporate related Net Debt / (Equity + Corporate Related Net Debt)
Table of contents
1. Group overview
2. Undisputed leader in the Greek construction sect or
3. Leading player in Greek concessions
9eld0029 45
4. Market leader in Waste Management Services
5. Significant growth prospects in the Energy secto r
6. Real Estate & Other Investments
7. Group financials
8. Shareholder information
Share price performance and shareholder structure
Treasury Stock2.6%
Management Team37.6%
Foreign Institutional
Retail27.7%
Greek Institutional Investors
Shareholder structure (June 2010)
Share price performance LTM (1/1/2007 ~30/6/2010)
ATHEX
CONSTRUCTION
ELLAKTOR
40
60
80
100
120
140
Foreign Institutional Investors19.9%
Investors12.2%
ELLAKTOR share weighting on Indices
� Reuters ticker: HELr.AT
� Bloomberg ticker: ELLAKTOR GA
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1,17%
18,91%
1,35%
0%
10%
20%
ASE General Index
ASE Construction Index
FTSE-20 Index
0
20
Key Investment highlights
Strong track record in delivering operating
performance and creating value for its shareholders
Well-balanced diversified portfolio of mature and
growth promising assets and activities
Strong banking relationships
9eld0029 47
Leading position in domestic construction
sector, focused on public works, with a backlog
of c.€2.9bn
Strong dividend stream from concession projects
in the medium to long-term
Significant growth expected from regulatory changes and investments
in Waste Management and RES
Strong balance sheet with a healthy capital structure