ETAE July 2005 id4319

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Information about ETAE July 2005 id4319

Published on April 22, 2008

Author: Manfred


Slide1:  July 2005 Group Presentation Slide2:  CONTENTS Group Profile and Strategic Direction Business Areas Financial Data Investments and Comparative Valuation Slide3:  ELLINIKI TECHNODOMIKI TEB S.A. is a holding company with a two-fold strategy CORPORATE STRATEGY Majority participations with a long-term investment horizon in the strategic areas of Construction Concessions Real Estate Environment Renewable Energy Minority participations in high-growth areas, expecting significant returns in a medium-term investment period, such as Casino Telecommunications Natural Gas Slide4:  GROUP STRUCTURE ELTEB CONSTRUCTION CONCESSIONS REAL ESTATE ENERGY ENVIRONMENT OTHER TOMI (100%) KASTOR (100%) TRIGONO (100%) GREEK QUARRIES (100%) SC AKTOROM (100%) AL AHMADIAH AKTOR (49%) AKTOR CONSTR. INTL (100%) GREEK MINES (100%) BISTONIS A.E. AKTOR ATTIKI ODOS* (39.17%) GEFYRA (15.48%) ATTIKA DIODIA* (39.18%) ATHINAIKOI STATHMOI (20%) DIETHNIS ALKI (100%) ATTIKOI STATHMOI S.E.A. (65%) GYALOY (100%) ΚΑΝΤΖΑ (100%) LOFOS PALLINI (67%) HE&D (67%) Wind Parks (80% - 90%) B.E.A.L. (50%) AIFORIKI DODEKANISSOU (95%) EPANA (20%) ELEMAX (100%) ΑTHENS RESORT CASINO (30%) ATTICA TELECOMS (39.19%) Natural Gas company for Suburbs* (65%) (76%) REDS HELECTOR (50.83%) (90%) Vehicle * Including AKTOR’s participation Slide5:  CONTENTS Group Profile and Strategic Direction Business Areas Financial Data Investments and Comparative Valuation Slide6:  Attiki Odos, Rion-Antirrion bridge (GEFYRA), PATHE, Egnatia Odos, Kakia Skala, Driskos, Psitaleia, Attica Suburb railroad, Attica ΜΕΤRΟ expansions National Bank of Greece Offices, Carrefour, IKEA, Hilton, Athens Concert Hall, Maternity Hospital ΙΑSO, HANGAR, Athens University buildings Aesthetic Integration of the Olympic Sport complex of Athens,Olympic Village, Press Village in Pallini Hill, IBC AKTOR and its subsidiaries comprise the most powerful Greek construction group (market share of ~17% among listed construction groups for 2004), with a backlog of ~750 m € (end 2004). Major projects include among others: INFRASTRUCTURE BUILDINGS OLYMPIC PROJECTS CONSTRUCTION: MAJOR PROJECTS EXAMPLES Slide7:  STRATEGY Keep leading position in public infrastructure projects Focus on the construction of large PPP projects in cooperation with foreign companies having relevant expertise Expand into regional markets abroad (Romania, Bulgaria and the Gulf area) Rationalize costs to preserve profit margins CONSTRUCTION: STRATEGY MARKET TRENDS Slide8:  AKTOR: 2004 CONSOLIDATED RESULTS m € * After the subtraction of Minority Rights ** Short-term debt; according to the Greek accounting standards debt from joint-venture projects is not included which for 2004 amounts to appr. 50 m € Profit and Loss Account Balance Sheet data Revenues EBITDA EBITDA Margin (%) Profit after tax* Profit Margin after tax (%)* Net fixed assets Receivables Cash position (end of year) Debt** Shareholders equity Cash Flow Operating cash flow Investment activities cash flow Financing cash flow 2004 2003 675.4 897.5 112.1 138.7 56.3 75.5 16.6% 15.5% 8.3% 8.4% 72.4 82.6 71.3 71.4 272.2 290.9 3.8 3.8 263.0 270.0 31.9 5.5 (52.4) (54.8) 20.3 43.1 Δ% (24.7%) (19.2%) (25.4%) (12.3%) (6.4%) 2.7% Revenues dropped due to the completion of the Olympic projects and the delay in the procurement of new public projects Increase of EBITDA Low debt and excellent cash position Significant cash flow from operating activities Slide9:  The Group is the leader of the first large co-financed project in Greece that was implemented by Greek companies only Attiki Odos (total length 65.2 km) is fully operational since mid-2004: absorbs 8% of total traffic in Attica, i.e., approximately 240,000 vehicles daily yields toll revenue of 200 m € on an annual basis CONCESSIONS: ATTIKI ODOS & RION-ANTIRRION The Group holds the second largest stake (15.48%) in the concessionaire GEFYRA SA, following Vinci (53%) The bridge was opened to traffic in August 2004, 4 months ahead of time schedule The bridge length totals 2,252 meters; a very challenging project which is compared to well-known bridges worldwide and ranks in the top-10 list of the world longest span for cable-stayed bridges The results of the first months of operation are in line with GEFYRA’s business plan: 3.8-4.0 million vehicles/year during the first years of operation toll revenue of 50 m € on an annual basis ATTIKI ODOS RION-ANTIRRION BRIDGE Slide10:  CONCESSIONS: STRATEGY Capitalize on the accumulated experience and know how gained from Attiki Odos and Rion-Antirrion bridge, in order to undertake a significant portion of the new PPP projects in Greece Intensify the cooperation with foreign companies which are well positioned in the PPP area worldwide Assign highest priority in the development of this business so that it evolves into one of the major areas of the Group in terms of volume and profit STRATEGY MARKET TRENDS Slide11:  Attiki Odos (C) Rion-Antirrion Bridge (C) Total Budget (m €) Group Participation Percentage Total years of operation Beginning of operation 39.17% 22 Mar. 2001* CONCESSIONS: PROJECTS Projects completed (C) or in progress (P) 4 Athens Parkings (P) 1,244 15.48% 35 Aug. 2004 803 20% 30 Dec. 2003* 32 Athens University Buildings (C) 100% 20 Jun. 2001* 18 65% 25 Jun. 2002* 50 Total 2,147 * Partial **Preferred Tenderer S.E.A (P) Projects contested 6 motorways Thessaloniki Submerged Tunnel** 7,000 Total Budget (m €) Total years of operation 30 Slide12:  ENVIRONMENT: STRATEGY Strengthening of HELECTOR’s leading position in Greece in the areas of waste management and associated energy production Further expansion to the Cypriot market and to other European countries (e.g. Romania) in the same sectors Participation in R&D projects and monitoring of the technological advances in order to maintain its key position in the market Exploitation of the special needs of the local markets for the design of custom-made solutions STRATEGY MARKET TRENDS Slide13:  ENVIRONMENT: ACTIVITIES Recycling Bio-gas emission Landfills Operation Energy Production Transportation Collection Potential market size Construction of landfills * New landfills construction in Attica ** Estimated yearly revenues for the Attica region 100 m €* 150 m €/year** Projects Operation of an electricity generating unit using bio-gas of total power 13.8 MW unique in Greece, with annual revenue of ~6 m €. The expansion of the unit by 9.5 MW has been routed and will be completed within 2005 Similar unit will be constructed in Thessaloniki within 2005 (5 MW) Landfill I Ano Liosion Landfill II Ano Liosion Landfill in Kozani Landfill in Pafos (CY) Landfill in Thessaloniki New procurements in Greece and Cyprus are expected within 2005 Provision of cleaning, disposal and environmentally sustainable waste management services in all athletic and non athletic venues of “ATHENS 2004” Olympic and Paraolympic Games (once-off activity) HELECTOR undertakes the operation of the landfills it constructs for a period of 7-10 years Operation of a recycling unit of packaging material (Athens) Recycling of inert material and dangerous hospital waste (excluding energy production) Slide14:  ENERGY: STRATEGY Focus on the implementation of wind parks and also expand through acquisitions and joint-ventures Continue to explore opportunities in the areas of natural gas and renewable energy sources STRATEGY MARKET TRENDS Slide15:  ENERGY: ACTIVITIES WIND PARKS CONVENTIONAL SOURCES Slide16:  100% 100% 67% 300,750 m2 with potential development of regional shopping center Awaiting town-planning arrangements Entertainment Park “VESO MARE” in Patras, (investment : 24.5 m €) Entertainment park “ESCAPE” in Ilion, Attica (investment : 11.5 m €) REAL ESTATE 300,000 m2 with potential development of business and shopping center Awaiting completion of town-planning Construction of 202 houses, for sale, in 46,000 m2 (initially were used by “Athens 2004” Olympic Committee, as “Media Village”) The unfavorable legal framework and the aggravating market conditions imposed up to now obstacles in the development of this sector The routed rationalization of the market conditions (e.g., VAT imposed on new buildings, increase of the minimum property prices as defined by the tax authorities) along with the changes of the legal framework for the land uses, set the foundations for a healthy competitive environment Real estate development services (project management- facility management-leasing, in projects of total value 120 m €) KANTZA GYALOU LOFOS PALLINI Slide17:  OTHER ACTIVITIES TELECOMMUNICATIONS NATURAL GAS COMPANY FOR SUBURBS CASINO Slide18:  CONTENTS Group Profile and Strategic Direction Business Areas Financial Data Investments and Comparative Valuation Slide19:  ELTEB: CONSOLIDATED KEY FIGURES 2000-2004 Revenues m € Profit before tax* m € EBITDA m € Dividend per share € 2000 2001 2002 2003 2004 2000 2001 2002 2003 2004 2000 2001 2002 2003 2004 2000 2001 2002 2003 2004 * After the subtraction of Minority Rights CAGR 14.3% CAGR 31.8% CAGR 19.2% CAGR 26.4% Slide20:  ELTEB: 2004 CONSOLIDATED RESULTS m € Profit and Loss Account Balance Sheet data Revenues EBITDA EBITDA Margin (%) Profit after tax* Profit Margin after tax (%)* Net fixed assets Receivables Cash position (end of year) Long-term liabilities Shareholders equity Cash Flow Operating cash flow Investment activities cash flow Financing cash flow 2004 2003 Δ% Excellent cash position Low debt 741.8 897.5 143.0 148.0 54.8 67.5 19.3% 16.5% 7.4% 7.5% 245.0 254.4 121.8 146.5 284.2 292.8 28.2 20.4 607.9 627.9 46.0 (10.3) (68.2) (17.3) (2.5) 63.5 (17.3%) (3.4%) (18. 8%) (3.7)% (2.9%) 3.3% * After the subtraction of Minority Rights 38.2% Slide21:  CONTENTS Group Profile and Strategic Direction Business Areas Financial Data Investments and Comparative Valuation Slide22:  GROUP INVESTMENTS m € Construction 20% Real estate 27% Energy**1 5% Planned Investments (2005-2006) Implemented Investments (until end of 2004) 345 82 427 Concessions 25% Other* 21% * The casino comprising the majority ** 1. Investments in wind parks, B.E.A.L. and He&D, 2. Investments in wind parks *** Included: Thessaloniki sub-merged tunnel, Motorway (PATHE). The amounts concern ELTEB’s participation only; loans are not included 113 60 173 Energy**2 10% Concessions*** 64% Environment 14% 100% = 427 100% = 173 Equity Loans Total ESTIMATE Equity Loans Total Environment 2% Construction/Mines 12% Slide23:  COMPARATIVE VALUATION Market Cap. 31/12/2004 (m €) P/E 2004 EV/EBITDA 2004 Average 6.8 14.7** 12.8 12.2 15.2 37.9 20.4 * 10/01/2005 ** Excluding Hochtief as an outliner Source: Deutsche Bank; P&K Securities; companies’ data 6.7 9.7 9.2 5.1 0.9 13.1 9.5 8,281 5,928 5,515 1,680 1,112 4,626 Vinci ACS Ferrovial Hochtief Bilfinger Berger FCC ELLINIKI TECHNODOMIKI ΤΕΒ 3.7 7.5 426

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