Beta Sec.- Ellaktor (Results Q2/H1:21): Posted a net loss of 50.4m in Q2:21 which includes the €26m negative impact of arbitration in Qatar

Ellaktor (Results Q2/H1:21): Ellaktor posted a net loss of 50.4m in Q2:21 which includes the €26m negative impact of arbitration in Qatar. Two separate conference calls are scheduled today to discuss results. In more details:

§  Group eevenue in Q2:21 stood at €200.3m, or 6% lower y-o-y, but +4% sequentially vs 1Q (€193m). H1 Group Revenue at €393.3m (-10% y-o-y), with rate of decline improving vs. 1Q (-14% y-o-y).

§  Group comparable Q2:21 EBITDA came at €35.7m, up by 64% vs €21.8m recorded in the same quarter of last year and marginally down by 11% on a q-o-q sequential basis, while H1 Group comparable EBITDA stood at €75.9m, an increase of 5% H1:21 comparable EBITDA margin at 19.3%, materially improved by 280 bps compared to last year. Q2:21 comparable EBITDA margin at 17.8%, vs 10.2% in the same quarter of last year

§  EBITDA (incorporating the negative impact from the arbitration) amounted to €9.5m in 2Q and €49.7m in H1:21.

§  Concessions 2Q Revenue at €57.9m (+42% y-o-y and +44% q-o-q) and 1H at €98.2m (+8% y-o-y), on the back of gradually increasing traffic volumes as a result of the gradual lifting of Covid-19 related traffic restrictions

§  Environment Q2 Revenue at €31.1m (+25% y-o-y and +28% q-o-q) and 1H at €55.4m (+17% y-o-y)

§  RES Q2 Revenue stood at €19.2m (-9% y-o-y and -41% q-o-q) as a result of particularly favorable weather conditions in Q1:21. 1H Revenue at €51.6m, or +14% y-o-y

§  Construction Q2:21 Revenue came at in €92.8m (-27% y-o-y) stabilizing vs Q1:21 (-4% q-o-q) and H1:21 at €189m (-26% y-o-y)

§  Real Estate Q2:21 Revenue at €1.4m (+9% y-o-y and +10% q-o-q) and H1:21 at €2.6m (-15% y-o-y)

§  Group total Assets at the end of June 2021 stood at €2,814m vs €2,822m at the end of 2020, recording a marginal decrease of €8m

§  Intangible assets include the Concession Right from Attiki Odos and Moreas and the decrease is due to the amortization of the Right

§  Total Debt as at 30.06.21 stood at €1,553m vs €1,525m at the end of Dec.’20, which includes Moreas non-recourse debt of €438m and €443m.

§  Group Cash and Liquid Assets were at €348m at June 30th 2021 vs €375m at the end of Dec.’20 (excluding Moreas of €28m and €30m respectively)

§  Total Debt excludes IFRS 16 lease liabilities of €63.2m and €18.6m as at 30.06.21 and 31.12.20

§  Group total Equity stood at €254m at the end of June 2021 compared to €332m at the end of 2020. Equity attributable to Shareholders was at €183m versus €230m at the end of December 2020

§

Ellaktor

2020

2021

Y-o-Y

2020

2021

Y-o-Y

EUR thous.

Η1

Η1

(%)

Q2

Q2

(%)

Sales

437,756

393,314

-10.2%

213,158

200,293

-6.0%

EBITDA

72,279

49,693

-31.2%

21,779

9,493

-56.4%

EBITDA Mrg

16.5%

12.6%

-388 bps

10.2%

4.7%

-548 bps

Net Income

-37,501

-60,462

-61.2%

-28,731

-50,471

-75.7%

Net Mrg

-8.6%

-15.4%

-681 bps

-13.5%

-25.2%

-1,172 bps