Ellaktor S.A. — Annual Report 2016

May 11, 2017

	COMPANY DETAILS
Company's Registered Office:	25 Ermou St, 13km of the Athens-Lamia National Road, 145 64 Kifissia
Société Anonyme Reg. No:	874/06/Β/86/16
Competent Authority:	Ministry of Economy, Development & Tourism, Secretariat-General for Commerce & Consumer Protection, Directorate-General for Market, Directorate for Companies & General Electronic Commercial Registry
Date of approval of the annual financial statements (from which		Operating activities
summary information was drawn):
Certified auditor:	Dimitris Sourbis (SOEL Reg.No. 16891)	Plus/less adjustments for:
		Impairment
Company's website:	www.ellaktor.com	concession agreement
	BoD composition:

Société Anonyme Reg. No:	874/06/Β/86/16					GROUP			COMPANY
	Ministry of Economy, Development & Tourism, Secretariat-General for Commerce &
Competent Authority:		Consumer Protection, Directorate-General for Market, Directorate for Companies & General Electronic Commercial Registry				01/01- 31/12/2016	01/01- 31/12/2015	01/01- 31/12/2016	01/01- 31/12/2015
Date of approval of the annual financial statements (from which					Operating activities
summary information was drawn):	26 April 2017				Profit/(loss) before tax	(37.778)	(53.900)	(186.575)	(16.752)
Certified auditor:	Dimitris Sourbis (SOEL Reg.No. 16891)				Plus/less adjustments for:
Audit firm:	PriceWaterhouseCoopers SA				Depreciation and amortisation	119.434	125.717	481	814
Type of audit report:	Unqualified opinion				Impairment	29.520	29.823	182.841	29.566
Company's website:	www.ellaktor.com				Adjustment of the value of right of concession, due to amendment to the concession agreement	194.566	-	-	-
	BoD composition:				Impairment of investment in mining companies	-	37.174	-	-
Anastasios Kallitsantsis, Chairman of the BoD (executive member)		Edouardos Sarantopoulos, Director (executive member)			Provisions	35.896	16.259	7	28
Dimitrios Koutras, Vice-chairman of the BoD (executive member)		Ioannis Tzivelis, Director (non-executive member)			Currency translation differences	(1.614)	3.356	-	-
Dimitrios Kallitsantsis, Vice-chairman of the BoD (executive member)		Iordanis Aivazis, Director (non-executive member			Results (income, expenses, gains and losses) from investing activities	(22.679)	(10.119)	(12.211)	(29.903)
Leonidas Bobolas, Managing Director (executive member)			Theodoros Pantalakis, Director (independent, non-executive member)		Debit interest and related expenses	89.600	85.000	14.157	15.119
Maria Bobola, Director (non-executive member)			Dimitrios Grigorioadis, Director (independent, non-executive member)		Impairment provisions and write-offs	16.327	3.127	26	-
Angelos Giokaris, Director (executive member)					Recognition of guaranteed receipt, due to amendment to the concession agreement	(193.530)	-	-	-
					Changes in working capital or related to operating activities:
STATEMENT OF FINANCIAL POSITION (amounts in thousand euros)					Decrease/(increase) of inventory	(993)	(9.286)	-	-
	GROUP		COMPANY		Decrease/(increase) in receivables	83.711	(79.598)	511	44
	31/12/2016	31/12/2015	31/12/2016	31/12/2015	(Decrease)/increase in liabilities (except borrowings)	36.590	10.702	(1.237)	(933)
ASSETS					Less:
Property, plant and equipment	468.567	508.414	1.628	1.669	Debit interest and related expenses paid	(134.589)	(62.642)	(11.871)	(17.133)
Investment property	148.450	130.589	28.877	29.312	Taxes paid	(54.955)	(62.079)	-	(2.735)
Intangible assets	62.585	68.883	-	-	Net Cash flows from Operating Activities (a)	159.506	33.534	(13.871)	(21.885)
Concession right	629.263	884.979	-	-	Investing activities
					(Acquisition)/disposal of subsidiaries, associates, joint ventures and other
Other non-current assets	767.218	512.935	774.917	956.422	investments	24.848	(91.435)	(813)	(11)
Inventories	46.148	44.818	-	-	(Placements)/collections of time deposits over three months	487	(5)	-	-
Trade receivables	779.073	763.774	971	1.260	Purchase of PPE, intangible assets & investment property	(59.893)	(112.711)	(5)	(1)
Other current assets	977.304	1.107.515	12.495	20.964	Income from sales of tangible and intangible assets	3.313	3.330	-	-
TOTAL ASSETS	3.878.608	4.021.905	818.887	1.009.627	Interest received	10.867	6.603	4	4
EQUITY AND LIABILITIES					Loans (granted to)/proceeds from repayment of loans granted to related parties	107	(1.236)	90	(2)
Share capital	182.311	182.311	182.311	182.311	Dividends received	1.271	684	19.385	16.099
Other equity	488.320	615.996	360.175	546.743	Restricted cash reduction	7.325	16.943	-	-
Total equity attributable to parent company equity holders (a)	670.631	798.307	542.487	729.054	Net Cash flows from investing activities (b)	(11.675)	(177.827)	18.661	16.089
Non-controlling interests (b)	221.791	232.922	-	-	Financing activities
Total equity (c) = (a) + (b)	892.422	1.031.229	542.487	729.054	Third party participation in share capital increase and share capital increase costs
Long-term borrowings	1.191.407	1.169.826	263.570	268.338		2.723	-	-	-
Provisions/Other long-term liabilities	477.433	505.507	6.129	3.877	Proceeds from issued/utilised loans and debt issuance costs	222.775	300.546	-	55.295
Short-term borrowings	238.685	322.348	-	-	Repayment of borrowings	(288.514)	(366.082)	(5.141)	(52.400)
Other current liabilities	1.078.660	992.996	6.702	8.358	Payments of leases (amortisation)	(1.297)	(894)	-	-
Total liabilities (d)	2.986.186	2.990.677	276.401	280.573	Dividends paid	(31.010)	(26.661)	(79)	(23)
TOTAL EQUITY AND LIABILITIES (c) + (d)	3.878.608	4.021.905	818.887	1.009.627	Tax paid on dividends	(735)	(660)	-	-
					Grants returned	(2.248)	-	-	-
					Refund of subsidiaries' share capital to third parties	-	(78)	-	-
STATEMENT OF COMPREHENSIVE INCOME (amounts in thousand euros)					Increase/decrease in restricted cash	(4.211)	5.635	-	-
					Net Cash flows from financing activities (c)	(102.517)	(88.194)	(5.221)	2.872
	GROUP		COMPANY		Net increase/(decrease) in cash and cash equivalents for the period (a) + (b) + (c)	45.315	(232.486)	(431)	(2.924)
	01/01-31/12/2016	01/01- 31/12/2015	01/01-31/12/2016 01/01-31/12/2015		Cash and cash equivalents at year start	450.378	679.918	1.035	3.959
Revenue	1.942.409	1.533.083	134	146	Exchange differences in cash and cash equivalents	701	2.946	-	-
Gross profit/ (loss)	126.688	132.066	(26)	(14)	Cash and cash equivalents at year end	496.393	450.378	604	1.035

STATEMENT OF FINANCIAL POSITION (amounts in thousand euros)
		GROUP COMPANY
ASSETS					Less:
Concession right	629.263	884.979	-	-	Investing activities
					investments
Non-controlling interests (b)	221.791	232.922	-	-	Financing activities
Total equity (c) = (a) + (b)	892.422	1.031.229	542.487	729.054

STATEMENT OF COMPREHENSIVE INCOME (amounts in thousand euros)
	GROUP		COMPANY
	01/01-31/12/2016	01/01-
Profit/ (loss) before tax, financing and investing results	31.146	28.831	(184.107)	(31.536)
Profit/ (loss) before tax	(37.778)	(53.900)	(186.575)	(16.752)
Less: Taxes	(59.018)	(36.463)	(11)	(858)
Net Profit/ (loss) (A)	(96.797)	(90.363)	(186.587)	(17.610)
Owners of the Parent	(121.895)	(106.071)	(186.587)	(17.610)
Total comprehensive income after tax (A)+(B)
Net profit/ (loss) per share-basic and adjusted (in EUR )
Profit/ (loss) before tax, financing and investing results and total amortisation	150.580	154.548	(183.626)	(30.722)
Proposed dividend per share - (in euros)	-	-	-	-

Owners of the Parent	(121.895)	(106.071)	(186.587)	(17.610)		GROUP		COMPANY
Non controlling interests	25.098	15.708	-	-		31/12/2016	31/12/2015	31/12/2016	31/12/2015
Other comprehensive income after tax (B)	(7.456)	31.203	19	(3)	Total equity at year start (01.01.2016 and 01.01.2015, respectively)	1.031.229	1.116.228	729.054	746.667
Total comprehensive income after tax (A)+(B)	(104.252)	(59.160)	(186.567)	(17.613)	Total comprehensive income after tax	(104.252)	(59.160)	(186.567)	(17.613)
Owners of the parent	(127.152)	(82.391)	(186.567)	(17.613)	Change of participation quotas in subsidiaries	2.530	(942)	-	-
Non controlling interests	22.900	23.231	-	-	Dividends distributed	(37.085)	(24.898)	-	-
Net profit/ (loss) per share-basic and adjusted (in EUR )	(0,7069)	(0,6152)	(1,0821)	(0,1021)	Total equity at year end (31.12.2016 and 31.12.2015 respectively)	892.422	1.031.229	542.487	729.054

STATEMENT OF CHANGES IN EQUITY (amounts in thousand euros)

ELLAKTOR SA

ADDITIONAL FIGURES AND INFORMATION

25 ERMOU ST - 145 64 KIFISSIA FIGURES AND INFORMATION FOR THE YEAR FROM 1 JANUARY 2016 TO 31 DECEMBER 2016

General Registry of Commerce No.: 251501000 (SA. Reg. No 874/06/Β/86/16 )

The following details and information, as these arise from the financial statements, aim at providing general information about the financial position and results of ELLAKTOR SA and the ELLAKTOR Group of companies. Therefore, we recommend that before proceeding to any investment or other transaction with the issuer, readers should visit the issuer's website where the financial statements and the certified auditor-accountant report are posted as necessary.

STATEMENT OF CASH FLOWS (amounts in thousand euros)

1. The Accounting Principles of 31.12.2015 were observed.

2. The unaudited years of Group companies are detailed in Note 41 to the annual financial statements as of 31.12.2016. Parent company ELLAKTOR has not been audited by tax authorities for financial year 2010. It has been audited, pursuant to Law 2238/1994, for years 2011, 2012, 2013 and, pursuant to Law 4174/2013, for the years 2014 and 2015, and has obtained a tax compliance certificate from PricewaterhouseCoopers SA without any qualification

(see Note 37b to the annual financial statements of 31.12.2016).

THE CHAIRMAN OF THE BOARD OF DIRECTORS		THE MANAGING DIRECTOR	THE FINANCIAL MANAGER	THE HEAD OF ACCOUNTING DEPT.
respective numbers on 31.12.2015 were 18 and 5,499.		Kifissia, 26 April 2017
(h) Payables to key management 6. The number of employees on 31.12.2016 was 19 persons for the Company and 5,856 persons for the Group (excluding Joint Ventures), and the	104	-	13. The Company's Board of Directors will propose to the Annual Ordinary General Meeting of Shareholders not to distribute any dividends for FY 2016.
f) Key management compensation (g) Receivables from key management	5.849 90	909 -	12. In 2016, the parent company impaired participating interest in subsidiaries in the amount of €182,841 thousand.
d) Receivables e) Liabilities	113.814 21.144	11.329 49.754	consolidation method for HELECTOR-DOAL OE (formerly HELECTOR SA - ENVITEC SA) changed from the equity method to the full consolidation method in relation to the statements of 31.12.2015.
Amounts in thousand euros a) Income b) Expenses c) Income from dividends	Group 130.498 23.004 731	Company 2.696 3.215 11.685	ANEMOS SA (acquired), BENZEMIA ENTERPRISES LTD (acquired), SILIO ENTERPRISES LTS (incorporated,) and the associate ELLINIKA YDATODROMIA SA. The following subsidiaries were last consolidated in the financial statements of 31.12.2015: ΟΛΚΑΣ ΑΕ (liquidated), SAREO ENTERPRISES LTD, TSOGKAS-ANASTASIOS THEODORAKIS GEORGIOS & SIA (GENERAL PARTNERSHIP), ELEKTROERGON LTD, ILIOSAR SA, ILIOSAR KRANIDIOU SA and SOLAR OLIVE SA (sold to third parties), and the associate THERMAIKES DIADROMES (liquidated). The
			direct or indirect participation in their share capital, and their consolidation method are detailed in Note 41 to the annual financial statements as of 31.12.2016 and are available on the Group's website www.ellaktor.com. The parent Company only holds an indirect stake in the consolidated joint ventures via its subsidiaries. 11. The following companies which were not consolidated as at 31.12.2015, were first consolidated in the financial statements of 31.12.2016: BIOSAR BRASIL - ENERGIA RENOVAVEL LTDA (incorporated), BIOSAR DOMINICANA SAS (incorporated), ANEMOS ATALANTIS SA (acquired), THIVAIKOS
5. All kinds of transactions (inflows and outflows) from year start (01.01.2016), as well as receivables and liabilities balances for the Group and the parent Company at period end (31.12.2016), as these arise from transactions with related parties, within the meaning of IAS 24, are as follows:			Company: income of €19 thousand from Actuarial gains. 10. Group companies and joint venture schemes, together with the country of establishment, their business sector, the parent Company's percentage of
4. Litigation or disputes referred to arbitration, as well as pending court or arbitration rulings, are not expected to have a material effect on the financial position or the operations of the Group or the Company, and, for this reason, no relevant provisions have been formed.			9. The figures posted in the accounts which affected Other comprehensive income net of taxes for the Group and the Company, are for the Group: expenses of €3.541 thousand from currency translation differences, income of €1,776 thousand from Change in the value of assets available for sale, expenses of €5,611 thousand from Cash flow hedge, income of €31 thousand from Actuarial gains, and €111 thousand from other expenses, and for the
W/T pledges as loan collateral (see Notes 6 and 8 of the annual financial statements of 31.12.2016).		3. There are no encumbrances on Group and Company fixed assets other than mortgage prenotations on parent and subsidiary property and wind farm	could arise on conclusion of the review by the Competition Commission (see Note 28 to the annual financial statements of 31.12.2016.

7. Earnings per share are calculated by dividing the net profit which is attributable to parent company shareholders by the weighted average of ordinary shares over the period, excluding treasury shares.

8. Provisions formed in relation to the unaudited years stand at €2,174 thousand for the Group, and at €180 thousand for the Company. The provision for heavy maintenance stands at €124,244 thousand for the Group. Other provisions (short-term and long-term) for the Group stand at €60,796 thousand. These include (a) a provision of €10,000 thousand for the potential impact on the concession contract of a subsidiary in Cyprus, and (b) a a provision of €40,000 thousand formed pursuant to the Management's best estimate, on the basis of available information, for the maximum contingent liability that