Ellaktor S.A. — Interim / Quarterly Report 2018

Sep 26, 2018

transaction with the issuer, readers visit the issuer's website where the financial statements and the certified auditor report are disclosed as necessary.						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 S.A. and the ELLAKTOR Group of companies. Therefore, we recommend that, before proceeding to any investment or other
Company's website:	www.ellaktor.com			Certified auditor:		Fotios Smyrnis (SOEL Reg.No. 52861)
Date of approval of the interim financial information:	14 September 2018			Auditing Firm: Type of review report:		PriceWaterhouseCoopers S.A. Unqualified
						STATEMENT OF CHANGES IN EQUITY (amounts in EUR thousand )
STATEMENT OF FINANCIAL POSITION (amounts in EUR thousand) GROUP				COMPANY			GROUP	COMPANY
		30/06/2018	31/12/2017	30/06/2018	31/12/2017		30/06/2018	30/06/2017	30/06/2018	30/06/2017
ASSETS						Total equity at year start (01.01.2018 and 01.01.2017, respectively) - Published	860.192	892.422	516.772	542.487
Property, plant and equipment		502.775	510.155	1.677	1.700	IFRS 9 application impact Total equity at year start (01.01.2018 and 01.01.2017, respectively) - Restated	12.173	-	-	-
Investment property Intangible assets		144.702 69.745	145.606 60.336	27.156 -	28.239 -	Total comprehensive income after taxes	872.366 (46.557)	892.422 14.005	516.772 15.021	542.487 (7.214)
Concession rights Other non-current assets		535.665 691.992	567.003 704.164	- 752.870	- 739.370	Dividend distribution Reclassification of ISF to Held for sale Effect from disposal of subsidiaries	(2.547) -	- (3.466)	-	-
Inventories Trade receivables		32.043 633.204	39.695 660.469	- 1.151	- 1.118	Dividend distribution	(28.115)	(21.480)	-	-
Other Current Assets		806.269	849.878	22.466	6.356	Total equity at the end of the period(30.06.2018 and 31.06.2017, respectively)	795.147	881.480	531.792	535 .272
Held for sale Assets		3.416.395 89.062	3.537.306 13.450	805.320 857	776.783 13.450
TOTAL ASSETS		3.505.457	3.550.756	806.176	790.233	CASH FLOW STATEMENT (amounts in EUR thousand )
EQUITY AND LIABILITIES								GROUP	COMPANY
Share Capital		182.311	182.311	182.311	182.311		01/01- 30/06/2018	01/01- 30/06/2017	01/01- 30/06/2018	01/01- 30/06/2017
Other Equity Total equity attributable to parent company equity holders (a)		399.871 582.182	452.375 634.687	349.481 531.792	334.460 516.772	Operating activities Profit/(loss) before tax	(11.655)	19.653	15.036	(7.210)
Non controlling interest (b) Total equity (c) = (a) + (b)		212.965 795.147	225.506 860.192	- 531.792	- 516.772	Adjustments for: Depreciation	50.051	52.054	255	237
Long-term borrowings (including non-recourse debt)		1.126.755	1.175.609	246.777	258.801	Impairment of investment in mining companies	-	8.425	-	-
Provisions / Other long-term liabilities Short-term borrowings (including non-recourse debt)		409.154 161.940	406.689 211.014	9.253 12.208	8.250 -	Provisions Foreign exchange differences	(481) (125)	3.597 931	5 -	6 -
Other current liabilities		887.931	897.252	6.146	6.411	Profit/(loss) from investing activities Interest and related expenses	1.753	(11.822)	(23.200)	(245)
		2.585.780	2.690.564	274.384	273.462	Plus/minus working capital adjustments related to operating activities:	40.586	44.084	6.158	6.607
Liabilities directly related to assets classified as held for sale Total liabilities (d)		124.530 2.710.310	- 2.690.564	- 274.384	- 273.462	Decrease/(increase) in inventories	2.838	3.482	-	-
TOTAL EQUITY AND LIABILITIES (c) + (d)		3.505.457	3.550.756	806.176	790.233	Decrease/(increase) in accounts receivable (Decrease)/increase in liabilities (excl. borrowings)	(53.803) 29.040	55.994 (99.454)	535 29	33 146
						Less:
						Interest and related expenses paid Income taxes paid	(37.498) (11.329)	(39.068) (26.965)	(5.286) -	(5.765) -
STATEMENT OF COMPREHENSIVE INCOME (amounts in EUR thousand)						Net cash flows from operating activities (a)	9.378	10.909	(6.467)	(6.192)
		GROUP			COMPANY	Investing activities
	01/01-		01/01-	01/01-	01/01-	Acquisition/ Disposal of subsidiaries, associates, joint ventures and financial assets	15.019	7.095	(50)	-
Sales	30/06/2018	922.337	30/06/2017 929.740	30/06/2018 -	30/06/2017 -	Return of capital from associates Placements of time deposits of over 3 months	- (27.000)	1.471 (16)	- -	1.471 -
Gross Profit		79.425	86.266	-	-	Purchase of tangible and intangible assets and investment property	(16.925)	(66.287)	(6)	(25)
Net profit/(loss) before Interest and Tax		32.387	52.975	(2.006)	(849)	Proceeds from sales of PPE, intangible assets and investment property Interest received	2.160 2.749	3.138 1.766	- -	- -
Profit/(loss) before tax		(11.655)	19.653	15.036	(7.210)	Loans granted to related parties	(4.977)	-	(18)	-
Income Tax Net profit/loss for the period (A)		(19.301) (30.955)	(19.095) 558	(16) 15.021	(4) (7.214)	Dividends received Decrease in restricted cash	1.064 3.332	1.192 4.631	6.200 -	6.045 -
Shareholders of the parent company		(45.724)	(10.906)	15.021	(7.214)	Net cash flows from investing activities (b)	(24.577)	(47.009)	6.126	7.491
Non-controlling interests		14.769	11.464	-	-	Financing activities Proceeds from borrowings and loan issuance expenses	89.776	146.495		-
Other comprehensive income for the period (net of tax) (B) Total comprehensive income for the period (A) + (B)		(15.602) (46.557)	13.446 14.005	- 15.021	- (7.214)	Repayment of borrowings	(125.225)	(131.404)	- -	-
Shareholders of the parent company		(62.131)	(687)	15.021	(7.214)	Repayments of finance leases	(1.708)	(1.614)	-	-
Non-controlling interests		15.574	14.691	-	-	Proceeds from the sale and leaseback of PPE Dividends paid	- (22.930)	370 (21.270)	- -	- (6)
Net profit/(loss) after tax per share - basic and adjusted (in EUR)		(0,2652)	(0,0632)	0,0871	(0,0418)	Dividend tax paid	(286)	(257)	-	-
Net profit/(loss) before Interest, Tax, Depreciation and Amortization		82.438	105.029	(1.751)	(611)	Increase in restricted cash Net Cash flows from financing activities (c)	(19.506) (79.879)	(830) (8.511)	- -	- (6)
						Net increase/(decrease) in cash and cash equivalent s for the period (a)+(b)+(c)	(95.079)	(44.610)	(341)	1.293
						Cash and cash equivalents at beginning of year Foreign exchange gains/(losses) on cash and cash equivalents	510.110 417	496.393 (2.043)	686 -	604 -
						Cash and cash equivalents of assets held for sale Cash and cash equivalents at end of the period	(2.908) 412.541	- 449.740	- 345	- 1.896
1. The accounting policies of 31.12.2017 were applied, with the exception of the application of the IFRS 9 and 15, the application of which is						ADDITIONAL FIGURES AND INFORMATION 8. Provisions formed in relation to the unaudited years stand at EUR 1.684 thousand for the Group and at EUR 180 thousand for the Company. The
mandatory for accounting periods beginning on 1 January 2018. (see note 2.1 and 2.4 of the interim condensed financial information of 30.06.2018).						provision for heavy maintenance stands at EUR 102.117 thousand for the Group. Other provisions (non-current and current) for the Group stand at EUR 16.337 thousand and EUR 0 thousand for the Company (see note 17 of the interim condensed financial information of 30.06.2018).
2. The Group companies unaudited tax years are listed in detail in note 29 of the condensed interim financial information of 30.06.2018. The						9. The figures with an impact in Other comprehensive income net of taxes are for the Group: expenses of EUR 3.364 thousand from currency translation
parent company ELLAKTOR has not been audited by the tax authorities for the financial year 2010. It was audited for years 2011, 2012, 2013 pursuant to Law 2238/1994, and for years 2014, 2015 and 2016 pursuant to Law 4174/2013, and has obtained a tax compliance certificate from						differences, income of EUR 3.490 thousand from Cash flow hedge, expenses of EUR 15.409 thousand from Change in fair value of financial assets through other comprehensive income and expenses 319 thousand from other expenses
PricewaterhouseCoopers SA without qualification (see note 25c of the interim condensed financial information of 30.06.2018). 3.There are no liens on Group and Company fixed assets other than mortgages registered on parent and subsidiary assets as collateral for loans					10. Group companies and joint operations, along with the country of incorporation, the business segment, the parent Company's direct or indirect participation in their share capital, and their consolidation method are detailed in note 29 to the interim condensed financial information of 30.06.2018 and
(see note 27.1 of the interim condensed financial information of 30.06.2018). 4. Legal disputes or differences in arbitration proceedings, and pending judicial or administrative rulings are presented in note 25a of the interim						are available on the Group's website www.ellaktor.com. The parent Company holds only an indirect stake in consolidated joint operations via its subsidiaries.
condensed financial information of 30.06.2018. 5. All transactions (inflows and outflows) from the beginning of the financial year (01.01.2018), as well as receivables and liabilities balances for						11. The companies EASTERN ASKIO MAESTROS ENERGY SA and WESTERN ASKIO ENERGY SA were included in the interim condensed financial information of 30.06.2018 while they were not included in the consolidated financial statements as at 31.12.2017 as they were acquired in first half of 2018.
the Group and the parent Company at the end of the current period (30.06.2018), as arising from transactions with related parties within the meaning of IAS 24, are as follows:						Also, apart from the aforementioned companies, the following companies were incorporated on 30.06.2018 while they were not incorporated on 30.06.2017: AKVAVIT DOOEL(acquisition), BIOSAR ARGENTINA SA (incorporation), BIOSAR AUSTRALIA PTY LTD (incorporation). Compared to the consolidated
						financial statements of 31.12.2017 and the interim condensed financial information of 30.06.2017 ATHENS RESORT CASINO SA is no longer consolidated as it was sold in the first half of 2018, and AECO DEVELOPMENT LLC is no longer consolidated as its dissolution was completed in the first half of
Amounts in '000 EUR a) Revenue		Group	Company			2018.The following companies that were consolidated in the interim condensed financial information as at 30.06.2017, are no longer consolidated: NEASACO ENTERPRISES LTD, K.G.E GREEN ENERGY LTD , JV ELTECH ENERGIAKI - ELECTROMECH as they were dissolved, EOLOS MAKEDONIAS S.A, as it was sold, KASTOR S.A., LAMDA TECHNIKI S.A., LMN S.A, as they were absorbed by their parent company and BENZEMIA
b) Expenses c) Income from dividends		25.017 2.644 998	1.288 1.330 23.200			ENTERPRISES LTD and AKTOR ENTERPRISES LTD as they were absorbed by subsidiaries of the Group.
d) Receivables e) Liabilities		114.412 2.055	22.357 52.665			12. The Group applied IFRS 9 and 15 using the cumulative effect method. According to this method, comparative information is not restated.The parent company was not affected by the application of IFRS 9 and 15 (see note 2.4 of the interim condensed financial information of 30.06.2018).
f) Key management compensation g) Payables to key management		3.273	458			13. Τhe Ordinary General Meeting of the shareholders of ELLAKTOR SA, which was held on 25.07.2018, among other things, elected a new Board of Directors (see note 28.1 of the interim condensed financial information of 30.06.2018).
6. Earnings per share are calculated by dividing the net profit which is attributable to parent company shareholders by the weighted average of		998	350
ordinary shares over the period, excluding treasury shares. 7. The number of employees on 30.06.2018 was 22 for the Company and 5.698 for the Group (excluding Joint Ventures), and the respective
numbers on 30.06.2017 were 20 and 5.979 respectively.
						Kifissia, 14 September 2018
THE CHAIRMAN OF THE BOARD OF DIRECTORS				THE MANAGING DIRECTOR		THE CHIEF FINANCIAL OFFICER		THE HEAD OF ACCOUNTING DEPT.
GEORGIOS A. PROVOPOULOS ANASTASIOS P. KALLITSANTSIS				ALEXANDROS K. SPILIOTOPOULOS	EVANGELOS N. PANOPOULOS
ID Card No ΑM 195627 ID Card No. Ξ 434814					ID Card No. X 666412	ID Card No. ΑΒ 342796

ELLAKTOR S.A.

25 ERMOU STREET - 145 64 KIFISSIA FIGURES AND INFORMATION FOR THE PERIOD FROM 1 JANUARY 2018 TO 30 JUNE 2018

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