Ellaktor S.A. — Interim / Quarterly Report 2020

Sep 1, 2020

ELLAKTOR SA

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

25, ERMOU ST, 145 64 KIFISSIA

FIGURES AND INFORMATION FOR THE PERIOD from 1 JANUARY 2020 to 30 JUNE 2020

						The following details and information, as these arise from the financial statements, aim to provide general information about the financial position and results of ELLAKTOR SA and the ELLAKTOR Group of companies. We therefore recommend that before proceeding with any investment or other transaction with the issuer, readers should visit the issuer's website where the financial statements and the certified auditor-accountant's report are posted, as required.
Website:	www.ellaktor.com			Statutory auditor:		Fotios Smyrnis (SOEL Reg. No. 52861)
Date of approval by the Board of Directors				Audit firm:		PricewaterhouseCoopers Audit Firm SA
of the financial statements:	31 August 2020			Type of auditor's report:		Unqualified opinion
	CASH FLOW STATEMENT (amounts in € '000)						STATEMENT OF FINANCIAL POSITION (amounts in € '000)
		GROUP 01/01-	01/01-	01/01-	COMPANY 01/01-			GROUP	COMPANY
Operating activities		30/06/2020	30/06/2019	30/06/2020	30/06/2019	ASSETS	30/06/2020	31/12/2019	30/06/2020	31/12/2019
Profit/ (loss) before taxes Plus/less adjustments for:		(21.174)	29.393	21.248	6.974	Property, plant and equipment Investments in property	615.384 147.617	630.773 147.811	466.038 3.200	465.137 3.200
Depreciation and amortisation Impairment		52.406 5.106	50.626 -	10.699 -	94 3.200	Intangible assets Concession right	40.593 411.098	40.946 442.187	19.100 -	19.612 -
Provisions Results (income, expenses, profit and loss) from investing activities		(243) (10.353)	(1.251) (9.326)	107 (33.260)	8 (20.510)	Other non-current assets Inventories	521.430 25.282	544.535 26.998	840.408 -	746.263 -
Debit interest and related expenses		48.582	38.579	29.133	5.695	Trade receivables and contractual assets Other current assets	565.785 657.054	528.130 694.242	24.361 75.515	26.687 78.787
Plus/minus adjustments for changes in working capital accounts or related to operating activities:							2.984.243	3.055.623	1.428.622	1.339.687
Decrease/(increase) in inventories Decrease/(increase) in receivables		1.217 (44.368)	(2.209) (103.093)	- (10.964)	- (588)	Assets held for sale TOTAL ASSETS	4.000 2.988.243	- 3.055.623	- 1.428.622	- 1.339.687
(Decrease)/increase in liabilities (except borrowings) Less:		(61.559)	(29.037)	(7.234)	275	EQUITY AND LIABILITIES Share capital	220.700	220.700	220.700	220.700
Debit interest and related expenses paid Taxes paid		(45.372) (1.846)	(32.991) (5.135)	(25.577) -	(4.856) -	Other equity items Total equity attributable to parent company equity holders (a)	158.905 379.605	193.417 414.118	137.616 358.316	118.613 339.313
Total cash inflows/(outflows) from operating activities (a)		(77.605)	(64.446)	(15.847)	(9.707)	Non-controlling interests (b) Total equity (c) = (a) + (b)	104.698 484.304	118.932 533.050	- 358.316	- 339.313
Investing activities (Acquisition)/disposal of subsidiaries, associates, joint ventures and other investments		6.882	10.713	(15.550)	-	Long-term borrowings Provisions/Other long-term liabilities	1.443.539 378.961	1.376.459 376.633	949.651 67.910	884.634 64.413
Collections of time deposits over 3 months Purchase of PPE, intangible assets & investment property		5.981 (17.356)	- (69.902)	- (11.929)	- (9)	Short-term borrowings Other current liabilities	99.249 582.191	114.741 654.739	36.028 16.718	29.229 22.098
Income from sales of PPE, intangible assets and possessed assets to be sold		2.583	31.334	-	25.500	Total liabilities (d) TOTAL EQUITY AND LIABILITIES (c) + (d)	2.503.939 2.988.243	2.522.573 3.055.623	1.070.306 1.428.622	1.000.373 1.339.687
Interest received		4.561	2.847	7.333	-
Loans granted to affiliated parties Dividends received		- -	- -	(53.320) 23.000	(25.517) 10.500	STATEMENT OF COMPREHENSIVE INCOME (amounts in € '000 EUR)
Restricted cash reduction		-	(1.850)	-	-				GROUP
Total inflows/(outflows) from investing activities (b) Financing activities		2.650	(26.857)	(50.466)	10.474		01/01- 30/06/2020	01/01- 30/06/2019	01/04- 30/06/2020	01/04- 30/06/2019
Proceeds from borrowings		104.730	104.405	9.558		- Turnover	437.756	705.131	213.158	346.183
Loan repayment Proceeds from issued/utilised loans from related parties		(52.347) -	(81.500) -	(10.528) 70.000	- -	Gross profit	53.541	84.060	14.047	35.927
Payment of leases (amortisation) Dividends paid		(4.220) (33.104)	(4.031) (23.813)	(992) -	(480)	Profit/(loss) before tax, financing and investing results - Profit/(loss) before tax	19.873 (21.174)	61.582 29.393	(4.606) (23.942)	24.845 9.099
Grants received Increase in restricted cash		4.055 2.831	37 16.082	4.055 (9.167)	- -	Less: Taxes Profit/(loss) after taxes (A)	(10.835) (32.009)	(23.656) 5.736	(2.986) (26.928)	(13.431) (4.332)
Total inflows/(outflows) from financing activities (c)		21.945	11.180	62.925	(480)	Equity holders of the Parent Company	(37.501) 5.492	(8.374) 14.111	(28.731) 1.804	(10.988) 6.656
Net increase/(decrease) in cash & cash equivalents for the period (a) + (b) + (c)		(53.010)	(80.123)	(3.388)	286	Non-controlling interests Other comprehensive income after taxes (B)	1.323	5.501	5.487	4.668
Cash and cash equivalents at period start		298.239 (1.491)	479.397 551	15.367 -	1.279 -	Total comprehensive income after taxes (A)+(B) Equity holders of the Parent Company	(30.686) (34.512)	11.237 988	(21.440) (22.870)	335 (3.146)
Exchange differences in cash and cash equivalents Cash and cash equivalents at period end		243.738	399.825	11.979	1.565	Non-controlling interests	3.826	10.249	1.429	3.481
						Restated basic earnings per share (in EUR)	(0,1750)	(0,0486)	(0,1341)	(0,0637)
						Profit/(loss) before tax, financing and investing results and depreciation and amortisation	72.279	112.207	21.766	50.606
	STATEMENT OF CHANGES IN EQUITY (amounts in € '000 )								COMPANY
							01/01-	01/01-	01/04-	01/04-
			GROUP 30/06/2019	30/06/2020	COMPANY 30/06/2019	Turnover	30/06/2020	30/06/2019 -	30/06/2020 20.357	30/06/2019 -
Total equity at period start (1/1/2020 and 1/1/2019, respectively)		30/06/2020 533.050	652.014	339.313	370.714	Gross profit	43.490 24.227	-	10.275	-
Total comprehensive income after taxes Effect of acquisitions of subsidiaries		(30.686) -	11.237 538	19.003 -	6.939 -	Profit/(loss) before tax, financing and investing results	17.186	(7.679)	6.989	(975)
Dividends distributed		(18.060)	(23.450)	-		- Profit/(loss) before tax Less: Taxes	21.248 (2.246)	6.974 (35)	19.998 (1.097)	(3.529) (15)
Total equity at period end (30/06/2020 and 30/06/2019 respectively)		484.304	640.339	358.316	377.653	Profit/(loss) after taxes (A)	19.003	6.939	18.901	(3.543)
						Other comprehensive income after taxes (B) Total comprehensive income after taxes (A)+(B)	- 19.003	- 6.939	- 18.901	- (3.543)
						Restated basic earnings per share (in EUR) Profit/(loss) before tax, financing and investing results and	0,0887	0,0402	0,0882	(0,0205)
						depreciation and amortisation	27.885	(7.584)	12.775	(914)
						ADDITIONAL FIGURES AND INFORMATION
1. The basic Accounting Principles are same as those applied	as at 31.12.2019 (see pt. 2.1	of the interim	condensed financial	information as of	30.06.2020).	7. The number of employees on 30.06.2020 was 147 persons for numbers on 30.06.2019 were 34 and 5,828 respectively.	the company and 5,654	persons for the Group	(excluding joint	ventures), and the
2. The unaudited years of Group companies are detailed in ELLAKTOR has been audited for tax purposes in accordance 2014 until 2018 and has received a tax compliance certificate	note 29 of the interim with Law 2238/1994 for from PricewaterhouseCoopers	condensed financial fiscal years 2011, SA without	information as of 2012, 2013, and based qualification (see note	30.06.2020). The on law 4174/2013 25b of interim	parent company for fiscal years condensed financial	8. Provision for heavy maintenance stands at EUR 99.4 million for the	Group. Other provisions	(short-term and	long-term) for the Group	stand at €18.4
information as of 30.06.2020).						million and for the Company at €3.7 million (see. pt. 18 of the interim 9. The accounts which affected row "Other comprehensive income	condensed financial after tax" for the Group	information as of and the Company	30.06.2020). are as follows. For the	Group: expenses
3. There are no encumbrances on Group or Company fixed for loans. (See., Pt. 27.1 of the interim summary financial report	assets other than mortgage as of 30.06.2020).	prenotations	registered on immovable	assets of subsidiaries	as collateral	from Foreign exchange differences €1.4 million, expenses from Cash assets through other comprehensive income €7.3 million.	flow hedge €4.6 million	and income from	Change in the fair	value of financial
4. Legal disputes or disputes subject arbitration proceedings, as well as pending judicial or administrative rulings, are referred to in pt. 25 of the interim condensed financial information as of 30.06.2020).					10. Group companies and joint ventures, together with the country of establishment, the field of activity, the parent Company's percentage of direct or
5. All forms of transactions (inflows and outflows) cumulatively from the beginning of the financial year (01.01.2020), as well as the balance of receivables and					indirect participation in their share capital, and their consolidation method are detailed in pt. 29 of the interim summary financial report of 30.06.2020 and are available on the Group's website at www.ellaktor.com. The parent Company holds only an indirect stake in consolidated joint ventures via its
liabilities for the Group and the parent Company at the end meaning of IAS 24, are as follows:	of the current period	(30.06.2020), as	arising from transactions	with related	parties within the	subsidiaries. 11. The interim condensed financial information of 30.06.2019 did	not include the	subsidiaries DEVELOPMENT	OF NEW ALIMOS	MARINA SINGLE-
Company Group Amounts in ,000 € (a) Income 10.585 4.897						MEMBER SA, AKTOR FM & SERVICES WLL and ELLAKTOR VALUE PLC, because they were established in the Η2 of 2019. In contrast to interim condensed financial information of 30.06.2019 , the following subsidiary companies have not been included, namely EL.TECH, ANEMOS SA which has been
(b) Expenses 22.396 1.986					absorbed by the parent company ELLAKTOR SA in the third quarter 2019, DOAL SA which sold to third parties in the fourth quarter of 2019	of 2019, DI-LITHOS SA and GENERAL GULF	which has been SPC which has been	absorbed by HELLENIC dissolved in the fourth	QUARRIES SA in Q4 quarter of 2019.
c) Receivables (d) Liabilities	102.045 2.961	370.268 662.983				12. For the impact of the spread of COVID-19 on the Group's work	progress, see pt. 2.2 of the	interim summary	financial report as of	30.06.2020.
e) Income from dividends f) Management and administration fees	1.386 3.444	23.000 1.668
(g) Obligations to directors and managers	45	-
6. Earnings per share are calculated by dividing the net profit over the period, excluding own equity shares.	which is attributable to	parent company	shareholders by the	weighted average of	ordinary shares
					Kifisia, 31 August 2020
THE CHAIRMAN OF THE BOARD OF DIRECTORS			THE MANAGING DIRECTOR			THE CHIEF FINANCIAL OFFICER			THE HEAD OF ACCOUNTING DEPT.
GEORGIOS PROVOPOULOS			ANASTASIOS KALLITSANTSIS			GEORGIOS POULOPOULOS			ANGELOS STAVROPOULOS
ID Card No ΑΜ 195627			ID Card No. Ξ 434814			ID Card No. AI 696769			ID Card No. ΑΗ 098801