ENERGOPROJEKT · Energoprojekt was founded in 1951. in Belgrade, as a state owned company to...

November 2018

ENERGOPROJEKT- Design, Consulting, Engineering & Construction Leader in SEE -

2

Content

Design, Consulting, Engineering & Construction Leader in SEE

Company Profile 3

o Energoprojekt Key Markets 8

o Corporate Structure 11

o Operating Results - Key Financials 16

o Current Projects 25

o Company Shares 35

o Four-year business policy program 40

3

Company Profile - Highlights

Energoprojekt is a leader, for many years, in design, consulting, engineering and construction in the region

of Southeast Europe, and the biggest Serbian construction company, able to implement the most complex

projects, both at home and abroad.

The renowned U.S. magazine Engineering News Record (ENR) traditionally publishes a ranking list of the

largest international companies, ranking them by total revenue earned in international markets. On the

latest ranking list of the largest international design and consulting companies, Energoprojekt ranked 106th

place, while on the ranking list of the largest contracting companies Energoprojekt was placed 218th.

Approximately 43% of Energoprojekt revenues were from international markets, while the remaining 57% of

the income was realized in Serbia in the first nine months of 2018.

Energoprojekt Holding is a publicly traded company, listed on the Prime Market of the Belgrade Stock

Exchange with market capitalization of approximately €62.9 million (as of October 31st, 2018).

Considering the number and the value of new contracts signed (the total value of the work that

Energoprojekt is implementing has reached the amount of €352 million), as well as the expected

participation of Energoprojekt in some of the most important infrastructure projects in Serbia that are

planned to be launched in the future, there is a real possibility that a price of Energoprojekt share could

increase in the future.

Source: Energoprojekt, Belgrade Stock Exchange


Energoprojekt was founded in 1951. in Belgrade, as a state owned company to provide design and

consultancy services within hydro and thermal power generation and water management.

During its long and successful history, Energoprojekt extended its business activities to the fields of: power

generation, transmission and distribution, urban planning, buildings construction, infrastructure, water

management and environmental protection, industry and information technologies.

Throughout six decades, Energoprojekt designed and developed complex projects in more than 70

countries worldwide. The following list is a brief summary of relevant projects:

• Fifty hydro power plants,

• Thirty-four thermal power plants,

• Fifteen industrial power plants,

• Twenty heating plants and thirty-four district heating systems,

• Over two hundred power transmission and distribution substations,

• Several thousand kilometers of overhead transmission and cable lines,

• Over fifty projects of rural and urban electrification,

• Fifteen water management plants and basin developments,

• Forty complex land improvement systems,

• Over thirty water management and river flood control projects,

• About fifty municipal and industrial water supply and sewage systems,

• One hundred public buildings,

• Ten conference centers,

• Several hundreds of housing projects, hospitals, health centers, tourist and sports facilities, etc.

4

Company Profile - Brief History


Source: Energoprojekt

5

Energy, Environment and WaterFocus on design and consulting

Building and Infrastructure ConstructionFocus on construction and engineering


Reference realized projects – Core Business Areas

Qatar: Qatar system for electrical energy transmissionand distribution, phases VII, VIII, IX

Ethiopia: Design & supervision for HPP „Tekeze“ (4x75MW) and Dam h=185m

Serbia: Rehabilitation of Unit B2 TPP „Kostolac B2“ (348MW) with reconstruction of electrostatic precipitators

Serbia: Construction of Šarani tunnel (two parallel tunneltubes 884 m long)

Kazakhstan: Design and construction of the AO ForteBank administrative complex in Astana (39,576 m2)

Russia: Construction works for the paper factory Mondi,Siktivkar


6

Design

Consulting

ConstructionEngineering

Development

Leading position across international markets

Outstanding product quality

Wealth of technical expertise

•Oprema (M&E Construction)

•Entel (Thermal power energy)

•Hidroinženjering (Hydro power energy)

Energy, Environment

and Water

• Visokogradnja (Building construction)

• Niskogradnja (Civil construction)

• Urbanizam & Arhitektura

• Industrija

• Sunnyville

• Park 11

Construction, Infrastructure

and Industry

•EnergodataIT

Core Business Entities

Non-core Business Entities

Company Profile - Services



7

Content


o Company Profile 3

Energoprojekt Key Markets 8




o Company Shares 35


8

With more than 20 active foreign entities on four continents Energoprojekt has established a

leading position across international markets.

By generated revenues, apart from the local market, the most important markets are:

Kazakhstan, Russia, Qatar, Oman, UAE, Algeria, Nigeria, Uganda, Ghana, Zambia and Peru.

Serbia

Russia

Kazakhstan

Algeria

Oman, UAE,

QatarGhana

NigeriaUganda

Zambia

Peru

Overview of Energoprojekt Key Markets



9

Energoprojekt’s Markets

In the following years it is expected that significant investments will be implemented through the key

energy projects, both in Serbia and in the wider South East Europe region.

• The construction of new and rehabilitation and up-grading of current hydro and thermal power

plants in Serbia;

• Renewable energy projects (wind farms);

• The route of the international gas pipeline through Serbia.

Domestic transport, infrastructure and construction sector is forecasted to see major investments,

measured in billions of euros, that are expected to be funded by the Government of the Republic of

Serbia in cooperation with international financial institutions:

• Implementation of the project “Belgrade on Water”,

• Engaging Energoprojekt in construction of Pan-European Corridor 10 and 11,

• Involvement of the Energoprojekt in the modernization of Serbian railways, and construction of

Belgrade – Budapest railway,

• Construction of new and rehabilitation of old irrigation systems.

For most of the aforementioned projects, Energoprojekt should work as an system integrator of domestic

construction industry.

Consultancy services in the Middle East and Africa, where Energoprojekt is continuing to compete

successfully with large US and EU companies, are expected to remain slightly affected by the debt

crises and bring additional contracts.



10

Content


o Company Profile 3


Corporate Structure 11



o Company Shares 35


Corporate Structure

11Design, Consulting, Engineering & Construction Leader in SEE


Energodata

86,3% 100% 62,8% 100% 100% 67,9% 100%

Energoprojekt

Holding

Industrija Arhitektura NiskogradnjaVisokogradnja

Non-core affiliates (Energopet,

Energoplast, Enjub, Fima SEE Activist)

100%

Entel Hidroinženjering Oprema

Foreign entities across the globe

Consultancy Execution

100%

Sunnyville

100%

Park 11

• ENCOM GmbH Consulting, Engineering & Trading, Germany

• I.N.E.C. ENGINEERING COMPANY LIMITED, United Kingdom

• ENERGOPROJEKT MONTENEGRO D.O.O., Herceg Novi, Montenegro

• ENERGOPROJEKT ENERGODATA MONTENEGRO D.O.O., Podgorica, Montenegro

• D.O.O. ENERGOPROJEKT OPREMA CRNA GORA, Podgorica, Montenegro

• OOO EPO BEOGRAD, Belarus

• ENERGO KAZ D.O.O., Kazakhstan

• ENERGOPROJEKT RUS D.O.O., Russia

• ENHISA S.A., Peru

• ENLISA S.A., Peru

• Energoprojekt ENTEL LLC, Oman

• Energoprojekt Entel LTD (Office), Qatar

• Energo Consult LLC, Abu Dhabi

• ENERGOPROJEKT ENTEL, Bahrein

• ENERGO (NIGERIA) LIMITED, Nigeria

• ZAMBIA ENGINEERING AND CONTRACTING COMPANY LIMITED, Zambia

• ENERGOPROJEKT ZAMBIJA LTD, Zambia

• ENERGO (UGANDA) COMPANY LIMITED, Uganda

• ENERGOPROJEKT HOLDING GUINEE S.A., Guinea

• ENERGO (PRIVATE) LIMITED, Zimbabwe

• ENERGOPROJEKT GHANA LIMITED, Ghana

• DOM 12 S.A.L., Lebanon

IT

12

Experienced Management

Dobroslav Bojovic, President

Branislav Ivkovic, member

Vitomir Peric, member

Miodrag Zecevic, member

Nada Bojovic, independent member

Marko Milojevic, independent member

Supervisory Board



Stojan Colakov

Vladimir Visnjic Milan Mamula Bogdan Uzelac

13

Experienced Management

CFO – Chief Financial Officer

CLO – Chief Legal Officer

Executive Board

CEO - Chief Executive Officer



COO – Chief Operating Officer

269

258

255

254

247

288

354

248

2,173

216

250

256

226

222

266

339

255

2,030

0

500

1,000

1,500

2,000

2,500

Up to30

31 - 35 36 - 40 41 - 45 46 - 50 51 - 55 56 - 60 Over60

Total

30.09.2017 30.09.2018

14

Employee Structure – September 30th, 2018Employee structure by age Employee structure by qualifications

Average number of employees by company Employee productivity by company



14339%

7%24%

30%University

College

High School

Qualified

709

481

263

199

175

98

87

78

70

646

449

260

214

160

83

81

75

61

0

200

400

600

800

30.09.2017 30.09.2018

230

186

107

82

65

41

39

34

27

0 50 100 150 200 250

Entel

Niskogradnja

Average

Oprema

Visokogradnja

Hidroinženjering

Industrija

Energodata

Arhitektura

Note: Productivity is measured as revenues in 000 EUR per employee

15

Content


o Company Profile 3



Operating Results - Key Financials 16


o Company Shares 35


0

35,000

70,000

105,000

140,000

2015 2016 2017 M6 2018

COGS Salary Expenses Other Operating Expenses

0

6,000

12,000

18,000

24,000

2015 2016 2017 M6 2018

EBITDA EBIT Net Profit

16

Key Financials of Energoprojekt, June 30th, 2018


* data is from consolidated financial statements

Income Statement 000 EUR * 2015 2016 2017 M6 2018

Operating Revenues 292,035 261,997 271,884 90,812

Sales 286,647 260,350 269,568 89,524

Other Operating Revenues 5,387 1,647 2,317 1,288

Operating Expenses 270,097 250,062 256,777 87,185

COGS 61,918 49,902 57,552 17,731

Salary Expenses 79,572 77,761 74,734 30,481

Other Operating Expenses 128,607 122,400 124,490 38,972

EBITDA 21,938 11,935 15,108 3,627

EBITDA margin 7.65% 4.58% 5.60% 4.05%

Amortisation 6,706 6,251 6,839 3,129

EBIT 15,232 5,684 8,269 499

EBIT margin 5.31% 2.18% 3.07% 0.56%

Financial Result -1,921 339 -1,681 -237

One-time Revenues (net) -3,691 5,143 -514 3,556

EBT 9,974 10,468 6,018 3,295

EBT margin 3.48% 4.02% 2.23% 3.68%

Net Profit 8,635 9,253 4,319 2,509

Net profit margin 3.01% 3.55% 1.60% 2.80%

in 000 EUR

in 000 EUR

in 000 EUR

17

Key Financials of Energoprojekt, June 30th, 2018


Balance Sheet 000 EUR * 2015 2016 2017 M6 2018

Fixed Assets 143,236 140,015 140,746 137,759

Intangible Assets 570 477 399 492

PPE 127,233 124,956 122,395 119,073

Long Term Placement 15,433 14,582 17,951 18,194

Current Assets 205,172 240,679 213,992 205,834

Inventories 44,877 48,872 38,614 35,044

Receivables 84,893 106,404 86,766 84,520

Short-term financial investments 17,457 14,798 16,700 12,184

Cash equivalents and cash 39,468 37,838 24,932 21,472

Total Assets 348,409 380,695 354,737 343,593

Total Equity 160,721 167,405 164,381 163,852

LT Provisions 9,352 5,713 11,737 11,258

LT Debt 28,860 15,604 11,056 11,181

ST Debt 149,475 191,973 167,564 157,302

Total Equity and Liabilities 348,409 380,695 354,737 343,593

Balance Sheet, liabilities and equity structure

in 000 EUR

* data is from consolidated financial statements

48%

3%3%

46% Total Equity

LT Provisions

LT Debt

ST Debt

25%

28%

31%

34%

37%

40%

43%

0

65,000

130,000

195,000

260,000

325,000

390,000

2015 2016 2017 M6 2018

Fixed Assets / Total Assets (rhs) Fixed Assets Current Assets Total Assets

24%

27%

30%

33%

36%

39%

42%

0

35,000

70,000

105,000

140,000

175,000

210,000

2015 2016 2017 M6 2018

Debt / Equity (rhs) Total Equity LT Debt ST Debt

27,5

03

32,4

84

0

15,000

30,000

45,000

Plan M9 2018 M9 2018

Entel

33,9

07

15,1

54

0

15,000

30,000

45,000

Plan M9 2018 M9 2018

Oprema

91,4

40

62,0

47

0

33,000

66,000

99,000

Plan M9 2018 M9 2018

Niskogradnja

57,2

00

28,5

33

0

25,000

50,000

75,000

Plan M9 2018 M9 2018

Visokogradnja

18

Key Financials of Energoprojekt, September 30th, 2018


Revenues by subsidiary companies in 000 EUR, plan and realization

- 55%+18%

- 32%

- 50%

1,7

50

1,5

15

0

750

1,500

2,250

Plan M9 2018 M9 2018

Energodata

1,7

94

1,8

18

0

750

1,500

2,250

Plan M9 2018 M9 2018

U&A

2,7

22

2,6

75

0

1,000

2,000

3,000

Plan M9 2018 M9 2018

Industrija

4,6

21

4,0

82

0

2,000

4,000

6,000

Plan M9 2018 M9 2018

Hidroinženjering

19




- 13%

- 2%

- 12%

+1%

216,8

43

152,9

97

0

80,000

160,000

240,000

Plan M9 2018 M9 2018

CONSOLIDATED GROUP SALES

6,4

57

11,5

30

0

5,000

10,000

15,000

Plan M9 2018 M9 2018

Holding

20




- 29%

+79%

9,800

5,453

0

2,000

4,000

6,000

8,000

10,000

12,000

Plan M9 2018 M9 2018

21



EBT by company, in 000 EUR

Group EBT - plan and realization, in 000 EUR EBT by divisions, in 000 EUR

Company September 30th, 2017 September 30th, 2018

Visokogradnja 2,427 -5,211

Niskogradnja 4,352 3,974

Oprema 1,385 318

Entel 3,292 2,892

Hidroinženjering -545 455

Industrija 300 863

U&A -60 -210

Energodata -246 -157

Holding 3,788 8,959

-5,211

3,974

318

2,892

455863

-210

-157

8,959

Visokogradnja

Niskogradnja

Oprema

Entel

HidroinženjeringIndustrija

U&A

Energodata

Holding

30.09.2018

30.09.2017

- 44%

3,535

1,918

0 1,000 2,000 3,000 4,000

Serbia and foreign operations of domestic companies Foreign companies

From 2011 to 2017:

• Revenues increased by 25%

• Assets increased by 37%

• Capital increased by 47%

• Productivity increased by 44%

* In EUR 000 per employee

Strong Historical Performance

Energoprojekt performance was partly

affected by the recession and

depreciation of the Serbian dinar.

22

million EUR

Year Revenues Net Profit Assets Equity ROA ROE Productivity*

2011 235.7 4.9 258.8 112.0 2.0% 4.7% 102

2012 250.8 7.9 240.3 111.9 3.2% 7.1% 111

2013 213.1 4.1 251.8 117.2 1.7% 3.6% 93

2014 316.6 8.8 329.9 148.8 3.0% 6.6% 138

2015 311.1 8.6 348.4 160.7 2.5% 5.6% 145

2016 285.5 9.3 380.7 167.4 2.5% 5.6% 135

2017 293.7 4.3 354.7 164.4 1.2% 2.6% 147

CAGR 3.19% -1.68% 4.61% 5.64% 5.37%



2

3

4

5

6

7

8

9

10

0

50

100

150

200

250

300

350

400

2011 2012 2013 2014 2015 2016 2017

Assets Equity Revenues Net Profit (rhs)

35%

64%

1%

Energy, Environment and Water

Construction, Infrastructure and Industry

IT

3%

14%

17%

8%

99%

1%

58%Europe

Russia and CIS Africa Middle East South America Serbia Other

Sales by industries, September 30th, 2018

Diversified Sales Lessens the Impact of Business Cycles

23

Sales by regions, September 30th, 2018



24

Content


o Company Profile 3




Current Projects 25

o Company Shares 35


Building, Infrastructure Construction & Development, Energy, Environment and Water

25

Serbia: Construction of Highway E 763, Lajkovac -Ljig section (24 km in length);

Qatar: Contract for Engineering Consultancy Servicesfor Qatar Power Transmission System Expansion,Phase 11,12 and 13;

Uganda: Reconstruction of the road Mpigi - Kanoni inthe central part of Uganda (64 km in length);

Serbia: Construction works at Chinese Cultural Centerin Belgrade, at No.3 Tresnjin cvet St.;

UAE: Consulting services contracts for 32/33/11kV,132/11kV & 33/11kV substations, with relatedtransmission lines and cables, as well as consultingcontracts for three 132/11kv substations;

Serbia: Designing and a part of construction workswithin the PPP agreement at dump site in Vinča;

Serbia: Consulting services contract for constructionof the new CHP plant, within Pančevo Oil Rafinery;

Serbia: Subcontactor agreement forelectromechanical works on ”Ada Mall” in Belgrade;

Uganda: City roads reconstruction, within districts ofKawempe and Lubaga, in the city of Kampala;

Peru: Rehabilitation and reconstruction of a roadsection Puerto Bermudes - Ciudad Constitucion;

Serbia: Construction of tramway on the bridge overAda;

Serbia: Equipment and material delivery, constructionworks for a project Kolubara – A New Coal Depot,package C2 Infrastructure;

Algeria: Detailed design development, technicalassistance and supervision on the construction ofseveral dams;

Nigeria: Construction of 330/132kV and 132/33kVSubstations Erucan;

Serbia: Expert supervising of construction works of”TE Kostolac B3”;

Sudan: „Turn key” contract agreement for elaborationof technical documents reffered to main design,construction and furnishing of the pharmaceuticalfactory, with all related technical equipment, Phase 1a;

Serbia: Construction of business premises ”NavigatorBusiness Center 2” in Belgrade.

Main Current Projects - design, construction, consulting and engineering



26

Current contractsCompany: Energoprojekt Visokogradnja

Country: Serbia

Investor: Empiret Ltd. Belgrade

Construction period: The project delivery deadline is 420 calendar days

Services: Construction works at Chinese Cultural Center in

Belgrade, at No.3 Tresnjin cvet St

Company: Energoprojekt Visokogradnja

Country: Serbia

Investor: Energoprojekt Park 11 Ltd.

Construction period: The project delivery deadline is 18 months

Services: Construction of residential and business facility „Park

11” in Block 11a in New Belgrade

Company: Energoprojekt Visokogradnja

Country: Serbia

Investor: GP SEVEN Ltd. Belgrade

Construction period: Deadline for the project delivery is December 2019

Services: Construction of business premises ”Navigator Business

Center 2” in Belgrade


27

Current contracts


Company: Energoprojekt Hidroinženjering

Country: Algeria

Investor: National Agency for dams and transfers


Services: Detailed design development, technical assistance and

supervision on the construction of three dams - Seklafa

in the region of Laghouat; Beni Slimane in the region of

Médéa; Soubella in the region of M'Sila and Djedra in

the region of Souk-Ahras

Consortium: Energoprojekt Entel

Country: Serbia

Consortium : ”Elektroprivreda Srbije” Belgrade

Construction period: Deadline for the project delivery is 60 months starting

from the middle of 2017.

Services: Expert supervising of construction works of ”TE

KOSTOLAC B3”

Company: Energoprojekt Entel

Country: Quatar

Investor: KAHRAMAA


Services: Contract for Engineering Consultancy Services for

Qatar Power Transmission System Expansion, Phase

11, 12 and 13

28

Current contracts


Company: Energoprojekt Niskogradnja

Country: Serbia

Investor: Serbian Ministry of Construction and main contractor:

China Shandong International Economic & Technical

Cooperation Group Ltd of Shandong Hi-Speed Group


Services: Construction subcontract for Highway E 763, Lajkovac -

Ljig section (24 km in length)


Country: Uganda

Investor: Uganda National Roads Authority


Services: Reconstruction of the road Mpigi - Kanoni in the central

part of Uganda. Length of the section is 64 km.


Country: Serbia

Constructor: „Beo čista energija, Ltd. Belgrade

Construction period: The project delivery deadline is July 2022

Services: Designing and a part of construction works within the

PPP agreement at dump site in Vinča

29

Current contracts


Consortium: Energoprojekt Oprema and Planum plc

Country: Serbia

Investor: ”Elektroprivreda Srbije” Belgrade


Services: Equipment and material delivery and construction works

for a project Kolubara – A New Coal Depot, package C2

Infrastructure

Consortium: Energoprojekt Niskogradnja and Colas Rail S.A.S.

Maisons-Laiffette from France

Country: Serbia

Investor: City of Belgrade – City Administration, Secretariat for

Utilities and Housing Services and Belgrade Land

Development Public Agency

Construction period: The project delivery deadline is 420 days

Services: Construction of tramway on the bridge over Ada

Consortium: Energoprojekt Niskogradnja and Conalvias S.A.

Company

Country: Peru

Investor: Peruvian Ministry of Traffic and Communications


Services: Rehabilitation and reconstruction of a road section

Puerto Bermudes - Ciudad Constitucion

30

Current contracts


Company: Energoprojekt Industrija

Country: Sudan

Investor: Liliam Pharmaceutical Industries Co.Ltd, Khartoum


Services: „Turn key” contract agreement for elaboration of

technical documents reffered to main design,

construction and furnishing of the pharmaceutical

factory, with all related technical equipment, Phase 1a

Consortium: Energoprojekt Niskogradnja, Hidro-tan Ltd. Belgrade,

Hidrotehnika-hidroenergetika Plc. Belgrade and Geoing

group Ltd. Belgrade

Country: Serbia

Investor: PC Elektroprivreda Srbije Belgrade, branch RB

Kolubara Lazarevac


Services: River regulation works for river Peštan, Phase I, and

construction of road Baroševac-Medoševac-Vreoci

Consortium: Energoprojekt Niskogradnja and Bauwesen Ltd.

Lazarevacy

Country: Serbia

Investor: PC Putevi Srbije Belgrade


Services: Construction of a part of by-pass motorway around city

of Zrenjanin, from km 4+915.11 to km 8+600.84,

including two circle crossroads and bridge construction

over the Begej channel

31

Current contracts


Consortium: Energoprojekt Oprema, Bauwesen Ltd. Lazarevac and

Colas Rail S.A.S. Maisons-Laiffette from France

Country: Serbia

Investor: City of Belgrade – City administration, Secretariat for

utilities and housing services


Services: Reconstruction works on Karadjordjeva Str. and Savski

kej (promenade) near Karadjordjeva St

Consortium: Energoprojekt Niskogradnja, Traffic Institute „CIP” Ltd.

Belgrade and Bauwesen Ltd. Lazarevac

Country: Serbia

Investor: City of Belgrade – City administration, Secretariat for

utilities and housing services and Beoland


Services: Elaboration of Technical documentation and execution

of denivelized crossing of railroad Belgrade-Batajnica-

Šid and Bulevar umetnosti in New Belgrade

Company: Energoprojekt Entel

Country: Serbia

Investor: Shanghai Electric Europa


Services: Consulting services for construction of the new CHP

plant, within Pančevo Oil Rafinery

0

50

100

150

200

250

300

350

400

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 M9 2018 Left forRealiz.

7642

95 10871

12

186

55104 124 99

219

164

130

182 129236

149

152

222 120 61

36

133

Domestic Foreign

32

Current Projects by Company

Signed new contracts and left for realization, in million EUR

The remaining order book by Company, September 30th, 2018


The Remaining

Order Book

Serbia Foreign Total %

in 000 EUR in 000 EUR in 000 EUR of Total

Visokogradnja 77,762 10,910 88,672 25%

Niskogradnja 92,475 7,680 100,155 28%

Oprema 22,092 11,776 33,868 10%

Entel 19,365 83,092 102,457 29%

Hidroinženjering 3,320 5,012 8,332 2%

Industrija 2,105 14,411 16,516 5%

Arhitektura 1,669 26 1,696 0%

Energodata 615 0 615 0%

UKUPNO 219,403 132,907 352,310 100%

The remaining order book by region

000 EUR, September 30th, 2018


219,40362%

39,57611%

93,33127%

Serbia Foreign operations Foreign companies

The value of works done by contractors from the Republic of Serbia for the period January

– June 2018. increased by 16.2% in comparison to the same period of 2017. Observed by

type of constructions, the value of works done on buildings decreased by 6.1%, while on

other constructions have rose by 31.6%. Observed by the location where the works were

done, the value of works done on the territory of the Republic of Serbia went up by 26.9

percent, while the value of works carried out abroad have fallen by 56.8% in the same

period of time.

The value of new contracts with contractors from the Republic of Serbia have increased by

27.5% in the first six months of 2018., Y-o-Y.

The total number of issued building permits for the period January – June 2018.

increased by 9.9%, Y-o-Y. Observed by type of constructions, the number of permits issued

for buildings increased by 10.6%, while the number of permits issued for other

constructions increased for a smaller percentage, 7.8%.

In the 2018., compared to the 2017., the number of issued building permits for

dwellings increased by 39.2%, while useful area of dwellings went up by 40%.

For this period of time, number of workers on construction sites have increased by 0.2%,

while hours worked on construction sites have rose by 0.7%, Y-o-Y.

Sector - brief info


Source: Statistical Office of the Republic of Serbia

34

Content


o Company Profile 3





Company Shares 35


0

30,000

60,000

90,000

120,000

150,000

180,000

210,000

240,000

0

200

400

600

800

1,000

1,200

1,400

1,600

04/01/16 04/01/17 04/01/18

Trading Volume (# of shares) - rhs Closing Price (RSD)

0

20

40

60

80

100

120

140

160

04/01/16 04/01/17 04/01/18

BelexLine Belex15

35

Comparison of stock prices of

Energoprojekt Holding and Belex

indices, 2016 – October 2018

Movements in line with Serbian Equity Market

Key stock trading data* (as of October 31st, 2018)

MCAP (€ m): 62.92

MCAP/Sales: * 0.28

MCAP/Equity: 0.39

MCAP/Net profit: * 65.60

ROE: * 0.58%

Trading volume share (01/01-10/31/2018): 0.76%

Daily volumes and closing prices of

Energoprojekt Holding stocks on the

BSE: 2016 – October 2018


Ind

ex (

Jan

4,2016

=100)

Share price (RSD): 681

YTD Change -31.90%

52 Wk high (RSD): 1,219

52 Wk low (RSD): 651

Number of shares: 10,931,292

Beta (Belex15) 1.01

375,172

* Trading data are based on consolidated reports from 2017.Source: Belgrade Stock Exchange, Bloomberg, Energoprojekt

52.24%

33.58%

14.18%

Napred razvoj a.d. Novi BeogradMontinvest properties d.o.o.Jopag AGBojovic DobroslavNapred a.d. Beograd

Republic of Serbia Other

36

Energoprojekt Shareholder Structure, Prime ListingPrime Market - Ranking by MCAP

(as of October 31st, 2018)

Member of: SRX, STOXX Eastern Europe TMI Index,

STOXX Balkan TMI, STOXX Sub Balkan TMI, STOXX

Sub Balkan 30, STOXX Balkan 50 Equal Weighted

Index, Dow Jones FEAS Composite Index, Dow Jones

FEAS South East Europe Index

Listed on the Prime Market on the Belgrade Stock

Exchange

Ownership is almost equally divided between the State,

the institutional investors, and the individuals

Free-float is around 14%

Share of individual investors is around 7%

Note: Members of the Supervisory Board, CEO & Executive Directors of the

Holding, and CEOs of subsidiaries have a total share of 1%.


Rank CompanyMCAP 2018

EUR m Price Change

1 NIS a.d. Novi Sad 944.01 -5.39%

2 Aerodrom Nikola Tesla a.d. Beograd 497.03 12.23%

3 Energoprojekt holding a.d. Beograd 62.92 -31.90%

Rank CompanyTurnover EUR m Price Change

2017 2018 2017 2018

1 Aerodrom Nikola Tesla a.d. Beograd 6.97 5.97 29.41% 12.23%

2 NIS a.d. Novi Sad 8.74 6.39 -2.16% -5.39%

3 Energoprojekt holding a.d. Beograd 16.38 0.52 -30.12% -31.90%

Source: Belgrade Stock Exchange, Central Securities Depository and Clearing House

Ownership structure (as of October 31st, 2018)

Prime Market - Ranking by Turnover

(as of October 31st, 2018)

Company Company Logo Country of origin P/E P/S P/BV EV/S EV/EBIT EV/EBITDA

Energoprojekt 65.60 0.28 0.39 0.55 54.20 13.85

Budimex SA 8.84 0.44 4.77 0.28 4.22 3.83

Mostostal 0.05 0.48 0.26

PBG SA 0.04 0.56

Enka 13.99 2.23 0.85 1.75 7.11 6.07

Abengoa SA 2.78 48.85

Hochtief AG 18.36 0.37 12.20 0.55 16.16 10.98

Ferrovial SA 103.20 1.06 2.43 1.51 68.12

Eiffage SA 14.13 0.52 1.92 1.33 12.28 8.37

Dalekovod 0.12 1.03 0.64 52.19 14.26

Strabag SE 9.41 0.22 0.98 0.19 6.46 3.35

GEK Terna 10.70 0.36 0.91 1.60 12.62 8.19

Ingra 1.04 0.48 11.70

Median: 13.99 0.37 1.00 0.98 12.62 8.19

ENHL / Median 469% 77% 39% 55% 430% 169%

ENHL Growth Potential -79% +30% +155% +80% -77% -41%

37

Comparative ratio analysis

Trading multiples of construction companies in the Europe as of October 31st, 2018


Source: Bloomberg, Energoprojekt

Brief review of the first nine months of 2018. Good business results: In the first nine months of 2018., Energoprojekt recorded consolidated

revenues of EUR 153 million, EBT of cca EUR 5.5 million and has signed new contracts in the

amount of EUR 135.2 million.

Improved efficiency: In this period Energoprojekt placed an emphasis on business process

improvement and establishment of appropriate business procedures.

Largest on going contracts are: construction of Highway E 763, Lajkovac - Ljig section (24

km in length); consultancy services for Qatar Power Transmission System Expansion - Phase

11, 12 and 13; reconstruction of the road Mpigi - Kanoni in the central part of Uganda (64 km in

length); construction works at Chinese Cultural Center in Belgrade, at No.3 Tresnjin cvet St.;

consulting services contract for construction of the new CHP plant, within Pančevo Oil Rafinery;

subcontactor agreement for electromechanical works on ”Ada Mall” in Belgrade; rehabilitation

and reconstruction of a road section Puerto Bermudes - Ciudad Constitucion in Peru;

construction of tramway on the bridge over Ada; Kolubara – a new coal depot, package C2

Infrastructure; detailed design development, technical assistance and supervision on the

construction of several dams in Algeria; designing and a part of construction works within the

PPP agreement at dump site in Vinča; construction of business premises ”Navigator Business

Center 2” in Belgrade; construction of residential and business facility „Park 11” in Block 11a in

New Belgrade; „Turn key” contract agreement for elaboration of technical documents reffered to

main design, construction and furnishing of the pharmaceutical factory, with all related technical

equipment, Phase 1a; reconstruction works on Karadjordjeva Str. and Savski kej (promenade)

near Karadjordjeva St; construction of a part of by-pass motorway around city of Zrenjanin, from

km 4+915.11 to km 8+600.84, including two circle crossroads and bridge construction over the

Begej channel.



39

Content


o Company Profile 3





o Company Shares 35

Four-year business policy program 40

Revenue and profit trends forecast

Planned revenue growth trend: In 2018, Energoprojekt has planned to achieve

consolidated revenues in the amount of EUR 303.5 million. In the period from 2018. to

2020. is expected that consolidated revenues of Energoprojekt increase at an average

annual rate of 2% to 3%.

Projected growth in EBT: In 2018, Energoprojekt has planned to realize consolidated

EBT of EUR 10.1 million. In the period from 2018. to 2020. it is expected a slightly higher

growth of consolidated EBT in relation to the growth of consolidated revenues. It is

expected that the average annual rate of growth of consolidated EBT of Energoprojekt, for

the period from 2018. to 2020., will be in the range from 4% to 6%.

40




www.energoprojekt.rs

http://www.energoprojekt.rs/

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