Post on 18-May-2020
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
Design, Consulting, Engineering & Construction Leader in SEE
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
Design, Consulting, Engineering & Construction Leader in SEE
Source: Energoprojekt
5
Energy, Environment and WaterFocus on design and consulting
Building and Infrastructure ConstructionFocus on construction and engineering
Design, Consulting, Engineering & Construction Leader in SEE
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
Source: Energoprojekt
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
Design, Consulting, Engineering & Construction Leader in SEE
Source: Energoprojekt
7
Content
Design, Consulting, Engineering & Construction Leader in SEE
o Company Profile 3
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
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
Design, Consulting, Engineering & Construction Leader in SEE
Source: Energoprojekt
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.
Design, Consulting, Engineering & Construction Leader in SEE
Source: Energoprojekt
10
Content
Design, Consulting, Engineering & Construction Leader in SEE
o Company Profile 3
o Energoprojekt Key Markets 8
Corporate Structure 11
o Operating Results - Key Financials 16
o Current Projects 25
o Company Shares 35
o Four-year business policy program 40
Corporate Structure
11Design, Consulting, Engineering & Construction Leader in SEE
Source: Energoprojekt
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
Design, Consulting, Engineering & Construction Leader in SEE
Source: Energoprojekt
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
Design, Consulting, Engineering & Construction Leader in SEE
Source: Energoprojekt
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
Design, Consulting, Engineering & Construction Leader in SEE
Source: Energoprojekt
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
Design, Consulting, Engineering & Construction Leader in SEE
o Company Profile 3
o Energoprojekt Key Markets 8
o Corporate Structure 11
Operating Results - Key Financials 16
o Current Projects 25
o Company Shares 35
o Four-year business policy program 40
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
Design, Consulting, Engineering & Construction Leader in SEE
* 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
Design, Consulting, Engineering & Construction Leader in SEE
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
Design, Consulting, Engineering & Construction Leader in SEE
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
Key Financials of Energoprojekt, September 30th, 2018
Design, Consulting, Engineering & Construction Leader in SEE
Revenues by subsidiary companies in 000 EUR, plan and realization
- 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
Key Financials of Energoprojekt, September 30th, 2018
Design, Consulting, Engineering & Construction Leader in SEE
Revenues by subsidiary companies in 000 EUR, plan and realization
- 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
Key Financials of Energoprojekt, September 30th, 2018
Design, Consulting, Engineering & Construction Leader in SEE
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%
Design, Consulting, Engineering & Construction Leader in SEE
Source: Energoprojekt
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
Design, Consulting, Engineering & Construction Leader in SEE
Source: Energoprojekt
24
Content
Design, Consulting, Engineering & Construction Leader in SEE
o Company Profile 3
o Energoprojekt Key Markets 8
o Corporate Structure 11
o Operating Results - Key Financials 16
Current Projects 25
o Company Shares 35
o Four-year business policy program 40
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
Design, Consulting, Engineering & Construction Leader in SEE
Source: Energoprojekt
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
Design, Consulting, Engineering & Construction Leader in SEE
27
Current contracts
Design, Consulting, Engineering & Construction Leader in SEE
Company: Energoprojekt Hidroinženjering
Country: Algeria
Investor: National Agency for dams and transfers
Construction period: The project delivery deadline is 46 months
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
Construction period: The project delivery deadline is 36 months
Services: Contract for Engineering Consultancy Services for
Qatar Power Transmission System Expansion, Phase
11, 12 and 13
28
Current contracts
Design, Consulting, Engineering & Construction Leader in SEE
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
Construction period: The project delivery deadline is 37 months
Services: Construction subcontract for Highway E 763, Lajkovac -
Ljig section (24 km in length)
Company: Energoprojekt Niskogradnja
Country: Uganda
Investor: Uganda National Roads Authority
Construction period: The project delivery deadline is 36 months
Services: Reconstruction of the road Mpigi - Kanoni in the central
part of Uganda. Length of the section is 64 km.
Company: Energoprojekt Niskogradnja
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
Design, Consulting, Engineering & Construction Leader in SEE
Consortium: Energoprojekt Oprema and Planum plc
Country: Serbia
Investor: ”Elektroprivreda Srbije” Belgrade
Construction period: The project delivery deadline is 18 months
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
Construction period: The project delivery deadline is 24 months
Services: Rehabilitation and reconstruction of a road section
Puerto Bermudes - Ciudad Constitucion
30
Current contracts
Design, Consulting, Engineering & Construction Leader in SEE
Company: Energoprojekt Industrija
Country: Sudan
Investor: Liliam Pharmaceutical Industries Co.Ltd, Khartoum
Construction period: The project delivery deadline is 30 months
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
Construction period: The project delivery deadline is 15 months
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
Construction period: The project delivery deadline is 320 days
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
Design, Consulting, Engineering & Construction Leader in SEE
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
Construction period: The project delivery deadline is 425 days
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
Construction period: The project delivery deadline is 480 days
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
Construction period: The project delivery deadline is 48 months
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
Design, Consulting, Engineering & Construction Leader in SEE
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
Source: Energoprojekt
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
33Design, Consulting, Engineering & Construction Leader in SEE
Source: Statistical Office of the Republic of Serbia
34
Content
Design, Consulting, Engineering & Construction Leader in SEE
o Company Profile 3
o Energoprojekt Key Markets 8
o Corporate Structure 11
o Operating Results - Key Financials 16
o Current Projects 25
Company Shares 35
o Four-year business policy program 40
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
Design, Consulting, Engineering & Construction Leader in SEE
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%.
Design, Consulting, Engineering & Construction Leader in SEE
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
Design, Consulting, Engineering & Construction Leader in SEE
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.
38Design, Consulting, Engineering & Construction Leader in SEE
Source: Energoprojekt
39
Content
Design, Consulting, Engineering & Construction Leader in SEE
o 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
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
Source: Energoprojekt
Design, Consulting, Engineering & Construction Leader in SEE
41Design, Consulting, Engineering & Construction Leader in SEE
www.energoprojekt.rs