6/8/14

Mytilineos - METKA first glimpse (Manos Chatzidakis)





Mytilineos
Results H1 2014
Estimates H1'14
In thous. euro
2013
2014
Δ
 H1 14 E
Δ (Est)
Sales
730,799 
656,405 
-10.2% 
650,000
1.0%
Q2
371,755 
311,825 
-16.1% 
305,420
2.1%
EBITDA
93,869 
120,579 
28.5% 
118,000
2.2%
(% Sales)
12.84% 
18.37% 
+552 bps 
18.15%
+22 bps
Q2
44,514 
53,328 
19.8% 
50,749
5.1%
(% Sales)
11.97% 
17.10% 
+513 bps 
16.62%
+49 bps
Net Income
12,537 
23,366 
86.4% 
24,000
-2.6%
(% Sales)
1.72% 
3.56% 
+184 bps 
3.69%
-13 bps
Q2
1,909 
8,156 
327.2% 
8,790
-7.2%
(% Sales)
0.51% 
2.62% 
+210 bps 
2.88%
-26 bps

 

METKA
Results H1 2014
Estimates H1'14
In thous. euro
2013
2014
Δ
 H1 14 E
Δ (Est)
Sales
289,930 
361,867 
24.8% 
360,000
0.5%
Q2
155,937 
172,807 
10.8% 
170,940
1.1%
EBITDA
45,287 
57,645 
27.3% 
58,000
-0.6%
(% Sales)
15.62% 
15.93% 
+31 bps 
16.11%
-18 bps
Q2
22,346 
24,925 
11.5% 
25,280
-1.4%
(% Sales)
14.33% 
14.42% 
+9 bps 
14.79%
-37 bps
Net Income
46,401 
54,496 
17.4% 
49,000
11.2%
(% Sales)
16.00% 
15.06% 
-94 bps 
13.61%
+145 bps
Q2
30,303 
29,056 
-4.1% 
23,560
23.3%
(% Sales)
19.43% 
16.81% 
-262 bps 
13.78%
+303 bps

The Group announced a good set of results in line with our estimates on strong METKA results and Aluminium business turn around . METKA coming stronger bottom line figure on lower tax rates and  financial income. H1 Results Highlights:

Mytilineos

§  Energy Segment in Q2 is down by 71% in Sales, EBITDA -44% and -64% in Net earnings.
§  Metallurgy posted marginal positive bottom line after six consecutive negative quarters. Sales in Q2 posted a marginal decline by 3.4% while EBITDA is up by 280% (€14.9m) incorporating “Mellon” cost cutting effects.
§  On Group level EBITDA margin remained at a healthy 17.2% (FY2013 15.6%).
§  Net debt at the end of Q2 stood at 345.9 vs 437 in Q1 and 509.7 at the end of 2013

METKA
§  Syria contribution in H1 is at €148.6m, Backlog stands at €1,308m.
§  METKA’s net cash position reached €285mn (47% of Market cap)
§  Management retains positive outlook for H2 2014 seeking new EPC projects also focusing in domestic market.

Overall a very positive quarter for the Mytilineos group and METKA with major improvements in B/S liquidity and deleveraging. Conference Call is scheduled today at 17:45 GR time.


§  Greek participants +30 211180 2000
§  UK participants + 44 (0) 800 3681063
§  US participants + 1 866 288 9315




Manos Chatzidakis
Head of research
Beta Securities S.A.
29 Alexandras Ave.
GR - 11473
Athens, Greece

0 σχόλια:

Δημοσίευση σχολίου

Ο σχολιασμός επιτρέπεται μόνο σε εγγεγραμμένους χρήστες

About Me