4/8/14

Mytilineos - METKA (Results 2Q/H1 2014)

Manos Chatzidakis

1:55 μ.μ. (Πριν από 30 λεπτά)




Mytilineos (Results 2Q/H1 2014):  Mytilineos is expected to announce its Q2/H1 on 6 August before market opens. We expect a sequential improvement in EBITDA and Net Earnings on strong METKA performance, flat Energy sector results while Metallurgy (Aluminium) is starting to gain momentum. Despite the reduction in domestic energy demand and the regulatory changes in ADMIE formula  energy sector is expected to post zero growth rates y-o-y in bottom line (Η1:€12mn) due to capacity payments increases (79K/ΜW vs 44K/MW) effective from January 1st. We expect Metallurgy to post EBITDA €10mn and marginal losses. On the Group level we expect H1 sales to land at €650mn (-12%), EBITDA will reach €118mn (+26%) and net earnings at €24mn (+91%) on lower financials. Focus on the CC will be on deleveraging, developments in Energy market, small PPC and Aluminium spot prices.

METKA (Results 2Q/H1 2014):  METKA will announce its Q2/H1 2014 results on 6 August before the opening of the market. We look for a strong Q2 in terms of EBITDA and net profits as the company accelerates the execution of EPC projects across all regions. In Q2 METKA should post 10% increase in Sales, 13% in EBITDA and -22% on Net earnings due to 12.5mn deferred tax booked 2Q:2013. Adjusting for DT we see net earnings up by 30%. We point out that since Q1 no new EPC projects were added reducing our estimated backlog to 1.3bn at the end of Q2. On the positive side we expect resilient operating margins helped by lower tax rate and rich cash position (Q1: 204m). Focus on the conference call (same day 17:45 GR time) will be on future projects award, participation in regional airports tender and business outlook in Syria. 

Conference call details:
¡  Greek participants +30 211180 2000
¡  UK participants + 44 (0) 800 3681063
¡  US participants + 1 866 288 9315

Mytilineos
Results H1 2014 (Estimates)
In thous. euro
2013
2014
Δ
Sales
730,799 
650,000 
-11.1% 
Q2
371,755 
305,420 
-17.8% 
EBITDA
93,869 
118,000 
25.7% 
(% Sales)
12.84% 
18.15% 
+531 bps 
Q2
44,514 
50,749 
14.0% 
(% Sales)
11.97% 
16.62% 
+464 bps 
Net Income
12,537 
24,000 
91.4% 
(% Sales)
1.72% 
3.69% 
+198 bps 
Q2
1,909 
8,790 
360.5% 
(% Sales)
0.51% 
2.88% 
+236 bps 


METKA
Results H1 2014 (Estimates)
In thous. euro
2013
2014
Δ
Sales
289,930 
360,000 
24.2% 
Q2
155,937 
170,940 
9.6% 
EBITDA
45,287 
58,000 
28.1% 
(% Sales)
15.62% 
16.11% 
+49 bps 
Q2
22,346 
25,280 
13.1% 
(% Sales)
14.33% 
14.79% 
+46 bps 
Net Income
46,401 
49,000 
5.6% 
(% Sales)
16.00% 
13.61% 
-239 bps 
Q2
30,303 
23,560 
-22.3% 
(% Sales)
19.43% 
13.78% 
-565 bps 

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