ΜΥΤΙΛΗΝΑΙΟΣ ΣΧΟΛΙΑ του ΜΑΝΟΥ ΧΑΤΖΗΔΑΚΗ για 9μηνο

Mytilineos announced 9M results earlier broadly in line with market expectations. We point out the following:

·         EBITDA for the first nine months of 2013 also include €29 million of non-recurring income from previous accounting periods, as a result of the Ruling of the Permanent Arbitration Tribunal on the supply of electricity to the Group’s subsidiary ALUMINIUM S.A. by the PPC, with retroactive effect as of 01.07.2010. EBITDA posted for the first nine months of 2012 included a corresponding non-recurring income in the amount of €10 million.Τhe consolidated pre-tax results also include €13.3 million of non-recurring losses due to the writing-off of the Group’s participation in ELVO S.A. Adjusting for one off-s Group results were on the expected range. 

·         EPC Projects Sector was the strongest performer, as the turnover of Group subsidiary METKA for the first nine months of 2013 stood at €405.4 million against €409.2 million in 2012. EBITDA stood at €64.3 million compared to €69.4 million last year, with net profits after tax and minority rights standing at €57.1 million, up 11.9% from €51.0 million for the same period in 2012. Net cash at the end of the period stood at €131m.

·         The Energy Sector made a significant contribution to the Group’s financial results for the first nine months of 2013. In particular, the Sector’s turnover stood at €311.3 million against €339.8 million for the same period in 2012, and now represents 29.6% of the Group’s total turnover. Correspondingly, EBITDA rose to €72.5 million against €44.5 million for the first nine months of 2012, and represent 39.5% of the Group’s EBITDA.

·         Despite the weak international prices for aluminium at the LME, the revaluation of the Euro against the US Dollar, the high energy costs and the extremely strong tax pressures, the Sector’s turnover remained at levels comparable with the first nine months of 2012 and stood at €339.1 million against €376.0 million last year. EBITDA stood at €49.3 million against €7.3 million for the first nine months of 2012.

·         Finally we note that debt reduction for the 9M period is €152m to €573m.