135
134
Annual Financial Statements
4.32 Capital Management
The primary objective of the Group’s capital management is to ensure the continuous smooth operation of its business
activities and the achievement of its growth plans combined with an acceptable credit rating. For the purpose of capital
management, the Group monitors the ratios “Net Debt to EBITDA” and “Net Debt to Equity”. As net debt, the Group
defines interest bearing borrowings minus cash and cash equivalents. The ratios are managed in such a way in order
to ensure the Group a credit rating compatible with its strategic growth.
The table below presents ratio results for the years December 31, 2014 and 2013 respectively:
MYTILINEOS GROUP
2014
2013
(Amounts in thousands
€
)
Long-term debt
524,023
435,115
Short-term debt
120,748
91,643
Current portion of non-current liabilities
42,090
164,668
Cash and cash equivalents
(313,428)
(181,770)
Group Net debt
373,434
509,656
Oper.Earnings before income tax, financial results, depreciation and amortization
253,943
225,305
EQUITY
1,161,226
1,090,347
Group Net debt / Oper.Earnings before income tax, financial results, depreciation and
amortization
1.47
2.20
Group Net debt / EQUITY
0.32
0.46
The Company does not manage its capital on Company level but only
on a Group level.
The Group, because of bank loans, has the obligations as the ratio of
net debt to equity is less than one.
4.33 Dividend Proposed and Payable
The BOD will not propose to the General Assembly of the Sharehold-
ers (GA) the distribution of dividend. However, the BOD will propose
with a special report, to the GA a Share capital return for a total amount
that corresponds to 0,10
€
/ share.
4.34 Number of employees
The number of employees at 31/12/2014
amounts to 1.807 for the Group and to 73
for the Entity. Accordingly, at 31/12/2013,
the number of employees amounted to
1.756 and 60.
4.35 Related Party transactions
The above mentioned related party transactions are on a pure commercial basis. The Group or any of its related
parties has not entered in any transactions that were not in an arm’s length basis, and do not intent to participate
in such transactions in the future. No transaction from the above mentioned had any special terms and there were
no guarantees given or received.
MYTILINEOS GROUP
MYTILINEOS S.A.
(Amounts in thousands
€
)
31/12/2014 31/12/2013
31/12/2014 31/12/2013
Stock Sales
Subsidiaries
-
-
14,410
16,919
Total
-
-
14,410
16,919
Stock Purchases
Subsidiaries
-
-
14,386
16,889
Total
-
-
14,410
16,919
Services Sales
Subsidiaries
-
-
23,406
12,380
Total
-
-
23,406
12,380
Services Purchases
Subsidiaries
-
-
8,504
6,653
Management remuneration and fringes
15,286
13,756
2,952
2,963
Total
15,286
13,756
11,456
9,616
MYTILINEOS GROUP
MYTILINEOS S.A.
31/12/2014 31/12/2013
31/12/2014 31/12/2013
Loans given to Related Parties
Subsidiaries
-
-
-
-
Total
-
-
-
-
Loans received from Related Parties
Subsidiaries
-
-
158,541
157,277
Total
-
-
158,541
157,277
Balance from sales of stock/services receivable
Subsidiaries
-
-
14,152
552
Management remuneration and fringes
-
-
-
-
Total
-
-
14,152
552
Guarantees granted to related parties
Subsidiaries
-
-
1,107,881
1,327,473
Total
-
-
1,107,881
1,327,473
Balance from sales/purchases of stock/services payable
Subsidiaries
-
-
8,791
6,100
Management remuneration and fringes
-
-
64
49
Total
-
-
8,855
6,149
