performance of the US Dollar against
the other currencies. During 2015,
ALUMINIUM OF GREECE will carry
out new investments to strengthen
productivity and create new job
openings.
For M&M Gas, the strategic goal
is to become the leading natural
gas trading company in Greece
and to play a central part in this
geographically crucial point in the
flow of natural gas to Europe, thanks
to its international presence. The
delivery of liquefied gas to ELVAL
S.A., a Viochalko Group company,
is indicative of the strategy that M&M
Gas has in place for 2015.
In 2015, Protergia will continue
its activities in the retail electricity
market, with the aim of supplying
electricity to businesses and
households whose number will
match its production capacity, at
competitive prices. In parallel, it will
strengthen its established position in
the sector of international electricity
trading.
regions with distinct particularities, such as the Middle East
and North Africa, and to renew its signed backlog. METKA also
holds an unusual record among Greek companies as well as
among ATHEX-listed ones: this year, it will celebrate 30 years
of uninterrupted dividend payouts. With a signed backlog in
excess of
€
1.3 billion and net borrowing at a record low, METKA
is moving into 2015 fully ready to enter new markets with even
greater energy needs. In 2015, METKA will continue to follow the
dynamic, extrovert growth strategy it has successfully applied
during the previous years, focusing on the construction of large-
scale energy projects and placing particular emphasis on entering
new markets with increased energy needs. In parallel, it will
continue its efforts to expand its portfolio of projects in Greece,
by exploiting the comparative advantages it has gained from
the successful implementation of challenging projects abroad,
and will also invest
€
6 million in new machinery equipment to
strengthen its manufacturing capacity and create new jobs.
MYTILINEOS Group generates significant investment interest
through the activities of its subsidiaries ALUMINIUM OF GREECE,
METKA, Protergia and M&M Gas. According to a recent Citigroup
analysis, the Group’s prospects appear to be strongly positive,
as it benefits from the reduction in natural gas prices and the
stabilisation of demand for electricity, two developments which
could drive EBITDA to
€
66 million in 2015. In its report, Citigroup
also emphasises the Group’s Cash Return, estimating the FCF
yield to shareholders at 14% in 2015, 18% in 2016 and 24%
in 2017, with opportunities for internal restructuring and new
investment in the energy and mining sectors.
ALUMINIUM OF GREECE, the Group’s flagship company in the
heavy industry sector, is expected to be key to the prospects
for growth of the Group as a whole. After two years of extensive
modernisation investments and of reviewing all cost drivers, the
company is expected to contribute to the Group’s growth, also
benefiting from the recovery of aluminium prices and the stronger
MYTILINEOS Group is expanding its business activity sectors aiming
to support the Greek industry economy and society, through the new
business investments of its subsidiaries and through its robust, long-
term and consistent investment work. This work will help the Group’s
further growth in the domestic market and will allow it to consolidate its
position as one of Europe’s leading Heavy Industry Groups in Energy,
Metallurgy and Construction.
As one of the largest EPC contractors in the world, METKA attracts
the interest of foreign investment portfolios. With a strong financial
Annual Repor t 2014
11
10
MYTILINEOS Group at a glance
More than
2,500
employees
Listed on ATHEX
Dominant
independent
energy producer in Greece
1.2 GW
from thermal plants
in full operation
Strong,
competitive
European Heavy
Industry Group in Energy, Metallurgy
and Construction
Turnover - 2014:
€
1,233 million
EBITDA - 2014:
€
253.9 million
Net Profit - 2014:
€
64.9 million
structure in place and with the first moves
to expand abroad having been made
before the crisis in Greece, METKA was
able to boost the Group’s results at a time
when the financial resources of the other
companies were much more constrained
than its own. Besides, analysts across the
board underline METKA’s capacity for cash
flow generation and its ability to secure
new projects, unlocking new markets in
2015: Prospects for Growth
