22
23
Annual Board of Directors Management Report
B. EBITDA
C. Net Profit after minorities
The Group’s policy is to monitor its performance on a month to month
basis thus tracking on time and effectively the deviations from its goals
and undertaking necessary actions. The group evaluates its financial
performance using the following generally accepted Key Performance
Indicators (KPI’s).
- EBITDA (Operating Earnings Before Interest, Taxes, Depre-
ciation & Amortization):
The Group defines the «Group EBITDA»
quantity as profits/losses before tax, itemized for financial and invest-
ment results; for total depreciation (of tangible and intangible fixed
assets) as well as for the influence of specific factors, i.e. shares in
the operational results of liaised bodies where these are engaged in
business in any of the business sectors of the Group, as well as the
influence of write-offs made in transactions with the above mentioned
liaised bodies.
- ROCE (Return on Capital Employed):
This index is derived by
dividing profit before tax and financial results to the total capital em-
ployed by the Group, these being the sum of the Net Position; the
sum of loans; and long - term forecasts.
- ROE (Return on Equity):
This index is derived by dividing profit
after tax by the Group’s Net Position.
- EVA (Economic Value Added):
This metric is derived by multiply-
ing the total capital employed with the difference (ROCE – Capital
Expenditure) and constitutes the amount by which the financial value
if the company increases. To calculate the capital expenditure, the
Group uses the WACC formula – « Weighted Cost of Capital».
The above indicators for 2015 compared to 2014 are as follows:
ΙΙ. Significant information
During the reporting period, the Group proceed to
the following:
On 31/12/2014 the transitional Capacity Assurance
mechanism expired. A new Flexibility Remunera-
tion Mechanism, was expected to come into force
from 1/1/2015.However and despite the fact that the
public consultation process had been completed
from January 2015, the final information required
by the DG Competition of the EU were sent with a
significant delay (September 2015) by the Greek au-
thorities. Said delay had as result the lapse of time
required to set the new mechanism in force for the
year 2015.Consequently, the result of operations of
Mytilineos Group for the reported year 2015, are re-
duced by the amount of 46mio
€
.
METKA’s New projects and Commercial operation
of a combined-cycle power station
•
Procurement, installation, commissioning and
delivery of 2 new gas-turbine units of 13MW for the
Paros and Mykonos power stations
On 09/06/2015 METKA signed a contract with the
Public Electricity Company for the procurement, in-
stallation, commissioning and “turn-key” delivery of
2 new gas-turbine, open-cycle TURBOMACH TITAN
130 units, with a power of 13.060 kW at the genera-
tors’ terminals, in ISO conditions and light-oil fueled
(LFO), for the Paros and Mykonos power units. The
contractual value is
€
16,5 million and the project
shall be realized with a fast-track process.
•
Construction of Patriot complexes for the gov-
ernments of QATAR and SAUDI ARABIA
The fifth contract for the construction of Patriot PAC-
3 complexes for Raytheon Company, destined for
the government of Qatar, was signed on 16/6/2015.
The contractor is INTRACOM Defense Electronics
through an agreement with Raytheon Company/IDS
(Integrated Defense Systems) and the project is the
construction and delivery of 44 semi-trailers and 34
launcher platforms. The total contractual value is $
38,6 million and final deliveries are anticipated in
2018.
EBITDA & EVA in thousands
€
In particular, the effect to the Group’s turnover as well as operational and net profitability during 2015 compared to the previous fiscal year
are the following:
A.SALES
2015
2014
EBITDA
234,373
253,943
ROCE
17.09%
17.30%
ROE
3.96%
5.59%
EVA
164,810
132,294
Amounts in mil.
€
Variance Analysis
Turnover 2014
1,232.60
Effect from:
Organic $/
€
eff.
72.3
Volumesw
34.7
Premia & Prices
-18.5
LME
-23.7
Energy
19.6
Zn-Pb discontinued operation
3.7
EPC
48.3
LNG Trading
13.9
Turnover 2015
1,382.90
Amounts in mil.
€
Variance Analysis
EBITDA 2014*
253.9
Effect from:
Organic $/
€
eff.
64.4
Fuel Oil + NG + Steam
-0.3
LNG
1.1
Volumes
-1.3
Premia & Prices
-20.3
Opex & R/M
-11.7
LME
-24.1
EPC
12.5
Electricity
3.1
Other
3.9
Energy Sector
-52
Zn-Pb discontinued operation
5.1
EBITDA 2015
234.4
Amounts in mil.
€
Variance Analysis
Net Profit after Minorities 2014
64.9
Effect from:
Operating Results (EBIT)
-23.4
Net Financials
-4.6
Share in Associates Results
0.4
Minorities
20.4
Discontinued Operations
-4.5
Taxes
-5.7
Net Profit after Minorities 2015
47.5
