78
79
Annual Financial Statements
3.10 Significant information
On 31/12/2014 the transitional Capacity Assurance mechanism expired. A new Flexibility Remuneration 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 authorities. 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 reduced 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, installation, 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 generators’ 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.
METKA
KORINTHOS POWER
M & M
(Amounts in thousands
€
)
2015
2014
2015
2014
2015
2014
Non-current assets
271,013
131,521
284,856
275,606
26
11
Current assets
829,634
750,062
39,266
54,861
3,246
1,710
Total assets
1,100,647 881,584
324,122 330,467
3,272
1,721
Non-current liabilities
88,934
61,027
142,335
147,153
31
25
Current liabilities
460,698
312,766
70,960
53,609
1,274
561
Total liabilities
549,633 373,793
213,295 200,763
1,304
586
Equity attibutable to owners of the parent
337,310
315,414
72,038
84,308
984
567
Non-controlling interests
213,704
192,377
38,790
45,396
984
567
(Amounts in thousands
€
)
2015
2014
2015
2014
2015
2014
Sales
668,016
609,271
48,111
64,865
8,600
802
Profit of the year attributable to owners of the parent
34,924
45,183
(12,453)
6,313
415.98
4
Profit for the year attibutable to NCI
34,324
45,136
(6,706)
3,400
415.98
4
Profit for the year
69,248
90,319
(19,159)
9,713
832
9
Other comprehensive income for the year
(38)
(104)
282
(1,873)
1
(4)
Total comprehensive income for the year attributable to
owners of the parent
34,905
45,079
(12,270)
5,096
416.69
2
Total comprehensive income for the year attributable to NCI
34,305
45,136
(6,607)
2,744
415.98
2
Total comprehensive income for the year
69,210
90,215
(18,877)
7,840
833
5
(Amounts in thousands
€
)
2015
2014
2015
2014
2015
2014
Net cash from operating activities
(100,089)
165,504
4,552
7,467
746
(87)
Net cash used in investins activities
5,632
1,204
(239)
(362)
5
1
Net cash from financing activities
(39,453)
(20,972)
(10,633)
(7,507)
-
-
Net (decrease)/increase in cash and cash equivalents (133,910) 145,736
(6,320)
(402)
751
(86)
During the years 2015 and 2014 dividends were paid by the Group’s subsidiary METKA SA.
The summarized financial statements of the Group’s subsidiary companies before intragroup eliminations
• Construction of Patriot complexes for the government of QATAR
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 Electron-
ics 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.
On 24/7/2015 METKA signed the sixth contract for the construction of
Patriot anti-ballistic missile defense systems for Raytheon Company,
destined for the government of Saudi Arabia. The contractor is IN-
TRACOM Defense Electronics through an agreement with Raytheon
Company/IDS (Integrated Defense Systems) and the project is the
construction and delivery of 42 semi-trailers and 36 launcher plat-
forms. The total contractual value is $ 37,9 million and final deliveries
are anticipated in 2018.
• Construction and maintenance of the electricity networks in the
areas of Ioannina-Kefalonia-Komotini & Florina
On 09/06/2015 METKA undertook from the Hellenic Electricity Net-
work Administrator S.A. the construction and maintenance of the net-
work in the areas of Ioannina-Kefalonia-Komotini & Florina, starting
on 01/07/2015 and for three years with a total contractual budget of
€
13,6 million.
• Commercial operation of the power station in Zarka, Jordan
The commercial operation of a combined-cycle 143 ΜW power sta-
tion in Zarka, Jordan, on behalf of Samra Electric Power Co. (SEPCO)
started within June 2015. The project is the engineering, procurement,
construction, and commissioning of a 143 MW power station as an
extension to the existing power plant, adding an ALSTOM open-cycle
unit to the already operating open-cycle facilities. The project’s budget
is $ 143 million and 11 million JOD. The commercial operation is ex-
pected to be completed at the end of 2015.
• First major project for METKA in Sub-Saharan Africa, in Ghana
In September, METKA’s 100% subsidiary, Power Projects Sanayi
İ
n
ş
aat Ticaret Limited
Ş
irketi (Power Projects Limited) had signed a
major contract to provide a fast-track EPC as well as Operation and
Maintenance support for a 250MW Power Plant in Ghana. The project
is a 5-year Build, Own, Operate and Transfer (BOOT). The contract
was signed with the Government of Ghana and METKA’s partners in
the deal, Ameri Energy.
The project consists of ten new General Electric TM2500+ mobile gas
turbines together with METKA’s well-proven modular balance of plant
concept, already successfully implemented for forty similar fast-track
units internationally. By the award of this new contract METKA adds
its share in this deal, which exceeds $360mio, in its current backlog.
•
Foundation of new subsidiary METKA EGN and new Solar Power
EPC Contracts
In October, METKA S.A. announced the establishment of the new af-
filiated company METKA EGN, as a result of the joint venture with
EGNATIA Group. METKA holds 50,1% of the joint venture and the fi-
nancial results of METKA-EGN will be fully consolidated for 2015. By
the end of the reporting period, METKA EGN, has signed contracts for
turn-key engineering, procurement and construction (EPC) and opera-
tions and maintenance (O&M) for seven solar photovoltaic (PV) power
plants with a total capacity exceeding 116MW and contract value of
approximately of Euro 112 million. The largest of the contracts is with
Oriana Energy, LLC, a subsidiary of the Sonnedix Group for a large
scale 57MW project in Puerto Rico. Furthermore,
six contracts have been signed for projects in the
United Kingdom with leading investors – including
Lightsource and Moser Baer, and Canadian Solar
which is a new client for METKA EGN.
•
Construction and commissioning of an Open-
Type High-Voltage Substation (AIS) 220/60,
2x120MVA
.
On 29/10/2015 METKA signed a new contract with
SPA, Société Algérienne de Gestion du Réseau de
Transport de l’Electricité GRTE (GRTE Spa, mem-
ber of the Sonelgaz Group, the biggest supplier of
electric power in Algeria) in a joint venture with its
subsidiary POWER PROJECTS, for the engineering,
procurement, construction and commissioning of
an open-type High-Voltage Substation AIS 220/60,
2x120MVA at site conditions. It is the first High-Volt-
age Substation and the sixth project of METKA in
Algeria, and highlights the company’s commitment
towards establishing a strong presence in regional
fast growing markets. The total budget for METKA
S.A. is
€
14.4 plus DZD 571.6 million (total approx.
€
19.7 million) and the time schedule is 24 months.
•
Boiler upgrade in Units I and II of SES Agios
Dimitrios for NOx emission reduction with prima-
ry measures and conformity to the requirements
of the European Directive 2010/75/EC
On 23/11/2015 METKA signed a new contract with
the Public Electricity Company S.A. for the design
and engineering, industrialization, tests on site, pro-
curement, transportation and storage of the equip-
ment at the project’s facilities, the erection, con-
struction, assembly, installation, tests on site and
commissioning of the Boilers further to the upgrade
with primary measures (Boilers incorporating the
new equipment and modified existing equipment)
for NOx emission reduction at Units I and II of SES
Agios Dimitrios. The total contract budget for MET-
KA S.A. is
€
13.75 million and the time schedule 22
months including the final Performance Tests.
3.11 Financial instruments
Financial instrument is any contract that creates a fi-
nancial asset in an enterprise and a financial liability
or Equity instrument in another.
The financial instruments of the Group are classified
in the following categories according to the sub-
stance of the contract and the purpose for which
they were purchased.
i) Financial instruments valued at fair value
through the income statement
These comprise assets that satisfy any of the follow-
ing conditions:
-
Financial assets that are held for trading purpos-
es (including derivatives, except those that are des-
ignated and effective hedging instruments, those
that are acquired or incurred for the purpose of sale
or repurchase and, finally, those that are part of a
portfolio of designated financial instruments).
