FY2015 IFRS FINANCIAL RESULTS
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1 FY2015 IFRS FINANCIAL RESULTS
2 Disclaimer These preliminary materials and any accompanying oral presentation (together, the Materials ) have been prepared by MYTILINEOS Holdings SA (the Company ) and are intended solely for the information of the Recipient. The Materials are in draft form and the analyses and conclusions contained in the Materials are preliminary in nature and subject to further investigation and analysis. The Materials are not intended to provide any definitive advice or opinion of any kind and the Materials should not be relied on for any purpose. The Materials may not be reproduced, in whole or in part, nor summarised, excerpted from, quoted or otherwise publicly referred to, nor discussed with or disclosed to anyone else without the prior written consent of the Company. The Company has not verified any of the information provided to it for the purpose of preparing the Materials and no representation or warranty, express or implied, is made and no responsibility is or will be accepted by the Company as to or in relation to the accuracy, reliability or completeness of any such information. The conclusions contained in the Materials constitute the Company s preliminary views as of thedateof thematerials and arebased solelyon theinformation received by it up to thedatehereof. The information included in this document may be subject to change and the Company has no obligation to update any information given in this report. The Recipient will be solely responsible for conducting its own assessment of the information set out in the Materials and for the underlying business decision to effect any transaction recommended by, or arising out of, the Materials. The Company has not had made an independent evaluation or appraisal of the shares, assets or liabilities (contingent or otherwise) of the Company. All projections and forecasts in the Materials are preliminary illustrative exercises using the assumptions described herein, which assumptions may or may not prove to be correct. The actual outcome may be materially affected by changes in economic and other circumstances which cannot be foreseen. No representation or warranty is made that any estimate contained herein will be achieved. 2
3 AGENDA FY2015 Results Highlights Summary Financial Results Business Units Performance Q&A 3 3
4 9M 2012 RESULTS HIGHLIGHTS 9M 2012 RESULTS HIGHLIGHTS FY2015 RESULTS HIGHLIGHTS MYTILINEOS GROUP Turnover: 1,382.9 m. Vs 1,232.6 m. Last Year. EBITDA: m. Vs m Last Year. Earnings after Tax & Minorities: 47.6 m Vs 64.9 m Last Year. Net Debt: 527 m. as of 31/12/2015. Equity: 1,230 m. METKA Turnover: m Vs m Last Year. EBITDA: m Vs m Last Year. Earnings after Tax & Minorities: 68.9 m Vs 90.2 m Last Year. Backlog as of 31/12/2015: 1.2 bn. Net Cash Position: 150 m. as of 31/12/
5 FY2015 RESULTS HIGHLIGHTS Group Solid overall FY2015 performance driven by the Metallurgy sector and intensifying activity abroad. Solid 4 rd quarter across all three activities driven by cost cutting program of AoG, successful execution of the recently signed contract in Ghana by METKA and improved performance of the Energy Sector. Metallurgy & Mining Strong performance despite particularly low All in Aluminiumprices, which dropped to 6 year lows. Structural strengthening of the USD & falling energy costs. Healthy global demand for primary Aluminium. METKA (EPC) Strong overall performance in FY2015 supported by the successful execution of the new project in Ghana. Focus on expanding business in Sub-Sahara region. Strengthening of company s portfolio of activities as well as its positioning on the rapidly growing solar power market. Energy Declining Natural Gas prices boost the Group s power plants load factors in the 2 nd half of the year. Significant increase of the Group s Market Share in the retail electricity market. 5
6 AGENDA FY2015 Results Highlights Summary Financial Results Business Units Performance Q&A 6 6
7 MYTILINEOS GROUP FY2015 RESULTS HIGHLIGHTS 7
8 MYTILINEOS GROUP BALANCE SHEET (amounts in mil ) Balance Sheet Leverage Non Current Assets 1,838 1,693 Current Assets 1, Total Assets 2,899 2,681 Debt Cash & Cash Equivalents Equity 1,230 1,161 Adj. Equity 1,268 1,271 Net Debt Key Ratios NET DEBT / EBITDA EV / EBITDA EBITDA / NET FIN. EXP ROCE 17.1% 17.3% ROE 4.0% 5.6% Adj. Equity = Equity + Market Value Adjustment for the Group s Listed Subsidiaries. Key Ratios refer to annualized figures. NetDebt=Debt CashPosition. 8
9 MYTILINEOS GROUP SUMMARY FINANCIAL RESULTS Cash Debt Evolution Net Debt increase in 2015 is mainly attributed to the cost of inventories acquired by METKA for the recently signed project in Ghana. The Cash Position of the Group stands at 201m. 9
10 GROUP - BUSINESS UNIT PERFORMANCE TURNOVER - EBITDA PER ACTIVITY EBITDA FY2015: m. EBITDA FY2014: m. *Corporate Center includes all other activities that are not directly linked to M&M, EPC & Energy. *EPC does not include intercompany transactions. 10
11 MYTILINEOS GROUP GAP ANALYSIS (amounts in mil ) (amounts in mil ) TURNOVER 11
12 MYTILINEOS GROUP GAP ANALYSIS (amounts in mil ) (amounts in mil ) EBITDA 2014 Figures have been revised according to IAS
13 MYTILINEOS GROUP NET PROFIT ANALYSIS (amounts in mil ) NET PROFIT 2014 Figures have been revised according to IAS
14 METKA GROUP FY2015 RESULTS HIGHLIGHTS 14
15 METKA GROUP BALANCE SHEET (amounts in mil ) Balance Sheet Liquidity Non Current Assets Current Assets Total Assets 1, Bank Debt 4 4 Cash Position Equity Current Liabilities Total Liabilities Net Debt Key Ratios EV / EBITDA ROCE 20.3% 20.0% ROE 12.5% 17.8% 15
16 AGENDA FY2015 Results Highlights Summary Financial Results Business Units Performance Outlook 16 16
17 M&M - INDUSTRY & MACRO ENVIRONMENT mmton Global Demand Global Demand Evolution per Region ALUMINIUM MARKET In 2015, the Aluminium industry was strongly affected by factors such as the decline in energy costs, the concerns over the slowdown in the growth rates of the emerging economies, especially in China, and the stronger performance of the US Dollar against most peripheral currencies. Supply: Production grew +6.0% yoy in Supplyreformin Chinaisexpected toleadtoclosure of loss making capacities. Curtailments: Production in ROW affected by the massive announced curtailments in the US. China's primary aluminum production began to fall in December to a 15-month low. Considering cuts earlier in 2015, it is estimated that over 4 million mtpy of production curtailments have taken place in Demand: Total world consumption remained robust for yet another year. FY2015 demand grew at 3.2%, surpassing 56 MMT. The transportation sector continues to fuel global demand growth which becomes more evenly distributed across core geographies. Market Balance: The world s market accumulated a primary aluminum production surplus of 1.16 million mton during FY2015. China generated a 1.30 million mton while ROW registered a 0.14 million mton deficit. Source: Company Information, CRU ANALYSIS, Harbour Intelligence. 17
18 Eurodollar -Brent Aluminium LME Prices Premiums ($/TN) AVG LME FY2015: $1,679 $ pb M&M - INDUSTRY & MACRO ENVIRONMENT ALUMINIUM - ALUMINA EuroDollar: The average FX rate in FY2015 declined at 1.11 (down 16.4% yoy). The Group is well positioned to benefit out of the structural strengthening of the USD. Brent: The average price for Brent during FY2015 dipped below $55 a barrel against $99.5 in FY2014 (down 46.1% yoy). Gas: Market operates under oversupply conditions. Demand is expected to weaken after the nuclear restarts in East. In addition to that, the interconnectedness between markets is clearly growing due to LNG plants which make gas capable to be shipped overseas. In the Greek market, pipeline gas pricesarelinkedtooilpriceswitha6 monthlag. Pricing: The average Aluminum all-in price during FY2015 settled at $2,219 down 16.8% y-o-y as market sentiment was adversely affected by the downward adjustments to China s demand growth prospects and lower production costs. LME3M prices bounced back in early 2016 driven by production curtailments in China, along with rallying oil prices and easing market fear. The average Alumina price during FY2015 dropped from their high levels settling at $301.9 pt. while as percentage of LME price decreased to 17.8%. In early 2016 extensive refining curtailments help prices climb higher. Source: Company Information, CRU ANALYSIS, Harbour Intelligence. 18
19 METALLURGY -MINING Metallurgy & Mining EBITDA Quarterly Performance -All in Aluminium Prices Best FY Performance FY15 EBITDA: 98.0 (+12.6% from FY14 while All-In Prices down 16.8%) FY15 EBITDA margin 17.8%. Reaping the benefits of the MELLON cost cutting program. Weakening of the Euro against the USD. Lower Oil and Natural Gas prices. New cost cutting program with code name EXCELLENCE underway. Bloomberg, Harbour Intelligence. 19
20 EPC METKA: INDUSTRY & MACRO ENVIRONMENT Fundamentals Prospects Greece Very weak project market due to adverse macro environment. Fuel mix changing with increasing penetration of RES. A large portion of existing power generation capacity is old and inefficient. Energy: potential upgrading of inefficient lignite fired plants. Infrastructure: activity in selected areas, e.g. transportation South-East Central Europe- Turkey EU membership and convergence impose obligations for plant upgrades and/or closures. Years of under-investment and slow progress to upgrade capacity. Government support and relatively high level of acceptance for nuclear. SEE: some niche gas-fired activity, e.g. co-gen for district heating. Turkey remaining a large market for gas power generation. Middle East / N.Africa Generally strong demand, but with significant regional variations due to political instability. Gas in high demand as fuel source, with increasing emphasis on fuel efficiency. Good potential in several markets driven by underlying growth in power consumption. Possibilities for conversion of open cycle plants to combined cycle across the Middle East. Sub-Saharan Africa Strong fundamental power demand growth with widespread power shortages. Massive need for new energy infrastructure across the continent, but significant challenges for investors. Smaller distributed power projects with fast-track profile. Emerging private sector investments in medium / large scale gas-fired projects driven by strong investment appetite. Source: Company Company Information. Information. 20
21 Backlog Main EPC Projects under Execution in 2015: EPC - BACKLOG Ghana 1.2 bn Ministry of Electricity: 250 MW mobile unit with GE supplying the main equipment. BOOT project with total contract value of $350 m. Iraq Republic of Iraq: 1,250 MW OCGT in Basra. GE sub supplier for the main equipment. Contract value of 260 m. Republic of Iraq: engineering, procurement and construction as required to enable operation of the Shat-Al-Basra Power Plant on heavy fuel oil. Contract value of 125 m. Backlog Sales Evolution Algeria SPE (Spa): 368 MW 0CGT in Hassi R mel. METKA in Consortium with GE. Contract value of 93 m. SPE (Spa): 591 MW 0CGT in Hassi R mel II. METKA in Consortium with GE. Contract valueof 175 m. Syria PEEGT: 700 MW CCGT in Deir Ali. METKA leader of Consortium with Ansaldo. Contract value of 650 m. Completed PEEGT: 724 MW CCGT in Deir Azzour. METKA leader of Consortium with Ansaldo. Contract value of 678 m. Suspended. Greece ERGOSE: Construction of remaining infrastructure, permanent way, signallingtelecommanding, telecommunications and electrical engineering works for the tunnel facilities for the new railway line Kiato-Rododafni. Contract value of 225m. 21
22 METKA EPC SEGMENT PERFORMANCE METKA establishes itself as a Leading European Energy EPC Contractor 81.8% of Turnover refers to energy projects. 86.1% of Turnover derived from projects abroad. Geographical Turnover Analysis 22
23 ENERGY - INDUSTRY & MACRO ENVIRONMENT Key Characteristics & Trends Future Outlook Demand The demand for electricity in Greece grew by 2.0% in FY2015 helped by favorable weather conditions. Demand for power outlook has deteriorated during the past years along with GDP performance expectations. Nevertheless the construction of the interconnections with the islands mainly Crete and Cyclades and potential recovery of the GDP is expected to drive electricity demand higher in the medium term. Supply Competitive Dynamics Regarding the generation mix, - Lignite Production faced a significant decrease in the order of 14.5% - Hydro production raised 38% on the back of high water reserves. - Natural Gas participation(with AL/CHP) at 16.3%. - Net electricity Imports increased by c.9% making full use of the available interconnections. PPC is the incumbent with c.95% market share in retail and around 80% of total net generation from conventional units. Currently, there are 7 independent units with a total installed capacity of 2.6 GW while total thermal net capacity stands at 8.3 GW. According to the MoU signed in August, PPC shall reduceit smarketshareto50%inthemediumterm. Robust increase of Gas-fired participation is anticipated in the fuel mix given that - A significant part of old lignite capacity will be gradually decommissioned due to new environmental requirements. - Flexible thermal production is needed to accommodate the increased penetration of RES, while falling NG prices boost CCGT s competitiveness. RAE has introduced a roadmap for the reform of the Greek electricity market to move from a mandatory pool towards an economic day-ahead market (power exchange) with separate markets running in parallel for unit dispatch scheduling, ancillary services provision and balancing/real time scheduling. Target Model implementation is of major importance for the Regulator.
24 ENERGY - INDUSTRY Fuel Mix FY2015 SMP data (EUR/MWh) AVG 2015: 51.9 AVG 2014: 57.6 AVG 2013: 41.5 Electricity Market Developments in FY2015 Total Demand raised at 51.4TWh (up 2.0%) (50.4TWh/2014). Total Domestic Power production settled at 41.8TWh (up 0.5%) (41.6TWh/2014). Average SMP settled at 51.9 /MWh, (down 9.9%) 57.6 /MWh 2014). Lignite production reduced significantly at 19.4TWh (down 14.5% ) (22.7TWh/2014). Natural Gas production (with AL/CHP) 8.4TWh/2015 vs7.5twh/ (NG production raised 52.3% 2H2015 vs 2H2014). Hydro production reached 5.4TWh (up 38% ) on raising water reserves. (3.9 TWh/2014). Total RES production 8.6TWh/2015 vs 7.5TWh/2014. Net Imports 9.6TWh/2015 vs 8.8TWh/2014. (Net Imports reduced 36% 2H2015 vs 2H2014). Power Production by Fuel Source (TWh) Source: Company Information, HTSO, LAGIE.
25 ENERGY PERFORMANCE DATA Mytilineos Group Power Production (MWh) Energy Sector Financial Results ( m.) 2,389 1,945 Mytilineos Group thermal power plants produced 2.39TWh during FY2015 this being: 28.5% of the total gas generation production 60.3% of the gas generation production of the IPPs and 5.7% market share of the domestic power production. Source: Company Information, HTSO. Financial Performance refers to energy segment ( AG. NIKOLAOS CCGT, KORINTHOS POWER CCGT & RES). Adj EBITDA exclude Capacity Availability Certificate Payments that were booked in
26 Contact Information Dimitris Katralis IR Officer Tel: Fax: Mytilineos Holdings S.A. 5-7 Patroklou Str Maroussi Athens Greece Tel: Fax:
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