Mytilineos Group, a leading independent energy producer in Greece, has reported a 636.5 million-euro total turnover figure for the first half of 2015, a slight 2.5 percent reduction from 653 million euros posted for the equivalent period in 2014.
The corporate group’s EBITDA (earnings before interest, taxes, depreciation, and amortization) reached 118.7 million euros in the first half of 2015, down by 1.3 percent from 120.3 million euros posted for the equivalent period a year earlier.
Net profit following minority interests rose by 35.9 pecent to reach 32.8 million euros from 24.1 million euros a year earlier.
These figures do not include 22.3 million euros worth of CATs (Capacity Availability Tickets) as a result of ministerial delays. Had this amount been factored into the group’s financial results, its EBITDA figure would have been 22.3 million euros greater, while a further 18 million euros would have been added to the net profit figure.
The corporate group’s Metallurgy and Mining division reported the strongest increase with a total turnover of 297.7 million euros for the first half of 2015 compared to 204.8 million euros a year earlier, a 45 percent increase. The division’s EBITDA figure reached 65.4 million euros from 23.7 million euros in the first half of 2014, a 176 percent increase. These figures reflect the success of the division’s decisions to drastically decrease costs and increase the international competiveness of the Aluminium of Greece company. During the first half of 2015, aluminium prices were similar to those of 2014, the US dollar gained considerably against the euro currency, and petrol and natural gas prices deescalated.
The corporate group’s EPC (Engineering-Procurement-Construction) reported a slower performance. Metka posted a total turnover figure of 257.6 million euros in the first half of 2015, down from 361.9 million euros in the equivalent period a year earlier, primarily as a result of a slowdown of projects in Syria.
As for the group’s energy division, which is highly exposed to domestic conditions, it reported a total turnover of 86 million euros for the first half of 2015, down from 90 million euros in the equivalent period of 2014. Increased productivity at the division’s energy stations, combined with access to the LNG market, led to a 5.9 percent increase in electricity production during the first half of 2015. Overall electricity production in the Greek market during this period fell by 8.2 percent, while imported electricity increased by 85 percent. The division’s EBITDA figure fell to 6.6 million euros from 42.4 million euros in the first half of 2014. The decrease was attributed to an ongoing delay by authorities in finalizing new energy market regulations, including a mechanism for capacity assurance and a new mechanism to compensate flexibility.
According to the corporate group’s latest and revised forecast, following the imposition of capital controls, the Greek recession is expected to continue through 2015 for a seventh consecutive year.
Despite these adverse conditions, possibly the harshest faced by the Greek economy in decades, the Mytilineos group has continued to increase its profit performance, strengthen its financial standing, and maintain thousands of jobs, both direct and indirect, all as a result of the corporate group’s export-oriented nature, diversified activity, strict cost control, and continual management of various dangers.
In the immediate future, the corporate group plans to further strengthen its standing in international markets.