Annual Report • Aug 4, 2022
Annual Report
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| A. Interim Board of Directors Management Report 3 | |
|---|---|
| B. Board of Directors Interim Management Report 4 | |
| C. Independent Auditor's Report39 | |
| D. Interim Financial Statements41 |
The,
as far as we know,
a. the interim separate and consolidated financial statements of the company " MYTILINEOS S.A." for the period 1st January 2022 to 30th June 2022, prepared according to the International Financial Reporting Standards, present truly and fairly the assets and liabilities, the equity and the financial results of the Group and the Company, as well as of the consolidated companies, for the period then ended, according to par. 3 - 5 of article 5 of L. 3556/2007 and the authorizing decisions of the BoD of the Hellenic Capital Market Commission.
b. the interim Board of Directors Management Report presents in a true and fair view the information required according to par. 6 of article 5 of L. 3556/2007 and the authorizing decisions of the BoD of the Hellenic Capital Market Commission.
Maroussi, 03 August 2022
The designees
Evangelos Mytilineos Spyridon Kasdas Dimitrios Papadopoulos
Chairman of the Board of Directors Vice – Chairman A' of the Executive Member of the and Chief Executive Officer Board of Directors Board of Directors
The present Board of Directors Interim Report pertains to the first half of 2022. The Report has been prepared so as to ensure compliance with the relevant provisions of law 3556/2007 (GGI 91A/30.4.2007) and the executive resolutions of the BOD of the HCMC.
The present report contains financial details on the entity titled «MYTILINEOS S.A.» and its subsidiaries and associated companies for the first half of 2021. It presents significant events that occurred in the same period and their influence on interim financial statements. It also describes the main risks and uncertainties that the Group member companies may be facing during the second half of 2021. Finally, it lists the significant transactions between the Company and its related parties.
i. The table below shows an analysis of the Group operational result per sector as well as other items.
| 01/01- 30/06/2022 |
01/01- 30/06/2021 |
01/07 - 31/12/2021 |
01/01 - 31/03/2022 |
01/04 - 30/06/2022 |
|
|---|---|---|---|---|---|
| Turnover | 2.154,2 | 994,5 | 1.669,6 | 1.041,5 | 1.112,7 |
| Power & Gas | 1.293,4 | 387,0 | 873,9 | 641,2 | 652,2 |
| Metallurgy & Mining | 458,2 | 304,8 | 362,8 | 214,0 | 244,2 |
| RSD | 229,4 | 117,7 | 247,2 | 119,8 | 109,6 |
| SES | 173,2 | 185,0 | 185,6 | 66,5 | 106,7 |
| Other | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 |
| EBITDA | 293,2 | 155,6 | 202,9 | 130,3 | 162,9 |
| Power & Gas | 124,7 | 48,2 | 98,8 | 60,8 | 63,9 |
| Metallurgy & Mining | 137,5 | 76,7 | 82,6 | 54,6 | 82,9 |
| RSD | 21,0 | 7,4 | 14,3 | 12,0 | 9,0 |
| SES | 16,6 | 24,8 | 8,7 | 6,1 | 10,6 |
| Other | (6,5) | (1,5) | (1,4) | (3,1) | (3,4) |
| (-) Depreciation / | |||||
| Amortization | (44,2) | (38,4) | (41,6) | (22,3) | (21,8) |
| (+ - ) Net Financials | (25,7) | (23,3) | (35,2) | (12,3) | (13,4) |
| (+) Share of profit of | |||||
| associates | 0,4 | 0,6 | 0,4 | 0,3 | 0,2 |
| (-) Tax | (42,4) | (14,6) | (26,0) | (18,6) | (23,7) |
| (-) Result from discontinuing | |||||
| operations | (0,5) | (0,1) | (0,4) | (0,1) | (0,5) |
| (-) Minoritiy Interest | (14,5) | (2,7) | (15,2) | (10,1) | (4,4) |
| Net Income attributable to parent Shareholders |
166,4 | 77,2 | 85,0 | 67,2 | 99,2 |
ii. The table below shows an analysis of cash flows and the change of net debt for the period.
| (Amounts in mil €) | 1/1- 30/06/2022 |
|
|---|---|---|
| EBITDA | 293 | |
| (-) | 2021 Lead Items | (100) |
| (-) | Industrial Natural Gas Subsidy pending to receive | (26) |
| (-) | Working Capital | (42) |
| Funds from operations | 125 | |
| (-) | Tax | (3) |
| (-) | Interest | (22) |
| Operating Cash Flow | 100 | |
| (-) | Maintenance Capex | (28) |
| (-) | Growth & Productivity Capex | (256) |
| Free Cash Flow | (184) | |
| (-) | Other Financial / Investement Cash Flows | 43 |
| Net Debt Change | (141) |
The beginning of 2022 was marked by Russia's invasion of Ukraine, which has proved to be a long-drawn war. During a period where Europe and the whole world, still recovering from the Covid-pandemic, before getting back to "normality", a new, unprecedented condition occurred, further enhancing socio-economic instability.
The combination of recent geopolitical tensions, along with current energy crisis, not only maintain, but further enhance the disruption in global supply chain caused by the pandemic, while at current high rates of inflation, demand has also been impacted.
At the same time, the European Central Bank, following similar pattern with other central banks globally, with FED being at the forefront, recently raised interest rates by 0.5% (above expectations of 0.25%), for the first time in more than a decade. Rate hike is an interference of central banks in an effort to combat inflation, via demand destruction.
Though, current inflation comes with a set of unique challenging characteristics, with the key one being the fact that current inflation is directly linked with the increase in energy prices (>40% in Europe), as well as nutritional goods. Thus, interest rate increase as a tool of countering inflation, could potentially, lead economies to stagflation, a combination of slow growth, high unemployment rate and price increases.
As a result, many analysts believe that a recession is on the cards, until inflation slows down and private consumption accelerates.
However, Greece is in a better position than other European countries, mainly due to a solid 2022 tourist season, the support from the EU's aid packages (with Recovery and Resilience facility & RePowerEU being the EU flagship initiative), as well as due to its location and the critical infrastructure assets it operates, like the liquified natural gas terminal in Revithoussa.
Therefore, Greece, among others, due to its size, has the capacity to cope with adverse conditions, by maintaining a well-diversified natural gas supply network comprising pipeline gas and LNG, thus ensuring uninterrupted availability of natural gas. At the same time, RES are leading Greece's "Green" transition, benefiting significantly from the country's inherent advantages, like its high solar irradiance.
MYTILINEOS, having realised the above-mentioned challenges, has responded on time by taking appropriate and targeted measures, focusing in particular on the energy cost as well as the security of supply. Thus, managing not only to remain unaffected but also to record new historically high performance, while accelerating, at the same time, the implementation of the largest investment programme in its history.
Despite current uncertain environment, the result of prevailing geopolitical tensions, MYTILINEOS' financial performance is expected to strengthen significantly in the coming quarters, with new investments, such as the new 826MW CCGT plant, the increase of the Aluminium production capacity as well as significant RES investments gradually entering the completion stage.
H1 2022 was marked (a) by the surge of European natural gas prices, as a result of the war in Ukraine, which coupled with the elevated CO2 prices, led in a significant increase on the wholesale prices (DAM) and (b) from the growth in domestic electricity demand (+4.4% vs. H1 2021), due to the relaunch of the economy in the post-covid era. In this current environment, the Company's ability, due to the size of its portfolio (the Company's natural gas imports represent 23% of total domestic imports), to source natural gas at competitive prices combined with the high efficiency, availability, reliability, and flexibility of its plants (two CCGTs & one CHP), resulted in a total production of 2.43 TWh. This represents 9.5% of total demand in the interconnected system and 26.4% of total production coming from natural gas fired plants. Total production from the Company's RES and thermal plants came in at 2.69 TWh, representing a 10.5% of total domestic demand.
The following chart shows the coverage, per energy source, of total electricity demand (in TWh) for H1 2022 and H1 2021.
Regarding supply, Protergia is consistently growing its presence in retail market, with 345,000 electricity and natural gas customers at the end of H1 2022, compared to 334,000 customers at the end of 2021, while its electricity market share reached 8.2% in June, 2022.
The Company's RES production capacity reaches 210.7MW while the construction of the new 43.2MW wind Park, which is expected to come online in Q4 2022, is currently under way. At the same time, the Company proceeds with the construction of 135 MW Solar PV plants, which are expected to gradually come online until the second quarter of 2023. Additionally, the Company announced the consortium with Copenhagen Infrastructure Partners for the development and construction of offshore wind parks, once the required legal and regulatory framework are in place.
Finally, the construction of the new 826 MW Combined Cycle Gas Turbine (CCGT) plant with General Electric's H-Class gas turbine, has been completed on-time, while the cold-commissioning phase has marked significant progress. The new power plant is expected to start commercial operation in the following period, strongly contributing to the country's transition to a lower carbon energy mix. The project is executed by the Company's SES BU with important synergies, ensuring reduced investment cost.
Metallurgy BU's enhanced profitability and margins in the first half of 2022, among others, is due to the prevailing high aluminium premium, particularly in Europe, MYTILINEOS' timely actions for the strict cost control as well as to secure higher levels of LME prices for quarters to come.
Aluminium (3M LME) average price for the H1 2022, came in at 3,081\$/t, up from 2,256\$/t in the first half of 2021, marking a 37% increase. During the Q1 2022, aluminium prices recorded new all-time highs, reaching at the level of 4,000\$/t, as the geopolitical tension in Ukraine has triggered a sharp increase in the cost of energy, while raised concerns for the availability of the metal. In the Q2 2022, aluminium prices showed a correction, reaching gradually the 2,500\$/t levels, mainly attributed to the concerns of a slowdown in global economic activity, expectations for upcoming rate hikes (primarily from FED) and the consequent strengthening of the US dollar. Aluminium premiums, nevertheless, remained at very high levels during the second quarter as well.
Currently, surging power costs and recent lower LME prices have squeezed smelters' margins while turning a significant number of European and US producers being loss making (c.20% of ex-China world production is estimated to be currently unprofitable on current LME prices and Premia) while at the same time the partial substitution of the primary aluminium by recycled aluminium was favored. If energy prices were to be maintained at current high levels and assuming spot LME price, that would eventually lead to additional production curtailments of marginal producers, until supply-demand dynamics will eventually trigger an increase of the LME price.
However, aluminium European billet premiums have marked an 120% increase in H1 2022, at a record-level of 1,475\$/t, up from 670\$/t in the corresponding period of 2021, due to the reduced European production, as a result of the increased energy cost. Specifically, European producers are facing an unprecedented crisis in electricity costs, forcing them to curtail or even halt completely production. Today, >1Mt of total European aluminium output has been cut off, while another c.0.8 Mt being at risk.
Alumina Price Index (API) following the trend of Aluminium prices, recorded a 38% increase in H1 2022, at 396\$/t, having peaked at 500\$/t levels in March 2022 mainly due to the significantly higher energy costs in the production process as well as due to a production reduction in China and Ukraine, at a lesser extent (Rusal's Nikolaev refinery).
Renewables & Storage Development (RSD) Business Unit, in H1 2022 recorded a turnover of €229 million (representing 10.7% of total turnover), an increase of 95% over the corresponding period of 2021, while EBITDA rose to €21 million, vs €7 million in H1 2021, posting a strong growth of 184%.
BOT's (Build, Operate & Transfer) effectiveness, was the main contributor towards the results in H1 2022 of the Renewables & Storage Development Business Unit. At the same time, BOT is expected to be the key growth factor in BUs profitability for the coming semesters. In more detail, within the H1 2022, the BU concluded a transaction for the sale of two projects with total capacity of 100MW in the United Kingdom, while secured power sale agreements for projects with 100MW & 588MWp capacity in the UK and Chile respectively.
BOT's total capacity reaches 6.2 GW, in various stages of development, out of which 123MW are in operation (planned to be disposed), 665 MW are under construction while mature-stage pipeline currently exceeds 2.5GW.
During H1 2022, the construction of c.140MW of own projects commenced, in the United Kingdom, in Cyprus and Chile, reaching a total of 665 MW of projects under construction. The RSD BU is developing projects with an aggregate capacity of c.1.7GW, in mature stage of development in Spain, Italy, Cyprus, UK, Chile, Australia, Romania, South Korea, Portugal, and the Republic of Ireland. Additionally, 0.8GW are either under construction or operational. Early-stage global portfolio today reaches 3.7GW.
| BOT Portfolio | MW |
|---|---|
| Australia | 118 |
| Cyprus | 3 |
| S. Korea | $\overline{2}$ |
| Operational | 123 |
| Australia | 261 |
| Spain | 100 |
| United Kingdom | 110 |
| Romania | 63 |
| Cuprus | 22 |
| Chile | 109 |
| Under Construction | 665 |
| Italy | 301 |
| United Kingdom | 188 |
| Spain | 50 |
| Ireland | 14 |
| Romania | 156 |
| Australia | 39 |
| Chile | 482 |
| S. Korea | 26 |
| Ready To Build 1 | 1.256 |
| Italy | 176 |
| Australia | 280 |
| Advanced Development | 456 |
| Mature Pipeline & Operating Portfolio | 2.501 |
| Earlier-Stage of Development 2 | 3,700 |
| Total BOT Pipeline | 6,201 |
Regarding third-party EPC projects, operations in countries like Spain, UK, Greece, Uzbekistan and Chile continues unobstructed, with the contracted backlog currently standing at €290 million, while another €161 million are in final negotiation phase.
Total pipeline for third-party projects reached 1.3GW in various stages of construction, at the end of H1 2022.
| Country | Project | Status | MW |
|---|---|---|---|
| Spain | Badajoz | Under Construction | 50 |
| Spain | Talasol extension | Completed | 28 |
| Greece | Loutsa | Under Construction | 60 |
| Greece | Paliampela PPC R | Completed | 15 |
| Greece | Velos PPC R | Under Construction | 200 |
| Greece | Perasma | Under Construction | 70 |
| Chile | Pampa Tigre | Completed | 118 |
| Chile | Solarstart | Under Construction | 123 |
| Chile | Meseta | Under Construction | 160 |
| Uzbekistan | Tutly | Under Construction | 130 |
| United Kingdom | Arbroath, Grensham | Under Construction | 35 |
| United Kingdom | Coupar, Grensham | Under Construction | 35 |
| United Kingdom | Stairfoot, Grensham | Under Construction | 45 |
| United Kingdom | Northfield & Streetfield | Under Construction | 50 |
| United Kingdom | Wilsden, Grensham | Under Construction | 87 |
| United Kingdom | Hull, Grensham | Under Construction | 50 |
| United Kingdom | Elland, Grensham | Under Construction | 50 |
| Italy | Ello 1 & 2 | Under Construction | 20 |
| Total | 1,326 |
H1 2022 results, are marking the resiliency of the BU in a period affected by the pandemic as well as the war in Ukraine. SES BU's turnover came in at €173 million in the first half of 2022, compared to €185 million during H1 2021. Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) stood at €17 million, against €25 million in the respective half of the previous year. Following the significant agreements signed during H1 2022 as well as the progress in the signed projects, SES BU's performance is expected to improve in the coming quarters.
The main contributing factors for the above-mentioned performance of SES BU are:
a. The continuation of the project "Engineering, Procurement and Construction as well as the supply and installation of 4 gas General Electric GT13E2 turbines in an open cycle configuration, as well as all the relevant auxiliary equipment, including a 220 / 66kV substation", which for the H1 2022, contributed €54.8 million in turnover
SES, having market's recognition as a top Turn-Key project contractor with a strong track record of energy projects' execution concluded, two significant agreements during H1 2022. In particular, signed an Engineering, Procurement & Construction (EPC) contract for the development of three open-cycle gas turbine (OCGTs) power plant projects in the UK, while as part of a consortium, undertook the development of a 560MW CCGT plant in Poland, which is the Company's first project in this market.
Specifically, MYTILINEOS has signed agreements with three subsidiaries of Drax Group plc, UK's largest power producer from Renewable Energy Sources, namely Hirwaun Power Limited, Progress Power Limited and Millbrook Power limited for the construction of three OCGTs with gross output of 299MW each. The contracts involve the "Engineering Procurement and Construction" (EPC) of all 3 plants, which will be identical, having one Siemens Energy SGT5-4000F gas turbine each. Each power plant is intended to be operated locally (with a facility for remote operation) as a peaking plant operating up to 1,500 hours per year to support the grid at times o peak electricity demand and during stress events. All 3 OCGTs are expected to enter commercial operation during 2024.
Solutions Business Unit in the United Kingdom, as the Company undertook EPC of the Protos Energy Recovery Facility project in Cheshire, which will treat 400,000 tonnes of non-recyclable waste per year and will generate c. 45 MW to the grid. These projects will strengthen MYTILINEOS' position not only in the UK, but also in the European energy market.
Furthermore, MYTILINEOS through its Sustainable Engineering Solutions (SES) Business Unit, in Consortium with Siemens Energy Global GmbH & Co. KG and Siemens Energy sp. z o.o., undertakes the construction of a combined-cycle gas turbine (CCGT) power plant project in Grudziadz, Poland. Specifically, the Consortium has signed an Engineering, Procurement and construction (EPC) contract with SPV CCGT Grudziądz Sp z o.o. (owned entirely by Energa S A, part of Orlen Group) to construct an efficient power plant in combined cycle technology (CCGT) of net electric power in the range of 560 MW, consisting of one gas turbine and one condensing steam turbine, using a closed, wet mechanical draft cooling tower arrangement and construction of a gas installation in the Power Plant area with accompanying infrastructure. The CCGT is expected to enter commercial operation in 38 months after the signing of the contract. The contract price for MYTILINEOS amounts to approximately at €202 million.
The European Recovery Fund promotes projects contributing to sustainable development as well as infrastructure projects. SES, has the necessary know-how for higher standard projects, will take full advantage of the significant opportunities arising from the Fund.
At the end of H1 2022, the signed backlog came in at €1.2 bn.
The table below represents the expectations for revenue for the major projects, per country which will have significant contribution in the total backlog.
| Sustainable Engineering Solutions Business Unit | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| (amounts in thousand €) | Up to 1 year 1-3 years | 3-5 years | >5 years | TOTAL | |||||
| GREECE | 158,685 | 112,664 | 18,533 | 2,276 | 292,158 | ||||
| LIBYA | 133,459 | 30,552 | 164,011 | ||||||
| UNITED KINGDOM | 209,612 | 242,247 | 451,859 | ||||||
| POLAND | 36,145 | 125,710 | 40,386 | 202,241 | |||||
| ALGERIA | 26,935 | 26,935 | |||||||
| ALBANIA | 18,498 | 2,597 | 21,095 | ||||||
| GEORGIA | 22,005 | 13,449 | 32 | 35,486 | |||||
| GHANA | 12,566 | 7,633 | 20,200 | ||||||
| OTHER | 18,871 | 8,189 | 27,060 | ||||||
| TOTAL | 609,842 | 569,975 | 58,951 | 2,276 | 1,241,044 |
* The amount of € 420 million concerning the backlog of Deir Azzur project is not included in the above table. For the aforementioned project the Group has already announced the pause of the construction on site.
The effects on the Group's sales as well as on the operating and net profitability during the first half of 2022, compared to the first half of 2021 are presented bellow:
| Amounts in mil. € | Group Total |
Power & Gas | Metallurgy | Renewables and Storage Development |
Sustainable Engineering Solutions |
Other | Group Total |
|
|---|---|---|---|---|---|---|---|---|
| Sales H1 2021 | 994 | 387 | 305 | 118 | 185 | 0 | 994 | |
| Intrinsic Effect | 123 | Volumes | 20 | 12 | 32 | |||
| SES Contracts | 106 | (17) | 89 | |||||
| Other | 2 | 2 | ||||||
| Market Effect | 1.116 | Organic \$/€ eff. | 32 | 6 | 6 | 43 | ||
| Prim & Prices | 886 | 186 | 1.073 | |||||
| Hedging | (79) | (79) | (79) | |||||
| Sales H1 2022 | 2.154 | 1.293 | 458 | 229 | 173 | 0 | 2.154 |
| Amounts in mil. € |
Group Total |
Power & Gas |
Metallurgy | Renewables and Storage Development |
Sustainable Engineering Solutions |
Other | Group Total |
|
|---|---|---|---|---|---|---|---|---|
| EBITDA H1 2021 | 156 | 48 | 77 | 7 | 25 | (2) | 156 | |
| Intrinsic Effect | (34) | Projects | 13 | (9) | 4 | |||
| Volumes | (18) | 11 | (7) | |||||
| Other | (27) | 1 | (5) | (31) | ||||
| Market Effect | 212 | Aluminium | 125 | 125 | ||||
| Alumina | 1 | 1 | ||||||
| €/\$ rate effect | 20 | 0 | 1 | 21 | ||||
| Natural Gas Price effect* | (199) | (53) | (252) | |||||
| CO2 | (30) | (1) | (31) | |||||
| RTBM/Day Ahead Market | 352 | 352 | ||||||
| Power Price net of Cost | (1) | (1) | (3) | |||||
| Hedging | (41) | (41) | (41) | |||||
| EBITDA H1 2022 | 293 | 125 | 137 | 21 | 17 | (7) | 293 |
| Amounts in mil. € | Power & Gas |
Metallurgy | Renewables and Storage Development |
Sustainable Engineering Solutions |
Other | Group Total |
|---|---|---|---|---|---|---|
| Net Profit after Minorities H1 2021 | 77,2 | |||||
| Effect from: | ||||||
| Earnings before interest and income tax (EBIT) | 71,9 | 61,5 | 12,6 | (8,0) | (6,1) | 131,9 |
| Net financial results | (2,6) | |||||
| Minorities | (11,8) | |||||
| Discontinued Operations | (0,5) | |||||
| Income tax expense | (27,8) | |||||
| Net Profit after Minorities H1 2022 | 166,40 |
| (Amounts in thousands €) | Power & Gas Sector | |||||
|---|---|---|---|---|---|---|
| Sales | Energy Supply | Energy Production |
Natural Gas Supply |
RES | Intrasegment Eliminations |
Total |
| 30/6/2022 | 624.550 | 507.032 | 466.992 | 26.423 | (331.561) | 1.293.436 |
| 30/6/2021 | 234.932 | 144.843 | 62.050 | 25.018 | (79.882) | 386.960 |
| EBITDA | ||||||
| 30/6/2022 | (30.157) | 94.947 | 39.878 | 20.034 | 0 | 124.702 |
| 30/6/2021 | (17.444) | 46.099 | 19 | 19.519 | 0 | 48.193 |
| (Amounts in thousands €) | Metallurgy | |||||
|---|---|---|---|---|---|---|
| Sales | Alumina | Aluminium | Metalwork / Other |
Total | ||
| 30/6/2022 | 92.966 | 344.949 | 20.259 | 458.174 | ||
| 30/6/2021 | 57.980 | 227.747 | 19.071 | 304.798 | ||
| EBITDA | ||||||
| 30/6/2022 | 22.633 | 107.137 | 7.691 | 137.461 | ||
| 30/6/2021 | 11.476 | 58.535 | 6.711 | 76.722 |
| (Amounts in thousands €) Sales |
Renewables and Storage | ||
|---|---|---|---|
| Development | Total | ||
| 30/6/2022 | 229.429 | 229.429 | |
| 30/6/2021 | 117.672 | 117.672 | |
| EBITDA | |||
| 30/6/2022 | 20.962 | 20.962 | |
| 30/6/2021 | 7.370 | 7.370 |
*The Companies which are consolidated with equity method and own Renewable Energy Units with capacity of 5,2MW are not included in the amounts of RES.
| (Amounts in thousands €) | Sustainable Engineering Solutions | |||||
|---|---|---|---|---|---|---|
| Sales | Conventional Business |
Infrastructure | New Energy Solutions |
New Environmental Solutions |
Total | |
| 30/6/2022 | 79.394 | 54.776 | 7.928 | 31.078 | 173.176 | |
| 30/6/2021 | 86.595 | 79.670 | 5.811 | 12.963 | 185.039 | |
| EBITDA | ||||||
| 30/6/2022 | 9.259 | 4.751 | 340 | 2.261 | 16.611 | |
| 30/6/2021 | 9.912 | 13.040 | 1.027 | 855 | 24.834 |
| (Amounts in thousands €) Sales |
Other | Total |
|---|---|---|
| 30/6/2022 | 0 | 0 |
| 30/6/2021 | 0 | 0 |
| EBITDA | ||
| 30/6/2022 | (6.503) | (6.503) |
| 30/6/2021 | (1.539) | (1.539) |
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, Depreciation & Amortization): The Group defines the «Group EBITDA» quantity as profits/losses before tax, itemized for financial and investment 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 interest, taxes, depreciation & amortization, to the total capital employed by the Group, these being the sum of the Net Position; Total Debt; and Long - term forecasts.
- ROE (Return on Equity): This index is derived by dividing profit after tax and minority interests by the Group's Net Position.
- EVA (Economic Value Added): This metric is derived by multiplying 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 Weighted average cost of capital is calculated as, the quotient of Equity Capital to Total Capital Employed (Equity Capital and Debt) multiplied by the return on Equity* plus the quotient of Debt to Total Capital Employed (Equity Capital and Debt) multiplied by the return on Debt adjusted by the company tax rate (due to tax saving on interest paid).
$$
WACC = \frac{E}{E+D}r_E + \frac{D}{E+D}r_D(1-Tc)
$$
Where E Equity Capital D Debt rE Return on equity rD Return on debt Tc Tax rate
The calculation of the indicator Weighted Average Cost of Capital (WACC) for the 1st half of 2022 sums to 8.24%.
*Return on Equity is calculated by utilizing the "Capital Asset Pricing Model" (CAPM) and is equal to risk-free rate of return plus a risk premium multiplied by beta coefficient, which reveals the variability of the stock in relation to market fluctuations.
The above indicators for the presented period (on an annualized basis) as well as for the previous year, are as follows:
| 2022 | 2021 | |
|---|---|---|
| EBITDA | 496.233 | 325.628 |
| ROCE | 11,5% | 8,2% |
| ROE | 14,0% | 8,3% |
| EVA | 98.354 | 73.557 |
EBITDA & EVA in k€.
During the reporting period the company proceeded to the below decisions and actions:
• 4 th January 2022 - Street lighting in the Municipality of Volos is entering a new and modern era through the energy upgrade project completed and delivered by MYTILINEOS, a pioneer in integrated sustainable development projects, through environmental and energy solutions. This initiative comes in a time when the issue of energy saving in Municipalities across Greece is becoming an urgent need not only in the contect of resource saving but also for the promotion of energy efficiency. It should be noted that today, 50% of a city's total electricity consumption comes from the street lighting network. MYTILINEOS, undertook the street lighting project in Volos aiming to contribute to the energy upgrade of municipal public spaces and following an international digital competition, announced by the Municipality in Volos. For this project, the most modern solutions and lighting technologies were applied, offering more controlled and high quality lighting,
improved visual performance and better atmosphere. In addition the overall energy footprint of the Municipality of Volos will be significantly reduced, as 8.845,81 tons less CO2 emissions will be produced per year and the electric lighting will ensure 55% energy saving. A positive impact is also expected to the overall financial performance of the municipality due to the lower energy costs. The project includes the supply, installation and maintenance for 12 years of the relevant equipment. More specifically the:
✓ Installation of 18.000 new technology LED lighting systems for the improvement and upgrade of the Municipality and specific the Municipal Sections of Volos and Nea Ionia.
✓ Improvement of maintenance planning through a "Telecontrol-Telemanagement and Energy control System" (SLMS), in the System of Electric Lighting of Public Spaces (Street Lighting).
✓ Use of preventive maintenance systems via pc (damage recording methodology, prioritization, restoration control, reporting and statistical monitoring).
Moreover, the "Telecontrol-Telemanagement and Energy control System" enables the adjustment of the lighting levels according to the time, traffic conditions, etc of any outdoor area (urban streets, pedestrian streets, squares, etc.). Through the adaptive lighting, further saving and protection of the nighttime sky (limitation of light pollution). Large-scale urban interventions, such as the specific project, amplifies all innovative and environmentally friendly technologies, improving the everyday life of the citizens, setting the ground for future smart cities, with MYTILINEOS paving the way.
MYTILINEOS continues to grow dynamically in markets with high demand for execution of complex technical projects, capitalizing on 20 years of experience in similar projects. The collaboration with Digital Realty, one of the largest companies in the data center market with over 290 facilities in 26 countries, highlights a new dynamic whileadding to a continously growing portfolio of high value-added projects.
project in South Korea and in the broad East Asia Region, signaling a new era for the RSD Business Unit, being one of a few European companies to succesfully enter the Asian market. The Yangpyung-gun project has secured a tariff of KRW119000/MWh (~US\$ 100/MWh) through the competitive bidding that took place in February 2021. Once completed, it is expected to generate about 2000 units of renewable energy certificates (RECs) each year. The RECs generated shall be sold to Korea District Heating Corporation under a 20-year offtake agreement (PPA). The RSD Business Unit of MYTILINEOS is further establishing its position in the country by also developing a 36MW PV project in Gonam-Myeon, Taean County. The project has already received a Power generation license and has applied for a development permit. In the next 2 years, the RSD Business Unit aims to undertake greenfield development of large-scale solar PV projects sizing up to 300MW by acquiring small-scale solar PV projects with a maximum capacity of 50MW.
• On 8 March 2022, MYTILINEOS S.A. through its Renewables and Storage Development (RSD) Business Unit, is expanding its pioneer position in the development, engineering, and construction of Battery Energy Storage Systems (BESS) and has been awarded with a new storage system capacity contract in the 2024 Italian Capacity Market Auction[1]. Specifically, the Company was awarded a 15-year duration capacity market contract with a price of €70,000/MW/Year for a project located in Brindisi, South of Italy. The Brindisi project is a 25MW battery energy storage system (BESS) utilizing Lithium-Ion batteries while providing approximately 50MWh to the grid. The project was fully engineered and developed by MYTILINEOS' RSD Business Unit and is planned to start construction in 2023. These results strongly confirm the strategical positioning of MYTILINEOS in the Italian energy market, where in 2021 the RSD Business Unit has already been awarded in the Terna Fast reserve Auction 2021 with 2 Projects (25MW and 6 MW). Construction will start in Q2 2022, and commissioning is expected to take place at Q4 of 2022, when they will start providing Fast Reserve services to the Italian grid from 2023 until 2027. Regarding the EPC (Engineering, Procurement and Construction) where MYTILINEOS is considered one of the top contactors worldwide, the RSD Business Unit has signed 2 new BESS turn-key contracts with long time partner Gresham House in the UK. The Projects – Abroath and Coupar located in Scotland - have a combined power output of 75 MW with energy storage of 75 MWh, utilizing Lithium-Ion batteries. Execution of the projects is already advanced, and the commissioning is expected in the next weeks. The BESS systems are supporting increased penetration of intermittent renewables into the United Kingdom's energy mix providing ancillary services necessary to ensure the reliability and stability of the grid, and to also generate revenues by storing energy at times of low demand and releasing it back to the grid when the demand increase. The RSD Business Unit has successfully constructed and commissioned 383MW (420MWh) in the United Kingdom, positioning itself as one of the market leading solution providers for utility scale battery energy storage systems in Europe. MYTILINEOS' RSD Business has currently in development 380 MW of BESS across Italy, Spain and Australia and the target is to further expand by reaching 600 MW within Q3 2022. Additionally, in Greece, MYTILINEOS has agreed to the acquisition of a pipeline of 25 energy storage projects.
[1] The capacity market is a mechanism by which Terna (the national TSO) obtains electricity capacity through a long-term supply contracts years awarded through a competitive bidding procedure. Through these contracts electricity producers undertake to produce energy when dispatched in exchange for a fixed annual remuneration.
communities, settlements as well as big corporations seeking to create "smart" cities, aiming to make the citizens' and inhabitants' everyday life easier and sustainable
Using artificial intelligence and cutting-edge technologies, sustainable, "smart" societies with infinite possibilities to the benefit of citizens are created. Citizen-friendly cities will be offering solutions, interacting at all levels, offering opportunities, reducing costs, respecting the environment, but above all, remaining human and sustainable. A particularly ambitious and innovative project materialized under the highest quality standards of MYTILINEOS, encompassing, for the first time, the collaborative efforts of its Business Units: Metallurgy, Power & Gas, and Sustainable Engineering Solutions. A "smart" city is a city living and breathing through its people, with its technological upgrading being at the same time a priority. An energy community with additional digital innovations aiming at improving quality of life, enhancing performance at all levels, optimizing resources exploitation and promoting citizens' active and productive involvement. The "smart" city responds with a smart approach to the terms citizenship, governance and mobility. Through this city, the value of the community and its people comes to surface whereby the consumer is now a producer controlling its own consumption. The so-called "prosumers" will play a pivotal role being interconnected with the new energy market as important partners and associates through blockchain, coming naturally in contact with all "smart" city stakeholders. Services and applications for the cities include:
✓ High operability in public areas (appliances charging spots, Internet access through 4G / Wi-Fi, sound systems for citizens' direct communication with public services, weather forecast information, access to lighting options)
✓ Central control systems providing direct information with a view to promptly resolving issues even through remote management.
Therefore, using digital technologies, already existing structures and facilities will be constantly upgraded substantially interacting with citizens, with safety and credibility. At the same time the use of resources will be optimized while direct and indirect emissions will be reduced to the minimum. MYTILINEOS Smart Cities will employ additional concepts and services such as: Smart Energy Contracts, Smart Lighting, Connected public transport, Smart Parking, Public safety, Smart roads / Connected streetlights / Smart Traffic monitoring and management, Citizen/Tourist services entering the life of the citizens and rendering it easier. Furthermore, sustainability principles will play a major role in this net zero city. "Green" energy will be corresponding to total energy consumption, while citizens awareness of environmental and energy issues will be raised through continuous education and dissemination of information on issues of energy, water and the importance of
technology. The first project of MYTILINEOS Smart Cities services will take place in Aspra Spitia. Therefore, this model community being the "home" of Aluminium of Greece employees, will turn into the first "pilot" city aiming at a real and substantial improvement of the settlements inhabitants' standards of living through a variety of cutting-edge technological solutions. The overall transformation of the company and the importance of the Sustainable Engineering Solutions Business Unit. MYTILINEOS is once more leading the way. It doesn't just follow developments but it is at the very forefront. It intensifies its efforts and creates constants as a point of reference towards a sustainable future for all, since the company recent holistic transformation has been focusing on sustainable development principles. In this context, MYTILINEOS undertakes to bring the future to the cities making use of its unquestionable comparative advantage. Through its vast experience in infrastructure, projects and energy management, MYTILINEOS aims to materialize what once used to seem impossible. A new world with immense possibilities opens up through artificial intelligence flexible applications and technologies.
• On 14 April 2022, MYTILINEOS won the gold award for its business practices, based on its business model and its overall strategy, by the leading European agency for the performance evaluation of companies in sustainable development, EcoVadis. Specifically, EcoVadis evaluates the quality of the Corporate Responsibility management system and the ESG of the companies through the policies they have, the practices they apply and their results. The evaluation methodology is using 21 criteria, grouped into four thematic units: Environment, Labor Practices & Human Rights, Business Ethics and Sustainable Procurement. The criteria are based on international standards, such as the UN Global Compact principles, the International Labor Organization (ILO) conditions, the Global Reporting Initiative (GRI) standards, and the ISO 26000 principles. Since its establishment in 2007, EcoVadis has grown into one of the largest and most trusted providers of business viability ratings in the world, creating a global network of more than 90,000 rated companies. According to the results of the evaluation of its overall performance, MYTILINEOS is in the top 10% of all companies evaluated by EcoVadis. The Company's performance is even better per unit, as MYTILINEOS managed to be included in the 4% of the top suppliers in its sector in the section "Labor Practices - Human Rights" and in the respective 6% of the top suppliers in the section "Environment". Participating in the EcoVadis rating platform, MYTILINEOS responds promptly and responsibly to its customers' sustainable development requirements, enabling them to access relevant information and performance, which is a prerequisite for maintaining existing and concluding new business partnerships. MYTILINEOS' long standing commitment to Sustainable Development is reflected in the already significant ESG performance achieved, and makes the most of the improvement proposals it receives from the international independent ESG criteria rating agencies in which it participates. In this context, the Company carried out important strategic actions in 2021, including the following:
✓ It developed and started the implementation of specific action plans for each key initiative that contributes to the ambitious objectives of reducing the carbon footprint.
✓ It joined the international Sustainable Development CDP Climate Change initiative.
✓ It joined the official supporters of the International Task force on Climate – Related Financial Disclosures (TCFD).
✓ It completed the 2nd cycle of corporate responsibility training for key suppliers.
✓ It carried out the formal Consultation process with its Social Partners for the 12th year in a row.
✓ It implemented 16 social initiatives and programs at central level.
✓ It ensured the improvement or maintenance of its performance in almost all the ESG evaluations in which it participated.
the total 138,414,002 total common registered shares participated (physically or remotely through teleconference or by way of exercising their voting right before the meeting)[1]. The General Meeting discussed and took the following decisions by majority on the items of the agenda:
In addition, the Annual Report of the Audit Committee on its activities for the year 2020 was submitted to the meeting according to the provisions of article 44 par. 1(i) of law 4449/2017 as well as the Report on the activities of the Independent Non- Executive Directors of the Board for the year 2021 according to the provisions of article 9 par. 5 of law 4706/2020. The Company will announce and publish on its website www.mytilineos.gr separate announcement with the detailed results of the voting per decision in accordance with article 133 par. 2 of the law 4548/2018.
The board of directors that was elected per above decisions, was constituted as a body the same day and designated its executive and non-executive members, as follows: 1. Evangelos Mytilineos, father's name: Georgios, Chairman and Managing Director, executive member; 2. Spyridon Kasdas, father's name: Dimitrios, Vice-Chairman A, non-executive member; 3. Evangelos Chrysafis, father's name: Georgios, Vice-Chairman B, executive member; 4. Dimitrios Papadopoulos, father's name: Sotirios, executive member; 5. Ioannis Petrides, father's name: Georgios, Lead Independent Director, independent non-executive member; 6. Panagiota Antonakou, father's name: Leonidas, independent non-executive member; 7. Emmanouil Kakaras, father's name: Konstantinos, independent non-executive member; 8. Konstantina Mavraki, father's name: Nikolaos, independent non-executive member; 9. Anthony Bartzokas, father's name: Melas, independent nonexecutive member; 10. Natalia Nikolaidis, father's name: Emmanouil, independent non-executive member; and 11. Alexios Pilavios, father's name: Andreas, independent non-executive. The term of office of the aforementioned members of the board of directors is four years and is extended until the first general meeting of the shareholders following the expiration of their term.
In addition, the board of directors appointed its following members as members of the Audit Committee, which is a board of directors' committee and which was formed into a corporate body on the same day as follows: 1. Alexios Pilavios, Chair – independent non - executive member of the board of directors; 2. Konstantina Mavraki, Member– independent non - executive member of the board of directors; and 3. Anthony Bartzokas, Member, – independent non - executive member of the board of directors.
The board of directors also appointed the members of the Remuneration and Nomination Committee, which was formed into a corporate body on the same day as follows: 1. Ioannis Petrides, Chair – independent non executive member of the board of directors; 2. Emmanouil Kakaras, Member – independent non - executive member of the board of directors; and 3. Konstantina Mavraki, Member– independent non - executive member of the board of directors.
The board of directors also appointed the members of the Sustainability Committee, which was formed into a corporate body on the same day as follows: 1. Sophie Daskalaki-Mytilineou, Chair; 2. Panagiota Antonakou, Member – independent non - executive member of the board of directors 3. Emmanouil Kakaras, Member – independent non - executive member of the board of directors; 4. Spyridon Kasdas, Member – Vice-Chairman A, non-executive member of the board of directors; 5. Natalia Nikolaidis, Member – independent non executive member of the board of directors; and 6. Dimitrios Papadopoulos, Member – executive member of the board of directors
[1] It shall be noted that, pursuant to paragraph 1 of article 50 of Law 4548/2018, 4,477,159 own shares of the Company out of total 142,891,161 shares are not calculated both for the purposes of quorum and the voting process
• On 7 June 2022, MYTILINEOS S.A. through its Renewables & Storage Development (RSD) Business Unit has signed a solar power purchase agreement (PPA) with Enel Generación Chile S.A. This PPA will supply the Chilean utility with up to 1.1 TWh per year for the next 10 years. With this agreement, MYTILINEOS will deliver green energy generated, from a portfolio of four solar projects totaling 588 MWp. The portfolio's contracted energy of 1.1 TWh per year is equivalent to the electricity necessary to provide power to 532,000 homes in Chile, eliminating 123,000 cars from the road, and avoiding the emission of 570,000 tons of carbon pollution to the atmosphere. The portfolio of four projects was acquired in "brownfield" stage by MYTILINEOS during
2020-21 and marked the Company's first incursion in Chile as an investor. Prior to that, the Company had been involved in the country as a top-tier EPC contractor. Since acquiring full control of these assets, MYTILINEOS has been focused on completing their development, contracting them through a PPA, and at the same time enhancing its local development team. To enhance its positioning in the Chilean energy market, the Company is adding geographic and technological diversification through greenfield development and acquisitions of new solar and wind projects in the central and central-south regions of Chile. Out of the four projects in the portfolio, one is already under construction and the other three are in their final stages of development and are expected to start construction during 2022. The projects are located in the Arica-Parinacota (109 MWp), Antofagasta (228 MWp), Atacama (165 MWp), and Coquimbo (86 MWp) regions of Chile. Once the portfolio is built, MYTILINEOS' RSD Business Unit will also oversee its operation and maintenance. The signing of this 588 MWp portfolio PPA with Enel Generación Chile further establishes MYTILINEOS as one of Chile's leading renewable power producers and provides a solid launching base for the Company's ambitious growth strategy in Chile and other key markets in Latin America. In addition to this first portfolio, the Company is already developing an additional 1 GWp of capacity in Chile, Mexico, and Colombia. The total capacity of the MYTILINEOS' RSD Business Unit's international portfolio currently stands at c. 2.326 MW out of which:
On top of the above, the portfolio also includes a pipeline of projects in various stages of development, with a capacity of c. 3.7 GW. Larraín y Asociados and Tarelec acted as legal and commercial advisors to MYTILINEOS in this transaction.
• On 23 June 2022, MYTILINEOS S.A. (the "Company"), following relevant announcement of June 3rd, 2022, announces that the Annual Regular General Meeting of the Shareholders of the Company, held on June 2nd, 2022, resolved, among others, to distribute a dividend in the sum of 0.42 euros per share. The final dividend amount that will be paid out stands at 0.4340925612 euros per share, increased by the dividend corresponding to 4,638,878 own shares that will be held by the Company on June 24th, 2022 (ex-dividend date). The dividend is subject to a 5% withholding tax, in accordance with the applicable tax provisions (with the exception or differentiation of such withholding for shareholders falling under special provisions). Therefore, the net amount of dividend which will be paid to shareholders will be 0.4123879331 euros per share. On June 24th, 2022 the Company's shares will trade ex-dividend. The beneficiaries of the dividend are the shareholders registered in the records of the Dematerialised Securities System (DSS) on June 27th, 2022 (record date). Payment of the dividend will commence on July 1st, 2022. Payment of the dividend shall be effected in accordance with the procedure stipulated in the Company's relevant announcement of June 3rd, 2022.
MYTILINEOS, operating c.1.4 GW of installed thermal (consuming self-imported natural gas) and RES plant capacity, is holding the first position among the independent power suppliers, having been established as the largest vertically integrated electricity and natural gas company, reaching the critical size to benefit from full liberation of the domestic electricity and natural gas market.
The second half of 2022 is expected to be affected by the high natural gas and CO2 prices.
Despite that, except from the case of an extreme event, P&G BU's financial results are expected to reach new highs due to:
Regarding the Metallurgy BU, MYTILINEOS has taken prompt actions in order to mitigate the various cost parameters, especially the energy cost, which has been secured at pro-energy-crisis levels, while benefiting from high LME prices, the strengthening of the USD against the Euro as well as its flexibility to use alternative fuel for alumina production, has secured steadily higher levels of profitability ahead.
During H2 2022, Metallurgy BU, is expected to maintain its strong performance similarly with H1 2022, as MYTILINEOS:
other European and American producers are struggling with narrowing margins and curtailments
The prospects of the Renewables & Storage Development BU have only started to emerge, as the demand for green projects continues to increase. Ambitious targets for the acceleration of the global energy transition coupled with recent geopolitical tensions, have raised the demand for green projects. Specifically, the new REPowerEU framework, offers new growth prospects both for the development of new projects as well as the enhancement of RES project's evaluation, particularly those in mature stage of development. Following those developments, the RSD BU is well positioned to fully benefit from the increased demand.
Regarding, the BOT platform, the RSD BU has a strong global Solar PV portfolio, with the total pipeline reaching 6.2GW, 2.5GW of which are either in a mature stage of development or in operation. Following, the significant sales of projects completed in 2021 and the sale of 100MW in the UK during H1 2022, BU's activity is accelerating. Within the second half of 2022, major sale agreements for Solar PV parks, are expected to be concluded, with total capacity exceeding 450MW, taking RSD in new levels of profitability, significantly higher than previous years.
As for the third-party EPC projects, having gained market's recognition as one of the top Solar PV constructors globally, with a top-tier clientele and the strong execution record of >2.5 GW Solar PV projects, 290MW/ 330MWh battery storage projects, while another 302MW/ 360MWh projects are in construction phase. Those attributes, enables the BU to undertake new projects and fully benefit from the strong demand.
H1 2022, was a period where the BU showed resiliency against global challenges. Construction activities are expected to accelerate in coming quarters, following the commencement of projects already contracted, as well as with the backlog's enhancement, resulting in the strengthening of the BU's profitability.
Specifically:
• In the Transmission & Distribution filed, SES proceeds with the current contracts for projects in Greece, Georgia and Albania, while in the beginning of second half, signed a contract with the Independent Power Transmission Operator (IPTO SA) for the complete construction of the new interconnecting overhead Transmission Line "T.L. 400kV High Voltage Center Ν. SANTAS - MARITSA (BULGARIA)".
41% of BU's total pipeline, refers to Greek projects, an activity which is expected to record significant growth, both in construction and concession sectors.
● Finally, having the necessary experience and know-how in high-requirement projects, the BU focuses on the utilization of the funds from the European Recovery Fund, especially for infrastructure projects and projects that contribute to sustainable development.
The activities of MYTILINEOS are affected by multiple risks, whose occurrence may impact its activities, business presence, financial performance, as well as the achievement of its strategic goals.
The main risks MYTILINEOS is facing, are classified in the following risk categories:
MYTILINEOS implements an Enterprise Risk Management System for the identification, analysis, assessment, monitoring, and reporting of risks, in order to limit the likelihood and the impacts of risks and to maximize the benefit from the opportunities presented. In this context, an Enterprise Risk Assessment methodology has been adopted, which is based on the best international practices and is tailored to the needs of MYTILINEOS, promoting a unified culture that integrates risk management and decision-making in its processes and activities.
This methodology (top-down & bottom-up) is followed by all Business Units and Central Functions of MYTILINEOS and consists of the following steps:
The responsible Executives of the General Divisions are involved in the systematic identification and assessment of risks affecting business activities, as well as in the assessment of the risk mitigation's adequacy. They also supervise the design and timely implementation of the risk response plans. For every risk, a Risk Owner has been assigned, whose responsibilities are the implementation of the risk assessment methodology, and the design of the risk response plans. In addition, in each General Division the role of Risk Partner has been established, whose responsibilities are the
development and updating of the Risk Register, as well as the monitoring of the progress made in the implementation of each risk response plan.
The risk assessment results are communicated by the Enterprise Risk Management Division to the Executive Committee and to the Audit Committee of the Board of Directors of MYTILINEOS.
In addition, the Treasury Risk Management Division of MYTILINEOS, use various strategic and operational hedging methods to mitigate financial risks.
Finally, internal audits are carried out at MYTILINEOS to ensure the proper and effective implementation of the risk management processes.
Financial risks are analyzed in note 7.18 of interim financial report and specifically on pages 75-77.
This risk arises from the inability to effectively monitor and assess the fluctuating macroeconomic factors (e.g. inflation, GDP, economic stability) leading to financial loss.
MYTILINEOS, through various models / methods depending on the risk factors (e.g., macroeconomic stability of a country, inflation fluctuations, monetary policies), monitors the macroeconomic variables so as to adapt its actions both in production and investment levels based in any case on the current and estimated developments in the market. MYTILINEOS proven business model's resilience coupled with the completion of significant investments as well as its well-capitalized balance sheet, safeguard future profitability from external factors, maintaining in that way MYTILINEOS' steep growth trajectory in years to come.
The competition risk is related to the possibility of not achieving strategic objectives due to existing and new competitors' actions. Globalization, free trade, and innovations in technology, manufacturing, transportation, and communications have created a highly competitive global economy.
The commercial risk originates from ineffective management of customers and partners.
The above risks, expose MYTILINEOS to the potential risk of losing customers, reducing revenue and profit margins.
MYTILINEOS' business mission is to operate in demanding local and international markets, with innovation and efficiency. MYTILNEOS, in an effort to increase customer base, profitability and profit margin, constantly evaluates the operating environment and adopts best practices and technologies, while investing in research and development that will give a competitive advantage.
MYTILINEOS Commercial Divisions, operating in all its business units within and outside Greece, identify development opportunities and build strong relationship with customers and partners.
MYTILINEOS focuses on safeguarding the quality of its products and services, since any deviation from the quality specifications of the products and services affects its operating activities, which in turn impacts its customers' satisfaction levels, its good reputation and credibility and, finally, its financial results.
Through vertically integrated production, trade and supply of power, gas import for MYTILINEOS and its customers' needs and investments in new technologies and clean energy, MYTILINEOS gains competitive advantage maintaining high profit margins and profitability.
Strategic, political, and economic interests of countries, as well as changes in governments and policies, lead to unrest, population movement, changes in legislation, sanctions between states, and even military actions, creating an everchanging geopolitical environment may threatens the activities of MYTILINEOS, its supply chain, its financial performance and the safety of its employees.
MYTILINEOS is exposed to geopolitical risk, through its activities in five continents.
MYTILINEOS has developed specific policies and processes for the assessment of geopolitical risk exposure but also for the implementation of risk mitigation plans, so that the geopolitical risk exposure is maintained within its risk appetite. The main geopolitical risk mitigation plans implemented by MYTILINEOS are:
The Central International Business Division of MYTILINEOS in cooperation with its Business Units' international divisions, constantly assess the existing and emerging geopolitical risks.
Especially for the expansion of MYTILINEOS activities in new countries, multidivisional working groups are formed, which in collaboration with specialized consultants assess the type and extent of the risks that MYTILINEOS may be exposed to (political, credit, health & safety, tax, supply chain, etc.) and risk management strategies are developed, which are evaluated in relation to the benefits presented by the expansion of activities.
MYTILINEOS, has a long -term contract for Russian natural gas supply, covering some of its gas supply needs.
MYTILINEOS is in full compliance with the European and International natural gas supply provisions. Moreover, MYTILINEOS has assessed the consequences of Russian invasion and the related sanctions against Russia and the impact on International natural gas market as well as on the Greek and South-Eastern European Market conditions.
MYTILINEOS has developed a contingency plan in case of a disruption or even of a complete shutdown of Russian natural gas flows. The plan, which is constantly under review and update based on the developments and provisions in the international market, provides replacement of natural gas with alternative fuel.
Finally, MYTILINEOS monitors the daily developments and the imposed sanctions under all applicable laws and regulations, to ensure full compliance and mitigate its exposure to compliance and business risks.
MYTILINEOS operates in countries with a diversified legal and regulatory environment which is subject to frequent changes. Therefore, MYTILINEOS is exposed to non – compliance risk with legal and regulatory framework at the business, labor, social and product level, which ensures that the overall corporate activity meets high levels of responsible entrepreneurship and strengthens the climate of trust between MYTILINEOS and its Social Partners (customers, employees, suppliers, local authorities, etc.).
Also, MYTILINEOS is exposed to the risk of non-compliance with its obligations under the environmental legislation and, more specifically, with the terms of the environmental permits of its industrial plants. In the event of a breach of the applicable regulations, the competent authorities may impose fines or sanctions, and may also withdraw or refuse to renew permits and approvals.
Further, MYTLINEOS is exposed to financial risks, from potential adverse outcomes of litigation related to noncompliance with the law in general.
In order to prevent the aforementioned risks, MYTILINEOS is up-to date for its legal obligations, ensures that its partnerships and its activities are in compliance with applicable laws, has established procedures for monitoring developments in the legislation concerning its business units, reviews and assesses its compliance with the applicable laws and regulations on a regular basis. Monitoring compliance with the approved environmental licenses (Environmental Terms Approval Decisions) of MYTILINEOS operational units, is a process conducted internally, on a regular basis, in each Business Unit, by qualified personnel, as well as annually, by a recognized independent organization which audits and certifies MYTILINEOS environmental management system.
As a member of the UN Global Compact, MYTILINEOS strives to ensure that its business practices are fully aligned with the Compact's internationally recognized Ten Principles. Furthermore, under its Corporate Social Responsibility Policy in place, MYTILINEOS commits to adopting a responsible, sustainable and ethical business conduct that is regularly evaluated on the basis of the achieved results, and to improve its environmental and social performance, as well as its performance regarding transparency and corporate governance. During tendering for a project, policies and procedures (management system or due diligence procedures) are applied to prevent bribery and corruption as well as anti-competitive behavior.
Finally, Compliance Division implements various training programs for the personnel (e.g. Personal Data Protection, Code of Business Conduct, Third Party Due Diligence).
Business Continuity Risk relates to the low degree of readiness and response to emergency incidents (fires, explosions, land subsidence, release of chemicals to the environment, transportation of products, waste, natural hazards such as climatic and seismic events, health and safety incidents and other hazards), with serious consequences for the employees, the local community and the natural environment but also for the smooth operation of the MYTILINEOS's activities and thereby for its reputation and its financial results.
Managing emergencies and ensuring business continuity is of the highest priority for MYTILINEOS. Therefore, MYTILINEOS has developed a Group process concerning the management of extraordinary events that could lead to serious consequences in its business continuity.
Furthermore, all Business Units have established appropriate Emergency Prevention and Response Plans (for fire, explosion, leakages, natural phenomena, extreme weather conditions etc.), in order to effectively deal with all incidents that result in deviations from their normal operation with serious consequences for the environment and for the health and safety of employees and the local communities.
Finally, in order to ensure business continuity and mitigate the impact of a cybersecurity breach or natural disaster, a business continuity and disaster recovery plan has been designed and implemented, which is tested and updated on a regular basis.
Possible breaches in the security of networks, information systems and operational systems, threaten the integrity of MYTILINEOS data and other sensitive information, and disrupt business operations. The occurrence of such events could negatively impact MYTILINEOS reputation and its competitive position. Moreover, possible involvement in litigations with third parties, the imposition of fines or the loss of business activities (including remediation costs), could have a significant negative impact on MYTILINEOS financial situation and operating results. In addition, the management of cybersecurity attacks or breaches may require considerable Management involvement and significant resources.
MYTILINEOS has developed an Information Security Framework and is committed to the implementation of a holistic Information Security Management System, through which the effective and efficient protection of MYTILINEOS information systems and data is achieved.
The Information Security Framework sets out a continuous cycle of improvements in the Information Security Management System, specifying activities for assessing risk, developing and implementing information security policies and cybersecurity risk mitigation standards, procedures and guidelines, and monitoring their effectiveness and efficiency.
MYTILINEOS periodically works with independent organizations and consultants, who evaluate the adequacy and effectiveness of the Information Security Management System and verify that an information resource or management system meets the necessary requirements specified by the respective policies for the protection of information systems and their data.
Moreover, a regular and structured information security awareness-raising and training program has been developed and is implemented across MYTILINEOS on a continuous basis. The aim of the program is to ensure that all employees, contractors and relevant third parties with access to information and information systems, understand the need for
information security, acknowledge the responsibilities assigned to them under the Information Security Framework, and perform their duties demonstrating a high level of professional ethics.
Finally, to ensure business continuity and mitigate the impact of a cybersecurity breach or natural disaster, a business continuity and disaster recovery plan has been designed and implemented, which is tested and updated on a regular basis. The Senior Management is responsible for taking appropriate measures that will guarantee business continuity according to the business needs.
The risk arises from ineffective and inefficient management of the critical raw materials for the continuation of business operations both in short – term and medium-term basis.
MYTILINEOS, normally enters in long – term contracts with many suppliers. In accordance with its policies, MYTILINEOS in order to enter into a contract, sets a number of criteria to assess the suppliers such as their financial and qualitative status over time, the services and products cost, as well as their capability to ensure the required quantity and quality of supply according to specifications defined by its business units.
In addition, MYTILINEOS, due to ever changing geopolitical environment, ensures that sufficient raw materials stocks are retained.
MYTILINEOS effort to be constantly competitive is based on the know-how, skills, and dedication of its people. Therefore, the risk of MYTILINEOS failure to attract and retain a skilled, capable, and productive workforce, may threaten the timely achievement of the Company's commitments and the success of its strategic objectives.
To address these risks, MYTLINEOS has implemented employee retention systems and practices that involve:
The main Health & Safety risks are the following:
Occupational Health and Safety has always been fundamental to the operation of MYTILINEOS and a primary business goal. As a responsible organization, MYTILINEOS acknowledges its responsibility to ensure the best possible Health & Safety conditions in all its work areas, as well as the right of its employees and of the employees of the independent contractors executing operations in its premises, to work without exposing themselves to any risk of injury or occupational disease.
In all its Business Units, MYTILINEOS, in compliance with the minimum legal requirements, implements a voluntary integrated and certified Occupational Health & Safety Management System. This System is designed to minimize risk, to take the appropriate measures for preventing accidents and occupational diseases, to provide for ongoing employee training and strengthen a safe work culture.
MYTILINEOS adheres strictly to the applicable Greek and European laws in force and the regulatory provisions on Occupational Health & Safety.
In many cases, the compliance of the Business Units operations with the relevant legislation is achieved by MYTILINEOS imposing itself much stricter limits through the relevant programs and systems in place.
The systematic and continuous efforts to foster and promote a corporate Health and Safety culture is a long-standing commitment in daily operations and encourages all personnel to act responsibly for their own personal safety as well as for the safety of those around them.
Occupational Health and Safety is a line of responsibility that begins from the Management and the General Divisions and extends across all stages of production of all MYTILINEOS Business Units. To address the relevant risks, MYTILINEOS has established and is strictly implementing security systems and safety measurements to assess their impact on the employees and to identify any need for interventions in all its work areas (offices and industrial facilities). At the same time, continuous progress and self-improvement depends greatly on both the preventive actions undertaken and the broader experience that MYTILINEOS from every individual incident and near miss accident it analyses, while educating and training its personnel is crucial in order to maintain and further develop an accident prevention mentality.
The risk relates to the identification of opportunities related to business portfolio growth and the monitoring of actions necessary for the assessment and implementation of mergers, acquisitions, divestments, strategic partnerships.
MYTILINEOS follows a number of steps, where a growth or investment opportunity aligns with its strategy. Specifically, where the possible transaction is considered to be an interesting case, the Strategy and M&A General Division in cooperation with the business unit concerned and the related central functions and external consultants, if necessary, proceed to analysis of the available data. Due diligence process is taking place involving review and assessment of legal, tax, financial, technical, environmental, insurance, social and human resources data, all included in a specialized risk matrix (risk identification & management).
The risk relates to monitoring and effectively managing the reserves and availability of critical materials – resources which affect the continuation of business operations.
MYTILINEOS, based on its strategic planning, has proceeded in long – term investments e.g. construction of PV plants, new CCGT power plant.
In addition, MYTILINEOS, enters in long -term supply agreements with partners who meet the criteria of reliability and creditworthiness.
Sustainability Risk arises from events in the environmental or social or governance sector, that could lead to financial loss and negative impact on reputation of MYTILINEOS.
MYTILINEOS, based on its Sustainable Development Strategy, aims to create long-term and sustainable value for shareholders and other Stakeholder groups, through a holistic approach that combines economic stability with social and environmental sustainability. It is implemented on three basic levels that are inseparable from one another, and is governed by specific Principles that ensure completeness (Materiality Principle), quality (Stakeholder Inclusiveness Principle) and transparency (Accountability Principle) across all its activities.
The first level expresses MYTILINEOS commitment to tackling climate change and its contribution to a low-emissions economy. The second level focuses on MYTILINEOS systematic approach to the recording, optimal management and disclosure of information about the ESG risks and opportunities that may affect its performance, as well as its efforts to implement its strategy. The third level focuses on the responsible operations of MYTILINEOS, which has been systematically cultivated, since 2008, through the implementation of Responsible Entrepreneurship and the Company's commitment to the 10 Principles of the UN Global Compact.
The commercial transactions of the Group and the Company with related parties during the first half of 2022, were realized under the common commercial terms. The Group or any of its related parties has not entered in any
transactions that were not in an arm's length basis, and do not intent to participate in such transactions in the future. No transaction was under any special terms and conditions.
The tables bellow present the intercompany sales and transactions, among the Parent Company and its subsidiaries, associates and the key management personnel as at 30 June 2022.
| MYTILINEOS GROUP | MYTILINEOS S.A. | |||||
|---|---|---|---|---|---|---|
| (Amounts in thousands €) | 30/06/2022 | 30/06/2021 | 30/06/2022 | 30/06/2021 | ||
| Short term employee benefits | ||||||
| - Wages of Key Management and BOD Fees | 4.341 | 4.407 | 3.273 | 3.131 | ||
| - Insurance service cost | 236 | 163 | 162 | 103 | ||
| - Bonus | 50 | 50 | 50 | 50 | ||
| - Other remunerations | 0 | 0 | 0 | 0 | ||
| Total | 4.626 | 4.621 | 3.485 | 3.284 |
| MYTILINEOS GROUP |
MYTILINEOS S.A. |
||
|---|---|---|---|
| (Amounts in thousands €) | 30/06/2022 | 30/06/2022 | |
| Stock Sales | SERVISTEEL | - | 50 |
| Stock Sales | ELEMKA S.A. | - | 12 |
| Stock Sales | DELFI DISTOMON A.M.E | - | 658 |
| Stock Sales | RENEWABLE SOURCES KARYSTIA S.A. | - | 12 |
| Stock Sales | KORINTHOS POWER S.A. | - | 167.642 |
| Stock Sales | AIOLIKI ANDROU TSIROVLIDI S.A. | - | 29 |
| Stock Sales | AIOLIKI EVOIAS PIRGOS S.A. | - | 4 |
| Stock Sales | AIOLIKI EVOIAS HELONA S.A. | - | 3 |
| Stock Sales | AIOLIKI EVOIAS DIAKOFTIS S.A. | - | 2 |
| Stock Sales | AIOLIKI SIDIROKASTROU S.A. | - | 23 |
| Stock Sales | HELLENIC SOLAR S.A. | - | 17 |
| Stock Sales | SPIDER ENERGY S.A. | - | 25 |
| Stock Sales | YDROXOOS .S.A. | - | 4 |
| Stock Sales | AIOLIKI TRIKORFA S.A. | - | 7 |
| Stock Sales | METKA International LTD | - | 851 |
| Stock Sales | POWER PROJECT SANAYI INSAAT TICARET LIMITED SIRKETI | - | 814 |
| Stock Sales | EP-AL-ME S.A. | - | 10.386 |
| Stock Sales | ZEOLOGIC S.A. | - | 4 |
| Stock Sales | J/V MYTILINEOS - ELEMKA | - | 104 |
| Stock Purchases | ELEMKA S.A. | - | 30.268 |
| Stock Purchases | DELFI DISTOMON A.M.E | - | 11.322 |
| Stock Purchases | CORINTHOS POWER S.A. | - | 1 |
| Stock Purchases | EP-AL-ME S.A. | - | 2.751 |
| Stock Purchases | ZEOLOGIC S.A. | - | 101 |
| Services Sales | ELEMKA S.A. | - | 199 |
| Services Sales | DELFI DISTOMON A.M.E | - | 46 |
| Services Sales | RENEWABLE SOURCES KARYSTIA S.A. | - | 55 |
| Services Sales | CORINTHOS POWER S.A | - | 1.930 |
|---|---|---|---|
| Services Sales | AIOLIKI EVOIAS PIRGOS S.A. | - | 14 |
| Services Sales | AIOLIKI EVOIAS POUNTA S.A | - | 11 |
| Services Sales | AIOLIKI EVOIAS HELONA S.A. | - | 6 |
| Services Sales | AIOLIKI EVOIAS DIAKOFTIS S.A. | - | 9 |
| Services Sales | SPIDER ENERGY S.A. | - | 32 |
| Services Sales | St. Nikolaos IKE | - | 25 |
| Services Sales | METKA POWER WEST AFRICA LIMITED | - | 753 |
| Services Sales | POWER PROJECT SANAYI INSAAT TICARET LIMITED SIRKETI | - | 8 |
| Services Sales | EP-AL-ME S.A. | - | 27 |
| Other Transactions | AIOLIKI EVOIAS PIRGOS S.A. | - | 5.907 |
| Other Transactions | AIOLIKI EVOIAS POUNTA S.A. | - | 4.554 |
| Other Transactions | AIOLIKI EVOIAS HELONA S.A. | - | 2.607 |
| Other Transactions | AIOLIKI EVOIAS DIAKOFTIS S.A. | - | 3.796 |
| Other Transactions | SPIDER ENERGY S.A. | - | 13.616 |
| Other Transactions | METKA INTERNATIONAL LTD | - | 563 |
| Other Transactions | ZEOLOGIC S.A. | - | 15 |
| Other Transactions | WAGGA-WAGGA PROPERTY CO PTY LTD | - | 6 |
| Other Transactions | METKA EGN UGANDA | - | 96 |
| Other Transactions | METKA EGN AUSTRALIA LTD | - | 2 |
| Other Transactions | METKA EGN FRANCE SRL | - | 2.030 |
| Other Transactions | METKA EGN LIMITED (UK) - |
1 | |
| Services Purchases | SERVISTEEL S.A. | - | 527 |
| Services Purchases | DELFI DISTOMON A.M.E | - | 10 |
| Services Purchases | CORINTHOS POWER S.A | - | 8 |
| Services Purchases | MYTILINEOS FINANCIAL PARTNERS S.A. | - | 1.132 |
| Services Purchases | ZEOLOGIC S.A. | - | 224 |
| MYTILINEOS GROUP |
MYTILINEOS S.A. |
||
|---|---|---|---|
| (Amounts in thousands €) | 30/06/2022 | 30/06/2022 | |
| Receivables from Related Parties | ELEMKA S.A. | - | 1.487 |
| Receivables from Related Parties | STANMED TRADING LTD | - | 240 |
| Receivables from Related Parties | ANEMODRASI RENEWABLE ENERGY SOURCES S.A. | - | 152 |
| Receivables from Related Parties | ANEMORAHI RENEWABLE ENERGY SOURCES S.A. | - | 135 |
| Receivables from Related Parties | PROTERGIA THERMOILEKTRIKI AGIOU NIKOLAOU S.A. | - | 21 |
| Receivables from Related Parties | METKA S.A. | - | 16 |
| Receivables from Related Parties | METKA BRAZI SRL | - | 353 |
| Receivables from Related Parties | DELFI DISTOMON A.M.E | - | 3.178 |
| Receivables from Related Parties | RENEWABLE SOURCES KARYSTIA S.A. | - | 2.537 |
| Receivables from Related Parties | PROTERGIA THERMOILEKTRIKI S.A. | - | 570 |
| Receivables from Related Parties | GENERAL INDUSTRY S.A. DEFENSE MATERIAL | - | 73 |
| Receivables from Related Parties | CHORTEROU S.A. | - | 1.278 |
| Receivables from Related Parties | KISSAVOS DROSERI RAHI S.A. | - | 1.149 |
| Receivables from Related Parties | AETOVOUNI S.A. | - | 319 |
| Receivables from Related Parties | KISSAVOS PLAKA TRANI S.A. | - | 1.268 |
| Receivables from Related Parties | KISSAVOS FOTINI S.A. | - | 988 |
| Receivables from Related Parties | LOGGARIA S.A. | - | 323 |
| Receivables from Related Parties | CORINTHOS POWER S.A | - | 34.675 |
| Receivables from Related Parties | ALUMINIUM OF GREECE | - | 599 |
| Receivables from Related Parties | PROTERGIA ENERGY S.A. | - | 39.107 |
| Receivables from Related Parties | ANEMOROI S.A. | - | 61 |
|---|---|---|---|
| Receivables from Related Parties | KILKIS PALAION TRIETHNES S.A. | - | 319 |
| Receivables from Related Parties | KERASOUDA S.A. | - | 46 |
| Receivables from Related Parties | IKAROS ANEMOS S.A. | - | 398 |
| Receivables from Related Parties | AIOLIKI ARGOSTYLIA S.A. | - | 94 |
| Receivables from Related Parties | NORTH AGEAN RENEWABLES S.A. | - | 82 |
| Receivables from Related Parties | MYTILINEOS HELLENIC WIND POWER S.A. | - | 34.065 |
| Receivables from Related Parties | AIOLIKI ANDROU TSIROVLIDI S.A. | - | 571 |
| Receivables from Related Parties | AIOLIKI EVOIAS PIRGOS S.A. | - | 1.520 |
| Receivables from Related Parties | AIOLIKI EVOIAS POUNTA S.A | - | 1.179 |
| Receivables from Related Parties | AIOLIKI EVOIAS HELONA S.A. | - | 517 |
| Receivables from Related Parties | AIOLIKI ANDROU RAHI XIROKABI S.A. | - | 1 |
| Receivables from Related Parties | AIOLIKI SAMOTHRAKIS S.A. | - | 100 |
| Receivables from Related Parties | AIOLIKI EVOIAS DIAKOFTIS S.A. | - | 996 |
| AIOLIKI SIDIROKASTROU S.A. | - | 39 | |
| Receivables from Related Parties | HELLENIC SOLAR S.A. | - | 7.528 |
| Receivables from Related Parties | SPIDER ENERGY S.A. | - | 8.792 |
| Receivables from Related Parties | YDROXOOS S.A. | - | 20 |
| Receivables from Related Parties | MAKRINOROS S.A. | - | 40 |
| Receivables from Related Parties | MNG Trading | - | 104 |
| Receivables from Related Parties | |||
| Receivables from Related Parties | DESFINA S.A. | - | 43 |
| Receivables from Related Parties | MYTILINEOS FINANCIAL PARTNERS S.A. | - | 2.283 |
| Receivables from Related Parties | Mytilineos International Trading Company AG (MIT Co) | - | 204 |
| Receivables from Related Parties | St Nikolaos IKE | - | 2 |
| Receivables from Related Parties | METKA-EGN Ltd Cyprus | - | 21.686 |
| Receivables from Related Parties | METKA-EGN Ltd Αγγλίας | - | 2.163 |
| Receivables from Related Parties | METKA-EGN USA LLC | - | 650 |
| Receivables from Related Parties | METKA POWER WEST AFRICA LIMITED | - | 1.425 |
| Receivables from Related Parties | METKA RENEWABLE LTD CYPRUS | - | 3.720 |
| Receivables from Related Parties | METKA EGN Chile SpA | - | 637 |
| Receivables from Related Parties | METKA EGN KZ LLP | - | 96 |
| Receivables from Related Parties | METKA International LTD | - | 8.343 |
| Receivables from Related Parties | MTRH Develoment LTD. | - | 45 |
| Receivables from Related Parties | METKA EGN FRANCE SRL | - | 13 |
| Receivables from Related Parties | METKA EGN SPAIN SLU | - | 789 |
| Receivables from Related Parties | METKA EGN AUSTRALIA PTY LTD | - | 1.891 |
| Receivables from Related Parties | METKA Power Investments | - | 2.079 |
| Receivables from Related Parties | POWER PROJECT SANAYI INSAAT TICARET LIMITED SIRKETI | - | 5.272 |
| Receivables from Related Parties | EP-AL-ME S.A. | - | 11.567 |
| Receivables from Related Parties | ZEOLOGIC S.A. | - | 426 |
| Receivables from Related Parties | J/V MYTILINEOS - ELEMKA | - | 8.552 |
| Receivables from Related Parties | MYTILINEOS WIND ENERGY ALBANIA Ltd | - | 163 |
| Receivables from Related Parties | EGNATIA WIND S.A. | - | 6.200 |
| Payables to Related Parties | SERVISTEEL S.A. | - | 1.660 |
| Payables to Related Parties | ELEMKA S.A. | - | 11.340 |
| Payables to Related Parties | METKA BRAZI SRL | - | 18 |
| Payables to Related Parties | CORINTHOS POWER S.A | - | 11 |
| Payables to Related Parties | AIOLIKI EVOIAS PIRGOU S.A. | - | 1.860 |
| Payables to Related Parties | AIOLIKI EVOIAS POUNTA S.A. | - | 1.448 |
| Payables to Related Parties | AIOLIKI EVOIAS HELONA S.A. | - | 614 |
| Payables to Related Parties | AIOLIKI DIAKOFTIS S.A. | - | 1.196 |
| Payables to Related Parties | SPIDER ENERGY S.A. | - | 2.959 |
| Payables to Related Parties | MYTILINEOS FINANCIAL PARTNERS S.A. | - | 26.074 |
|---|---|---|---|
| Payables to Related Parties | METKA-EGN Ltd Cyprus | - | 2.011 |
| Payables to Related Parties | METKA-EGN Ltd UK | - | 24 |
| Payables to Related Parties | POWER PROJECT SANAYI INSAAT TICARET LIMITED SIRKETI | - | 147 |
| Payables to Related Parties | EP-AL-ME S.A. | - | 3.424 |
| Payables to Related Parties | ZEOLOGIC S.A. | - | 38 |
On 07.07.2022 MYTILINEOS S.A. announced that through its Sustainable Engineering Solutions (SES) Business Unit, signed a contract with the Independent Power Transmission Operator (IPTO SA) for the complete construction of the new interconnecting overhead Transmission Line 'T.L. 400kV High Voltage Center Ν. SANTAS - MARITSA (BULGARIA)', of a single heavy-duty circuit (three-way conductor per phase), and the supply of all the materials required (steel, conductors, insulators, fittings) for the technical construction of said overhead transmission line. This segment is part of the new Greece-Bulgaria electrical interconnection, constituting an important project of pan-European interest and is expected to join the European System in the beginning of 2023. MYTILINEOS will undertake the construction of a segment of the new interconnecting line (N. Santa – Maritsa) located on Greek territory with a total length of 30 km. The Project involves the construction of eighty-five (85) new towers of series '7' (seven). The contract is scheduled to be completed within 9 months, in addition to the 18 months of the warranty period, and the contract value for MYTILINEOS stands at € 9.974.796,04.
On 08.07.2022 MYTILINEOS S.A. through its Renewables and Storage Development (RSD) Business Unit announced the beginning of construction of the Wyalong Solar Farm in New South Wales. The project once completed will have an overall green capacity of 75 MW and it will provide sustainable, clean energy by converting energy from the sun to electricity. Specifically, the Wyalong Solar Farm will generate enough electricity to power approximately 27,000 Australian homes. The Wyalong Solar Farm has already secured a high quality long-term PPA with the established partner NBN Co, an Australian Government Business Enterprise, tasked to design, build, and operate Australia's National Broadband Network. With this PPA, NBN Co. will further support its sustainability goals. Construction will be conducted for approximately 6 months, prior to commencement of commissioning activities.
Maroussi, 03 August 2022
Evangelos Mytilineos Chairman & Chief Executive Officer MYTILINEOS S.A.
To the Board of Directors of "MYTILINEOS S.A." Report on Review of Interim Financial Information
We have reviewed the accompanying interim condensed separate and consolidated statement of financial position of the Company "MYTILINEOS S.A." as of 30 June 2022 and the related condensed separate and consolidated income statements and statements of other comprehensive income, statements of changes in equity and cash flows for the six-month period then ended, and the selected explanatory notes that constitute the interim condensed financial information, which forms an integral part of the six-month financial report according to Law 3556/2007.
Management is responsible for the preparation and presentation of this interim condensed financial information, in accordance with International Financial Reporting Standards, as adopted by the European Union and which apply to Interim Financial Reporting (International Accounting Standard IAS 34). Our responsibility is to express a conclusion on this interim condensed financial information based on our review
We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily to persons responsible for financial and accounting matters and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing as incorporated into the Greek Legislation and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed financial information is not prepared, in all material respects, in accordance with IAS 34.
Our review, has not revealed any material inconsistency or misstatement in the statements of the members of the Board of Directors and the information of the six-month Board of Directors Report, as defined under
article 5 and 5a of Law 3556/2007, in relation to the accompanying interim condensed separate and consolidated financial information.
Athens, August 3th 2022 The Certified Public Accountant
Christina Tsironi SOEL Reg. Num.: 36671
The attached Interim Financial Statements are those approved by the Board of Directors of "MYTILINEOS S.A." at 3 th August 2022 and have been published to the website www.mytilineos.gr according to the International Financial Reporting Standards (IFRS).
| 1.A Interim Income Statement44 | |
|---|---|
| 1.B Interim Statement of Comprehensive Income 45 | |
| 2. Interim Statement of Financial Position46 | |
| 3. Interim Statement of changes in Equity (Group)47 | |
| 4. Interim Statement of changes in Equity (Company)48 | |
| 5. Interim Cash Flow Statement49 | |
| 6. Information about MYTILINEOS S.A50 | |
| 7. Additional Information51 | |
| 7.1 Basis for preparation of the financial statements 51 | |
| 7.2.1 New Standards, Interpretations, Revisions and Amendments to existing Standards that are effective and | |
| have been adopted by the European Union 52 | |
| 7.2.2 New Standards, Interpretations, Revisions and Amendments to existing Standards that have not been | |
| applied yet or have not been adopted by the European Union 53 | |
| 7.3 Significant accounting judgments, estimates and assumptions 54 | |
| 7.4 Pro forma figure "Operating Earnings before Financial & Investment results, Tax, Depreciation & | |
| Amortization" (Group EBITDA) 55 | |
| 7.5 Group Structure and Consolidation method 56 | |
| 7.6 Segment reporting 64 | |
| 7.7 Leases 67 | |
| 7.8 Stock 68 | |
| 7.9 Cash and Cash equivalents 68 | |
| 7.10 Loan liabilities 69 | |
| 7.11 Tangible Assets 70 | |
| 7.12 Other Receivables 71 | |
| 7.13 Other Payables 71 | |
| 7.14 Share Capital 72 | |
| 7.15 Translation reserves 72 | |
| 7.16 Dividends 73 | |
| 7.17 Fair Value Measurements 73 | |
| 7.18 Risks and uncertainties 75 | |
| 7.19 Sales 77 | |
| 7.20 Financial income 78 | |
| 7.21 Earnings per Share 78 | |
| 7.22 Number of employees 78 | |
| 7.23 Management remuneration and fringes 79 | |
| 7.24 Cash Flows from Operating Activities 79 | |
| 7.25 Related Party Transactions according to IAS 24 80 | |
| 7.26 Capital Expenditure 80 | |
| 7.27 Discontinued operations 81 | |
| 7.28 Encumbrances 81 | |
| 7.29 Commitments 81 | |
| 7.30 Contingent Assets & Contingent Liabilities 82 |
| 7.31 Other Contingent Assets & Liabilities 87 | |
|---|---|
| 7.32 Post – Balance Sheet events 89 |
| MYTILINEOS GROUP | MYTILINEOS S.A. | |||
|---|---|---|---|---|
| (Amounts in thousands €) | 1/1-30/06/2022 | 1/1-30/06/2021 | 1/1-30/06/2022 | 1/1-30/06/2021 |
| Sales 7.19 |
2.154.215 | 994.469 | 1.883.279 | 746.505 |
| Cost of sales | (1.864.571) | (817.346) | (1.684.980) | (633.422) |
| Gross profit | 289.644 | 177.123 | 198.300 | 113.083 |
| Other operating income | 35.717 | 17.567 | 27.201 | 14.366 |
| Distribution expenses | 0 | (3.823) | 0 | (2.751) |
| Administrative expenses | (37.114) | (46.753) | (33.508) | (33.979) |
| Research & Development expenses | (78) | (68) | 0 | 0 |
| Other operating expenses | (39.089) | (27.038) | (32.848) | (19.521) |
| Earnings before interest and income tax | 249.079 | 117.009 | 159.146 | 71.199 |
| Financial income 7.20 |
6.433 | 12.177 | 853 | 307 |
| Financial expenses | (36.014) | (34.177) | (24.421) | (16.741) |
| Other financial results | 3.885 | (1.123) | 12.645 | (1.123) |
| Share of profit of associates | 442 | 641 | 0 | 0 |
| Profit before income tax | 223.826 | 94.528 | 148.222 | 53.643 |
| Income tax expense | (42.379) | (14.564) | (30.468) | (5.575) |
| Profit for the period | 181.447 | 79.964 | 117.754 | 48.068 |
| Result from discontinuing operations 7.27 |
(548) | (85) | 0 | 0 |
| Profit for the period | 180.898 | 79.879 | 117.754 | 48.068 |
| Attributable to: | ||||
| Equity holders of the parent 7.21 |
166.401 | 77.196 | 117.754 | 48.068 |
| Non controlling Interests | 14.497 | 2.683 | 0 | 0 |
| Basic earnings per share | 1,2215 | 0,5659 | 0,8644 | 0,3524 |
| Earnings per share | 1,2215 | 0,5659 | 0,8644 | 0,3524 |
| Summury of Results from continuing operations | ||||
| Oper.Earnings before income tax,financial results,depreciation and amortization (EBITDA) |
293.233 | 155.580 | 188.334 | 98.141 |
| Earnings before interest and income tax | 249.079 | 117.009 | 159.146 | 71.199 |
| Profit before income tax | 223.826 | 94.528 | 148.222 | 53.643 |
| Profit for the period Definition of line item: OperEarnings before income tax,financ.res,depr&amort. (EBITDA) |
181.447 | 79.964 | 117.754 | 48.068 |
| Profit before income tax | 223.826 | 94.528 | 148.222 | 53.643 |
| Plus: Financial results | 25.696 | 23.122 | 10.924 | 17.556 |
| Plus: Capital results | (442) | (641) | 0 | 0 |
| Plus: Depreciation | 44.154 | 38.393 | 29.189 | 26.941 |
| Subtotal | 293.233 | 155.402 | 188.334 | 98.141 |
| Plus: Other operating results (ΙΙ) | 0 | 179 | 0 | 0 |
| Oper.Earnings before income tax,financial results,depreciation and amortization (EBITDA) |
293.233 | 155.580 | 188.334 | 98.141 |
The notes on pages 50 to 90 are an integral part of these financial statements.
(*) The Group defines the «Group EBITDA» quantity as profits/losses before tax, adjusted for financial and investment results; for total depreciation (of tangible and intangible fixed assets); for the effect of specific factors, i.e. shares in the operational results of associates when they are engaged in business in any of the business sectors of the Group; as well as for the effect of write-offs made in transactions with the aforementioned associates. In 2021, the Management re-evaluated the way the Group's expenses are allocated into operations (cost of sales, administrative and distribution expenses) in order to better reflect allocation of expenses into every operation based on the Group's activities. As the result of the above, and starting with the annual financial statements 2021, the expenses will be allocated into cost of sales and administrative expenses, while the administrative expenses will include mainly expenses related to the operation of the Group's central services.
| MYTILINEOS GROUP | MYTILINEOS S.A. | |||||
|---|---|---|---|---|---|---|
| (Amounts in thousands €) | 1/1- 30/06/2022 |
1/1- 30/06/2021 |
1/1- 30/06/2022 |
1/1- 30/06/2021 |
||
| Other Comprehensive Income: | ||||||
| Net Profit/(Loss) For The Period | 180.898 | 79.879 | 117.754 | 48.068 | ||
| Items that will not be reclassified to profit or loss: | ||||||
| Actuarial Gain / (Losses) | 0 | 2 | 0 | 2 | ||
| Deferred tax from actuarial gain/(losses) | 0 | (3) | 0 | 0 | ||
| Revaluation of Tangible Assets | 0 | 0 | 0 | 0 | ||
| Gain / (Loss) From Sale Of Treasury Stock | 0 | 0 | 0 | 0 | ||
| Items that may be reclassified subsequently to profit or loss: | ||||||
| Exchange Differences On Translation Of Foreign Operations | 28.251 | 15.494 | 0 | 0 | ||
| Other Financial Assets | 0 | 0 | 0 | 0 | ||
| Cash Flow Hedging Reserve | 89.037 | (80.417) | 97.731 | (80.204) | ||
| Deferred Tax From Cash Flow Hedging Reserve | (17.065) | 17.277 | (17.624) | 17.277 | ||
| Other Comprehensive Income: | 100.224 | (47.647) | 80.107 | (62.925) | ||
| Total Other Comprehensive Income | 281.122 | 32.233 | 197.861 | (14.856) | ||
| Total comprehensive income for the period attributable to: | ||||||
| Equity attributable to parent's shareholders | 266.630 | 29.551 | 197.861 | (14.856) | ||
| Non controlling Interests | 14.492 | 2.681 | 0 | 0 |
The notes on pages 50 to 90 are an integral part of these financial statements.
| MYTILINEOS GROUP | MYTILINEOS S.A. | ||||
|---|---|---|---|---|---|
| (Amounts in thousands €) | 30/06/2022 | 31/12/2021 | 30/06/2022 | 31/12/2021 | |
| Assets | |||||
| Non current assets | |||||
| Tangible Assets | 7.11 | 1.498.768 | 1.428.547 | 1.076.726 | 1.047.761 |
| Goodwill | 220.513 | 214.677 | 0 | 0 | |
| Intangible Assets | 214.959 | 231.498 | 80.817 | 86.718 | |
| Investments in Subsidiary Companies | 0 | 0 | 354.799 | 346.707 | |
| Investments in Associates | 21.286 | 20.844 | 12.113 | 12.113 | |
| Other Investments Deferred Tax Receivables |
15 144.381 |
14 172.308 |
0 83.769 |
0 119.751 |
|
| Other Financial Assets | 155 | 146 | 37 | 37 | |
| Derivatives | 7.17 | 43.978 | 2.159 | 36.794 | 2.159 |
| Other Long-term Receivables | 70.559 | 70.095 | 65.780 | 65.863 | |
| Right-of-use Assets | 7.7 | 51.745 | 47.648 | 33.071 | 34.757 |
| 2.266.360 | 2.187.936 | 1.743.906 | 1.715.865 | ||
| Current assets | |||||
| Total Stock | 7.8 | 609.756 | 468.766 | 226.648 | 247.728 |
| Trade and other receivables | 1.552.066 | 1.353.444 | 838.696 | 741.527 | |
| Other receivables | 7.12 | 587.879 | 464.733 | 578.825 | 450.951 |
| Financial assets at fair value through profit or loss | 216 | 73 | 216 | 73 | |
| Derivatives | 7.17 | 90.003 | 11.510 | 78.888 | 8.341 |
| Cash and cash equivalents | 7.9 | 649.625 | 602.712 | 338.188 | 349.853 |
| 3.489.546 | 2.901.238 | 2.061.461 | 1.798.473 | ||
| Assets | 5.755.906 | 5.089.174 | 3.805.368 | 3.514.338 | |
| Liabilities & Equity | |||||
| Equity | |||||
| Share capital | 7.14 | 138.839 | 138.839 | 138.604 | 138.604 |
| Share premium | 190.323 | 190.323 | 124.701 | 124.701 | |
| Fair value reserves | (28.488) | (103.532) | (24.197) | (104.304) | |
| Treasury Stock Reserve | (26.709) | (80.436) | (26.709) | (80.436) | |
| Equity-settled share-based payment | 4.000 | 4.000 | 4.000 | 4.000 | |
| Other reserves | 133.973 | 137.043 | (139.637) | (139.637) | |
| Translation reserves | 7.15 | 14.900 | (13.356) | 2.149 | 2.149 |
| Retained earnings | 1.372.103 | 1.266.996 | 1.057.325 | 999.585 | |
| Equity attributable to parent's shareholders | 1.798.941 | 1.539.877 | 1.136.237 | 944.663 | |
| Non controlling Interests | 95.520 | 81.028 | 0 | 0 | |
| Equity | 1.894.460 | 1.620.905 | 1.136.237 | 944.663 | |
| Non-Current Liabilities | |||||
| Long-term debt | 7.10 | 1.461.550 | 1.280.403 | 808.701 | 655.505 |
| Lease liabilities | 7.7 | 47.822 | 43.406 | 29.456 | 31.039 |
| Derivatives | 7.17 | 31.767 | 26.973 | 31.028 | 26.973 |
| Deferred Tax Liability | 213.309 | 209.570 | 149.933 | 149.694 | |
| Liabilities for pension plans | 12.226 | 9.474 | 10.232 | 7.673 | |
| Other long-term liabilities | 100.384 | 100.785 | 68.495 | 68.245 | |
| Provisions | 11.131 | 11.675 | 10.624 | 11.051 | |
| Non-Current Liabilities | 1.878.189 | 1.682.286 | 1.108.469 | 950.180 | |
| Current Liabilities | |||||
| Trade and other payables | 1.136.835 | 1.085.835 | 832.502 | 841.546 | |
| Tax payable | 85.140 | 92.019 | 52.845 | 77.704 | |
| Short-term debt | 7.10 | 43.691 | 40.236 | 3 | 0 |
| Current portion of non-current debt | 7.10 | 33.621 | 34.689 | 0 | 0 |
| Current portion of lease liabilities | 7.7 | 7.577 | 7.293 | 6.103 | 5.865 |
| Derivatives | 7.17 | 138.759 | 117.250 | 115.675 | 117.250 |
| Other payables | 7.13 | 537.581 | 408.401 | 553.534 | 577.129 |
| Current portion of non-current provisions | 53 | 260 | 0 | 0 | |
| Current Liabilities | 1.983.256 | 1.785.983 | 1.560.662 | 1.619.494 | |
| Liabilities | 3.861.445 | 3.468.269 | 2.669.130 | 2.569.674 | |
| Liabilities & Equity | 5.755.906 | 5.089.174 | 3.805.368 | 3.514.338 |
The notes on pages 50 to 90 are an integral part of these financial statement.
| Share capital |
Share premium |
Fair value reserves |
Equity settled share based |
Treasury Stock Reserve |
Other reserves |
Translation reserves |
Retained earnings |
Total | Non controlling Interests |
Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| (Amounts in thousands €) | payment | ||||||||||
| Adjusted Opening Balance 1st January 2021, according to IFRS - as published- | 138.839 | 195.223 | (13.301) | 0 | (56.795) | 123.987 | (38.337) | 1.161.331 | 1.510.947 | 63.097 | 1.574.044 |
| Adjustment due to change in accounting policy IAS 19 | 0 | 0 | 0 | 0 | 0 | 2.400 | 0 | 5.168 | 7.568 | 0 | 7.568 |
| Adjusted Opening Balance 1st January 2021, according to IFRS - as published- | 138.839 | 195.223 | (13.301) | 0 | (56.795) | 126.387 | (38.337) | 1.166.499 | 1.518.515 | 63.097 | 1.581.612 |
| Change In Equity | |||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (51.441) | (51.441) | 0 | (51.441) |
| Transfer To Reserves | 0 | 0 | 0 | 0 | 0 | (15) | 0 | 14 | 0 | 0 | 0 |
| Treasury Stock Sales/Purchases | 0 | 0 | 0 | 0 | (9.789) | 0 | 0 | 0 | (9.789) | 0 | (9.789) |
| Transactions With Owners | 0 | 0 | 0 | 0 | (9.789) | (15) | 0 | (51.426) | (61.230) | 0 | (61.230) |
| Net Profit/(Loss) For The Period | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 77.196 | 77.196 | 2.683 | 79.879 |
| Other Comprehensive Income: | |||||||||||
| Exchange Differences On Translation Of Foreign Operations | 0 | 0 | 0 | 0 | 0 | 5.610 | 9.886 | 0 | 15.495 | (2) | 15.494 |
| Cash Flow Hedging Reserve | 0 | 0 | (80.508) | 0 | 0 | 91 | 0 | 0 | (80.417) | 0 | (80.417) |
| Deferred Tax From Actuarial Gain / (Losses) | 0 | 0 | 0 | 0 | 0 | (3) | 0 | 0 | (3) | 0 | (3) |
| Actuarial Gain / (Losses) | 0 | 0 | 0 | 0 | 0 | 2 | 0 | 0 | 2 | 0 | 2 |
| Revaluation Of Tangible Assets | 0 | 0 | 0 | 0 | 0 | (17) | 0 | 17 | 0 | 0 | 0 |
| Dererred Tax From Cash Flow Hedging Reserve | 0 | 0 | 17.277 | 0 | 0 | 0 | 0 | 0 | 17.277 | 0 | 17.277 |
| Total Comprehensive Income For The Period | 0 | 0 | (63.231) | 0 | 0 | 5.683 | 9.886 | 77.213 | 29.551 | 2.681 | 32.233 |
| Adjusted Closing Balance 30/06/2021 | 138.839 | 195.223 | (76.532) | 0 | (66.584) | 132.055 | (28.451) | 1.192.285 | 1.486.836 | 65.778 | 1.552.613 |
| Opening Balance 1st January 2022, according to IFRS - as published- | 138.839 | 190.323 | (103.532) | 4.000 | (80.436) | 137.043 | (13.357) | 1.266.996 | 1.539.875 | 81.027 | 1.620.905 |
| Change In Equity | |||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (60.014) | (60.014) | 0 | (60.014) |
| Transfer To Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (1) | (1) | 0 | (1) |
| Treasury Stock Sales/Purchases | 0 | 0 | 0 | 0 | 53.727 | 0 | 0 | 0 | 53.727 | 0 | 53.727 |
| Impact From Acquisition Of Share In Subsidiaries | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (1.280) | (1.280) | 0 | (1.280) |
| Transactions With Owners | 0 | 0 | 0 | 0 | 53.727 | 0 | 0 | (61.295) | (7.568) | 0 | (7.568) |
| Net Profit/(Loss) For The Period | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 166.401 | 166.401 | 14.497 | 180.898 |
| Other Comprehensive Income: | |||||||||||
| Exchange Differences On Translation Of Foreign Operations | 0 | 0 | 0 | 0 | 0 | 0 | 28.256 | 0 | 28.257 | (5) | 28.252 |
| Cash Flow Hedging Reserve | 0 | 0 | 92.107 | 0 | 0 | (3.070) | 0 | 0 | 89.037 | 0 | 89.037 |
| Dererred Tax From Cash Flow Hedging Reserve | 0 | 0 | (17.064) | 0 | 0 | 0 | 0 | 0 | (17.064) | 0 | (17.064) |
| Total Comprehensive Income For The Period | 0 | 0 | 75.044 | 0 | 0 | (3.070) | 28.256 | 166.401 | 266.632 | 14.492 | 281.124 |
| Closing Balance 30/06/2022 | 138.839 | 190.323 | (28.488) | 4.000 | (26.709) | 133.973 | 14.900 | 1.372.103 | 1.798.941 | 95.520 | 1.894.460 |
The notes on pages 50 to 90 are an integral part of these financial statement.
| MYTILINEOS S.A. | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| (Amounts in thousands €) | Share capital | Share premium |
Fair value reserves |
Equity settled share-based payment |
Treasury Stock Reserve |
Other reserves |
Translation reserves |
Retained earnings |
Total |
| Opening Balance 1st January 2021, according to IFRS -as published |
138.604 | 124.701 | (13.966) | 0 | (56.795) | (142.676) | 2.149 | 967.319 | 1.019.336 |
| Adjustment due to change in accounting policy IAS 19 | 0 | 0 | 0 | 0 | 0 | 1.892 | 0 | 4.170 | 6.062 |
| Opening Balance 1st January 2021, according to IFRS -as published |
138.604 | 124.701 | (13.966) | 0 | (56.795) | (140.784) | 2.149 | 971.489 | 1.025.398 |
| Change In Equity | |||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (51.441) | (51.441) |
| Transfer To Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 36 | 36 |
| Treasury Stock Sales/Purchases | 0 | 0 | 0 | 0 | (9.789) | 0 | 0 | 0 | (9.789) |
| Transactions With Owners | 0 | 0 | 0 | 0 | (9.789) | 0 | 0 | (51.405) | (61.194) |
| Net Profit/(Loss) For The Period | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 48.068 | 48.068 |
| Other Comprehensive Income: | |||||||||
| Cash Flow Hedging Reserve | 0 | 0 | (80.204) | 0 | 0 | 0 | 0 | 0 | (80.204) |
| Actuarial Gain / (Losses) | 0 | 0 | 0 | 0 | 0 | 2 | 0 | 0 | 2 |
| Deferred Tax From Cash Flow Hedging Reserve | 0 | 0 | 17.277 | 0 | 0 | 0 | 0 | 0 | 17.277 |
| Total Comprehensive Income For The Period | 0 | 0 | (62.927) | 0 | 0 | 2 | 0 | 48.068 | (14.856) |
| Closing Balance 30/06/2021 | 138.604 | 124.701 | (76.893) | 0 | (66.584) | (140.782) | 2.149 | 968.152 | 949.347 |
| Opening Balance 1st January 2022, according to IFRS -as published |
138.604 | 124.701 | (104.304) | 4.000 | (80.436) | (139.637) | 2.149 | 999.585 | 944.663 |
| Change In Equity | |||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (60.014) | (60.014) |
| Treasury Stock Sales/Purchases | 0 | 0 | 0 | 0 | 53.727 | 0 | 0 | 0 | 53.727 |
| Transactions With Owners | 0 | 0 | 0 | 0 | 53.727 | 0 | 0 | (60.014) | (6.287) |
| Net Profit/(Loss) For The Period | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 117.754 | 117.754 |
| Other Comprehensive Income: | |||||||||
| Cash Flow Hedging Reserve | 0 | 0 | 97.731 | 0 | 0 | 0 | 0 | 0 | 97.731 |
| Deferred Tax From Cash Flow Hedging Reserve | 0 | 0 | (17.624) | 0 | 0 | 0 | 0 | 0 | (17.624) |
| Total Comprehensive Income For The Period | 0 | 0 | 80.107 | 0 | 0 | 0 | 0 | 117.754 | 197.861 |
| Closing Balance 30/06/2022 | 138.604 | 124.701 | (24.197) | 4.000 | (26.709) | (139.637) | 2.149 | 1.057.325 | 1.136.237 |
The notes on pages 50 to 90 are an integral part of these financial statements.
| MYTILINEOS GROUP | MYTILINEOS S.A. | |||||
|---|---|---|---|---|---|---|
| 1/1- | 1/1- | 1/1- | 1/1- | |||
| (Amounts in thousands €) | 30/06/2022 | 30/06/2021 | 30/06/2022 | 30/06/2021 | ||
| Cash flows from operating activities Cash flows from operating activities |
- 7.24 |
125.847 | 98.136 | (138.956) | 38.765 | |
| Interest paid | (22.010) | (12.307) | (12.556) | (2.543) | ||
| Taxes paid | (3.135) | (9.379) | (1.601) | (7.354) | ||
| Net Cash flows continuing operating activities | 100.701 | 76.451 | (153.113) | 28.867 | ||
| Net Cash flows discontinuing operating activities | (530) | (66) | 0 | 0 | ||
| Net Cash flows from continuing and discontinuing operating activities | 100.171 | 76.385 | (153.113) | 28.867 | ||
| Net Cash flow from continuing and discontinuing investing activities | - | |||||
| Purchases of tangible assets | (281.660) | (164.068) | (69.181) | (85.476) | ||
| Purchases of intangible assets | (2.388) | (7.251) | 0 | (5.128) | ||
| Sale of tangible assets | 39 | 1.039 | 2 | 7 | ||
| Dividends received | 200 | 80 | 200 | 80 | ||
| Derivatives settlement | 9.473 | 0 | 9.473 | 0 | ||
| Acquisition of associates | 0 | 0 | 0 | 0 | ||
| Acquisition /Sale of subsidiaries (less cash) | 0 | 8.401 | 0 | 8.435 | ||
| Interest received | 107 | 44 | 100 | 368 | ||
| Grants received/(returns) | 0 | 1.116 | 0 | 1.116 | ||
| Other cash flows from investing activities | (808) | (21.882) | 0 | (21.866) | ||
| Net Cash flow from continuing investing activities | (275.037) | (182.521) | (59.406) | (102.464) | ||
| Net Cash flow from discontinuing investing activities | 0 | 0 | 0 | 0 | ||
| Net Cash flow from continuing and discontinuing investing activities | (275.037) | (182.521) | (59.406) | (102.464) | ||
| Net Cash flow continuing and discontinuing financing activities | - | |||||
| Sale of treasury shares | 51.945 | (9.789) | 51.945 | (9.789) | ||
| Proceeds from borrowings | 595.427 | 517.843 | 531.282 | 506.722 | ||
| Repayments of borrowings | (420.508) | (332.409) | (378.996) | (306.722) | ||
| Payment of finance lease liabilities | (5.070) | (3.124) | (3.377) | (2.432) | ||
| Other cash flows from financing activities | (1) | (543) | 0 | (543) | ||
| Net Cash flow continuing financing activities | 221.792 | 171.979 | 200.854 | 187.236 | ||
| Net Cash flow from discontinuing financing activities | 0 | 0 | 0 | 0 | ||
| Net Cash flow continuing and discontinuing financing activities | 221.792 | 171.979 | 200.854 | 187.236 | ||
| Net (decrease)/increase in cash and cash equivalents | 46.927 | 65.843 | (11.665) | 113.640 | ||
| Cash and cash equivalents at beginning of period | 602.712 | 492.646 | 349.853 | 198.492 | ||
| Less: Cash and cash equivalents at beginning of period from | ||||||
| discontinuing activity | 0 | 0 | 0 | 0 | ||
| Exchange differences in cash and cash equivalents | (13) | 727 | 0 | 0 | ||
| Net cash at the end of the period | 649.625 | 559.217 | 338.188 | 312.131 | ||
| 338.188 | ||||||
| Cash and cash equivalent | 649.625 | 559.217 | 312.131 |
The notes on pages 50 to 90 are an integral part of these financial statements.
Cash flows from financing activities of the Group and the Company and specifically the line "Other", include repayments of financing under trade agreements.
MYTILINEOS S.A. is today one of the biggest industrial Groups internationally, activated in the sectors of Metallurgy, Sustainable Engineering Solutions, International Renewables and Storage Development and Power & Gas. The Company, which was founded in 1990 as a metallurgical company of international trade and participations, is an evolution of an old metallurgical family business which began its activity in 1908.
The group's headquarters is located in Athens – Maroussi (8 Artemidos Str., P.C. 151 25) and its shares were listed in the Athens Stock Exchange in 1995.
The financial statements for the period ended 30.06.2022 (along with the respective comparative information for 30.06.2021), were approved by the Board of directors on 03 August 2022.
During the last ten years the Company's activities have expanded from the traditional sector of Metallurgy to those of Sustainable Engineering Solutions, Renewables and Storage Development and Power and Gas Sector. The aim is the development of synergies between the four different areas of activities.
The object of the Company is:
a. To participate in the capital of other undertakings;
b. To produce and manufacture alumina and aluminium in Greece and to trade in same in any country;
c. To manufacture metal structures of any type;
d. To perform the design, construction, operation, maintenance, management and exploitation of plants for the generation of electrical energy from any source in general;
e. To engage in power and heat generation, trading, supply, transmission and distribution, the import and export, acquisition and transfer of electricity, and heat;
f. To carry on all types of activities relevant to the building, repair and scrapping (breaking) of ships and, in general, defense material;
g. To engage in the production, extraction, acquisition, storage, gasification, transport, distribution and transfer (including by sale/supply) of natural gas;
h. To elaborate studies, undertake the construction of public and private technical projects and works of any nature, to perform assembly and installation activities for the structures and products produced by the Company in Greece and abroad;
i. To construct, operate and exploit hydraulic, sewerage and other similar installations to serve the purposes of the Company and/or other third parties whom the Company does business with;
j. To produce and sell steam, water (indicatively demineralized water, water for firefighting, etc.) as well as;
k. To provide various services to third parties with whom the Company does business with, including, indicatively, services for a) decontamination, b) firefighting, c) monitoring and recording air quality, d) collection, transportation, disposal and management of solid and liquid waste and wastewater, etc.;
l. To elaborate feasibility studies with respect to processes for the operation of power and heat generation plants of all types,
m. To purchase, erect, sell and resell real property, and to acquire, lease, rent, sublease, install, develop and exploit mines and quarries, industrial sites and shops;
n. To provide advice and services in the areas of business administration and management, administrative support, risk management, information systems, financial management;
o. To provide services in connection with market research, analysis of investment programmes, elaboration of studies and plans, the commissioning, supervision and management of the relevant work, risk management and strategic planning, development and organization;
p. To carry on any business act and undertake any activity or action directly or indirectly related to the above objects of the Company.
The interim condensed consolidated financial statements as of 30 June 2022 (hereinafter referred to as the "financial statements") have been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union, and in particular, in accordance with the provisions of IAS 34 Interim Financial Statements". No Standards have been applied prior to the date of their application. Moreover, the financial statements have been prepared based on the historical cost principle as amended by adjusting specific assets and liabilities to present values, the going concern principle and are in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and their interpretations as issued by the IASB Interpretation Committee (IFRIC).
The accounting policies, under which the accompanying Interim Condensed Financial Statements are prepared, are in compliance with those used for the preparation of the annual Financial Statements for FY 2020 and have been consistently applied for all the presented years.
The Company Mytilineos S.A. which resulted from the merger of its subsidiaries METKA, ALUMINUM OF GREECE, PROTERGIA and PROTERGIA THERMO AGIOS NIKOLAOS presents separately the result from discontinued operations as described below.
In 2009, applying IFRS 5 "Non-current assets held for sale & discontinued operations", the assets and liabilities of the subsidiary company SOMETRA S.A. were presented separately, regarding which a decision was made on January 26, 2009 on temporary suspension of the production activity of the Zinc-Lead production plant in Romania, and presents also the amounts recognized in the income statement separately from continuing operations. Given the global economic recession, there were no feasible scenarios for the alternative utilization of the aforementioned financial assets.
Consequently, since 2011, by applying par. 13 of IFRS 5 "Non-current assets Held for Sale" Zinc-Lead («SOMETRA S.A.») production ceases to be an asset held for sale and is considered as an asset to be abandoned. The assets of its operations returned to continuing operations while at the same time, it continued to show separately the result of the discontinued operation in the income statement.
On 31/12/2015, SOMETRA S.A., contributed the Zinc-Lead activity, through a spin – off process, to its newly established subsidiary Reycom Recycling S.A. (REYCOM). The said spin - off is part of the "Mytilineos Group" restructuring process, regarding the Zinc-Lead discontinued operation, targeting on the production of Zn & Pb oxides through the development of a recycling operation of metallurgical residues. Within the same frame, on 29/11/2016 the crossborder merger of the subsidiary REYCOM and the subsidiary company ALUMINUM OF GREECE (ATE) was completed.
The following new Standards, Interpretations and amendments of IFRSs have been issued by the International Accounting Standards Board (IASB), are adopted by the European Union, and their application is mandatory from or after 01/01/2022.
In May 2020, the IASB issued a package of amendments which includes narrow-scope amendments to three Standards as well as the Board's Annual Improvements, which are changes that clarify the wording or correct minor consequences, oversights or conflicts between requirements in the Standards. More specifically:
Amendments to IFRS 3 Business Combinations update a reference in IFRS 3 to the Conceptual Framework for Financial Reporting without changing the accounting requirements for business combinations.
Amendments to IAS 16 Property, Plant and Equipment prohibit a company from deducting from the cost of property, plant and equipment amounts received from selling items produced while the company is preparing the asset for its intended use. Instead, a company will recognize such sales proceeds and related cost in profit or loss.
Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets specify which costs a company includes when assessing whether a contract will be loss-making.
Annual Improvements 2018-2020 make minor amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 9 Financial Instruments, IAS 41 Agriculture and the Illustrative Examples accompanying IFRS 16 Leases.
The amendments do not affect the consolidated and separate Financial Statements.
The following new Standards, Interpretations and amendments of IFRSs have been issued by the International Accounting Standards Board (IASB), but their application has not started yet or they have not been adopted by the European Union.
In May 2017, the IASB issued a new Standard, IFRS 17, which replaces an interim Standard, IFRS 4. The aim of the project was to provide a single principle-based standard to account for all types of insurance contracts, including reinsurance contracts that an insurer holds. A single principle-based standard would enhance comparability of financial reporting among entities, jurisdictions and capital markets. IFRS 17 sets out the requirements that an entity should apply in reporting information about insurance contracts it issues and reinsurance contracts it holds. Furthermore, in June 2020, the IASB issued amendments, which do not affect the fundamental principles introduced when IFRS 17 has first been issued. The amendments are designed to reduce costs by simplifying some requirements in the Standard, make financial performance easier to explain, as well as ease transition by deferring the effective date of the Standard to 2023 and by providing additional relief to reduce the effort required when applying the Standard for the first time.
The Group will examine the impact of the above on its Financial Statements, though it is not expected to have any. The above have been adopted by the European Union with effective date of 01/01/2023.
In February 2021, the IASB issued narrow-scope amendments that pertain to accounting policy disclosures. The objective of these amendments is to improve accounting policy disclosures so that they provide more useful information to investors and other primary users of the financial statements. More specifically, companies are required to disclose their material accounting policy information rather than their significant accounting policies. The Group will examine the impact of the above on its Financial Statements, though it is not expected to have any. The above have been adopted by the European Union with effective date of 01/01/2023.
In February 2021, the IASB issued narrow-scope amendments that they clarify how companies should distinguish changes in accounting policies from changes in accounting estimates. That distinction is important because changes in accounting estimates are applied prospectively only to future transactions and other future events, but changes in accounting policies are generally also applied retrospectively to past transactions and other past events. The Group will examine the impact of the above on its Financial Statements, though it is not expected to have any. The above have been adopted by the European Union with effective date of 01/01/2023.
Amendments to IAS 1 "Classification of Liabilities as Current or Non-current" (effective for annual periods starting on or after 01/01/2023)
In January 2020, the IASB issued amendments to IAS 1 that affect requirements for the presentation of liabilities. Specifically, they clarify one of the criteria for classifying a liability as non-current, the requirement for an entity to have the right to defer settlement of the liability for at least 12 months after the reporting period. The amendments include: (a) specifying that an entity's right to defer settlement must exist at the end of the reporting period; (b) clarifying that classification is unaffected by management's intentions or expectations about whether the entity will exercise its right to defer settlement; (c) clarifying how lending conditions affect classification; and (d) clarifying requirements for classifying liabilities an entity will or may settle by issuing its own equity instruments. Furthermore, in July 2020, the IASB issued an amendment to defer by one year the effective date of the initially issued amendment to IAS 1, in response to the Covid-19 pandemic. The Group will examine the impact of the above on its Financial Statements, though it is not expected to have any. The above have not been adopted by the European Union.
In May 2021, the IASB issued targeted amendments to IAS 12 to specify how companies should account for deferred tax on transactions such as leases and decommissioning obligations – transactions for which companies recognise both an asset and a liability. In specified circumstances, companies are exempt from recognising deferred tax when they recognise assets or liabilities for the first time. The amendments clarify that the exemption does not apply and that companies are required to recognise deferred tax on such transactions. The Group will examine the impact of the above on its Financial Statements, though it is not expected to have any. The above have not been adopted by the European Union.
In December 2021, the IASB issued a narrow-scope amendment to the transition requirements in IFRS 17 to address an important issue related to temporary accounting mismatches between insurance contract liabilities and financial assets in the comparative information presented when applying IFRS 17 "Insurance Contracts" and IFRS 9 "Financial Instruments" for the first time. The amendment aims to improve the usefulness of comparative information for the users of the financial statements.The Group will examine the impact of the above on its Financial Statements, though it is not expected to have any. The above have not been adopted by the European Union.
Preparations of financial statements under IFRS requires the management to apply judgments, make estimates and use assumptions that affect publisized amounts of assets and liabilities as well as disclosures of contingent assets and liabilities as at the financial statements preparation date and publicized amounts of revenue and expenses for the reporting period. The actual results may differ from estimated.
Estimations are reassessed on an on-going basis and are based on both – past experience and other factors, such as expectations of future events deemed reasonable under the current conditions.
Pro forma figures (EBITDA, EBITDA margin, free cash flow, net debt) are not defined by the International Financial Reporting Standards (IFRS). Thus, these figures are calculated and presented by the Group in a way that provides a more fair view of the financial performance of its Business Sectors. The Group defines "Group EBITDA" as the Operating earnings before any interest income and expenses, investment results, depreciation, amortization and before the effects of any special factors. "Group EBITDA" is an important indicator used by Mytilineos Group to manage the Group's operating activities and to measure the performance of the individual segments.
The special factors that affect the Group's net profit / (losses) and EBITDA are the following:
a) the share in the EBITDA of associates when these are active in one of the Group's reported Business Sectors and b) the effects of eliminations of any profit or loss from asset construction transactions of the Group with the associates.
It is noted that the Group financial statements, prepared according to IAS 1 and IAS 28, include the Group's profit realized in connection with the construction of fixed assets on account of subsidiaries and associates, when these are active in one of its reported Business Segments. Such profits are deducted from the Group's equity and fixed assets and released in the Group accounts over the same period as depreciation is charged. Consequently, for the calculation of EBITDA (operational results before depreciation), the Group does not eliminate the profit from the construction of fixed assets as its recovery through their use will effect only the profit after depreciation.
The Group states that the calculation of "Group EBITDA" may differ from the calculation method used by other companies/groups. However, "Group EBITDA" is calculated with consistency in each financial reporting period and any other financial analysis presented by the Group. Specifically financial results contain interest income/expense, while investment results contain gains/loss of financial assets at fair value through profit and loss, share of results in associates companies and gains/losses from the disposal of financial assets (such as subsidiaries and associates).
Group Structure Companies included in the consolidated financial statements and the method of consolidation are presented in the following table:
| NAME OF SUBSIDIARIES,ASSOCIATES AND JOINT VENTURES | COUNTRY OF INCORPORATION |
CONSOLIDATION METHOD |
PERCENTAGE 30.6.2022 | ||
|---|---|---|---|---|---|
| Direct % | Indirect % | ||||
| 1 | MYTILINEOS S.A. | Greece | - | - | - |
| 2 | SERVISTEEL | Greece | Full | 99,98% | 0,00% |
| 3 | ELEMKA S.A. | Greece | Full | 83,50% | 0,00% |
| 4 | BRIDGE ACCESSORIES & CONSTRUCTION SYSTEMS S.A. | Greece | Full | 0,00% | 62,63% |
| 5 | DELFI DISTOMON A.M.E. | Greece | Full | 100,00% | 0,00% |
| 6 | DESFINA SHIPPING COMPANY | Greece | Full | 100,00% | 0,00% |
| 7 | ST. NIKOLAOS SINGLE MEMBER P.C. | Greece | Full | 100,00% | 0,00% |
| 8 | RENEWABLE SOURCES OF KARYSTIA S.A. | Greece | Full | 100,00% | 0,00% |
| 9 | GENIKI VIOMICHANIKI S.A. | Greece | Full | Joint Management | Joint Management |
| 10 | HYDROHOOS S.A. | Greece | Full | 100,00% | 0,00% |
| 11 | NORTH AEGEAN RENEWABLES | Greece | Full | 100,00% | 0,00% |
| 12 | MYTILINEOS HELLENIC WIND POWER S.A. | Greece | Full | 80,00% | 0,00% |
| 13 | AIOLIKI ANDROU TSIROVLIDI S.A. | Greece | Full | 79,20% | 1,00% |
| 14 | MYTILINEOS AIOLIKI NEAPOLEOS S.A. | Greece | Full | 79,20% | 1,00% |
| 15 | AIOLIKI EVOIAS PIRGOS S.A. | Greece | Full | 79,20% | 1,00% |
| 16 | AIOLIKI EVOIAS POUNTA S.A. | Greece | Full | 79,20% | 1,00% |
| 17 | AIOLIKI EVOIAS HELONA S.A. | Greece | Full | 79,20% | 1,00% |
| 18 | AIOLIKI ANDROU RAHI XIROKOBI S.A. | Greece | Full | 79,20% | 1,00% |
| 19 | METKA AIOLIKA PLATANOU S.A. | Greece | Full | 79,20% | 1,00% |
| 20 | AIOLIKI SAMOTHRAKIS S.A. | Greece | Full | 100,00% | 0,00% |
| 21 | AIOLIKI EVOIAS DIAKOFTIS S.A. | Greece | Full | 79,20% | 1,00% |
| 22 | AIOLIKI SIDIROKASTROU S.A. | Greece | Full | 79,20% | 1,00% |
| 23 | HELLENIC SOLAR S.A. | Greece | Full | 100,00% | 0,00% |
| 24 | SPIDER S.A. | Greece | Full | 100,00% | 0,00% |
| 25 | PROTERGIA AGIOS NIKOLAOS POWER SOCIETE ANONYME OF GENERATION AND SUPPLY OF ELECTRICITY (ex ANEMOSKALA RENEWABLE ENERGY SOURCES S.A.) |
Greece | Full | 100,00% | 0,00% |
| 26 | METKA INDUSTRIAL - CONSTRUCTION S.A. (ex ANEMOSTRATA RENEWABLE ENERGY SOURCES S.A.) |
Greece | Full | 100,00% | 0,00% |
| 27 | ANEMODRASI RENEWABLE ENERGY SOURCES S.A. | Greece | Full | 100,00% | 0,00% |
| 28 | ANEMORAHI RENEWABLE ENERGY SOURCES S.A. | Greece | Full | 100,00% | 0,00% |
| 29 | HORTEROU S.A. | Greece | Full | 100,00% | 0,00% |
| 30 | KISSAVOS DROSERI RAHI S.A. | Greece | Full | 100,00% | 0,00% |
| 31 | KISSAVOS PLAKA TRANI S.A. | Greece | Full | 100,00% | 0,00% |
| 32 | KISSAVOS FOTINI S.A. | Greece | Full | 100,00% | 0,00% |
| 33 | AETOVOUNI S.A. | Greece | Full | 100,00% | 0,00% |
| 34 | LOGGARIA S.A. | Greece | Full | 100,00% | 0,00% |
| 35 | IKAROS ANEMOS SA | Greece | Full | 100,00% | 0,00% |
| 36 | KERASOUDA SA | Greece | Full | 100,00% | 0,00% |
| 37 | AIOLIKH ARGOSTYLIAS A.E. | Greece | Full | 100,00% | 0,00% |
| 38 | MNG TRADING | Greece | Full | 100,00% | 0,00% |
| 39 | KORINTHOS POWER S.A. | Greece | Full | 0,00% | 65,00% |
| 40 | KILKIS PALEON TRIETHNES S.A. | Greece | Full | 100,00% | 0,00% |
| 41 | ANEMOROE S.A. | Greece | Full | 100,00% | 0,00% |
|---|---|---|---|---|---|
| 42 | PROTERGIA ENERGY S.A. | Greece | Full | 100,00% | 0,00% |
| 43 | SOLIEN ENERGY S.A. | Greece | Full | 100,00% | 0,00% |
| 44 | ALUMINIUM OF GREECE INDUSTRIAL AND COMMERCIAL SOCIETE ANONYME (EX OSTENITIS S.A.) |
Greece | Full | 100,00% | 0,00% |
| 45 | AIOLIKH TRIKORFON S.A. | Greece | Full | 100,00% | 0,00% |
| 46 | MAKRYNOROS ENERGEIAKH S.A. | Greece | Full | 100,00% | 0,00% |
| 47 | PROTERGIA THERMOELEKTRIKI S.A. | Greece | Full | 100,00% | 0,00% |
| 48 | ZEOLOGIC Α.Β.Ε.Ε | Greece | Full | 60,00% | 0,00% |
| 49 | EP.AL.ME. S.A. | Greece | Full | 97,87% | 0,00% |
| 50 | EMIE Ltd | Greece | Full | 100,00% | 0,00% |
| 51 | METKA EGN GREECE S.A. | Greece | Full | 0,00% | 100,00% |
| 52 | J/V ΜΕΤΚΑ - TERNA | Greece | Equity | 10,00% | 0,00% |
| 53 | THERMOREMA S.A. | Greece | Equity | 40,00% | 0,00% |
| 54 | FTHIOTIKI ENERGY S.A. | Greece | Equity | 35,00% | 0,00% |
| 55 | J/V MYTILINEOS ELEMKA | Greece | Equity | 50,00% | 0,00% |
| 56 | J/V MYTILINEOS XATHAKIS | Greece | Equity | 50,00% | 41,75% |
| 57 | J/V AVAX S.A. – INTARKAT – MYTIINAIOS S.A. -TERNA S.A. | Greece | Equity | 25.00% | 0.00% |
| 58 | EGNATIA WIND M.A.E. | Greece | Full | 100,00% | 0.00% |
| 59 | MYTILINEOS - TECHNOLOGY AND DIGITAL INNOVATION SINGLE | Greece | Full | 100,00% | 0.00% |
| 60 | MEMBER SOCIETE ANONYME AENAOS SYSSOREUTES ENERGEIAKI MONOPROSOPI AE |
Greece | Full | 100,00% | 0.00% |
| 61 | MYTILINEOS WIND ENERGY ALBANIA | Albania | Full | 0,00% | 100,00% |
| 62 | METKA EGN AUSTRALIA PTY LTD | Australia | Full | 0,00% | 100,00% |
| 63 | METKA EGN AUSTRALIA (QLD) PTY LTD | Australia | Full | 0,00% | 100,00% |
| 64 | METKA EGN AUSTRALIA PTY HOLDINGS LTD* | Australia | - | 0,00% | 100,00% |
| 65 | TERRANOVA ASSETCO PTY LTD* | Australia | - | 0,00% | 100,00% |
| 66 | WAGGA-WAGGA OPERATIONS CO PTY LTD* | Australia | - | 0,00% | 100,00% |
| 67 | WAGGA-WAGGA PROPERTY CO PTY LTD* | Australia | - | 0,00% | 100,00% |
| 68 | JUNEE OPERATIONS CO PTY LTD* | Australia | - | 0,00% | 100,00% |
| 69 | JUNEE PROPERTY CO PTY LTD* | Australia | - | 0,00% | 100,00% |
| 70 | COROWA OPERATIONS CO PTY LTD* | Australia | - | 0,00% | 100,00% |
| 71 | COROWA PROPERTY CO PTY LTD* | Australia | - | 0,00% | 100,00% |
| 72 | MOAMA OPERATIONS CO PTY LTD* | Australia | - | 0,00% | 100,00% |
| 73 | MOAMA PROPERTY CO PTY LTD* | Australia | - | 0,00% | 100,00% |
| 74 | KINGAROY OPERATIONS CO PTY LTD* | Australia | - | 0,00% | 100,00% |
| 75 | KINGAROY PROPERTY CO PTY LTD* | Australia | - | 0,00% | 100,00% |
| 76 | GLENELLA OPERATIONS CO PTY LTD* | Australia | - | 0,00% | 100,00% |
| 77 | GLENELLA PROPERTY CO PTY LTD* | Australia | - | 0,00% | 100,00% |
| 78 | METKA EGN AUSTRALIA HOLDINGS TWO PTY LTD* | Australia | - | 0,00% | 100,00% |
| 79 | MOURA SOLAR FARM HOLDINGS PTY LTD* | Australia | - | 0,00% | 100,00% |
| 80 | WYALONG SOLAR FARM HOLDINGS PTY LTD* | Australia | - | 0,00% | 100,00% |
| 81 | MAVIS SOLAR FARM AUSTRALIA HOLDINGS PTY LTD* | Australia | - | 0,00% | 100,00% |
| 82 | PENRITH BESS HOLDINGS PTY LTD* | Australia | - | 0,00% | 100,00% |
| 83 | TERRANOVA HOLDCO PTY LTD* | Australia | - | 0,00% | 100,00% |
| 84 | EPC HOLDCO PTY LTD* | Australia | - | 0,00% | 100,00% |
| 85 | MOURA SOLAR FARM SPV PTY LTD* | Australia | - | 0,00% | 100,00% |
| 86 | WYALONG SOLAR FARM SPV PTY LTD* | Australia | - | 0,00% | 100,00% |
| 87 | MAVIS SOLAR FARM PTY LTD* | Australia | - | 0,00% | 100,00% |
| 88 | MOURA SOLAR FARM SPV HOLDINGS PTY LTD* | Australia | - | 0,00% | 100,00% |
| 89 | MTRH Developmnet GmbH | Austria | Full | 0,00% | 100,00% |
| 90 | INTERNATIONAL POWER SUPPLY AD | Bulgaria | Equity | 10,00% | 0,00% |
|---|---|---|---|---|---|
| 91 | METKA EGN Burkina Faso | Burkina Faso | Full | 0,00% | 100,00% |
| 92 | METKA-EGN CHILE SPA | Chile | Full | 0,00% | 100,00% |
| 93 | INVERSIONES FOTOVOLTAICAS SPA* | Chile | - | 0,00% | 100,00% |
| 94 | CAMPANILLAS SOLAR SPA* | Chile | - | 0,00% | 100,00% |
| 95 | TAMARICO SOLAR DOS SPA* | Chile | - | 0,00% | 100,00% |
| 96 | DONA ANTONIA SOLAR SPA* | Chile | - | 0,00% | 100,00% |
| 97 | PLANTA SOLAR TOCOPILLA SPA* | Chile | - | 0,00% | 100,00% |
| 98 99 |
DROSCO HOLDINGS LIMITED STANMED TRADING LTD |
Cyprus Cyprus |
Full Full |
0,00% 0,00% |
83,50% 100,00% |
| METKA RENEWABLES LIMITED | Cyprus | Full | 100,00% | 0,00% | |
| 100 | METKA-EGN LTD | Cyprus | Full | 100,00% | 0,00% |
| 101 | |||||
| 102 | METKA POWER INVESTMENTS | Cyprus | Full | 100,00% | 0,00% |
| 103 | METKA EGN Holdings 1 Limited* | Cyprus | - | 0,00% | 100,00% |
| 104 | SANTIAM INVESTMENT V LTD* | Cyprus | - | 0,00% | 90,00% |
| 105 | SANTIAM INVESTMENT VI LTD* | Cyprus | - | 0,00% | 90,00% |
| 106 | SANTIAM INVESTMENT I LTD* | Cyprus | - | 0,00% | 90,00% |
| 107 | SANTIAM INVESTMENT II LTD* | Cyprus | - | 0,00% | 90,00% |
| 108 | SANTIAM INVESTMENT III LTD* | Cyprus | - | 0,00% | 90,00% |
| 109 | SANTIAM INVESTMENT IV LTD* | Cyprus | - | 0,00% | 90,00% |
| 110 | METKA EGN FRANCE SRL | France | Full | 0,00% | 100,00% |
| 111 | RDA TRADING | Guernsey Islands | Full | 0,00% | 100,00% |
| 112 | HERA SUN POWER PRIVATE LIMITED | India | Full | 0,00% | 100,00% |
| 113 | Energy Ava Yarz LLC | Iran | Full | 0,00% | 100,00% |
| 114 | GOREYSBRIDGE SPV LIMITED* | Ireland | - | 0,00% | 100,00% |
| 115 | GOREY SPV LIMITED* | Ireland | - | 0,00% | 100,00% |
| 116 | METKA EGN ITALY S.R.L. | Italy | Full | 0,00% | 100,00% |
| 117 | MYT DEVELOPMENT INITIATIVES SRL* | Italy | - | 0,00% | 10,00% |
| 118 | FAMILY ENERGY SRL | Italy | - | 0,00% | 15,00% |
| 119 | CATCH THE SUN SRL | Italy | - | 0,00% | 10,00% |
| 120 | METKA EGN SARDINIA SRL* | Italy | - | 0,00% | 100,00% |
| 121 | METKA EGN APULIA SRL* | Italy | - | 0,00% | 100,00% |
| 122 | MY SUN SRL* | Italy | - | 0,00% | 100,00% |
| 123 | METKA EGN RENEWABLES DEVELOPMENT ITALY S.R.L.* | Italy | - | 0,00% | 100,00% |
| 124 | MYT ENERGY DEVELOPMENT SRL * | Italy | - | 0,00% | 100,00% |
| 125 | CATCH THE SUN 2 S.R.L.* | Italy | - | 0,00% | 100,00% |
| 126 | CATCH THE SUN 3 S.R.L.* | Italy | - | 0,00% | 10,00% |
| 127 | CATCH THE SUN 4 S.R.L.* | Italy | - | 0,00% | 10,00% |
| 128 | CATCH THE SUN 5 S.R.L.* | Italy | - | 0,00% | 100,00% |
| 129 | CATCH THE SUN 6 S.R.L.* | Italy | - | 0,00% | 10,00% |
| 130 | MYT SARDINIA 1 S.R.L.* | Italy | - | 0,00% | 100,00% |
| 131 | MYT SARDINIA 2 S.R.L.* | Italy | - | 0,00% | 100,00% |
| 132 | MYT SARDINIA 3 S.R.L.* | Italy | - | 0,00% | 100,00% |
| MYT SARDINIA 5 S.R.L. Italy - 0,00% 100,00% 134 MYT SARDINIA 6 S.R.L. Italy - 0,00% 100,00% 135 ΜΕΤΚΑ EGN KZ LLP Kazakhstan Full 0,00% 100,00% 136 METKA GENERAL CONTRACTOR CO. LTD Korea Full 0,00% 100,00% 137 METKA KOREA LTD Korea - 0,00% 100,00% 138 JVIGA KOREA TAEAHN Inc. Korea - 0,00% 100,00% 139 MK SOLAR CO. LTD. Korea - 0,00% 100,00% 140 HANMAEUM ENERGY CO., LTD. Korea - 0,00% 100,00% 141 MYTILINEOS FINANCE S.A. Luxembourg Full 100,00% 0,00% 142 MYTILINEOS FINANCIAL PARTNERS S.A. Luxembourg Full 100,00% 0,00% 143 AURORA VENTURES Marshal Islands Full 100,00% 0,00% 144 ΜΕΤΚΑ EGN MEXICO S. DE.R.L. C.V Mexico Full 0,00% 100,00% 145 METKA EGN Mexico Holdings Mexico - 0,00% 100,00% 146 METKA POWER WEST AFRICA LIMITED Nigeria Full 100,00% 0,00% 147 MYVEKT INTERNATIONAL SKOPJE North Macedonia Full 0,00% 100,00% 148 MYTILINEOS Heat and Power Generation North Macedonia Full 100,00% 0,00% 149 RIVERA DEL RIO Panama Full 50,00% 0,00% 150 METKA CYPRUS PORTUGAL HOLDINGS Portugal - 0,00% 100,00% 151 METKA CYPRUS PORTUGAL 2 Portugal - 0,00% 100,00% 152 METKA CYPRUS PORTUGAL 3 Portugal - 0,00% 100,00% 153 CENTRAL SOLAR DE DIVOR LDA Portugal - 0,00% 100,00% 154 CENTRAL SOLAR DE FALAGUEIRA DLA Portugal - 0,00% 100,00% 155 METKA-EGN USA LLC Puerto Rico Full 0,00% 100,00% 156 ΜΕΤΚΑ BRAZI SRL Romania Full 100,00% 0,00% 157 SOMETRA S.A. Romania Full 92,79% 0,00% 158 DELTA PROJECT CONSTRUCT SRL Romania Full 95,01% 0,00% 159 METKA EGN ROM S.R.L. Romania Full 0,00% 100,00% 160 SOLAR REVOLUTION S.R.L. Romania - 0,00% 10,00% 161 SUN CHALLENGE S.R.L. Romania - 0,00% 100,00% 162 SOLAR RENEWABLE S.R.L. Romania - 0,00% 100,00% 163 MYT HOLDCO CLEAN ENERGY S.R.L. Romania - 0,00% 100,00% 164 ELEMKA SAUDI Saudi Arabia Equity 0,00% 34,24% 165 MYTILINEOS BELGRADE D.O.O. Serbia Full 0,00% 100,00% 166 METKA EGN SINGAPORE PTE LTD Singapore Full 0,00% 100,00% 167 METKA EGN Singapore Holdings Pte Ltd Singapore Full 0,00% 100,00% 168 METKA EGN SINGAPORE HOLDINGS 2 PTE. LTD Singapore - 0,00% 100,00% 169 METKA EGN SINGAPORE HOLDINGS 3 PTE. LTD Singapore - 0,00% 100,00% 170 MAVIS SOLAR FARM SINGAPORE PTE. LTD Singapore - 0,00% 100,00% 171 MOURA SOLAR FARM PTE. LTD. Singapore - 0,00% 100,00% 172 WYALONG SOLAR FARM PTE. LTD. Singapore - 0,00% 100,00% 173 |
133 | MYT SARDINIA 4 S.R.L.* | Italy | - | 0,00% | 100,00% |
|---|---|---|---|---|---|---|
| 174 | PENRITH BESS HOLDING PTE LTD* | Singapore | - | 0,00% | 100,00% |
|---|---|---|---|---|---|
| 175 | METKA EGN SINGAPORE HOLDINGS 4 PTE * | Singapore | - | 0,00% | 100,00% |
| 176 | ROSEDALE SOLAR HOLDINGS PTE LTD | Singapore | Full | 100,00% | 0,00% |
| 177 | METKA EGN SPAIN SLU | Spain | Full | 0,00% | 100,00% |
| 178 | METKA EGN SOLAR 2 | Spain | Full | 0,00% | 100,00% |
| 179 | METKA EGN SOLAR 5 | Spain | Full | 0,00% | 100,00% |
| 180 | METKA EGN SPAIN HOLDING 2 SL | Spain | Full | 0,00% | 100,00% |
| 181 | METKA EGN SOLAR 1* | Spain | - | 0,00% | 100,00% |
| 182 | METKA EGN SOLAR 3* | Spain | - | 0,00% | 100,00% |
| 183 | METKA EGN SOLAR 4* | Spain | - | 0,00% | 100,00% |
| 184 | METKA EGN SOLAR 6* | Spain | - | 0,00% | 100,00% |
| 185 | METKA EGN SOLAR 7* | Spain | - | 0,00% | 100,00% |
| 186 | METKA EGN SOLAR 8* | Spain | - | 0,00% | 100,00% |
| 187 | METKA EGN SOLAR 9* | Spain | - | 0,00% | 100,00% |
| 188 | METKA EGN SOLAR 10* | Spain | - | 0,00% | 100,00% |
| 189 | METKA EGN SOLAR 11* | Spain | - | 0,00% | 100,00% |
| 190 | METKA EGN SOLAR 12* | Spain | - | 0,00% | 100,00% |
| 191 | METKA EGN SOLAR 13* | Spain | - | 0,00% | 100,00% |
| 192 | METKA EGN SOLAR 14* | Spain | - | 0,00% | 100,00% |
| 193 | METKA EGN SOLAR 15* | Spain | - | 0,00% | 100,00% |
| 194 | METKA EGN SOLAR 16* | Spain | - | 0,00% | 100,00% |
| 195 | METKA EGN SOLAR 17* | Spain | - | 0,00% | 100,00% |
| 196 | METKA EGN SOLAR 18* | Spain | - | 0,00% | 100,00% |
| 197 | METKA EGN SOLAR 19* | Spain | - | 0,00% | 100,00% |
| 198 | METKA EGN SOLAR 20* | Spain | - | 0,00% | 100,00% |
| 199 | METKA EGN SOLAR 21* | Spain | - | 0,00% | 100,00% |
| 200 | METKA EGN SOLAR 22* | Spain | - | 0,00% | 100,00% |
| 201 | METKA EGN SOLAR 23* | Spain | - | 0,00% | 100,00% |
| 202 | METKA EGN SOLAR 24* | Spain | - | 0,00% | 100,00% |
| 203 | METKA EGN SOLAR 25* | Spain | - | 0,00% | 100,00% |
| 204 | METKA EGN SOLAR 26* | Spain | - | 0,00% | 100,00% |
| 205 | METKA EGN SOLAR 27* | Spain | - | 0,00% | 100,00% |
| 206 | METKA EGN SOLAR 28* | Spain | - | 0,00% | 100,00% |
| 207 | METKA EGN SOLAR 29* | Spain | - | 0,00% | 100,00% |
| 208 | METKA EGN SOLAR 30* | Spain | - | 0,00% | 100,00% |
| 209 | METKA EGN SOLAR 31* | Spain | - | 0,00% | 100,00% |
| 210 | METKA EGN SOLAR 32* | Spain | - | 0,00% | 100,00% |
| 211 | METKA EGN SOLAR 33* | Spain | - | 0,00% | 100,00% |
| 212 | METKA EGN SOLAR 34* | Spain | - | 0,00% | 100,00% |
| 213 | METKA EGN SOLAR 35* | Spain | - | 0,00% | 100,00% |
| 214 | METKA EGN SOLAR 36* | Spain | - | 0,00% | 100,00% |
| 215 | METKA EGN SOLAR 37* | Spain | - | 0,00% | 100,00% |
|---|---|---|---|---|---|
| 216 | METKA EGN SOLAR 38* | Spain | - | 0,00% | 100,00% |
| 217 | METKA EGN SOLAR 39* | Spain | - | 0,00% | 100,00% |
| 218 | METKA EGN SOLAR 40* | Spain | - | 0,00% | 100,00% |
| 219 | MYTILINEOS INTERNATIONAL COMPANY AG "MIT Co" | Switzerland | Full | 0,00% | 100,00% |
| 220 | METKA EGN GREEN POWER HOLDINGS CO LTD* | Taiwan | - | 0,00% | 100,00% |
| 221 | POWER PROJECT SANAYI INSAAT TICARET LIMITED SIRKETI | Turkey | Full | 100,00% | 0,00% |
| 222 | METKA-EGN UGANDA SMC LTD | Uganda | Full | 0,00% | 100,00% |
| 223 | METKA INTERNATIONAL LTD | United Arab Emirates |
Full | 0,00% | 100,00% |
| 224 | METKA IPS LTD | United Arab Emirates |
Equity | 50,00% | 0,00% |
| 225 | METKA-EGN LIMITED | United Kingdom | Full | 0,00% | 100,00% |
| 226 | FALAG Holdings Limited* | United Kingdom | - | 0,00% | 100,00% |
| 227 | CROOME AIRFIELD SOLAR LIMITED* | United Kingdom | - | 0,00% | 100,00% |
| 228 | EEB 23 LIMITED* | United Kingdom | - | 0,00% | 100,00% |
| 229 | EEB13 LIMITED* | United Kingdom | - | 0,00% | 100,00% |
| 230 | METKA EGN RENEWCO HOLDING LIMITED* | United Kingdom | - | 0,00% | 100,00% |
| 231 | METKA EGN TW HOLDINGS LIMITED* | United Kingdom | - | 0,00% | 100,00% |
| 232 | SIRIUS SPV LTD (WATNALL)* | United Kingdom | - | 0,00% | 100,00% |
| 233 | SSPV1 LIMITED* | United Kingdom | - | 0,00% | 100,00% |
| 234 | WATNALL ENERGY LIMITED* | United Kingdom | - | 0,00% | 100,00% |
| 235 | METKA EGN REGENER8 HOLDING LIMITED* | United Kingdom | - | 0,00% | 100,00% |
| 236 | REGENER8 SPV 1 LIMITED* | United Kingdom | - | 0,00% | 100,00% |
| 237 | REGENER8 SPV 2 LIMITED* | United Kingdom | - | 0,00% | 100,00% |
| 238 | REGENER8 SPV 3 LIMITED* | United Kingdom | - | 0,00% | 100,00% |
| 239 | REGENER8 SPV 4 LIMITED* | United Kingdom | - | 0,00% | 100,00% |
| 240 | MYT UK HOLDING 1 LIMITED* | United Kingdom | - | 0,00% | 100,00% |
| 241 | METKA EGN CENTRAL ASIA | Uzbekistan | Full | 0,00% | 100,00% |
| 242 | MYT STRUGA SP. ZOO* | Poland | - | 0,00% | 100,00% |
| 243 | MYT WITKOW SP. ZOO* | Poland | - | 0,00% | 100,00% |
| 244 | MYT HRVATSKA D.o.o. | Croatia | - | 0,00% | 100,00% |
| 245 | SELSSE SOLAR HOLDINGS I LTD* | United Kingdom | - | 0,00% | 100,00% |
| 246 | DOCKING FARM SOLAR LTD* | United Kingdom | - | 0,00% | 100,00% |
| 247 | NORTH FARM SOLAR EXTENSION LTD* | United Kingdom | - | 0,00% | 100,00% |
| 248 | NAMWOON A CO LTD* | Korea | - | 0,00% | 100,00% |
| 249 | NAMWOON B CO LTD* | Korea | - | 0,00% | 100,00% |
| 250 | UBH SOLAR ITALIA S.R.L.* | Italy | - | 0,00% | 15,00% |
| 251 | SOLAR CHALLENGE 3 S.R.L.* | Italy | - | 0,00% | 100,00% |
| 252 | NLSOLARE S.R.L.* | Italy | - | 0,00% | 100,00% |
| 253 | LUXENIA S.R.L.* | Italy | - | 0,00% | 100,00% |
| Branches |
|---|
| Mytilineos S.A. - BRANCH OFFICE IRAQ |
| Mytilineos S.A. - BRANCH OFFICE JORDAN |
| Mytilineos S.A. - BRANCH OFFICE ALGERIA |
| Mytilineos S.A. - BRANCH OFFICE LIBYA |
| Mytilineos S.A. - BRANCH OFFICE GHANA |
| Mytilineos S.A. - BRANCH OFFICE SLOVENIA |
| Mytilineos S.A. - BRANCH OFFICE CYPRUS |
| Mytilineos S.A. - BRANCH OFFICE UK |
| Mytilineos S.A. - BRANCH OFFICE ALBANIA |
| Mytilineos S.A. - BRANCH OFFICE GEORGIA |
| Mytilineos S.A. - BRANCH OFFICE POLAND |
| Mytilineos S.A. - BRANCH OFFICE SAUDI ARABIA |
| Mytilineos S.A. - BRANCH OFFICE ABU DHABI |
| Power Projects - BRANCH OFFICE JORDAN |
| Power Projects - BRANCH OFFICE ALGERIA |
| Power Projects - BRANCH OFFICE LIBYA |
| Power Projects - BRANCH OFFICE GHANA |
| Metka Egn S.A. (CYPRUS) - BRANCH OFFICE IRAN |
| Metka International - BRANCH OFFICE LIBYA |
| Metka Egn LTD - BRANCH OFFICE TUNISIA |
(*) Companies are included in the consolidated financial statements of the Group as acquired assets, since during the review of IFRS 3 requirements it was established that the acquired assets and liabilities of the above companies do not constitute "Business" within the meaning of IFRS 3 and - therefore - do not fall within the scope of the standard. However, those transactions were accounted for as assets.
The consolidated Financial Statements of the period ended June 30, 2022 also include the following companies as assets:
(a) HERA SUN POWER PRIVATE LIMITED which was established by the 100% subsidiary of the METKA Group EGN Singapore Holdings 3 Pte Ltd in February 2022, (b) MYT HOLDCO CLEAN ENERGY SRL which was established by the 100% subsidiary of the METKA Group – EGN LTD Cyprus in February 2022, (c) MYT STRUGA SP. ZOO and MYT WITKOW SP. ZOO which were acquired by the 100% subsidiary of the METKA Group – EGN LTD Cyprus in February 2022, (d) MYT HRVATSKA D.o.o. which was founded by the 100% subsidiary of the METKA Group – EGN LTD Cyprus in March 2022, (e) MYT UK HOLDING 1 LIMITED which was founded by the 100% subsidiary of the METKA Group – EGN LTD Cyprus in May 2022, (f) NAMWOON A CO LTD and NAMWOON B CO LTD which were acquired by the Group's 100% subsidiary METKA Korea Co Ltd in May 2022, (g), SOLAR CHALLENGE 3 SRL which was acquired by the Group's 100% subsidiary METKA EGN Solar 5 SL in May 2022, (h) NLSOLARE SRL which was acquired by the 100% subsidiary of the METKA Group EGN Solar 5 SL in May 2022, (i) UBH SOLAR ITALIA SRL which was acquired by the 100% subsidiary of the METKA Group EGN Solar 5 SL in May 2022, (j) ROSEDALE SOLAR HOLDINGS PTE LTD which was established by METKA Group's 100%
subsidiary EGN Singapore Holdings Pte Ltd, (k) SELSSE SOLAR HOLDINGS I LTD, DOCKING FARM SOLAR LTD and NORTH FARM SOLAR EXTENSION LTD which were acquired by the 100% subsidiary of the MYT Group UK Holding 1 Limited in June 2022, (l) LUXENIA SRL which was acquired by the 100% subsidiary of the METKA Group EGN Solar 5 SL in June 2022 and (m) MYT SARDINIA 1 SRL, MYT SARDINIA 2 SRL, MYT SARDINIA 3 SRL, MYT SARDINIA 4 SRL, MYT SARDINIA 5 SRL and MYT SARDINIA 6 SRL from the demerger of the 100% subsidiary of the Sardinia Group.
The consolidated Financial Statements for the period ended June 30, 2022 also include the following companies under full consolidation method:
(a) ΕGΝΑΤΙΑ WIND SINGLE MEMBER SA which is an acquired company and is fully consolidated from 28/02/2022 with a percentage of 100%, (b) MYTILINEOS TECHNOLOGY AND DIGITAL INNOVATION SINGLE MEMBER SOCIETE ANONYME which was founded on 20/04/2022, (c) MYTILINEOS Heat and Power Generation which was founded on 11/05/2022 and (d) AENAOS SISSOREFTES ENERGIAKI SINGLE MEMBER SA which is an acquired company and is fully consolidated from 24/06/2022 with a percentage of 100%.
In February 2022, the Company acquired 100% of the company Egnatia Wind Energy Single Member S.A. ("Egnatia Wind") against a consideration of € 7.2 million. The incorporation of the newly acquired company into the consolidated financial statements was performed under the full consolidation method and contributed to the consolidated sixmonth Income Statement of 2022 amounting to loss after tax of € 0.5 million.
Egnatia Wind Energy Single Member S.A. ("Egnatia Wind") operates in production, distribution and exploitation of electricity, produced from renewable energy sources and from conventional fuels. The strategic partnership with Egnatia Wind will allow the Company to expand its presence in Renewable Energy Sources (RES) projects, as it has a total portfolio of 28 electricity generation projects using solar energy (photovoltaic parks) of total capacity 191.5 MW. The fair value of the total assets acquired and liabilities undertaken by the Group as well as the arising goodwill will be finalized within 12 months from the date of acquisition, in accordance with IFRS 3. The provisional value of the assets acquired as well as the liabilities undertaken by the Group on the acquisition date are as follows:
| (Amount in thousands €) | |
|---|---|
| Property, plant and equipment | 386 |
| Intangible assets | 4.794 |
| Cash and cash equivalent | 605 |
| Other long-term liabilities | (4.112) |
| Other receivables | 97 |
| Suppliers and other payables | (253) |
| Total assets acquired and liabilities undertaken | 1.517 |
| Acquisition cost at the acquisition date | 7.206 |
| Plus: Proportion of non-controlling interests on the fair value of net assets at the acquisition date |
0 |
| Less: Fair value of net assets at the acquisition date | (1.517) |
| Total provisional goodwill | 5.689 |
The goodwill arose mainly from the prospects related to the expected growth of the segment, in which the acquired company operates.
In June 2022, MYTILINEOS acquired 100% of the company Aenaos Sissoreftes Energiaki Single Member S.A. ("AENAOS") against a consideration of € 0.3 million. The incorporation of the newly acquired company into the consolidated financial statements was performed under the full consolidation method. No significant effect on the financial statements has arisen following the aforementioned consolidation.
AENAOS operates in electricity production segment using storage batteries and has 22 related licenses. The fair value of the total assets acquired and liabilities undertaken by the Group as well as the arising goodwill are analysed below:
| (Amount in thousands €) | |
|---|---|
| Property, plant and equipment | 20 |
| Intangible assets | 123 |
| Cash and cash equivalent | 17 |
| Other long-term liabilities | 0 |
| Other receivables | 7 |
| Suppliers and other payables | (29) |
| Total assets acquired and liabilities undertaken | 138 |
| Acquisition cost at the acquisition date | 284 |
| Plus: Proportion of non-controlling interests on the fair value of net assets at the acquisition date |
0 |
| Less: Fair value of net assets at the acquisition date | (138) |
| Total provisional goodwill | 147 |
MYTILINEOS Group is active in four main operating business segments: a) Metallurgy, b) Sustainable Engineering Solutions, c) Renewables and Storage Development and d) Power & Gas. In accordance with the requirements of IFRS 8, management generally follows the Group's service lines, which represent the main products and services provided by the Group, in identifying its operating segments.
Each of these operating segments is managed separately as each of these service lines requires different technologies and other resources as well as marketing approaches. The Group's service lines that do not fulfil the quantitative and qualitative thresholds of IFRS 8, in order to be considered as separate segments, are presented cumulatively under the category "Others".
The totals that are presented in the following tables, reconcile to the related accounts of the consolidated financial statements.
Income and results per operating segment are presented as follows:
| (Amounts in thousands €) 1/1-30/06/2022 |
Power & Gas | Metallurgy | Renewables and Storage Development |
Sustainable Engineering Solutions |
Other | Group Total |
|---|---|---|---|---|---|---|
| Total Gross Sales | 1.466.577 | 480.556 | 271.569 | 215.239 | - 2.433.941 | |
| Intercompany Sales | (173.145) | (22.382) | (42.136) | (42.063) | - | (279.726) |
| Inter-segment Sales | - | |||||
| Net Sales | 1.293.432 | 458.174 | 229.433 | 173.176 | - 2.154.215 | |
| Earnings before interest and income tax | 99.335 | 122.159 | 19.618 | 15.467 | (7.500) | 249.079 |
| Financial Results | (5.938) | 2.215 | (158) | (3.070) | (18.745) | (25.696) |
| Investments Results | 286 | 156 | 442 | |||
| Profit before income tax | 93.681 | 124.375 | 19.464 | 12.552 | (26.246) | 223.826 |
| Income Tax Expense | (11.388) | (715) | 601 | (602) | (30.275) | (42.379) |
| Profit after income tax from continued operations | 82.292 | 123.659 | 20.063 | 11.950 | (56.517) | 181.447 |
| Result from discontinuing operations | - | |||||
| Assets depreciation | 22.048 | 18.248 | 2.096 | 1.762 | - | 44.154 |
| Other operating included in EBITDA | - | |||||
| Oper.Ernings before income tax, financial results, depreciation and amortization (EBITDA) |
124.702 | 137.461 | 20.962 | 16.611 | (6.503) | 293.233 |
| (Amounts in thousands €) | Power & Gas | Metallurgy | Renewables and Storage Development |
Sustainable Engineering |
Other | Group Total |
|---|---|---|---|---|---|---|
| 1/1-30/06/2021 | Solutions | |||||
| Total Gross Sales | 411.990 | 315.786 | 121.592 | 221.727 | - 1.071.095 | |
| Intercompany Sales | (25.030) | (10.988) | (3.920) | (36.688) | - | (76.626) |
| Inter-segment Sales | - | |||||
| Net Sales | 386.960 | 304.798 | 117.672 | 185.039 | - | 994.469 |
| Earnings before interest and income tax | 27.417 | 60.667 | 6.970 | 23.507 | (1.552) | 117.009 |
| Financial Results | (2.075) | (10.462) | (1.267) | 2.761 | (12.079) | (23.122) |
| Investments Results | 456 | - | - | 185 | - | 641 |
| Profit before income tax | 25.795 | 50.206 | 5.703 | 26.451 | (13.627) | 94.528 |
| Income Tax Expense | (5.037) | 138 | (753) | (3.467) | (5.445) | (14.564) |
| Profit after income tax from continued operations | 20.753 | 50.345 | 4.950 | 22.980 | (19.064) | 79.964 |
| Result from discontinuing operations | - | |||||
| Assets depreciation | 19.588 | 16.651 | 595 | 1.576 | (17) | 38.393 |
| Other operating included in EBITDA | - | - | - | 179 | - | 179 |
| Oper.Ernings before income tax, financial results, depreciation and amortization (EBITDA) |
48.193 | 76.722 | 7.370 | 24.834 | (1.539) | 155.580 |
Assets and liabilities per operating segment are presented as follows:
| (Amounts in thousands €) | Power & Gas Sector | Metallurgy | Renewables and Storage Development |
Sustainable Engineering Solutions |
Other | Total |
|---|---|---|---|---|---|---|
| 30/06/2022 | ||||||
| Assets | 1.772.422 | 1.744.932 | 748.561 | 1.415.543 | 74.448 | 5.755.906 |
| Consolidated Assets | 1.772.422 | 1.744.932 | 748.561 | 1.415.543 | 74.448 | 5.755.906 |
| Liabilities | 921.554 | 613.219 | 170.293 | 736.678 | 1.419.701 | 3.861.445 |
| Consolidated Liabilities | 921.554 | 613.219 | 170.293 | 736.678 | 1.419.701 | 3.861.445 |
| (Amounts in thousands €) | Power & Gas Sector | Metallurgy | Renewables and Storage Development |
Sustainable Engineering Solutions |
Other | Total |
|---|---|---|---|---|---|---|
| 31/12/2021 | ||||||
| Assets | 1.491.717 | 1.340.625 | 531.019 | 1.479.449 | 246.364 | 5.089.174 |
| Consolidated Assets | 1.491.717 | 1.340.625 | 531.019 | 1.479.449 | 246.364 | 5.089.174 |
| Liabilities | 622.852 | 761.036 | 24.377 | 854.513 | 1.205.491 | 3.468.269 |
| Consolidated Liabilities | 622.852 | 761.036 | 24.377 | 854.513 | 1.205.491 | 3.468.269 |
The Group's Sales and its Non-current assets (other than financial instruments, investments, deferred tax assets and postemployment benefit plan assets) are divided into the following geographical areas:
| MYTILINEOS GROUP | |||||||
|---|---|---|---|---|---|---|---|
| Sales | Sales | Non current assets | Non current assets | ||||
| (Amounts in thousands €) | 30/06/2022 | 30/06/2021 | 30/06/2022 | 31/12/2021 | |||
| Hellas | 1.382.969 | 636.778 | 1.836.542 | 1.816.117 | |||
| European Union | 549.698 | 222.090 | 23.910 | 22.983 | |||
| Other Countries | 221.548 | 135.601 | 73.788 | 35.529 | |||
| Regional Analysis | 2.154.215 | 994.469 | 1.934.240 | 1.874.722 |
| (Amounts in thousands €) | Power & Gas Sector |
Metallurgy | Renewables and Storage Development |
Sustainable Engineering Solutions |
Other | Total |
|---|---|---|---|---|---|---|
| 30/06/2022 | ||||||
| Hellas | 1.079.694 | 225.158 | 18.325 | 59.792 | 0 | 1.382.969 |
| European Union | 177.741 | 222.829 | 126.392 | 22.736 | 0 | 549.698 |
| Other Countries | 36.000 | 10.188 | 84.712 | 90.648 | 0 | 221.548 |
| Total | 1.293.436 | 458.174 | 229.429 | 173.176 | 0 | 2.154.215 |
| (Amounts in thousands €) | Power & Gas Sector |
Metallurgy | Renewables and Storage Development |
Sustainable Engineering Solutions |
Other | Total |
|---|---|---|---|---|---|---|
| 30/06/2021 | ||||||
| Hellas | 383.349 | 151.542 | 17.444 | 84.443 | 0 | 636.778 |
| European Union | 2.443 | 142.234 | 36.076 | 41.337 | 0 | 222.090 |
| Other Countries | 1.169 | 11.020 | 64.151 | 59.261 | 0 | 135.601 |
| Total | 386.961 | 304.796 | 117.671 | 185.041 | 0 | 994.469 |
| MYTILINEOS GROUP | |||||
|---|---|---|---|---|---|
| Sales (Amounts in thousands €) |
30/6/2022 | 30/6/2021 | |||
| Alumina | 92.966 | 57.980 | |||
| Aluminium | 344.949 | 227.747 | |||
| Conventional Business & Infrastructure | 134.170 | 166.265 | |||
| Solar Parks | 229.429 | 117.672 | |||
| Energy Supply | 624.550 | 234.932 | |||
| Energy Production | 507.032 | 144.843 | |||
| Natural Gas Supply | 466.992 | 62.050 | |||
| RES | 26.423 | 25.018 | |||
| Intrasegment Eliminations | (331.561) | (79.882) | |||
| O&M & Other Sales | 59.264 | 37.845 | |||
| TOTAL | 2.154.215 | 994.469 |
It should be noted that the backlog of projects already undertaken for the group (Sectors SES & RSD) amounts to € 1,531,193 thousands. The backlog of Deir Azzur project amounted € 420 mio is not included in this amount:
| (Amounts in thousands €) | up to 1 year | 1-3 years | 3-5 years | >5 years | Total |
|---|---|---|---|---|---|
| Revenue expected to be recognized SES | 609.842 | 569.975 | 58.951 | 2.276 | 1.241.044 |
| Revenue expected to be recognized RSD | 290.149 | 0 | - | - | 290.149 |
| Total | 899.991 | 569.975 | 58.951 | 2.276 | 1.531.193 |
Leases are recognized in the statement of financial position as a right to use an asset and a lease obligation, the date on which the leased fixed asset becomes available for use.
The recognized rights to use assets are related to the following categories of assets and are presented in the "Right-ofuse Assets":
| MYTILINEOS GROUP | MYTILINEOS COMPANY | |||
|---|---|---|---|---|
| (Amounts in thousands €) | 30/6/2022 | 31/12/2021 | 30/6/2022 | 31/12/2021 |
| Right-of-use Land plots | 15.613 | 10.946 | 11 | 11 |
| Right-of-use Properties | 27.226 | 28.278 | 25.606 | 26.976 |
| Right-of-use Vehicles | 4.309 | 3.383 | 2.872 | 2.762 |
| Right-of-use Equipment | 4.429 | 4.850 | 4.418 | 4.820 |
| Right-of-use Office Equipment | 167 | 191 | 164 | 187 |
| Right-of-use Assets | 51.745 | 47.648 | 33.071 | 34.757 |
The group reflects the lease liabilities on the "long term lease liabilities" and "current portion of lease liabilities" in the statement of financial position.
The Group recognized in 30/06/2022 € 51.74 mio Rights of use and €55.40 mio Lease obligations, while the Company € 33.07 mio and €35.56 mio respectively.
Additionally, the Group recognized (for the six-month period ended on 30/06/2022) €4.68 mio depreciation and € 1.23 mio financial expenses, while the company recognized € 3.50 mio and € 0.82 mio respectively, in relation to the above leases.
The following tables show the aging of lease liabilities for the following years, as well as the recognized rights of use of assets by asset category:
| MYTILINEOS GROUP | ||||
|---|---|---|---|---|
| (Amounts in thousands €) | up to 1 year | 1 to 5 years | after 5 years | Total |
| Lease payments | 9.385 | 27.816 | 37.245 | 74.446 |
| Finance charges | (2.356) | (7.090) | (9.602) | (19.048) |
| Net present value | 7.029 | 20.726 | 27.643 | 55.398 |
| MYTILINEOS GROUP |
||||||
|---|---|---|---|---|---|---|
| (Amounts in thousands €) |
Right-of-use Land plots |
Right-of-use Properties |
Right-of-use Vehicles |
Right-of-use Equipment |
Right-of-use Office Equipment |
Totak |
| 31/12/2021 | 10.946 | 28.278 | 3.383 | 4.850 | 191 | 47.649 |
| Additions | 5.135 | 1.805 | 2.199 | 0 | 0 | 9.139 |
| Depreciation | (467) | (2.857) | (915) | (421) | (24) | (4.684) |
| Derecognition | (0) | (0) | (358) | 0 | (0) | (359) |
| 30/06/2022 | 15.613 | 27.226 | 4.309 | 4.429 | 167 | 51.745 |
| MYTILINEOS GROUP | MYTILINEOS S.A. | |||
|---|---|---|---|---|
| (Amounts in thousands €) | 30/06/2022 | 31/12/2021 | 30/06/2022 | 31/12/2021 |
| Raw materials | 114.581 | 114.262 | 103.680 | 93.035 |
| Semi-finished products | 3.239 | 3.444 | 3.017 | 3.329 |
| Finished products | 28.378 | 36.325 | 28.346 | 36.325 |
| Work in Progress | 369.198 | 236.075 | 53.952 | 50.128 |
| Merchandise | 573 | 26.583 | 0 | 26.049 |
| Others | 97.154 | 54.278 | 40.893 | 40.935 |
| Total | 613.125 | 470.968 | 229.887 | 249.801 |
| (Less) Provisions for scrap, slow moving and/or | ||||
| destroyed inventories | (3.369) | (2.202) | (3.239) | (2.073) |
| Total Stock | 609.756 | 468.766 | 226.648 | 247.728 |
The increase in work in progress is due to the acquisition of a portfolio of solar power parks from the 100% Group's subsidiary METKA EGN.
| MYTILINEOS GROUP | MYTILINEOS S.A. | ||||
|---|---|---|---|---|---|
| (Amounts in thousands €) | 30/06/2022 | 31/12/2021 | 31/12/2021 | ||
| Cash | 1.104 | 1.870 | 935 | 1.208 | |
| Bank deposits | 522.721 | 471.342 | 332.254 | 295.645 | |
| Time deposits & Repos | 125.800 | 129.500 | 5.000 | 53.000 | |
| Total | 649.625 | 602.712 | 338.188 | 349.853 |
| The weighted average interest rate is as: |
30/06/2022 | 31/12/2021 | |
|---|---|---|---|
| Deposits in Euro | 0,32% | 0,00% | |
| Deposits in USD | 0,00% | 0,00% |
| MYTILINEOS GROUP | MYTILINEOS S.A. | |||
|---|---|---|---|---|
| (Amounts in thousands €) | 30/06/2022 | 31/12/2021 | 30/06/2022 | 31/12/2021 |
| Long-term debt | ||||
| Bank loans | 72.702 | 79.281 | 0 | 0 |
| Bonds | 1.388.848 | 1.201.122 | 808.701 | 655.505 |
| Total | 1.461.550 | 1.280.403 | 808.701 | 655.505 |
| Short-term debt | ||||
| Overdraft | 3 | 0 | 3 | 0 |
| Bank loans | 43.688 | 40.236 | 0 | 0 |
| Total | 43.691 | 40.236 | 3 | 0 |
| Current portion of non-current liabilities | 33.621 | 34.689 | 0 | 0 |
| Total | 1.538.862 | 1.355.328 | 808.704 | 655.505 |
| (Amounts in thousands €) | 30/06/2022 | 31/12/2021 | 30/06/2022 | 31/12/2021 |
|---|---|---|---|---|
| Long-term debt | ||||
| Lease liabilities | 47.822 | 43.406 | 29.456 | 31.039 |
| Total | 47.822 | 43.406 | 29.456 | 31.039 |
| Short-term debt | ||||
| Current portion of lease liabilities | 7.577 | 7.293 | 6.103 | 5.865 |
| Total | 7.577 | 7.293 | 6.103 | 5.865 |
| 30/06/2022 | 31/12/2021 | |||||
|---|---|---|---|---|---|---|
| (Amounts in thousands €) | Short term Loan Liabilities |
Long term Loan Liabilities |
Total | Short term Loan Liabilities |
Long term Loan Liabilities |
Total |
| Total Opening | 74.926 | 1.280.403 | 1.355.328 | 68.910 | 911.533 | 980.443 |
| Repayments | (15.910) | (404.598) | (420.508) | (121.525) | (489.157) | (610.682) |
| Proceeds | 3.100 | 592.327 | 595.427 | 110.176 | 865.303 | 975.479 |
| Reclassification | 15.732 | (15.732) | 0 | 17.481 | (17.481) | 0 |
| Other | (536) | 9.150 | 8.623 | (117) | 10.205 | 10.088 |
| Total | 77.312 | 1.461.550 | 1.538.862 | 74.926 | 1.280.403 | 1.355.328 |
| MYTILINEOS S.A. | ||||||||
|---|---|---|---|---|---|---|---|---|
| 30/06/2022 | 31/12/2021 | |||||||
| (Amounts in thousands €) | Short term Loan Liabilities |
Long term Loan Liabilities |
Total | Short term Long term Loan Liabilities Loan Liabilities |
Total | |||
| Total Opening | 0 | 655.505 | 655.506 | 0 284.152 |
284.152 | |||
| Repayments | 0 | (378.996) | (378.996) | (70.575) | (457.732) | (528.306) | ||
| Proceeds | 0 | 531.282 | 531.282 | 70.580 832.742 |
903.321 | |||
| Other | 3 | 909 | 912 | (5) (3.656) |
(3.661) | |||
| Total | 3 | 808.701 | 808.704 | 0 | 655.505 | 655.506 |
| MYTILINEOS GROUP | ||||||
|---|---|---|---|---|---|---|
| (Amounts in thousands €) | Land & Buildings |
Vehicles & mechanical equipment |
Furniture and other equipment |
Tangible assets under construction |
Total | |
| Gross Book Value | 445.344 | 1.659.516 | 45.424 | 148.416 | 2.298.700 | |
| Accumulated depreciation and/or impairment | (123.538) | (976.406) | (35.555) | (1.813) | (1.137.312) | |
| Net Book Value as at 1/1/2021 |
321.806 | 683.110 | 9.869 | 146.603 | 1.161.388 | |
| Gross Book Value | 453.138 | 1.783.119 | 46.756 | 337.497 | 2.620.510 | |
| Accumulated depreciation and/or impairment | (131.426) | (1.021.197) | (37.878) | (1.463) | (1.191.964) | |
| Net Book Value as at 31/12/2021 |
321.712 | 761.922 | 8.879 | 336.034 | 1.428.547 | |
| Gross Book Value | 454.993 | 1.831.837 | 46.022 | 388.367 | 2.721.045 | |
| Accumulated depreciation and/or impairment | (135.159) | (1.047.881) | (37.951) | (1.463) | (1.222.278) | |
| Net Book Value as at 30/06/2022 |
319.835 | 783.957 | 8.072 | 386.905 | 1.498.768 |
| Land & Buildings |
Vehicles & mechanical |
Furniture and other |
Tangible assets under |
Total | |
|---|---|---|---|---|---|
| (Amounts in thousands €) | equipment | equipment | construction | ||
| Net Book Value as at | |||||
| 1/1/2021 | 321.806 | 683.110 | 9.869 | 146.603 | 1.161.388 |
| Additions From Acquisition/Consolidation Of Subsidiaries | 0 | 368 | 0 | 0 | 368 |
| Additions | 2.848 | 48.196 | 1.263 | 286.149 | 338.456 |
| Sales - Reductions | (1.015) | (4.976) | (247) | (2.122) | (8.360) |
| Depreciation | (7.388) | (51.359) | (2.385) | 0 | (61.132) |
| Reclassifications | 4.768 | 89.404 | 350 | (94.522) | 0 |
| Net Foreign Exchange Differences | 710 | (51) | 29 | 0 | 688 |
| Tangible Assets From Acquisition/(Sale) Of Subsidiary | 5 | 0 | 0 | 290 | 295 |
| Merge Through Acquisition Of Subsidiary | (21) | 0 | 0 | (363) | (385) |
| Impairment | 0 | (2.771) | 0 | 0 | (2.771) |
| Net Book Value as at | |||||
| 31/12/2021 | 321.712 | 761.921 | 8.879 | 336.034 | 1.428.547 |
| Additions From Acquisition/Consolidation Of Subsidiaries | 0 | (18) | 0 | 0 | (18) |
| Additions | (40) | 48.853 | 330 | 52.000 | 101.142 |
| Sales - Reductions | (42) | (30) | (13) | (8) | (94) |
| Depreciation | (3.736) | (26.690) | (1.178) | 0 | (31.604) |
| Reclassifications | 514 | (86) | 184 | (1.121) | (509) |
| Net Foreign Exchange Differences | 1.414 | 7 | (130) | 0 | 1.291 |
| Merge Through Acquisition Of Subsidiary | 13 | 0 | 0 | 0 | 13 |
| Net Book Value as at | |||||
| 30/06/2022 | 319.835 | 783.957 | 8.072 | 386.905 | 1.498.768 |
| MYTILINEOS S.A. | |||||
|---|---|---|---|---|---|
| (Amounts in thousands €) | Land & Buildings |
Vehicles & mechanical equipment |
Furniture and other equipment |
Tangible assets under construction |
Total |
| Gross Book Value | 315.793 | 1.257.718 | 40.638 | 113.255 | 1.727.405 |
| Accumulated depreciation and/or impairment | (76.025) | (776.729) | (31.848) | 667 | (883.935) |
| Net Book Value as at | |||||
| 1/1/2021 | 239.768 | 480.989 | 8.790 | 113.921 | 843.469 |
| Gross Book Value | 321.310 | 1.322.862 | 41.489 | 283.904 | 1.969.565 |
| Accumulated depreciation and/or impairment | (81.676) | (806.734) | (34.062) | 667 | (921.805) |
| Net Book Value as at | |||||
| 31/12/2021 | 239.634 | 516.129 | 7.427 | 284.570 | 1.047.761 |
| Gross Book Value | 321.681 | 1.323.405 | 40.437 | 328.262 | 2.013.785 |
| Accumulated depreciation and/or impairment | (84.336) | (819.949) | (34.005) | 1.232 | (937.059) |
| Net Book Value as at | |||||
| 30/06/2022 | 237.345 | 503.456 | 6.432 | 329.494 | 1.076.726 |
| (Amounts in thousands €) | Land & Buildings |
Vehicles & mechanical equipment |
Furniture and other equipment |
Tangible assets under construction |
Total |
|---|---|---|---|---|---|
| Net Book Value as at | |||||
| 1/1/2021 | 239.768 | 480.989 | 8.790 | 113.921 | 843.469 |
| Additions | 1.691 | 26.815 | 507 | 223.257 | 252.271 |
| Sales - Reductions | (964) | (553) | (2) | (19) | (1.538) |
| Depreciation | (5.141) | (36.672) | (2.214) | 0 | (44.027) |
| Reclassifications | 4.768 | 47.840 | 345 | (52.953) | 0 |
| Net Foreign Exchange Differences | (510) | (30) | 1 | 0 | (539) |
| Tangible Assets From Acquisition/(Sale) Of Subsidiary | 21 | 0 | 0 | 363 | 385 |
| Impairment | 0 | (2.261) | 0 | 0 | (2.261) |
| Net Book Value as at | |||||
| 31/12/2021 | 239.634 | 516.129 | 7.427 | 284.570 | 1.047.761 |
| Additions | (140) | 4.357 | 63 | 45.535 | 49.815 |
| Sales - Reductions | (2) | 0 | 0 | 0 | (2) |
| Depreciation | (2.661) | (17.103) | (1.082) | 0 | (20.846) |
| Reclassifications | 514 | 74 | 24 | (612) | 0 |
| Net Foreign Exchange Differences | 0 | (1) | 0 | 0 | (1) |
| Net Book Value as at | |||||
| 30/06/2022 | 237.345 | 503.456 | 6.432 | 329.494 | 1.076.726 |
The increase in "Tangible Assets under Construction" is due to the construction of new CCGT power station in Aghios Nikolaos Energy Center.
| MYTILINEOS GROUP | MYTILINEOS S.A. | |||
|---|---|---|---|---|
| (Amounts in thousands €) | 30/06/2022 | 31/12/2021 | 30/06/2022 | 31/12/2021 |
| Other Debtors | 203.946 | 165.872 | 46.598 | 91.799 |
| Receivables from the State | 67.748 | 55.240 | 37.908 | 26.934 |
| Receivables from Subsidiaries | 0 | 0 | 154.279 | 69.202 |
| Accrued income - Prepaid expenses | 318.857 | 243.260 | 340.696 | 262.820 |
| Prepaid expenses for construction contracts | 1.248 | 1.785 | 1.233 | 1.584 |
| Less: Provision for Bad Debts | (1.920) | (1.424) | (1.888) | (1.388) |
| Total | 587.879 | 464.733 | 578.825 | 450.951 |
At 30/06/2022, the category "Other Debtors" includes mainly amounts of € 58 mio. as collateral for letters of guarantee as well as cash collaterals due to operation of Energy spot market under the new permitions of Target Model. Accrued income include electricity and natural gas sales which have been invoiced during July 2022.
| MYTILINEOS GROUP | MYTILINEOS S.A. | |||
|---|---|---|---|---|
| (Amounts in thousands €) | 30/06/2022 | 31/12/2021 | 30/06/2022 | 31/12/2021 |
| Liabilities to Related Parties | 0 | 0 | 41.883 | 184.249 |
| Accrued expense | 360.140 | 199.648 | 332.010 | 197.399 |
| Social security insurance | 3.390 | 5.094 | 2.634 | 3.119 |
| Dividends payable | 59.763 | 3.105 | 59.068 | 950 |
| Deferred income-Grants | 345 | 345 | 0 | 0 |
| Others Liabilities | 113.943 | 200.210 | 117.939 | 191.412 |
| Total | 537.581 | 408.402 | 553.534 | 577.129 |
Accrued expenses include purchases of electricity and gas which will be invoiced in July 2022.
Mytilineos S.A., following the 27.03.2020 decision of the Extraordinary General Meeting of its shareholders and the relevant decision of the Board of Directors dated 01.06.2020, announced its intention to start implementing the Own Share Buyback Program. The purchases of the own shares will be made through the members of the Athens Stock Exchange, EUROBANK EQUITIES INVESTMENT FIRM S.A., PIRAEUS SECURITIES S.A. and EUROXX SECURITIES S.A.
It is reminded that the purpose of the program is to reduce the share capital and / or the disposal of the same shares, which will be acquired, to the staff and / or members of the management of the Company and / or affiliated company, while the maximum number of shares to be acquired is expected to be 14,289,116 (up to 10% of the share capital), with a minimum purchase price of €0.97 per share and a maximum purchase price of €25 per share. The program had initial duration till 26.03.2022 and following the Extraordinary General Meeting of 23.03.2022 the program extended for extra 24 months. The final amount that will be allocated for the program and the number of shares that will eventually be purchased, will depend on the current conditions of the company and the market.
The share capital of Mytilineos S.A amounts to one hundred thirty-eight millions six hundred four thousand four hundred twenty-six euros and seventeen cents (€ 138.604.426,17), divided into one hundred forty-two millions eight hundred ninety-one thousand one hundred sixty-one (142.891.161) registered shares with a nominal value of € 0,97 each.
On 20.04.2022, MYTILINEOS proceeded with the sale of € 4.5 mio. own shares, which correspond to 3.1493% of its paid-up share capital, at a price of €17.00 per share and a total value of €76,500,000. It is noted that the above shares were acquired at an average purchase price of €11.00 per share.
The Shares of Mytilineos S.A. are freely traded on the Securities Market of the Athens Exchange.
Until 30/06/2022 and after the aforementioned sale, the company holds a total of 4,638,878 own shares with an average purchase price of € 12,8248 and a total cost of € 26,709,065
From 01/01/2022 to 30/06/2022 1,466,384 Company's shares have been bought back at an average price of €15.5300 and total cost of €22.773.016.
The translation reserve contains the accumulated foreign exchange differences from the translation of the financial statements of foreign operations arising when the Group's entities are consolidated. The balance of translation reserve at 30/06/2022 amounts to € 14.9 million (31/12/2021: € -13,4 million). The Group's profit of € 28.3 million is included in the Statement of Comprehensive Income. The profit of H1 2022 include € 23.2 million from the exchange difference of the subsidiary Power Project profit of H1 2022.
The main exchange rates of abroad subsidiaries financial statements conversion were:
| 30/06/2022 | 31/12/2021 | Change | |
|---|---|---|---|
| ΕUR / USD | 1,04 | 1,13 | -7,96% |
| EUR / AUD | 1,51 | 1,56 | -3,21% |
| EUR / GBP | 0,86 | 0,84 | 2,38% |
| Income Statement: | |||
|---|---|---|---|
| Avg 01/01- 30/06/2022 |
Avg 01/01- 30/06/2021 |
Change | |
| ΕUR / USD | 1,09 | 1,21 | -9,92% |
| EUR / AUD | 1,52 | 1,56 | -2,56% |
| EUR / GBP | 0,84 | 0,87 | -3,45% |
The General Assembly of the Shareholders (GA) of 2 nd June 2022 has approved the distribution of dividend of gross amount € 60.0 mio or € 0.4200 per share. The payment of the dividend has been initiated on July 1, 2022.
The following table presents financial assets and liabilities measured at fair value in the statement of financial position in accordance with the fair value hierarchy. This hierarchy groups financial assets and liabilities into three levels based on the significance of inputs used in measuring the fair value of the financial assets and liabilities. The fair value hierarchy has the following levels:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The level within which the financial asset or liability is classified is determined based on the lowest level of significant input to the fair value measurement. The Group's financial assets and liabilities measured at fair value in the statement of financial position are grouped into the fair value hierarchy for 30.06.2022 and 31.12.2021 as follows:
| MYTILINEOS GROUP | ||||
|---|---|---|---|---|
| (Amounts in thousands €) | 30/06/2022 | Level 1 | Level 2 | Level 3 |
| Financial Assets | ||||
| Financial assets at fair value through profit or loss | ||||
| Stock Shares | 0 | 0 | 0 | 0 |
| Bank Bonds | 73 | 73 | 0 | 0 |
| Financial assets of the investment portfolio | ||||
| Equity Securities Non - Listed Companies | 0 | 0 | 0 | 0 |
| Other Financial Assets | 298 | 253 | 8 | 37 |
| Foreign Exchange Contracts For Cash Flow Hedging (Forward) | 16.395 | 0 | 16.395 | 0 |
| Commodity Futures | 21.736 | 0 | 21.736 | 0 |
| Foreign Exchange Contracts (Forward) | 0 | 0 | 0 | 0 |
| Swaps | 95.850 | 0 | 95.850 | 0 |
| Financial Assets | 134.352 | 326 | 133.989 | 37 |
| Financial Liabilities | ||||
| Foreign Exchange Swap Contracts (Swaps) | 0 | 0 | 0 | 0 |
| Foreign Exchange Contracts For Cash Flow Hedging (Forward) | 23.535 | 0 | 23.535 | 0 |
| Foreign Exchange Contracts (Forward) | 63.997 | 0 | 63.997 | 0 |
| Options | 26.119 | 0 | 26.119 | 0 |
| Commodity Futures | 2.137 | 0 | 2.137 | 0 |
| Commodity Options | 6.988 | 0 | 6.988 | 0 |
| Swaps | 47.749 | 0 | 47.749 | 0 |
| Financial Liabilities | 170.526 | 0 | 170.526 | 0 |
| MYTILINEOS GROUP | ||||
|---|---|---|---|---|
| (Amounts in thousands €) | 31/12/2021 | Level 1 | Level 2 | Level 3 |
| Financial Assets | ||||
| Financial assets at fair value through profit or loss | ||||
| Stock Shares | 0 | 0 | 0 | 0 |
| Bank Bonds | 73 | 73 | 0 | 0 |
| Financial assets of the investment portfolio | ||||
| Equity Securities Non - Listed Companies | 0 | 0 | 0 | 0 |
| Other Financial Assets | 146 | 101 | 8 | 37 |
| Foreign Exchange Contracts For Cash Flow Hedging (Forward) | 3.089 | 0 | 3.089 | 0 |
| Commodity Futures | 9.746 | 0 | 9.746 | 0 |
| Foreign Exchange Contracts (Forward) | 19 | 0 | 19 | 0 |
| Swaps | 816 | 0 | 816 | 0 |
| Financial Assets | 13.889 | 174 | 13.678 | 37 |
| Financial Liabilities | ||||
| Foreign Exchange Swap Contracts (Swaps) | 0 | 0 | 0 | 0 |
| Foreign Exchange Contracts For Cash Flow Hedging (Forward) | 28.628 | 0 | 28.628 | 0 |
| Foreign Exchange Contracts (Forward) | 0 | 0 | 0 | 0 |
| Options | 7.703 | 0 | 7.703 | 0 |
| Commodity Futures | 13.256 | 0 | 13.256 | 0 |
| Commodity Options | 36.888 | 0 | 36.888 | 0 |
| Swaps | 57.748 | 0 | 57.748 | 0 |
| Financial Liabilities | 144.223 | 0 | 144.223 | 0 |
| MYTILINEOS S.A. | ||||
|---|---|---|---|---|
| (Amounts in thousands €) | 30/06/2022 | Level 1 | Level 2 | Level 3 |
| Financial Assets | ||||
| Financial assets at fair value through profit or loss | ||||
| Stock Shares | 0 | 0 | 0 | 0 |
| Bank Bonds | 73 | 73 | 0 | 0 |
| Financial assets of the investment portfolio | ||||
| Equity Securities Non - Listed Companies | 0 | 0 | 0 | 0 |
| Other Financial Assets | 180 | 143 | 0 | 37 |
| Foreign Exchange Contracts For Cash Flow Hedging (Forward) | 0 | 0 | 0 | 0 |
| Commodity Futures | 19.832 | 0 | 19.832 | 0 |
| Foreign Exchange Contracts (Forward) | 0 | 0 | 0 | 0 |
| Swaps | 95.850 | 0 | 95.850 | 0 |
| Financial Assets | 115.934 | 216 | 115.682 | 37 |
| Financial Liabilities | ||||
| Foreign Exchange Swap Contracts (Swaps) | 0 | 0 | 0 | 0 |
| Foreign Exchange Contracts For Cash Flow Hedging (Forward) | 0 | 0 | 0 | 0 |
| Foreign Exchange Contracts (Forward) | 63.997 | 0 | 63.997 | 0 |
| Options | 25.832 | 0 | 25.832 | 0 |
| Commodity Futures | 2.137 | 0 | 2.137 | 0 |
| Commodity Options | 6.988 | 0 | 6.988 | 0 |
| Swaps | 47.749 | 0 | 47.749 | 0 |
| Financial Liabilities | 146.703 | 0 | 146.703 | 0 |
| MYTILINEOS S.A. | ||||
|---|---|---|---|---|
| (Amounts in thousands €) | 31/12/2021 | Level 1 | Level 2 | Level 3 |
| Financial Assets | ||||
| Financial assets at fair value through profit or loss | ||||
| Stock Shares | 0 | 0 | 0 | 0 |
| Bank Bonds | 73 | 73 | 0 | 0 |
| Financial assets of the investment portfolio | ||||
| Equity Securities Non - Listed Companies | 0 | 0 | 0 | 0 |
| Other Financial Assets | 37 | 0 | 0 | 37 |
| Foreign Exchange Contracts For Cash Flow Hedging (Forward) | 0 | 0 | 0 | 0 |
| Commodity Futures | 9.665 | 0 | 9.665 | 0 |
| Foreign Exchange Contracts (Forward) | 0 | 0 | 0 | 0 |
| Swaps | 835 | 0 | 835 | 0 |
| Financial Assets | 10.610 | 73 | 10.500 | 37 |
| Financial Liabilities | ||||
| Foreign Exchange Swap Contracts (Swaps) | 0 | 0 | 0 | 0 |
| Foreign Exchange Contracts For Cash Flow Hedging (Forward) | 28.628 | 0 | 28.628 | 0 |
| Foreign Exchange Contracts (Forward) | 0 | 0 | 0 | 0 |
| Options | 7.703 | 0 | 7.703 | 0 |
| Commodity Futures | 13.256 | 0 | 13.256 | 0 |
| Commodity Options | 36.888 | 0 | 36.888 | 0 |
| Swaps | 57.748 | 0 | 57.748 | 0 |
| Financial Liabilities | 144.223 | 0 | 144.223 | 0 |
Commodities prices are mainly determined by international markets and global offer and demand, causing price fluctuations in which MYTILINEOS is exposed.
Commodities prices affect both revenues (e.g., metal prices at LME) and cost (e.g., natural gas prices). Due to its activity, MYTILINEOS is mainly exposed to risks arising from the production and sale of Aluminium (AL) and Aluminium Oxide (OX) as well as from price fluctuation of natural gas, gas emission allowance, scrap aluminium, natural gas trading activities.
MYTILINEOS hedges the commodities prices fluctuation both with strategic and operational methods, using various financial instruments, such as derivatives.
Credit risk originates from transactions with clients, cash and cash equivalents, derivative financial instruments and deposits at banks and financial institutions.
MYTILINEOS is not exposed to significant credit risks arising from commercial and other claims due to the multidimensional nature of its activities. There is no significant concentration of credit risk with respect to its commercial requirements, as this is allocated over a high number of clients. However, the special conditions in the Greek market and several other markets in Europe are forcing MYTILINEOS to constantly monitor its business claims and also to adopt policies and practices to ensure that such claims are collected. Such policies and practices include credit insurance where possible; receivables in advance to a considerable degree; safeguarding claims by collateral loans on customer reserves; and receiving letters of guarantee.
MYTILINEOS sets quantitative and qualitative limits in order to mitigate credit risk on cash reserves and cash equivalents, derivatives, as well as other short term financial products.
The below analysis of the balance of the Group's trade receivables on 30.06.2022 (per nature of trade receivable item) as well as the simple average collection days (DSO, based on the semi-annual Turnover) is shown in the following table:
| amounts in k.€ | Group | |
|---|---|---|
| T.R. | Trade Receivables | 1.552.066 |
| Out of which: | ||
| (a) | Related to advances given to Trade Creditors | 277.423 |
| Advances received from Customers in liabilities | -288.898 | |
| (b) | Related to Revenue recognition (not yet invoiced) | 375.746 |
| Liabilities for invoiced but not yet recognised as revenue receivables | -220.800 | |
| (c) | Related to payables (no offseting performed) | 174.329 |
| (d) | Related to EPC financing (secured) | 198.083 |
| Net Trade receivables (recurring basis), T.R. - a-b-c-d | 526.485 | |
| TURNOVER | 2.154.215 | |
| Simple calculated DSO (w/o VAT adjustments) | 44,7 |
MYTILINEOS operates at international level and is therefore exposed to exchange rate risk that arises mainly from the US dollar. Such risk primarily originates from commercial transactions in foreign currency as well as from net investments in foreign financial entities.
The Treasury Risk Management Division of MYTILINEOS, enters into derivative and non – derivative transactions with financial organizations for the account and in the name of the Group's companies.
At the Group level, such financial instruments are considered to be foreign exchange hedging for specific assets,
liabilities or future commercial transactions.
MYTLINEOS assets that are exposed to interest rate fluctuation primarily concern cash and cash equivalents.
MYTILINEOS policy for financial assets is to invest its cash in variable interest rates so as to maintain the necessary liquidity while achieving satisfactory return for its shareholders.
Concerning liabilities, MYTILINEOS composes its funding portfolio, depending on the funding products (eg duration, type), market condition, interest rate assessment and the liabilities' proportion between fixed and variable interest rates. For example, loans with fixed interest rate or interest rate derivatives.
Liquidity risk is related to MYTILINEOS need for sufficient financing of its operations and development. The relevant liquidity requirements need to be managed through meticulous monitoring of short-term debts, long term financial liabilities and daily receipts- payments.
MYTILINEOS ensures that there are sufficient credit facilities available to be able to cover its short-term business needs. The necessary long-term liquidity funds are secured by sufficient loan amounts having the appropriate maturities.
MYTILINEOS, has a long -term contract for Russian natural gas supply, covering some of its gas supply needs.
MYTILINEOS is in full compliance with the European and International natural gas supply provisions. Moreover, MYTILINEOS has assessed the consequences of Russian invasion and the related sanctions against Russia and the impact on International natural gas market as well as on the Greek and South-Eastern European Market conditions.
MYTILINEOS has developed a contingency plan in case of a disruption or even of a complete shutdown of Russian natural gas flows. The plan, which is constantly under review and update based on the developments and provisions in the international market, provides replacement of natural gas with alternative fuel.
Finally, MYTILINEOS monitors the daily developments and the imposed sanctions under all applicable laws and regulations, to ensure full compliance and mitigate its exposure to compliance and business risks.
Group Sales per Segment for the period of the first half of 2022 and the comparative period of 2021 is analysed at the table below:
| (Amounts in thousands €) | Power & Gas Sector |
Metallurgy | Renewables and Storage Development |
Sustainable Engineering Solutions |
Other | Total |
|---|---|---|---|---|---|---|
| 30/06/2022 | ||||||
| Hellas | 1.079.694 | 225.158 | 18.325 | 59.792 | 0 | 1.382.969 |
| European Union | 177.741 | 222.829 | 126.392 | 22.736 | 0 | 549.698 |
| Other Countries | 36.000 | 10.188 | 84.712 | 90.648 | 0 | 221.548 |
| Total | 1.293.436 | 458.174 | 229.429 | 173.176 | 0 | 2.154.215 |
| (Amounts in thousands €) | Power & Gas Sector |
Metallurgy | Renewables and Storage Development |
Sustainable Engineering Solutions |
Other | Total |
|---|---|---|---|---|---|---|
| 30/06/2021 | ||||||
| Hellas | 383.349 | 151.542 | 17.444 | 84.443 | 0 | 636.778 |
| European Union | 2.443 | 142.234 | 36.076 | 41.337 | 0 | 222.090 |
| Other Countries | 1.169 | 11.020 | 64.151 | 59.261 | 0 | 135.601 |
| Total | 386.961 | 304.796 | 117.671 | 185.041 | 0 | 994.469 |
| MYTILINEOS GROUP | MYTILINEOS S.A. | |||
|---|---|---|---|---|
| (Amounts in thousands €) | 1/1- 30/06/2022 |
1/1- 30/06/2021 |
1/1- 30/06/2022 |
1/1- 30/06/2021 |
| Financial income | ||||
| Bank deposits | 1.204 | 62 | 43 | 10 |
| Revaluation of currency derivatives | 8 | 0 | 0 | 0 |
| Customers | 4.235 | 12.092 | 703 | 280 |
| Loans to related parties | 0 | 0 | 11 | 0 |
| Other | 985 | 24 | 97 | 18 |
| Transactions with related parties | 1 | 0 | 0 | 0 |
| Total | 6.433 | 12.177 | 853 | 307 |
Earnings per share have been calculated on the total weighted average number of common shares.
| MYTILINEOS GROUP | MYTILINEOS S.A. | ||||
|---|---|---|---|---|---|
| (Amounts in thousands €) | 1/1-30/06/2022 | 1/1-30/06/2021 | 1/1-30/06/2022 | 1/1-30/06/2021 | |
| Equity holders of the parent | 166.401 | 77.196 | 117.754 | 48.068 | |
| Weighted average number of shares | 136.228 | 136.414 | 136.228 | 136.414 | |
| Basic earnings per share | 1,2215 | 0,5659 | 0,8644 | 0,3524 | |
| Continuing Operations (Total) | |||||
| Equity holders of the parent | 166.950 | 77.281 | 117.754 | 48.068 | |
| Weighted average number of shares | 136.228 | 136.414 | 136.228 | 136.414 | |
| Basic earnings per share | 1,2255 | 0,5665 | 0,8644 | 0,3524 | |
| Discontinuing Operations (Total) | |||||
| Equity holders of the parent | (548) | (85) | 0 | 0 | |
| Weighted average number of shares | 136.228 | 136.414 | 136.228 | 136.414 | |
| Basic earnings per share | (0,0040) | (0,0006) | 0,0000 | 0,0000 |
The number of employees at the end of the current reporting period for the Group amounts to 3,085 and for the Company to 2,077. Accordingly, on 30/06/2021, the number of employees for the Group amounted to 2,720 and for the Company to 2,032.
Management remuneration and fringes for the Group and the Company are analysed at the table below:
| MYTILINEOS GROUP | MYTILINEOS S.A. | |||
|---|---|---|---|---|
| (Amounts in thousands €) | 30/06/2022 | 30/06/2021 | 30/06/2022 | 30/06/2021 |
| Short term employee benefits | ||||
| - Wages of Key Management and BOD Fees | 4.341 | 4.407 | 3.273 | 3.131 |
| - Insurance service cost | 236 | 163 | 162 | 103 |
| - Bonus | 50 | 50 | 50 | 50 |
| - Other remunerations | 0 | 0 | 0 | 0 |
| Total | 4.626 | 4.621 | 3.485 | 3.284 |
No loans have been granted to members of BoD or other management members of the Group (and their families).
| MYTILINEOS GROUP | MYTILINEOS S.A. | |||
|---|---|---|---|---|
| (Amounts in thousands €) | 1/1- 30/06/2022 |
1/1- 30/06/2021 |
1/1- 30/06/2022 |
1/1- 30/06/2021 |
| Cash flows from operating activities | ||||
| Profit for the period | 181.447 | 79.964 | 117.754 | 48.068 |
| Adjustments for: | ||||
| Tax | 42.379 | 14.564 | 30.468 | 5.575 |
| Depreciation of property,plant and equipment | 32.410 | 29.491 | 21.637 | 21.407 |
| Depreciation of intangible assets | 8.965 | 6.834 | 4.499 | 3.379 |
| Depreciation Right-of-use Assets | 4.098 | 3.546 | 3.511 | 2.705 |
| Impairments | 180 | 0 | 0 | 0 |
| Provisions | (68) | 1.591 | 0 | 1.586 |
| (Profit)/Loss from sale of tangible assets | 73 | (770) | (36) | 0 |
| (Profit)/Loss from sale of subsidiary | 0 | (3.336) | 0 | (3.336) |
| Interest income | (5.684) | (12.177) | (853) | (307) |
| Interest expenses | 33.757 | 30.717 | 24.421 | 14.958 |
| Dividends | 0 | 0 | (5.178) | 0 |
| Grants amortization | (1.147) | (700) | (458) | (549) |
| Exchange differences | 1.544 | 2.629 | 0 | 0 |
| Other differences | 804 | 892 | 0 | 0 |
| 117.310 | 73.280 | 78.011 | 45.417 | |
| Changes in Working Capital | ||||
| (Increase)/Decrease in stocks | (141.033) | (105.148) | 21.080 | (18.676) |
| (Increase)/Decrease in trade receivables | (286.435) | (63.267) | (225.403) | (163.971) |
| (Increase)/Decrease in other receivables | 693 | 478 | 202 | (1) |
| Increase / (Decrease) in liabilities | 251.132 | 113.958 | (133.141) | 128.356 |
| Provisions | 0 | (4) | 0 | 0 |
| Pension plans | 2.734 | (419) | 2.541 | (430) |
| Other | 0 | (706) | 0 | 0 |
| (172.910) | (55.108) | (334.721) | (54.721) | |
| Cash flows from operating activities | 125.847 | 98.136 | (138.956) | 38.765 |
Related Party Transactions according to IAS 24 are shown at the following table:
| MYTILINEOS GROUP | MYTILINEOS S.A. | |||
|---|---|---|---|---|
| (Amounts in thousands €) | 30/06/2022 | 30/06/2021 | 30/06/2022 | 30/06/2021 |
| Stock Sales | ||||
| Subsidiaries | 0 | 0 | 180.647 | 23.999 |
| Total | 0 | 0 | 180.647 | 23.999 |
| Stock Purchases | ||||
| Subsidiaries | 0 | 0 | 44.443 | 11.607 |
| Total | 0 | 0 | 44.443 | 11.607 |
| Services Sales & Other Transactions | ||||
| Subsidiaries | 0 | 0 | 36.308 | 11.780 |
| Total | 0 | 0 | 36.308 | 11.780 |
| Services Purchases | ||||
| Subsidiaries | 0 | 0 | 1.901 | 27.659 |
| Management remuneration and fringes | 4.626 | 4.621 | 3.485 | 3.284 |
| Other Related parties | 0 | 0 | 0 | 0 |
| Total | 4.626 | 4.621 | 5.386 | 30.943 |
| MYTILINEOS GROUP | MYTILINEOS S.A. | |||
|---|---|---|---|---|
| (Amounts in thousands €) | 30/06/2022 | 30/06/2021 | 30/06/2022 | 30/06/2021 |
| Receivables from Related Parties | ||||
| Subsidiaries | 0 | 0 | 225.200 | 124.576 |
| Total | 0 | 0 | 225.200 | 124.576 |
| Guarantees granted for Related Parties | ||||
| Subsidiaries | 2.606.477 | 2.209.556 | 2.606.477 | 2.209.556 |
| Total | 2.606.477 | 2.209.556 | 2.606.477 | 2.209.556 |
| Payables to Related Parties | ||||
| Subsidiaries | 0 | 0 | 51.212 | 255.042 |
| Total | 0 | 0 | 51.212 | 255.042 |
Out of the above mentioned parent company guarantees:
€ 692.46 Mio are parent company guarantees for bank loans of the Group and
€ 1,914.01 Mio are parent company guarantees to customers and suppliers of the Group.
It is noted that the above amount of guarantees issued by the parent to customers and suppliers of its subsidiaries refers to the maximum amount of the guarantee and the respective risk undertaken by the parent regardless of the probability of realization of said risk.
The above mentioned related party transactions are on a pure commercial basis. The Group or any of its related parties has not entered in any transactions that were not in an arm's length basis, and do not intent to participate in such transactions in the future. No transaction from the above mentioned was under any special terms.
The Group realized capital expenditures for the six month period ended June 30, 2022 of € 284,009 thousands (€ 170,280 thousands for the six month period ended June 30, 2021).
The Group, since 2009, applies IFRS 5 "Non-current assets held for sale & discontinued operations", and presents separately the assets and liabilities of the subsidiary company SOMETRA S.A., following the suspension of the production activity of the Zinc-Lead production plant in Romania, and presents also the amounts recognized in the income statement separately from continuing operations. Given the global economic recession, there were no feasible scenarios for the alternative utilization of the aforementioned financial assets.
From 2011 and on, by applying par. 13 of IFRS 5 "Non-current assets Held for Sale", the Zinc-Lead production ceases to be an asset held for sale and is considered as an asset to be abandoned. The assets of the disposal group to be abandoned are presented within the continuing operations while the results as discontinued operations.
In December 2015, SOMETRA S.A., contributed the Zinc-Lead activity, through a spin – off process, to its newly established subsidiary Reycom Recycling S.A. (REYCOM). The said spin - off is part of the "Mytilineos Group" restructuring process, regarding the Zinc-Lead discontinued operation, targeting on the production of Zn & Pb oxides through the development of a recycling operation of metallurgical residues.
| MYTILINEOS GROUP | ||
|---|---|---|
| (Amounts in thousands €) | 1/1- 30/06/2022 |
1/1- 30/06/2021 |
| Sales | 0 | 0 |
| Cost of sales | (0) | (0) |
| Gross profit | 0 | 0 |
| Other operating income | (0) | 341 |
| Distribution expenses | (0) | (30) |
| Administrative expenses | (437) | (396) |
| Other operating expenses | (0) | (0) |
| Earnings before interest and income tax | (437) | (84) |
| Financial income | (0) | (0) |
| Financial expenses | (111) | (0) |
| Profit before income tax | (548) | (85) |
| Income tax expense | (0) | (0) |
| Profit for the period | (548) | (85) |
Group's assets pledges and other encumbrances amount to € 172.15 mio for 30.06.2022.
Group's commitments due to construction contracts are as follows:
| MYTILINEOS GROUP | MYTILINEOS S.A. | ||||
|---|---|---|---|---|---|
| (Amounts in thousands €) | 30/06/2022 | 31/12/2021 | 30/06/2022 | 31/12/2021 | |
| Commitments from construction contracts | |||||
| Value of pending construction contracts | 2.007.692 | 1.508.503 | 1.511.151 | 1.029.725 | |
| Granted guarantees | 911.909 | 721.722 | 898.155 | 701.875 | |
| Total | 2.919.601 | 2.230.225 | 2.409.306 | 1.731.600 |
*The amount of € 420 mio. concerning the backlog of Deir Azzur project is included in the above table. For the aforementioned project the Group has already announced the pause of the construction on site as well as € 57mio. related with metal construction projects' of Metallurgy
During 2021 audit orders received for the former subsidiaries of ALUMINIUM of GREECE COMMERCIAL SOCIETE ANONYME. for the years 2015 and 01/01-06/07/2017, METKA INDUSTRIAL-CONSTRUCTIONS S.A. for the years 2015 – 2016 and 01/01-06/07/2017, PROTERGIA THERMOELEKTRIKI AGIOS NIKOLAOS SOCIETE ANONYME for the years 2015– 2016 and 01/01-06/07/2017 and for PROTERGIA SOCIETE ANONYME for the years 2015-2016 and 01/01-06/07/2017, which were merged by Mytilineos S.A. in accordance with decision no. 75634/06-07-2017.
The audit for METKA INDUSTRIAL-CONSTRUCTION S.A. for the year 2016 was concluded within 2022 with the charging of taxes and penalties amounting to € 608 k., while the audit for the period 01/01-06/07/2017 was completed without charging taxes. The audit of ALUMINIUM of GREECE COMMERCIAL SOCIETE ANONYME for the period 01/01- 06/07/2017 as well as the audit of PROTERGIA THERMOELEKTRIKI AGIOS NIKOLAOS SOCIETE ANONYME for years 2016 and 01/01-06/07/2017 are still ongoing. The rest of the audits related to the audit orders mentioned above, have already been concluded.
For the fiscal years 2011 to 2020, the companies of Group operating in Greece fulfilling relevant criteria be subject to tax audit by the statutory auditors, have received Tax Compliance Report, according to article 65A par. 1 of law 4174/2013 and to article 82 par.5 of Law 2238/1994, having no significant differentiations. According to the circular CL. 1006/2016, companies that have been subject to foresaid tax audit, are not exempt from the regular tax audit held by the competent tax authorities.
For the fiscal year 2021 , the tax Compliance audit is already being performed by the Statutory auditors and is not expected to bring any significant differentiation on the tax liabilities incorporated in the Financial Statements. Taking into consideration the above regarding the Tax Compliance Report (where applicable), the following table presents the fiscal years for which the tax obligations of the Company and its domestic subsidiaries have not become final:
| COMPANY | YEARS NOT INSPECTED BY TAX AUTHORITIES |
|
|---|---|---|
| 1 | MYTILINEOS S.A. | - |
| 2 | SERVISTEEL | - |
| 3 | ELEMKA S.A. | - |
| 4 | BRIDGE ACCESSORIES & CONSTRUCTION SYSTEMS S.A. | 2016-2021* |
| 5 | DELFI DISTOMON A.M.E. | - |
| 6 | DESFINA SHIPPING COMPANY | 2016-2021 |
| 7 | ST. NIKOLAOS SINGLE MEMBER P.C. | 2016-2021 |
| 8 | RENEWABLE SOURCES OF KARYSTIA S.A. | - |
| 9 | GENIKI VIOMICHANIKI S.A. | 2016-2021 |
| 10 | HYDROHOOS S.A. | 2016-2018* |
| 11 | NORTH AEGEAN RENEWABLES | 2016-2021* |
| 12 | MYTILINEOS HELLENIC WIND POWER S.A. | 2019 |
| 13 | AIOLIKI ANDROU TSIROVLIDI S.A. | - |
| 14 | MYTILINEOS AIOLIKI NEAPOLEOS S.A. | 2016-2021* |
| 15 | AIOLIKI EVOIAS PIRGOS S.A. | 2016-2018 |
|---|---|---|
| 16 | AIOLIKI EVOIAS POUNTA S.A. | 2016-2019 |
| 17 | AIOLIKI EVOIAS HELONA S.A. | 2016-2018* |
| 18 | AIOLIKI ANDROU RAHI XIROKOBI S.A. | 2016-2021 |
| 19 | METKA AIOLIKA PLATANOU S.A. | 2016-2021 |
| 20 | AIOLIKI SAMOTHRAKIS S.A. | 2016-2021 |
| 21 | AIOLIKI EVOIAS DIAKOFTIS S.A. | 2016-2018* |
| 22 | AIOLIKI SIDIROKASTROU S.A. | - |
| 23 | HELLENIC SOLAR S.A. | - |
| 24 | SPIDER S.A. | 2016-2017 |
| 25 | PROTERGIA THERMOELEKTRIKI S.A. | 2016-2018 |
| 26 | METKA INDUSTRIAL - CONSTRUCTION S.A. (ex ANEMOSTRATA RENEWABLE ENERGY SOURCES S.A.) | 2016-2021* |
| 27 | ANEMODRASI RENEWABLE ENERGY SOURCES S.A. | 2016-2021* |
| 28 | ANEMORAHI RENEWABLE ENERGY SOURCES S.A. | 2016-2021* |
| 29 | PROTERGIA AGIOS NIKOLAOS POWER S.A. OF GENERATION AND SUPPLY OF ELECTRICITY (ex ANEMOSKALA RENEWABLE ENERGY SOURCES S.A.) |
2016-2021* |
| 30 | HORTEROU S.A. | 2016-2021* |
| 31 | KISSAVOS DROSERI RAHI S.A. | 2016-2021* |
| 32 | KISSAVOS PLAKA TRANI S.A. | 2016-2021* |
| 33 | KISSAVOS FOTINI S.A. | 2016-2021* |
| 34 | AETOVOUNI S.A. | 2016-2021* |
| 35 | LOGGARIA S.A. | 2016-2021* |
| 36 | IKAROS ANEMOS SA | 2016-2021* |
| 37 | KERASOUDA SA | 2016-2021* |
| 38 | AIOLIKH ARGOSTYLIAS A.E. | 2016-2021* |
| 39 | J/V ΜΕΤΚΑ – ΤΕRΝΑ | 2016-2021* |
| 40 | KORINTHOS POWER S.A. | 2016-2021* |
| 41 | KILKIS PALEON TRIETHNES S.A. | 2016-2021* |
| 42 | ANEMOROE S.A. | 2016-2021* |
| 43 | PROTERGIA ENERGY S.A. | 2016-2020* |
| 44 | SOLIEN ENERGY S.A. | 2016-2021* |
| 45 | ALUMINIUM OF GREECE INDUSTRIAL AND COMMERCIAL SOCIETE ANONYME (EX OSTENITIS S.A.) | 2015 |
| 46 | THERMOREMA S.A. | 2016-2021 |
| 47 | FTHIOTIKI ENERGY S.A. | 2016-2021 |
| 48 | AIOLIKH TRIKORFON S.A. | - |
| 49 | MAKRYNOROS ENERGEIAKH S.A. | 2016-2021* |
| 50 | MNG TRADING | - |
| 51 | ZEOLOGIC Α.Β.Ε.Ε | 2016-2018 |
| 52 | EP.AL.ME. S.A. | - |
| 53 | J/V MYTILINEOS - XANTHAKIS | 2020-2021 |
| 54 | J/V MYTILINEOS - ELEMKA | 2020-2021 |
| 55 | J/V MYTILINEOS - ELEMKA - ENVIROFINA | 2020-2021 |
| 56 | J/V AVAX S.A. - INTRAKAT - MYTILINEOS S.A. - TERNA S.A. | 2020-2021 |
| 57 | METKA EGN S.A. | 2016-2021 |
| 58 | EMHE L.T.D. | 2016-2021 |
| 59 | MYTILINEOS - TECHNOLOGY AND DIGITAL INNOVATION SA - AVOCADO (established 04/2022) | - |
| 60 | EGNATIA WIND S.A. (acquired in 2022) | 2019-2021 |
These companies received a Tax Compliance Report for the fiscal years 2011-2013 for those years that were active, while from the fiscal year 2014 onwards and based on the amendment of the provisions of Law 4174/2013 article 65A par.1, those who met the relevant audit criteria to an optional extent, chose to receive a tax certificate.
There is formed provision for future obligation that may result from tax audits € 0,9 mio. in Group and 0,6 mio. in company on 30/06/2022.
The table below shows the years for which the tax liabilities of the Group's foreign subsidiaries have not become final table:
| COMPANY | YEARS NOT INSPECTED BY TAX AUTHORITIES | |
|---|---|---|
| 1 | MYTILINEOS WIND ENERGY ALBANIA, Αlbania | 2019-2021 |
| 2 | METKA EGN AUSTRALIA PTY LTD, Australia | 2018-2021 |
| 3 | METKA EGN AUSTRALIA PTY HOLDINGS LTD, Australia | 2018-2021 |
| 4 | TERRANOVA ASSETCO PTY LTD, Australia | 2018-2021 |
| 5 | WAGGA-WAGGA OPERATIONS CO PTY LTD, Australia | 2017-2021 |
| 6 | WAGGA-WAGGA PROPERTY CO PTY LTD, Australia | 2017-2021 |
| 7 | JUNEE OPERATIONS CO PTY LTD, Australia | 2018-2021 |
| 8 | JUNEE PROPERTY CO PTY LTD, Australia | 2017-2021 |
| 9 | COROWA OPERATIONS CO PTY LTD, Australia | 2018-2021 |
| 10 | COROWA PROPERTY CO PTY LTD, Australia | 2017-2021 |
| 11 | MOAMA OPERATIONS CO PTY LTD, Australia | 2018-2021 |
| 12 | MOAMA PROPERTY CO PTY LTD, Australia | 2017-2021 |
| 13 | KINGAROY OPERATIONS CO PTY LTD, Australia | 2018-2021 |
| 14 | KINGAROY PROPERTY CO PTY LTD, Australia | 2017-2021 |
| 15 | GLENELLA OPERATIONS CO PTY LTD, Australia | 2018-2021 |
| 16 | GLENELLA PROPERTY CO PTY LTD, Australia | 2017-2021 |
| 17 | METKA EGN AUSTRALIA HOLDINGS TWO PTY LTD, Australia | 2019-2021 |
| 18 | WYALONG SOLAR FARM PTE. LTD, Australia | 2020-2021 |
| 19 | MOURA SOLAR FARM HOLDINGS PTY LTD, Australia | 2020-2021 |
| 20 | WYALONG SOLAR FARM HOLDINGS PTY LTD, Australia | 2020-2021 |
| 21 | MAVIS SOLAR FARM AUSTRALIA HOLDINGS PTY LTD, Australia | 2020-2021 |
| 22 | MAVIS SOLAR FARM PTY LTD, Australia | 2020-2021 |
| 23 | PENRITH BESS HOLDING PTE LTD, Australia | 2020-2021 |
| 24 | TERRANOVA HOLDCO PTY LTD, Australia | 2020-2021 |
| 25 | EPC HOLDCO PTY LTD, Australia | 2020-2021 |
| 26 | MOURA SOLAR FARM SPV PTY LTD, Australia | 2020-2021 |
| 27 | MOURA SOLAR FARM SPV HOLDINGS PTY LTD, Australia | 2020-2021 |
| 28 | METKA EGN AUSTRALIA (QLD) PTY LTD, Australia | 2021 |
| 29 | MTRH Developmnet GmbH, Austria | 2016-2021 |
| 30 | INTERNATIONAL POWER SUPPLY AD, Bulgaria | 2016-2021 |
| 31 | METKA EGN Burkina Faso Sarl, Burkina Faso | 2020-2021 |
| 32 | METKA -EGN SpA, Chile | 2015-2021 |
| 33 | INVERSIONES FOTOVOLTAICAS SPA, Chile | 2013-2021 |
| 34 | CAMPANILLAS SOLAR SPA, Chile | 2014-2021 |
| 35 | TAMARICO SOLAR DOS SPA, Chile | 2014-2021 |
| 36 | DONA ANTONIA SOLAR SPA, Chile | 2015-2021 |
| 37 | PLANTA SOLAR TOCOPILLA SPA, Chile | 2013-2021 |
| 38 | DROSCO HOLDINGS LIMITED, Cyprus | 2003-2021 |
| 39 | METKA RENEWABLES LIMITED, Cyprus | 2015-2021 |
| 40 | STANMED TRADING LTD, Cyprus | 2011-2021 |
| 41 | METKA-EGN LTD, Cyprus | 2015-2021 |
| 42 | METKA POWER INVESTMENTS, Cyprus | 2016-2021 |
| 43 | METKA EGN Holdings 1 Limited, Cyprus | 2019-2021 |
| 44 | SANTIAM INVESTMENT I LTD, Cyprus | 2018-2021 |
| 45 | SANTIAM INVESTMENT II LTD, Cyprus | 2018-2021 |
| 46 | SANTIAM INVESTMENT III LTD, Cyprus | 2018-2021 |
| 47 | SANTIAM INVESTMENT IV LTD, Cyprus | 2018-2021 |
| 48 | SANTIAM INVESTMENT V LTD, Cyprus | 2020-2021 |
| 49 | SANTIAM INVESTMENT VI LTD, Cyprus | 2020-2021 |
| 50 | BRYANT HOLDINGS LIMITED, Cyprus | 2020-2021 |
| 51 | METKA EGN FRANCE SRL, France | 2018-2021 |
| 52 | MYVEKT INTERNATIONAL SKOPJE, FYROM | 1999-2021 |
| 53 | MYTILINEOS Heat and Power Generation, FYROM | - |
| 54 | RDA TRADING, Guernsey Islands | 2007-2021 |
| 55 | HERA SUN POWER PRIVATE LIMITED, India | - |
|---|---|---|
| 56 | GORESBRIDGE SPV LIMITED, Ireland | 2016 |
| 57 | GOREY SPV LIMITED, Ireland | 2018 |
| 58 | METKA EGN ITALY S.R.L., Italy | 2020 |
| 59 | METKA EGN SARDINIA SRL, Italy | 2018 |
| 60 | METKA EGN APULIA SRL, Italy | 2018 |
| 61 | MY SUN, Italy | 2018 |
| 62 | FAMILY ENERGY SRL, Italy | 2019 |
| 63 | METKA EGN RENEWABLES DEVELOPMENT ITALY S.R.L., Italy | 2021 |
| 64 | MYT DEVELOPMENT INITIATIVES SRL*, Italy | 2021 |
| 65 | CATCH THE SUN SRL, Italy | 2021 |
| 66 | MYT ENERGY DEVELOPMENT SRL *, Italy | 2021 |
| 67 | CATCH THE SUN 2 S.R.L.*, Italy | 2021 |
| 68 | CATCH THE SUN 3 S.R.L.*, Italy | 2021 |
| 69 | CATCH THE SUN 4 S.R.L.*, Italy n |
2021 |
| 70 | CATCH THE SUN 5 S.R.L.*, Italy | 2021 |
| 71 | CATCH THE SUN 6 S.R.L.*, Italy | 2021 |
| 72 | MYT SARDINIA 1 S.R.L.*, Italy | 2018 |
| 73 | MYT SARDINIA 2 S.R.L.*, Italy | 2018 |
| 74 | MYT SARDINIA 3 S.R.L.*, Italy | 2018 |
| 75 | MYT SARDINIA 4 S.R.L.*, Italy | 2018 |
| 76 | MYT SARDINIA 5 S.R.L.*, Italy | 2018 |
| 77 | MYT SARDINIA 6 S.R.L.*, Italy | 2018 |
| 78 | METKA -EGN KZ, Kazakhstan |
2017 |
| 79 | MK SOLAR Co. Ltd., Korea | 2020 |
| 80 | HANMAEUM ENERGY Co. Ltd., Korea | 2020 |
| 81 | METKA GENERAL CONTRACTOR CO. LTD, Korea | 2018 |
| 82 | METKA EGN KOREA LTD, Korea | 2018 |
| 83 | JVIGA KOREA TAEAHN Inc., Korea | 2018 |
| 84 | MYTILINEOS FINANCE S.A., Luxembourg | 2007 |
| 85 | MYTILINEOS FINANCIAL PARTNERS S.A., Luxembourg | 2011 |
| 86 | METKA -EGN MEXICO, Μexico |
2017 |
| 87 | METKA EGN Mexico Holding, Mexico | 2020 |
| 88 | METKA POWER WEST AFRICA LIMITED, Nigeria | 2017 |
| 89 | RIVERA DEL RIO, Panama | 2015 |
| 90 | METKA CYPRUS PORTUGAL HOLDINGS, Portugal | 2021 |
| 91 | METKA CYPRUS PORTUGAL 2, Portugal | 2019 |
| 92 | METKA CYPRUS PORTUGAL 3, Portugal | 2019 |
| 93 | CENTRAL SOLAR DE DIVOR LDA, Portugal | 2020 |
| 94 | CENTRAL SOLAR DE FALAGUEIRA DLA, Portugal | 2020 |
| 95 | METKA -EGN USA LLC, Puerto Rico |
2015 |
| 96 | ΜΕΤΚΑ BRAZI SRL, Romania | 2008 |
| 97 | SOMETRA S.A., Romania | 2019 |
| 98 | DELTA PROJECT CONSTRUCT SRL, Romania | 2005 |
| 99 | SOLAR RENEWABLE S.R.L., Romania | 2020 |
| 100 | SUN CHALLENGE S.R.L., Romania | 2020 |
| 101 | METKA EGN ROM S.R.L., Romania | 2021 |
| 102 | SOLAR REVOLUTION S.R.L. (Kinisi), Romania | 2021 |
| 103 | MYT HOLDCO CLEAN ENERGY S.R.L.*, Romania | - |
| 104 | ELEMKA SAUDI, Saudi Arabia | 2018 |
| 105 | MYTILINEOS BELGRADE D.O.O., Serbia | 1999 |
| 106 | METKA EGN SINGAPORE PTE LTD, Singapore | 2018 |
| 107 | METKA EGN SINGAPORE HOLDINGS PTE LTD, Singapore | 2020 |
| 108 | METKA EGN SINGAPORE HOLDINGS 2 PTE. LTD, Singapore | 2020 |
| 109 | METKA EGN SINGAPORE HOLDINGS 3 PTE. LTD, Singapore | 2020 |
| 110 | MAVIS SOLAR FARM SINGAPORE PTE. LTD, Singapore | 2020 |
| 111 | MOURA SOLAR FARM PTE. LTD, Singapore | 2020 |
| 112 | WYALONG SOLAR FARM PTE. LTD, Singapore | 2020 |
| 113 | PENRITH BESS HOLDING PTE LTD, Singapore | 2020 |
| 114 | METKA EGN SINGAPORE HOLDING 4 PTE, Singapore | 2021 |
| 115 | ROSEDALE SOLAR HOLDINGS PTE LTD, Singapore | - |
| 116 | METKA EGN SPAIN SLU, Spain | 2018 |
| 117 | METKA EGN SOLAR 1, Spain | 2019 |
| 118 | METKA EGN SOLAR 2, Spain | 2019-2021 |
|---|---|---|
| 119 | METKA EGN SOLAR 3, Spain | 2019-2021 |
| 120 | METKA EGN SOLAR 4, Spain | 2019-2021 |
| 121 | METKA EGN SOLAR 5, Spain | 2019-2021 |
| 122 | METKA EGN SOLAR 6, Spain | 2019-2021 |
| 123 | METKA EGN SOLAR 7, Spain | 2019-2021 |
| 124 | METKA EGN SOLAR 8, Spain | 2019-2021 |
| 125 | METKA EGN SOLAR 9, Spain | 2019-2021 |
| 126 | METKA EGN SOLAR 10, Spain | 2019-2021 |
| 127 | METKA EGN SOLAR 11, Spain | 2019-2021 |
| 128 | METKA EGN SOLAR 12, Spain | 2019-2021 |
| 129 | METKA EGN SOLAR 13, Spain | 2019-2021 |
| 130 | METKA EGN SOLAR 14, Spain | 2019-2021 |
| 131 | METKA EGN SOLAR 15, Spain | 2019-2021 |
| 132 | METKA EGN SOLAR 16, Spain | 2020-2021 |
| 133 | METKA EGN SOLAR 17, Spain | 2020-2021 |
| 134 | METKA EGN SOLAR 18, Spain | 2020-2021 |
| 135 | METKA EGN SOLAR 19, Spain | 2020-2021 |
| 136 | METKA EGN SOLAR 20, Spain | 2020-2021 |
| 137 | METKA EGN SOLAR 21, Spain | 2020-2021 |
| 138 | METKA EGN SOLAR 22, Spain | 2020-2021 |
| 139 | METKA EGN SOLAR 23, Spain | 2020-2021 |
| 140 | METKA EGN SOLAR 24, Spain | 2020-2021 |
| 141 | METKA EGN SOLAR 25, Spain | 2020-2021 |
| 142 | METKA EGN SOLAR 26, Spain | 2020-2021 |
| 143 | METKA EGN SOLAR 27, Spain | 2020-2021 |
| 144 | METKA EGN SOLAR 28, Spain | 2020-2021 |
| 145 | METKA EGN SOLAR 29, Spain | 2020-2021 |
| 146 | METKA EGN SOLAR 30, Spain | 2020-2021 |
| 147 | METKA EGN SOLAR 31, Spain | 2020-2021 |
| 148 | METKA EGN SOLAR 32, Spain | 2020-2021 |
| 149 | METKA EGN SOLAR 33, Spain | 2020-2021 |
| 150 | METKA EGN SOLAR 34, Spain | 2020-2021 |
| 151 | METKA EGN SOLAR 35, Spain | 2020-2021 |
| 152 | METKA EGN SOLAR 36, Spain | 2020-2021 |
| 153 | METKA EGN SOLAR 37, Spain | 2020-2021 |
| 154 | METKA EGN SOLAR 38, Spain | 2020-2021 |
| 155 | METKA EGN SOLAR 39, Spain | 2020-2021 |
| 156 | METKA EGN SOLAR 40, Spain | 2020-2021 |
| 157 | METKA EGN SPAIN HOLDING 2 SL, Spain | 2020-2021 |
| 158 | MYTILINEOS INTERNATIONAL COMPANY A.G. "MIT Co", Switzerland | 2013-2021 |
| 159 | METKA EGN Green Power Holdings Co.Ltd, Taiwan | 2021 |
| 160 | POWER PROJECTS, Turkey | 2021 |
| 161 | METKA IPS LTD, UAE | 2018-2021 |
| 162 | METKA INTERNATIONAL LTD, UAE | 2016-2021 |
| 163 | METKA INTERNATIONAL FZE, UAE | 2019-2021 |
| 164 | METKA-EGN UGANDA SMC LTD, Uganda | 2018-2021 |
| 165 | METKA-EGN LTD , United Kingdom | 2015-2021 |
| 166 | FALAG Holdings Limited, United Kingdom | 2019-2021 |
| 167 | Croome Airfield Solar Limited, United Kingdom | 2020-2021 |
| 168 | EEB 23 Limited, United Kingdom | 2020-2021 |
| 169 | EEB13 Limited, United Kingdom | 2020-2021 |
| 170 | Metka EGN Renewco Holding Limited, United Kingdom | 2020-2021 |
| 171 | Metka EGN TW Holdings Limited, United Kingdom | 2020-2021 |
| 172 | Sirius SPV Ltd (Watnall), United Kingdom | 2020-2021 |
| 173 | SSPV1 Limited, United Kingdom | 2020-2021 |
| 174 | WATNALL ENERGY LIMITED, United Kingdom | 2020-2021 |
| 175 | METKA EGN REGENER8 HOLDING LIMITED, United Kingdom | 2021 |
| 176 | REGENER8 SPV 1 LIMITED, United Kingdom | 2021 |
| 177 | REGENER8 SPV 2 LIMITED, United Kingdom | 2021 |
| 178 | REGENER8 SPV 3 LIMITED, United Kingdom | 2021 |
| 179 | REGENER8 SPV 4 LIMITED, United Kingdom | 2021 |
| 180 | MYT UK HOLDING 1 LIMITED, United Kingdom | - |
181 METKA EGN CENTRAL ASIA, Uzbekistan 2020-2021
182 MYT STRUGA SP. ZOO, Poland -
183 MYT WITKOW SP. ZOO, Poland -
184 MYT HRVATSKA D.o.o., Croatia -
According to the informatory notes sent by the societe anonyme named Renewable Energy Sources Operator and Guarantees of Origin (DAPEEP SA) on 01.02.2019 to the Company, an extraordinary contribution was imposed upon the total income of electricity quantities injected to the transmission system from the High-Efficiency Cogeneration of Heat and Power (CHP) plant of the of Metallurgy Business Unit.
From the interpretation of the relevant law provision (article 157 of law 4579/2020), taking also into consideration the parliament's explanatory memorandum, results, that legally, regulatory and economically- technically, it is correct and reasonable to calculate this extraordinary contribution exclusively on the part of the income (turnover) of the dispatched electricity quantities from τηε CHP plant which is paid by DAPEEP and concerns the special account for renewable energy sources (ELAPE), and not for the part of the generated electricity, which relates to the wholesale electricity market and is invoiced to the societe anonyme Hellenic Energy Exchange SA (HEnEx). The amount disputed by the Company amounts to 2.3 million Euro.
The Company filed an appeal before the administrative courts against the Greek State and DAPEEP for the annulment of the informatory note for the extraordinary contribution of article 157 of law 4759/2020. In addition, the Company intends refer also to Greek civil courts in order to obtain a judiciary acknowledgement that DAPEEP, contrary to contract and the law, charged the Company with the said contribution on the total income from the production of the CHP plant. The positive outcome of the above cases is contemplated by the Company.
Since 2017, the Company has been in dispute with IMERIS Bauxites (hereinafter IB) before the Hellenic Competition Commission (HCC), following a Company's complaint for abuse of a dominant position. The procedure before the Commission was completed in June 2021, the final memoranda wassubmitted and the decision is expected to be issued within 2022. At the same time, a new complaint was filed by the Company in April 2021, the examination of which is pending.
The commercial relationship between the two companies is regulated since 2017 until the end of 2019, by temporary agreements dictated by interventions and a decision on precautionary measures of the HCC. For the years 2020 and then IB has been invoicing the Company without an agreement with the latter, and the Company disputes the above invoicing, as it considers that it does not correspond to a reasonable and worthy price for the supply of such metallurgical bauxite. Consequently, the Company registers in its books and pays for the delivered quantities at the Interim financial report for the period 1st January to 30th June 2021 93 price agreed under the latest contract, which coincides with that of a decision of precautionary measures issued in the past by the HCC.
In May 2021, the Company filed an application for interim measures before the civil courts, accompanied by a request for an interim injunction, which (interim injunction) was granted and, following adjustment, temporarily orders IB to monthly supply of the Company as a priority with a monthly quantity of 42,000 MT for standard quality bauxite, i.e. at predefined price at which the Company pays the delivered quantities, according to the aforementioned. IB filed an application for revocation of the interim injunction, which was rejected. The application for the interim measures of the Company was heard on 20.09.2021 and the issuance of a decision is expected. Finally, IB, on 08.07.2021, ie after the issuance of the temporary injunction temporarily ordering ΙΒ to provide the Company per month with a quantity of 45,000 MT for standard quality bauxite at the price at which the Company repays the delivered quantities according to the above, filed a lawsuit before civil courts claiming the amount of 5,073,424 euro plus interest, for the difference between invoiced and amounts actually paid according to the aforementioned for the period 2020-May 2021.
The Company filed before the Council of State: (a) petition for annulment of RAE's decision no. 80/2016 entitled "Management of condensate heat during the calculation of cogeneration efficiency for the Approval of Special Operating Conditions of CHP plant"; and (b) petition for annulment of RAE's decision no 410/2016 entitled "Amendment of RAE's decision no. 1599/201, with which it was approved the Issue "Cash Specifications and Size Measurements at the request of the ministerial decision no Δ6 / Φ1 / οικ.8786 / 06.05.2010 for the implementation of the System of Guarantees of Origin of the Electricity from RES and High Efficiency CHP and its Ensuring Mechanism".
The Company also filed before the Athens Administrative Court of Appeal a petition for annulment of RAE's decision no. 334/2017 entitled "On the application of the societe anonyme ALUMINUM OF GREECE BEAE and the distinctive title "ΑΤΕ" for the revision of RAE's decision no. 569/2016"; (b) of RAE's decision no. 569/2016 entitled "Efficiency Control and Determination of Special Operating Conditions of the Distributed HE-CHP unit of the societe anonyme ALUMINUM OF GREECE BEAE (SA)".
From the combination of the above decisions, the cogeneration efficiency of the CHP plant of the Metallurgy Business Unit is negatively affected, as they change the calculation method for the amount of high efficiency electricity, including by subtracting the thermal energy contained in returnable concentrate, when calculating the total efficiency of the unit, resulting in a reduction in unit revenue.
The decisions of the Council of State were issued, according to which the Company's petitions for annulment have been rejected. However, due to the reasoning of the Council of State decisions, the positive outcome of its petition for annulment before the Athens Administrative Court of Appeal is contemplated by the Company, which was discussed on 18-11-2021 and the issuance of the decision is expected.
In May 2020 the Consortium consisting of the companies "General Electric International Inc." and "Mytilineos S.A." (formerly METKA SA), in its capacity as EPC Contractor of the project "HASSI R'MEL I - Construction and commissioning of a power plant with a total capacity of 368,152 MW in Algeria", (hereinafter "the Project") referred to the International Chamber of Commerce (ICC) against the company and the owner of the project under the name "Société Algérienne de Production de l'Electricité" (SAPE), for claims due to delays of the Project, which fall within the sphere of responsibility of the project owner. The Company will recognize in its results the amount that may be awarded to it at the time of the positive outcome of this arbitration procedure. Respectively, the project owner has raised, in the context of his response to the request for arbitration, counterclaims. According to the assessment of the legal advisors of the Company the aforementioned counterclaims of the project owner are unlikely to succeed.
There are other potential third party claims of € 2.21 Mio against the Company for which no provision has been made. According to IAS 37.14: A provision shall be recognised when: (a) an entity has a present obligation (legal or constructive) as a result of a past event; (b) it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and (c) a reliable estimate can be made of the amount of the obligation. If these conditions are not met, no provision shall be recognised. No provision has been made for this matter, since according to the relevant opinions of the Company's legal advisers and the management of the Company: (a) the existence of a commitment has not yet been finalized; and (b) there is no probability that there will be an outflow of financial resources.
Moreover, there are claims of the Company against third parties, which totally amount to €0.31 Mio.
Apart from the above mentioned parent company guarantees in note 7.29, there are € 456.1 mio Group guarantees and € 449.1 mio parent company guarantees to customers and suppliers.
On 07.07.2022 MYTILINEOS S.A. announced that through its Sustainable Engineering Solutions (SES) Business Unit, signed a contract with the Independent Power Transmission Operator (IPTO SA) for the complete construction of the new interconnecting overhead Transmission Line 'T.L. 400kV High Voltage Center Ν. SANTAS - MARITSA (BULGARIA)', of a single heavy-duty circuit (three-way conductor per phase), and the supply of all the materials required (steel, conductors, insulators, fittings) for the technical construction of said overhead transmission line. This segment is part of the new Greece-Bulgaria electrical interconnection, constituting an important project of pan-European interest and is expected to join the European System in the beginning of 2023. MYTILINEOS will undertake the construction of a segment of the new interconnecting line (N. Santa – Maritsa) located on Greek territory with a total length of 30 km. The Project involves the construction of eighty-five (85) new towers of series '7' (seven). The contract is scheduled to be completed within 9 months, in addition to the 18 months of the warranty period, and the contract value for MYTILINEOS stands at € 9.974.796,04.
On 08.07.2022 MYTILINEOS S.A. through its Renewables and Storage Development (RSD) Business Unit announced the beginning of construction of the Wyalong Solar Farm in New South Wales. The project once completed will have an overall green capacity of 75 MW and it will provide sustainable, clean energy by converting energy from the sun to electricity. Specifically, the Wyalong Solar Farm will generate enough electricity to power approximately 27,000 Australian homes. The Wyalong Solar Farm has already secured a high quality long-term PPA with the established partner NBN Co, an Australian Government Business Enterprise, tasked to design, build, and operate Australia's National Broadband Network. With this PPA, NBN Co. will further support its sustainability goals. Construction will be conducted for approximately 6 months, prior to commencement of commissioning activities.
Maroussi, 03 August 2022
EVANGELOS MYTILINEOS I.D. No ΑΝ 094179/2017
IOANNIS KALAFATAS I.D. No ΑΖ 556040/2008
SPYRIDON KASDAS I.D. No ΑB 050826/2006
THE CHIEF FINANCE OFFICER THE VICE-PRESIDENT A' OF THE BOARD
ELEFTHERIA KONTOGIANNI I.D. No ΑO 507674/2020
STYLIANOS PALIKARAS
I.D. No ΑK 621204/2012
Finance & MIS Director Accounting Manager
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