Quarterly Report • Mar 28, 2017
Quarterly Report
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According to 4/507/28.04.2009 resolution of Greek Capital Committee,
COMPANY PROFILE
Interest received 1.608 1.825 1 3 Cash received from loans to associates - - - - Loans to / from related parties - - - -
| Liabilities | 54 | 165.764 | Financing activities |
|---|---|---|---|
Amounts in 000's € THE GROUP THE COMPANY Cash flows from discontinuing investing activities - - - - Revenues 664 23.640 Return of Capital from Subsidiary - - - 157.600 Expenses 4.816 14.044 Other cash flows from investing activities 9 1 - - Receivables 2.488 45.055 Cash flows from investing activities (b) (96.764) (46.745) 5.702 174.060 Key management personnel compensations 16.242 2.579 Proceed from issue of capital - - - - Receivables from key management personnel - - Sale / (purchase) of treasury shares - - - - Payables to key mananagement personnel 47 47 Tax payments (3) (3) - - Proceeds from borrowings 292.471 295.593 12.900 13.190 Loan repayments (205.344) (251.000) (8.500) (159.122) Dividends paid (3.109) (13.787) - - Return of share capital to shareholders - (11.702) - (11.692) Cash flow discontinuing financing activities (41.073) (16.895) - - 31/12/2016 31/12/2015 31/12/2016 31/12/2015 Cash flows from continuing financing activities (c) 42.942 2.205 4.400 (157.623) Net (decrease) / increase in cash and cash equivalents of the period (a) + (b) + (c) (5.845) (112.817) (913) 462 Exchange differences on translation of foreign operations (538) 17.960 - - Cash and cash equivalents at beginning of period 200.859 313.428 1.249 786 Cash Flow hedging reserve (6.004) 197 - - Foreign exchange differences 2.869 249 - - Actuarial gain/ (losses) (424) (770) (6) 14 Net cash at the end of the period 197.884 200.859 336 1.249
5-7 Patroklou Str. Maroussi FIGURES AND INFORMATION FOR THE FISCAL YEAR OF 1 JANUARY 2016 UNTIL 31 DECEMBER 2016
The figures presented below aim to give summary information about the financial position and results of MYTILINEOS S.A. and its subsidiaries. The reader who aims to form a full opinion on the company's financial position and results, must access the company's website where the financial statements prepared according to
the International Financial Reporting Standards and the Auditor's Report, when this is required, are published. Indicatively, the reader can visit the company's web site www.mytilineos.gr, where the above financial statements are posted.
| THE GROUP | THE COMPANY | |||
|---|---|---|---|---|
| Net profit (loss) for the period | 61.240 | 75.699 | (14) | (271) |
| Held for sale Financial Assets | - | - | - | - |
| Gain/(Loss) from sale of Treasury Stock | - | - | - | - |
| Deferred tax of cash flow hedging | 1.741 | 647 | - | - |
| Deferred tax of actuarial gain/losses | 155 | 120 | 2 | (4) |
| Change in reserves from tax rate alteration Total comprehensive income for the period after tax (continuing/ |
- | - | - | - |
| discontinuing operations) | 56.170 | 93.854 | (18) | (261) |
Within the current year, and after the termination of the agreement between Group's subsidiary company METKA S.A. ( the Company) with UBAF (Bank) to keep cash of the Company amounting to € 59,7 mil. within a term deposit account, followed the refusal of UBAF to transfer the aforementioned balance it maintained to the company's current account. The reason of the above was the invocation of the need to use the specific amount as collateral, by way of collateral account, in case that any demands be raised, from counter guarantees that the Bank has provided, on the Company's request, in order to issue good performance guarantee letters. Following the above, the Company proceeded with the commencement of proceedings before the courts of France. The litigation addresses the legal and substantial merits of the claim by UBAF to keep that amount to a pledge account for the sake of its own assurance, without in any case UBAF questioning that METKA is the proprietor of that amount.
In the Statement of Changes in Equity, the amounts included in the line "Total comprehensive income for the period after tax (continuing/ discontinuing operations)" for 31 December 2016 and 2015 are presented in the table below:
23.The shareholder of the Romanian company "REYCOM RECYCLING S.A." ("Reycom") and the Board of Directors of the Greek company "ALUMINIUM OF GREECE INDUSTRIAL AND COMMERCIAL SOCIETE ANONYME ICSA" ("AoG") respectively resolved on 30/05/2016 the merger of Reycom and AoG by way of AoG (hereinafter the "Absorbing Company") absorbing Reycom (hereinafter the "Absorbed Company").The Cross Border Merger was completed and approved by the Business Registry in Greece on 9. The transitional Flexibility Remuneration Mechanism was enacted and entered into force from 1.5.2016, following the decision of the European Commission No. C (2016) 1791 final dated 31.3.2016, through the article 150 of L. 4389/2016 in 29/11/2016. Analysis on note 3.11 of the Annual Financial Statements.
accordance to the provisions set in the 3rd Memorandum between the Hellenic Republic and the Institutions, as embodied in the L. 4336/2015. An analysis is made on note 3.11 of the Annual Financial Statements.
| 10. Regarding the power purchase agreement between ALUMINIUM OF GREECE and PPC an analysis is made on note 3.11 of the Annual Financial Statements. | 24. On 07/06/2016, the 50% Group's subsidiary company, METKA S.A., founded METKA POWER WEST AFRICA LIMITED in Nigeria, in which she's a shareholder of 100%. The incorporation of the foresaid company in the consolidated financial statements was made using the full consolidation method. |
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| 11. Subsidiary METKA S.A. announced the signature of a new EPC contract with Amandi Energy Limited for a new power plant in Ghana that took place in London on 11/03/2016. The project will be executed by METKA in consortium with General Electric, and includes the engineering, procurement, construction and commissioning of a 192MW combined cycle power plant in Takoradi. The plant will be implemented with capability to operate on both natural gas and light crude oil, and will |
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| utilize the latest advanced version of General Electric's well proven 9E gas turbine. The project will be constructed in 28 months. The contract value for METKA is approximately \$174 million. | 25.- On 04/09/2016, the 50% Group's subsidiary company, METKA S.A., founded METKA INTERNATIONAL LTD in UNITED ARAB EMIRATES , in which she's a shareholder of 100%. The incorporation of the foresaid company in the consolidated financial statements was made using the full consolidation method. |
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| 12. In June, MYTILINEOS Group and OTE Group announced a strategic partnership in the retail electricity market. In this framework, COSMOTE and Germanos stores enrich their customer services portfolio with electricity supply from PROTERGIA, the largest independent electricity producer in Greece. Meanwhile, PROTERGIA strengthens its points of sale and promotion network, making its products available across Greece through more than 450 COSMOTE and Germanos |
26.On 16/11/2016, the 50% Group's subsidiary company, METKA S.A., founded METKA POWER INVESTMENTS in Cyprus, in which she's a shareholder of 100%. The incorporation of the foresaid company in the consolidated financial statements was made using the full consolidation method. |
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| stores 13. In December 2016, subsidiary METKA S.A. became a strategic investor in IPS with a 10% stake by means of capital increase by 10mio€, enabling the company to fund a significant expansion of its production capacity, and to further develop its market leading position in off-grid power applications globally. and cash contribution, while IPS and METKA will jointly pursue major off-grid power opportunities around the world. |
27.In December 2016, the subsidiary METKA EGN, in which the Group's subsidiary METKA S.A. holds a 50.1% stake, proceeded to the acquisition of a 100% stake in four (4) companies based in England, namely HIGH POINT SOLAR LIMITED (on 02/12/2016), GREEN LANE SOLAR LIMITED (on 01/12/2016), SEL PV 09 LIMITED (on 23/12/2016) and (vii) NORTH TENEMENT SOLAR LIMITED (on 29/12/2016). The only asset held by these companies, which were fully consolidated in the consolidated financial statements, are permits for the construction of photovoltaic parks. |
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| of the merger into a single entity by absorption of METKA, AoG, Protergia and Protergia Thermo by MYTILINEOS. Thorougly presented on note 3.11 of the Annual Financial Statements. | 14. On 14.12.2016, the Boards of Directors of the companies "MYTILINEOS HOLDINGS S.A.","METKA INDUSTRIAL – CONSTRUCTION SOCIETE ANONYME", "ALUMINIUM OF GREECE INDUSTRIAL AND COMMERCIAL SOCIETE ANONYME", "PROTERGIA POWER GENERATION AND SUPPLIES SOCIETE ANONYME"and "PROTERGIA AGIOS NIKOLAOS POWER SOCIETE ANONYME OF GENERATION AND SUPPLY OF ELECTRICITY"announced that they have decided to commence the process |
28.Line, "Other cash flows" of Cash Flow from Group's Financial Activities, includes the variation of collateral deposits account, more specifically, deposits that are tied up for the issuance of Letters of Guarantee-Insurance for the good and prompt performance of the projects. The Group, up to the previous fiscal year, included said variation at Cash flows from operating activities and more specifically at "(Increase)/Decrease in trade receivables". The Management assesses that the variation of collateral deposits (thus the transfer of those, from collateral deposits to non-cash items and vise versa) does not constitute working capital variation and subsequently it should not be included at Cash flows from operating activities. By taking the above into consideration, at Statement of Cash Flows for fiscal year 2015, an amount of € 16,895 thousands was reclassified from Cash flows from operating activities to Cash flows from financing activities, for comparative reasons |
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| 15.Regarding the briefing note that ADMIE sent to the subsidiary company Aluminium of Greece, an analysis is made on note 4.36 of the Annual Financial Statements. | |||||
| 16.Regarding the State Aid in favour of subsidiary, Aluminium of Greece, an analysis is made on note 4.36 of the Annual Financial Statements. | 29. The emphasis matter of the Independent Auditor's report concern the explanatory note 4.36 of the Annual Financial Statements. Specifically, on 26/10/2016, the Court of Justice of the European Union issued the decision lifting the First Instance General Court Decision as of October 8th 2014, in respect of the government grant provided by Greece to the subsidiary company ALUMINIUM OF GREECE S.A The aforementioned decision referred the case back to the General Court so that the remaining |
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| 17.Regarding DEPA claim against Protergia Thermoilektriki, Korinthos Power and Aluminium of Greece, an analysis is made on note 4.36 of the Annual Financial Statements. | reasons behind the appeal, previously omitted, should be examined. The appeal in question revives the contingent liability of ALUMINIUM OF GREECE S.A. to return the amount of €17,4 million plus interest to the Public Power Corporation S.A. – Hellas (PPC S.A.). ALUMINIUM OF GREECE S.A. has submitted all the required statements regarding the procedures. The Management of ALUMINIUM OF GREECE S.A. estimates that the appeal will be reaccepted by the General Court and, therefore, no amounts will potentially outflow in order to settle the aforementioned contingent liability. |
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| 18.Regarding the dispute of DESFA and Aluminium of Greece, an analysis is made on note 4.36 of the Annual Financial Statements. | |||||
| amounting to 21,85 m€. (Note 4.36 of the Annual Financial Statements) | 19.There are other contingent liabilities against the Group, amounting to 4,21 m€, for which no provision is formed on the results since the outcome of these is deemed uncertain. Moreover there are Groups' claims against third parties | ||||
| 20.There is a pending legal claim of the Group's subsidiary company METKA S.A. from a supplier of € 28.1 million which relates to compensation for poor performance. The defendant company has filed a declaratory action claiming that it has no | 30. Important post balance sheet events are presented in note 4.37 of the Annual Finanacial Statements. | ||||
| requested arbitration against the absorbed company RODAX S.A., the cases of which are automatically taken over by METKA. | obligation to pay the Company the above amount. The Company shall acknowledge in its results the amount that may be assigned to it at the time of a positive outcome and recovery. For the above case, the defendant company has also | 31.Possible differences in totals are due to rounding. | |||
| Tribunal at the time of the expected positive outcome. The amount expected to be awarded may not be accurately assessed | 21.The Company MYTILINEOS S.A. has a pending legal claim against the Republic of Serbia for the amount of US\$ 98,9 million including interest and expenses until the hearing, which relates to compensation for the damages caused to the Company as a result of the failure by "RTB BOR", a state enterprise of former Yugoslavia (now "Serbia"), to comply with obligations that the latter had contractually undertaken, and for which compensation the Republic of Serbia is also liable due to breaching its international contractual obligations. For said case, the Company filed a claim against the Republic of Serbia before an international arbitral tribunal. Following the conducting of the arbitration proceedings and the submission of pleadings by both parties outlining their claims, the arbitration proceedings were completed and the arbitral decision is currently being awaited. In its results, the Company will acknowledge the amount that may be awarded to it by the Arbitral |
Maroussi, 27 March 2017 | |||
| THE CHIEF EXECUTIVE DIRECTOR GROUP FINANCE | THE EXECUTIVE DIRECTOR GROUP | ||||
| THE PRESIDENT OF THE BOARD & CHIEF EXECUTIVE OFFICER EVANGELOS MYTILINEOS |
THE VICE-PRESIDENT OF THE BOARD IOANNIS MYTILINEOS |
IOANNIS KALAFATAS | FINANCIAL CONTROLLER ANASTASIOS DELIGEORIS |
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| I.D. No ΑΒ649316/2006 | I.D. No ΑΕ044243/2007 | I.D. No ΑΖ 556040/2008 | I.D. No Π 195231/1989 | ||
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