Metlen Energy & Metals PLC · LSE:MTLN
Metlen Energy & Metals — Mytilineos Holdings — FY2014 Earnings Presentation
28 slides from Metlen Energy & Metals's earnings presentation, 2015
Slide 1: FY2014 IFRS Financial Results
FY2014 IFRS FINANCIAL RESULTS
Slide 2: Disclaimer
Disclaimer These preliminary materials and any accompanying oral presentation (together, the “Materials”) have been prepared by MYTILINEOS Holdings SA (the “Company”) and are intended solely for the information of the Recipient. The Materials are in draft form and the analyses and conclusions contai
Slide 3: Agenda
AGENDA FY2014 Results Highlights Summary Financial Results Business Units Performance Outlook 3 3
Slide 4: FY2014 Results Highlights
FY2014 RESULTS HIGHLIGHTS Strong overall performance driven by the balanced contribution from the three main activities. Group Increased Net profitability, strong cash flow generation. Continuing decline of Net Debt. Growing “All – in” Aluminium prices. Three year – high Alumina prices. Metallurgy &
Slide 5: Mytilineos Group – FY2014 Results Highlights
MYTILINEOS GROUP – FY2014 RESULTS HIGHLIGHTS Source: Company Information. 2013 Figures have been revised according to IAS 19. 5
Slide 6: Agenda
AGENDA FY2014 Results Highlights Summary Financial Results Business Units Performance Q&A 6 6
Slide 7: Mytilineos Group – Balance Sheet
MYTILINEOS GROUP – BALANCE SHEET (amounts in mil €) Leverage Balance Sheet 2014 2013 Non Current Assets 1,693 1,674 Current Assets 988 983 Total Assets 2,681 2,657 Debt 687 691 Cash & Cash Equivalents 313 182 Equity 1,161 1,090 Adj. Equity 1,231 1,205 Net Debt 373 510 Key Ratios 2014 2013 NET DEBT /
Slide 8: Mytilineos Group – Summary Financial Results
MYTILINEOS GROUP – SUMMARY FINANCIAL RESULTS Cash – Debt Evolution Accelerating deleverage process • After the completion of the investments in thermal power plants, Mytilineos Group Net Debt decreased to 8 €373m. in 2014 down 48.5% since the end of 2012. Source: Company Information.
Slide 9: Net Debt Change in FY2014
MYTILINEOS GROUP – SUMMARY FINANCIAL RESULTS Net Debt Change in FY2014 9 Source: Company Information.
Slide 10: Group - Business Unit Performance
GROUP - BUSINESS UNIT PERFORMANCE TURNOVER - EBITDA PER ACTIVITY EBITDA 2014: €254 m. *EBITDA 2013: €225 m. *2013 Figures include the one off €27.5 m. item related to the Ruling of the Permanent Arbitration Tribunal on the supply of electricity to the Group’s subsidiary ALUMINIUM S.A. by the PPC, wi
Slide 11: Mytilineos Group – Gap Analysis: Turnover
MYTILINEOS GROUP – GAP ANALYSIS (amounts in mil €) (amounts in mil €) TURNOVER 1Source: Company Information. 11 1
Slide 12: Mytilineos Group – Gap Analysis: EBITDA
MYTILINEOS GROUP – GAP ANALYSIS (amountsininmil (amounts mil€)€) EBITDA Source: Company Information. 2013 Figures have been revised according to IAS 19. 12
Slide 13: Mytilineos Group – Net Profit Analysis
MYTILINEOS GROUP – NET PROFIT ANALYSIS NET PROFIT (amounts in mil €) Source: Company Information. 13 2013 Figures have been revised according to IAS 19.
Slide 14: METKA – FY2014 Results Highlights
METKA – FY2014 RESULTS HIGHLIGHTS Source: Company Information. 14
Slide 15: METKA Group – Balance Sheet
METKA GROUP – BALANCE SHEET (amounts in mil €) Liquidity Balance Sheet 2014 2013 Non Current Assets 132 101 Current Assets 750 699 Total Assets 882 800 Bank Debt 4 10 Cash Position 288 135 Equity 508 450 Current Liabilities 313 246 Total Liabilities 374 350 Net Debt -284 -125 Key Ratios 2014 2013 EV
Slide 16: Agenda
AGENDA FY2014 Results Highlights Summary Financial Results Business Units Performance Outlook 16 16
Slide 17: M&M - Industry & Macro Environment
M&M - INDUSTRY & MACRO ENVIRONMENT Aluminium LME Prices – Premiums ($/TN) ALUMINIUM Pricing: The average 3Month LME Aluminum price AVG FY2014: $1,894 during FY2014 remained flat at $1,894 up 0,4% yoy. after first falling to a five year low of $1,640 in the first quarter. Premiums surged to record hi
Slide 18: M&M - Industry & Macro Environment
M&M - INDUSTRY & MACRO ENVIRONMENT Aluminium - Brent - €/$ Evolution in 2014 ALUMINIUM EuroDollar: The average parity in 2014 remained flat at 1.33 however since the end of the 3rd Quarter the USD continued to strengthen breaking below +16.67% 1.25 level. The Group expects further gains stemming fro
Slide 19: Metallurgy - Mining
METALLURGY - MINING Metallurgy & Mining EBITDA Quarterly Performance - All in Aluminium Prices Best Quarterly Performance since 4Q2006 • 4Q14 EBITDA: € 32.0 – 4Q14 EBITDA margin 25.2%. • FY2014 EBITDA: € 87.0 (+109% yoy). • Reaping the benefits of the “MELLON” cost cutting program. • Weakening of th
Slide 20: EPC - Industry & Macro Environment
EPC - INDUSTRY & MACRO ENVIRONMENT Fundamentals Prospects •Very weak project market due to adverse macro environment. •Fuel mix changing with increasing penetration of RES. • Energy: potential upgrading of inefficient lignite fired plants. •A large portion of existing power generation capacity is ol
Slide 21: EPC - Backlog
EPC - BACKLOG Backlog Main Projects under Execution in 2014: Iraq Republic of Iraq: 1,250 MW OCGT in Basra. GE sub supplier for the main equipment. Contract value of €260 m. Republic of Iraq: engineering, procurement and construction as required to €1.3 bn enable operation of the Shat-Al-Basra Power
Slide 22: METKA – EPC Segment Performance
METKA – EPC SEGMENT PERFORMANCE METKA establishes itself as a Leading European Energy EPC Contractor 89,7% of Turnover refers to energy projects. 92.6% of Turnover derived form projects abroad. Geographical Turnover Analysis Source: Company Information. Source: Company Information. 22
Slide 23: Energy - Industry & Macro Environment
ENERGY - INDUSTRY & MACRO ENVIRONMENT Key Characteristics & Trends Future Outlook Demand The demand for electricity in Greece continued to be negatively affected Demand for power is expected to stabilize going forward, while by the weak economic environment in 2014. Although that impact was GDP perf
Slide 24: Energy - Industry & Macro Environment
ENERGY - INDUSTRY & MACRO ENVIRONMENT Fuel Mix 2014 SMP data 2012 – 2014 (EUR/MWh) AVG 2014: 57.6 AVG 2013: 41.5 AVG 2012: 56.7 Electricity Market – Developments in FY2014 Power Production by Fuel Source (TWh) Total Domestic Power production settled at 41.6 TWh (down 14.4%) (48.6TWh/2013). Average S
Slide 25: Energy – Performance Data
ENERGY – PERFORMANCE DATA Mytilineos Group Power Production 2013 – 14 Financial Performance Mytilineos Group thermal power plants produced 1,945 GWh during FY2014 this being 26% of the total gas generation production 55% of the gas generation production of the IPPs and 4.7 % market share of the dome
Slide 26: Agenda
AGENDA FY2014 Results Highlights Summary Financial Results Business Units Performance Outlook 26 26
Slide 27: Future Outlook
FUTURE OUTLOOK METALLURGY & MINING o Growth rate of global aluminium demand is expected to remain strong. o Nevertheless, the beginning of 2015 is characterised by a drop in premia from their record-high levels, which to a large extent is offset by the decline in production costs and especially by t
Slide 28: Contact Information
Contact Information Dimitris Katralis IR Officer Email: dimitrios.katralis@mytilineos.gr Tel: +30-210-6877476 Fax: +30-210-6877400 Mytilineos Holdings S.A. 5-7 Patroklou Str. 15125 Maroussi Athens Greece Tel: +30-210-6877300 Fax: +30-210-6877400 www.mytilineos.gr www.metka.gr 28