Metlen Energy & Metals Plc · LSE:MTLN
Metlen Energy & Metals — Mytilineos Holdings — Investor Presentation (June 2009)
33 slides from Metlen Energy & Metals's investor presentation, June 2009
Slide 1: Group Presentation
Group Presentation June 2009
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 • Group Overview • Financial Review • Areas of Activity • Metallurgy & Mining • Energy • Engineering Procurement Construction (EPC) • Stock Data • Summary 3
Slide 4: Group Overview
Group Overview 4
Slide 5: Group History
GROUP HISTORY 1908: Company 1998: Hostile acquisition of Metka 2005: Acquisition of 2007: Merger by absorption founded by S.A. the leading electromechanical and Aluminium of Greece S.A. one of Aluminium of Greece and Mytilineos family metallic construction company in of the largest vertical Delta Pr
Slide 6: Group Overview
GROUP OVERVIEW • Largest Aluminium (Al) and Alumina (Ox) producer in South Eastern Europe with international Metallurgy presence through Aluminium of Greece S.A. & Mining • Second largest Bauxite producer in Greece through Delphes-Distomon S.A. • Endesa Hellas: JV with Endesa, with a significant por
Slide 7: Group's Corporate Structure
GROUP’S CORPORATE STRUCTURE Mytilineos Holdings Mkt Cap: € 660 mn METALLURGY & MINING ENERGY EPC VEHICLE MANUFACTURING 54.0% ALUMINA & ALUMINUM ENDESA (HELLAS) METKA ELVO (Ox & Al Activity) (49.99%) (56,6%) (43%) (100%) Mkt Cap: € 423 mn DELPHI DISTOMON (Bauxite Activity) (100%) Non Core Sector Sour
Slide 8: Financial Review
Financial Review 8
Slide 9: Financial Review: Balance Sheet
FINANCIAL REVIEW Balance Sheet ¾ Solid Balance Sheet. ¾ Healthy Debt to Equity Ratio. Fixed Assets ¾ Substantial Growth of Equity. 902 773 Total Equity 2008 857 2007 634 2006 283 901 779 708 800 2005 877 Current Assets 281 868 238 2004 103 194 542 509 132 302 166 66 402 196 185 268 368 631 219 367 S
Slide 10: Financial Review: Financial Performance
FINANCIAL REVIEW Financial Performance Evolution of Group Turnover, EBITDA & Earnings after Taxes (in € mn) Turnover EBITDA EBITDA% Turnover EAT EAT % 1,200 25.0% 1,200 40.0% 21.2% 34.3% 22.3% 35.0% 1,000 1,000 20.0% 30.0% 16.9% 800 13.5% 800 23.1% 25.0% 15.0% 600 12.1% 600 20.0% 18.8% 976 10.0% 913
Slide 11: Areas of Activity: Metallurgy & Mining
Areas of Activity Metallurgy & Mining 11
Slide 12: M&M Business Outlook: Alumina & Aluminum
M & M – BUSINESS OUTLOOK Alumina & Aluminum Business Overview Operational & Financial Overview tn OX AL • Facilities established in 1960’s. Leading industrial producer of alumina and aluminium in South Eastern Europe. 900,000 • Production facilities occupy an area of 7,035,700m2 800,000 and constitu
Slide 13: Aluminum Cost Analysis
M & M – BUSINESS OUTLOOK Aluminum Cost Analysis Total Market AoG Total Other Average Total Other Average Costs 15% Delivered Costs 9% Delivered Alumina Cost Alumina Cost Labour Cost 6% 25% 40% Labour Cost 10% Other Raw Total Energy Materials Cost Cost 29% 10% Other Raw Total Energy Materials Cost Co
Slide 14: M&M Industry Outlook: Alumina & Aluminum
M & M – INDUSTRY OUTLOOK Alumina & Aluminum Alumina Supply (2008) Aluminium Supply (2008) Total Market 79 MT Total Market 40 MT North America C&S America CIS 8% C&S America 7% Australia 6% 7% North America 20% Europe 7% 14% Africa 4% Asia 33% Europe 25% Australia 25% Africa 1% Asia 44% Alumina Deman
Slide 15: M&M Industry Outlook: Aluminum
M & M – INDUSTRY OUTLOOK Aluminum Total Stocks vs AL Price Supply vs Demand ktn $/tn ktn ktn 5,000 3,500 40,500 2,000 40,000 1,834 1,800 4,500 3,073 1,600 2,934 3,000 39,500 2,822 2,791 1,400 4,000 2,685 2,642 39,000 1,200 2,435 2,500 3,500 2,350 2,394 38,500 1,000 38,000 800 2,000 3,000 600 37,500
Slide 16: Areas of Activity: Energy
Areas of Activity Energy 16
Slide 17: The Greek Electricity Market
ENERGY - INDUSTRY OUTLOOK The Greek Electricity Market Key Characteristics and Trends Future Outlook ¾ Consumption has grown with a yearly average of 3,7% in the decade ¾ The low demand scenario of HTSO predicts a 2,5% yearly Demand 1998-2007, peaking during the summer (strong air cooling penetratio
Slide 18: The Greek Electricity Market: Demand and Capacity
ENERGY - INDUSTRY OUTLOOK The Greek Electricity Market Demand Peak Capacity per Technology GW 2,7% p.a. 70,000 12,000 16 4,0% 14.6 15.3 p.a. 13.8 13.9 14.1 60,000 10,000 14 12.7 12.1 12.4 11.6 12 10.9 10.9 50,000 8,000 10 Demand GWh Peak MW 8 40,000 6,000 6 30,000 4,000 4 2 20,000 2,000 0 2000 2001
Slide 19: Projected Commissioning Schedule for Greece
ENERGY - INDUSTRY OUTLOOK The Greek Electricity Market Projected (De)/Commissioning schedule for all players in Greece Strategic Plan of PPC (November 2007) MW 2008 - 2010 2011 - 2020 5.502 2.108 GAP 1.466-1.966 40% of current 1.772 2.500 system 738 3.394 3.000 1.034 Commissioning Decommissioning Ne
Slide 20: Endesa Hellas Strategic Partnership Overview
ENERGY – BUSINESS OUTLOOK Endesa Hellas Strategic Partnership Overview – a Euro 1.2 bn Company is Formed • Mytilineos’ assets valued at Euro 600 mn. • Endesa participates in Endesa Hellas through consecutive share capital increases already effected – to be finalized within November 2008. • Endesa He
Slide 21: Endesa Hellas Generation (2008-2012)
ENERGY - BUSINESS OUTLOOK Endesa Hellas – Generation (2008 – 2012) Installed Generation Power MW Volos 1,928 MW 1,928 MW 2,000 CCGT Target Greek 437 MW Market Share 1,417 MW 14% Korinthos RES CCGT 74 MW St. Nicholas 437 MW GAS 1,000 966 MW 1,652 MW RES CCGT 14 MW 444 MW 406 MW RES 379 MW RES 116 MW
Slide 22: Areas of Activity: EPC
Areas of Activity EPC 22
Slide 23: Greece, SE Europe and Developing Markets
EPC - INDUSTRY OUTLOOK Greece, SE Europe and Developing Markets Fundamentals Prospects Greece • Power consumption growing at significant rate – • PPC Megalopolis 800MW CCGT – part of PPC’s historically low reserve margins. 3,000MW+ new-build program up to 2014 of total • Reduced availability of po
Slide 24: EPC Industry Outlook
EPC – INDUSTRY OUTLOOK Credit Suisse Global Infrastructure Survey on investment plans evolution covering 300 Utilities globally. Investments Plans over 2009 • Economic downturn impacts investment plans. Spending has only marginally deteriorated. • Evidence that interest on coal powered generation eq
Slide 25: METKA
EPC – BUSINESS OUTLOOK METKA Business Overview Financial Overview • METKA S.A., 56.6% owned by Mytilineos Holdings, is a leading EPC Contractor with international profile. € mil Turnover Analysis • Listed in the Athens Stock Exchange (ASE) since 1973. Energy Infrustructure Defence 350 • METKA is inv
Slide 26: EPC Backlog
EPC - BACKLOG Strong Backlog – Visibility – International Profile ¾ PPC: 417 MW in Aliveri, Natural Gas Fired combined cycle. Alstom PPC 12% sub supplier for the main equipment. Contract value of €219 m. PROJECTS ABROAD 62% ¾ ENDESA HELLAS : 444 MW in Ag. Nikolaos, Natural Gas Fired €1.5 bn combined
Slide 27: Stock Data
Stock Data 27
Slide 28: Stock Data: Mytilineos Holdings S.A.
STOCK DATA – MYTILINEOS HOLDINGS S.A. Share Price Information Dividend Distribution Table (€ mn) 2003 2004 2005 2006 2007 2008 • Market Cap: € 660 mn • Avg. Trading Value: € 2.1 mn Profit After Taxes 10.308 14.399 44.834 52.632 161.073 21.592 • Total No of shares: 116,984,338 • Free Float: 61% Total
Slide 29: Stock Data: METKA S.A.
STOCK DATA – METKA S.A. Share Price Information Dividend Distribution Table (€ mn) 2003 2004 2005 2006 2007 2008 • Market Cap: € 423 mn • Avg. Trading Value: € 0.5 mn Profit After Taxes 11.202 16.371 34.339 40.764 37.288 44.785 • Total No of shares: 51,950,600 • Free Float: 43.4% Total Dividend 8.31
Slide 30: Summary
Summary 30
Slide 31: Strategic Focus
STRATEGY Strategic Focus Explore investment • Bauxite Residue opportunities in SE Treatment Facility. Europe, North Africa, • Aluminum Wagstaf - Middle East through Enhancement of the Growth organic growth and/or Final Product. acquisitions in all Options • CAPEX in the Energy sectors of activity. S
Slide 32: Investment Highlights
SUMMARY Investment Highlights • With a well balanced business portfolio the Group is well placed: – To benefit from the imminent liberalization of the domestic energy market. – To benefit from the massive need for energy infrastructure investments in the wider SE Europe region. • Good organic growth
Slide 33: Contact Information
CONTACT INFORMATION Nikos Kontos Dimitris Katralis Group Investor Relations Officer Financial Analyst Email: nikos.kontos@mytilineos.gr Email: dimitrios.katralis@mytilineos.gr Tel: +30-210-6877395 Tel: +30-210-6877476 Fax: +30-210-6877400 Fax: +30-210-6877400 Mytilineos Holdings S.A. Mytilineos Hold
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