Metlen Energy & Metals PLC · LSE:MTLN
Metlen Energy & Metals — Mytilineos Holdings — 9M 2011 Earnings Presentation
26 slides from Metlen Energy & Metals's earnings presentation, 2011
Slide 1: 9M 2011 IFRS Financial Results
9M 2011 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 9M 2011 Results Highlights Summary Financial Results Business Units Performance Q&A 3
Slide 4: 9M 2011 Results Highlights
9M 2011 RESULTS HIGHLIGHTS MYTILINEOS GROUP Turnover: € 1.139 m Vs € 732 m Last Year, up 56% yoy. EBITDA: € 165 m Vs € 120 m Last Year. Earnings after Tax & Minorities: € 46.1 m Vs € 42.7 m Last Year. Net Debt: € 625 m against 707 on 30/6/2011. Equity: € 898 m. Figures adjusted for the o
Slide 5: 9M 2011 Results Highlights
9M 2011 RESULTS HIGHLIGHTS Market/ Environment Results/Developments Increased LME-based Prices in 2011, while Premium prices remain well supported. Preserved profitability despite the increased cost pressures. Rising input costs (Energy, Caustic, Freight cost, Raw M&M Materials). Increased A
Slide 6: Agenda
AGENDA 9M 2011 Results Highlights Summary Financial Results Business Units Performance Q&A 6
Slide 7: Mytilineos Group – Summary Financial Results
MYTILINEOS GROUP – SUMMARY FINANCIAL RESULTS (amounts in mil €) 9M11 9M10 Financial Performance Turnover 1,139 765 1,200 45% EBITDA 165 152 1,000 35% EBIT 126 130 EBT 99 118 800 25% EAT Continuing Operations 78 91 16.3% 600 1,139 14.5% EATam 46 57 15% 400 732 Margins (%) 9M11 9M10 165 5% 200 120 EBI
Slide 8: Mytilineos Group – Summary Financial Results: Liquidity
MYTILINEOS GROUP – SUMMARY FINANCIAL RESULTS (amounts in mil €) Balance Sheet 9M11 FY10 Liquidity Non Current Assets 1,590 1,516 Current Assets 1,208 1,045 Available For Sale Assets 47 57 1,200 2.0 Total Assets 2,845 2,619 900 1.5 1.1 1.2 Debt 861 741 Cash & Cash Equivalents 237 209 600 1,208 1,083
Slide 9: Mytilineos Group – Turnover Gap Analysis
MYTILINEOS GROUP – TURNOVER GAP ANALYSIS (amounts in mil €) 266.8 1,200 1,100 1,000 67.9 49.0 18.5 900 9.3 11.6 800 1,139 700 - 32.4 - 15.2 - 1.0 - 0.4 600 500 765 400 300 200 100 0 Turnover EPC one of f $/€ Zn-Pb Other Premia & LME LNG Volumes Energy EPC Turnover 9M10 commercial Prices Trading 9M11
Slide 10: Mytilineos Group – EBITDA Gap Analysis
MYTILINEOS GROUP – EBITDA GAP ANALYSIS (amounts in mil €) 33.7 180 - 32.4 160 23.2 140 - 29.4 12.1 120 -19.2 11.6 165 100 9.3 -12.6 6.6 0.1 4.7 2.4 2.6 80 152 60 40 20 0 EBITDA EPC one of f Opex & Fuel Oil $/€ Other LNG Corporate Zn-Pb Electricity Premia & LME Volumes Energy EPC EBITDA 9M10 R/M Cent
Slide 11: Mytilineos Group – EATam Gap Analysis
MYTILINEOS GROUP – EATam GAP ANALYSIS (amounts in mil €) 100 4.0 - 1.5 - 3.2 4.6 5.2 - 20.3 80 60 57 40 46 20 0 EA Tam 9M10 Share in Taxes Discontinued Minorities Operating Net Financials EA Tam 9M11 A ssociates Operations Results (EBIT) Results Source: Company Information. 11
Slide 12: METKA Group – Summary Financial Results
METKA GROUP – SUMMARY FINANCIAL RESULTS Financial Performance (amounts in mil €) 9M11 9M10 800 30% Turnover 720 487 700 25% EBITDA 113 108 600 EBIT 109 104 16.6% 15.7% 20% 500 EBT 104 103 400 15% EAT Continuing Operations 81 72 720 300 10% EATam 80 70 455 200 113 5% 100 75 Margins (%) 9M11 9M10 0 0%
Slide 13: METKA Group – Summary Financial Results: Liquidity
METKA GROUP – SUMMARY FINANCIAL RESULTS (amounts in mil €) Liquidity Balance Sheet 9M11 FY10 700 0.50 Non Current Assets 98 67 600 Current Assets 857 741 0.40 500 Total Assets 954 808 400 0.23 0.30 300 475 637 Bank Debt 14 2 0.14 0.20 Cash Position 149 68 200 149 68 0.10 Equity 303 250 100 0 0.00 Ne
Slide 14: Agenda
AGENDA 9M 2011 Results Highlights Summary Financial Results Business Units Performance Q&A 14
Slide 15: M&M - Industry & Macro Environment: Aluminum
M&M - INDUSTRY & MACRO ENVIRONMENT ALUMINUM 2,800 AL $/MT The average Aluminum price during 9M2011 reached $2,498 up 18.1% y-o-y. However 2,600 AVG 9M 2011: $2,498 average prices declined 7.7% comparing to the 2,400 previous quarter. Increasing uncertainty over the sovereign debt crisis in the Eur
Slide 16: M&M - Industry & Macro Environment
M&M - INDUSTRY & MACRO ENVIRONMENT EUR / USD 1.50 EUR/USD: 1.45 AVG 9M 2011: 1.41 €/$: The average parity €/$ during the 9M 2011 settled at 1.41 vs 1.32 in 2010. Going forward the impact of the sovereign 1.40 debt crisis in Europe and Central Banks policies will largely determine the parity trend. T
Slide 17: Group - Business Unit Performance
GROUP - BUSINESS UNIT PERFORMANCE (amounts in mil €) M&M 9M11 9M10 Turnover 395 343 EBITDA 36 47 EAT 18 34 EBITDA PER ACTIVITY EPC 9M11 9M10 Turnover 654 419 115 EBITDA 115 114 36 EAT 71 66 9M11 0 23 ENERGY 9M11 9M10 -10 Turnover 98 8 EBITDA 23 0 114 EAT 13 0 47 Discontinued 9M11 9M10 9M10 4 Turnove
Slide 18: Fundamentals and Prospects
Fundamentals Prospects •Flat energy demand despite the adverse macro • PPC: new/replacement highly efficient lignite environment. fired plants. •Fuel mix changing with new gas-fired CCGT projects • New gas fired projects may emerge, but at coming on-line, and increasing penetration of RES. slower ra
Slide 19: EPC - Backlog €1.9 bn
EPC - BACKLOG Strong Backlog – Visibility – International Profile 91% PROJECTS ABROAD Greece PPC PPC: 417 MW CCGT in Aliveri. Alstom sub supplier for the main equipment. Contract value of €219 m. MYTILINEOS GROUP KORINTHOS POWER: 437 MW CCGT in Ag. Theodoroi. GE €1.9 bn OTHER sub supplier for th
Slide 20: EPC - Business Unit Performance
EPC - BUSINESS UNIT PERFORMANCE METKA establish itself as an Export Oriented EPC Contractor 95% of Turnover refer to energy projects. 81% of Turnover is derived form projects abroad. 79% of Net Profits derived from projects abroad. Geographical Turnover amounts in €mil Analysis ENERGY 9M11 9M1
Slide 21: Energy - Industry & Macro Environment
ENERGY - INDUSTRY & MACRO ENVIRONMENT Key Characteristics and Trends Future Outlook Consumption has grown with a yearly average of 3,7% in the decade Despite the adverse macro environment, the reference Demand 1998-2008, peaking during the summer (strong air cooling scenario calls for electricit
Slide 22: Energy - Industry & Macro Environment: Power Production Mix
ENERGY - INDUSTRY & MACRO ENVIRONMENT Power Production Mix Ex-Post SMP data 2009 – 2011 (EUR) Total Production 2011: 36.5 TWh 2009 2010 2011 90 4,8% 80 8,2% AVG 9M2011: 66.7 70 60 AVG 2010: 52.3 50 30,7% 56,2% 40 30 AVG 2009: 47.4 20 0,0% 10 LIGNITE OIL N.G. HYDRO RENEWABLES 0 Jan Feb Mar Apr May Ju
Slide 23: Ag. Nikolaos CCGT – Performance Data
AG. NIKOLAOS CCGT –PERFORMANCE DATA Ag. Nikolaos Production (MWh) Financial Data Ag. Nikolaos 9M 2011 (amounts in mil €) Load Factor 12/6 – 30/9: 66% 12,000 100.0% Revenues from Electricity 66 90.0% Capacity Charges 5 10,000 Total Revenues 71 80.0% Gas Cost -52 70.0% Opex -3 8,000 60.0% EBITDA 16 6,
Slide 24: CHP – Proforma Performance Data
CHP – PROFORMA PERFORMANCE DATA Revenues From Electricity Financial Data 9M 2011 (amounts in mil €) in € mil 10,0 Load Factor 1/1 – 30/9: 45% 9,5 Revenues from Electricity 58 9,1 Revenues from Steam 34 9,0 8,7 8,8 Capacity Charges 10 8,0 7,4 Total Revenues 102 6,9 6,7 6,7 7,0 Gas Cost -92 6,2 Opex -
Slide 25: Agenda
AGENDA 9M 2011 Results Highlights Summary Financial Results Business Units Performance Q&A 25
Slide 26: Contact Information
CONTACT INFORMATION Yiannis Kalafatas Chief Executive Director - Group Finance Email: yiannis.kalafatas@mytilineos.gr Tel: +30-210-6877320 Dimitris Katralis IR Officer Email: dimitrios.katralis@mytilineos.gr Tel: +30-210-6877476 Mytilineos Holdings S.A. 5-7 Patroklou Str. 15125 Maroussi Athens Greec