Increased results for Mytilineos in the H1 2021
The Mytilineos group announced increased financial results for the first half of 2021.
Commitment of the group to reduce direct and indirect CO2 emissions by at least 30% by 2030.
Specifically, net profit after minority interests amounted to € 77
million, increased by + 11% compared to the first half of 2020, while
excluding the effects of non-recurring factors (one-off) the increase in
net profit would amount to + 51% at € 81 million, compared to € 53
million in the first half of 2020.
At the same time, Turnover and Earnings before Taxes, Interest and Depreciation (EBITDA) amounted to € 994 million and € 156 million respectively for the first half of 2021, also increased by 7%. Corresponding to net profits, excluding the effects of non-recurring factors (one off) the increase in EBITDA would amount to + 29% to € 161 million compared to € 125 million in the first half of 2020. Also net debt was formed at € 652 million, with the leverage ratio (Net Lending / EBITDA) standing at 2.00, despite the significant investments that are in full swing.
Commenting on the Financial Results, the President and CEO of the Company, Evangelos Mytilineos stated:
"The financial performance of MYTLINEOS in the first half of 2021 confirms that the Company is steadily on track to achieve a new historic high level of profitability throughout the year, while the implementation of the investment program is progressing, in line with the ambitious environmental goals .
In the coming quarters, despite the uncertain environment due to the pandemic, the economic performance of MYTILINEOS is expected to increase significantly, as the demand and prices of aluminum and premiums are increasing, while the price environment and consumption in the electricity market energy are evolving satisfactorily. At the same time, the execution of the contracts of the Sustainable Development and Renewable Sources & Energy Storage Projects Sectors is proceeding without delays, while the significant investments that are gradually entering a phase of completion are expected to yield returns soon (increase of the aluminum production capacity to 250,000 tons (project new era 250), completion of the construction of a new 826MW power plant, significant investments in RES in Greece and abroad) ".
During the first half of 2021, MYTILINEOS in a pioneering event for the Greek and international data, undertook strong commitments to reduce direct and indirect carbon dioxide emissions by at least 30% by 2030 compared to 2019 and achieving zero emissions by 2050.
In this regard, in view of the significant investments that are already being implemented and others that have been launched and promote energy transition and sustainability, MYTILINEOS has successfully completed the issuance of its first "green" bond, amounting to € 500 million with an interest rate of 2,25% and expiration in 2026, further improving its already excellent credit profile.
In addition, MYTILINEOS has recently achieved the completion of two important agreements that lay the foundations for strong profitability in the coming years, with PPC regarding the supply of electricity and with GLENCORE for the sale of alumina and aluminum.