Net Profit after minorities increased by 187% to €466 million vs. €162 million in 2021. Respectively, Earnings per Share came in at €3.41, an increase of 186% compared to 2021.
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) increased by 130% to €823 million, compared to €359 million in 2021.
Turnover increased by 137%, stood at €6,306 million, compared to €2,664 million in 2021.
Recommended dividend of €1.20 per share, (adjusted for own shares), up by 176% compared to 2021.
2022 financial results’ key takeaway is the Net Debt position and its reduction to €716 million in 2022, vs. €803 million at the end of 2021, with leverage ratio (Net Debt/EBITDA) significantly improved, from 2.2x at the end of 2021, to c.0.87x at the end of 2022, levels reached solely by investment grade companies with global reach. The continuous improvement of the Company’s credit profile has been recently certified by S&P, with the upgrade of the Company’s credit rating to “BB” from “BB-“, while maintaining a positive outlook.
The de-escalation of the net debt position, becomes even more important if one considers that it has been achieved in a year during which a) investments exceeded €700 million, recording a new record-high, b) turnover increased by almost €4 billion, thus absorbing liquidity from cash reserves and credit lines.
Commenting on the Financial Results, the Company’s Chairman and Chief Executive Officer, Evangelos Mytilineos said:
"2022 was a milestone year for MYTILINEOS, not only due to the Company's historically high performance against a negative international environment, but above all because it was the year of transition to a new era through its corporate transformation into MYTILINEOS Energy & Metals.
Last year, MYTILINEOS faced challenges such as the unprecedented energy crisis and its impact, the lengthy war in Ukraine and its effects, the rapid increase in energy costs and interest rates, and the highest inflationary pressures recorded since the 1970s. In this environment, the Company has been able to respond successfully, while laying the foundation for further development in the coming years.
In particular, in 2022, MYTILINEOS achieved a continuous increase in profitability by attaining successive historic peaks in each fiscal quarter. At the same time the Company significantly reduced its leverage ratio in a year of record-high investments. This confirms the successful strategic planning and foresight by the Company’s Management, while paving the way for even higher profitability in the coming period.
At the same time, MYTILINEOS joining the MSCI index for the first time as well as strengthening the participation of foreign institutional investors – the most recent example being Fairfax stepping up as the second largest shareholder – are important recognitions of MYTILINEOS’ performance over the years, as well as its commitment to the strategic goal of creating value for all shareholders.
Finally, after joining the Dow Jones Sustainability Indices and the MSCI ESG Ratings Index, MYTILINEOS Energy & Metals proves that it is now part of the global elite of companies with high performance in sustainable development issues".
