MYTILINEOS says net profit, EBITDA up in Quarter 1

MYTILINEOS Greek Corporation Mytilineos.

MYTILINEOS said on Wednesday said that during the first quarter of 2021, turnover and EBITDA reached 524 million euros posting a marginal change (-1.6%) and 81 million up by about 20% from the same period last year, respectively.

Net profit – after minorities – stood at 37 million euros, very close to the amount reported during the first quarter of 2020, but 37% higher compared with the fourth quarter of 2020.

Net Debt stood at 554 million euros, with the Leverage Ratio (Net Debt / EBITDA) at 1.75, despite the company’s ongoing investment program, which is in full deployment.

MYTILINEOS’ financial performance in the first quarter of 2021 marks a dynamic start during a year with positive prospects, the company said in a statement.

In the following quarters, financial performance is expected to be further improved on the back of strong demand and surging aluminium prices, while electricity consumption and power prices remain at satisfactory levels.

Both Renewables and Storage Development and Sustainable Engineering Solution Business Units are accelerating contracting and the execution of existing projects.

At the same time, the first quarter of 2021 was a period with plenty of developments for MYTILINEOS, as the company currently focuses on implementing its investment program in line with its strategy and according to the ambitious environmental goals it has set.

Specifically, in February 2021, during a groundbreaking event for both Greek and international standards, the company has committed to reduce direct and indirect CO2 emissions by at least 30% by 2030 compared to 2019 and achieve zero emissions by 2050.

In this context, during the first quarter of 2021, MYTILINEOS agreed to acquire a portfolio of 20 photovoltaic parks under development with a total capacity of 1.48GW, as well as additional 25 battery energy storage projects.

MYTILINEOS went on to issue its first “ Green Bond” of € 500mn priced at 2.25% and maturity in 2026.

This is the second time that MYTILINEOS has successfully reached out to the international debt capital markets, following the first issuance in November 2019, thus further enhancing its credit profile and financial firepower.

In this respect it is noted that an amount equivalent to the net proceeds from the notes will be allocated for “green” investments, according to the Company’s Green Bond Framework.

High demand for this bond is indicative of the investors’ confidence in the successful execution of the investment program, whilst also certifying strong appetite regarding similar projects both in Greece and abroad.

Overall, during the first quarter of 2021, MYTILINEOS continued to make the most out of its competitive advantages and synergies across Business Units and has set a solid base for strong growth in 2021, benefiting from factors such as:

-the recovery of aluminum prices, in addition to maintaining competitive production costs,

-the expected gradual improvement of electricity consumption and MYTILINEOS growing market share in power generation and electricity and natural gas supply

-and the acceleration of the execution of important projects which have been contracted in the previous months regarding both the Sustainable Engineering Solutions and the Renewables and Storage Development Business Units.

READ MORE: MYTILINEOS announces new energy project in Albania.

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