Mytilineos - A strong H2 provides a platform for 2021
Mytilineos’s FY20 results not only demonstrate that its strategy is resilient and capable of withstanding headwinds from the ongoing pandemic, but also provide a platform for solid performance in 2021. FY20 EBITDA increased by 1% vs FY19 to €315m, despite H120 EBITDA being down 17% vs H119. Improvement in margins in the Power & Gas and Metallurgy divisions were key reasons for the H2 turnaround. The company has significant financial flexibility, with total liquidity of €1.3bn. Following an early bond repayment of €300m, it has a strong credit profile and no significant maturities until end 2024. Strong maturing pipelines of renewables (0.6GW own + €0.6bn third party) and sustainable engineering (>€1.5bn) projects should assist a turnaround in these businesses.Mytilineos Holdings is an industrial group engaged in the sectors of Metallurgy, EPC, Energy, and Defence. Co. and its subsidiaries are engaged in three main operating business segments: Metallurgy, Constructions and Energy. Co. and its subsidiaries monitor its performance on Metallurgy and Mining Sector through the subsidiaries Aluminium S.A. (Alumina-Aluminium) and Sometra S.A. (Zinc-Lead). Co., through its subsidiary, METKA S.A., is an EPC Constructor in Greece.
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