Mytilineos Holdings slides from the Ben Graham Centre.

Mytilineos Group Overview

  • Mytilineos Holdings SA (“Mytilineos” or the “Group”), founded in 1908, is one of the leading industrial groups in SE Europe active in Metallurgy and Mining, Power and Gas, and EPC sectors
  • Mytilineos is listed on the Athens Stock Exchange (ASE) and is 32.0% owned by the Mytilineos family

Main Activities

Metallurgy & Mining

  • Leading producer of refined alumina and primary aluminium in South-East Europe
  • Vertically integrated

– Own bauxite mines, an alumina refinery and an aluminium smelter with annual production capacity of 815k MT and 180k MT respectively

Power & Gas

  • Leading independent power producer (IPP) in Greece, with a long term strategy of becoming an integrated energy player. Sole private Gas importer, competing head on with state incumbent DEPA.
  • Total capacity of 1.2GW

EPC (METKA)

  • Leading EPC contractor in the EMEA region
  • Currently c. €1.3bn backlog, of which 75% stems from projects outside Greece

Mytilineos Holdings

Leading EPC Contractor, expanding in regional growth markets

  • Athens – listed Leading EPC contractor with International Profile since 1972.
  • Active across Europe, Turkey, Middle East and Africa.
  • Specialised in Natural Gas Fired Power Plants.
  • Broad range of skills in project management, engineering, procurement, construction and plant commissioning.
  • Established close ties with world class technology providers.
  • Exploring new opportunities in local infrastructure projects.

Maintained high profitability margins despite the expansion abroad

Mytilineos Holdings

  • Strong Cash Flows – Significant liquidity.
  • Top Quality Balance Sheet – Zero Bank Debt – Low Capex Requirements.
  • Strong Execution Skills – Excellent track record including major international energy projects successfully delivered.
  • Well positioned to benefit from the expansion in regional growth markets.

Strong track record of value enhancing deals

Acquired the majority stake of METKA in 1998 for c. €60m.

  • The Company recorded €104m. of EBITDA in 2014 and has distributed more than €250m. in dividends since 1998.
  • Market cap stood at €452m. as of 3/31/2015.

Acquired the majority stake of AoG in 2004 for c. €70m.

  • The Company recorded €87m. of EBITDA in 2014 and has distributed more than €170 m. in the form of capital return or dividend since 2004.
  • Current valuation according to analysts consensus stands over €700m.

Mytilineos Holdings

See full slides below.