Beta Sec.: Mytilineos Group posted a decent set of results

05.08.2015 11:12

Mytilineos Group posted a decent set of results fuelled by Metallurgy performance (Turnover +45% y-o-y) capturing the positive momentum in Aluminium industry and energy prices.  

Declining EPC business was  much expected as METKA operates just only in three geographical regions  (Algeria, Iraq, Greece –Trainose) on lower project margin mix.

 

Energy  sector remained in red as the group continued its conservative accounting policy until the regulator defines the exact amount of capacity payments.

 

We note that after the relevant consultation with RAE (energy regulator) this figure is expected at €35m for 2015 and along with the operating performance seen so far keeps  bottom line guidance for FY 2015 (€90m)  intact.

 

The following tables summarise results vs our Estimates and H1 2015 divisional performance:

 

Mytilineos 2014 2015 Y-o-Y 2015 2014 2015 Y-o-Y 2015
EUR m. H1 H1 (%) Η1 Est. 2Q 2Q (%) Q2 E
Sales 656,4 639,6 -2,6%  617,0 311,8 317,7 1,9%  295,0
EBITDA 120,6 118,3 -1,9%  120,6 53,3 44,1 -17,2%  46,5
EBITDA Mrg 18,4%  18,5%  +12 bps  19,5%  17,1%  13,9%  -321 bps  15,8% 
Net Income 23,4 32,8 40,5%  30,0 8,2 10,1 23,4%  7,2
Net Mrg 3,6%  5,1%  +157 bps  4,9%  2,6%  3,2%  +55 bps  2,5% 
 H1 Divisional Performance:

H1 2015 Metallurgy EPC Energy Other Discont. operations Group
Net Sales 297,7 256,0 86,0 0,0 (3,1) 636,5
EBIT 50,8 47,4 (7,5) (0,4) 0,9 91,2
EBITDA 65,37 49,28 6,56 (2,95) 0,43 118,7
EBT 43,6 42,8 (18,5) (8,4) 0,9 60,5
EAT 39,8 32,2 (20,1) (7,3) 0,9 45,6
Sales (y-o-y) 45,2% -29,2% -4,5%     -2,6%
EBITDA (y-o-y) 175,6% -18,8% -84,5%     -1,9%
EAT (y-o-y) 22457,9% -43,9% -262,5%     -16,4%

 

Conference call details (Wed. 5/8/2015 – 17:45 GR time): 

§  GR +30 211 180 2000

§  GR +30 210 94 60 800

§  FR +33 (0) 170918711

§  UK + 44 (0) 800 368 1063

§  US + 1 866 288 9315

Μαnos Chatzidakis

Head of research

Beta Securities S.A.

29 Alexandras Ave.

GR – 11473

Athens, Greece

Tel: +30 210 6478755 /754

Fax +30 210 6448791

Email: [email protected]





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