Mytilineos – METKA Q4/FY 2014 first glimpse

18.03.2015 10:56

Mytilineos announced its Q4/FY 2014 results which came slightly better from our estimates. METKA announced a solid quarter in line with our estimates:

 

Key points:

 

  • Group Level: Better than expected Q4 Sales on softer landing of Energy sector. Lower overhead costs lead to a better net result. International sales represent 72% vs 60% of group sales in 2013.
  • Another strong quarter for Aluminium: Sales 126.7m EBITDA €32mn and net income of €21.3m on effective cost cutting and favourable energy, LME and FX environment
  • METKA Sales lower as expected (-32%) but margins remain strong.
  • Group Net Debt down to €375m vs €509.7m y-o-y. METKA remains net cash €284m on surprisingly higher working capital in Q4 (c50m).
  • Mytilineos BoD will propose a cash return of €0.10/share while METKA will distribute €0.5/share ordinary dividend.
  • Outlook: Recent reduction of natural gas prices keep Aluminium strong margins while the group will seek opportunities in energy retail market and RES.

 

The following table summarises results vs our estimates

 

Mytilineos 2013 2014 Y-o-Y 2014 Act. vs 2013 2014 Y-o-Y 2014 Act. vs
EUR m. FY FY (%) FY Est. Est. 4Q 4Q (%) 4Q Est. Est.
Sales 1,409.3 1,240.3 -12.0%  1,211.0 2.4%  358.1 307.1 -14.2%  277.8 10.6% 
EBITDA 233.6 255.2 9.3%  257.0 -0.7%  52.4 70.6 34.8%  72.4 -2.5% 
EBITDA Mrg 16.6%  20.6%  +400 bps  21.2%  -0 bps  14.6%  23.0%  +836 bps  26.1%  -0 bps 
Net Income 22.5 64.9 188.3%  60.5 7.3%  -2.3 20.0 972.4%  15.6 28.2% 
Net Mrg 1.6%  5.2%  +363 bps  5.0%  +0 bps  -0.6%  6.5%  +714 bps  5.6%  +0 bps 

 

ΜΕΤΚΑ 2013 2014 Y-o-Y 2014 Act. vs 2013 2014 Y-o-Y 2014 Act. vs
EUR m. FY FY (%) FY Est. Est. 4Q 4Q (%) 4Q Est. Est.
Sales 606.5 609.3 0.5%   610.0 -0.1%  201.1 141.0 -29.9%  141.7 -0.5% 
EBITDA 102.0 103.9 1.9%  105.0 -1.1%  37.7 25.6 -32.1%  26.7 -4.1% 
EBITDA Mrg 16.8%  17.1%  +24 bps  17.2%  -0 bps  18.8%  18.2%  -59 bps  18.9%  -0 bps 
Net Income 91.7 90.2 -1.6%  93.0 -3.0%  34.5 22.8 -34.0%  25.6 -10.9% 
Net Mrg 15.1%  14.8%  -31 bps  15.2%  -0 bps  17.2%  16.2%  -101 bps  18.1%  -0 bps 

 

 

Q4 Segmental Contribution:

 

Q4 2014 Metallurgy EPC Energy Other
Net Sales 126.7 134.8 45.5 0.0
EBITDA 32.0 27.3 16.5 (5.1)
EBT 17.8 25.5 2.5 (6.1)
EAT 21.3 19.7 4.5 (12.4)

 

Q4 2014 vs Q4 2013 Δ(%) Metallurgy EPC Energy Other
Net Sales -5.0% -32.8% -21.2% -100.0%
EBITDA 3031.9% -30.0% -0.7% -31.0%
EBT 149.9% -22.9% -42.0% -145.5%
EAT 136.6% -45.4% -31.4% -137.2%

 

 

Conference Call (Wed. 18 Mar. 14:00 GR Time):

 

  • GR +30 211 180 2000
  • GR +30 210 94 60 800
  • UK + 44 (0) 800 368 1063
  • US + 1 866 288 9315

 

 

Best Regards,

 

Manos Chatzidakis

Head of research

Beta Securities S.A.

29 Alexandras Ave.

GR – 11473

Athens, Greece





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