MYTILINEOS SA (RIC: MYTr.AT, Bloomberg: MYTIL.GA) today announced its full-year financial results for 2019.

Information about the conference is available on the Company's website: www.mytilineos.gr. Commenting on the Financial Results, the Chairman and Chief Executive Officer Evangelos Mytilineos said: '2019 has been another year of growth for our Company with turnover for the first time exceeding the EUR2.0 billion mark. The 50% increase in turnover in 2019 demonstrates our ability to continue to grow despite significant market headwinds in the Metallurgy business. It also verifies the quality of our diversified business model which has consistently enabled us to generate significant free cash flow throughout various cycles. In addition, our successful debut Euro bond issuance demonstrates the attractiveness of our integrated model to investors globally.'

Summary of 2019 Full Year Financial Results

Turnover rose 47.8% to EUR2,256.1 million from EUR1,526.5 million in 2018, supported by the strong growth achieved by the Power & Gas Unit. EBITDA increased by 10.4% to EUR313.2 million vs. EUR283.6 million in 2018 attributable to the increased performance of the Power & Gas Unit, the strong profitability maintained by the Metallurgy Unit despite the soft pricing environment, as well as the positive contribution of the International Renewables and Storage Development (RSD) Unit, which during 2019 was still part of the EPC and Infrastructure Unit. Specifically, 2019 has been a year of transition in the Power & Gas unit due to Greece's delignification, with Natural Gas surpassing lignite for the first time in the fuel mix, which favored the Company's leading position in natural gas generation. In Metallurgy, despite the soft pricing environment, the Company leveraged its low-cost structure and prudent risk management strategies to maintain its profitability at record high levels, while in the EPC and Infrastructure Unit 2019 marks the first year where Solar PV EPC became a major revenue and profitability contributor. Net profits after taxes and minority interests were increased at EUR144.9 million vs. EUR141.2 million (+2.6%), despite being negatively affected by increased depreciation and the negative effect from IFRS 16 implementation. Increased operating profitability coupled with efficient management of working capital led to strong operating cash flow generation of EUR244.4 million vs. EUR162.0 million in 2018. Correspondingly, free cash flow increased to EUR122.4 million from EUR115.0 million in 2018, despite an increase in capital expenditures that amounted EUR122.0 vs EUR46.6 million in 2018 with major investments including renewable energy capacity additions, the new Combined Cycle Gas Turbine ('CCGT') plant and the acquisition of the EPALME aluminium recycling business. mytilineos.gr Net Debt decreased to EUR421m vs EUR443m at the end of 2018, while the successful debut bond issuance of EUR500m priced at 2.5% in November 2019 decreased cost of debt and increased the end of year cash position.

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