Mytilineos S A : 2021 Annual Financial Report

	Table of Contents
1.	Representation of the Members of the Board of Directors	.....................................................................3
2. Annual Board of Directors Management Report .....................................................................................	4
3.	Explanatory report.............................................................................................................................	118
4. Statement of Corporate Governance..................................................................................................	123
5.	Annual Report on the activities of the Audit Committee.....................................................................	210
6. Independent Auditor's Report............................................................................................................	230
7.	Annual Financial Statements..............................................................................................................	236
8.	Availability of Financial Statements....................................................................................................	357

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1. Representation of the Members of the Board of Directors

1. Representation of the Members of the Board of Directors (according to article 4 par. 2 of L.3556/2007)

The

a. Evangelos Mytilineos, Chairman of the Board of Directors and Chief Executive Officer b. Spyros Kasdas, Vice - Chairman A' of the Board of Directors (non-executive member) c. Dimitrios Papadopoulos, Executive Member of the Board of Directors

CERTIFY

a. the enclosed financial statements of "MYTILINEOS S.A." for the period of 1.1.2021 to 31.12.2021, drawn up in accordance with the applicable accounting standards, reflect in a true manner the assets and liabilities, equity and results of "MYTILINEOS S.A.", as well as of the businesses included in Group consolidation, taken as a whole

and

b. as far as we know, the enclosed report of the Board of Directors reflects in a true manner the development, performance and financial position of "MYTILINEOS S.A.", and of the businesses included in Group consolidation, taken as a whole, including the description of the principal risks and uncertainties.

Maroussi, 23 February 2022

The designees

Evangelos Mytilineos

Spyros Kasdas

Dimitrios Papadopoulos

Chairman of the Board of
Vice - Chairman A' of the	Executive Member of the
Directors and Chief
Board of Directors	Board of Directors
Executive Officer

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2. Annual Board of Directors Management

Report

2. Annual Board of Directors Management Report

BOARD OF DIRECTORS ANNUAL REPORT

The present Board of Directors Annual Report pertains to the 2021 fiscal period. The Report has been prepared so as to ensure harmonization with the relevant provisions of C.L. 2190/1920 as in effect, as replace from 1-1- 2019, by articles 150-154 of law 4548/2018, of law 3556/2007 (GGI 91Α/30.4.2007) and the issued executive decisions of the HCMC, especially HCMC Board of Directors Decision number 7/448/11.10.2007.

The present report contains financial and non financial details on the entity titled «MYTILINEOS S.A.» (hereinafter called the «Company») and its subsidiaries and associated companies (hereinafter called the «Group», jointly with the company) for fiscal year 2021. It describes major events that occurred in the same period and their influence on annual financial statements. It also describes the main hazards and risks that may be faced by the Group member companies in the forthcoming year; finally, it lists major transactions between the Company and the persons associated with it.

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2. Annual Board of Directors Management

Report

1. FULL YEAR 2021 REVIEW - PERFORMANCE AND FINANCIAL POSITION
2. 1. The table below shows an analysis of the Group operational result per sector as well as other items.

(Amounts in mil €)	1/1 - 31/12/2021	1/1 - 31/12/2020	%
Turnover	2.664,1	1.898,7	40%
Metallurgy	667,6	537,0	24%
Power & Gas	1.260,9	927,0	36%
SES	370,7	171,3	116%
RSD	364,9	263,5	38%
Other	0,0	0,0	0%
EBITDA	358,5	315,0	14%
Metallurgy	159,3	149,2	7%
Power & Gas	147,0	156,8	-6%
SES	33,5	(2,2)	-1604%
RSD	21,6	15,1	43%
Other	(3,0)	(3,9)	-24%
(-) Depreciation / Amortization	(80,0)	(90,2)	-11%
(+ - ) Net Financials	(58,5)	(53,7)	9%
(+) Share of profit of associates	1,1	1,2	-3%
(-) Tax	(40,5)	(28,4)	43%
(-) Result from discontinuing operations	(0,5)	(1,5)	-66%
(-) Minoritiy Interest	(17,9)	(13,6)	32%
Net Income attributable to parent Shareholders
162,17	128,83	26%

1. The table below shows an analysis in cash flow and changes in net debt

(Amounts in mil €)	1/1-	31/12/2021
	EBITDA	359
(-)	2019 late maturity of payments (RSD/SES)		-31
(-)	SES contract temporary financing		-15
(-)	Working Capital		-36
	Funds from operations	277
(-)	Tax	-33
(-)	Interest	-23
	Operating Cash Flow	220
(-)	Maintenance Capex	-71
(-)	Growth & Productivity Capex	-309
	Free Cash Flow	-159
(-)	M&A & Other Financial / Investement Cash Flows	-108
	Net Debt Change	(267)

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