Mytilineos: Increased profitability in the first quarter
Turnover and Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) amounted to € 524 million and € 81 million respectively for the first quarter of 2021.
Turnover and Earnings before Taxes, Interest and Depreciation (EBITDA) amounted to € 524 million and € 81 million respectively for the first quarter of 2021, remaining at the same levels as in the corresponding period of the previous year and with the immediately preceding quarter.
Net profit after minority interests amounted to € 37 million, remaining at about the same level compared to the same period last year, while it was significantly higher (+ 37%) compared to the fourth quarter of 2020.
Net borrowing stood at € 554 million, with the leverage ratio (Net Lending / EBITDA) standing at 1.75, despite significant investments being in full swing.
As pointed out by the group, the financial performance of MYTLINEOS in the first quarter of 2021 marks a dynamic start to a year with positive prospects. In the coming quarters, this performance is expected to increase significantly, as the demand and prices of aluminum remain high, the price environment and the demand in the electricity market are evolving satisfactorily and the maturation and execution of the projects of the Sustainable Development Projects sectors. and Renewable Sources & Energy Storage, are proceeding without delay.
More specifically, the first quarter of 2021 was a period of continuous developments for MYTILINEOS, as the Company is promoting the implementation of its investment program, in line with its strategy and the ambitious environmental goals it has set.
In particular, in February 2021, in a pioneering event for the Greek and international standards, MYTILINEOS undertook strong commitments to reduce direct and indirect carbon dioxide emissions by at least 30% by 2030 compared to 2019 and achieve zero emissions by 2050.
In this context, during the first quarter of 2021, MYTILINEOS entered into an agreement for the acquisition of a portfolio of 20 under development photovoltaic parks with a total capacity of 1.48GW, as well as an additional 25 under development electricity storage projects.
In view of the significant investments already being implemented (increase of aluminum production capacity, construction of a new 826MW power plant, investments in RES) and others that have already been launched in the direction of energy transition and sustainability, MYTILINEOS proceeded a few days ago to the successful green version of of its “green” bond, amounting to € 500 million with an interest rate of 2.25% and maturing in 2026.
This is the 2nd time that MYTILINEOS has successfully addressed international capital markets, after the first issue of November 2019, further strengthening its financial position.
It is noted that an amount corresponding to the net capital that will be raised from the bonds, will be allocated for the development of “green” projects and infrastructure, as provided in the company’s Green Bond Framework program. The high demand for this issue is indicative of investor confidence in the successful execution of the investment program of MYTILINEOS, while at the same time certifying the strong investment interest in similar projects both in Greece and abroad.