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2016 Annual Report PDF 12.3MB Contents Message from the Chairman 02-03 Identity of MYTILINEOS Group 04-07 Annual Report Financial 2016 01 Message from the Chairman The world, as we knew it until today, has radically changed. Every day, the things we had been taking for granted are being overturned. The challenges we have to cope with keep increasing in complexity, evolving and changing, as the stable frameworks that had been in place for decades no longer apply. This was also evidenced by last year’s major political, social and economic developments, both in Greece and abroad, which changed the global landscape. In this new environment of a globalised economy, with political reversal following upon political reversal, our country is trying to find its balance and face the modern world’s challenges. To resolve pending issues and make changes where these needed to be made for years, so that it can enter a course of growth that will ultimately enable it to put in place the conditions for prosperity in the future. It is in this very same environment that MYTILINEOS Group has to operate. Faithful to the values and to the business strategy it has been following all these years, it continues tirelessly to create the conditions that will not only allow it to survive the economic crisis but will also strengthen its capabilities, establishing it as Greece’s new, major industrial player with international prospects. A model business that is driven by vision and is able to contribute its share (and more) to the effort to support the country's modernisation. A leading company which applies a unique and modern employment model, has an active social profile, adopts innovative investment and business growth mechanisms and enjoys international presence and recognition. During the last year, we managed to overcome major operational crises, remaining faithful to our vision of creating a healthy and competitive business Group. Yet the challenges also brought with them many opportunities, which translated into significant successes in all our business activity sectors, making us especially proud of our people, our strategic know-how and our specialisation in the energy sector. Thus, the end of 2016 finds the Group stronger, ready for the next step in its business evolution. With the announcement of the merger of all subsidiaries under the single umbrella of MYTILINEOS Holdings, we turn the page in our course so far, creating a united, strong and flexible Greek business Group with an international identity, which combines strategic know-how with successful industrial growth, a specialisation in the energy and the loyalty of all its employees. A Group that keeps transforming itself, evolving and developing, constantly expanding its prospects for growth. Aluminium of Greece celebrated the completion of 50 years in operation and of 10 years of successful growth in Greece as member of the MYTILINEOS Group, with investments in its industrial and trading centre of Ag. Nikolaos, Viotia, which exceeded €600 million and focused on the technological upgrade of facilities and the improvement of the plant’s output and productivity. This investment, one of the largest investments to be carried out in Greece in the last few years, has made the country’s most historic industry a force to be reckoned with on a global level. In parallel, the conclusion by Agog of a long-term agreement with the PPC concerning the supply of electricity, brought to closure a long-drawn-out dispute and marked the beginning of a new era, which will be based on a beneficial cooperation that will further boost the company to expand the Greek industry's reach. METKA continues its international activities, undertaking the execution of EPC Projects in regions characterised by high demand in energy infrastructures, such as Libya and Ghana, which stress the company’s commitment to establishing itself as a leading player in the electricity market of sub-Saharan Africa. In parallel, the company is adapting its model for further growth to its clients’ and to society’s new needs, by actively participating in the configuration, financing and final definition of the projects it participates in, offering the high level of specialisation and the all-round expertise that have made it one of the most competitive contractors globally. At the same time, the company’s manufacturing plant in Volos continues to improve its operational capabilities and certifications, thus being able to take on the creation of the most complex metallic structures globally. With a growth leap of 192%, Protergia in 2016 succeeded, within a very short period of time, to place itself at the top of private electricity providers. Through strategic partnerships in the retail market, such as its partnership with the OTE Group, the company is now the consumers’ choice of preference and an established brand name with a distinct position in the market, as the COSMOTE and GERMANOS network of stores are offering Protergia‘s competitive electricity supply products. We continue our efforts for growth, despite the challenges in the market, which is still trying to find its way to liberalisation, having set a growth target of 10% by 2018. Great progress has also been made in the domain of Corporate Social Responsibility. The company’s rapid growth and the great work it has to show in this area for the last year, are of unique value and significance for us but most of all for society, the economy, the environment and our shareholders, as we contribute every day to our country's development. 02 Regarding the Health and Safety of our employees, which remains at the very top of the materiality issues that drive our sustainability, we continued to keep our Accident Frequency Rate, which leads to loss of work, at a very low level. This result strengthens our commitment to continuous self-assessment and self-improvement, which will help us attain our primary target – that of zero accidents at all our workplaces. In 2016, our total expenditure for the overall stabilisation and improvement of our environmental footprint stood at €28,9 mio. We continued our business investments, with a direct positive impact on the environment, by upgrading the alumina production plant, anticipating a significant reduction of carbon dioxide emissions and energy costs, as well as greater flexibility in the production process. At the same time, the comparative assessment of our performance in the management of water resources, in the context of our very first participation in the Water Management Programme of the Carbon Disclosure Project, resulted in a “Level B” global ranking (the second best one). In order to tackle key social issues, we continued the implementation of “ENGINEERS IN ACTION” – our successful 12-month paid employment programme for young engineers, with 90% of the programme’s graduates being placed in the labour market in less than 3 months after completing the programme. Wishing to further build on this effort, we also launched the programme “YOUNG GENERATION IN ACTION”, aimed at offering an access point to young people who at the moment are outside the labour market and to open up career prospects for them, while also providing them with a strong incentive to stay in our country. In support of the children’s right to education and of the efforts to alleviate their food insecurity, which has grown tremendously during the crisis, we continued and expanded “I’M IN!” – our innovative social programme to combat school drop-out. We also provided substantial assistance to collective actions in the framework of the programme “act4Greece”, which were aimed at providing nutritious hot meals to primary school pupils in Western Attica, thus helping to cover 17% of the programme’s overall target. Corporate Governance remains at the very centre of our interest. With regard to ethical practices and transparency, we released the 2nd edition of the “MYTILINEOS Group Code of Conduct” and we completed the “Suppliers / Business Partners Code of Conduct” for each one of our business activity sectors. With regard to accountability, we developed the “Integrated Value Creation Scorecard” tool, which presents the value that we create depending on each one of the categories of resources (financial, industrial, human, natural and social) that we use in our activities, as well as how this value changes (increases, decreases or is transformed) on an annual basis. This initiative aims to provide all our Stakeholders with more effective updates of a higher quality, in view of the new information that in the near future is expected to determine the new legislative framework for Corporate Social Responsibility in Greece. Finally, we implemented the Stakeholder engagement process with our Stakeholders, for the 7th consecutive year, both at the local level as well as in a broader context, as presented in the relevant sections of this Report. 2017 is set to be a year full of many challenges and even more opportunities. As a major, united and strong business Group, MYTILINEOS Group intends to make the most of these. We invest in our vision and we strive to achieve it, aiming to generate multiple benefits for our country's society and economy, as well as for our people, who are working with commitment and loyalty to our values. We will continue to do our very best in order to remain at the forefront of developments in all our business activity sectors – Metallurgy & Mining, EPC Projects and Energy – as a model business that capable of supporting the effort for Greece’s modernisation and growth, while in parallel increasing its extroversion and expanding its activities in international markets. With dynamism, we will face the new conditions drawing on our new business structure, which has been designed based on the best international practices and will require us to adopt different ways of thinking and operating, with flexibility and creativity.
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