Annual Report 2018
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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. -
ELLAKTOR Presentation March 5Th, 2020 Table of Contents
ELLAKTOR Presentation March 5th, 2020 Table of contents 1 Executive summary 2 Business Overview 3 Capital Structure 4 9M 2019 Financials 1 1 Executive summary 2 Business Overview 3 Capital Structure 4 9M 2019 Financials 2 Executive Summary ELLAKTOR history 1950s-1990s 1990s-2000s 2000-2009 2010-2018 2018 - forward 1950s: Establishment of 1999: Led domestic 2007: Acquisition of TEB, ELLINIKI construction sector Pantechniki, leading to Industry TECHNODOMIKI and consolidation (Merger of controlling stake in Attiki consolidation AKTOR TEB, Elliniki Odos (59%) Technodomiki & AKTOR) 1996: Signed first 2003: Entry into concession projects environment segment Diversification (Attiki Odos and Rio- 2008: Signed 3 out of 5 of activities Antirrio Bridge) major concession projects awarded in Greece 2004: First international 2012: c. €600m of construction contracts in projects in the Balkans Romania and Kuwait Geographic 2014: €3.2bn Doha metro 2005: Internationalisation diversification project in Qatar of HELECTOR through acquisition of Herhof GmbH 2010-2012: Sale of gold 2018: Sale of Athens Resort assets Casino (€13.5 ml) Focus on core 2014: ELTECH ANEMOS 2018: Increased stake in IPO Attiki Odos by 6.5% competencies 2019: Sold Corporate Headquarters (€25.5 ml) and stake in Elpedison (€ 18 ml) 2015: 1st Waste PPP in July 2018: Newly elected Greece Board post 1st proxy fight in Renewed 2016: Moreas completed Greece opportunity / in full operation July 2019: Group 2017-18 :Olympia Odos rationalization / ELTECH & Maliakos completed ANEMOS absorption 4 The ELLAKTOR group led the construction sector consolidation in Greece H’ (Highest) grade construction companies in 1998 (€m) 7th grade(1) construction companies in 2018 (€m)(2) Thessaliki SA Etep SA Parnon SA Themeli SA Odon & Odostromaton SA Ekter SA INTRAKAT SA Gekat SA Europaiki Techniki SA I.G. -
Greek Energy Directory 2 0 1 6
) ENERGIA•gr Greek Energy Directory 2 0 1 6 t n e m Business The Oil Sector Natural Gas The Electricity SectorRenewable EnergyEnergy Sources Efficiency &The Co Genera2on Legal FrameworkResearch & DevelopDirectory TERNA ENERGY is a major player in the Renewable Energy Market and specifically in the development of Wind Parks, in Hydroelectric Projects, Solar Energy Plants as well as Waste to Energy and Biomass Projects, with presence in Greece, Europe and the USA. The total installed capacity of the Group accounts for 664 MW: 394 MW in Greece, 138 MW in the USA, 102 MW in Poland and 30 MW in Bulgaria, while 274 more MW are currently under development in Greece and abroad. Overall, the company operates, is constructing or has fully licensed 938 MW of RES installations in Europe and the USA. The company is targeting to reach almost 1,000 MW of RES projects in operation in all countries where it is active, over the following years. T A B L E O F C O N T E N T S Publisher’s Foreword 9 Preface by the Minister of Environment and Energy, Mr. PANOS SKOURLETIS M.P. 11 1. An introduction to Greece’s Energy Sector by COSTIS STAMBOLIS, Execu=ve Director, IENE and Managing Editor of Energia.gr 14 2. The Oil Sector Overview of Greece’s Oil Sector by COSTIS STAMBOLIS 40 Hellenic Petroleum, A Market Leader in SE Europe by GRIGORIS STERGIOULIS, CEO, HELPE 49 Hydrocarbon E &P sector: When the Vision Becomes a Reality by Professor SOFIA STAMATAKI, ex - Chairman, Hellenic Hydrocarbons Managements Company (ΕΔΕΥ) 53 A New Era for Greece’s Upstream Sector by MATHIOS RIGAS, CEO, Energean Oil & Gas 61 Greece’s Oil Retail Market by DIMITRIS MEZARTASOGLOU, Research Associate, IENE 67 3. -
Announcement
ANNOUNCEMENT FTSE Russell has conducted a detailed review of the operation of the FTSE-Med Index for the six-month period from November 2016 to April 2017, in accordance with the Ground Rules of Operation of the Index. Following the relevant assessment by FTSE Russell, the new composition of the Index for the next six months is announced here below in order to inform investors and market players. During the current review of the composition of the Index and in accordance with the Ground Rules, it is noted that the Index includes fifty-seven (57) companies from the Tel Aviv Stock Exchange, twenty-eight (28) companies from the Athens Stock Exchange and five (5) companies from the Cyprus Stock Exchange (CSE). During the next six months, the Index will comprise the following companies: Company Country 1 Teva Pharmaceutical ISR 2 Coca -Cola HBC AG GRC 3 Bank Hapoalim ISR 4 Bank Leumi ISR 5 Azrieli Group ISR 6 Israel Chemicals ISR 7 Elbit Systems ISR 8 Hellenic Telecommunications Organization S.A. GRC 9 Bezeq ISR 10 Nice Ltd ISR 11 Mizrahi Tefahot Bank Ltd. ISR 12 Frutarom ISR 13 Alpha Bank S.A. GRC 14 OPAP GRC 15 National Bank of Greece S.A. GRC 16 Israel Discount Bank ISR 17 Delek Group ISR 18 Melisron ISR 19 Jumbo S.A. GRC 20 Tower Semiconductor Ltd ISR 21 Gazit Globe (1982) Ltd ISR Co mpany Country 22 Titan Cement Co. S.A. GRC 23 Strauss Group ISR 24 Motor Oil Hellas Corinth Refineries S.A. GRC 25 Piraeus Bank S.A. -
«Mytilineos Holdings Sa»
Announcement for the availability of the Prospectus of «MYTILINEOS HOLDINGS SA» The company “MYTILINEOS HOLDINGS SA” (the “Company”) announces pursuant to Regulation (EC) 809/2004 of the Commission of the European Communities and law 3401/2005, as in force, that since 15.06.2017 makes available to the investors, the Prospectus, as approved by the meeting of board of directors of the Capital Markets Commission dated 15.06.2017, in relation to the issuance by the Company of a common bond loan (the “CBL”), of a total amount of up to €300,000,000, of a duration of five (5) years, divided into up to 300,000 dematerialized, common, bearer bonds, each of a nominal value of €1,000 (the “Bonds”), in accordance with the resolution of the Company’s board of directors dated 08.06.2017. The Bonds that will be issued, will be offered for subscription by investors by way of a public offer (the “Public Offer”), with use of the electronic book- building service (“E.BB”) of Athens Exchange and will be admitted for trading in the category of Fixed Income Securities of the Organized Market of the Athens Exchange (the “Athens Exchange”). Athens Exchange ascertained on 15.6.2017 the admission for trading in the category of Fixed Income Securities of the Organized Market of the Athens Exchange of up to 300,000 dematerialized, common, bearer bonds, under the condition of Capital Markets Commission’s approval of the Prospectus and the success of the Public Offer. The indicative timetable for completion of the Public Offer is as follows: INDICATIVE DATE EVENT 15.06.2017 Approval of the Prospectus by the Capital Markets Commission. -
Alpha Asset Management Α.Ε.D.Α.Κ
ALPHA ASSET MANAGEMENT Α.Ε.D.Α.Κ. ALPHA ETF FTSE Athex 20 DOMESTIC EQUITIES FUND HCMC Rule 789/13.12.2007 Gov.Gaz. s.n. 2474/B/31.12.07 FUND CHARACTERISTICS 01.02.2008 INVESTMENT OBJECTIVE The Alpha ETF FTSE Athex 20 DOMESTIC EQUITIES FUND is the first Exchange Traded Fund listed on the Athens Stock Exchange. The objective of the Mutual Fund’s investment policy is to replicate the performance of the FTSE® Athex 20 Index of the Athens Stock Exchange in Euro, by mirror matching the composition of the Benchmark. The FTSE® Athex 20 Index is a big capitalization Index, capturing the 20 largest blue chip companies listed on the ATHEX. The total value of investments in shares of the FTSE® Athex 20 Index and in FTSE® Athex 20 Index derivatives accounts for a regulatory minimum of 95% of the Mutual Fund’s Net Asset Value. A percentage up to 35% of the Mutual Fund’s Net Asset Value may be invested in FTSE® Athex 20 Index derivatives with the aim of achieving the Mutual Fund’s investment objectives. The derivatives may be tradable (such as FTSE® Athex 20 Index futures) and/or non-tradable (OTC Swap Transactions) in a regulated market. INDEX FUND INFORMATION Fund type Domestic Exchange Traded Fund PERFORMANCE First listing date 24.1.2008 Base currency Euro Year (%) FTSE Athex 20 Index Benchmark FTSE® Athex 20 Index 2007 15,79% 3300 Currency risk Minimum 2006 17,73% Fund assets as of 01.02.2008 141.403.221 € 2800 2005 30,47% Net unit price as of 01.02.2008 23,40 € 2004 32,27% 2300 Valuation Daily 2003 35,43% 1800 Creation / Redemption unit 50.000 units 1300 Trading unit 1 unit Dividends Annual - 30 June 800 Management fee 0,275% 300 31/12/02 31/12/03 31/12/04 31/12/05 31/12/06 31/12/07 Custodian fee 0,100% Source: Bloomberg ISIN GRF000013000 COMPOSITION (as of 01.02.2008) Bloomberg AETF20 GA Equity Market Cap (€) % Weight Reuters AETF20.AT NATIONAL BANK OF GREECE S.A. -
Hellenic Equities: a New Start-July 2015
Hellenic Equities: A New Start-July 2015 In view of the imminent Hellenic stock market re-opening sometime in the short term future we attempt to re-value our preferred picks and affirm our investment thesis. It is more than obvious that in such extraordinary circumstances with low visibility and high volatility in the market and financial /fiscal operations, any assumptions regarding valuations fall under certain culprits. At the core of our problem lies the Risk free rate crucial for our model. We have utilized both the normalized scenario of 6.50% R.f. rate and the 10.50% stressed R.f. rate to better evaluate our picks. We are obliged to pinpoint that at 11.00% current 10yr Hellenic Government Bond yield both our scenarios fall short. Our fundamental research indicates as top picks in our Hellenic Equities Universe the following listed stocks: Coca Cola Hellenic (CCH), OTE Hellenic Telecommunications Organization (HTO), Aegean Airlines (ARAIG), Mytilineos Holdings (MYTIL), Metka S.A (METK), Hellenic Organization of Football Prognostics (OPAP), Titan Cement (TITK) and Hellenic Exchanges Group (EXAE). Additionally we have a positive view on Motor Oil, Thrace Plastics, Kri Kri S.A, Thessaloniki Sewage Company and Terna Energy S.A from smaller capitalizations. Coca Cola Hellenic Bottling operates largely in a broad geographical area covering the Balkan markets, Russia, certain parts of Europe and Greece. The Company is headquartered in Switzerland, a relocation offering an improved risk- return profile due to the significantly lower risk premium. We expect Coca Cola Hellenic to preserve its strong Cash Flow ability and regard it a safe and value play on Greek Equities. -
Company Update Strategy to Penetrate New Markets Pays Off
Metka Greece/ Basic Resources Company update Investment Research Reason: Estimates Revision 3 June 2013 Buy Strategy to penetrate new markets pays off Recommendation unchanged Share price: EUR 10.70 Despite the uncertain global economic environment, Metka’s strategy to closing price as of 31/05/2013 penetrate new markets in Africa and Middle East bears fruits, securing Target price: EUR 13.80 new EPC contracts that help replenish backlog. Metka’s attractive from Target Price: EUR 12.70 investment case remains intact due to: a) solid position in a broad region Reuters/Bloomberg MTKr.AT/METTK GA (SE Europe, Middle East, Africa) which is characterized by substantial Daily avg. no. trad. sh. 12 mth 46,695,000 opportunities due to rising demand and high infrastructure needs, b) Daily avg. trad. vol. 12 mth (m) 488,890.88 increasing importance of natural gas as the fuel of choice for thermal Price high 12 mth (EUR) 12.70 power plants, c) strong balance sheet estimating a net cash position of Price low 12 mth (EUR) 5.55 c.EUR 190m by the end of 2013 and c.EUR 260m by the end of 2014. In Abs. perf. 1 mth -7.2% this framework, we raise our target price to EUR 13.80 from EUR 12.70 Abs. perf. 3 mth -12.3% Abs. perf. 12 mth 82.9% previously, reiterating our Buy recommendation. Market capitalisation (EURm) 556 Metka’s backlog currently stands at around EUR 1.0bn, conservatively Current N° of shares (m) 52 excluding from our estimates the second awarded project in Syria with a budget of EUR 678m as opposed to the first project which is in an Free float 43% advanced phase. -
Company Country
Company Country 1 Teva Pharmaceutical ISR 2 Coca-Cola HBC AG GRC 3 Bank Hapoalim ISR 4 Israel Chemicals ISR 5 Bank Leumi ISR 6 Bezeq ISR 7 Azrieli Group ISR 8 Hellenic Telecommunications Organization S.A. GRC 9 Nice Systems ISR 10 Elbit Systems ISR 11 OPAP GRC 12 Mizrahi Tefahot Bank Ltd. ISR 13 Delek Group ISR 14 Frutarom ISR 15 Osem Investments ISR 16 Israel Discount Bank ISR 17 Israel Corporation ISR 18 Hellenic Petroleum S.A. GRC 19 Gazit Globe (1982) Ltd ISR 20 BANK OF CYPRUS PUBLIC COMPANY LTD CYP 21 Titan Cement Co. S.A. GRC 22 Melisron ISR 23 Alpha Bank S.A. GRC 24 National Bank of Greece S.A. GRC 25 Paz Oil ISR 26 Strauss Group ISR 27 Folli Follie GRC 28 Motor Oil Hellas Corinth Refineries S.A. GRC 29 First Intl Bank of Israel (5) ISR 30 Public Power Corp. S.A. GRC 31 Jumbo S.A. GRC 32 Oil Refineries ISR 33 Alony Hetz Properties & Inv ISR 34 Tower Semiconductor Ltd ISR 35 Migdal Insurance & Financial Holdings Ltd. ISR 36 Grivalia Properties R.E.I.C GRC 37 Harel Investments & Finance ISR 38 Delek Automotive Systems ISR 39 Amot Investments Ltd. ISR 40 Clal Insurance ISR 41 Delta Galil Industries ISR 42 Shikun & Binui Ltd ISR 43 Airport City Ltd ISR 44 Kenon Holdings ISR 45 Athens Water Supply & Sewerage GRC 46 Ezchip Semiconductor ISR 47 Jerusalem Oil Exploration ISR 48 Phoenix Holdings ISR Company Country 49 IDI Insurance Company Ltd ISR 50 Cellcom Israel Ltd. ISR 51 Partner Communications ISR 52 VIOHALCO SA/NV (CB) GRC 53 Mytilineos Holdings S.A. -
Sustainability Report Sustainability Report 5-7 Patroklou Str
Sustainability Report Sustainability Report 5-7 Patroklou str. Maroussi, 151 25 Athens Tel.: +30 210 6877300 Fax: +30 210 6877400 www.mytilineos.gr Contents 1. Message from the Chairman 2 2. MYTILINEOS Group 4 3. Sustainability Report Parameters 6 4. Materiality analysis of sustainability issues 7 5. Strategy & Outlook 2016 12 6. Corporate Responsibility Overview 2015 14 7. Stakeholder Engagement 16 7.1 Engagement process 2015 17 Translating 7.2 Response to Stakeholders requests, as these were raised in the 2014 Engagement process 21 8. ENVIRONMENTAL PERFORMANCE 24 challenges into 8.1 Environmental compliance 26 8.2 Raw & Other Materials 26 opportunities, 8.3 Energy 29 8.4 Emissions 30 8.5 Management of solid and liquid waste 32 creating value for 8.6 Water 35 9. SOCIAL PERFORMANCE 36 society 9.1 Bolstering employment 38 9.2 Work Conditions 40 9.3 Management – Employee relations 41 9.4 Occupational Health & Safety 42 9.5 Employee Training & Development 45 9.6 Human Rights 47 9.7 Social Contribution 49 9.8 Strengthen Transparency 52 9.9 Product Quality and Safety 52 9.10 Customer satisfaction 54 9.11 Responsible communication and marketing 55 9.12 Supply Chain 55 10. CORPORATE GOVERNANCE 58 10.1 Statement of Corporate Governance 2015 60 10.2 Governance Structures 60 10.3 CSR Governance 64 10.4 Risk Management & Internal Control 65 11. UN Global Compact Communication on Progress (Advanced Level) 68 12. Compliance Table with GREEK SUSTAINABILITY CODE (Level A) 70 MYTILINEOS HOLDINGS SUSTAINABILITY REPORT 2015 1. Message from the Chairman Firmly focused on its strategic goal of “CONTINUOUS an annual basis, in order to further reduce our environmental RESPONSIBLE DEVELOPMENT”, MYTILINEOS Group has footprint, always in line with the relevant international standards. -
Permanent University Fund Detail Schedules of Investment Securities and Independent Auditors’ Report
PERMANENT UNIVERSITY FUND DETAIL SCHEDULES OF INVESTMENT SECURITIES AND INDEPENDENT AUDITORS’ REPORT August 31, 2014 INDEPENDENT AUDITORS' REPORT ON SUPPLEMENTAL SCHEDULES The Board of Regents of The University of Texas System The Board of Directors of The University of Texas Investment Management Company We have audited the financial statements of the Permanent University Fund (the “PUF”) as of and for the years ended August 31, 2014 and 2013, and have issued our report thereon dated October 31, 2014, which contained an unmodified opinion on those financial statements. Our audits were conducted for the purpose of forming an opinion on the financial statements as a whole. The supplemental schedules consisting of the PUF’s equity securities (Schedule A), preferred stocks (Schedule B), purchased options (Schedule C), debt securities (Schedule D), investment funds (Schedule E), physical commodities (Schedule F), cash and cash equivalents (Schedule G), hedge fund investment funds (Schedule H), and private investment funds (Schedule I) as of August 31, 2014 are presented for the purposes of additional analysis and are not a required part of the financial statements. These schedules are the responsibility of The University of Texas Investment Management Company and were derived from and relate directly to the underlying accounting and other records used to prepare the financial statements. Such schedules have been subjected to the auditing procedures applied in our audits of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. -
Motor Oil and the Mytilineos Group Conclude Major Deal in the Energy Sector
Press Release 3/11/2008 MOTOR OIL AND THE MYTILINEOS GROUP CONCLUDE MAJOR DEAL IN THE ENERGY SECTOR MYTILINEOS Holdings S.A. and ΜOTOR OIL (HELLAS) CORINTH REFINERIES S.A. announce the signature of a Joint Venture Agreement for the joint construction, operation and exploitation of a 395.9MW combined cycle, natural gas driven power station within the MOTOROIL facilities in Ag. Theodori, Corinthia. The agreement provides for the acquisition by MYTILINEOS Holdings S.A. of a 65% stake in KORINTHOS POWER S.A. , which currently holds the licences for the above plant, through a share capital increase, with MOTOR OIL S.A. retaining a 35% stake in the Company. The increase of the Company’s share capital will amount to 59.5 million Euro and will be fully subscribed by MYTILINEOS Holdings S.A. until the procedures for transferring it to Endesa Hellas S.A. are completed. As foreseen in the agreement, construction of the new combined-cycle station is scheduled to begin by January 2009 and will be undertaken by METKA S.A. , a subsidiary of MYTILINEOS Holdings S.A. According to the construction schedule, construction of the station will be finished in 30 months, i.e. by April 2011. The total investment will amount to 285 million Euro . The above participation of MYTILINEOS Holdings S.A. is expected to form part of the overall energy portfolio of Endesa Hellas S.A. , once the procedure for the contribution of the other energy assets from the former to the latter has been completed. The above agreement is subject to the approval of the Regulatory Authority for Energy (RAE) and of the Hellenic Competition Commission.