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2006 Annual Report PDF 1.0MB Annual Report 2006 2 Chairman’s Statement Dear Shareholders and cooperators, Business dexterity is based on Vision and we, in Mytilineos Group, build our strategy on this basis. Besides, the results of 2006 confirmed fully our expectations for high rates of development and profit. We always seek opportunities which push forward our evolution and expand our work in the sectors of our activity. This is what makes us different. We realize the opportunities arising in the newly shaped business environment and we exploit them dynamically, in favour of our shareholders. More specifically, in the Energy and Metallurgy sectors we are moving forward with large investments and international cooperations, while at the same time we are implementing a program for the reduction raw material expenses, in order to significantly increase our financial sizes. In the EPC Projects Sector, the Group was established in 2006 as the most specialized constructor of energy works in Greece, while our international expansion is now a reality. We are the first company who undertook the construction of a turn-key energy production plant abroad and the prospects are favourable for the future. With vision, method, and steady developmental strategy, 2007 is going to be another landmark in our course. Each year is a step closer to our goal: continuation of profit with consistency and respect for the values of fair competition and corporate responsibility. We hope that this year also, as up to now in our long course, the shareholders, employees, cooperators and the local communities shall stand by our side, helping our constant effort for a healthy development in favour of our shareholders. Evangelos Mytilineos 3 4 Board of Directors EVANGELOS MYTILINEOS CHAIRMAN AND MANAGING DIRECTOR (EXECUTIVE MEMBER) IOANNIS MYTILINEOS VICE PRESIDENT (NON EXECUTIVE MEMBER) GEORGE KONTOUZOGLOU EXECUTIVE DIRECTOR (EXECUTIVE MEMBER) NIKOLAOS MOUSAS MEMBER (NON EXECUTIVE) CHRISTOS DIAMANTOPOULOS MEMBER (INDEPENDENT - NON EXECUTIVE) APOSTOLOS GEORGIADIS MEMBER (INDEPENDENT – NON EXECUTIVE) GEORGE LYMPERAKIS MEMBER (INDEPENDENT – NON EXECUTIVE) 5 Annual Report 2006 Contents CHAIRMAN’S STATEMENT BOARD OF DIRECTORS 1. SUMMARY OF FINANCIAL FIGURES........................................................................................10 1.1 Financial Figures Of Mytilineos Holdings S.A......................................................................10 1.2 Consolidated Financial Figures of Mytilineos Holdings S.A. ................................................11 2. INFORMATION ABOUT THE EDITING OF THE ANNUAL REPORT AND THE COMPANY’S EDITORS ....12 2.1 General ............................................................................................................................12 2.2 Annual Report Editors.......................................................................................................12 2.3 Regular Certified Auditors Accountants ............................................................................12 2.4 Tax Auditing.....................................................................................................................13 2.5 Information ......................................................................................................................14 3. IMPORTANT INFORMATION FOR THE COMPANY ...................................................................15 3.1 Public Offers .....................................................................................................................15 3.2 Acquisitions and Stakes to the Share Capital of Other Companies .....................................15 3.3 Disclosures Related to Contingent Assets..........................................................................16 3.4 Other Contingent Assets and Liabilities.............................................................................16 3.5 Own Share Purchase.........................................................................................................16 4. MARKET OVERVIEW...............................................................................................................17 4.1 General Market Overview .................................................................................................17 4.2 Products ...........................................................................................................................17 4.3 Market Trends ..................................................................................................................17 4.3.1 Aluminum ..................................................................................................................17 4.3.2 Zinc ...........................................................................................................................18 4.3.3 Lead ..........................................................................................................................18 5. INFORMATION FOR MYTILINEOS HOLDINGS S.A. ...................................................................19 5.1 General Information.......................................................................................................19 5.2 Background..............................................................................................................19 6 5.3 Group’s Activities – Main Events During 2006...............................................................20 5.3.1 Metallurgy and Mining Sector ........................................................................................20 5.3.2 Energy Sector ..............................................................................................................22 5.3.3 EPC Projects Sector .......................................................................................................23 5.3.4 Vehicle Manufacturing Sector ........................................................................................28 5.4 Human Resources ............................................................................................................29 5.5 Fixed Assets – Guarantees and Real Securities ...................................................................29 5.5.1 Land – Building Facilities ...............................................................................................29 5.5.2 Mechanical Equipment – Technical Installations...............................................................30 5.5.3 Fixed Assets – Guarantees and Real Securities ...................................................................30 5.5.3.1 Tangible Asstes ...................................................................................................30 6. INFORMATION CONCERNING EQUITY SHAREHOLDERS THE ADMINISTRATION AND THE PERSONNEL OF THE COMPANY..........................................................................33 6.1 Share Capital Development ..............................................................................................33 6.2 Share Capital ...................................................................................................................35 6.3 Share Book Value .............................................................................................................37 6.4 Shareholders ....................................................................................................................37 6.5 Shareholder Rights ...........................................................................................................38 6.6 Board of Directors and Management Executives Remuneration ........................................39 6.7 Participation of the BoD Members and Main Shareholders to the Share Structure and the BoD of Other Companies .....................................................................................39 6.8 Insiders ............................................................................................................................40 7. CORPORATE GOVERNANCE – INTERNAL AUDIT.....................................................................42 7.1 Board of Directors.............................................................................................................42 7.2 Administration .................................................................................................................44 7.3 Internal Audit...................................................................................................................44 7.4 Audit Committee.............................................................................................................45 7.5 Investor Relations Department..........................................................................................46 7.5.1 Corporate Announcement Department...........................................................................46 7.6 Business Risk Management...............................................................................................46 7 Annual Report 2006 7.6.1 Financial Risk Factors ...................................................................................................46 7.6.2 Market Risk .................................................................................................................46 7.6.3 Credit Risk...................................................................................................................47 7.6.4 Liquidity Risk ...............................................................................................................47 8. SHARE PRICE
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