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Group Presentation Group Presentation October 2009 DISCLAIMER These preliminary materials and any accompanying oral presentation (together, the “Materials”) have been prepared by Mytilineos Holdings SA (the “Company”) and are intended solely for the information of the Recipient. The Materials are in draft form and the analyses and conclusions contained in the Materials are preliminary in nature and subject to further investigation and analysis. The Materials are not intended to provide any definitive advice or opinion of any kind and the Materials should not be relied on for any purpose. The Materials may not be reproduced, in whole or in part, nor summarised, excerpted from, quoted or otherwise publicly referred to, nor discussed with or disclosed to anyone else without the prior written consent of the Company. The Company has not verified any of the information provided to it for the purpose of preparing the Materials and no representation or warranty, express or implied, is made and no responsibility is or will be accepted by the Company as to or in relation to the accuracy, reliability or completeness of any such information. The conclusions contained in the Materials constitute the Company’s preliminary views as of the date of the Materials and are based solely on the information received by it up to the date hereof. The information included in this document may be subject to change and the Company has no obligation to update any information given in this report. The Recipient will be solely responsible for conducting its own assessment of the information set out in the Materials and for the underlying business decision to effect any transaction recommended by, or arising out of, the Materials. The Company has not had made an independent evaluation or appraisal of the shares, assets or liabilities (contingent or otherwise) of the Company . All projections and forecasts in the Materials are preliminary illustrative exercises using the assumptions described herein, which assumptions may or may not prove to be correct. The actual outcome may be materially affected by changes in economic and other circumstances which cannot be foreseen. No representation or warranty is made that any estimate contained herein will be achieved. 2 AGENDA Group Overview Financial Review Areas of Activity 9Metallurgy & Mining 9Energy 9Engineering Procurement Construction (EPC) Stock Data Summary 3 Group Overview 4 GROUP HISTORY 1908: Company 1998: Hostile acquisition of 2005: Acquisition of 2007: Merger by absorption founded by Metka S.A. the leading Aluminium of Greece S.A. of Aluminium of Greece and Mytilineos family electromechanical and metallic one of the largest vertical Delta Project by Mytilineos members in Athens, construction company in Greece. integrated alumina and Holdings. Delisting of both Greece. aluminium producers in subsidiaries. 2000: Participation in state – Europe. owned ELVO S.A., major supplier 2007: Strategic Partnership of the Hellenic Armed Forces of with Endesa. Endesa (Hellas) trucks, armoured vehicles and is created – a reference other appropriately modified player in the Greek Energy military vehicles. Market seeking to expand into S.E. Europe. 1908-1994 1995-1997 1998-2000 2002 2005 2006 2007 -2008 1995: Company 1998: Acquisition of 2002: Establishment of 2006: Acquisition of 2008: Motor Oil and listed on the Athens Romania - based Mytilineos Power Delta Project S.A. a Mytilineos Group sign Stock Exchange. Sometra S.A. the Generation and company engaging in major deal in the Energy largest South Eastern Supplies S.A. (MPGS). the development, Sector to construct and 1996: Signing of Europe’s Lead (Pb) and Mytilineos Hellenic construction and operate a 437 MW CCGT. strategic and Zinc (Zn) Wind Power S.A. operation of agreements with producer. (MHWP). hydroelectric power 2008: COGEN metal, mining & stations and wind successfully dispatched. mineral companies 1999: Acquisition of parks. The first thermal power in Southeast Cyprus-based Hellenic plant of Mytilineos Group Europe. Copper Mines. has started its commissioning period. Source: Company Information. 5 GROUP OVERVIEW • Largest Aluminium (Al) and Alumina (Ox) producer in South Eastern Europe with Metallurgy international presence through Aluminium of Greece S.A. & Mining • Second largest Bauxite producer in Greece through Delphes-Distomon S.A. • Mytilineos Group either on its own or through JV agreements with strong partners holds today a significant portfolio of Energy Assets in place & under construction. Current Portfolio includes: – 334 MW CHP – Combined Heat & Power Plant in Viotia Region (in operation). – 444 MW CCGT – Merchant Power Plant in Viotia Region (under construction – commercial operation by November 10). – 437 MW CCGT – Merchant Power Plant in Korinthos Region (under construction - commercial operation by August 11). Energy – 437 MW CCGT – Merchant Power Plant in Volos region (licensing phase - to be completed by January 13). – Portfolio of Renewable Energy Generation Assets (RES) (Wind parks, Hydroelectric Power Stations and Photovoltaic Parks) of total capacity of 1,000 MW. 45MW RES in full commercial operation. – Electricity Trading Licence of 310 MW. – CO2 Emission Trading Platform. – Production Licence for a 600 MW Coal – Fired Power Plant in Viotia Region. • Leading Greek EPC company through METKA S.A. and Subsidiaries and one of the most EPC reliable EPC Contractors throughout Europe & Middle East. 6 Source: Company Information. GROUP’S CORPORATE STRUCTURE MYTILINEOS HOLDINGS Mkt Cap*: € 714 mn METALLURGY VEHICLE ENERGY EPC & MINING MANUFACTURING54.0% ALUMINA & ALUMINIUM ENDESA (HELLAS) METKA ELVO (100%) (49.99%) (57.0*) (43%) Mkt Cap*: € 496 mn DELPHI DISTOMON KORINTHOS POWER (100%) (65%) Non Core Sector Source: Company Information. Note: Market data 16 October 2009. 7 METKA is the only remaining listed subsidiary. Financial Review 8 FINANCIAL REVIEW Balance Sheet ¾ Solid Balance Sheet. ¾ Financial Stability. Fixed Assets ¾ Healthy Debt to Equity Ratio. 902 ¾ Substantial Growth of Equity. 773 Total Equity 2008 857 2007 634 2006 283 779 901 708 800 2005 877 Current Assets 281 868 238 2004 103 194 542 509 132 302 166 66 402 196 185 268 368 631 219 367 Short Term Net Debt Liabilities 501 Source: Company Information. 9 * Net Debt = Debt – Cash Position. Long Term To note that Net Debt does not include the share % of the Group in Endesa. Liabilities FINANCIAL REVIEW Financial Performance Evolution of Group Turnover, EBITDA & Earnings after Taxes (in € mn) Turnover EBITDA EBITDA% Turnover EAT EAT % 1,200 25.0% 1,200 40.0% 21.2% 34.3% 22.3% 35.0% 1,000 1,000 20.0% 30.0% 16.9% 800 800 13.5% 25.0% 15.0% 23.1% 600 12.1% 600 20.0% 18.8% 976 976 913 10.0% 913 837 837 15.0% 400 747 400 747 6.4% 10.0% 5.0% 200 200 311 311 256 5.0% 187 211 3.2% 42 158 154 118 20 157 31 0 0.0% 0 0.0% 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 Equity Ne t De b t Ne t De b t / Eq u it y Current Assets Current Liabilities Current Ratio 1,000 50.0% 43.2% 1,000 2.5 900 45.0% 2.4 40.7% 900 800 40.0% 33.5% 800 1.8 2.0 700 35.0% 700 1.5 600 30.0% 600 1.4 1.5 500 25.1% 25.0% 901 500 1.3 400 779 800 20.0% 877 868 708 400 1.0 300 15.0% 631 9.3% 300 542 200 10.0% 509 367 200 402 0.5 268 368 100 238 196 5.0% 281 302 103 66 100 194 0 0.0% 0 0.0 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 10 Source: Company Information. Areas of Activity Metallurgy & Mining 11 M & M – BUSINESS OUTLOOK Alumina & Aluminum Business Overview Operational & Financial Overview 9 Facilities established in 1960’s. Leading industrial tn OX AL producer of alumina and aluminium in South Eastern Europe. 900,000 9 Production facilities occupy an area of 7,035,700m2 800,000 and constitute a vertically integrated production unit. 700,000 9 Owner of port facilities for large tonnage ships. 600,000 500,000 400,000 782,000 780,000 788,900 771,769 Key Strengths 300,000 200,000 9 Low cost production base in Europe both for Alumina and Aluminium - production in half of cost 100,000 165,300 164,500 168,000 162,339 curve in Europe. 0 9 Enough alumina to cover own aluminium 2005 2006 2007 2008 production needs and to export 460,000 tn per annum. Turnover EBITDA EAT % EBITDA 9 10-year contract with Glencore AG regarding the € mil majority of excess alumina production. 500 23.4% 25.0% 9 Steam is produced by the 334 MW CHP Plant, 100% 450 20.7% owned by Mytilineos Group. 400 20.0% 9 Exploitation of bauxite reserves by the 100% 350 owned subsidiary Delphes – Distomon S.A. covering 15.5% half of its Bauxite requirements. Long term 300 15.0% contracts with other suppliers (Alcan, S&B, Glencore AG). 250 471 471 10.4% 469 9 Efficient risk management strategy. The Group 200 382 10.0% acting proactively secured Aluminum sales in prices well above current market levels for 2009 and 150 2010. Hedging book currently valued over $150m. 100 5.0% 110 50 79 52 7773 3749 20 0 0.0% 12 Source: Company Information. 2005 2006 2007 2008 M & M – BUSINESS OUTLOOK Aluminum Cost Analysis Total Market AoG Average Total Other Average Total Other Delivered Costs 9% Delivered Costs 15% Alumina Cost Alumina Cost Labour Cost 6% 25% 40% Labour Cost 10% Other Raw Total Energy Materials Cost Cost 29% 10% Other Raw Total Energy Materials Cost Cost 40% 16% % of Total Cost Structure- AL Cost Electricity Rates 60% ¾ AoG and PPC agreed the pending issue on the 55% 50% Electricity tariff regime to be resolved by the 45% Greek Supreme Court.
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