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2012 Annual Report PDF 4.7MB ANNUAL REPORT 149 Annual Financial Report for the period from 1st of January to the 31st of December 2012 of December of January to the 31st 1st the period from Annual Financial Report for 146 147 CONTENTS 2-3 MESSAGE FROM THE CHAIRMAN 4 -5 IDENTITY 6-7 BOARD OF directors & ORGANIZATION STRUCTURE 8-9 BUSINESS ACTIVITY SECTORS • EPC PROJECTS 2012 of December of January to the 31st 1st the period from Annual Financial Report for • ΜεταLLURGY AND MINING • ενERGY 10 2013 PROSPECTS FOR GROWTH 11 MYTILINEOS GROUP AT A GLANCE 12-13 OUR PEOPLE 14-15 CORPORATE RESPONSIBILITY Message from the Chairman 2 n 2012 we had to struggle against the diffi- In the Energy Sector, after an ambitious invest- culties created by the crisis which has hit our ment programme completed in 2012, last year Icountry and which continued for the fifth con- saw the full commercial operation for the first secutive year, as well as against obstacles such as time of all our three thermal plants, totalling 1.2 the overtaxation of production, bureaucracy and GW of installed capacity. This boosted our finan- the unfair treatment of Greek businesses. cial results and proved us right in our choice to create the largest independent energy producer in Drawing on our consistent strategy and on our vi- Greece. A choice whose benefits will be maxim- sion and drive, we emerged victorious from this ised once full market deregulation is attained and struggle. The Group’s financial results for the year the current distortions are eliminated. are satisfactory, standing at a level comparable to 2011 and allowing us to look to 2013 with op- Driven by the same dedication, in 2012 our per- timism, despite the problems that persist and the formance in the EPC Projects Sector was again “nightmare” of endless tax levies. strong, with METKA now established as an undis- puted candidate of global calibre for the imple- For all of us in the Group’s Management, our fore- mentation of power plants, as the know-how of its most concern is to take careful and measured Greek engineers allows it to enter successfully an steps to offset risks and to safeguard the interests increasing number of markets. The new project of the Group, of our people, of our shareholders and secured in Algeria and the company’s entry to the of our partners. In other words, of all those who put Jordanian market are outstanding examples of their trust in us and who assist us in our efforts. these successes, also confirmed by the fact that the company’s signed backlog of hi-tech energy These efforts are bearing fruit. In 2012, our vision- projects in Europe, the Middle East and Africa ary “MELLON” programme helped improve the has remained unchanged at €1.7 billion. In 2012 competitiveness of ALUMINIUM, a company that METKA made it to the Top 10 of the world’s larg- is an inseparable part of the history of Greek in- est energy contractors with global activities, and dustry. Our goal is to continue on the same path we are certain that in 2013 it will do even better, with undiminished drive, so that we can keep despite the adversities lying ahead. competitive Europe’s only fully vertically inte- grated alumina and aluminium producing plant, whose products replace those of our rivals in the global markets. « Drawing on our consistent strategy and on our vision and drive, we emerged victorious from this struggle. » 3 In following this course which we have set our- For 2013, we aim and aspire to keep on building selves, we are not alone. We do not for a moment the future that we want for ourselves. We hope forget that we are an active member of the busi- that others too will join and assist us in this, so ness community of a country in need of support that we may overcome the obstacles in our way from the few robust enterprises left. Our business and claim the place that we deserve in the world – evolution has always been linked, without compro- for our country as well as for ourselves. mise, to the values and principles of sustainable development. The fact that in a year during which economic conditions were nothing short of suffo- cating, the Group contributed a social product ex- ceeding €233 million is not a random accident. Evangelos Mytilineos Nevertheless, the contribution of MYTILINEOS Chairman & CEO Group does not stop here. For there is also another need – the need to showcase true Greek entrepre- neurship, often lost behind the obstacles put in its way. But it is there, it is for real and it is full of dy- namism. The Group’s business volumes reflect the talent, creativity and passion that drive most of our 2,500 employees, who succeed in making the name of a Greek company be heard all over the world. And they are not the only ones with this drive. « For 2013, we aim and aspire to keep on building the future that we want for ourselves. » Identity 4 ith a dynamic business portfolio in the Despite the suffocating economic conditions sectors of Metallurgy, Energy and EPC created by the crisis in Greece, MYTILINEOS WProjects, MYTILINEOS Group epitomizes Group remains committed to: healthy and competitive Greek entrepreneurship and has evolved since its establishment in1990 into • Promoting Greece’s potential for growth, one of the Greek industry’s key pillars. Always in- by delivering products and services of global vesting in the potential inherent in the Greek mar- distinction. ket, MYTILINEOS Group consolidated its position • Showcasing the competitiveness of Greek through a number of strategic mergers and acqui- businesses and the talent and creativity that sitions in crucial and developing domestic industry Greek entrepreneurship shows in dealing sectors. In 1995, the Group’s holding company, MY- with the obstacles posed by the current TILINEOS HOLDINGS S.A., was listed on the Athens adverse economic environment. Exchange and its share is today a constituent of the • Steadfastly supporting the Greek economy FTSE/ATHEX Large Cap Index tracking the top 25 and society, securing more than 2,500 direct companies ranked by market capitalisation. and indirect jobs and generating a social product which for 2012 stood With a disciplined, vision-driven strategy that relies at €233 million. on a strong exporting profile and strict cost controls, • Linking inextricably entrepreneurship MYTILINEOS Group today is strengthening its posi- with its social and environmental footprint, tion in coping with the adverse environment brought guided by the principles of Sustainable about by the domestic crisis. Development and Corporate Responsibility. • The Group’s consolidated turnover for 2012 stood at €1,454 million. • Through its subsidiary METKA S.A., active in the EPC Projects Sector, the Group achieves an unprecedented penetration in foreign markets, with the Company’s signed backlog currently standing at nearly €1.7 billion. • Though a long-term investment plan, the Group fortifies the traditionally strong «...MYTILINEOS Group Greek metallurgical industry and secures the current and future operations today is strengthening of ALUMINIUM S.A. as the largest vertically its position in coping integrated alumina and aluminium producer in the EU. with the adverse • Leveraging the portfolio of energy assets of PROTERGIA S.A., M&M GAS S.A. environment brought and KORINTHOS POWER S.A., MYTILINEOS about by the Group is firmly established as the largest independent energy producer in Greece. domestic crisis....» 5 Board of Directors & Organization Structure 6 EVANGELOS MYTILINEOS, FATHER’S NAME GEORGE - FANOURIOS KONTOUZOGLOU, GEORGE FATHER’S NAME STAMATIOS EXECUTIVE MEMBER, CHAIRMAN EXECUTIVE MEMBER, EXECUTIVE DIRECTOR AND MANAGING DIRECTOR SOFIA DASKALAKI, IOANNIS MYTILINEOS, FATHER’S NAME GEORGE FATHER’S NAME GEORGE NON EXECUTIVE,VICE-CHAIRMAN NON-EXECUTIVE MEMBER IOANNIS DIMOU, FATHER’S NAME CHRISTOS EXECUTIVE MEMBER CORPORATE CENTRE SECTORS OF ACTIVITY Board of Directors Remunerations Audit Comitte Comittee Chairman & Chief Internal Audit Executive Officer Group Legal & Group Treasury Group Finance Regulatory Affairs Board of Directors & Organization Structure 7 NIKOLAOS MOUSAS, DIMITRIOS DASKALOPOULOS, FATHER’S NAME DIMOSTHENIS FATHER’S NAME ARISTIDIS NON-EXECUTIVE MEMBER INDEPENDENT NON-EXECUTIVE MEMBER CHRISTOS DIAMANTOPOULOS, CHRISTOS ZEREFOS, FATHER’S NAME PANAGIOTIS FATHER’S NAME STYLIANOS INDEPENDENT NON-EXECUTIVE MEMBER INDEPENDENT NON-EXECUTIVE MEMBER APOSTOLOS GEORGIADIS, MICHAEL CHANDRIS, FATHER’S NAME STAVROS FATHER’S NAME DIMITRIOS INDEPENDENT NON-EXECUTIVE MEMBER INDEPENDENT NON-EXECUTIVE MEMBER ΕΝΕRGY METALLURGY Protergia EPC WORKS Aluminium M&M GAS METKA Delfoi Distomo SECTORS OF ACTIVITY Korinthos Power CSR Comittee Mergers & Aquisitions Group Corporate Affairs Group Administration International Business Affairs 8 Business Activity Sectors ith vision, boldness and efficient strategic planning, MYTILINEOS Group has worked out a flexible deployment of its resources across its three key busi- Wness activity sectors – EPC Projects, Metallurgy and Mining, and Energy. The Group establishes the products of the Greek metallurgical industry around the globe, is ranked in the Top 10 of the world’s largest EPC contractors for energy projects; and – through pioneering energy investments – has been firmly established as Greece’s largest private electricity producer and the very first private alternative natural gas supplier. EPC PROJECTS cialist contractor for Infrastructure and Defence projects, and also holds a 7th Class Contractor’s Certificate. Established in 1962, METKA is today Greece’s METALLURGY and MINING top EPC (Engineering-Procurement-Construc- tion) contractor, undertaking implementation of turn-key projects from design and procurement After a major move in 2005, when it acquired “Alu- through to construction and commissioning. The minium of Greece”, MYTILINEOS Group gave top company specialises in the construction of power priority to the efforts to develop and enhance the plants (combined cycle, conventional thermal and competitiveness of its metallurgical branch, and hydropower) and is present in developing mar- has since evolved into one of the sector’s strongest kets abroad, with projects currently under way players in SE Europe.
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