2005 FINANCIAL RESULTS PRESENTED BY: CEO – Mr
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2005 FINANCIAL RESULTS PRESENTED BY: CEO – Mr. E. MYTILINEOS CFO – Mr. I. DIMOU 23/02/2006 1 Disclaimer This presentation contains an announcement of expected results (guidance) for 2006. The Company’s Administration wishes to point out that this announcement of expected results is based on current data and parameters of the market which may or may not prove to be correct. Forecasts obviously contain uncertainties since they concern future events. The company follows all developments and, if needed, a new announcement shall be made concerning the above estimates. 2 Agenda A. Group Financial & Operating Highlights Appendices B. Key Performance Indicators i. Group History C. Summary Financial Results ii. Group Overview iii. Group Structure D. Key Figures by Quarter iv. Group Organisational E. Segments Performance Structure F. Variance Analysis – Group v. Share Price Performance G. Group Leverage vi. Strategic Objectives H. Guidance 2006 vii. Group Synergies 3 Agenda A. Group Financial & Operating Highlights B. Key Performance Indicators C. Summary Financial Results D. Key Figures by Quarter E. Segments Performance F. Variance Analysis – Group G. Group Leverage H. Guidance 2006 4 Group Financial & Operating Highlights AOG Acquisition Alumina Contract METKA Strong Performance 5 Agenda A. Group Financial & Operating Highlights B. Key Performance Indicators C. Summary Financial Results D. Key Figures by Quarter E. Segments Performance F. Variance Analysis – Group G. Group Leverage H. Guidance 2006 6 Key Performance Indicators 31/12/2005 31/12/2004 ROCE 15% 9% ROE 17% 8% Debt/Equity ratio 18% 48% Net Debt/Equity ratio 9% 43% Adjusted Net Debt/Equity ratio * 2% 34% Net Debt / EBITDA 0,4 2,4 Trade Working Capital /Sales 31% 41% EBITDA Margin 18% 11% * Adjusted Net Debt: Total Debt – Cash – Marketable Securities 7 Agenda A. Group Financial & Operating Highlights B. Key Performance Indicators C. Summary Financial Results D. Key Figures by Quarter E. Segments Performance F. Variance Analysis – Group G. Group Leverage H. Guidance 2006 8 MYTILINEOS Group – Summary Financial Results MYTILINEOS - GROUP 31.12.2005 31.12.2004 CHANGE (%) amounts in mil € Turnover 747 311 139,9% Key Drivers: Earnings Before Financial Results, Taxes and Depreciation (EBITDA) 158 42 275,1% AoG acquisition Earnings Before Financial Results and boosted Turnover & Taxes (EBIT) 138 35 292,4% EBITDA Earnings Before Taxes and before the profit of acquiring A.O.G 157 29 436,6% METKA’s Strong Earnings Before Taxes (EBT) Performance 295 29 905,7% benefit margins Earnings After Tax and after minorities (EATam) 212 12 1656,9% Earnings After Tax & minorities Significantly (EATam) and before the profit of 74 12 515,2% improved Cash Cash Flows flows in operating amounts in mil € level supported mainly by Alumina Cash Flow from Operations 61 -8 -884,2% contract, AoG and Cash Flow from Investment activities 40 -18 -325,8% METKA Cash Flow form Financial Activities -60 -17 241,8% Net Cash Flow for the period 42 -43 -197,5% 9 MYTILINEOS Group – Summary Financial Results 31.12.2005 MYTILINEOS GROUP 31.12.2004 800 747 700 600 500 400 311 295 300 212 200 158 157 138 100 42 35 29 29 12 0 Turnover EBITDA EBIT EBT (before the EBT EAT (after Profit of AOG minorities) acquisition) 10 METKA Group – Summary Financial Results Key Drivers: METKA - GROUP 31.12.2005 31.12.2004 CHANGE (%) amounts in 'mil € Turnover 225 174 29,5% Strong Performance Earnings Before Financial Results, Taxes and Depreciation (EBITDA) 54 34 57,6% Healthy Projects Earnings Before Financial Results and Taxes (EBIT) 49 29 66,1% Project Completion Earnings Before Taxes (EBT) 53 29 79,9% on Target Earnings After Tax and after minorities (EATam) 37 20 89,3% Backlog: 446 mil € Cash Flows amounts in '000 € Zero Debt (METKA Cash Flow from Operations 78 -13 -716,1% S.A.) Cash Flow from Investment activities 14 -6 -321,4% Cash Flow form Financial Activities -81 -8 860,6% Increased Cash Inflows Net Cash Flow for the period 11 -27 -139,2% 11 METKA Group – Summary Financial Results 31.12.2005 METKA GROUP 31.12.2004 250 225 200 174 150 100 54 53 49 50 37 34 29 29 20 0 Turnover EBITDA EBIT EBT EAT (after minorities) 12 ALUMINUM OF GREECE Group – Summary Financial Results ALUMINUM OF GREECE - GROUP 31.12.2005 31.12.2004 CHANGE (%) Key Drivers: amounts in mil € Turnover 382 356 7,2% Higher realised Earnings Before Financial Results, Taxes and LME 2005 Vs 2004 Depreciation (EBITDA) 79 61 30,4% Earnings Before Financial Results and Taxes (EBIT) 66 46 43,0% Stronger $ Vs € Earnings Before Taxes (EBT) 75 48 56,4% Disposal of Earnings After Tax and after minorities Marketable (EATam) 52 33 57,6% Securities in 2005 Cash Flows amounts in mil € ____________________ Buyback Scheme Cash Flow from Operations (before taxes) 54 75 -27,9% Net Cash Flow from operations (after taxes) 20 65 -68,8% Zero Debt Cash Flow from Investment activities -54 -14 282,9% Cash Flow form Financial Activities -39 -7 501,3% CAPEX Outflows Net Cash Flow for the period -73 45 -263,5% 13 ALUMINUM OF GREECE Group – Summary Financial Results ALUMINUM OF GREECE 31.12.2005 31.12.2004 400 382 356 350 300 250 200 150 100 79 75 61 66 52 46 48 50 33 0 Turnover EBITDA EBIT EBT EAT (after minorities) 14 Agenda A. Group Financial & Operating Highlights B. Key Performance Indicators C. Summary Financial Results D. Key Figures by Quarter E. Segments Performance F. Variance Analysis – Group G. Group Leverage H. Guidance 2006 15 MYTILINEOS Group – SALES & EBITDA by Q 250 205 188 181 200 173 150 100 58 40 43 50 18 0 1Q '05 2Q '05 3Q '05 4Q '05 Turnover EBITDA 16 METKA Group – SALES & EBITDA by Q 70 64 61 60 51 48 50 40 30 17 20 14 12 11 10 0 1Q '05 2Q '05 3Q '05 4Q '05 Turnover EBITDA 17 AOG Group – SALES & EBITDA by Q 120 1.650 111 1.624 1.600 100 95 91 86 1.550 80 1.500 1.473 1.467 60 1.450 1.400 40 1.381 26 1.350 20 21 20 13 1.300 0 1.250 1Q '05 2Q '05 3Q '05 4Q '05 € Turnover EBITDA LME ( /tn) 18 Agenda A. Group Financial & Operating Highlights B. Key Performance Indicators C. Summary Financial Results D. Key Figures by Quarter E. Segments Performance F. Variance Analysis – Group G. Group Leverage H. Guidance 2006 19 Performance per Segment - Group EBITDA TURNOVER 30% 33% 43% 54% 16% 24% Metallurgy & Mining Alumina Contract EPC projects Metallurgy & Mining Alumina Contract EPC projects 20 Agenda A. Group Financial & Operating Highlights B. Key Performance Indicators C. Summary Financial Results D. Key Figures by Quarter E. Segments Performance F. Variance Analysis – Group G. Group Leverage H. Guidance 2006 21 MYTILINEOS Group – Turnover Variance Analysis 1.000 120 mil € from ALUMINA (125) mil € 900 Contract Intragroup 7 mil € from 51mil € from other Group 800 METKA activities 382 mil € from AOG 700 747 mil € 600 500 400 ` 300 311 mil € 200 100 0 Turnover as at AOG METKA Alumina Intragroup Other Turnover as at 31.12.2004 contribution contribution contract 31.12.2005 22 MYTILINEOS Group – EBITDA Variance Analysis 200 (21) mil € from 38 mil € from Other Group ALUMINA contract 180 activities 160 20 mil € from METKA 158 mil € 140 79 mil € from AOG 120 100 80 60 40 42 mil € 20 0 EBITDA as at AOG contribution METKA Alumina Contract Other EBITDA as at 31.12.2004 contribution 31.12.2005 23 Agenda A. Group Financial & Operating Highlights B. Key Performance Indicators C. Summary Financial Results D. Key Figures by Quarter E. Segments Performance F. Variance Analysis – Group G. Group Leverage H. Guidance 2006 24 Group – Debt/Equity Analysis 800 50% 43% 45% 700 40% 600 35% 500 30% 400 25% 20% 300 15% 200 11% 9% 10% 103 100 7% 6% 5% 38 73 66 46 0 0% 2004 Q1 2005 Q2 2005 Q3 2005 Q4 2005 DEBT CASH EQUITY NetD/E ratio NET DEBT 25 Group – Net Debt/EBITDA 180 3,0 160 2,5 2,4 140 120 2,0 100 1,5 80 1,2 60 1,0 0,9 40 0,5 0,4 20 0,4 0 0,0 2004 Q1 2005 Q2 2005 Q3 2005 Q4 2005 NET DEBT EBITDA NET DEBT/EBITDA 26 Agenda A. Group Financial & Operating Highlights B. Key Performance Indicators C. Summary Financial Results D. Key Figures by Quarter E. Segments Performance F. Variance Analysis – Group G. Group Leverage H. Guidance 2006 27 Guidance 2006 MYTILINEOS (Consolidated MYTILINEOS (Compiled AoG (group) METKA (group) IFRS Accounts) Management Accounts) 2005(act) 2006(G) ∆% 2005(act) 2006(G) ∆% 2005(act) 2006(G) ∆% 2005(act) 2006(G) ∆% Sales 382 459-488 20-28% 225 280-311 24-38% 747 773-793 4-6% 829 1.036-1.056 25-27% EBITDA 79 101-129 27-63% 54 55-63 3-18% 158 173-200 9-26% 171 208-236 22-38% margin% 21% 22-26% 24% 20% 21% 22-25% 21% 20-22% EBT 75 94-122 25-62% 53 50-57 (5)-8% 157 164-192 4-22% 163 191-219 17-34% margin% 20% 20-25% 23% 18% 21% 21-24% 20% 18-21% EAT 52 65-84 25-61% 39 36-41 (7)-6% 119 119-146 0-23% 123 144-166 17-40% margin% 14% 14-17% 17% 13% 16% 15-18% 15% 14-16% EAT after minorities 74 83-111 12-50% 76 95-123 25-62% Note: The financial information under the Compiled Management Accounts is presented for purposes of additional analysis of the Consolidated IFRS Accounts, rather than to present the financial results of operations and is not intended to be a presentation in conformity with IFRS accounting principles.