Mytilineos set new profitability records in 2022 thanks to the historically strong performance of its energy business. The company, which recently completed its corporate transformation into Mytilineos Energy & Metals, managed to increase its turnover by about 4 billion euros in 2022, to 6.3 billion from 2.6 billion euros in 2021 (137%), and net profit by 187 % to EUR 466 million compared to EUR 162 million in 2021. Earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 130% to €823 million, respectively, compared to €359 million in the prior year, driven by historically strong performance across all sectors, especially the renewables and energy storage and sustainability sectors , which increased their returns by 384% and 171% respectively. In fact, by 2023 the company’s goal is to present an EBITDA of at least 1 billion euros. Perhaps the most important element of the financial performance is the reduction of net debt to €716m in 2022 from €803m at end-2021, with a significant improvement in the leverage ratio (net debt/EBITDA) from 2.2x in 2021 to 0.87x at the end 2022, the levels at which global companies rank quite high in the investment rating of rating agencies.

The metals sector, the company says, is benefiting from rising aluminum sales prices and historically high premiums, combined with maintaining high competitive production costs. Finally, the electricity and natural gas sector is benefiting from the fact that Mytilineos operates the most efficient thermal plant fleet in Greece with competitive natural gas prices, as well as increased international activity that will become increasingly important in the coming quarters.

The key driver behind the strong performance in 2022 was the electricity and gas sector, which generated $4,434 million in turnover, accounting for 70% of total turnover, up 252% from the previous year. Earnings before interest, taxes, depreciation and amortization were 373 million, up 153% from 147 million in 2021.

The group announced a dividend offer of €1.20 per share, up 176% from last year.

The metals sector recorded a turnover of 817 million in 2022, representing 13% of total turnover, compared to 668 million in 2021. Earnings before taxes, interest and amortization (EBITDA) amounted to 270 million, compared to 159 million in 2021 by 69%.

A significant increase in profitability is due to a sharp increase in the price of premium aluminum in 2022, mainly in Europe, as well as a significant improvement in profit margins due to continuous investment in improving productivity and taking timely measures to reduce various cost parameters and especially this energy .

The renewable energy development and energy storage sector recorded a turnover of $630 million in fiscal year 2022 (corresponding to 10% of total turnover), an increase of 73% compared to the corresponding fiscal year of the previous year, while EBITDA was $105 million ., up from 22 million in 2021.

President and Managing Director Evangelos Mytilineos described 2022 as a landmark year for Mytilineos, not only because of the historically strong performance achieved in the face of a negative international environment, as he stressed when commenting on the results, but also because it was a year of transition to a new era through corporate transformation at Mytilineos Energy & Metals. Mr. Mytileneos also mentioned the inclusion of the company in the MSCI index for the first time, as well as the continuous increase in the participation of foreign, mainly institutional investors, most recently the significant increase in the share of Fairfax, as well as the introduction of the company to the Dow Jones sustainability indices, as well as to the index MSCI ESG Ratings, which he says “proves that Mytilineos now belongs to the global elite of companies with strong sustainability performance.” Finally, the company announced a dividend offer of €1.20 per share, up 176% from the previous year.