Annual Financial Report for the period from 1st of January to the 31st of December 2012
139
Increase / (Decrease) in liabilities (excluding banks)
(39.102)
138.338
(581)
6.956
(Increase)/Decrease in other receivables
Less:
Interest expense paid
(49.932)
(43.118)
(14.899)
(19.350)
Income tax paid
(4.187)
(39.096)
-
(1.341)
ADDITIONAL DATA AND INFORMATION
Cash flows from discontinuing operating activities
1.932
15
-
-
Cash flows from operating activities (a)
3.120
130.033
(11.340)
(17.509)
1. On July 9th 2012, MYTILINEOS HOLDINGS SA participated in the share capital increase of the company GENIKI VIOMICHANIKI, acquiring rate of 2.25% of the share capital.
Investing activities
This company is consolidated with the method of full consolidation. Companies included in the consolidated financial statements together with country located, participation of interest
(Acquisition ) / Sale of subsidiaries (less cash)
(40.000)
(40.000)
(19.711)
(8.443)
and method of consolidation in 2012 are presented in note 3.9 of the annual financial statements.
Purchases of tangible and intandible assets
(95.522)
(117.432)
(189)
(297)
Acquisition of associates
(345)
-
-
-
Return of subsidiary share capital
-
20.290
59.950
Purchase of financial assets held-for-sale
(6.677)
-
-
-
disputes. For the fiscal year 2012, tax audit is being conducted by auditors and is not expected to result significant differentiation. In order to consider that the fiscal year was inspected by
Sale of tangible and intangible assets
438
444
1
17
the tax authorities, must be applied as specified in paragraph 1a of Article 6 of POL 1159/2011.
Sale of financial assets held-for-sale
52
413
-
-
3. The basic accounting policies in the consolidated balance sheet of 31 December 2011 have not been altered.
Grants Received
-
4.912
-
-
4. No liens and pledges exist on the Company's and Group's assets.
Sale of financial assets at fair value through profit and loss
5.095
345
(200)
-
5. The number of employees and workers at the end of the reporting period is as follows:
Interest received
6.456
2.258
7.303
2.619
Loan receivables
-
-
27.071
-
31/12/2012
31/12/2011
31/12/2012
31/12/2011
Loans to / from related parties
-
-
-
21.900
Employees
1.521
1.616
59
85
Dividends received
83
68
16.421
11.070
Workers
315
286
-
-
Cash flows from discontinuing investing activities
1
(242)
-
-
1.836
1.902
59
85
Cash flows from investing activities (b)
(130.418)
(149.234)
50.986
86.816
Financing activities
6. Capital Expenditure for 2012: Group € 95.522 thousand and Company € 189 thousand.
Issue of ordinary shares
11.960
Capital Increase Tax
(36)
(84)
(66)
7. Earnings per share has been calculated on the basis of net profits over the weighted average number of shares.
Capital Increase
-
-
-
-
Proceeds from loans
26.267
85.600
32.797
38.869
Loan repayments
(147.984)
(47.986)
(93.000)
(46.500)
Dividends paid
(17.105)
(12.080)
-
-
9. Related party transactions and balances for the reported period, according to I.A.S. 24 are as follows:
Payment of finance lease liabilities
(6)
-
-
-
Cash flow discontinuing financing activities
-
3
-
Cash flows from continuing financing activities (c)
(126.905)
25.453
(60.203)
(7.697)
Amounts in 000's €
THE GROUP THE COMPANY
Net (decrease) / increase in cash and cash
equivalents of the period (a) + (b) + (c)
(254.203)
6.252
(20.557)
61.610
Revenues
-
28.740
Cash and cash equivalents at beginning of period
84.232
76.404
18.406
(43.189)
Expenses
-
20.204
Net cash at the end of the period
(169.970)
82.657
(2.151)
18.421
Receivables
-
51.896
Liabilities
-
105.048
Key management personnel compensations
14.285
2.981
Receivables from key management personnel
9
-
Payables to key mananagement personnel
2.173
55
31/12/2012
31/12/2011
31/12/2012
31/12/2011
Net profit(loss) for the period
51.559
85.898
(1.064)
(45)
Exchange differences on translation of foreign operations
7.895
(7.425)
-
-
Cash Flow hedging reserve
-
Stock Option Plan
8.354
(11.801)
-
-
Income tax relating to components of other comprehensive income
-
-
-
-
Total comprehensive income for the period after tax (continuing/
discontinuing operations)
67.807
66.672
(1.064)
(45)
12.In April, Korinthos Power, subsidiary of MYTILINEOS HOLDINGS SA, obtained the commercial operation license for the 436 MW combined cycle natural gas fired
power plant. The plant is located at the Motor Oil industrial facilities in Ag. Theodori, Korinthia.Engineering, procurement, construction and
commissioning for the plant,including the closed-type power substation, were undertaken and carried out successfully by METKA S.A.,
a MYTILINEOS HOLDINGS SA subsidiary.
13. Certain prior year / period amounts have been reclassified for presentation purposes.
14. On June 11th 2012, all shares of the company “MOVAL S.A.” transferred to “Protergia S.A.”, a 100% MYTILINEOS HOLDINGS SA subsidiary.
15. On July 31st 2012, all shares of the company "ARGYRITIS S.A." transferred to “Protergia S.A.”, a 100% MYTILINEOS HOLDINGS SA subsidiary.
16. On December 13th 2012, all shares of the company "DESFINA SHIPPING COMPANY", transferred to "ALUMINIUM S.A.", a 100% MYTILINEOS HOLDINGS
SA subsidiary.
18.The emphasis of matters of the auditors relate to: a) the uncertainty of the resolution of the arbitration between ALUMINIUM S.A. and PPC regarding the electricity
pricing and b) the uncertainty of the outcome of the European Commission decision requesting the recovery of state aid (Note 6.34 of the annual financial statements).
Maroussi, 26 March 2013
THE PRESIDENT OF THE BOARD & CHIEF EXECUTIVE OFFICER
EVANGELOS MYTILINEOS
I.D. No ΑΒ649316/2006
THE CHIEF EXECUTIVE DIRECTOR GROUP
FINANCE
THE GROUP FINANCIAL CONTROLLER
17.The Ministry of Environment, Energy & Climate Change issued a decision on 17/1/2013 for licensing the commercial service of the electric power / heat cogeneration plant of 'Aluminum'. As of 28/11/2012,
the plant in question was already in « trial operation » status as Distributed High Performance Electric Power / Heat Cogeneration Plant (trial operation of Distributed HPEPHC) by the market operator, after
having signed a supplementary transaction contract, and ensuring the proportional estimation and billing of electric power infused to the grid.
THE GROUP
THE COMPANY
10. Apart from the lawsuit against PPC mentioned in note 6.34, there are no litigation matters which have a material impact on the financial position of the Company
and the Group. The Group's tax provision balance for contigent tax obligations as of 31 December 2012 amounts to €341m and for the company to € 1,1m .
Other provisions' balance as of 31 December 2012 amounts to € 4,7m for the Group and € 266m for the Company.
I.D. No Π 195231/1989
IOANNIS KALAFATAS
I.D. No ΑΕ044243/2007
THE VICE-PRESIDENT OF THE BOARD
I.D. No ΑΖ 556040/2008
ANASTASIOS DELIGEORIS
IOANNIS MYTILINEOS
THE GROUP
11. In the Statement of Changes in Equity, the amounts included in the line "Total comprehensive income for the period after tax (continuing/ discontinuing operations)" for the
year end 31 December 2012 and 2011 are presented in the table below:
THE COMPANY
8. On December 31st 2012, the Company owns 4.972.383 treasury shares, worth € 22.226.552,01 which correspond to 4,25% of its share capital.
2. The fiscal years that are unaudited by the tax authorities for the Company and the Group's subsidiaries are presented in detail in note 6.34 of the annual financial statements. For the fiscal year 2011, the
Group companies which were subject to tax audit by statutory auditors or audit firm, under para.5 Article 82 of Law 2238/1994, received a Tax Compliance Certificate free of
Impact from acquisition of share in subsidiaries
- -
-
-
Provisions
(421)
(2.316)
-
-
Treasury shares purchased
-
-
-
-
Exchange differences
(454)
1.796
(461)
824
Other movements from subsidiaries
(2.241)
2.085
-
-
Other Operating Results
5.800
(252)
-
Equity at the end of the period (31.12.2012 and 31.12.2011
respectively)
960.338
900.806
476.611
477.676
Results (income, expenses, gains and losses) of insting activities
3.381)
(9.219)
(25.547)
(2 452
Interest expense
44.999
37.189
13.623
21.133
Adjustments related to working capital accounts
or to operating activities
(Increase)/Decrease in stocks
31.940
(35.007)
-
-
(Increase)/Decrease in trade receivables
(101.778)
(72.231)
1.500
(5.112)
Increase / (Decrease) in liabilities (excluding banks)
(39.102)
138.338
(581)
6.956
(Increase)/Decrease in other receivables
Less:
Interest expense paid
(49.932)
(43.118)
(14.899)
(19.350)
Income tax paid
(4.187)
(39.096)
-
(1.341)
ADDITIONAL DATA AND INFORMATION
Cash flows from discontinuing operating activities
1.932
15
-
-
Cash flows from operating activities (a)
3.120
130.033
(11.340)
(17.509)
1. On July 9th 2012, MYTILINEOS HOLDINGS SA participated in the share capital increase of the company GENIKI VIOMICHANIKI, acquiring rate of 2.25% of the share capital.
Investing activities
This company is consolidated with the method of full consolidation. Companies included in the consolidated financial statements together with country located, participation of interest
(Acquisition ) / Sale of subsidiaries (less cash)
(40.000)
(40.000)
(19.711)
(8.443)
and method of consolidation in 2012 are presented in note 3.9 of the annual financial statements.
Purchases of tangible and intandible assets
(95.522)
(117.432)
(189)
(297)
Acquisition of associates
(345)
-
-
-
Return of subsidiary share capital
-
20.290
59.950
Purchase of financial assets held-for-sale
(6.677)
-
-
-
disputes. For the fiscal year 2012, tax audit is being conducted by auditors and is not expected to result significant differentiation. In order to consider that the fiscal year was inspected by
Sale of tangible and intangible assets
438
444
1
17
the tax authorities, must be applied as specified in paragraph 1a of Article 6 of POL 1159/2011.
Sale of financial assets held-for-sale
52
413
-
-
3. The basic accounting policies in the consolidated balance sheet of 31 December 2011 have not been altered.
Grants Received
-
4.912
-
-
4. No liens and pledges exist on the Company's and Group's assets.
Sale of financial assets at fair value through profit and loss
5.095
345
(200)
-
5. The number of employees and workers at the end of the reporting period is as follows:
Interest received
6.456
2.258
7.303
2.619
Loan receivables
-
-
27.071
-
31/12/2012
31/12/2011
31/12/2012
31/12/2011
Loans to / from related parties
-
-
-
21.900
Employees
1.521
1.616
59
85
Dividends received
83
68
16.421
11.070
Workers
315
286
-
-
Cash flows from discontinuing investing activities
1
(242)
-
-
1.836
1.902
59
85
Cash flows from investing activities (b)
(130.418)
(149.234)
50.986
86.816
Financing activities
6. Capital Expenditure for 2012: Group € 95.522 thousand and Company € 189 thousand.
Issue of ordinary shares
11.960
Capital Increase Tax
(36)
(84)
(66)
7. Earnings per share has been calculated on the basis of net profits over the weighted average number of shares.
Capital Increase
-
-
-
-
Proceeds from loans
26.267
85.600
32.797
38.869
Loan repayments
(147.984)
(47.986)
(93.000)
(46.500)
Dividends paid
(17.105)
(12.080)
-
-
9. Related party transactions and balances for the reported period, according to I.A.S. 24 are as follows:
Payment of finance lease liabilities
(6)
-
-
-
Cash flow discontinuing financing activities
-
3
-
Cash flows from continuing financing activities (c)
(126.905)
25.453
(60.203)
(7.697)
Amounts in 000's €
THE GROUP THE COMPANY
Net (decrease) / increase in cash and cash
equivalents of the period (a) + (b) + (c)
(254.203)
6.252
(20.557)
61.610
Revenues
-
28.740
Cash and cash equivalents at beginning of period
84.232
76.404
18.406
(43.189)
Expenses
-
20.204
Net cash at the end of the period
(169.970)
82.657
(2.151)
18.421
Receivables
-
51.896
Liabilities
-
105.048
Key management personnel compensations
14.285
2.981
Receivables from key management personnel
9
-
Payables to key mananagement personnel
2.173
55
31/12/2012
31/12/2011
31/12/2012
31/12/2011
Net profit(loss) for the period
51.559
85.898
(1.064)
(45)
Exchange differences on translation of foreign operations
7.895
(7.425)
-
-
Cash Flow hedging reserve
-
Stock Option Plan
8.354
(11.801)
-
-
Income tax relating to components of other comprehensive income
-
-
-
-
Total comprehensive income for the period after tax (continuing/
discontinuing operations)
67.807
66.672
(1.064)
(45)
12.In April, Korinthos Power, subsidiary of MYTILINEOS HOLDINGS SA, obtained the commercial operation license for the 436 MW combined cycle natural gas fired
power plant. The plant is located at the Motor Oil industrial facilities in Ag. Theodori, Korinthia.Engineering, procurement, construction and
commissioning for the plant,including the closed-type power substation, were undertaken and carried out successfully by METKA S.A.,
a MYTILINEOS HOLDINGS SA subsidiary.
13. Certain prior year / period amounts have been reclassified for presentation purposes.
14. On June 11th 2012, all shares of the company “MOVAL S.A.” transferred to “Protergia S.A.”, a 100% MYTILINEOS HOLDINGS SA subsidiary.
15. On July 31st 2012, all shares of the company "ARGYRITIS S.A." transferred to “Protergia S.A.”, a 100% MYTILINEOS HOLDINGS SA subsidiary.
16. On December 13th 2012, all shares of the company "DESFINA SHIPPING COMPANY", transferred to "ALUMINIUM S.A.", a 100% MYTILINEOS HOLDINGS
SA subsidiary.
18.The emphasis of matters of the auditors relate to: a) the uncertainty of the resolution of the arbitration between ALUMINIUM S.A. and PPC regarding the electricity
pricing and b) the uncertainty of the outcome of the European Commission decision requesting the recovery of state aid (Note 6.34 of the annual financial statements).
Maroussi, 26 March 2013
THE PRESIDENT OF THE BOARD & CHIEF EXECUTIVE OFFICER
EVANGELOS MYTILINEOS
I.D. No ΑΒ649316/2006
THE CHIEF EXECUTIVE DIRECTOR GROUP
FINANCE
THE GROUP FINANCIAL CONTROLLER
17.The Ministry of Environment, Energy & Climate Change issued a decision on 17/1/2013 for licensing the commercial service of the electric power / heat cogeneration plant of 'Aluminum'. As of 28/11/2012,
the plant in question was already in « trial operation » status as Distributed High Performance Electric Power / Heat Cogeneration Plant (trial operation of Distributed HPEPHC) by the market operator, after
having signed a supplementary transaction contract, and ensuring the proportional estimation and billing of electric power infused to the grid.
THE GROUP
THE COMPANY
10. Apart from the lawsuit against PPC mentioned in note 6.34, there are no litigation matters which have a material impact on the financial position of the Company
and the Group. The Group's tax provision balance for contigent tax obligations as of 31 December 2012 amounts to €341m and for the company to € 1,1m .
Other provisions' balance as of 31 December 2012 amounts to € 4,7m for the Group and € 266m for the Company.
I.D. No Π 195231/1989
IOANNIS KALAFATAS
I.D. No ΑΕ044243/2007
THE VICE-PRESIDENT OF THE BOARD
I.D. No ΑΖ 556040/2008
ANASTASIOS DELIGEORIS
IOANNIS MYTILINEOS
THE GROUP
11. In the Statement of Changes in Equity, the amounts included in the line "Total comprehensive income for the period after tax (continuing/ discontinuing operations)" for the
year end 31 December 2012 and 2011 are presented in the table below:
THE COMPANY
8. On December 31st 2012, the Company owns 4.972.383 treasury shares, worth € 22.226.552,01 which correspond to 4,25% of its share capital.
2. The fiscal years that are unaudited by the tax authorities for the Company and the Group's subsidiaries are presented in detail in note 6.34 of the annual financial statements. For the fiscal year 2011, the
Group companies which were subject to tax audit by statutory auditors or audit firm, under para.5 Article 82 of Law 2238/1994, received a Tax Compliance Certificate free of
