I
n 2012 we had to struggle against the diffi-
culties created by the crisis which has hit our
country and which continued for the fifth con-
secutive year, as well as against obstacles such as
the overtaxation of production, bureaucracy and
the unfair treatment of Greek businesses.
Drawing on our consistent strategy and on our vi-
sion and drive, we emerged victorious from this
struggle. The Group’s financial results for the year
are satisfactory, standing at a level comparable
to 2011 and allowing us to look to 2013 with op-
timism, despite the problems that persist and the
“nightmare” of endless tax levies.
For all of us in the Group’s Management, our fore-
most concern is to take careful and measured
steps to offset risks and to safeguard the interests
of the Group, of our people, of our shareholders and
of our partners. In other words, of all those who put
their trust in us and who assist us in our efforts.
These efforts are bearing fruit. In 2012, our vision-
ary “MELLON” programme helped improve the
competitiveness of ALUMINIUM, a company that
is an inseparable part of the history of Greek in-
dustry. Our goal is to continue on the same path
with undiminished drive, so that we can keep
competitive Europe’s only fully vertically inte-
grated alumina and aluminium producing plant,
whose products replace those of our rivals in the
global markets.
In the Energy Sector, after an ambitious invest-
ment programme completed in 2012, last year
saw the full commercial operation for the first
time of all our three thermal plants, totalling 1.2
GW of installed capacity. This boosted our finan-
cial results and proved us right in our choice to
create the largest independent energy producer in
Greece. A choice whose benefits will be maxim-
ised once full market deregulation is attained and
the current distortions are eliminated.
Driven by the same dedication, in 2012 our per-
formance in the EPC Projects Sector was again
strong, with METKA now established as an undis-
puted candidate of global calibre for the imple-
mentation of power plants, as the know-how of its
Greek engineers allows it to enter successfully an
increasing number of markets. The new project
secured in Algeria and the company’s entry to the
Jordanian market are outstanding examples of
these successes, also confirmed by the fact that
the company’s signed backlog of hi-tech energy
projects in Europe, the Middle East and Africa
has remained unchanged at €1.7 billion. In 2012
METKA made it to the Top 10 of the world’s larg-
est energy contractors with global activities, and
we are certain that in 2013 it will do even better,
despite the adversities lying ahead.
2
«Drawing on our
consistent strategy and
on our vision and drive,
we emerged victorious
from this struggle. »
Message from the Chairman
