2
013 saw the recession continuing in Greece
for the sixth consecutive year, at the end of
which the Greek economy had lost around ¼
of the GDP posted in 2007. Although the prolonged
recession has damaged the country’s productive
fabric, driving unemployment up to unprecedented
levels, at the end of 2013 there were several indica-
tions that Greece is now entering a phase of stabi-
lisation. The primary surplus achieved for the first
time ever since 2002, the elimination of the foreign
trade deficit and the decline in the yields of Greek
government bonds are unquestionable signs of
stabilisation and give rise to expectations of a re-
covery of the Greek economy. A positive develop-
ment of major significance in this direction was the
successful recapitalisation of the banking system,
which was concluded in 2013 and is expected to im-
prove liquidity conditions for the Greek economy in
the medium term.
At the same time, on the global level, the steps
taken by the European Central Bank succeeded
in smoothing out pressures on the markets, how-
ever the European economy is still confronted with
strong challenges and the risk of deflation. Outside
Europe, the weakened growth rates in emerging
markets are again causing concerns about the
prospects for global growth.
In this context, MYTILINEOS Group, relying on the
expansion of its activities abroad, on the imple-
mentation of strict cost controls and on the emerg-
ing returns of the significant investments carried
out during the last years, is posting improved core
profitability and reduced net borrowing levels, while
also securing adequate liquidity to achieve its stra-
tegic goals.
Regarding the
Metallurgy and Mining Sector
,
the average price of aluminium for 2013 stood at
$1,845/tn, down 8.6% from the previous year and
posting a four-year low. The market’s fundamen-
tals show improvement, as demand remains strong
while at the same time many loss-facing produc-
ers are forced to lower production or even suspend
the operation of their less efficient plants. In this
juncture, the Group remained focused on the im-
plementation of “MELLON” competitiveness recov-
ery programme, which was successfully completed
in 2013. The improved financial performance of the
Group’s Metallurgy Sector compared to the previ-
ous year demonstrates the great progress achieved
but leaves no room for complacency.
2014:
Prospects of Growth
10
“ MYTILINEOS Group is posting improved core
profitability and reduced net borrowing levels,
while also securing adequate liquidity
to achieve its strategic goals”
