Annual Financial Report for the period from1st of January to the 31st of December 2013
33
Board of Directors of the Hellenic Capital Market Commission, informed the investing public that after the
approvals under the law were obtained, it concluded an agreement for the refinancing of the Company’s current
loan obligations, in the amount of €243 million, with a term of three (3) years with an optional extension for an
additional two (2) years (five (5) years in total).
Also, in September 2013, the Group’s subsidiary company PROTERGIA S.A. submitted a request to withdraw
the No. D5/HL/C/F28/4/10202/01-06-2001 electricity production license for the 436.6 MW combined cycle
natural gas fired power plant in the First Industrial Zone in Volos.
In November 2013, the arbitration procedure regarding the contract for the supply of electricity to the Group’s
subsidiary ALUMINIUM S.A. by the PPC S.A. has been completed. Decision D1-I215-31/10/13, issued by the
Permanent Arbitration Tribunal under the Regulatory Authority for Energy (RAE) and served on ALUMINIUM
by a bailiff, stipulates that “ALUMINIUM shall be supplied with electricity by the PPC and the PPC shall
supply electricity to ALUMINIUM for a period of time equal to 8,760 hours annually and at the price of €40.7/
MWh, inclusive of the fixed and variable cost of energy, the charges for Transmission System Use, Ancillary
Services, PSO and the surcharges for the contributory fees in favour of RAE and of the Electricity Transmission
System Operator (HTSO or DESMIE) S.A. / Electricity Market Operator (LAGIE) S.A. while exclusive of charges
in connection with the RES/ETMEAR Special Duty for Renewable Energy Sources and for Reduction of Air
Pollutant Emissions, Excise Duty on electricity, Customs Rights (DETE) and any other tax charges levied.” The
ruling concerns the period from 1 July 2010 to 31 December 2013 inclusive.
Following the above arbitration ruling, which both parties have undertaken in advance to accept, PPC and
ALUMINIUM shall proceed to settle financially and in terms of accounting operations the bill between them,
with retroactive effect as of 1/7/2010. The difference to ensue for ALUMINIUM S.A. and for MYTILINEOS Group,
is reflected in the interim summary financial statements for the period from 1 January to 30 September 2013.
In particular:
i. The impact of the Decision’s implementation with retroactive effect on the financial results of ALUMINIUM
S.A. are calculated at €35.2 million for the period from 01.07.2010 to 30.06.2013 of which €29.0 million
refer to the period from 01.07.2010 to 31.12.2012 and €6.2 million refer to the period from 01.01.2013 to
30.06.2013.
ii. As a result of the advance payments made by ALUMINIUM S.A. during the period from 01.07.2010 to
30.09.2013, PPC owed the amount of €32.15 million.
iii. The financial settlement of the balance owed by the PPC to ALUMINIUM S.A. pursuant to the Decision
concerning the period from 01.07.2010 to 30.09.2013 will be realized in the framework of the ongoing
supply of electricity by the PPC to ALUMINIUM S.A.
The Extraordinary General Meeting of the Shareholders of the subsidiary company “PROTERGIA
THERMOELECTRIC AGHIOU NIKOLAOU S.A.” decided, on 21/11/2013, the absorption of the electricity
production segment of the natural gas operating power plants of Mytilineos’ Group subsidiary company named
“PROTERGIA S.A.” according to law Ν.2190/1920 as well as articles 1-5 of law Ν.2166/1993.
The above mentioned demerger and Segment contribution was approved under the 24018/13-06/12/2013
22999/13 ruling of the Athens North District (ΑΔΑ ΒΛΓΠ7Λ7-Ζ31) official.
Also, in November, ALUMINIUM S.A., a subsidiary company of MYTILINEOS Group, has issued a €145 million
syndicated debenture loan, and PROTERGIA THERMAL – AGIOS NIKOLAOS PRODUCTION AND TRADE
