MYTILINEOS Holdings S.A.
5-7, Patroklou Street, GR-151 25 Maroussi, Athens, Greece
MYTILINEOS: Strong Social and Economic Impact in Greece
MYTILINEOS assesses its socioeconomic impact, aiming to inform all its Social Partners about how it generates benefits, not only for itself but also for its entire value chain over the last thirty years. Within this context, the Climate Change and Sustainable Development Department of EY carried out a study, from May 2018 to September 2018, on the company’s socioeconomic impact for the reference period of 1 January 2017 to 31 December 2017. The study identifies and illustrates the overall MYTILINEOS contribution to Greece, acknowledging the importance of value creation for the national economy and employment, contributing at the same time to the attainment of the UN Sustainable Development Goals.
Adopting the internationally established model of “inputs and outputs”, the study analyzes the social and economic footprint of all MYTILINEOS Business Units (Metallurgy, Electric Power and EPC) in Greece which extends from the procurement of raw materials and production to the final disposal and end-of-life of products.
Across all sectors, MYTILINEOS supports income, tax revenues and jobs and, respectively, the same applies to its suppliers and partners in their own value chains. The economic added value, i.e. the total income earned by households (from employee and supplier remuneration), the associated enterprises and the Greek State (via tax contributions), as well as the contribution to employment, i.e. the jobs supported at each individual component of its value chain, is therefore calculated. This way, the multiple positive footprints beyond the company, on employment and the relevant sectors of economy, are presented.
According to selected outcomes of the study:
1. The overall MYTILINEOS business contribution to Greek economy is outlined below:
✓ The company generates total added value of € 1.06 bn., equal to 0.6% of the total GDP of Greece.
✓ Each € 1 directly contributed by the company generates another € 1.36 of added value in the national economy.
✓ The Company’s overall direct & indirect tax contribution amounts to €244 m., accounting for 0.3% of total Greek tax revenue .
✓ For each € 1 paid by MYTILINEOS as direct taxes, its direct and indirect suppliers pay more than € 4 of taxes as a result of their cooperation with the company.
✓ MYTILINEOS’ Metallurgy Business Unit accounts for 30% of the total added value generated by the Metallurgy sector in Greece.
✓ The Electric Power Business Unit of MYTILINEOS accounts for 8% of the total added value generated by the Energy sector in Greece.
2. The overall contribution of MYTILINEOS business to domestic employment is the following:
✓ The company supports 13,598 jobs in total, accounting for 0.4% of total employment in Greece.
✓ Each job directly offered by the company, supports 5 more jobs in the Greek economy.
✓ The income earned from these jobs supports wholly or partly 31,275 Greek citizens.
✓ MYTILINEOS’ Metallurgy Business Unit supports 6,679 jobs in total, accounting for 12% of total employment in the Metallurgy sector in Greece.
✓ The Electric Power Business Unit of MYTILINEOS supports 3,638 jobs, accounting for 6% of total employment in the Energy sector in Greece.
More information is available in the following address: www.mytilineos.gr/enus/csr-reports/publications.