2012 Full-Year Financial Results – Strong resilience in an adverse economic environment

In particular, MYTILINEOS Group in 2012 posted a consolidated turnover of EUR 1,454 million, against EUR 1,571 million in 2011. Earnings before interest, tax, depreciation and amortisation (EBITDA) stood at EUR 170.1 million, down from EUR 208.6 million in 2011, and net profit after tax and minority rights at EUR 21.7 million, down from EUR 42.6 million in the previous year. It is pointed out that 2012 marked the very first year in which the contributions of the three key business activity sectors in the Group’s consolidated turnover were on equal footing, after the launch of commercial operation of all three of the Group’s thermal plants.

The EPC Projects Sector had the largest contribution for yet another year, although – as forecasted in the announcement made by the Management of the Group’s subsidiary METKA – this returned to more sustainable levels, compared to the record-high performance of 2011. In particular, the turnover of the METKA Group in 2012 stood at EUR 547.5 million, against EUR 1,003.7 million in 2011. Earnings before interest, tax, depreciation and amortisation (EBITDA) stood at EUR 92.7 million, down from EUR 161.6 million last year, and net profit after tax and minority rights at EUR 70.1 million, down from EUR 115.0 in 2011. The signature of a new contract in Algeria and the company’s entry in the Jordanian market with two new projects, serves as proof of METKA’s international potential and creates prospects for positive financial performance in the future. As at 31 December 2012, the company’s signed backlog stood at EUR 1.7 billion, unchanged from 2011. The decline in turnover was mainly due to delays in the implementation of the company’s projects in Syria, as well as to the weak domestic environment.

The turnover of the Group’s Metallurgy & Mining Sector stood at EUR 506.0 million, up from EUR 521.3 million last year. Earnings before interest, tax, depreciation and amortisation

(EBITDA) stood at EUR 20.6 million, down from EUR 31.9 million last year. The overachievement of the objectives for 2012 of the Group’s “MELLON” programme, aimed at improving competitiveness, and the procurement of Liquefied Natural Gas (LNG) under very competitive terms, were reflected in the marked recovery of the Sector’s performance during the year’s second half. Despite its strong export profile and its strict cost controls, the greatest challenges facing ALUMINIUM S.A., Europe’s single fully vertically integrated alumina and aluminium production plant, come from the domestic environment, as the company is burdened with excessive taxes on production, which impair its competitiveness against foreign competitors.

The turnover of the Energy Sector rose to EUR 446.1 million, up from EUR 134.9 million last year, thus contributing 31% of the Group’s consolidated turnover. Earnings before interest, tax, depreciation and amortisation (EBITDA) stood at EUR 65.2 million, up from EUR 30.0 million last year. Having successfully completed its energy investment plan, MYTILINEOS Group currently holds a double-digit share (10.5%) of the domestic electricity production market, while its Energy Sector is now on a par with its other business activity sectors and represents the third pillar on which the Group’s prospects for improved financial performance rely.

Given that the Group’s position in all three key business activity sectors has been strengthened, growth prospects in 2013 appear to be positive, despite the burdens introduced by factors such as the overtaxation of production, high financial costs and the delay in public sector rationalisation.