Mytilineos recorded a record year in terms of profitability in 2023, with EBITDA surpassing 1 billion euros for the first time and net profit totaling more than 600 million euros.
More specifically, Mytilineos announced that net profit rose 34% to 623 million euros compared with 466 million euros in 2022. Earnings per share came in at 4.50 euros from 3.41 euros in 2022.
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) rose 23% to 1,014 million euros, compared to 823 million euros in 2022.
Turnover stood at 5,492 million euros, compared to 6,306 million euros in 2022, a decrease attributed to the consequences of the de-escalation of energy prices.
The company proposed a dividend of 1,50 euro per share (with an upward adjustment for own shares on the ex-dividend date).
Adjusted Net Debt to EBITDA stood at 1.5x, level on par with investment grade companies. A series of actions, such as the successful issuance of a 7-year Common Bond Loan of 500 million euros with an interest rate of 4.0% in July along with the recent agreement with the European Investment Bank (EIB) for 400-million-euro financing for the development of photovoltaic and energy storage projects, have further strengthened the company’s credit profile.
The above have also been reflected in the recent upgrades by FITCH and S&P, with MYTILINEOS approaching the investment grade level.
Strong ESG performance consistency is a key pillar of Mytilineos’ strategy. In 2023, the company joined, for the first time, the LEADERS group of the MSCI ESG Ratings index, achieving an excellent AA/AAA performance. It is the only Greek-based company, selected to participate in the Dow Jones Sustainability Index Emerging Markets for the second consecutive year, while it was awarded for the first time with the highest distinction Platinum award (Top 1%) by Ecovadis, for its practices in Sustainable Development. Finally, MYTILINEOS’ leading position in Sustainable Development is confirmed by its presence in the top 10% of companies in its sector and by other internationally recognized ESG Raters such as: Sustainalytics, ISS Quality Score, S&P Global, Refinitiv, FTSE, EcoVadis, ESG Book, Bloomberg and Ideal Ratings.
Commenting on the Financial Results, the Chairman and CEO of the Company, Evangelos Mytilineos stated:
“2023 results, fills us with satisfaction. Firstly, because we justified the shareholders and stakeholders who believed that the step-up in 2022 results was not incidental, but clearly a “change of level” for Mytilineos, and secondly, because both net and operational profitability exceeded all expectations.
However, we are particularly aware of the fact that these results increase our responsibilities towards our employees, shareholders, stakeholders and eventually the society as a whole. As always, we will do everything we can to prove ourselves worthy of the responsibilities we undertake. With pride, but also with humility, we continue.
During 2023, Mytilineos continued to steadily advance its strategic goals, through a series of acquisitions such as Watt & Volt, Unison, EfAEnergy and Volterra, which further strengthen the Company’s energy pillar while accelerating penetration in the promising North American market in the field of Renewable Energy Sources (RES). At the same time, in the Metallurgy Sector, the acquisition of IMERYS BAUXITES established MYTILINEOS as the largest bauxite producer in the European Union, further strengthening the vertical production model.
The successive upgrades from the credit rating agencies, the continuous increase in the participation of foreign institutional investors, major institutional analysts’ coverage expansion, the introduction of Mytilineos to the global elite of companies with high performance in ESG matters (with an AA rating by MSCI) and its presence in the Dow Jones sustainability indices, reflect in the most convincing way the progress of the Company and its increasing degree of internationalization.”
