Mytilineos Group showed an impressive increase in profit and turnover for the period 01/01 - 30/06/2006 in its financial statements according to the International Financial Results Standards (IFRS), which include Delta Project S.A. with the method of full consolidation for the period 13/06 - 30/06/2006 and the Hellenic Vehicle Industry S.A. (ELVO) with the method of net position. The consolidated turnover reached Euro 453.3 million compared to last year's Euro 368.8 million, a 22.9% increase, while the consolidated profit after taxes and minority rights came up to Euro 68 million compared to the Euro 33.2 million of the respective period of 2005 - an increase of 104.7% (profit after taxes and minority rights do not include the profit of Aluminum of Greece acquisition of Euro 19 million and Euro 137 million for the period of 01/01 - 30/06/2006 and 01/01 - 30/06/2005 respectively).
More specifically, the operational results before taxes and interest (ΕΒΙΤ) increased by 27.4% reaching Euro 92 million compared to Euro 72.2 million of the respective period of 2005, while operational profit before taxes, interest, and depreciation (EBITDA) came up to Euro 102.4 million from Euro 82.3 million in the 1st semester of 2005, showing an increase of 24.4%. It should be noted that the Group's bank debt come up to Euro 139 million, while cash funds and equivalents for the 1st semester of 2006 reach now Euro 31.6 million, maintaining the Group's net debt at low level (Euro 107.4 million). Τοtal Assets for the current period surpassed Euro 1.24 billion compared to last year's Euro 1.17 billion. The Group's Total Equity came up to Euro 768.3 million (Euro 707.3 million last year), and if we take into account the financial surplus from the capitalization of the stock market subsidiaries METKA S.A. and Aluminum of Greece S.A. (mark - to - market), they surpass Euro 1 billion.
Aluminium of Greece S.A. showed impressive results. More specifically, turnover increased by 30.6% reaching Euro 235.4 million, the operating profit before taxes and interest (ΕΒΙΤ) marked an increase of 47.9% reaching Euro 50.5 million (Euro 34.1 million in 1st semester of 2005), while the profit before taxes, interest and depreciation (EBITDA) came up to Euro 57 million (Euro 40.5 million last year), an increase of 41%. Finally, there was an impressive increase of net profit after taxes and minority rights (99.5%) reaching Euro 45.9 million compared to Euro 23 million in the respective period of 2005. It should be noted that the Company, due to the increased cash flow, implements intensively its investment program, while the Company's bank loans remain null, and the cash funds and equivalents at the end of the 1st semester of 2006 were 18 million.
METKA Group showed an increase in turnover and stabilization of profit. Turnover increased by 11.1% and reached Euro 139.1 million compared to Euro 125.2 million of the previous period. Operational profit before taxes and interest (ΕΒΙΤ) reached Euro 29.4 million compared to Euro 26.2 million of last year's respective period, while the profit before taxes, interest and depreciation (EBITDA) came up to Euro 31.8 million (Euro 28.6 million last year) - showing an increase of 11.2%. Finally profit after taxes and minority rights reached Euro 20.4 million compared to Euro 20.1 million last year. The company's bank debt remains null, while cash funds and equivalents on 30/06/2006 were Euro 9 million. It should be pointed out that ΜΕΤΚΑ has a backlog of signed contracts of value Euro 313 million, including the construction of a co-generation unit of 334MW with a budget of 190 million for Aluminium of Greece S.A (its trial operation is expected to begin beginning of next year), while much higher is the value of the projects under negotiation which METKA has serious possibilities to sign in the near future. ΜΕΤΚΑ anticipates a continuation of its significant course through the project of the construction of the power and steam co-production unit, and its establichment as the most specialized constructor of energy projects in Greece. Meanwhile, the potential for a strategic alliance, aiming to expand internationally, continues to be within its objectives.
We should especially mention the recent acquisition of Spider Energy S.A. and the listed on the Athens Stock Exchange company DELTA Project, through which the Group improves considerably its potential and prospects of development in the sector of Energy: it places in the Group's portfolio projects of a total power of 440 MW from renewable sources only, and increases the total licenced electric power of the Group (thermal and renewable energy sources) to 1,500 MW, putting the Group a step ahead in view of the gradual deregulation of the electric energy market.
As regards the rest of 2006, the Group believes that it is highly probable to reach a historical increase in turnover, profit, and other financial indices.
Detailed report to the results of the 1st semester of 2006 shall be made on today's teleconference with the analysts and structural investors. For additional information please contact: Mr.Nikolaos Kontos, Group Investor Relations Officer, τel. + 30 210-6877395, fax + 30 210-6877400, e-mail: nko@mytilineos.gr