Increased Profitability and Strong Cashflows
For the 1st Semester of 2014, MYTILINEOS Group posted increased profitability, strong cashflows and a rapid decline of net debt to €345.9 million, down from €509.7 million at the end of 2013. In particular, the Group’s consolidated turnover for the 1st semester of 2014 stood at €653.0 million against €730.8 million in the first semester of 2013. The improved performance of the Metallurgy and EPC sectors drove earnings before interest, tax, depreciation and amortisation (EBITDA) up 12% to €120.3 million, up from €107.7 million for the same period in 2013. Similarly, net profit after tax and minority rights stood at €24.1 million, up 71% from €14.1 million in the previous year.