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COMPANY NEWS

Mytilineos posts net profits up 352%

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Mytilineos reported net profits after tax and minority rights of €154.6 million for 2017, up 352% from €34.2 million. 

The earnings per share (EPS) came at  €1.08 against €0.29 for 2016.

The proposed dividend for financial year 2017 stands at €0.32 (gross dividend per share). 

Mytilineos recorded earnings before interest, tax, depreciation and amortisation (EBITDA) of €306.0
million, up 37.6%, while the turnover stood at  €1,526.7 million, up 22.5%.

The Net Debt dropped at €568.1 million, improving Net Debt to EBITDA ratio to 1.86.

Commenting on the Financial Results, MYTILINEOS Chairman and CEO Evangelos Mytilineos said: "The corporate restructuring was a further step in the evolution of MYTILINEOS into a strong international company, as it put in place the appropriate organisational structures and succeeded in establishing significant operational and financial synergies. The rise in profitability in 2017, the strengthening of the Company’s financial structure and the prospects of high cash flows for all its three Business Units, pave the way for the next step in this evolution. With a new plan of targeted investments in projects with high rates of return, the Company aims to further improve its efficiency at the global level and to increase its production capacity, driving its key financials to even higher levels, for the benefit of its employees, its shareholders and the Greek economy.”

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