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2017 Generated Value

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SUSTAINABILITY REPORT 2017 ANNUAL REPORT 2017
BUSINESS
PROFILE FINANCIAL
CAPITAL INDUSTRIAL
CAPITAL NATURAL
CAPITAL HUMAN
CAPITAL

DISCLAIMER

All data and information displayed in the SCORECARD follow the new GRI STANDARDS, while the structure of their presentation was designed according to the two main elements of the International Integrated Reporting Council (IIRC) Guidelines: “The Capitals” and “The Value Creation for the organisation & others”. The displayed data may change without prior notice. MYTILINEOS S.A. accepts no responsibility for the payment of compensations or for any other claims which may arise in connection with the use of the information contained in the SCORECARD. All visitors to the website acknowledge that access to and use of the SCORECARD takes place on their own responsibility. The SCORECARD serves as a communication tool and under no circumstances should it replace the Company's Sustainability & Annual Reports.

BUSINESS
PROFILE FINANCIAL
CAPITAL INDUSTRIAL
CAPITAL NATURAL
CAPITAL HUMAN
CAPITAL
en gr

Business Profile

MYTILINEOS is one of Greece’s largest industrial companies with a long track record of successful international growth in the sectors of Metallurgy, EPC & Infrastructure and Electric Power & Gas Trading. As a responsible industrial company, MYTILINEOS strives for constant business excellence, balancing economic growth with sustainable development. Established in Greece in 1990, the Company is listed on the Athens Exchange and has a consolidated turnover more than €1.5 billion. MYTILINEOS operates Europe’s leading vertically integrated alumina and aluminium production and trading plant and, together with its mining operations, is a driving force for the Greek and European economy as well as for the Greek regions. It is the second largest bauxite producer in Greece and in Europe, with an annual output of 650,000 tons of bauxite, exclusively from underground sites. It is ranked among the Top 10 largest EPC contractors worldwide, with major energy projects under way in the markets of Europe, the Middle East and Africa. It is also the largest independent electric power producer in Greece, with 1,200 MW of gas-driven thermal plants in operation in Greece, and a portfolio of RES-based plants (wind farms, photovoltaic parks and small-scale hydropower plants) totaling over 130 MW, exceeding 14% of the country’s active and licensed installed production capacity from thermal plants. Currently, the Company employs directly or indirectly more than 2,900 persons in Greece and abroad.

ACTIVITY SECTORS

INDUSTRIAL AND RENEWABLE ENERGY SOURCES PLANTS

EMPLOYEES
(Direct & Indirect)

SUPPLIERS
(Domestic & Abroad)

COUNTRIES OF OPERATION

€ m.

TURNOVER

€ m.

SOCIAL PRODUCT

Financial capital

MYTILINEOS makes the most of its financial resources, aiming to create added value for its shareholders and investors. The Company monitors its performance on month-on-month basis, thus ensuring the early and effective identification and tracking of any deviations from its goals and taking corresponding corrective measures. It also evaluates its financial performance using internationally established Key Performance Indicators (KPIs)

Use of capital

  • Cash flows from operating activities and investments
  • Total Equity
  • Loans

Trade-offs (Financial Capital with the other categories of Capitals)

MYTILINEOS allocates its Financial Capital to its businesses, focusing on those areas it thinks offer the best prospects for growth and returns. The allocation of financial resources for the maintenance and modernization of industrial units and facilities contributes significantly to the enhancement of the value of the company's Industrial Capital, while the corresponding allocation of resources to education, development, remuneration and Health Safety of its employees is transformed into the value of Human Capital. Also, the company, investing part of its Financial Capital in stabilizing and minimizing its impact on the natural environment, returns part of the value of Natural Capital, which appears to be initially restricted, mainly due to the use of raw materials from non-renewable sources in its activity. Finally, MYTILINEOS allocates part of its financial resources to the implementation of its social policy, with direct beneficiaries the wider community thus increasing the value of its Social Capital, while the related investments in the expansion of its business activities add, in the long term, to the value created from the Financial Capital itself.

Outputs

TURNOVER

22.5%
  • €1,526.7 m (2017)
  • €1,246.1 m (2016)
  • €1,383 m (2015)

EBITDA

36.7%
  • €305.9 m (2017)
  • €222.4 m (2016)
  • €234.4 m (2015)

NET DEBT / EBITDA

32.1%
  • 1.9 (2017)
  • 2.8 (2016)

ECONOMIC VALUE DISTRIBUTED1

7,3%
  • 90,0% (2017)
  • 97,1% (2016)
  • 96,9% (2015)

NET PROFITS

157,6%
  • €157,7 m (2017)
  • €61,2 m (2016)
  • €75,7 m (2015)

EARNINGS PER SHARE

272.4%
  • 1,08 (2017)
  • 0,29 (2016)
1 Percentage of turnover. Distributed economic value contains: Operating costs, Employees’ salaries & benefits, Payment of income tax & other taxes, Payments to capital providers, Investments in local communities.

RETURN ON
EQUITY

228%

ECONOMIC VALUE
ADDED (k)

56%

SHAREHOLDERS DIVIDENT (m)

64%

RETURN ON CAPITAL
EMPLOYED

19%

FIXED ASSET
INVESTMENTS (m)

39%

ΤOTAL VALUE ADDED

MYTILINEOS contributes

€ m.

in to the national economy,
equal to 0,6% of the country’s GDP1

1.Greek GDP 2017: 177,335.3 MEUR
Source Eurostat

Industrial capital

The investments of MYTILINEOS in the modernisation of its Alumina & Aluminium production plants, the use of high-precision and highly effective machinery in the EPC & Infrastructure Unit, and the operation of RES-based power plants in conjunction with maintaining the high performance levels of the Company’s thermal plants, relying on making the best possible use of natural gas as fuel, enable the Company to transform the natural resources that it uses to high-value product flows and to ensure reliability in its operations. At the same time, MYTILINEOS applies innovative production processes, with a strong focus on quality control, operational improvements and safety, as well as on the environmental impacts of each final product or integrated construction project undertaken.

Use of capital

  • 25 Industrial production & Renewable Energy Sources(RES) plants
    • 5 Industrial plants (a bauxite mining plant, an alumina & an aluminum production plant, a complex construction plant and a steel processing plant
    • 3 Gas-fired thermal plants (a High Efficiency Combined Heat and Power Plant of primary electricity production (334 MW). And two Gas-fired Combined Cycle Thermal Power Plants of primary electricity production (881.08 MW).
    • 17 RES plants (10 Wind Farms, 3 Photovoltaic Parks & 4 Small Hydropower Plants).

Trade-offs (Industrial Capital with the other categories of Capitals

The utilisation of industrial units requires investments in installations and equipment, which are drawn from the company’s financial resources in the form of the funds allocated for this purpose. At the same time the Financial Capital value is enhanced by the income from the sales of the products obtained from the industrial production. The Industrial Capital impacts on the value of the Natural Capital, mainly using raw materials from non-renewable sources in the production process, while in the long term a part of this lost value is reduced by the company’s commitment to responsible consumption and production practices aimed at stabilising and improving the environmental performance of its industrial units. Investments in Industrial Capital help ensure the company’s compliance with the applicable legal and regulatory requirements: this has a positive impact on the Social Capital, as it enhances the company’s social license to operate, while it also affects positively its Human Capital, through the further development of the skills of employees, so that they can meet modern production process requirements.

In 100% of the MYTILINEOS business activity Sectors, an ISO 9001-2015 certified Quality System is implemented.

Outputs

BAUXITE
PRODUCTION

0.1%
  • 630.1 k tn (2017)
  • 629.7 k tn (2016)
  • 650.0 k tn (2015)

ALUMINIUM
PRODUCTION

0.4%
  • 181.7 k tn (2016)
  • 181.0 k tn (2016)
  • 180.0 k tn (2015)

THERMAL PLANT
CAPACITY IN OPERATION

0.0%
  • 1.2 GW (2017)
  • 1.2 GW (2016)
  • 1.2 GW (2015)

RES PLANTS CAPACITY
IN DIFFERENT STAGE
OF DEVELOPMENT1

12.6%
  • 107 MW (2017)
  • 95 MW (2016)
  • 80 MW (2015)

ALUMINA
PRODUCTION

0.0%
  • 821,0 k tn (2017)
  • 820,8 k tn (2016)
  • 807,0 k tn (2015)

ELECTRICITY POWER PRODUCTION

24.3%
  • 14,712.0 TJ (2017)
  • 11,828.1 TJ (2016)
  • 4,984.0 TJ (2015)

RES PLANTS CAPACITY
IN OPERATION

0.0%
  • 130 MW (2017)
  • 130 MW (2016)
  • 60 MW (2015)

ENERGY &
INFRASTRUCTURE
PROJECTS IN PROGRESS

12.5%
  • 7 (2017)
  • 8 (2016)
  • 8 (2015)
1RES plants with installation license and in production.

TOTAL
EXPORTS (m)

10%

ALUMINIUM PRODUCTS
SALES (k tn)

0%

RES ELECTRICITY
(generated and sold in TJ)

45%

EPC & INFRASTRUCTURE
ΝΕW ORDERS (m)

163%

RESEARCH &
DEVELOPMENT (m)

1%

ELECTRICITY
SOLD (TJ)

18%

MARKET SHARE OF THE
DOMESTIC POWER PRODUCTION

8%

MARKET SHARE* IN THE
RETAIL ENERGY MARKET

25%
*Electricity Market Operator official data (31-12-2017)

Natural capital

The business strategy of MYTILINEOS is inextricably linked to sustainable growth in the long-term. In line with this view, the Company regularly applies practices aimed at ensuring the continuous improvement of its environmental performance. Through investments that take advantage of technological advances, as well as through employee training, the development of Best Available Techniques, the change in the use of fuels and the setting of annual environmental targets, is gradually stabilising the impacts of its activity on the natural environment. To this end, the Company also implements environmental protection and industrial hazard control policies that are supported by a structured system of Environmental Management practices and methods certified in accordance with the ISO 140001 and ISO 14064 International Standards in 100% and 33% of its business units, respectively. In this respect, a uniform system for information collection and reporting, environmental impact assessments and target-setting for continuous improvement is applied in all related activities of the Company.

Use of capital

  • Raw & other materials
  • Land use
  • Water (withdrawal & consumption)
  • Air

Trade-offs (Natural Capital with the other categories of Capitals)

The use of raw materials from non-renewable sources, air emissions and waste production, in the context of the MYTILINEOS activities, restrict the stock of value of the Natural Capital. MYTILINEOS, in order to minimize its impact on the natural environment, alongside its certified environmental management system, promotes the implementation of best available techniques in all its Business Sectors. This practice requires financial resources that, in the short-term, seems to reduce the Financial Capital while at the same time it strengthens the value of the Social Capital by ensuring the maintenance of the environmental permits as well as the social acceptance of the company’s operation. Moreover, by converting the elements of the natural capital into value-added products, MYTILINEOS boosts the value stock of the Financial and Human Capital.

RESEARCH & INNOVATION

2017 saw the launch of the research project SCALE (Production of Scandium compounds and Scandium-Aluminum alloys from European resources), whose aim is to obtain Rare Earths and, in particular, Scandium (Sc) compounds and Scandium-Aluminum alloys from residues of the European metallurgical industry, such as Bauxite Residues. The project has a total budget of €7 million and is coordinated by the Metallurgy Business Unit of MYTILINEOS. The project consortium, which also includes the National Technical University of Athens (NTUA), consists of a total of 19 partners from nine European countries. The project plan foresees the construction and operation, in the Metallurgy Business Unit’s industrial site, of a prototype Scandium leaching and extraction pilot plant which will produce Scandium concentrate for further utilisation in a pilot plant of another project partner.

In 100% of the MYTILINEOS Business Activity Sectors, an ISO 14001-2015 certified Management System, is implemented.

Outputs

BAUXITE
CONSUMPTION

1.0%
  • 1.85 m tn (2017)
  • 1,.87 m tn (2016)
  • 1,.83 m tn (2015)

ENERGY
CONSUMPTION1

11.6%
  • 48,830.70 TJ (2017)
  • 43,770.46 TJ (2016)
  • 30,480.82 TJ (2015)

CO2 emissions
(Scope 1 & 2)

5.8%
  • 4.9 m tn (2017)
  • 4.7 m tn (2016)
  • 4.0 m tn (2015)

SOLID
WASTES

5.9%
  • 846.9 k tn (2017)
  • 799.4 k tn (2016)
  • 780.9 k tn (2015)

WATER
WITHDRAWALS

27.1%
  • 158.6 m m3 (2017)
  • 124.7 m m3 (2016)
  • 160.4 m m3 (2015)

NATURAL GAS
CONSUMPTION

18.0%
  • 1,063.3 m Nm3 (2017)
  • 900.4 m Nm3 (2016)
  • 651.5 m Nm3 (2015)

WATER
CONSUMPTION

6.5%
  • 5.8 m m3 (2017)
  • 6.2 m m3 (2016)
  • 5.7 m m3 (2015)

EMISSIONS
(NOx & SOx)

44.4%
  • 2.0 m tn (2017)
  • 4.5 m tn (2016)
  • 4.7 m tn (2015)

WATER
DISCHARGES

26.7%
  • 164.4 m m3 (2017)
  • 129.2 m m3 (2016)
  • 164.8 m m3 (2015)

LAND USED BY THE MINING OPERATION AT THE END OF THE YEAR

3.1%
  • 126 acres (2017)
  • 130 acres (2016)
  • 140 acres (2015)
1 Total energy consumption = Energy consumption from Non-renewable sources + Energy consumption from Renewable sources + Energy purchased for consumption + Energy produced - Energy sold

ENVIRONMENTAL
EXPENDITURES (m)

23%

DUST
EMISSIONS (tn)

21%

DRINKING WATER
CONSUMPTION
(k m3)

82%

SAVING WATER
IN PRODUCTION
PROCESS (m m3)

7%

TOTAL LAND AREA
IN REHABILITATION
PROCEDURE (acres)

2%

PFCs EMISSIONS
(k tn eq CO2)1

7%

ΑΝΑΚΥΚΛΩΣΗ ΣΤΕΡΕΩΝ
ΑΠΟΒΛΗΤΩΝ (k tn)

127%

DRINKING WATER WITHDRAWAL
FOR THE LOCAL COMMUNITIES
WATER SUPPLY NEEDS (k m3)

0%

TOTAL AREA LAND
THAT HAS BEEN
RESTORED (acres):

0%
1 Perfluorocarbons (CF4 & C2F6) are gases that contribute significantly to global warming. To illustrate this, suffice to mention that 1 ton of CF4 is equivalent to 7,390 tons of CO2, while 1 ton of C2F6 is equivalent to 12,200 tons of CO2.
2 MYTILINEOS S.A. was included for the year 2017, in the Leadership (A-) level of the global sustainable initiative CDP-WATER, acknowledged for its long – term commitment to responsible water management and thus to sustainable growth. See the Score Chart here.

Human capital

MYTILINEOS always treats its people with responsibility and consistency, so as to remain their first choice of employer during their entire career paths. Factors such as Health and Safety at the workplace, the development of diverse skills, performance reviews, training and career development as well as the transfer of know-how to direct and indirect employees, are common goals that are shared by all Company’s Business Sectors, strengthening its capacity to achieve the desired financial and non-financial results.

Use of capital

  • 2,905employees
    (direct & indirect)
    • Metallurgy & Metals Sector:
      1,639 employees
    • EPC & Infrastructure Sector:
      780 employees
    • Electric Power & Gas Sector:
      264 employees
    • Central Functions:
      222 employees
  • Employees abilities and capabilities

Trade-offs (Human Capital with the other categories of Capitals)

MYTILINEOS employees constitute the key element of the value produced by the company throughout its business activity. The company invests part of the value of its Financial Capital on the wages & benefits, Health & Safety, education & professional development of its employees. In parallel, the use of the employees’ skills in the production process increases the efficiency and, therefore, the value created by the Industrial Capital. The investments in Health & Safety at the workplace and therefore the protection of the right of direct and indirect employees to work without exposing themselves to imminent risk of injury or illness, increase the value created by the Human Capital itself but also the value stock of the Company’s Social Capital. Moreover, the Company’s Human Resources Management policy contributes to the value stock of the Financial Capital in the long term, by keeping the employees Injury and Turnover Rates at very low levels, thus avoiding costly accidents as well as the costs of replacing and training specialised employees.

In 100% of the MYTILINEOS Business Activity Sectors, an OHSAS 18001 certified Health & Safety Management System, is implemented.

Outputs

NUMBER OF
FATALITIES*

0.0%
  • 0 (2017)
  • 0 (2016)
  • 0 (2015)

NUMBER OF
OCCUPATIONAL
DISEASES*

0.0%
  • 0 (2017)
  • 0 (2016)
  • 0 (2015)

FULL TIME
EMPLOYEES
RETENTION
RATE

3.2%
  • 92.5% (2017)
  • 95.6% (2016)
  • 91.2% (2015)

TOTAL TRAINING
MAN - HOURS

8.1%
  • 45,833 (2017)
  • 49,888 (2016)
  • 53,924 (2015)

NUMBER OF
INJURIES*

40.0%
  • 3 (2017)
  • 5 (2016)
  • 4 (2015)

PERSONNEL
TURNOVER
RATE*

20.0%
  • 11.2% (2017)
  • 14.0% (2016)
  • 17.5% (2015)

PERCENTAGE OF
EMPLOYEES WHO
RECEIVED A
PERFORMANCE REVIEW*

12.1%
  • 80.1% (2017)
  • 91.1% (2016)
  • 86.5% (2015)

AVERAGE TRAINING
HOURS / EMPLOYEE*

1.7%
  • 22.7 (2017)
  • 23.1 (2016)
  • 25.7 (2015)

EMPLOYEES SALARIES
& BENEFITS (m)

17%

LOST DAYS
DUE TO
ACCIDENTS1

51%

TRAINING
COST / EMPLOYEE2

5%

PERCENTAGE OF
WOMEN IN
MANAGEMENT

25%

PERCENTAGE OF EMPLOYEES
COVERED BY COLLECTIVE
BARGAINING AGREEMENTS

1%

INJURIES
FREQUENCY1

29%

TOTAL EMPLOYEES
TRAINING COST
(k €)

6%

PERCENTAGE OF WOMEN
IN THE WORKFORCE2

15%

PERCENTAGE OF YOUNG
EMPLOYEES <30 YEARS OLD
IN THE WORKFORCE2

6%

PERCENTAGE OF EMPLOYEES
WHO RETURNED TO WORK
AFTER PARENTAL LEAVΕ3

7%
1 per 200,000 working hours
2 Direct employees
3 Leave granted to men and women employees on the grounds of the birth of a child.

Social Capital

From its establishment to this day, the history of MYTILINEOS has been interwoven with the economic growth of Greece and especially of the country’s regions. The continuous development of the Company’s relations with the local communities where it has an active presence, is a catalyst for the implementation of its Social policy. In all cases, the Company remains unequivocally committed to understanding and responding to the concerns of local communities through the open dialogue processes that it follows, and to building, through joint efforts, partnerships that yield multiple benefits, create added value and strengthen social cohesion

Use of capital

  • Stakeholders Relations
  • Social Contribution Program
  • Disclosure Policy
  • MYTILINEOS’s Reputation

Trade-offs (Social Capital with the other categories of Capitals)

MYTILINEOS social investments which are addressed to its local communities as well as to the society at large, in the form of sponsorships, donations, support for the development of local infrastructures and the implementation of social programmes, may reduce, in the short term, the Company’s Financial Capital, but in the longer term enable growth in this capital stock. The relations of MYTILINEOS with local government, investors, regulatory authorities and its other Stakeholder groups, affect directly or indirectly its image and reputation. These relations, which are characterised by a variety of partnership forms and are dictated by the social and economic conditions that apply in each particular case, are vital for all the Capital Categories employed by the Company, contributing to the effective operation of its business model and to the continuous renewal of its social license to operate.

Significant distinctions

MYTILINEOS was ranked a “Sustainability Leader for 2017”, at the top tier of the Sustainable Performance Directory, the Sustainable Development Business Index for Greek enterprises, together with six other companies from among a total of 50. The Sustainable Development Directory is part of the SUSTAINABLE GREECE 2020 initiative. The companies that distinguished themselves in the evaluation and ranking process are the companies that follow a comprehensive approach to Sustainable Development and to the disclosure of non-financial information required under the national regulatory framework.

Outputs

Percentage Breakdown Of
Social Contribution

*

Annual Engagement process with Stakeholders:

METALLURGY & METALS SECTOR

Following the successful tradition of the last eight years, MYTILINEOS held the 8th consecutive thematic consultation with its stakeholders, entitled “Translating Entrepreneurship to value for society”. The main objective of this initiative was the emergence and the consultation of the social footprint in financial terms and the value creation over the short, medium and long term by the Metallurgy Business Unit as well as by the overall business activity of MYTILINEOS at the local and national level respectively.

Social Programs

1) “Ι’Μ ΙΝ” (3rd year of implementation): A unique social program designed, in cooperation with the Association “Together for Children”, for high school students to combat the school drop-out phenomenon.

2) “ENGINEERS IN ACTION II” (2nd year of implementation): A 12-month salaried employment program aiming at young talented engineers to enhance their skills and to offer the required experience and know-how for easier integration into the labor market.

4) Launch of the program of upgrading Emergency Departments in health centers and Pediatric Hospitals in the country, in cooperation with the NGO "Pediatric Trauma Care”.

* Local infrastructure (45,1%)
  Culture/Art/Sports (28,7%)

NEW JOBS

5%

PAYMENT OF INCOME
TAX & OTHER TAXES (m)

5%

PERCENTAGE OF
EMPLOYEES FROM
LOCAL COMMUNITIES

2%

PARTICIPATION IN KEY
SUSTAINABLE DEVELOPMENT
INITIATIVES1

12%

INDIERECT JOBS SUPPORTED

9%

TOTAL SOCIAL
CONTRIBUTION (m)

39%

INVESTMENTS IN
INFRASTRUCTURE OF
LOCAL COMMUNITIES (k)

86%

RESPONSE RATE
TO STAKEHOLDERS
REQUESTS2

2%
1 1) CDP - WATER, 2) UN Global Compact, 3) ISO 26000, 4) GRI STANDARDS, 5) Sustainable Greece 2020, 6) CSR Hellas,7) Sustainable Development Goals, 8) SEV – Sustainable Development Council, 9) GEFYRA: Greek Enterprises For Youth Reinforcement Acceleration
2 Stakeholders expectations showed during the formal consultation process and are assessed on an annual basis.

By selecting the icons, you can see how the created value of the Financial Capital is related to the UN Sustainable Development Goals