1H2016 IFRS FINANCIAL RESULTS

1H2016 IFRS FINANCIAL RESULTS

Disclaimer

These preliminary materials and any accompanying oral presentation (together, the “Materials”) havebeen prepared by MYTILINEOS Holdings SA (the “Company”) and are intended solely for the informationof the Recipient. The Materials are in draft form and the analyses and conclusions contained in theMaterials are preliminary in nature and subject to further investigation and analysis. The Materials arenot intended to provide any definitive advice or opinion of any kind and the Materials should not be reliedon for any purpose. The Materials may not be reproduced, in whole or in part, nor summarised,excerpted from, quoted or otherwise publicly referred to, nor discussed with or disclosed to anyone elsewithout the prior written consent of the Company.

The Company has not verified any of the information provided to it for the purpose of preparing theMaterials and no representation or warranty, express or implied, is made and no responsibility is or willbe accepted by the Company as to or in relation to the accuracy, reliability or completeness of any suchinformation. The conclusions contained in the Materials constitute the Company’s preliminary views asof the date of the Materials and are based solely on the information received by it up to the date hereof.The information included in this document may be subject to change and the Company has noobligation to update any information given in this report. The Recipient will be solely responsible forconducting its own assessment of the information set out in the Materials and for the underlyingbusiness decision to effect any transaction recommended by, or arising out of, the Materials. TheCompany has not had made an independent evaluation or appraisal of the shares, assets or liabilities(contingent or otherwise) of the Company.

All projections and forecasts in the Materials are preliminary illustrative exercises using the assumptionsdescribed herein, which assumptions may or may not prove to be correct. The actual outcome may bematerially affected by changes in economic and other circumstances which cannot be foreseen. Norepresentation or warranty is made that any estimate contained herein will be achieved.

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1H2016 Results Highlights

Summary Financial Results

Business Units Performance

Q&A

AGENDA

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Turnover: € 262.6 m Vs € 257.6 m Last Year.

EBITDA: € 38.7 m Vs € 46.2 m Last Year.

Earnings after Tax & Minorities: € 19.4 m Vs € 29.2 m Last Year.

Backlog as of 30/06/2016: € 1.1 bn.

Net Cash Position: € 163.4 m. as of 30/06/2016.

Turnover: € 635.8 m. Vs € 636.5 m. Last Year.

EBITDA: € 101.4 m. Vs € 118.7 m Last Year.

Earnings after Tax & Minorities: € 12.4 m Vs € 32.8 m Last Year.

Net Debt: € 536 m. as of 30/06/2016.

Equity: € 1,238 m.

9M 2012 RESULTS HIGHLIGHTS9M 2012 RESULTS HIGHLIGHTS 1H2016 RESULTS HIGHLIGHTS

Source: Company Information.

MYTILINEOS GROUP

METKA

Solid overall 1H2016 performance despite adverse domestic and market conditions.

Increased performance of Energy Sector, successful implementation of “Excellence” cost cutting program of AoG and execution of the existing backlog by METKA.

Soft 1H performance attributed mainly to particularly low “All – in” Aluminium prices and strong comparables expected to be reversed in the 2nd Half of the year.

LME Prices rebounded from their low levels recorded in 1Q2016 breaking above the 1,650 $/tn mark in the 2nd Quarter.

Healthy global demand for primary Aluminium. Market in highest H1 deficit since 2000.

Resilient performance in 1H2016 supported by the successful execution of current backlog.

Focus on expanding business in Sub-Sahara region.

Strengthening of company’s portfolio of activities . First significant contribution from METKA – EGN.

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FY2015 RESULTS HIGHLIGHTS


Group

Metallurgy &Mining

METKA(EPC)

Energy

Strong overall performance exceeded already 2015 annual results.

Declining Natural Gas prices boost the Group’s power plants load factors.

Significant increase of the Group’s Market Share both in wholesale and retail electricity market.

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Q&A

AGENDA

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MYTILINEOS GROUP – 1H2016 RESULTS HIGHLIGHTS


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Adj. Equity = Equity + Market Value Adjustment for the Group’s Listed Subsidiaries.Key Ratios refer to annualized figures.Net Debt = Debt – Cash Position.Source: Company Information.

MYTILINEOS GROUP – BALANCE SHEET

Liquidity(amounts in mil €)

Balance Sheet H1 2016 2015

Non Current Assets 1,845 1,838

Current Assets 1,072 1,061

Total Assets 2,917 2,899

Debt 809 690

Cash & Cash Equivalents 273 201

Equity 1,238 1,230

Adj. Equity 1,275 1,340

Net Debt 536 489

Key Ratios H1 2016 2015

NET DEBT / EBITDA 2.6 2.1

EV / EBITDA 4.8 4.9

EBITDA / NET FIN. EXP. 3.0 3.8

ROCE 14.0% 17.1%

ROE 2.0% 4.0%

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MYTILINEOS GROUP – SUMMARY FINANCIAL RESULTS


Cash – Debt Evolution

Cash +€136 m.Net Debt - €189 m.

• The Cash Position of the Group stands at €273m. (+36% from 31/12/2015)• Net Debt / EBITDA ratio at 2.6

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EBITDA 1H2016: €101.4 m.

GROUP - BUSINESS UNIT PERFORMANCE

*Corporate Center includes all other activities that are not directly linked to M&M, EPC & Energy.*EPC does not include intercompany transactions.Source: Company Information.

TURNOVER - EBITDA PER ACTIVITY

EBITDA 1H2015: € 118.7 m.

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(amounts in mil €)


MYTILINEOS GROUP – GAP ANALYSIS

TURNOVER(amounts in mil €)

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Source: Company Information


EBITDA(amounts in mil €)

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NET PROFIT

Source: Company Information


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METKA GROUP – 1H2016 RESULTS HIGHLIGHTS


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METKA GROUP – BALANCE SHEET

Liquidity

Source: Company Information.Source: Company Information.


Balance Sheet 1H2016 2015

Non Current Assets 261 271

Current Assets 801 830

Total Assets 1,062 1,101

Bank Debt 4 4

Cash Position 167 155

Equity 567 551

Current Liabilities 410 461

Total Liabilities 495 550

Net Debt -163 -150

Key Ratios 1H2016 2015

EV / EBITDA 2.7 3.3

ROCE 12.9% 13.3%

ROE 6.9% 7.9%

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Outlook

AGENDA

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M&M - INDUSTRY & MACRO ENVIRONMENT

Source: Company Information, CRU ANALYSIS, Harbour Intelligence.

Global Demand Evolution per Region

Market Balance

mmton

ALUMINIUM MARKET

Demand: Total world consumption remainsrobust for yet another year. 1H2016 demandgrew at 5.6% , surpassing 29 MMT. Thetransportation sector continues to fuel globaldemand growth which becomes more evenlydistributed across core geographies.

Supply: Production grew +1.4% yoy in1H2016 (against 7.0% in 1H2015 yoy) mainlyaffected by low LME Prices.

Curtailments: Production in ROW affected bythe massive announced curtailments in the US.Curtailments in late 2015 in China have resultedin Chinese production growth slowing to 0.5% y-o-y in H1 2016.

Market Balance: In 1H2016, the globalmarket recorded a deficit of 0.45mmt, thelargest deficit for the first six months of the yearin fifteen years. China generated a 0.03 millionmton deficit. Furthermore ROW generated a0.42 million mton deficit.

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ALUMINIUM - ALUMINA

Pricing: The average Aluminum “all-In” price during1H2015 settled at $1,869 down 25.8% yoy as marketsentiment was adversely affected by the downwardadjustments to China’s demand growth prospects andlower production costs. LME prices bounced back inlate 2Q2016 driven by production curtailments inChina. After the record-high levels attained at the endof 2014 and their rapid decline during 2015, Premiaare now stabilised at levels compatible with thecurrent LME prices for Aluminium.

The average Alumina price during 2Q2016 reboundedfrom their low levels reaching $253 pt. in June aspercentage of LME price, Alumina price decreased to15.8%.

Brent: The average price for Brent during 1H2016dipped below $42 a barrel against $59.35 in 1H2015(down 31% yoy).

Gas: Market operates under oversupply conditions.Demand is expected to weaken after the nuclearrestarts in Japan. In addition to that, theinterconnectedness between markets is clearlygrowing due to LNG plants which make gas capable tobe shipped overseas. In the Greek market, followingthe recently signed reverse flow agreement betweenDESFA/Bulgartransgaz, M&M conducted the first everpipeline Gas export from Greece.

Eurodollar: The average FX rate in 1H2016remained practically unchanged at 1.12. The Group iswell positioned to benefit out of the structuralstrengthening of the USD.

M&M - INDUSTRY & MACRO ENVIRONMENT

Source: Company Information, CRU ANALYSIS, Harbour Intelligence.

Aluminium LME Prices – Premiums ($/TN)

Eurodollar - Brent

AVG LME 1H2016: $1,549

$ pb

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METALLURGY - MINING

Metallurgy & Mining EBITDA Semi Annual Performance - All in Aluminium Prices

Solid Performance • 1H 2016 EBITDA at € 37.0 up 13.4% vs 2H2015.• “All-In “Prices settled at multi year low levels.• Declining Oil and Natural Gas prices.• New cost cutting program with code name “EXCELLENCE” underway.

Source: Company Information. Bloomberg, Harbour Intelligence.

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Greece

•Very weak project market due to adverse macro environment.

•Fuel mix changing with increasing penetration of Natural Gas & RES.

•A large portion of existing power generation capacity is old and inefficient.

South-East Central Europe-

Turkey

•EU membership and convergence impose obligations for plant upgrades and/or closures.

•Years of under-investment and slow progress to upgrade capacity.

•Government support and relatively high level of acceptance for nuclear.

Middle East / N.Africa

•Generally strong demand, but with significant regional variations due to political instability.

•Gas in high demand as fuel source , with increasing emphasis on fuel efficiency.

Sub-Saharan Africa

•Strong fundamental power demand growth with widespread power shortages.

•Massive need for new energy infrastructure across the continent, but significant challenges for investors.

• Energy: potential upgrading of inefficient lignite fired plants.

• Infrastructure: activity in selected areas, e.g. transportation

• SEE: some niche gas-fired activity, e.g. co-gen for districtheating.

• Turkey remaining a large market for gas power generation.

• Good potential in several markets driven by underlyinggrowth in power consumption.

• Possibilities for conversion of open cycle plants to combinedcycle across the Middle East.

•Smaller “distributed power” projects with fast-track profile.

•Emerging private sector investments in medium / large scale gas-fired projects driven by strong investment appetite.

Fundamentals Prospects


EPC – METKA: INDUSTRY & MACRO ENVIRONMENT


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EPC - BACKLOG


Backlog – Sales Evolution

BacklogMain EPC Projects under Execution in 2016:

Ghana

Ministry of Electricity: 250 MW mobile unit with GE supplying the main equipment.BOOT project with total contract value of $350 m.

Iraq

Republic of Iraq: 1,250 MW OCGT in Basra. GE sub supplier for the main equipment.Contract value of €260 m.

Republic of Iraq: engineering, procurement and construction as required to enableoperation of the Shat-Al-Basra Power Plant on heavy fuel oil. Contract value of €125 m.

Algeria

SPE (Spa): 368 MW 0CGT in Hassi R’mel. METKA in Consortium with GE. Contract valueof €93 m .

SPE (Spa): 591 MW 0CGT in Hassi R’mel II. METKA in Consortium with GE. Contractvalue of €175 m.

Syria

PEEGT: 724 MW CCGT in Deir Azzour. METKA leader of Consortium with Ansaldo.Contract value of €678 m.

Greece

ERGOSE: Construction of remaining infrastructure, permanent way, signalling-telecommanding, telecommunications and electrical engineering works for the tunnelfacilities for the new railway line Kiato-Rododafni. Contract value of €225m.

Puerto Rico

57 MW of Solar PV. EPC and O&M for the photovoltaic power plant. Contract value of$89.6m.

€1.1 bn

€ mil

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Geographical Turnover Analysis

METKA – EPC SEGMENT PERFORMANCE


METKA establishes itself as a Leading European Energy EPC Contractor

47.0% of Turnover refers to energy thermal projects.

34.1% of Turnover refers to photovoltaic projects.

82.4% of Turnover derived from projects abroad.


Demand The demand for electricity in Greece decreased by 2.6% in1H2016 yoy, mainly due to the mild weather conditionsprevailed during the winter period.

Demand for power outlook has deteriorated during thepast years along with GDP performance expectations.Nevertheless the construction of the interconnectionswith the islands mainly Crete and Cyclades andpotential recovery of the GDP is expected to driveelectricity demand higher in the medium term.

Supply Regarding the generation mix,• Lignite Production faced a significant decrease in the

order of 27%.• Hydro production decreased by 24%.• Natural Gas participation (with AL/CHP) increased 108%.• Net electricity Imports decreased by 12%.

Further increase of Gas-fired participation isanticipated in the fuel mix given that• A significant part of old lignite capacity will be

gradually decommissioned due to newenvironmental requirements.

• Flexible thermal production is needed toaccommodate the increased penetration of RES,while low oil prices boost CCGT’s competitiveness.

Competitive Dynamics

In an effort to enhance the competitiveness of the energymarket but also meet the requirements of the MoU of thecountry with its lenders, clear requirements for opening-upthe retail electricity market to other players have been set bywhich the role and market share of PPC will be reduced from~95% in 2015 down to 75% by end of 2017 and to 50% byearly 2020.

NOME type auctions will be the key driver for thereform in the retail market. Moreover RAE hasintroduced a roadmap for the reform of the Greekwholesale market to move from a mandatory pooltowards an economic day-ahead market (powerexchange) with separate markets running in parallel forunit dispatch scheduling, ancillary services provisionand balancing/real time scheduling.

ENERGY - INDUSTRY & MACRO ENVIRONMENT

Key Characteristics & Trends Future Outlook


Electricity Market – Developments in 1H2016

Total Demand raised at 24.6TWh (down 2.6%) (25.3TWh/1H2015).

Total Domestic Power Production remained stable at 19.3TWh (19.2TWh/1H2015).

Average SMP settled at 42.5 €/MWh, (down 18.1%) 51.9€/MWh 2015).

Lignite production reduced significantly at 6.5TWh (down 27.3% ) (9.0TWh/1H2015).

Natural Gas production (with AL/CHP) 6.4TWh/2015 vs 3.1TWh/ 1H2015. (NG production raised 108% YoY).

Hydro production settled at 2.5TWh (down 23.9% ) vs 3.2 TWh/1H2015.

Total RES production 4.0TWh/2016 vs 4.0TWh/1H2015.

Net Imports 5.3TWh/2015 vs 6.1TWh/1H2015 (down 12.1%).

ENERGY - INDUSTRY

Source: Company Information, HTSO, LAGIE.

Fuel Mix Evolution (2013 – 2016)

Domestic Market Fuel Mix 1H2016

NG production surpassed Lignite

Production in June

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ENERGY – PERFORMANCE DATA

Source: Company Information, HTSO, LAGIE.

Protergia has seen it’s market share increasing by130% in the last 6 months.

PPC market share continues to drop – PPC lostmore than 4% during the 1st Half of 2016 .

The Group, being already established as thelargest IPP in Greece, targets to become also thelargest private electricity supplier, thuscontributing to the effective opening up of theenergy market.

Protergia Share – Retail Market IPP Market Share Dynamics

SMP data 2014 – 2016 (EUR/MWh)

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ENERGY – PERFORMANCE DATA

Source: Company Information, HTSO.Financial Performance refers to energy segment ( AG. NIKOLAOS CCGT, KORINTHOS POWER CCGT & RES) .

Mytilineos Group thermal power plants produced 1.9TWh during 1H2016 this being:

32.3% of the total gas generation production

53.6% of the gas generation production of the IPPs and

9.7 % market share of the domestic power production.

Mytilineos Group Power Production H1 2015 – 16 (MWh) Energy Sector Financial Results (€ m.)

Contact Information

Dimitris KatralisIR OfficerEmail: [email protected]: +30-210-6877476Fax: +30-210-6877400

Mytilineos Holdings S.A.5-7 Patroklou Str.15125 MaroussiAthensGreeceTel: +30-210-6877300Fax: +30-210-6877400

www.mytilineos.grwww.metka.gr

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http://www.mytilineos.gr/

http://www.metka.gr/

Documents

1H2016 IFRS FINANCIAL RESULTS