Mytilineos's FY20 results not only demonstrate that its strategy is resilient and capable of withstanding headwinds from the ongoing pandemic, but also provide a platform for solid performance in 2021. FY20 EBITDA increased by 1% vs FY19 to €315m, despite H120 EBITDA being down 17% vs H119. Improvement in margins in the Power & Gas and Metallurgy divisions were key reasons for the H2 turnaround. The company has significant financial flexibility, with total liquidity of €1.3bn. Following an early bond repayment of €300m, it has a strong credit profile and no significant maturities until end 2024. Strong maturing pipelines of renewables (0.6GW own + €0.6bn third party) and sustainable engineering (>€1.5bn) projects should assist a turnaround in these businesses.Den vollständigen Artikel lesen ...