METKA ANNUAL REPORT 2016 - page 5

05
In 2016 the Greek economy came close to the goal of returning to growth. Nevertheless, the situation
remained adverse with respect to financing of the real economy, and the year was also marked by
the implementation of a series of fiscal measures, mainly related to tax and social security, which
caused additional pressure on economic activity.
In spite of the above, METKA continued on a positive track throughout the year. This was affected
however by delays and resulting cost increases for the projects under execution in Syria and Algeria,
which were beyond the control of METKA. The effect of this is reflected temporarily on the financial
results of the year, with the Group’s turnover for 2016 of €445 million compared to last year’s €668
million, and the net profit after tax and minority rights of €53 million compared to last year’s €69
million.
Together with the execution of the contracted projects, the company continued to pursue the
expansion of its activities in Sub-Saharan Africa and other developing markets.
The activities of METKA EGN, which focuses on large-scale solar and hybrid energy projects,
contributed positively and demonstrates the value of METKA’s strategic diversification into the
renewable energy sector. Of particular note is the EPC (Engineering-Procurement-Construction)
contract for a 57MW solar photovoltaic power plant in Puerto Rico, which is the largest of its kind in
the Caribbean.
Furthermore, the export performance of our industrial manufacturing plant in Volos continues to
be significant for our company, as it exports modern, high value-added, specialized mechanical
equipment around the world. In 2016 METKA also made a substantial investment, exceeding €6
million, in heavy duty machinery for the factory in Volos.
Lastly, the commencement of the restructuring process of Mytilineos Group, announced in
December 2016, marks the start of a new stage for METKA. The new, strengthened organization will
provide greater financial flexibility, enabling the new consolidated company to have diversified cash
flows as well as a stronger balance sheet.
Consequently, 2017 is the year in which the outstanding human resources of METKA start a new
effort, continuing to innovate and develop for the mutual benefit of our customers, employees and
shareholders.
Ioannis Mytilineos
Chairman & Managing Director
Annual Report 2016
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