Χρηματοοικονομική ανάλυση του ομίλου επιχειρήσεων "Μυτιληναίος Α.Ε."
The current diplomatic thesis carries out a survey within the span of the years 2007 to 2017 for the Mytilineos Group of Companies. The aim is to highlight the operational strategy and financial management the Group has implemented during the Hellenic economic recession and how Mytilineos coped with...
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| Language: | el_GR |
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2020
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| Online Access: | http://hdl.handle.net/11610/21280 |
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| Summary: | The current diplomatic thesis carries out a survey within the span of the years 2007 to 2017 for the Mytilineos Group of Companies. The aim is to highlight the operational strategy and financial management the Group has implemented during the Hellenic economic recession and how Mytilineos coped with this challenge.
The main conclusion of the research that was conducted for the Group is the significance not only of the construction of energy projects through METKA subsidiary, but also the investment in the production and trading of electricity through PROTERGIA. The METKA subsidiary undertook international small and large scale contracts, resulting in the best performance in its financial results at a Group level. The choice of METKA in international competitions against its global competitors was based on the strategic alliance between her and GENERAL ELECTRIC, as well as the credibility of completing big scale power station constructions.
PROTERGIA was the subsidiary with the biggest interest from a strategical point of view. In its initial stages she was named ENDESA HELLAS, as she was the outcome of a strategic alliance between Italian Endesa SA and Mytilineos Group. However, the primary goals of the Group were to diversify its portfolio and to hold a market share in the Hellenic electricity provided for user consumption. For these reasons the strategic alliance turned into a strategic acquisition of the share attributable to the Italian company and therefore changing her name. In financial terms however the results are not encouraging for which two reasons are to hold accountable. First of all, the sector is newly conducted from 2010 and it faces difficulties in an institutional level, which over time are resolved, while secondly the expenses of production for the electric energy appeared to be not cost efficient.
The last major subsidiary of the Group is ALUMINION and she is the company with the worst financial returns compared to the rest of the Group. The main causes for these results were the reduction in global demand for aluminum due to overcapacity and the global economic recession. In an attempt to recover from this juncture the company turned to bank lending in order to increase the competitiveness through machine modernization and then to the exclusive supply of electricity by the Hellenic Public Company of Electricity bellow its cost of production. Nevertheless these actions were not enough, since the expectations of recovery for the Aluminum market were never met.
Consequently from all the inquiries provided within the present thesis, we understand that METKA was the company the Group relied on balancing its financial results. The returns on net profit of METKA, due to the large number of contracts and the size of the earnings from their completion and despite consisting only one third (1/3) of the Group were sufficient enough to offset the negative returns of PROTERGIA and ALUMINION. |
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