Alumil’s comeback plan is in motion as it faces significant pressure due to loan obligations.
George Mylonas, the main shareholder and founder of the publicly traded company with a global presence, recently announced plans to sell about 5% of his shares.
This sale involves approximately 1.6 million shares that will be offered on the market.
The strategy outlined by CEO George Mylonas revolves around two key objectives:
First, to increase the equity dispersion above the 25% threshold (currently below 21%), thereby addressing the pending free float. Second, to utilize the funds raised to repay bondholders.
This indicates that Mylonas plans to use his personal resources to reduce the Group’s debts, which stood at €165 million at the end of 2024, up from €161.6 million in 2023.
This initiative is another step toward strengthening Alumil’s financial position.
Additionally, the pending sale of roughly 50% of the foundry operations is expected to generate an additional €25 million in liquidity. However, this transaction has faced delays and was initially anticipated to close at the beginning of the year.
Dividends and Profit
These developments are significant for George Mylonas, who intends to lower borrowing levels to facilitate the resumption of dividend payments to shareholders. The last dividend distribution occurred in 2009!
In the meantime, the company reported a turnover of €455.1 million and an EBITDA of €50.3 million. For comparison, the 2019 figures were €241.5 million and €23 million, while the target for 2029 is set at €710 million and €90 million.
These results indicate growth of +194% in revenue and +291% in EBITDA over the next decade.
