Calculate Embedded Emissions for Unwrought Aluminium (HS7601)

Enter your input

Payable emissions (tCO₂e/t)

Total CBAM Cost (€)

Notes:
There may be a difference when calculating the price with respect to import volume, carbon price, and benchmark emissions, as the embedded formula may result in minor variations due to decimal rounding. Therefore, the actual value may vary.

CBAM is applicable to trade volumes starting from 50 metric tonnes. For trade volumes below 50 metric tonnes, CBAM does not apply.

Usage Procedure – How to use the CBAM Calculator Sheet

Enter or update values only in the INPUT
PARAMETERS section (Highlighted in blue) , including
the carbon price, benchmark emissions, CBAM
chargeable percentage (as per the phase-in year),
and imported quantity.

The system will automatically calculate the payable
emissions and the total CBAM cost (€) based on the
inputs provided.

Notes:
• Change any input value to automatically update CBAM cost.
• Formula used: Carbon price × payable emissions × quantity.
• Model aligned with CBAM supplier-side illustrative methodology.

23 JUNE 2020 AL CIRCLE

Fitch Ratings amends outlook on Greece based Mytilineos to negative; Affirms at 'BB'

EDITED BY : RUPANKAR MAJUMDER 2MINS READ

Fitch Ratings has amended the Outlook on Mytilineos S.A.'s long-term Issuer Default Rating (IDR) to Negative from Stable and affirmed the IDR and senior unsecured ratings at 'BB'.

Mytilineos rated negative by Fitch

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The amendment of the Outlook exhibits the weak macro environment with prolonged low commodity prices, material pressure on aluminium consuming industries, the expected underperformance of engineering, procurement and construction (EPC) business and uncertainties around the COVID-19 situation/shape of the recovery.

The current three-month LME aluminium price is trading short of USD1,600/t, a reduction of around 12% from the 2019 average price. The company has revised its aluminium price assumptions down for the second time this year and it expects 2020 and 2021 LME prices to average USD1,560/t and USD1,600/t, respectively.

Fitch expects aluminium end-user demand, which already experienced difficulties in 2019, to deteriorate due to considerably lower economic activity amid COVID-19 lockdown measures.

Fitch views this increase in leverage as temporary, driven by MYTIL's sizeable CAPEX of EUR300 million over the next three years for the construction of the new power plant, which will provide material EBITDA contribution and stability of cash flows once it begins operations in 2022. Fitch expects net leverage to trend comfortably below 3.0x in 2022 after the bulk of the new power plant CAPEX. The Negative Outlook also reflects significantly less headroom to proceed with new organic investment or bolt-on acquisitions.

Mytilineos is well-placed to cope with the impact of the COVID-19 epidemic, with comfortable liquidity and no material debt maturities before 2024. It is also believed that solid power & gas performance will provide the group with sustainable cash flows over the rating horizon and help cushion weaker metallurgy and EPC results; a significant advantage of the company's business profile.

The affirmation is underpinned by Mytilineos diversified business profile, synergistic business model, vertically integrated and low unit-cost metallurgy operations as well as strong and growing market position in the domestic electricity market.

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