Athens, Wednesday August 28, 2013

FIRST HALF 2013 RESULTS

The strengthening of the competitiveness of SIDENOR Group and the effective actions to reduce operating costs helped to partially offset the consequences of the continuing negative economic conditions, prevailing in the Greek economy and in the steel industry in particular, with the construction activity declining even further than the low level of 2012.

In particular, consolidated sales decreased by 29.5% standing in the first half of 2013 at €405.1 mil. compared to €574.8 mil. last year. Consolidated EBITDA stood in the first half of 2013 at €1 mil. compared to €14.7 mil. in the respective period last year, negatively affected by the increased energy cost, that is further burdened by consumption tax. Finally, consolidated results after tax and minority rights stood in the first half of 2013 at losses of €43.2 mil. (or losses of 0.4488 euro per share) compared to losses of €34.5 mil. (or losses of 0.3585 euro per share) in the respective period in 2012, additionally due to the increase in the corporate income tax rate (from 20% to 26%) and the recalculation of deferred tax of the Group resulted in an additional one-off deferred tax loss of €13.6 mil. which fully burdened the results of the first half of 2013. 

Alongside, of pivotal importance is the fact that the Group continues to show significant positive cash flows from operating activites, due to the improved management of inventories and raw materials, as well as the significantly reduced operating costs.

Priority of SIDENOR's management in this economic situation is to adjust production to the level of demand, as well as the increase of its competitiveness, in order to enhance its exports. At the same time, significant efforts for the further reduction of production costs and the efficient management of working capital are being made.

Publication: Wednesday August 28, 2013, following the end of ATHEX's trading session.

The Data and Information of the period 1.1.2013 – 30.06.2013 will be published together with the Semi-Annual Financial Report of the same period and will be posted on the company's website, www.sidenor.gr, as well as on the ATHEX website www.athex.gr on August 28, 2013, following the end of ATHEX's trading session.