Tuesday, April 29, 2014

ANNOUNCEMENT

SIDENOR GROUP PRESENTATION

AT THE ASSOCIATION OF GREEK INSTITUTIONAL INVESTORS

On Tuesday April 29, 2014, SIDENOR's annual corporate presentation took place at the Association of Greek Institutional Investors, during which the Group's annual

2013 results, as well as the most important developments along with the production activity, the Group's structure and its prospects were presented.

It was mentioned that in 2013, the ongoing economic crisis in the Greek economy and in the steel industry in particular, in conjunction with the negative conditions prevailing in the sector internationally, affected SIDENOR Group financial results.

In particular, consolidated sales stood in 2013 at €807.7 mil. compared to €1,046.7 mil. in 2012 decreased by 22.8%. Consolidated EBITDA stood at €10.8 mil. compared to €27.1 mil. last year, affected apart from the above by the high energy cost as well. It is important to note that the financial results were also burdened by non-recurring items amounting to €12.8 mil., which mainly refer to the idle costs of production plants, as well as impairment on real estate assets of Vet plant. Finally, consolidated results after tax and minority rights stood in the fiscal year 2013 at losses of €73.2 mil. (or losses of 0.7602 euro per share) compared to losses of €66.7 mil. (or losses of 0.6926 euro per share) in 2012. The increase in the corporate income tax rate (from 20% to 26%) resulted in an additional one-off deferred tax loss of €13.6 mil.

Finally, it was mentioned that the clear export orientation of the Group, that will be further enhanced by the announced decreases in energy costs, the high capacity of the production facilities, the extensive sales network and the continuous efforts for penetration in new markets, along with the relaunching of the domestic public road works assist the effective expansion of the SIDENOR Group's activities and the offsetting of the adverse conditions prevailing during last years in the market.