ELVAL Group announces its financial results for the nine months of 2013 based on the International Financial Reporting Standards.

During the nine months of 2013, despite the high energy cost charged to the Greek plants, the increased sales volume and the improved product mix resulted in an increase in the Group's operating profitability in relation to the respective nine month period of 2012.

In detail, on a consolidated basis, the sales volume rose by 3% to 252,000 tons. The turnover fell by 2.9% to 778.9 million euro, being affected by the low aluminium market prices. Gross profit registered a marginal drop and amounted to 66.6 million euro compared to 6.8 million euro in the respective last year nine month period. Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to 67.8 million euro, increased by 3.3%, and consolidated earnings before taxes rose to 22.2 million euro compared to 21.0 million euro in 2012. Net results after taxes and non-controlling interest stood at profits of 2.0 million euro compared to profits of 17.5 million euro in the respective last year nine month period due to the increased taxes which arose from the recalculation of the deferred tax liability that was the consequence of an increase in the tax rate from 20% to 26% and was fully charged to the results of the nine month period on a lump-sum basis.  Earnings per share amounted to 0.0165 euro compared to 0.1412 euro in the first nine months of 2012.

The earnings before taxes and depreciation of the period, the low LME price and the management of working capital resulted in positive operating cash flow maintained and amounting to 43.2 million euro. The investment expenditures made in equipment amounted to 48 million euro and primarily concern the investment plans that continued to be implemented in the plants of Oinofyta and Great Britain. The Group's total cash outflows amounted to 8.4 million euro and net borrowing amounted to 213.7 million euro.

Published on Thursday, 21 November 2013, following the end of ASE meeting

Note: The financial results of ELVAL Group for the nine month period of 2013 are published on 22 November 2013 in “KATHIMERINI” newspaper and will be uploaded on the company's website (www.elval.gr) and the website of the Athens Stock Exchange (www.athex.gr).