The ELVAL Group announces its financial results for the first half of 2011 based on the International Financial Reporting Standards.

During the first half of 2011, the Group maintained its profitable performance amidst adverse circumstances for the Greek economy. The export orientation of the Group contributed to the increase in sales which, in conjunction with the high prices prevailing in the international markets, led to an increase in the turnover. The rolling sector continues to boost the Group’s profitability while problems persist in the extrusion sector, especially in the domestic market.

Under these circumstances, the consolidated turnover amounted to € 553 million, i.e. it registered a 22.6% increase compared to the first half of 2010 and gross profits rose to € 52.5 million from € 36.8 million. Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) rose by 56.2% to € 50.3 million, profits before taxes rose by 177.9% to € 21.5 million and finally profits after taxes and non-controlling interests rose to € 16.4 million compared to € 2.7 million in the first half of 2010 (earnings of € 0.132 per share compared to € 0.022 per share in the first half of 2010).

At a company level, the plant in Inofyta operates at the limits of its new capacity, thus taking full advantage of the new investments that were completed in 2010. The company turnover stood at € 368 million, being increased by 27.6%, gross profits amounted to € 25 million, earnings before interest, taxes, depreciation and amortization (EBITDA) stood at € 32.5 million rising from € 16.5 million in the first half of 2010 and profits before taxes stood at € 16.6 million, being increased by 170.7% compared to the respective last-year half. Earnings per share stood at € 0.104 compared to € 0.0308.

The investment expenditures were less compared to the previous years and concerned mainly the repayment of the completed investments, and amounted to € 15.5 million and € 9.4 million for the Group and the Company respectively. Moreover, in the context of the Group’s better operation, limited restructuring steps were taken by raising the stake of ELVAL COLOUR to the commercial company CCS CONSULTANT & CONSTRUCTION SOLUTIONS and also in the share capital increase of the subsidiary ALURAME Spa in Italy.

Note: The financial results of the ELVAL Group regarding the first half of 2011 are published on 30 August 2011 in “EXPRESS” newspaper and will be uploaded on the company’s website at www.elval.gr and the website of the Athens Stock Exchange www.athex.gr.