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

In 2013, the operating profitability of the Company and ELVAL Group stood at approximately the same levels with those of 2012 but extraordinary losses and high, mainly deferred, tax charges were imposed on the final results.

At Group level, the sales volume was kept at approximately last-year levels but the improved product mix helped the aluminium rolling sector reach higher operating profitability. In the extrusion sector, problems persist due to the stagnation of the construction activity. The consolidated turnover fell by 5.2% at € 1,008 million, due to a decrease in the international price of aluminum in London Metal Exchange (LME), but gross profits rose by 1.33% and amounted to € 82.1 million. Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to € 74.2 million compared to € 80.5 million and earnings before tax stood at € 15.5 million compared to € 22.9 million. Note that impairment on inventories equal to € 2.7 million due to the drop in aluminium price and a non-recurring impairment on fixed assets standing at € 7.5 million in the extrusion sector were charged in profit or loss. The charge by € 12.9 million of deferred tax, due to the recalculation in the tax rate from 20% to 26% and the tax provision of € 2.5 million for tax-free reserves (Law 4172/2013) were charged through profit or loss and, finally, earnings after taxes and non-controlling interest fell to € 365 thousand from € 21.9 million (earnings per share € 0.003 compared to € 0.176).

The amount of € 69 million was spent for the Group's investment plan. The most important investments concern the acquisition of new production facilities in Oinofyta, the ongoing investment plan in Oinofyta's rolling plant and the purchase of new machinery for the plant of subsidiary BRIDGNORTH ALUMINIUM in United Kingdom.

In 2013, operating inflows of € 56 million were registered due to the high earnings before interest, taxes, depreciation and amortization and the curbed working capital and, despite the high investing outflows, the Group's net borrowing fell to € 208 million.

As regards the Group's borrowing and liquidity, at the end of 2013, a part of the existing loan liabilities of ELVAL Group was refinanced through the issuance of new syndicated collateralized long-term bond loans totalling € 159 million. The loans accounting for around 79% of the bank loan liabilities of the Group's Greek companies have a 5-year effective term and may be extended by 2 years.

Published on Thursday, 27 March 2014, after the end of trading day at the Athens Exchange

The Data and Information of the period 1.1.2013 – 31.12.2013 will be published together with the Annual Financial Report and will be posted on the company's website www.elval.gr and the website of the Athens Stock Exchange www.helex.gr.