Today, Tuesday, 27th May 2014, the Annual General Shareholders Meeting of ELVAL HELLENIC ALUMINIUM INDUSTRY S.A. took place at the “PRESIDENT” hotel, during which, the shareholders discussed and approved all the topics of the General Meeting agenda. More specifically, the annual financial statements of fiscal year 2013 and the distribution of profits were approved, while the members of the Board of Directors and Auditors were discharged from every compensation liability for the fiscal year 2013. A new, eleven-member, Board of Directors of the company was elected, the members of the Audit Committee were appointed and the auditing company KPMG CERTIFIED AUDITORS S.A., was chosen as the independent auditor of the Company. Moreover, the block of taxed retained earnings to cover own participation in investments was approved, as well as the expansion of the object of the Company and the amendment of the Article 4 of the Company's Statute. Finally, distribution of tax-free reserves, which had been formed on the basis of the Law 2238/1994 amounted to 9,928,065.2 euros corresponding to 0.08 euro per share, was approved, after their separate taxation according to the article 72 of Law 4172/2013.

During the meeting, the participants reviewed the financial results of 2013 and also referred to the Company's progress. The sales volume, during 2013, reached 233 thousand tonnes, compared to 242 thousand tonnes in 2012, while turnover fell by 6.2% due to a decrease in the international price of aluminium in London Metal Exchange (LME). In terms of results, ELVAL presented earnings before tax amounted to 15.6 million euros compared to 16.4 million euros in 2012. Earnings before interest, taxes, depreciation and amortization (EBITDA) stood at 45.9 million euros diluted by 1.9% compared to 2012, while earnings after tax amounted to 4.3 million euros.

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.

Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to 74.2 million euros compared to 80.5 million euros, earnings before tax stood at 15.5 million euros and earnings after tax and non-controlling interests stood at 0.4 million euros compared to 21.2 million euros in 2012. Note that impairment on inventories equal to 2.7 million euros due to the drop in aluminium price and a non-recurring impairment on fixed assets standing at 7.5 million euros in the extrusion sector were charged in profit or loss. The charge by 12.9 million euros of deferred tax, due to the recalculation in the tax rate from 20% to 26% and the tax provision of 2.5 million euros for tax-free reserves (Law 4172/2013) were charged through profit or loss.

Finally, on the progress of the Company during 2014, reference was made to the financial results of the first quarter. Reduced production volume due to upgrading of the Oinofyta plant, but increased sales volume (from the stock that had been created by the end of 2013), depressed selling prices and loss of extrusion sector affected the consolidated results. For 2014, the focus is on restructuring the Group by the ongoing absorptions of the subsidiaries ELVAL COLOUR and ETEM.