ELVAL Group announces its financial results for the first quarter of 2014 based on the International Financial Reporting Standards.

 The consolidated turnover amounted to euro 247 million decreased by 4.7%, gross profit amounted to euro 19 million compared to euro 20 million in the first quarter of 2013 while the consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) fell by 15.5% at euro 17.8 million. Profits before taxes fell to euro 3.3 million compared to euro 6.7 million and finally profits after taxes and non-controlling interest amounted to euro 4.7 million compared to losses of euro 7.2 million in the respective quarter of 2013 (earnings per share equal to euro 0.038 compared to losses of euro 0.058 per share).

 Reduced production volume due to upgrade of the Oinofyta plant but increased sales volume (owing to the stock generated at the end of 2013), squeezed sales prices and losses in the extrusion sector, they all had an impact on consolidated results. The decrease in energy cost has had a favourable effect on first-quarter results only in part.

 The Group's investment outflows amounted to euro 9.7 million while the Group's net borrowing amounted to euro 203.7 million, decreased by euro 4 million, in relation to 31 December 2013.

 During the first months of 2014, Group restructuring was planned with the absorption of the subsidiaries ELVAL COLOUR and ΕΤΕΜ underway.

Published on Wednesday, 21 May 2014, after the end of trading day at the Athens Exchange

The financial results of ELVAL Group for Q1 2014 are published on May 21, 2014 and will be uploaded on the company's website (www.elval.gr) and the website of the Athens Stock Exchange (www.helex.gr).