CORINTH PIPEWORKS HOLDINGS S.A.
Q1 2008 Financial Results
Corinth Pipeworks Q1 2008 Group turnover amounted to 84.4 mil., marking an 11.8% decrease versus the respective period of 2007. EBITDA stood at 8.8 mil. euro versus 16.3 mil. euro last year or 10.4% of the Group's turnover (versus 17.1% margin in the 1st quarter of 2007). Earnings before tax amounted to 4.24 mil euro, marking a 61.4% decrease versus the 1st quarter of 2007 (10.97 mil. euro) while net after tax and minorities earnings amounted to 3.6 mil. euro (or 0.029 Earnings per share) versus 10.4 mil. euro (or 0.084 earnings per share) in 2007.
At the parent company level, both turnover and profitability ratios follow the same pattern with the respective consolidated figures. In specific, EBITDA amounted to 8.6 mil. euro versus 13.2 mil euro last year (or 35% decrease) while earnings before tax stood at 5.7 mil. euro, decreased by 35% compared to the 1st quarter of 2007. Net after tax earnings amounted to 5.2 mil. euro (or 0.042 EPS versus 0.066 EPS in 2007).
Net debt (Debt - Cash) of Corinth Pipeworks amounted to 88.8 mil. euro on 31/3/2008 versus 85.6 mil. euro as at 31/12/2007, and is improved by 11.5 mil euro in total, compared to the respective period of 2007. Finally, Shareholders Equity was further enhanced and amounted to 130.1 mil. euro for the Company and 125 mil. euro for the group.
The slide of the financial results in the 1st quarter of 2008, is mainly attributed to the depreciation of US dollar against the euro, the increase of the freight costs, as well as of other cost elements and the temporary lower utilization rate of the medium diameter steel pipes plant (ERW/HFI). As far as it concerns the medium diameter steel pipes, a number of factors such as the steep increase in raw material prices and freight rates (facts that have temporarily delayed the construction of some new pipelines), as well as the increase of lead times regarding raw materials, had an adverse effect both in production and sales. Despite all the above however, industry estimations are that in the mid-term, the demand for steel pipes will sustain high growth rates in several areas of the world, especially in N. America, N. Africa, Russia and the Middle East. Then, orders recently received, amounting to 170 mil euro for different countries, are expected to enhance both the company and the consolidated results over the second half of the year.
The 1st Quarter 2008 Financial Statements will be released in the newspaper ''NAFTEMPORIKI'', on May 20, 2008.
At the parent company level, both turnover and profitability ratios follow the same pattern with the respective consolidated figures. In specific, EBITDA amounted to 8.6 mil. euro versus 13.2 mil euro last year (or 35% decrease) while earnings before tax stood at 5.7 mil. euro, decreased by 35% compared to the 1st quarter of 2007. Net after tax earnings amounted to 5.2 mil. euro (or 0.042 EPS versus 0.066 EPS in 2007).
Net debt (Debt - Cash) of Corinth Pipeworks amounted to 88.8 mil. euro on 31/3/2008 versus 85.6 mil. euro as at 31/12/2007, and is improved by 11.5 mil euro in total, compared to the respective period of 2007. Finally, Shareholders Equity was further enhanced and amounted to 130.1 mil. euro for the Company and 125 mil. euro for the group.
The slide of the financial results in the 1st quarter of 2008, is mainly attributed to the depreciation of US dollar against the euro, the increase of the freight costs, as well as of other cost elements and the temporary lower utilization rate of the medium diameter steel pipes plant (ERW/HFI). As far as it concerns the medium diameter steel pipes, a number of factors such as the steep increase in raw material prices and freight rates (facts that have temporarily delayed the construction of some new pipelines), as well as the increase of lead times regarding raw materials, had an adverse effect both in production and sales. Despite all the above however, industry estimations are that in the mid-term, the demand for steel pipes will sustain high growth rates in several areas of the world, especially in N. America, N. Africa, Russia and the Middle East. Then, orders recently received, amounting to 170 mil euro for different countries, are expected to enhance both the company and the consolidated results over the second half of the year.
The 1st Quarter 2008 Financial Statements will be released in the newspaper ''NAFTEMPORIKI'', on May 20, 2008.