ELVAL HOLDINGS S.A.
Press Release - Annual Shareholders Meeting
The Annual Shareholders Meeting of ELVAL S.A. convened today, Wednesday 11 June 2008, in PRESIDENT HOTEL, Athens, Greece. The Meeting approved almost all subjects of the daily agenda apart from the one relating to the Company's own participation in investment programs. A following shareholders' meeting is going to consider the particular subject and decide upon it. Among others, the Annual Meeting approved the distribution of a dividend of euro 0.05 per share. Beneficiaries of the dividend are company's shareholders at the end of the trading day of Athens Exchange on 26th of June 2008. On 27th of June, ELVAL stock will be trading ex-dividend. ALPHA BANK's network will expedite the dividend payment to the Company's shareholders beginning from July 4th, 2008. The Annual Meeting granted approval to the Company to apply for bond loans up to euro 40 million in order to finance investments and repay older maturity loans.
The Annual Meeting reviewed the Company's developments during 2007 concluding that financial performance was positive. Despite the stagnant level of production in 2007 as compared to 2006, sales volume increased by 5% with turnover growing by 10.75% on parent level and 13.9% on consolidated level. Parent Company's earnings before taxes, investment income/expense, interest income/expense and depreciation settled at euro 49 million (+6.7% y-o-y) with earnings before taxes amounting to euro 24 million (eps of euro 0.152 versus euro 0.128 in 2006). On Group level, earnings before taxes, investment income/expense, interest income/expense and depreciation settled at euro 86.7 million (+5% y-o-y) with earnings before taxes amounting to euro 30.9 million and earnings after taxes and minorities to euro 21.7 million (eps of euro 0.175 versus euro 0.167 in 2006).
In the context of the Company's 2-year investment plan, investment expenditures amounted to euro 24.6 million for the Company and euro 48 million for the Group. Furthermore, during 2007, ELVAL in a partnership with the Japanese company Sky Aluminium established AFSEL which will be dealing with distribution of products to industries producing alternative heat exchangers for the auto sector. Finally ELVAL proceeded with the separation of its foil branch that was in turn transferred to SYMETAL (99% subsidiary). Finally, the Annual Meeting discussed the corporate developments of this calendar year. Unfavorable conditions had a negative effect on the financial results of the 1st quarter 2008, with consolidated revenues dropping 16% compared to the corresponding period of 2007, to euro 226 million. Group's earnings before taxes, investment income/expense, interest income/expense and depreciation edged down by 45% to 13.8 million and as a result Group reported pre-tax loss of euro 380,000 (negative eps of euro 0.01 versus positive eps of euro 0.072 previously). On parent level, revenues decreased by 27% settling at euro 131 million with earnings before taxes, investment income/expense, interest income/expense and depreciation contracting by 71% to euro 4.2 million. Losses for the first quarter reached euro 745,000 versus profit of euro 9.8 million in the first quarter 2007.
The Annual Meeting reviewed the Company's developments during 2007 concluding that financial performance was positive. Despite the stagnant level of production in 2007 as compared to 2006, sales volume increased by 5% with turnover growing by 10.75% on parent level and 13.9% on consolidated level. Parent Company's earnings before taxes, investment income/expense, interest income/expense and depreciation settled at euro 49 million (+6.7% y-o-y) with earnings before taxes amounting to euro 24 million (eps of euro 0.152 versus euro 0.128 in 2006). On Group level, earnings before taxes, investment income/expense, interest income/expense and depreciation settled at euro 86.7 million (+5% y-o-y) with earnings before taxes amounting to euro 30.9 million and earnings after taxes and minorities to euro 21.7 million (eps of euro 0.175 versus euro 0.167 in 2006).
In the context of the Company's 2-year investment plan, investment expenditures amounted to euro 24.6 million for the Company and euro 48 million for the Group. Furthermore, during 2007, ELVAL in a partnership with the Japanese company Sky Aluminium established AFSEL which will be dealing with distribution of products to industries producing alternative heat exchangers for the auto sector. Finally ELVAL proceeded with the separation of its foil branch that was in turn transferred to SYMETAL (99% subsidiary). Finally, the Annual Meeting discussed the corporate developments of this calendar year. Unfavorable conditions had a negative effect on the financial results of the 1st quarter 2008, with consolidated revenues dropping 16% compared to the corresponding period of 2007, to euro 226 million. Group's earnings before taxes, investment income/expense, interest income/expense and depreciation edged down by 45% to 13.8 million and as a result Group reported pre-tax loss of euro 380,000 (negative eps of euro 0.01 versus positive eps of euro 0.072 previously). On parent level, revenues decreased by 27% settling at euro 131 million with earnings before taxes, investment income/expense, interest income/expense and depreciation contracting by 71% to euro 4.2 million. Losses for the first quarter reached euro 745,000 versus profit of euro 9.8 million in the first quarter 2007.