ELVAL HOLDINGS S.A.
Press Release of the Annual Shareholders Meeting
Today, Wednesday 16 June, the Annual Shareholders' Meeting of ELVAL HELLENIC ALUMINIUM INDUSTRY S.A. took place in PRESIDENT Hotel. The Meeting considered and approved all the subjects of the daily agenda.
During the Meeting, the Company's financial performance in 2009 was analyzed and discussed as it was affected by the international recession that began in 2008. Sales volume accounted for 176 thousand tons versus 184 thousand tones in 2008, whereas turnover declined by 24.5% due, not only to the lower sales volume, but also to the low levels of aluminium prices. Parent company ELVAL posted losses before taxes of € 1.8 million, lower by 85.5% than the losses of € 12.5 million in 2008. Parent company's earnings before interest, taxes, depreciation and amortization (EBITDA) reached € 20.6 million higher by 63.5% as compared to the year 2008, whereas losses after taxes amounted to € 2.4 million. On consolidated basis, earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to € 43.5 million higher by 33.8% as compared to the previous year, earnings before taxes turned to losses of € 8.1 million and losses after taxes and minority rights settled at € 6.4 million.
The Group implemented the largest part of its investment plan, with capital expenditure reaching € 21 million on parent level and € 51 million on consolidated basis. It is noted that a significant part of the above investments are already in operation. Finally, the higher cash inflows from operating activities, in conjunction with the lower cash outflows from investing activities resulted into positive net cash flows and the drastic contraction of the Groups' and parent company's net debt as compared to 2008.
With regard to developments in 2010 and based on the results of the first quarter 2010, sales volume evolved higher whereas capacity utilization in the plants of Oinofyta, Greece, and England settled at nearly full levels. The rising demand for aluminium products during the first quarter of the year resulted into higher sales volumes that were also facilitated by the higher capacity due to the Group's new investments. In this context, parent company's turnover reached € 138.3 million posting an increase by 34.6% as compared to the corresponding period of 2009, whereas earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to € 9 million versus € 6.5 million in the first quarter of 2009 rising by 38.5%. On consolidated basis, earnings before interest, taxes, depreciation and amortization (EBITDA) rose by 40.7% and settled at € 16.3 million versus € 11.6 million in the first quarter of 2009, whereas earnings after taxes and minority interest settled at € 1.3 million versus losses of € 1.8 million in the corresponding period of the previous year.
ELVAL Group's actions for stronger market shares, higher productivity and cost contraction remain intact targeting an even stronger position in the international economic environment.
During the Meeting, the Company's financial performance in 2009 was analyzed and discussed as it was affected by the international recession that began in 2008. Sales volume accounted for 176 thousand tons versus 184 thousand tones in 2008, whereas turnover declined by 24.5% due, not only to the lower sales volume, but also to the low levels of aluminium prices. Parent company ELVAL posted losses before taxes of € 1.8 million, lower by 85.5% than the losses of € 12.5 million in 2008. Parent company's earnings before interest, taxes, depreciation and amortization (EBITDA) reached € 20.6 million higher by 63.5% as compared to the year 2008, whereas losses after taxes amounted to € 2.4 million. On consolidated basis, earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to € 43.5 million higher by 33.8% as compared to the previous year, earnings before taxes turned to losses of € 8.1 million and losses after taxes and minority rights settled at € 6.4 million.
The Group implemented the largest part of its investment plan, with capital expenditure reaching € 21 million on parent level and € 51 million on consolidated basis. It is noted that a significant part of the above investments are already in operation. Finally, the higher cash inflows from operating activities, in conjunction with the lower cash outflows from investing activities resulted into positive net cash flows and the drastic contraction of the Groups' and parent company's net debt as compared to 2008.
With regard to developments in 2010 and based on the results of the first quarter 2010, sales volume evolved higher whereas capacity utilization in the plants of Oinofyta, Greece, and England settled at nearly full levels. The rising demand for aluminium products during the first quarter of the year resulted into higher sales volumes that were also facilitated by the higher capacity due to the Group's new investments. In this context, parent company's turnover reached € 138.3 million posting an increase by 34.6% as compared to the corresponding period of 2009, whereas earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to € 9 million versus € 6.5 million in the first quarter of 2009 rising by 38.5%. On consolidated basis, earnings before interest, taxes, depreciation and amortization (EBITDA) rose by 40.7% and settled at € 16.3 million versus € 11.6 million in the first quarter of 2009, whereas earnings after taxes and minority interest settled at € 1.3 million versus losses of € 1.8 million in the corresponding period of the previous year.
ELVAL Group's actions for stronger market shares, higher productivity and cost contraction remain intact targeting an even stronger position in the international economic environment.