On Wednesday May 11, 2011 VIOHALCO's annual corporate presentation took place at the Association of Greek Institutional Investors, during which the company's annual financial results were presented, together with the most important developments of the fiscal year 2010 and the general strategy of the company, as well as the prospects for the current year 2011. Also the activity of the subsidiaries of VIOHALCO was briefly presented, which is mainly the production of steel products, copper and aluminum processing, cables production and real estate development. In addition, it was noted that VIOHALCO holds investments in more that 90 companies, having production facilities in Greece, Bulgaria, Romania, F. Y. R. O .M., the U.K. and Russia and trading activity in more than 60 countries.
Then followed the analysis of the company's financial results for the year 2010. VIOHALCO Group turnover in FY 2010 amounted to 2.958 mil. euro, increased by 28.8% versus FY 2009. Consolidated EBITDA stood at profits of 158.6 mil. euro versus 90.9 mil. euro in FY 2009, while consolidated results before taxes and minority rights amounted to losses of 28.8 mil. euro, versus losses of 89.9 mil. euro in FY 2009. Net consolidated results after taxes and minority rights formed at losses of 20.9 mil. euro (or losses of -0.1049 euro per share) versus losses of 76.8 mil. euro (or -0.3848 euro per share) in FY 2009.
Regarding VIOHALCO S.A, in 2010 profits before taxes amounted to losses of 0.6 mil. euro, versus profits of 3.9 mil. euro in 2009. Net consolidated result after taxes formed at losses of 0.02 mil. euro (or losses of 0.0001 euro per share) versus losses of 0.2 mil. euro (or 0.0010 euro per share) in FY 2009.
It is noted that the consolidated results, as well as the company results were burdened from the extraordinary social tax contribution under Law 3848/2010 amounting €3.7 mil. and € 0.4 mil. respectively.
Regarding 2011, the companies of VIOHALCO continue to have as main priorities the low production cost, the effective working capital management, low cost of borrowings, while at the same time they aim at further expansion abroad and further develop the production and promotion of products with high value added.
Finally, it was mentioned that the development of the VIOHALCO companies' real estate program is continuing. Recently, RIVER WEST, a model Shopping Mall was opened in Kifissos Avenue, the area of which is 20,000 sq.m. The Shopping Mall is part of a wider commercial complex, in a land of 59,500 sq.m.,, with area of buildings approx. of 45,000 sq.m. and which includes an IKEA store and provides free parking to 2,500 vehicles.