ELVAL HOLDINGS S.A.
ANNOUNCEMENT OF FINANCIAL RESULTS FOR THE YEAR 2010
ELVAL Group announces its financial results for the year 2010 according to the International Financial Reporting Standards.
ELVAL's Group sales posted an increase of 34.8% reaching EUR 930 million from EUR 690 million in 2009. On Group level, gross profit amounted to EUR 77 million from EUR 51.5 million in the previous year, earnings before interest, taxes, depreciation and amortization (EBITDA) settled at 68.4 million, higher by 57.2%, whereas earnings after taxes and non-controlling interests at EUR 8.5 million versus losses of EUR 6.4 million in 2009 (earnings per share of EUR 0.0687 compared to losses per share of EUR 0.052). On Company level, sales amounted to EUR 597 million posting an increase of 46.3%, gross profit settled at EUR 23 million as compared to EUR 8.9 million in 2009, earnings before interest, taxes, depreciation and amortization (EBITDA) rose by 76.1% to EUR 36.4 million from EUR 20.7 million in 2009, whereas earnings after taxes amounted to EUR 9.5 million versus losses of EUR 2.4 million in 2009.
In general, the rolling segment presents a stronger performance abroad for both ELVAL and the British subsidiary BRIDGNORTH ALUMINIUM, whereas the extrusion segment, at least in the Greek market, was relatively weak thus contracting the Group's profitability.
Most international markets performed in a more positive pattern, in terms of demand and prices, for rolling products while new customers were added to the Company's customer base. The stronger demand was satisfied by the new production capacity of the Group's facilities at Inofita, following the completion of the largest part of the planned investments. Under the above conditions, the production of ELVAL's central production unit at Inofita settled at 225 thousand tons, posting an increase of 25% as compared to 2009, whereas a similar increase was observed in sales volume. The higher sales volumes in conjunction with the higher aluminum prices implied stronger need for working capital resulting into Group operating cash outflows of EUR 2.7 million and of EUR 14 million on Company level.
With regard to the year 2011, the international dynamics in the rolling sector and the Group's export orientation, in conjunction with the focus on the production of high added value products, are expected to effect positively to Group's financial performance.
Summarized financial data and information for the period 1.1.2010 - 31.12.2010 of ELVAL Group are published on March 30th, 2011, in the newspapers IMERISIA and ESTIA and along with the Annual Financial Report of the same period will be uploaded in the Internet at the Company's website www.elval.gr as well as at the Athens Exchange's website www.athex.gr.
ELVAL's Group sales posted an increase of 34.8% reaching EUR 930 million from EUR 690 million in 2009. On Group level, gross profit amounted to EUR 77 million from EUR 51.5 million in the previous year, earnings before interest, taxes, depreciation and amortization (EBITDA) settled at 68.4 million, higher by 57.2%, whereas earnings after taxes and non-controlling interests at EUR 8.5 million versus losses of EUR 6.4 million in 2009 (earnings per share of EUR 0.0687 compared to losses per share of EUR 0.052). On Company level, sales amounted to EUR 597 million posting an increase of 46.3%, gross profit settled at EUR 23 million as compared to EUR 8.9 million in 2009, earnings before interest, taxes, depreciation and amortization (EBITDA) rose by 76.1% to EUR 36.4 million from EUR 20.7 million in 2009, whereas earnings after taxes amounted to EUR 9.5 million versus losses of EUR 2.4 million in 2009.
In general, the rolling segment presents a stronger performance abroad for both ELVAL and the British subsidiary BRIDGNORTH ALUMINIUM, whereas the extrusion segment, at least in the Greek market, was relatively weak thus contracting the Group's profitability.
Most international markets performed in a more positive pattern, in terms of demand and prices, for rolling products while new customers were added to the Company's customer base. The stronger demand was satisfied by the new production capacity of the Group's facilities at Inofita, following the completion of the largest part of the planned investments. Under the above conditions, the production of ELVAL's central production unit at Inofita settled at 225 thousand tons, posting an increase of 25% as compared to 2009, whereas a similar increase was observed in sales volume. The higher sales volumes in conjunction with the higher aluminum prices implied stronger need for working capital resulting into Group operating cash outflows of EUR 2.7 million and of EUR 14 million on Company level.
With regard to the year 2011, the international dynamics in the rolling sector and the Group's export orientation, in conjunction with the focus on the production of high added value products, are expected to effect positively to Group's financial performance.
Summarized financial data and information for the period 1.1.2010 - 31.12.2010 of ELVAL Group are published on March 30th, 2011, in the newspapers IMERISIA and ESTIA and along with the Annual Financial Report of the same period will be uploaded in the Internet at the Company's website www.elval.gr as well as at the Athens Exchange's website www.athex.gr.