SIDENOR HOLDINGS S.A.
FISCAL YEAR 2010 RESULTS
SIDENOR GROUP turnover in FY 2010 amounted to 993 mil. euro versus 938 mil. euro in FY 2009, posting a 6.0% increase. FY 2010 consolidated results before taxes marked substantial improvement and formed to losses of 29.9 mil. euro versus losses of 58.8 mil. euro in FY 2009. Accordingly, consolidated EBITDA significantly increased and amounted to profits of 50.0 mil. euro versus profits of 22.3 mil. euro in FY 2009, posting a 124.7% increase. Finally, net consolidated results after taxes and minority rights also marked substantial improvement, which formed at losses of 23.0 mil. euro (or losses of 0.239 euro per share) versus losses of 71.3 mil. euro (or 0.742 euro per share) in FY 2009.
During 2010, despite the ongoing recession of the domestic economy and the subdued construction activity, SIDENOR Group increased the sales volumes, mainly due to its strategy of differentiation in value added products (i.e. special steels, flat products), which are directed to the West European markets and especially the German market, as well as its penetration in new geographic markets.
At the same time, the competitive cost base of the Group's plants, the ongoing improvement of the operating cost, as is evident from the reduction of operating expenses, the sustainable low working capital requirements, as well as the capitalization of the investments in the Balkans, have offset the adverse impact of the financial crisis and the subsequent recession of the Greek market and have contributed to the improvement of the Group's financial results versus FY 2009.
Regarding 2011, SIDENOR Group's key objectives focus on maintaining and increasing market shares, seeking new geographic markets and expanding into new products, while maintaining high productivity rates in the production plants. Moreover, CORINTH PIPEWORKS contribution in 2011 is expected to be significant, since an increase in the investment projects of the energy companies is evident, following the increased demand for energy and the recovery of oil prices. SIDENOR Group is closely monitoring the developments in the international economy and remains flexible and alert in order to capitalize any opportunities that might arise.
The Data and Information of the period 1.1.2010 - 31.12.2010 will be published on the March 29th, 2011 edition of the newspapers ''KATHIMERINI'' and ''NAFTEMPORIKI'' and together with the Annual Financial Report for the same period will be posted on the company's website, www.sidenor.gr, as well as on the ATHEX website www.athex.gr.
During 2010, despite the ongoing recession of the domestic economy and the subdued construction activity, SIDENOR Group increased the sales volumes, mainly due to its strategy of differentiation in value added products (i.e. special steels, flat products), which are directed to the West European markets and especially the German market, as well as its penetration in new geographic markets.
At the same time, the competitive cost base of the Group's plants, the ongoing improvement of the operating cost, as is evident from the reduction of operating expenses, the sustainable low working capital requirements, as well as the capitalization of the investments in the Balkans, have offset the adverse impact of the financial crisis and the subsequent recession of the Greek market and have contributed to the improvement of the Group's financial results versus FY 2009.
Regarding 2011, SIDENOR Group's key objectives focus on maintaining and increasing market shares, seeking new geographic markets and expanding into new products, while maintaining high productivity rates in the production plants. Moreover, CORINTH PIPEWORKS contribution in 2011 is expected to be significant, since an increase in the investment projects of the energy companies is evident, following the increased demand for energy and the recovery of oil prices. SIDENOR Group is closely monitoring the developments in the international economy and remains flexible and alert in order to capitalize any opportunities that might arise.
The Data and Information of the period 1.1.2010 - 31.12.2010 will be published on the March 29th, 2011 edition of the newspapers ''KATHIMERINI'' and ''NAFTEMPORIKI'' and together with the Annual Financial Report for the same period will be posted on the company's website, www.sidenor.gr, as well as on the ATHEX website www.athex.gr.