ELVAL HOLDINGS S.A.
Financial Results of first Quarter 2011
ELVAL Group announces its financial results for the first quarter of 2011 based on the International Financial Reporting Standards.
During the first months of 2011, the increased demand for rolling products by the European markets persisted. This demand was met by the increased capacity at which the plants in Inofyta (ELVAL and SYMETAL) operate now and led to improved consolidated results. The extrusion sector still has a negative impact on consolidated results.
Under the above circumstances, the consolidated sales amounted to € 271 million, i.e. it rose by 28.3% compared to the first quarter of 2010. Gross profits rose to € 29.4 million from € 17.5 million; consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) rose to € 29 million by 77.3%; earnings before taxes rose to € 15 million by 282.2% and, finally, earnings after taxes and non-controlling interests rose to € 11.4 million compared to € 1.3 million in Q1 2010 (earnings of € 0.092 per share compared to € 0.011 per share in Q1 2010).
To a considerable extent, consolidated results have been affected by the results of the parent ELVAL, with corporate sales standing at € 174.4 million, i.e. it was increased by 26.0% compared to the respective last-year period. Earnings before interest, taxes, depreciation and amortization (EBITDA) stood at € 17.9 million compared to € 9.0 million in Q1 2010 while earnings after taxes stood at € 8.2 million compared to € 3.5 million over the respective last-year period; namely, earnings per share stood at € 0.066 compared to earnings of € 0.028 respectively last year.
Following completion of the investment plan that led to the increased capacity, the Group's investment outflows amounted to € 5.6 million, being reduced by 52.4%. Due to the increased volume of production and sales, however, operating outflows stood at € 23.7 million and led to increased borrowing in relation to the end of 2010.
Note: The financial results of ELVAL Group for Q1 2011 are published on 30 May 2011 in IMERISIA newspaper and will be uploaded on the company's website (www.elval.gr) and the website of the Athens Stock Exchange (www.athex.gr).
During the first months of 2011, the increased demand for rolling products by the European markets persisted. This demand was met by the increased capacity at which the plants in Inofyta (ELVAL and SYMETAL) operate now and led to improved consolidated results. The extrusion sector still has a negative impact on consolidated results.
Under the above circumstances, the consolidated sales amounted to € 271 million, i.e. it rose by 28.3% compared to the first quarter of 2010. Gross profits rose to € 29.4 million from € 17.5 million; consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) rose to € 29 million by 77.3%; earnings before taxes rose to € 15 million by 282.2% and, finally, earnings after taxes and non-controlling interests rose to € 11.4 million compared to € 1.3 million in Q1 2010 (earnings of € 0.092 per share compared to € 0.011 per share in Q1 2010).
To a considerable extent, consolidated results have been affected by the results of the parent ELVAL, with corporate sales standing at € 174.4 million, i.e. it was increased by 26.0% compared to the respective last-year period. Earnings before interest, taxes, depreciation and amortization (EBITDA) stood at € 17.9 million compared to € 9.0 million in Q1 2010 while earnings after taxes stood at € 8.2 million compared to € 3.5 million over the respective last-year period; namely, earnings per share stood at € 0.066 compared to earnings of € 0.028 respectively last year.
Following completion of the investment plan that led to the increased capacity, the Group's investment outflows amounted to € 5.6 million, being reduced by 52.4%. Due to the increased volume of production and sales, however, operating outflows stood at € 23.7 million and led to increased borrowing in relation to the end of 2010.
Note: The financial results of ELVAL Group for Q1 2011 are published on 30 May 2011 in IMERISIA newspaper and will be uploaded on the company's website (www.elval.gr) and the website of the Athens Stock Exchange (www.athex.gr).