ELVAL HOLDINGS S.A.
Press Release of Annual ordinary general meeting
This day, Wednesday, 15th of June 2011, the annual Ordinary General Meeting of shareholders of ELVAL S.A. - ALUMINIUM HELLENIC INDUSTRY took place at PRESIDENT Hotel, during which the shareholders discussed and approved all items on the agenda. More specifically, the Annual Financial Report of the year 2010 was approved while the members of the Board of Directors and the Auditors were discharged from any liability for compensation regarding the said fiscal year. In addition, the audit firm 'KPMG CERTIFIED AUDITORS A.E.' was selected as independent auditor of the Company. The new eleven-member Board of Directors was elected, among other issues, while the members of the Audit Committee were appointed and the issue of ordinary bond loans up to € 80,000,000 was approved.
During the General Meeting, reference was made to the progress and financial performance of the company during 2010. Sales volume amounted to 222,000 tons compared to 176,000 tons in 2009, while the turnover rose considerably by 46.3%, such increase being due not only to the expansion of volume but also to better prices. The increased demand for aluminium products was met by full utilization of the new production output at which the plants in Inofita operate, following completion of the relevant investment plan. In terms of results, ELVAL registered profits before tax equal to € 11.5 million in relation to losses before tax of € 1.8 million in 2009. Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to € 36.4 million, registering a 76.1% increase compared to 2009 while profits after tax stood at € 9.5 million. At Group level, earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to € 68.4 million, being increased by 57.2% compared to last year, earnings before tax stood at € 16.6 million and earnings after taxes and minority interests stood at € 8.5 million. Finally, in the context of the investment plan, investment expenditures amounting to € 21.9 million and € 44.4 million were made at Company and Group level respectively.
As regards the developments of the current year and based on the results of the first quarter, the increased demand for rolling products by the European markets persisted and was met by the increased capacity of the plant in Inofita, which led to improved results. In this context, corporate profits before tax stood at € 9.8 million compared to € 4.5 million in the first quarter 2010, registering a 119.7% increase. At Group level, earnings before tax stood at € 14.9 million compared to € 3.9 million in Q1 2010 while earnings after taxes and minority interests amounted to € 11.4 million compared to € 1.3 million in the respective last-year period.
During the General Meeting, reference was made to the progress and financial performance of the company during 2010. Sales volume amounted to 222,000 tons compared to 176,000 tons in 2009, while the turnover rose considerably by 46.3%, such increase being due not only to the expansion of volume but also to better prices. The increased demand for aluminium products was met by full utilization of the new production output at which the plants in Inofita operate, following completion of the relevant investment plan. In terms of results, ELVAL registered profits before tax equal to € 11.5 million in relation to losses before tax of € 1.8 million in 2009. Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to € 36.4 million, registering a 76.1% increase compared to 2009 while profits after tax stood at € 9.5 million. At Group level, earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to € 68.4 million, being increased by 57.2% compared to last year, earnings before tax stood at € 16.6 million and earnings after taxes and minority interests stood at € 8.5 million. Finally, in the context of the investment plan, investment expenditures amounting to € 21.9 million and € 44.4 million were made at Company and Group level respectively.
As regards the developments of the current year and based on the results of the first quarter, the increased demand for rolling products by the European markets persisted and was met by the increased capacity of the plant in Inofita, which led to improved results. In this context, corporate profits before tax stood at € 9.8 million compared to € 4.5 million in the first quarter 2010, registering a 119.7% increase. At Group level, earnings before tax stood at € 14.9 million compared to € 3.9 million in Q1 2010 while earnings after taxes and minority interests amounted to € 11.4 million compared to € 1.3 million in the respective last-year period.