ELVAL Group announces its financial results for the first quarter of 2013 based on the International Financial Reporting Standards.

 The increased sales volume in the rolling sector and the improved product mix led in the strengthening of the Group's results despite the charge of high energy cost which reduces significantly our competitiveness on international markets. Consolidated sales amounted to euro 259 million, having been increased by 8.7%, gross profits amounted to euro 20 million from euro 14.7 million compared with the first quarter of 2012, while consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 33% to euro 21 million from euro 15.8 million. Furthermore improved financial results, due to lower average borrowing, resulted in an increase in profit before taxes to euro 6.7 million from euro 0.9 million in the first quarter of 2012.

 Due to the increase in the income tax rate from 20% to 26%, the recalculation of deferred tax of the Group resulted in a deferred tax loss of euro 11.8 million, which incurred fully the results of the first quarter, and finally, profit before taxes was turned into loss after taxes and non-controlling interests of euro 7.2 million (loss 0.058 euro per share compared to profit 0.0139 per share for the first quarter of 2012).

 The enhanced activity of the Group resulted in an increase in necessary working capital and consolidated operating outflows amounted to euro 9 million, while investment outflows amounted to euro 7.4 million. The Group's net debt amounted to euro 226.3 million, increased by 7.9% from euro 209.7 million in December 2012.

 Published on Monday, 27 May 2013, following the end of ATHEX meeting

 Note: The financial results of ELVAL Group for Q1 2013 were published on 28 May 2013 in “NAFTEMPORIKI” newspaper and will be uploaded on the company's website (www.elval.gr) and the website of the Athens Stock Exchange (www.athex.gr).