ELVAL Group announces its financial results for 2012 based on the International Financial Reporting Standards.

Increased sales volume at consolidated and company level has attained in 2012, ELVAL Group. However, the lower selling prices resulted in a marginal increase in the turnover and the higher cost (such as energy cost following special consumption tax imposed and financial cost) restrained Group profitability. The rolling sector registered profits while the extrusion sector, due to the problems facing the Greek economy and especially the building sector, continues to register losses which, however, are decreasing.

In this context, the consolidated turnover stood at euro 1,064 million, being at around the same levels as in 2011, gross profits amounted to euro 80.8 million from euro 84.8 million in 2011, earnings before interest, taxes, depreciation and amortization fell by 2.7% to euro 80.2 million and earnings before tax to euro 22.6 million from euro 23.1 million in 2011. Finally, positive deferred tax raised earnings after taxes and non-controlling interest to euro 21.7 million compared to euro 17.4 million in 2011 (earnings per share: euro 0.174 compared to euro 0.140 in 2011).

The Group's profitability and the control of working capital led to a considerable improvement in the Group's liquidity with consolidated net borrowing being reduced by 10% to euro 209.7 million in 2012 compared to euro 232.7 million in 2011.

The major investment plan is still underway with consolidated investment expenditure in 2012 amounting to euro 46.2 million. Such plan aims, on the one hand, at further increasing of capacity and, on the other hand, at optimizing production cost to help the Group maintain its competitiveness in 2013 as well.

Published on Tuesday, 26 February 2013, following the end of ASE meeting

Note: The financial results of ELVAL Group regarding 2012 are published on 27 February 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)