NINE MONTH 2012 RESULTS

The adverse economic conditions that prevail in Greece have significantly burdened the construction activity and have affected SIDENOR Group financial results for the nine month period of 2012. At the same time, the increase of cost of debt in conjunction with the slowing growth, both in Central Europe and in the Balkans, further affected the Group's financial results. In this unfavorable environment, the ever stronger presence of SIDENOR in foreign markets and the development of new higher added value products, had positive impact and partially improved Group's financial performance.   

In detail, SIDENOR Group's turnover stood in the nine month period at 847.7 mil. euro compared to 905.2 mil. euro in the respective period last year marking a decrease of 6.3%. Regarding profitability, consolidated EBITDA stood at 22.2 mil. euro compared to 30.6 mil. euro in the nine month period of 2011 decreased by 27.4%. Net consolidated results after taxes and minority rights stood at losses of 49.8 mil. euro (or losses of 0.5172 euro per share) compared to losses of 30.6 mil. euro (or losses of 0.3180 euro per share) in 9M 2011. On the other hand, a positive fact was the significant improvement in Group's operating cash flows, which allowed the reduction of consolidated debt by 46.6 mil. euro vs. December 31, 2011.

In order to offset the deteriorating conditions in the domestic market, SIDENOR Group's management adapts its strategy, focusing on further strengthening its competitiveness, developing new products, expanding its sales network and penetrating into new markets. These along with the reduction of working capital needs and the optimization of the operating cost will allow the improvement of Group's efficiency.

Publication: Thursday November 29, 2012, following the end of ATHEX's trading session.

The Data and Information of the period 1.1.2012 – 30.9.2012 will be published on the November 30^th, 2012 edition of the newspaper “EXPRESS” and together with the Interim Financial Statements according to IFRS of the same period will be posted on the company's website, www.sidenor.gr, as well as on the ATHEX website www.athex.gr.