SIDENOR HOLDINGS S.A.

FIRST HALF 2012 RESULTS

        Athens, Wednesday August 29, 2012

 

  

 

FIRST HALF 2012 RESULTS

 

The significant downturn and the deteriorating conditions in Greece during the second quarter of the year resulted in the SIDENOR Group's turnover to mark in the first half of 2012, a decrease of 7.6%, standing at 574.8 mil. euro compared to 621.9 mil. euro in the first half of 2011. A similar course also followed Group's profitability with consolidated EBITDA standing at 14.7 mil. euro compared to 23.9 mil. euro in the respective period last year. Net consolidated results after taxes and minority rights stood at losses of 34.5 mil. euro (or losses of 0.3585 euro per share) compared to losses of 18.0 mil. euro (or losses of 0.1870 euro per share) in H1 2011. It is worth noting the significant decrease in the company's debt by 34.4 mil. euro, as a result of the significant improvement in operating cash flows.

 

The continued decline of the construction activity in the domestic market and the significant increase in borrowing costs, in combination with the extremely adverse weather conditions during the winter in the Balkans and central Europe had negative impact on the consolidated financial results, having as a result, the expansion of the Group's activities abroad and the development of new higher added value products to partially offset the negative results.

 

The Group's management closely monitors the constantly changing economic environment, in order to adapt its strategy, the main pillars of which relate to the penetration in new developing markets and the expansion of the sales network, the development of new products, the further optimization of the operating cost of the production facilities, as well as the further decrease of the needs for working capital.

 

Publication: Wednesday August 29, 2012, following the end of ATHEX's trading session

 

The Data and Information of the period 1.1.2012 – 30.6.2012 will be published on the August 30th, 2012 edition of the newspaper “EXPRESS” and together with the Semi-annual Financial Report 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.