29/8/2013

ELVAL S.A. HELLENIC ALUMINUM INDUSTRY SA

FINANCIAL RESULTS FOR THE 1^ST HALF OF 2013

Following are the financial results of the ELVAL Group for the first half of 2013 in accordance with the International Financial Reporting Standards.

The increased sales volume resulted in the increase of the Group's operating profit compared with the first half of 2012, despite the burden of high energy costs. However, the final results after taxes showed damages, because of the one-off charge by the deferred taxation.

Specifically, at consolidated level, the sales volume increased by 3.6%, to 169 thousand tons. The turnover was marginally lower at € 524.2 million, influenced by the low prices of aluminum. Gross profit showed a substantial increase of 11.6% and amounted to € 44 million, as compared to € 39.5 million in the corresponding period of the previous year. Accordingly, earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to € 45.1 million, increased by 10.8%, from € 40.6 million, and consolidated earnings before taxes rose to € 14.7 million as compared to € 11.8 million in 2012. The recalculation of deferred taxes due to the increase of the tax rate from 20% to 26%, which charged the results of the first half of the year, led the group to damages after taxes (€ 3.3 million compared with earnings of € 11.1 million).  The loss per share amounted to € 0.024 against profits of € 0.088 in the corresponding six-month period of last year.

The increase in earnings before taxes, depreciation and amortization, the low price of the LME and the management of working capital resulted in positive operational flows of € 9 million. Investment expenditure in equipment, amounted to € 26 million and mainly concern the continuation of investment programmes in the factories of Oinofyta and Great Britain, and eventually the total cash outflows of the Group amounted to € 17.8 million and the net loans to € 234.5 million.

Published on Thursday, 29 August 2013, following completion of the session of the Athens Stock Exchange.

Note: Figures and information about the period 1.1.2013 – 30.6.2013 are published in KATHIMERINI on 30 August 2013 along with the 6-months period Financial Report for the same period; they are also posted on the Company's website at www.elval.gr, as well as on the Athens Stock Exchange's website at www.athex.gr.