Consolidated turnover of ELVAL S.A. in the first half of 2007 increased by 21.3% and stood at euro 520 mil. Earnings before interest, tax, depreciation and amortization (EBITDA) reached euro 46.3 mil. increased by 8.3%, while earnings before tax amounted to euro 20 mil., increased by 25.5%, compared to the respective period in 2006. Finally, net consolidated earnings after tax and minorities stood at euro 14 mil. increased by 35.7% or euro 0.112 per share (over euro 0.083 in the first half of 2006). Turnover of the parent company ELVAL increased by 16.5% standing at euro 331 mil. and net earnings after tax stood at euro 11.5 mil. or euro 0.092 per share (over 0.087 in the respective half of 2006).
Sales in volume terms were also increased. More specifically, sales of rolling products (both of the parent and the subsidiary company BRIDGNORTH ALUMINIUM Ltd) stood at 134.7 thousand tons over 120.7 thousand tons last year, increased by 11.6%.
Significant effect on the first half 2007 results had:
- High conversion prices in the European markets that had been noted from the end of the previous year with apparent influence on the profitability.
- Increased profitability of the subsidiary BRIDGNORTH ALUMINIUM Ltd, as a result of the increase by 28% of the sales in volume terms as well as of the improvement in productivity that derived by the reorganization that took place in 2006.
- The continuous depreciation of USD, despite the fact of the significant decrease of sales to USD currency countries and the substitution with sales to Euro currency countries.
- The retention of the primary aluminum price in high levels that affected the working capital of the company.
Additionally, within the framework of the investment program that had been announced, during the first half of 2007, capital expenditures of the amount of euro 26 mil. for the Group and of the amount of euro 13.7 mil. for the parent company took place. Finally, jointly with the Japanese company FURUKAWA-SKY ALUMINIUM, the company AFSEL was established, which is already active in the promotion of products for heat exchangers for the European automotive industry.