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

During the first quarter of 2012, the consolidated sales amounted to € 238.5 million, being reduced by 12% compared to the respective quarter of 2011, and gross profits amounted to € 14.7 million from € 29.5 million. Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) fell by 46% to € 15.7 million; profit before tax fell to € 900,000 compared to € 14.9 million and, finally, earnings after taxes and non-controlling interests amounted to € 1.6 million compared to € 11.4 million during Q1 2011 (earnings: € 0.013 per share compared to € 0.092 per share).

The results of the first quarter were affected by the reduced sales volume in the rolling sector, mainly due to the occasional deferment of production and sales to the second quarter (such variation will not affect the annual sales plan) and the considerable charge to the cost owing to external factors (increased price of natural gas and consumption tax on natural gas, increased transportation cost of products, high interest rates, etc). The extrusion sector is still under pressure due to the recession in the construction sector in Greece.

As regards the Group's liquidity and leverage, the Group's cash outflow from operating activities stood at € 8 million in the first quarter of 2012, this having resulted from the provisionally increased inventories that arose from the deferment of production while total net borrowing amounted to € 249.5 million. Finally, the capitalization expenses for amounted to € 7.8 million.

Published on Tuesday, 29 May 2012, following the end of ATHEX meeting

Note: The financial results of ELVAL Group for Q1 2012 were published on 30 May 2012 in “IMERISIA” newspaper and will be uploaded on the company's website (www.elval.gr) and the website of the Athens Stock Exchange (www.athex.gr).