CPW Group turnover reached 187.5 mil euro in H1 2007 versus 162.9 mil euro the respective period last year, marking a 15.1% increase. Earnings before interest tax and depreciation (EBITDA) reached 34 mil euro versus 19.4 mil euro in H1 2006, marking an increase of 75%. EBITDA margin reached 18.1% on Group turnover versus 11.9% in 2006. Substantial increase by 183.8% marked earnings before tax, which amounted to 23.7mil euro over 8.3 mil euro same period last year (12.6% of Group turnover over 5.1% last year), while earnings after tax and minorities marked a 222% increase and reached 21.3 mil euro (0.171 EPS) versus 6.6 mil euro (0.053 EPS) in H1 2006.
At company level figures follow the same pattern as the consolidated ones. Turnover reached 172.8 mil euro versus 161.0 mil euro in H1 2006. EBITDA amounted to 27.1 mil euro versus 18.2 mil euro (49.0% increase) while earnings before tax reached 17.8 mil euro, marking a substantial increase over 2006. Earnings after tax increased by 171.7%, reaching 16.9 mil euro (0.136 EPS versus 0.050 EPS in H1 2006).
The continued growth of turnover and the improved profitability are mainly attributed to:
- the increased price levels of the projects in process, as a result of the increased demand in the international energy markets for high quality steel pipes and
- the continued improvement of productivity and operating costs
Net debt (Debt - Cash) of Corinth Pipewoks was further reduced to euro 108.4 mil. as of June 30, 2007 versus euro 110.7 mil. on Dec 31st, 2006 and is decreased by 21 mil. euro compared to H1 2006. Shareholders Equity is further enhanced and reached euro 113.8 mil. for the group and 112.9 mil euro for the Company.
Having entered a constant growth trend and taking advantage of the increased demand, worldwide, for high end products in the energy sector, Corinth Pipeworks intensifies its efforts in order to increase productivity, further decrease its operating cost and improve its competitive position at the international arena.
The start-up of production of the JV 'ZAO TMK-CPW', in Russia,, where ERW longitudinal pipes will be produced, is expected to contribute substantially to the growth of the group results and further increase its geographic diversification in the large and most dynamic international markets.
The H1 2007 Interim Financial Statements are published in the Newspaper 'NAFTEMPORIKI' on the August 2nd, 2007 paper.