ELVAL Group announces its financial results for the first nine months of 2011 based on the International Financial Reporting Standards.

 The persistent increased demand for aluminium rolling products in conjunction with the GroupΆs export orientation expanded the production and sales volume during the nine month of 2011. The aluminium extrusion sector kept on having a negative effect on the Group's results mainly due to the adverse circumstances prevailing in the Greek economy. In addition, the third quarter was affected by the lower production volume due to the regular annual maintenance works carried out in August and the increased energy cost that results from the imposition of a high natural gas consumption tax.

 In this context, the consolidated turnover amounted to ¤ 815 million, being increased by 20.8% compared to the respective last year period, and gross profits rose to ¤ 70.3 million from ¤ 60.3 million. Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) rose by 30.6% to ¤ 68.2 million; pre-tax earnings rose by 67.4% to ¤ 24.1 million and, finally, earnings after taxes and minority interests amounted to ¤ 17.2 million compared to ¤ 6 million during the nine month period of 2010 (earnings: ¤ 0.138 per share compared to ¤ 0.048 per share).

 At company level, the Inofyta plant continues to take advantage of the new investments completed in 2010, thus responding to the increased demand. Company turnover amounted to ¤ 533.8 million, being increased by 24.5%; gross profits amounted to ¤ 31.6 million; earnings before interest, taxes, depreciation and amortization (EBITDA) rose to ¤ 43.0 million from ¤ 28.4 million during the nine month period of 2010 and pre-tax earnings stood at ¤ 18.7 million, increased by 73.3% compared to the respective last-year nine-month period. Earnings per share amounted to ¤ 0.113 from ¤ 0.050.

As regards the GroupΆs liquidity and leverage, the GroupΆs cash inflow from operating activities stood at ¤ 33.3 million during the nine month period of 2011 while the total net borrowing was reduced by ¤ 12.5 million in relation to 31 December 2010 and stood at ¤ 268.4 million. Finally, the expenses related to investment activities were lower than those of the respective last-year period and amounted to ¤ 22.6 million.

 Published Tuesday, November 15, 2011, after the closing of the ATHEX

 Note: The financial results of ELVAL Group for the nine month period of 2011 are published on 16 November 2011 in “IMERISIA” newspaper and will be uploaded on the companyΆs website (www.elval.gr) and the website of the Athens Stock Exchange (www.athex.gr).