On Friday 27 April 2007 financial analysts visited Corinth Pipeworks''s production facilities in Thisvi, in collaboration with the Association of Institutional Investors (ETHE), followed by a detailed presentation of financial results of the fiscal year 2006 at ETHE headquarters on Wednesday, 2 May 2007.
The visit to the factory of the company in Thisvi, Viotia, was a chance to present the Company?s production facilities, giving the opportunity to analysts that took part to see all stages of the production process in detail and form a comprehensive view regarding its activities and prospects.
During the presentation at the ETHE headquarters, the annual financial results and the most significant developments during 2006 were discussed, as well as the production activity and structure of the company along with the outlook for 2007. Corinth Pipeworks S.A. was represented by Mr. Christoforos Catsampas, General Manager, and Georgios Rousselis, Investor Relations Officer.
Referring to the business activities of the company, Mr. Katsampas stressed that Corinth Pipeworks S.A. is one of the biggest suppliers of steel pipes and hollow structural sections worldwide and its products are used in the sectors of oil and natural gas as well as in the construction sector. A major competitive advantage of the company is the Thisvi plant, where medium and large-diameter pipes are produced with an annual productivity of 700,000 tons, which is expected to increase to 775,000 tons by the end of 2007, following the completion of investments in the department of spirally-welded pipes. With regards to the commercial activity of the company, the wide sales network internationally was underlined, which is the result of the long-term presence in the global energy market.
During the rest of the presentation, the successful outcome of the restructuring plan implemented by the company was mentioned in detail. This plan, combined with the favourable market conditions, has led to the increase of profits during the financial year 2006, the decrease of operational costs and the reduction of borrowing.
Regarding financial year 2007, the company Management estimates that Corinth Pipeworks will continue its growth, always focusing on further strengthening its presence in the markets where it is active. Additionally, within 2007, emphasis will be placed on taking advantage of the cooperation with the Russian company TMK, which aims at covering the increasing needs of large oil and natural gas industries in Russia and neighbouring countries, with regards to pipes and hollow structural sections.