Today, Wednesday 13 June 2007, the annual Regular General Assembly of shareholders of ELVAL took place at the PRESIDENT hotel. All topics of the daily order were approved. More specifically, the distribution of a dividend of 0.04 euros per share was approved. Beneficiaries of the dividend are the shareholders of the end of the Athens Stock Exchange trading day of 28 June 2007 and beginning 29 June the share will be negotiable without any right to the dividend. The payment of the dividend will be completed by the network of ALPHA BANK beginning 6 July 2007. Among the other topics, the contract of new bond loans of an amount up of thirty million euros was approved, with the goal of supplementing the operating capital, with a long term loan. In addition, the General Assembly was updated on the investment programs, amounting to 24.5 million euros that have been approved for subsidy by the development law 3299/2004 and the coverage of own holdings (25%) was decided with the pledge of the new balance.
There was also a review of the results of 2006, during which the financial amounts were significantly increased at a company as well as at a group level. Despite the fact that production and sales, quantitatively, remained at 2005 levels, the company turnover increased by 18.2% and the integrated turnover by 21.8% influenced by the significant increase of the price of aluminum but also by the improved prices of the products of the company. The company profits before taxes, investment and financial results amounted to 46.1 million euros (+31.8%) while the profits before taxes to 18.3 million euros (profit per share 0.128 euros compared to 0.061 euros in 2005). Respectively the integrated profits before taxes, investment and financial results amounted to 82.4 million euros (+24%), the profits before taxes to 29.7 million euros and the integrated profits after taxes and minority rights to 20.7 million euros (profit per share 0.167 euros compared to 0.080 euros in 2005). The investment expenditures amounted to 8 million euros for the company and to 27 million euros for the group.
Finally, the General Assembly also referred to the developments of the current year. 2007 has begun favorably, as revealed by market data during the last quarter of 2006 and this dynamism in European markets continues to exist. For the first quarter of the current year, the production of the Oinofita plant amounted to 48.6 thousand tons compared to 47.6 thousand tons of the corresponding last year quarter, but due to the completion of delayed shipments of the last two months of 2006, sales amounted to 57 thousand tons increased by 15% compared to 2006, with an obvious favorable impact on the results. The company profits before taxes amounted to 9.8 million euros, increased by 84.8% and the corresponding integrated ones by 76.8% amounting to 12.3 million euros. The investment plan is being implemented regularly and the new company AFSEL resulting from the joint venture with FURUKAWA-SKY ALUMINUM has already been established, promoting products directed to manufacturers of heat alternators for the automotive industry.